Document:

EXHIBIT 10.6

(Multicurrency - Cross Border)

                                     ISDA(R)
                  International Swap Dealers Association, Inc.

                                MASTER AGREEMENT
                           dated as of June 29, 2006
                                       -------------

                                                J.P. MORGAN CHASE COMMERCIAL
      JPMORGAN CHASE BANK, N.A.        and   MORTGAGE SECURITIES TRUST 2006-LDP7
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have entered and/or anticipate entering into one or more transactions (each a
"Transaction") that are or will be governed by this Master Agreement, which
includes the schedule (the "Schedule"), and the documents and other confirming
evidence (each a "Confirmation") exchanged between the parties confirming those
Transactions.

Accordingly, the parties agree as follows: --

1.    Interpretation

(a) Definitions. The terms defined in Section 14 and in the Schedule will have
the meanings therein specified for the purpose of this Master Agreement.

(b) Inconsistency. In the event of any inconsistency between the provisions of
the Schedule and the other provisions of this Master Agreement, the Schedule
will prevail. In the event of any inconsistency between the provisions of any
Confirmation and this Master Agreement (including the Schedule), such
Confirmation will prevail for the purpose of the relevant Transaction.

(c) Single Agreement. All Transactions are entered into in reliance on the fact
that this Master Agreement and all Confirmations form a single agreement between
the parties (collectively referred to as this "Agreement"), and the parties
would not otherwise enter into any Transactions.

2.    Obligations

(a)   General Conditions.

      (i) Each party will make each payment or delivery specified in each
      Confirmation to be made by it, subject to the other provisions of this
      Agreement.

      (ii) Payments under this Agreement will be made on the due date for value
      on that date in the place of the account specified in the relevant
      Confirmation or otherwise pursuant to this Agreement, in freely
      transferable funds and in the manner customary for payments in the
      required currency. Where settlement is by delivery (that is, other than by
      payment), such delivery will be made for receipt on the due date in the
      manner customary for the relevant obligation unless otherwise specified in
      the relevant Confirmation or elsewhere in this Agreement.

      (iii) Each obligation of each party under Section 2(a)(i) is subject to
      (1) the condition precedent that no Event of Default or Potential Event of
      Default with respect to the other party has occurred and is continuing,
      (2) the condition precedent that no Early Termination Date in respect of
      the relevant Transaction has occurred or been effectively designated and
      (3) each other applicable condition precedent specified in this Agreement.

(b) Change of Account. Either party may change its account for receiving a
payment or delivery by giving notice to the other party at least five Local
Business Days prior to the scheduled date for the payment or delivery to which
such change applies unless such other party gives timely notice of a reasonable
objection to such change.

(c) Netting. If on any date amounts would otherwise be payable:--

      (i) in the same currency; and

      (ii) in respect of the same Transaction,

by each party to the other, then, on such date, each party's obligation to make
payment of any such amount will be automatically satisfied and discharged and,
if the aggregate amount that would otherwise have been payable by one party
exceeds the aggregate amount that would otherwise have been payable by the other
party, replaced by an obligation upon the party by whom the larger aggregate
amount would have been payable to pay to the other party the excess of the
larger aggregate amount over the smaller aggregate amount.

The parties may elect in respect of two or more Transactions that a net amount
will be determined in respect of all amounts payable on the same date in the
same currency in respect of such Transactions, regardless of whether such
amounts are payable in respect of the same Transaction. The election may be made
in the Schedule or a Confirmation by specifying that subparagraph (ii) above
will not apply to the Transactions identified as being subject to the election,
together with the starting date (in which case subparagraph (ii) above will not,
or will cease to, apply to such Transactions from such date). This election may
be made separately for different groups of Transactions and will apply
separately to each pairing of Offices through which the parties make and receive
payments or deliveries.

(d) Deduction or Withholding for Tax.

      (i) Gross-Up. All payments under this Agreement will be made without any
      deduction or withholding for or on account of any Tax unless such
      deduction or withholding is required by any applicable law, as modified by
      the practice of any relevant governmental revenue authority, then in
      effect. If a party is so required to deduct or withhold, then that party
      ("X") will:--

            (1) promptly notify the other party ("Y") of such requirement;

            (2) pay to the relevant authorities the full amount required to be
            deducted or withheld (including the full amount required to be
            deducted or withheld from any additional amount paid by X to Y under
            this Section 2(d)) promptly upon the earlier of determining that
            such deduction or withholding is required or receiving notice that
            such amount has been assessed against Y;

            (3) promptly forward to Y an official receipt (or a certified copy),
            or other documentation reasonably acceptable to Y, evidencing such
            payment to such authorities; and

            (4) if such Tax is an Indemnifiable Tax, pay to Y, in addition to
            the payment to which Y is otherwise entitled under this Agreement,
            such additional amount as is necessary to ensure that the net amount
            actually received by Y (free and clear of Indemnifiable Taxes,
            whether assessed against X or Y) will equal the full amount Y would
            have received had no such deduction or withholding been required.
            However, X will not be required to pay any additional amount to Y to
            the extent that it would not be required to be paid but for:--

                  (A) the failure by Y to comply with or perform any agreement
                  contained in Section 4(a)(i), 4(a)(iii) or 4(d); or

                  (B) the failure of a representation made by Y pursuant to
                  Section 3(f) to be accurate and true unless such failure would
                  not have occurred but for (I) any action taken by a taxing
                  authority, or brought in a court of competent jurisdiction, on
                  or after the date on which a Transaction is entered into
                  (regardless of whether such action is taken or brought with
                  respect to a party to this Agreement) or (II) a Change in Tax
                  Law.

      (ii) Liability. If: --

            (1) X is required by any applicable law, as modified by the practice
            of any relevant governmental revenue authority, to make any
            deduction or withholding in respect of which X would not be required
            to pay an additional amount to Y under Section 2(d)(i)(4);

            (2) X does not so deduct or withhold; and

            (3) a liability resulting from such Tax is assessed directly against
            X,

      then, except to the extent Y has satisfied or then satisfies the liability
      resulting from such Tax, Y will promptly pay to X the amount of such
      liability (including any related liability for interest, but including any
      related liability for penalties only if Y has failed to comply with or
      perform any agreement contained in Section 4(a)(i), 4(a)(iii) or 4(d)).

(e) Default Interest; Other Amounts. Prior to the occurrence or effective
designation of an Early Termination Date in respect of the relevant Transaction,
a party that defaults in the performance of any payment obligation will, to the
extent permitted by law and subject to Section 6(c), be required to pay interest
(before as well as after judgment) on the overdue amount to the other party on
demand in the same currency as such overdue amount, for the period from (and
including) the original due date for payment to (but excluding) the date of
actual payment, at the Default Rate. Such interest will be calculated on the
basis of daily compounding and the actual number of days elapsed. If, prior to
the occurrence or effective designation of an Early Termination Date in respect
o-f the relevant Transaction, a party defaults in the performance of any
obligation required to be settled by delivery, it will compensate the other
party on demand if and to the extent provided for in the relevant Confirmation
or elsewhere in this Agreement.

3.    Representations

Each party represents to the other party (which representations will be deemed
to be repeated by each party on each date on which a Transaction is entered into
and, in the case of the representations in Section 3(f), at all times until the
termination of this Agreement) that:--

(a)   Basic Representations.

      (i) Status. It is duly organised and validly existing under the laws of
      the jurisdiction of its organisation or incorporation and, if relevant
      under such laws, in good standing;

      (ii) Powers. It has the power to execute this Agreement and any other
      documentation relating to this Agreement to which it is a party, to
      deliver this Agreement and any other documentation relating to this
      Agreement that it is required by this Agreement to deliver and to perform
      its obligations under this Agreement and any obligations it has under any
      Credit Support Document to which it is a party and has taken all necessary
      action to authorise such execution, delivery and performance;

      (iii) No Violation or Conflict. Such execution, delivery and performance
      do not violate or conflict with any law applicable to it, any provision of
      its constitutional documents, any order or judgment of any court or other
      agency of government applicable to it or any of its assets or any
      contractual restriction binding on or affecting it or any of its assets;

      (iv) Consents. All governmental and other consents that are required to
      have been obtained by it with respect to this Agreement or any Credit
      Support Document to which it is a party have been obtained and are in lull
      force and effect and all conditions of any such consents have been
      complied with; and

      (v) Obligations Binding. Its obligations under this Agreement and any
      Credit Support Document to which it is a party constitute its legal, valid
      and binding obligations, enforceable in accordance with their respective
      terms (subject to applicable bankruptcy, reorganization, insolvency,
      moratorium or similar laws affecting creditors' rights generally and
      subject, as to enforceability, to equitable principles of general
      application (regardless of whether enforcement is sought in a proceeding
      in equity or at law)).

(b) Absence of Certain Events. No Event of Default or Potential Event of Default
or, to its knowledge, Termination Event with respect to it has occurred and is
continuing and no such event or circumstance would occur as a result of its
entering into or performing its obligations under this Agreement or any Credit
Support Document to which it is a party.

(c) Absence of Litigation. There is not pending or, to its knowledge, threatened
against it or any of its Affiliates any action, suit or proceeding at law or in
equity or before any court, tribunal, governmental body, agency or official or
any arbitrator that is likely to affect the legality, validity or enforceability
against it of this Agreement or any Credit Support Document to which it is a
party or its ability to perform its obligations under this Agreement or such
Credit Support Document.

(d) Accuracy of Specified Information. All applicable information that is
furnished in writing by or on behalf of it to the other party and is identified
for the purpose of this Section 3(d) in the Schedule is, as of the date of the
information, true, accurate and complete in every material respect.

(e) Payer Tax Representation. Each representation specified in the Schedule as
being made by it for the purpose of this Section 3(e) is accurate and true.

(f) Payee Tax Representations. Each representation specified in the Schedule as
being made by it for the purpose of this Section 3(f) is accurate and true.

4.    Agreements

Each party agrees with the other that, so long as either party has or may have
any obligation under this Agreement or under any Credit Support Document to
which it is a party:--

(a) Furnish Specified Information. It will deliver to the other party or, in
certain cases under subparagraph (iii) below, to such government or taxing
authority as the other party reasonably directs:--

      (i) any forms, documents or certificates relating to taxation specified in
      the Schedule or any Confirmation;

      (ii) any other documents specified in the Schedule or any Confirmation;
      and

      (iii) upon reasonable demand by such other party, any form or document
      that may be required or reasonably requested in writing in order to allow
      such other party or its Credit Support Provider to make a payment under
      this Agreement or any applicable Credit Support Document without any
      deduction or withholding for or on account of any Tax or with such
      deduction or withholding at a reduced rate (so long as the completion,
      execution or submission of such form or document would not materially
      prejudice the legal or commercial position of the party in receipt of such
      demand), with any such form or document to be accurate and completed in a
      manner reasonably satisfactory to such other party and to be executed and
      to be delivered with any reasonably required certification,

in each case by the date specified in the Schedule or such Confirmation or, if
none is specified, as soon as reasonably practicable.

(b) Maintain Authorisations. It will use all reasonable efforts to maintain in
full force and effect all consents of any governmental or other authority that
are required to be obtained by it with respect to this Agreement or any Credit
Support Document to which it is a party and will use all reasonable efforts to
obtain any that may become necessary in the future.

(c) Comply with Laws. It will comply in all material respects with all
applicable laws and orders to which it may be subject if failure so to comply
would materially impair its ability to perform its obligations under this
Agreement or an Credit Support Document to which it is a party.

(d) Tax Agreement. It will give notice of any failure of a representation made
by it under Section 3(f) to be accurate and true promptly upon learning of such
failure.

(e) Payment of Stamp Tax. Subject to Section 11, it will pay any Stamp Tax
levied or imposed upon it or in respect of its execution or performance of this
Agreement by a jurisdiction in which it is incorporated, organised, managed and
controlled, or considered to have its seat, or in which a branch or office
through which it is acting for the purpose of this Agreement is located ("Stamp
Tax Jurisdiction") and will indemnify the other party against any Stamp Tax
levied or imposed upon the other party or in respect of the other party's
execution or performance of this Agreement by any such Stamp Tax Jurisdiction
which is not also a Stamp Tax Jurisdiction with respect to the other party.

5.    Events of Default and Termination Events

(a) Events of Default. The occurrence at any time with respect to a party or, if
applicable, any Credit Support Provider of such party or any Specified Entity of
such party of any of the following events constitutes an event of default (an
"Event of Default") with respect to such party:--

      (i) Failure to Pay or Deliver. Failure by the party to make, when due, any
      payment under this Agreement or delivery under Section 2(a)(i) or 2(e)
      required to be made by it if such failure is not remedied on or before the
      third Local Business Day after notice of such failure is given to the
      party;

      (ii) Breach of Agreement. Failure by the party to comply with or perform
      any agreement or obligation (other than an obligation to make any payment
      under this Agreement or delivery under Section 2(a)(i) or 2(e) or to give
      notice of a Termination Event or any agreement or obligation under Section
      4(a)(i), 4(a)(iii) or 4(d)) to be complied with or performed by the party
      in accordance with this Agreement if such failure is not remedied on or
      before the thirtieth day after notice of such failure is given to the
      party;

      (iii) Credit Support Default.

            (1) Failure by the party or any Credit Support Provider of such
            party to comply with or perform any agreement or obligation to be
            complied with or performed by it in accordance with any Credit
            Support Document if such failure is continuing after any applicable
            grace period has elapsed;

            (2) the expiration or termination of such Credit Support Document or
            the failing or ceasing of such Credit Support Document to be in full
            force and effect for the purpose of this Agreement (in either case
            other than in accordance with its terms) prior to the satisfaction
            of all obligations of such party under each Transaction to which
            such Credit Support Document relates without the written consent of
            the other party; or

            (3) the party or such Credit Support Provider disaffirms, disclaims,
            repudiates or rejects, in whole or in part, or challenges the
            validity of such Credit Support Document;

      (iv) Misrepresentation. A representation (other than a representation
      under Section 3(e) or (f)) made or repeated or deemed to have been made or
      repeated by the party or any Credit Support Provider of such party in this
      Agreement or any Credit Support Document proves to have been incorrect or
      misleading in any material respect when made or repeated or deemed to have
      been made or repeated;

      (v) Default under Specified Transaction. The party, any Credit Support
      Provider of such party or any applicable Specified Entity of such party
      (1) defaults under a Specified Transaction and, after giving effect to any
      applicable notice requirement or grace period, there occurs a liquidation
      of, an acceleration of obligations under, or an early termination of, that
      Specified Transaction, (2) defaults, after giving effect to any applicable
      notice requirement or grace period, in making any payment or delivery due
      on the last payment, delivery or exchange date of, or any payment on early
      termination of, a Specified Transaction (or such default continues for at
      least three Local Business Days if there is no applicable notice
      requirement or grace period) or (3) disaffirms, disclaims, repudiates or
      rejects, in whole or in part, a Specified Transaction (or such action is
      taken by any person or entity appointed or empowered to operate it or act
      on its behalf);

      (vi) Cross Default. If "Cross Default" is specified in the Schedule as
      applying to the party, the occurrence or existence of (1) a default, event
      of default or other similar condition or event (however described) in
      respect of such party, any Credit Support Provider of such party or any
      applicable Specified Entity of such party under one or more agreements or
      instruments relating to Specified Indebtedness of any of them
      (individually or collectively) in an aggregate amount of not less than the
      applicable Threshold Amount (as specified in the Schedule) which has
      resulted in such Specified Indebtedness becoming, or becoming capable at
      such time of being declared, due and payable under such agreements or
      instruments, before it would otherwise have been due and payable or (2) a
      default by such party, such Credit Support Provider or such Specified
      Entity (individually or collectively) in making one or more payments on
      the due date thereof in an aggregate amount of not less than the
      applicable Threshold Amount under such agreements or instruments (after
      giving effect to any applicable notice requirement or grace period);

      (vii) Bankruptcy. The party, any Credit Support Provider of such party or
      any applicable Specified Entity of such party:--

            (1) is dissolved (other than pursuant to a consolidation,
            amalgamation or merger); (2) becomes insolvent or is unable to pay
            its debts or fails or admits in writing its inability generally to
            pay its debts as they become due; (3) makes a general assignment,
            arrangement or composition with or for the benefit of its creditors;
            (4) institutes or has instituted against it a proceeding seeking a
            judgment of insolvency or bankruptcy or any other relief under any
            bankruptcy or insolvency law or other similar law affecting
            creditors' rights, or a petition is presented for its winding-up or
            liquidation, and, in the case of any such proceeding or petition
            instituted or presented against it, such proceeding or petition (A)
            results in a judgment of insolvency or bankruptcy or the entry of an
            order for relief or the making of an order for its winding-up or
            liquidation or (B) is not dismissed, discharged, stayed or
            restrained in each case within 30 days of the institution or
            presentation thereof; (5) has a resolution passed for its
            winding-up, official management or liquidation (other than pursuant
            to a consolidation, amalgamation or merger); (6) seeks or becomes
            subject to the appointment of an administrator, provisional
            liquidator, conservator, receiver, trustee, custodian or other
            similar official for it or for all or substantially all its assets;
            (7) has a secured party take possession of all or substantially all
            its assets or has a distress, execution, attachment, sequestration
            or other legal process levied, enforced or sued on or against all or
            substantially all its assets and such secured party maintains
            possession, or any such process is not dismissed, discharged, stayed
            or restrained, in each case within 30 days thereafter; (8) causes or
            is subject to any event with respect to it which, under the
            applicable laws of any jurisdiction, has an analogous effect to any
            of the events specified in clauses (1) to (7) (inclusive); or (9)
            takes any action in furtherance of, or indicating its consent to,
            approval of, or acquiescence in, any of the foregoing acts; or

      (viii) Merger Without Assumption. The party or any Credit Support Provider
      of such party consolidates or amalgamates with, or merges with or into, or
      transfers all or substantially all its assets to, another entity and, at
      the time of such consolidation, amalgamation, merger or transfer:--

            (1) the resulting, surviving or transferee entity fails to assume
            all the obligations of such party or such Credit Support Provider
            under this Agreement or any Credit Support Document to which it or
            its predecessor was a party by operation of law or pursuant to an
            agreement reasonably satisfactory to the other party to this
            Agreement; or

            (2) the benefits of any Credit Support Document fail to extend
            (without the consent of the other party) to the performance by such
            resulting, surviving or transferee entity of its obligations under
            this Agreement.

(b) Termination Events. The occurrence at any time with respect to a party or,
if applicable, any Credit Support Provider of such party or any Specified Entity
of such party of any event specified below constitutes an Illegality if the
event is specified in (i) below, a Tax Event if the event is specified in (ii)
below or a Tax Event Upon Merger if the event is specified in (iii) below, and,
if specified to be applicable, a Credit Event Upon Merger if the event is
specified pursuant to (iv) below or an Additional Termination Event if the event
is specified pursuant to (v) below:--

      (i) Illegality. Due to the adoption of, or any change in, any applicable
      law after the date on which a Transaction is entered into, or due to the
      promulgation of, or any change in, the interpretation by any court,
      tribunal or regulatory authority with competent jurisdiction of any
      applicable law after such date, it becomes unlawful (other than as a
      result of a breach by the party of Section 4(b)) for such party (which
      will be the Affected Party): --

            (1) to perform any absolute or contingent obligation to make a
            payment or delivery or to receive a payment or delivery in respect
            of such Transaction or to comply with any other material provision
            of this Agreement relating to such Transaction; or

            (2) to perform, or for any Credit Support Provider of such party to
            perform, any contingent or other obligation which the party (or such
            Credit Support Provider) has under any Credit Support Document
            relating to such Transaction;

      (ii) Tax Event. Due to (x) any action taken by a taxing authority, or
      brought in a court of competent jurisdiction, on or after the date on
      which a Transaction is entered into (regardless of whether such action is
      taken or brought with respect to a party to this Agreement) or (y) a
      Change in Tax Law, the party (which will be the Affected Party) will, or
      there is a substantial likelihood that it will, on the next succeeding
      Scheduled Payment Date (1) be required to pay to the other party an
      additional amount in respect of an Indemnifiable Tax under Section
      2(d)(i)(4) (except in respect of interest under Section 2(e), 6(d)(ii) or
      6(e)) or (2) receive a payment from which an amount is required to be
      deducted or withheld for or on account of a Tax (except in respect of
      interest under Section 2(e), 6(d)(ii) or 6(e)) and no additional amount is
      required to be paid in respect of such Tax under Section 2(d)(i)(4) (other
      than by reason of Section 2(d)(i)(4)(A) or (B));

      (iii) Tax Event Upon Merger. The party (the "Burdened Party") on the next
      succeeding Scheduled Payment Date will either (1) be required to pay an
      additional amount in respect of an Indemnifiable Tax under Section
      2(d)(i)(4) (except in respect of interest under Section 2(e), 6(d)(ii) or
      6(e)) or (2) receive a payment from which an amount has been deducted or
      withheld for or on account of any Indemnifiable Tax in respect of which
      the other party is not required to pay an additional amount (other than by
      reason of Section 2(d)(i)(4)(A) or (B)), in either case as a result of a
      party consolidating or amalgamating with, or merging with or into, or
      transferring all or substantially all its assets to, another entity (which
      will be the Affected Party) where such action does not constitute an event
      described in Section 5(a)(viii);

      (iv) Credit Event Upon Merger. If "Credit Event Upon Merger" is specified
      in the Schedule as applying to the party, such party ("X"), any Credit
      Support Provider of X or any applicable Specified Entity of X consolidates
      or amalgamates with, or merges with or into, or transfers all or
      substantially all its assets to, another entity and such action does not
      constitute an event described in Section 5(a)(viii) but the
      creditworthiness of the resulting, surviving or transferee entity is
      materially weaker than that of X, such Credit Support Provider or such
      Specified Entity, as the case may be, immediately prior to such action
      (and, in such event, X or its successor or transferee, as appropriate,
      will be the Affected Party); or

      (v) Additional Termination Event. If any "Additional Termination Event" is
      specified in the Schedule or any Confirmation as applying, the occurrence
      of such event (and, in such event, the Affected Party or Affected Parties
      shall be as specified for such Additional Termination Event in the
      Schedule or such Confirmation).

(c) Event of Default and Illegality. If an event or circumstance which would
otherwise constitute or give rise to an Event of Default also constitutes an
Illegality, it will be treated as an Illegality and will not constitute an Event
of Default.

6. Early Termination

(a) Right to Terminate Following Event of Default. If at any time an Event of
Default with respect to a party (the "Defaulting Party") has occurred and is
then continuing, the other party (the "Non-defaulting Party") may, by not more
than 20 days notice to the Defaulting Party specifying the relevant Event of
Default, designate a day not earlier than the day such notice is effective as an
Early Termination Date in respect of all outstanding Transactions. If, however,
"Automatic Early Termination" is specified in the Schedule as applying to a
party, then an Early Termination Date in respect of all outstanding transactions
will occur immediately upon the occurrence with respect to such party of an
Event of Default specified in Section 5(a)(vii)(1), (3), (5), (6) or, to the
extent analogous thereto, (8), and as of the time immediately preceding the
institution of the relevant proceeding or the presentation of the relevant
petition upon the occurrence with respect to such party of an Event of Default
specified in Section 5(a)(vii)(4) or, to the extent analogous thereto, (8).

(b) Right to Terminate Following Termination Event.

      (i) Notice. If a Termination Event occurs, an Affected Party will,
      promptly upon becoming aware of it, notify the other party, specifying the
      nature of that Termination Event and each Affected Transaction and will
      also give such other information about that Termination Event as the other
      party may reasonably require.

      (ii) Transfer to Avoid Termination Event. If either an Illegality under
      Section 5(b)(i)(1) or a Tax Event occurs and there is only one Affected
      Party, or if a Tax Event Upon Merger occurs and the Burdened Party is the
      Affected Party, the Affected Party will, as a condition to its right to
      designate an Early Termination Date under Section 6(b)(iv), use all
      reasonable efforts (which will not require such party to incur a loss,
      excluding immaterial, incidental expenses) to transfer within 20 days
      after it gives notice under Section 6(b)(i) all its rights and obligations
      under this Agreement in respect of the Affected Transactions to another of
      its Offices or Affiliates so that such Termination Event ceases to exist.

      If the Affected Party is not able to make such a transfer it will give
      notice to the other party to that effect within such 20 day period,
      whereupon the other party may effect such a transfer within 30 days after
      the notice is given under Section 6(b)(i).

      Any such transfer by a party under this Section 6(b)(ii) will be subject
      to and conditional upon the prior written consent of the other party,
      which consent will not be withheld if such other party's policies in
      effect at such time would permit it to enter into transactions with the
      transferee on the terms proposed.

      (iii) Two Affected Parties. If an Illegality under Section 5(b)(i)(1) or a
      Tax Event occurs and there are two Affected Parties, each party will use
      all reasonable efforts to reach agreement within 30 days after notice
      thereof is given under Section 6(b)(i) on action to avoid that Termination
      Event.

      (iv) Right to Terminate. If: --

            (1) a transfer under Section 6(b)(ii) or an agreement under Section
            6(b)(iii), as the case may be, has not been effected with respect to
            all Affected Transactions within 30 days after an Affected Party
            gives notice under Section 6(b)(i); or

            (2) an Illegality under Section 5(b)(i)(2), a Credit Event Upon
            Merger or an Additional Termination Event occurs, or a Tax Event
            Upon Merger occurs and the Burdened Party is not the Affected Party,

      either party in the case of an Illegality, the Burdened Party in the case
      of a Tax Event Upon Merger, any Affected Party in the case of a Tax Event
      or an Additional Termination Event if there is more than one Affected
      Party, or the party which is not the Affected Party in the case of a
      Credit Event Upon Merger or an Additional Termination Event if there is
      only one Affected Party may, by not more than 20 days notice to the other
      party and provided that the relevant Termination Event is then continuing,
      designate a day not earlier than the day such notice is effective as an
      Early Termination Date in respect of all Affected Transactions.

(c)   Effect of Designation.

      (i) If notice designating an Early Termination Date is given under Section
      6(a) or (b), the Early Termination Date will occur on the date so
      designated, whether or not the relevant Event of Default or Termination
      Event is then continuing.

      (ii) Upon the occurrence or effective designation of an Early Termination
      Date, no further payments or deliveries under Section 2(a)(i) or 2(e) in
      respect of the Terminated Transactions will be required to be made, but
      without prejudice to the other provisions of this Agreement. The amount,
      if any, payable in respect of an Early Termination Date shall be
      determined pursuant to Section 6(e).

(d)   Calculations.

      (i) Statement. On or as soon as reasonably practicable following the
      occurrence of an Early Termination Date, each party will make the
      calculations on its part, if any, contemplated by Section 6(e) and will
      provide to the other party a statement (1) showing, in reasonable detail,
      such calculations (including all relevant quotations and specifying any
      amount payable under Section 6(e)) and (2) giving details of the relevant
      account to which any amount payable to it is to be paid. In the absence of
      written confirmation from the source of a quotation obtained in
      determining a Market Quotation, the records of the party obtaining such
      quotation will be conclusive evidence of the existence and accuracy of
      such quotation.

      (ii) Payment Date. An amount calculated as being due in respect of any
      Early Termination Date under Section 6(e) will be payable on the day that
      notice of the amount payable is effective (in the case of an Early
      Termination Date which is designated or occurs as a result of an Event of
      Default) and on the day which is two Local Business Days after the day on
      which notice of the amount payable is effective (in the case of an Early
      Termination Date which is designated as a result of a Termination Event).
      Such amount will be paid together with (to the extent permitted under
      applicable law) interest thereon (before as well as after judgment) in the
      Termination Currency, from (and including) the relevant Early Termination
      Date to (but excluding) the date such amount is paid, at the Applicable
      Rate. Such interest will be calculated on the basis of daily compounding
      and the actual number of days elapsed.

(e) Payments on Early Termination. If an Early Termination Date occurs, the
following provisions shall apply based on the parties' election in the Schedule
of a payment measure, either "Market Quotation" or "Loss", and a payment method,
either the "First Method" or the "Second Method". If the parties fail to
designate a payment measure or payment method in the Schedule, it will be deemed
that "Market Quotation" or the "Second Method", as the case may be, shall apply.
The amount, if any, payable in respect of an Early Termination Date and
determined pursuant to this Section will be subject to any Set-off.

      (i) Events of Default. If the Early Termination Date results from an Event
      of Default: --

            (1) First Method and Market Quotation. If the First Method and
            Market Quotation apply, the Defaulting Party will pay to the
            Non-defaulting Party the excess, if a positive number, of (A) the
            sum of the Settlement Amount (determined by the Non-defaulting
            Party) in respect of the Terminated Transactions and the Termination
            Currency Equivalent of the Unpaid Amounts owing to the
            Non-defaulting Party over (B) the Termination Currency Equivalent of
            the Unpaid Amounts owing to the Defaulting Party.

            (2) First Method and Loss. If the First Method and Loss apply, the
            Defaulting Party will pay to the Non-defaulting Party, if a positive
            number, the Non-Defaulting Party's Loss in respect of this
            Agreement.

            (3) Second Method and Market Quotation. If the Second Method and
            Market Quotation apply, an amount will be payable equal to (A) the
            sum of the Settlement Amount (determined by the Non-defaulting
            Party) in respect of the Terminated Transactions and the Termination
            Currency Equivalent of the Unpaid Amounts owing to the
            Non-defaulting Party less (B) the Termination Currency Equivalent of
            the Unpaid Amounts owing to the Defaulting Party. If that amount is
            a positive number, the Defaulting Party will pay it to the
            Non-defaulting Party; if it is a negative number, the Non-defaulting
            Party will pay the absolute value of that amount to the Defaulting
            Party.

            (4) Second Method and Loss. If the Second Method and Loss apply, an
            amount will be payable equal to the Non-defaulting Party's Loss in
            respect of this Agreement. If that amount is a positive number, the
            Defaulting Party will pay it to the Non-defaulting Party; if it is a
            negative number, the Non-defaulting Party will pay the absolute
            value of that amount to the Defaulting Party.

      (ii) Termination Events. If the Early Termination Date results from a
      Termination Event: --

            (1) One Affected Party. If there is one Affected Party, the amount
            payable will be determined in accordance with Section 6(e)(i)(3), if
            Market Quotation applies, or Section 6(e)(i)(4), if Loss applies,
            except that, in either case, references to the Defaulting Party and
            to the Non-defaulting Party will be deemed to be references to the
            Affected Party and the party which is not the Affected Party,
            respectively, and, if Loss applies and fewer than all the
            Transactions are being terminated, Loss shall be calculated in
            respect of all Terminated Transactions.

            (2) Two Affected Parties. If there are two Affected Parties: --

                  (A) if Market Quotation applies, each party will determine a
                  Settlement Amount in respect of the Terminated Transactions,
                  and an amount will be payable equal to (I) the sum of (a)
                  one-half of the difference between the Settlement Amount of
                  the party with the higher Settlement Amount ("X") and the
                  Settlement Amount of the party with the lower Settlement
                  Amount ("Y") and (b) the Termination Currency Equivalent of
                  the Unpaid Amounts owing to X less (II) the Termination
                  Currency Equivalent of the Unpaid Amounts owing to Y; and

                  (B) if Loss applies, each party will determine its Loss in
                  respect of this Agreement (or, if fewer than all the
                  Transactions are being terminated, in respect of all
                  Terminated Transactions) and an amount will be payable equal
                  to one-half of the difference between the Loss of the party
                  with the higher Loss ("X") and the Loss of the party with the
                  lower Loss ("Y").

          If the amount payable is a positive number, Y will pay it to X; if it
          is a negative number, X will pay the absolute value of that amount to
          Y.

      (iii) Adjustment for Bankruptcy. In circumstances where an Early
      Termination Date occurs because "Automatic Early Termination" applies in
      respect of a party, the amount determined under this Section 6(e) will be
      subject to such adjustments as are appropriate and permitted by law to
      reflect any payments or deliveries made by one party to the other under
      this Agreement (and retained by such other party) during the period from
      the relevant Early Termination Date to the date for payment determined
      under Section 6(d)(ii).

      (iv) Pre-Estimate. The parties agree that if Market Quotation applies an
      amount recoverable under this Section 6(e) is a reasonable pre-estimate of
      loss and not a penalty. Such amount is payable for the loss of bargain and
      the loss of protection against future risks and except as otherwise
      provided in this Agreement neither party will be entitled to recover any
      additional damages as a consequence of such losses.

7.    Transfer

Subject to Section 6(b)(ii), neither this Agreement nor any interest or
obligation in or under this Agreement may be transferred (whether by way of
security or otherwise) by either party without the prior written consent of the
other party, except that: --

(a) a party may make such a transfer of this Agreement pursuant to a
consolidation or amalgamation with, or merger with or into, or transfer of all
or substantially all its assets to, another entity (but without prejudice to any
other right or remedy under this Agreement); and

(b) a party may make such a transfer of all or any part of its interest in any
amount payable to it from a Defaulting Party under Section 6(e).

Any purported transfer that is not in compliance with this Section will be void.

8.    Contractual Currency

(a) Payment in the Contractual Currency. Each payment under this Agreement will
be made in the relevant currency specified in this Agreement for that payment
(the "Contractual Currency"). To the extent permitted by applicable law, any
obligation to make payments under this Agreement in the Contractual Currency
will not be discharged or satisfied by any tender in any currency other than the
Contractual Currency, except to the extent such tender results in the actual
receipt by the party to which payment is owed, acting in a reasonable manner and
in good faith in converting the currency so tendered into the Contractual
Currency, of the full amount in the Contractual Currency of all amounts payable
in respect of this Agreement. If for any reason the amount in the Contractual
Currency so received falls short of the amount in the Contractual Currency
payable in respect of this Agreement, the party required to make the payment
will, to the extent permitted by applicable law, immediately pay such additional
amount in the Contractual Currency as may be necessary to compensate for the
shortfall. If for any reason the amount in the Contractual Currency so received
exceeds the amount in the Contractual Currency payable in respect of this
Agreement, the party receiving the payment will refund promptly the amount of
such excess.

(b) Judgments. To the extent permitted by applicable law, if any judgment or
order expressed in a currency other than the Contractual Currency is rendered
(i) for the payment of any amount owing in respect of this Agreement, (ii) for
the payment of any amount relating to any early termination in respect of this
Agreement or (iii) in respect of a judgment or order of another court for the
payment of any amount described in (i) or (ii) above, the party seeking
recovery, after recovery in full of the aggregate amount to which such party is
entitled pursuant to the judgment or order, will be entitled to receive
immediately from the other party the amount of any shortfall of the Contractual
Currency received by such party as a consequence of sums paid in such other
currency and will refund promptly to the other party any excess of the
Contractual Currency received by such party as a consequence of sums paid in
such other currency if such shortfall or such excess arises or results from any
variation between the rate of exchange at which the Contractual Currency is
converted into the currency of the judgment or order for the purposes of such
judgment or order and the rate of exchange at which such party is able, acting
in a reasonable manner and in good faith in converting the currency received
into the Contractual Currency, to purchase the Contractual Currency with the
amount of the currency of the judgment or order actually received by such party.
The term "rate of exchange" includes, without limitation, any premiums and costs
of exchange payable in connection with the purchase of or conversion into the
Contractual Currency.

(c) Separate Indemnities. To the extent permitted by applicable law, these
indemnities constitute separate and independent obligations from the other
obligations in this Agreement, will be enforceable as separate and independent
causes of action, will apply notwithstanding any indulgence granted by the party
to which any payment is owed and will not be affected by judgment being obtained
or claim or proof being made for any other sums payable in respect of this
Agreement.

(d) Evidence of Loss. For the purpose of this Section 8, it will be sufficient
for a party to demonstrate that it would have suffered a loss had an actual
exchange or purchase been made.

9.    Miscellaneous

(a) Entire Agreement. This Agreement constitutes the entire Agreement and
understanding of the parties with respect to its subject matter and supersedes
all oral communication and prior writings with respect thereto.

(b) Amendments. No amendment, modification or waiver in respect of this
Agreement will be effective unless in writing (including a writing evidenced by
a facsimile transmission) and executed by each of the parties or confirmed by an
exchange of telexes or electronic messages on an electronic messaging system.

(c) Survival of Obligations. Without prejudice to Sections 2(a)(iii) and
6(c)(ii), the obligations of the parties under this Agreement will survive the
termination of any Transaction.

(d) Remedies Cumulative. Except as provided in this Agreement, the rights,
powers, remedies and privileges provided in this Agreement are cumulative and
not exclusive of any rights, powers, remedies and privileges provided by law.

(e) Counterparts and Confirmations.

      (i) This Agreement (and each amendment, modification and waiver in respect
      of it) may be executed and delivered in counterparts (including by
      facsimile transmission), each of which will be deemed an original.

      (ii) The parties intend that they are legally bound by the terms of each
      Transaction from the moment they agree to those terms (whether orally or
      otherwise). A Confirmation shall be entered into as soon as practicable
      and may be executed and delivered in counterparts (including by facsimile
      transmission) or be created by an exchange of telexes or by an exchange of
      electronic messages on an electronic messaging system, which in each case
      will be sufficient for all purposes to evidence a binding supplement to
      this Agreement. The parties will specify therein or through another
      effective means that any such counterpart, telex or electronic message
      constitutes a Confirmation.

(f) No Waiver of Rights. A failure or delay in exercising any right, power or
privilege in respect of this Agreement will not be presumed to operate as a
waiver, and a single or partial exercise of any right, power or privilege will
not be presumed to preclude any subsequent or further exercise, of that right,
power or privilege or the exercise of any other right, power or privilege.

(g) Headings. The headings used in this Agreement are for convenience of
reference only and are not to affect the construction of or to be taken into
consideration in interpreting this Agreement.

10.   Offices; Multibranch Parties

(a) If Section 10(a) is specified in the Schedule as applying, each party that
enters into a Transaction through an Office other than its head or home office
represents to the other party that, notwithstanding the place of booking office
or jurisdiction of incorporation or organisation of such party, the obligations
of such party are the same as if it had entered into the Transaction through its
head or home office. This representation will be deemed to be repeated by such
party on each date on which a Transaction is entered into.

(b) Neither party may change the Office through which it makes and receives
payments or deliveries for the purpose of a Transaction without the prior
written consent of the other party.

(c) If a party is specified as a Multibranch Party in the Schedule, such
Multibranch Party may make and receive payments or deliveries under any
Transaction through any Office listed in the Schedule, and the Office through
which it makes and receives payments or deliveries with respect to a Transaction
will be specified in the relevant Confirmation.

11.   Expenses

A Defaulting Party will, on demand, indemnify and hold harmless the other party
for and against all reasonable out-of-pocket expenses, including legal fees and
Stamp Tax, incurred by such other party by reason of the enforcement and
protection of its rights under this Agreement or any Credit Support Document to
which the Defaulting Party is a party or by reason of the early termination of
any Transaction, including, but not limited to, costs of collection.

12.   Notices

(a) Effectiveness. Any notice or other communication in respect of this
Agreement may be given in any manner set forth below (except that a notice or
other communication under Section 5 or 6 may not be given by facsimile
transmission or electronic messaging system) to the address or number or in
accordance with the electronic messaging system details provided (see the
Schedule) and will be deemed effective as indicated:--

      (i) if in writing and delivered in person or by courier, on the date it is
      delivered;

      (ii) if sent by telex, on the date the recipient's answerback is received;

      (iii) if sent by facsimile transmission, on the date that transmission is
      received by a responsible employee of the recipient in legible form (it
      being agreed that the burden of proving receipt will be on the sender and
      will not be met by a transmission report generated by the sender's
      facsimile machine);

      (iv) if sent by certified or registered mail (airmail, if overseas) or the
      equivalent (return receipt requested), on the date that mail is delivered
      or its delivery is attempted; or

      (v) if sent by electronic messaging system, on the date that electronic
      message is received,

unless the date of that delivery (or attempted delivery) or that receipt, as
applicable, is not a Local Business Day or that communication is delivered (or
attempted) or received, as applicable, after the close of business on a Local
Business Day, in which case that communication shall be deemed given and
effective on the first following day that is a Local Business Day.

(b) Change of Addresses. Either party may by notice to the other change the
address, telex or facsimile number or electronic messaging system details at
which notices or other communications are to be given to it.

13.   Governing Law and Jurisdiction

(a) Governing Law. This Agreement will be governed by and construed in
accordance with the law specified in the Schedule.

(b) Jurisdiction. With respect to any suit, action or proceedings relating to
this Agreement ("Proceedings"), each party irrevocably:--

      (i) submits to the jurisdiction of the English courts, if this Agreement
      is expressed to be governed by English law, or to the non-exclusive
      jurisdiction of the courts of the State of New York and the United States
      District Court located in the Borough of Manhattan in New York City, if
      this Agreement is expressed to be governed by the laws of the State of New
      York; and

      (ii) waives any objection which it may have at any time to the laying of
      venue of any Proceedings brought in any such court, waives any claim that
      such Proceedings have been brought in an inconvenient forum and further
      waives the right to object, with respect to such Proceedings, that such
      court does not have any jurisdiction over such party.

Nothing in this Agreement precludes either party from bringing Proceedings in
any other jurisdiction (outside, if this Agreement is expressed to be governed
by English law, the Contracting States, as defined in Section 1(3) of the Civil
Jurisdiction and Judgments Act 1982 or any modification, extension or
re-enactment thereof for the time being in force) nor will the bringing of
Proceedings in any one or more jurisdictions preclude the bringing of
Proceedings in any other jurisdiction.

(c) Service of Process. Each party irrevocably appoints the Process Agent (if
any) specified opposite its name in the Schedule to receive, for it and on its
behalf, service of process in any Proceedings. If for any reason any party's
Process Agent is unable to act as such, such party will promptly notify the
other party and within 30 days appoint a substitute process agent acceptable to
the other party. The parties irrevocably consent to service of process given in
the manner provided for notices in Section 12. Nothing in this Agreement will
affect the right of either party to serve process in any other manner permitted
by law.

(d) Waiver of Immunities. Each party irrevocably waives, to the fullest extent
permitted by applicable law, with respect to itself and its revenues and assets
(irrespective of their use or intended use), all immunity on the grounds of
sovereignty or other similar grounds from (i) suit, (ii) jurisdiction of any
court, (iii) relief by way of injunction, order for specific performance or for
recovery of property, (iv) attachment of its assets (whether before or after
judgment) and (v) execution or enforcement of any judgment to which it or its
revenues or assets might otherwise be entitled in any Proceedings in the courts
of any jurisdiction and irrevocably agrees, to the extent permitted by
applicable law, that it will not claim any such immunity in any Proceedings.

14.   Definitions

As used in this Agreement:--

"Additional Termination Event" has the meaning specified in Section 5(b).

"Affected Party" has the meaning specified in Section 5(b).

"Affected Transactions" means (a) with respect to any Termination Event
consisting of an Illegality, Tax Event or Tax Event Upon Merger, all
Transactions affected by the occurrence of such Termination Event and (b) with
respect to any other Termination Event, all Transactions.

"Affiliate" means, subject to the Schedule, in relation to any person, any
entity controlled, directly or indirectly, by the person, any entity that
controls, directly or indirectly, the person or any entity directly or
indirectly under common control with the person. For this purpose, "control" of
any entity or person means ownership of a majority of the voting power of the
entity or person.

"Applicable Rate" means:--

(a) in respect of obligations payable or deliverable (or which would have been
but for Section 2(a)(iii)) by a Defaulting Party, the Default Rate;

(b) in respect of an obligation to pay an amount under Section 6(e) of either
party from and after the date (determined in accordance with Section 6(d)(ii))
on which that amount is payable, the Default Rate;

(c) in respect of all other obligations payable or deliverable (or which would
have been but for Section 2(a)(iii)) by a Non-defaulting Party, the Non-default
Rate; and

(d) in all other cases, the Termination Rate.

"Burdened Party" has the meaning specified in Section 5(b).

"Change in Tax Law" means the enactment, promulgation, execution or ratification
of, or any change in or amendment to, any law (or in the application or official
interpretation of any law) that occurs on or after the date on which the
relevant Transaction is entered into.

"consent" includes a consent, approval, action, authorisation, exemption,
notice, filing, registration or exchange control consent.

"Credit Event Upon Merger" has the meaning specified in Section 5(b).

"Credit Support Document" means any agreement or instrument that is specified as
such in this Agreement.

"Credit Support Provider" has the meaning specified in the Schedule.

"Default Rate" means a rate per annum equal to the cost (without proof or
evidence of any actual cost) to the relevant payee (as certified by it) if it
were to fund or of funding the relevant amount plus 1% per annum.

"Defaulting Party" has the meaning specified in Section 6(a).

"Early Termination Date" means the date determined in accordance with Section
6(a) or 6(b)(iv).

"Event of Default" has the meaning specified in Section 5(a) and, if applicable,
in the Schedule.

"Illegality" has the meaning specified in Section 5(b).

"Indemnifiable Tax" means any Tax other than a Tax that would not be imposed in
respect of a payment under this Agreement but for a present or former connection
between the jurisdiction of the government or taxation authority imposing such
Tax and the recipient of such payment or a person related to such recipient
(including, without limitation, a connection arising from such recipient or
related person being or having been a citizen or resident of such jurisdiction,
or being or having been organised, present or engaged in a trade or business in
such jurisdiction, or having or having had a permanent establishment or fixed
place of business in such jurisdiction, but excluding a connection arising
solely from such recipient or related person having executed, delivered,
performed its obligations or received a payment under, or enforced, this
Agreement or a Credit Support Document).

"law" includes any treaty, law, rule or regulation (as modified, in the ease of
tax matters, by the practice of any relevant governmental revenue authority) and
"lawful" and "unlawful" will be construed accordingly.

"Local Business Day" means, subject to the Schedule, a day on which commercial
banks are open for business (including dealings in foreign exchange and foreign
currency deposits) (a) in relation to any obligation under Section 2(a)(i), in
the place(s) specified in the relevant Confirmation or, if not so specified, as
otherwise agreed by the parties in writing or determined pursuant to provisions
contained, or incorporated by reference, in this Agreement, (b) in relation to
any other payment, in the place where the relevant account is located and, if
different, in the principal financial centre, if any, of the currency of such
payment, (c) in relation to any notice or other communication, including notice
contemplated under Section 5(a)(i), in the city specified in the address for
notice provided by the recipient and, in the case of a notice contemplated by
Section 2(b), in the place where the relevant new account is to be located and
(d) in relation to Section 5(a)(v)(2), in the relevant locations for performance
with respect to such Specified Transaction.

"Loss" means, with respect to this Agreement or one or more Terminated
Transactions, as the case may be, and a party, the Termination Currency
Equivalent of an amount that party reasonably determines in good faith to be its
total losses and costs (or gain, in which case expressed as a negative number)
in connection with this Agreement or that Terminated Transaction or group of
Terminated Transactions, as the case may be, including any loss of bargain, cost
of funding or, at the election of such party but without duplication, loss or
cost incurred as a result of its terminating, liquidating, obtaining or
reestablishing any hedge or related trading position (or any gain resulting from
any of them). Loss includes losses and costs (or gains) in respect of any
payment or delivery required to have been made (assuming satisfaction of each
applicable condition precedent) on or before the relevant Early Termination Date
and not made, except so as to avoid duplication, if Section 6(e)(i)(l) or (3) or
6(e)(ii)(2)(A) applies. Loss does not include a party's legal fees and
out-of-pocket expenses referred to under Section 11. A party will determine its
Loss as of the relevant Early Termination Date, or, if that is not reasonably
practicable, as of the earliest date thereafter as is reasonably practicable. A
party may (but need not) determine its Loss by reference to quotations of
relevant rates or prices from one or more leading dealers in the relevant
markets.

"Market Quotation" means, with respect to one or more Terminated Transactions
and a party making the determination, an amount determined on the basis of
quotations from Reference Market-makers. Each quotation will be for an amount,
if any, that would be paid to such party (expressed as a negative number) or by
such party (expressed as a positive number) in consideration of an agreement
between such party (taking into account any existing Credit Support Document
with a respect to the obligations of such party) and the quoting Reference
Market-maker to enter into a transaction (the "Replacement Transaction") that
would have the effect of preserving for such party the economic equivalent of
any payment or delivery (whether the underlying obligation was absolute or
contingent and assuming the satisfaction of each applicable condition precedent)
by the parties under Section 2(a)(i) in respect of such Terminated Transaction
or group of Terminated Transactions that would, but for the occurrence of the
relevant Early Termination Date, have been required after that date. For this
purpose, Unpaid Amounts in respect of the Terminated Transaction or group of
Terminated Transactions are to be excluded but, without limitation, any payment
or delivery that would, but for the relevant Early Termination Date, have been
required (assuming satisfaction of each applicable condition precedent) after
that Early Termination Date is to be included. The Replacement Transaction would
be subject to such determination as such party and the Reference Market-maker
may, in good faith, agree. The party making the determination (or its agent)
will request each Reference Market-maker to provide its quotation to the extent
reasonably practicable as of the same day and time (without regard to different
time zones) on or as soon as reasonably practicable after the relevant Early
Termination Date. The day and time as of which those quotations are to be
obtained will be selected in good faith by the party obliged to make a
determination under Section 6(e), and, if each party is so obliged, after
consultation with the other. If more than three quotations are provided, the
Market Quotation will be the arithmetic mean of the quotations, without regard
to the quotations having the highest and lowest values. If exactly three such
quotations are provided, the Market Quotation will be the quotation remaining
after disregarding the highest and lowest quotations. For this purpose, if more
than one quotation has the same highest value or lowest value, then one of such
quotations shall be disregarded. If fewer than three quotations are provided, it
will be deemed that the Market Quotation in respect of such Terminated
Transaction or group of Terminated Transactions cannot be determined.

"Non-default Rate" means a rate per annum equal to the cost (without proof or
evidence of any actual cost) to the Non-defaulting Party (as certified by it) if
it were to fund the relevant amount.

"Non-defaulting Party" has the meaning specified in Section 6(a).

"Office" means a branch or office of a party, which may be such party's head or
home office.

"Potential Event of Default" means any event which, with the giving of notice or
the lapse of time or both, would constitute an Event of Default.

"Reference Market-makers" means four leading dealers in the relevant market
selected by the party determining a Market Quotation in good faith (a) from
among dealers of the highest credit standing which satisfy all the criteria that
such party applies generally at the time in deciding whether to offer or to make
an extension of credit and (b) to the extent practicable, from among such
dealers having an office in the same city.

"Relevant Jurisdiction" means, with respect to a party, the jurisdictions (a) in
which the party is incorporated, organised, managed and controlled or considered
to have its seat, (b) where an Office through which the party is acting for
purposes of this Agreement is located, (c) in which the party executes this
Agreement and (d) its relation to any payment, from or through which such
payment is made.

"Scheduled Payment Date" means a date on which a payment or delivery is to be
made under Section 2(a)(i) with respect to a Transaction.

"Set-off" means set-off, offset, combination of accounts, right of retention or
withholding or similar right or requirement to which the payer of an amount
under Section 6 is entitled or subject (whether arising under this Agreement,
another contract, applicable law or otherwise) that is exercised by, or imposed
on, such payer.

"Settlement Amount" means, with respect to a party and any Early Termination
Date, the sum of: --

(a) the Termination Currency Equivalent of the Market Quotations (whether
positive or negative) for each Terminated Transaction or group of Terminated
Transactions for which a Market Quotation is determined; and

(b) such party's Loss (whether positive or negative and without reference to any
Unpaid Amounts) for each Terminated Transaction or group of Terminated
Transactions for which a Market Quotation cannot be determined or would not (in
the reasonable belief of the party making the determination) produce a
commercially reasonable result.

"Specified Entity" has the meanings specified in the Schedule.

"Specified Indebtedness" means, subject to the Schedule, any obligation (whether
present or future, contingent or otherwise, as principal or surety or otherwise)
in respect of borrowed money.

"Specified Transaction" means, subject to the Schedule, (a) any transaction
(including an agreement with respect thereto) now existing or hereafter entered
into between one party to this Agreement (or any Credit Support Provider of such
party or any applicable Specified Entity of such party) and the other party to
this Agreement (or any Credit Support Provider of such other party or any
applicable Specified Entity of such other party) which is a rate swap
transaction, basis swap, forward rate transaction, commodity swap, commodity
option, equity or equity index swap, equity or equity index option, bond option,
interest rate option, foreign exchange transaction, cap transaction, floor
transaction, collar transaction, currency swap transaction, cross-currency rate
swap transaction, currency option or any other similar transaction (including
any option with respect to any of these transactions), (b) any combination of
these transactions and (c) any other transaction identified as a Specified
Transaction in this Agreement or the relevant confirmation.

"Stamp Tax" means any stamp, registration, documentation or similar tax.

"Tax" means any present or future tax, levy, impost, duty, charge, assessment or
fee of any nature (including interest, penalties and additions thereto) that is
imposed by any government or other taxing authority in respect of any payment
under this Agreement other than a stamp, registration, documentation or similar
tax.

"Tax Event" has the meaning specified in Section 5(b).

"Tax Event Upon Merger" has the meaning specified in Section 5(b).

"Terminated Transactions" means with respect to any Early Termination Date (a)
if resulting from a Termination Event, all Affected Transactions and (b) if
resulting from an Event of Default, all Transactions (in either ease) in effect
immediately before the effectiveness of the notice designating that Early
Termination Date (or, if "Automatic Early Termination" applies, immediately
before that Early Termination Date).

"Termination Currency" has the meaning specified in the Schedule.

"Termination Currency Equivalent" means, in respect of any amount denominated in
the Termination Currency, such Termination Currency amount and, in respect of
any amount denominated in a currency other than the Termination Currency (the
"Other Currency"), the amount in the Termination Currency determined by the
party making the relevant determination as being required to purchase such
amount of such Other Currency as at the relevant Early Termination Date, or, if
the relevant Market Quotation or Loss (as the case may be), is determined as of
a later date, that later date, with the Termination Currency at the rate equal
to the spot exchange rate of the foreign exchange agent (selected as provided
below) for the purchase of such Other Currency with the Termination Currency at
or about 11:00 a.m. (in the city in which such foreign exchange agent is
located) on such date as would be customary for the determination of such a rate
for the purchase of such Other Currency for value on the relevant Early
Termination Date or that later date. The foreign exchange agent will, if only
one party is obliged to make a determination under Section 6(e), be selected in
good faith by that party and otherwise will be agreed by the parties.

"Termination Event" means an Illegality, a Tax Event or a Tax Event Upon Merger
or, if specified to be applicable, a Credit Event Upon Merger or an Additional
Termination Event.

"Termination Rate" means a rate per annum equal to the arithmetic mean of the
cost (without proof or evidence of any actual cost) to each party (as certified
by such party) if it were to fund or of funding such amounts.

"Unpaid Amounts" owing to any party means, with respect to an Early Termination
Date, the aggregate of (a) in respect of all Terminated Transactions, the
amounts that became payable (or that would have become payable but for Section
2(a)(iii)) to such party under Section 2(a)(i) on or prior to such Early
Termination Date and which remain unpaid as at such Early Termination Date and
(b) in respect of each Terminated Transaction, for each obligation under Section
2(a)(i) which was (or would have been but for Section 2(a)(iii)) required to be
settled by delivery to such party on or prior to such Early Termination Date and
which has not been so settled as at such Early Termination Date, an amount equal
to the fair market value of that which was (or would have been) required to be
delivered as of the originally scheduled date for delivery, in each ease
together with (to the extent permitted under applicable law) interest, in the
currency of such amounts, from (and including) the date such amounts or
obligations were or would have been required to have been paid or performed to
(but excluding) such Early Termination Date, at the Applicable Rate. Such
amounts of interest will be calculated on the basis of daily compounding and the
actual number of days elapsed. The fair market value of any obligation referred
to in clause (b) above shall be reasonably determined by the party obliged to
make the determination under Section 6(e) or, if each party is so obliged, it
shall be the average of the Termination Currency Equivalents of the fair market
values reasonably determined by both parties.

IN WITNESS WHEREOF the parties have executed this document on the respective
dates specified below with effect from the date specified on the first page of
this document.

                                           J.P. MORGAN CHASE COMMERCIAL MORTGAGE
      JPMORGAN CHASE BANK, N.A.                 SECURITIES TRUST 2006-LDP7
----------------------------------       ---------------------------------------
          (Name of Party)                             (Name of Party)

                                         By: Wells Fargo Bank, N.A., not in its
                                             individual capacity, but solely as
                                             Trustee

By:   /s/ Andrew B. Taylor                By:  /s/ Deborah Daniels
   -------------------------------          ------------------------------------
   Name:  Andrew B. Taylor                  Name:  Deborah Daniels
   Title: Vice President                    Title: Vice President
   Date:  June 29, 2006                     Date:  June 29, 2006EXHIBIT 10.7

(Multicurrency--Cross Border)

                                     ISDA(R)
                  International Swap Dealers Association, Inc.

                                    SCHEDULE
                                     to the
                                Master Agreement
                            dated as of June 29, 2006

between JPMORGAN CHASE BANK, N.A.  and   J.P. MORGAN CHASE COMMERCIAL MORTGAGE
                                         SECURITIES TRUST 2006-LDP7

           ("Party A")                         ("Party B")

                         PART 1: Termination Provisions

(a)   (i) "Trust Agreement" means the Pooling and Servicing Agreement dated as
      of June 1, 2006, among J.P. Morgan Chase Commercial Mortgage Securities
      Corp., as depositor, Wachovia Bank, National Association, as master
      servicer No. 1, Capmark Finance Inc., as master servicer No. 2, LNR
      Partners, Inc., as special servicer, Wells Fargo Bank, N.A., as trustee
      and LaSalle Bank National Association, as paying agent, as amended,
      modified, supplemented, restated or replaced from time to time.

      (ii) "Class A-3FL Certificates" means the Commercial Mortgage Pass-Through
      Certificates, Series 2006-LDP7, Class A-3FL, issued by Party B under the
      Trust Agreement.

(b)   "Specified Entity" means, in relation to Party A for the purpose of:-

      Section 5(a)(v) (Default under Specified Transaction),           none;

      Section 5(a)(vi) (Cross Default),                                none;

      Section 5(a)(vii) (Bankruptcy),                                  none; and

      Section 5(b)(iv) (Credit Event Upon Merger),                     none;

            in relation to Party B for the purpose of:

      Section 5(a)(v) (Default under Specified Transaction)            none;

      Section 5(a)(vi) (Cross Default),                                none;

      Section 5(a)(vii) (Bankruptcy),                                  none; and

      Section 5(b)(iv) (Credit Event Upon Merger),                     none.

(c)   "Specified Transaction" will have the meaning specified in Section 14.

(d)   The "Breach of Agreement" provisions of Section 5(a)(ii), the
      "Misrepresentation" provisions of Section 5(a)(iv), and the "Default under
      Specified Transactions" provisions of Section 5(a)(v) will not apply to
      Party B. The "Cross Default" provisions of Section 5(a)(vi) will not apply
      to Party A or Party B.

(e)   The "Credit Event Upon Merger" provisions of Section 5(b)(iv)

            will not apply to Party A

            will not apply to Party B.

(f) The "Automatic Early Termination" provision of Section 6(a)

            will not apply to Party A

            will not apply to Party B.

(g)   Payments on Early Termination. For the purpose of Section 6(e):

      (i) Market Quotation will apply.

      (ii) The Second Method will apply.

      (iii) Both Party A and Party B agree that any amounts payable by Party B
      to Party A under Section 6(e), if any, in connection with any Event of
      Default or Termination Event will be payable only from collections on the
      Trust Estate (as defined below), and only from funds, if any, remaining in
      the Floating Rate Account (as defined in the Trust Agreement) after all
      other amounts have been paid under the Class A-3FL Certificates (including
      all principal amounts outstanding) under the Trust Agreement.

(h)   "Termination Currency" means United States Dollars.

(i)   Additional Termination Events. It shall be an Additional Termination
      Event:

      (i) if Party B fails to comply with Part 1(j) of this Schedule, in which
      event Party B shall be the sole Affected Party and all Transactions shall
      be Affected Transactions; or

      (ii) if Party A fails to satisfy any of the requirements of Part 5(m),
      within the applicable time periods set forth therein, in which event Party
      A shall be the sole Affected Party and all Transactions shall be Affected
      Transactions.

(j)   Amendments. Party B shall deliver to Party A a copy of any proposed
      amendment to the Trust Agreement, and any amendment to the Trust Agreement
      that could reasonably materially and adversely affect Party A shall be
      subject to Party A's prior consent.

(k)   Downgrade of Party A. If a Ratings Event (as defined below) shall occur
      and be continuing with respect to Party A, then Party A shall, within 5
      Local Business Days of such Ratings Event, (A) give notice to Party B of
      the occurrence of such Ratings Event, and (B) at Party A's option and sole
      expense, (x) transfer Party A's rights and obligations under this
      Agreement and all Confirmations related hereto to another party (such
      party whose long term debt is being rated at least "A1" (and not on watch
      for possible downgrade) by Moody's (as defined below) or rated at least
      "A+" by Fitch and S&P (as defined below)), subject to Rating Agency
      confirmation, and at the cost of Party A, or (y) post Eligible Collateral
      on a mark-to-market basis to secure Party B's exposure, if any, to Party
      A, and such Eligible Collateral shall be provided in accordance with an
      ISDA Credit Support Annex to be entered into between Party A and Party B
      in the form attached hereto as Exhibit A, which will be attached hereto
      and made a part hereof within 10 Local Business Days of Party A's election
      to post Eligible Collateral. The Eligible Collateral to be posted and the
      Credit Support Annex to be executed and delivered shall be subject to
      Rating Agency confirmation. Party A's obligations to find an eligible
      transferee or to post Eligible Collateral under such Credit Support Annex
      shall remain in effect only for so long as a Ratings Event is continuing
      with respect to Party A. For the purpose of this Part 1(k), a "Ratings
      Event" shall occur with respect to Party A if the long-term senior
      unsecured deposit ratings of Party A cease to be at least "A3" by Moody's
      Investors Service, Inc., or any successor thereto ("Moody's"), at least
      "A-" by Fitch, Inc., or any successor thereto ("Fitch") or at least "A-"
      by Standard & Poor's Ratings Services, a division of The McGraw-Hill
      Companies, Inc., or any successor thereto ("S&P"), to the extent such
      obligations are rated by Moody's, Fitch or S&P.

      The failure by Party A to either post Eligible Collateral or transfer its
      rights and obligations to an eligible transferee in accordance herewith
      shall constitute an Additional Termination Event for which Party A shall
      be the sole Affected Party.

(l)   Failure to Pay or Deliver. Section 5(a)(i) is hereby deleted in its
      entirety and replaced with the following:

            "Failure to Pay or Deliver. Failure by the party to make, when due,
            any payment under this Agreement or delivery under Section 2(a)(i)
            or 2(e) required to be made by it."

                          PART 2: Tax Representations

(a)   Payer Tax Representations. For the purpose of Section 3(e) of this
      Agreement, Party A and Party B will make the following representation:-

      It is not required by any applicable law, as modified by the practice of
      any relevant governmental revenue authority of any Relevant Jurisdiction
      to make any deduction or withholding for or on account of any Tax from any
      payment (other than interest under Section 2(e), 6(d)(ii) or 6(e) of this
      Agreement) to be made by it to the other party under this Agreement. In
      making this representation, it may rely on (x) the accuracy of any
      representations made by the other party pursuant to Section 3(f) of this
      Agreement, (y) the satisfaction of the agreement contained in Section
      4(a)(i) or 4(a)(iii) of this Agreement and the accuracy and effectiveness
      of any document provided by the other party pursuant to Section 4(a)(i) or
      4(a)(iii) of this Agreement and (z) the satisfaction of the agreement of
      the other party contained in Section 4(d) of this Agreement, provided that
      it shall not be a breach of this representation where reliance is placed
      on clause (y) and the other party does not deliver a form or document
      under Section 4(a)(iii) by reason of material prejudice to its legal or
      commercial position.

(b)   Payee Tax Representations. For the purpose of Section 3(f) of this
      Agreement, Party A and Party B will make the following representations
      specified below, if any:- none

                     PART 3: Agreement to Deliver Documents

For the purpose of Section 4(a)(i) and (ii) of this Agreement, each party agrees
to deliver the following documents:

(a)   Tax forms, documents or certificates to be delivered are:

 Party required to deliver                                Date by which to be
         document           Form/Document/Certificate          delivered
--------------------------------------------------------------------------------
Party A and Party B         Any form, document or         Upon request
                            certificate as may be
                            requested pursuant to
                            Section 4(a)(iii) of
                            this Agreement.

(b)   Other documents to be delivered are:-

                                                                   Covered by
Party required to                                 Date by which   Section 3(d)
 deliver document    Form/Document/Certificate   to be delivered Representation
--------------------------------------------------------------------------------
Party B            Statements to                  As soon as       Yes
                   Certificateholders of Party B  available.

Party B            Certified copies of all        Upon execution   Yes
                   corporate authorizations and   and delivery
                   any other documents with       of this
                   respect to the execution,      Agreement
                   delivery and performance of
                   this Agreement and the Trust
                   Agreement

Party A and        Certificate of authority and   Upon execution   Yes
Party B            specimen signatures of         and delivery
                   individuals executing this     of this
                   Agreement, and any             Agreement and
                   Confirmations                  thereafter
                                                  upon request
                                                  of the other
                                                  party

                             PART 4: Miscellaneous

(a)   Address for Notices. For the purpose of Section 12(a) of this Agreement:-

      Address for notice or communications to Party A:

      JPMorgan Chase Bank, N.A.
      270 Park Avenue
      6th Floor
      New York, New York  10017
      Attention: Andrew Taylor
      Telephone No.: 212-834-3813
      Facsimile No.: 212-834-6598

      with a copy to:

      JPMorgan Chase Bank, N.A.
      270 Park Avenue
      10th Floor
      New York, New York  10017
      Attention: Mark Levine
      Telephone No.: 212-834-9346
      Facsimile No.: 212-834-6593

      Address for notice or communications to Party B:

      J.P. Morgan Chase Commercial Mortgage Securities Trust 2006-LDP7 c/o Wells
      Fargo Bank, N.A. 9062 Old Annapolis Road
      Columbia, Maryland 21045-1951
      Attention: Corporate Trust Services (CMBS), J.P. Morgan Chase Commercial
      Mortgage Securities Corp., Series 2006-LDP7
      Telecopy No.: 410-715-2380

      With a copy to:

      J.P. Morgan Chase Commercial Mortgage Securities Corp.
      270 Park Avenue
      New York, New York  10017
      Attention: Charles Lee
      Telephone No.: 212-834-9328
      Facsimile No.: 212-834-6593

(b)   Process Agent. For the purpose of Section 13(c):

      Party A appoints as its Process Agent: Not applicable.

      Party B appoints as its Process Agent: Not applicable.

(c)   Offices. The provisions of Section 10(a) will apply to this Agreement.

(d)   Multibranch Party. For the purpose of Section 10 of this Agreement:-

      Party A is not a Multibranch Party.

      Party B is not a Multibranch Party.

(e)   Calculation Agent. The Calculation Agent is Party B.

(f)   Credit Support Document. Details of any Credit Support Document:-

      Party B agrees that only the amounts with respect to the Class A-3FL
      Certificates on deposit in the Floating Rate Account (as such terms are
      defined in the Trust Agreement) held by the Paying Agent under the Trust
      Agreement (such amounts, the "Trust Estate") shall constitute security for
      the obligations of Party B to Party A under this Agreement.

      Party A agrees that any ISDA Credit Support Annex entered into between
      Party A and Party B pursuant to Part 1(k) hereof shall be a Credit Support
      Document for purposes of this Agreement.

(g)   Credit Support Provider.

      Credit Support Provider means in relation to Party A: Not applicable.

      Credit Support Provider means in relation to Party B: Not applicable

(h)   Governing Law. This Agreement will be governed by and construed in
      accordance with the laws of the State of New York (without reference to
      its conflict of laws doctrine, other than Section 5-1401 of the General
      Obligations Law).

(i)   Netting of Payments. All amounts payable on the same date, in the same
      currency and in respect of the same Transaction shall be netted in
      accordance with Section 2(c) of this Agreement. The election contained in
      the last paragraph of Section 2(c) of this Agreement shall not apply for
      the purposes of this Agreement.

(j)   "Affiliate" will have the meaning specified in Section 14 of this
      Agreement.

                            PART 5: Other Provisions

(a)   RESERVED.

(b)   Delivery of Confirmations. For each Transaction entered into hereunder,
      Party A shall promptly send to Party B a Confirmation via facsimile
      transmission. Party B agrees to respond to such Confirmation within three
      (3) Local Business Days, either confirming agreement thereto or requesting
      a correction of any error(s) contained therein. Failure by Party A to send
      a Confirmation or of Party B to respond within such period shall not
      affect the validity or enforceability of such Transaction. Absent manifest
      error, there shall be a presumption that the terms contained in such
      Confirmation are the terms of the Transaction.

(c)   Recording of Conversations. Each party to this Agreement acknowledges and
      agrees to the tape recording of conversations between trading and
      marketing personnel of the parties to this Agreement whether by one or
      other or both of the parties or their agents, and that any such tape
      recordings may be submitted in evidence in any Proceedings relating to the
      Agreement.

(d)   Furnishing Specified Information. Section 4(a)(iii) is hereby amended by
      inserting "promptly upon the earlier of (i)" in lieu of the word "upon" at
      the beginning thereof and inserting "or (ii) such party learning that the
      form or document is required" before the word "any" on the first line
      thereof.

(e)   Notice by Facsimile Transmission. Section 12(a) is hereby amended by
      inserting the words "2(b)," between the word "Section" and the number "5"
      and inserting the words "or 13(c)" between the number "6" and the word
      "may" in the second line thereof.

(f)   Section 3(a) of this Agreement is amended by (i) deleting the word "and"
      at the end of clause (iv); (ii) deleting the period at the end of clause
      (v) and inserting therein "; and "; and (iii) by inserting the following
      additional representation:

      "(vi) Eligible Contract Participant. Each party represents to the other
            party (which representation will be deemed to be repeated by each
            party on each date on which a Transaction is entered into) that it
            is an "eligible contract participant" as defined in Section 1a(12)
            of the U.S. Commodity Exchange Act, 7 U.S.C. Section 1a(12)."

(g)   Section 3 is revised so as to add the following Section (g) at the end
      thereof:

      "(g)  Relationship Between Parties. Each party represents to the other
            party and will be deemed to represent to the other party on the date
            on which it enters into a Transaction that (absent a written
            agreement between the parties that expressly imposes affirmative
            obligations to the contrary for that Transaction):-

            (i)   Non-Reliance. It is acting for its own account, and it has
                  made its own independent decisions to enter into that
                  Transaction and as to whether that Transaction is appropriate
                  or proper for it based upon its own judgment and upon advice
                  from such advisors as it has deemed necessary. It is not
                  relying on any communication (written or oral) of the other
                  party as investment advice or as a recommendation to enter
                  into that Transaction; it being understood that information
                  and explanations related to the terms and conditions of a
                  Transaction shall not be considered investment advice or a
                  recommendation to enter into that Transaction. Further, such
                  party has not received from the other party any assurance or
                  guarantee as to the expected results of that Transaction.

            (ii)  Evaluation and Understanding. It is capable of evaluating and
                  understanding (on its own behalf or through independent
                  professional advice), and understands and accepts, the terms,
                  conditions and risks of that Transaction. It is also capable
                  of assuming, and assumes, the financial and other risks of
                  that Transaction.

            (iii) Status of Parties. The other party is not acting as an agent,
                  fiduciary or advisor for it in respect of that Transaction."

(h)   Waiver of Right to Trial by Jury. EACH PARTY HEREBY IRREVOCABLY WAIVES ANY
      AND ALL RIGHTS TO TRIAL BY JURY WITH RESPECT TO ANY LEGAL PROCEEDING
      ARISING OUT OF OR RELATING TO THIS AGREEMENT OR ANY TRANSACTION
      CONTEMPLATED HEREBY.

(i)   Non Petition. Party A hereby agrees that it will not, prior to the date
      which is one year and one day after all the Class A-3FL Certificates
      issued by Party B pursuant to the Trust Agreement have been paid in full,
      acquiesce, petition or otherwise invoke or cause Party B to invoke the
      process of any court or governmental authority for the purpose of
      commencing or sustaining a case against Party B under any federal or state
      bankruptcy, insolvency or similar law or for the purpose of appointing a
      receiver, liquidator, assignee, trustee, custodian, sequestrator or other
      similar official for Party B or any substantial part of the property of
      Party B, or for the purpose of ordering the winding up or liquidation of
      the affairs of Party B. Nothing herein shall prevent Party A from
      participating in any such proceeding once commenced.

(j)   Limited Recourse. The obligations of Party B under this Agreement are
      limited recourse obligations of Party B, payable solely from amounts
      remaining in the Trust Estate after payment in full of all amounts due to
      the Class A-3FL Certificates, subject to and in accordance with the terms
      of the Trust Agreement. No recourse shall be had for the payment of any
      amount owing in respect of this Agreement against the trustee or paying
      agent, or any officer, member, director, employee, security holder or
      incorporator thereof (each, an "Affiliated Person") of Party B or its
      successors or assigns for any amounts payable under this Agreement. Upon
      application of the Trust Estate in accordance with the Trust Agreement,
      Party A shall not be entitled to take any further steps against Party B to
      recover any sums due but still unpaid hereunder or thereunder, and all
      claims by Party A against Party B hereunder and/or under the Trust
      Agreement shall be extinguished.

(k)   Limitation of Liability. It is expressly understood and agreed by the
      parties hereto that (a) this Agreement is executed and delivered by Wells
      Fargo Bank, N.A. ("Wells Fargo"), not individually or personally but
      solely as the trustee, in the exercise of the powers and authority
      conferred and vested in it, (b) the representations, undertaking and
      agreements herein made on the part of the Trust are made and intended not
      as personal representations, undertakings and agreements by Wells Fargo
      but are made and intended for the purpose of binding only the Trust, (c)
      nothing herein contained shall be construed as creating any liability on
      Wells Fargo, individually or personally (other than to act with the
      standard of care provided under the Trust Agreement), to perform any
      covenant either expressed or implied contained herein, all such liability,
      if any, being expressly waived by the parties who are signatories to this
      Agreement and by any person claiming by, through or under such parties and
      (d) under no circumstances shall Wells Fargo be personally liable for the
      payment of any indebtedness or expenses of the Trust or be liable for the
      breach or failure of any obligation, representation, warranty or covenant
      made or undertaken by the Trust under this Agreement.

(l)   Transfer. Section 7 of the Agreement is supplemented by the additional
      requirement that any transfer or assignment by Party A of its obligations
      under this Agreement (including any Confirmation), and any amendments to
      this Agreement (including any Confirmation), shall be subject to Rating
      Agency confirmation.

(m)   Compliance with Regulation AB.

      (i) If at any time after the date hereof for so long as Party B is
      required to file periodic reports under the Securities Exchange Act of
      1934, as amended (the "Exchange Act") with respect to the Certificates, in
      the reasonable determination made in good faith of the Sponsors (as
      defined in the Prospectus), the aggregate "significance percentage" (as
      defined in Regulation AB ("Regulation AB") under the Securities Act of
      1933, as amended, and the Exchange Act) of all derivative instruments
      (contemplated by Item 1115 of Regulation AB) provided by Party A and any
      of its affiliates to Party B is at least 10% but less than 20%, Party A
      shall, subject to subparagraph (iii) below, within five (5) Business Days
      following request therefor by Party B provide the financial information
      required under Item 1115(b)(1) of Regulation AB for Party A (and for the
      group of affiliated entities, if applicable) (the "Item 1115(b)(1)
      Information"). Any such Item 1115(b)(1) Information shall be in a form
      suitable for conversion to the format required for filing by the Depositor
      with the Securities and Exchange Commission via the Electronic Data
      Gathering and Retrieval System (EDGAR).

      (ii) If at any time after the date hereof for so long as Party B is
      required to file periodic reports under the Exchange Act with respect to
      the Certificates, in the reasonable determination made in good faith of
      the Sponsors, the aggregate "significance percentage" of all derivative
      instruments (contemplated by Item 1115 of Regulation AB) provided by Party
      A and any of its affiliates to Party B is at least 20%, Party A shall,
      subject to subparagraph (iii) below, within five (5) Business Days
      following request therefor by Party B provide the financial information
      required under Item 1115(b)(2) of Regulation AB for Party A (and for the
      group of affiliated entities, if applicable) (the "Item 1115(b)(2)
      Information", and together with the Item 1115(b)(1) Information, the
      "Additional Information"). Any such Item 1115(b)(2) Information shall be
      in a form suitable for conversion to the format required for filing by the
      Depositor with the Securities and Exchange Commission via the Electronic
      Data Gathering and Retrieval System (EDGAR). In addition, any such Item
      1115(b)(2) Information shall be accompanied by any necessary auditor's
      consents.

      (iii) If Party A is unable to provide any such Additional Information if,
      as and when required, Party A shall, at its option, within ten (10)
      Business Days following request therefor, (1) promptly post collateral
      satisfactory to the Sponsors in an amount which is reasonably determined
      in good faith to be sufficient to reduce the aggregate "significance
      percentage" to (x) in the case of subparagraph (i) above, below 10%, and
      (y) in the case of subparagraph (ii) above, provided Party A is able to
      meet the requirements of subparagraph (i) above, below 20%, in each case
      pursuant to a Credit Support Annex or similar agreement reasonably
      satisfactory to the Sponsor, or (2) at the sole expense of Party A,
      without any expense or liability to Party B, transfer or assign its
      obligations under this Agreement to a substitute counterparty reasonably
      acceptable to Party B that (x) is able to provide such Additional
      Information if, as and when required, and (y) enters into an agreement
      similar in form to this Agreement pursuant to which such substitute
      counterparty agrees to provide the Additional Information if, as and when
      required.

      (iv) Party A's obligation to provide any such Additional Information shall
      terminate beginning in any such year in which Party B's obligation to file
      periodic reports under the Exchange Act has been terminated, and shall
      continue to be terminated unless Party B notifies Party A that Party B's
      obligations to file periodic reports under the Exchange Act has resumed.

<PAGE>

Accepted and agreed:
JPMORGAN CHASE BANK, N.A.                 J.P. MORGAN CHASE COMMERCIAL MORTGAGE
                                          SECURITIES TRUST 2006-LDP7

By:   /s/ Andrew B. Taylor                By:
   ---------------------------------          Wells Fargo Bank, N.A., not in its
   Name:  Andrew B. Taylor                    individual capacity, but solely as
   Title: Vice President                      Trustee

                                         By:  /s/ Deborah Daniels
                                            ------------------------------------
                                            Name:  Deborah Daniels
                                            Title: Vice President

<PAGE>

                                    EXHIBIT A

                                 PARAGRAPH 13 TO
                              CREDIT SUPPORT ANNEX

                             to the Schedule to the
                                Master Agreement

                            dated as of June 29, 2006

                                     between

    JPMorgan Chase Bank, N.A.       and     J.P. Morgan Chase Commercial
            ("Morgan")                       Mortgage Securities Trust
                                                     2006-LDP7
                                                  ("Counterparty")

Paragraph 13. Elections and Variables

(a)   Security Interest for "Obligations". The term "Obligations" as used in
      this Annex includes no additional obligations with respect to either
      party.

(b)   Credit Support Obligations.

      (i)   Delivery Amount, Return Amount and Credit Support Amount.

            (A)   "Delivery Amount" has the meaning specified in Paragraph 3(a).

            (B)   "Return Amount" has the meaning specified in Paragraph 3(b).

            (C)   "Credit Support Amount" shall not have the meaning specified
                  in Paragraph 3(b) and, instead, will have the following
                  meaning:

            "Credit Support Amount" means, for any Valuation Date, (i) the
            Secured Party's Modified Exposure for that Valuation Date minus (ii)
            the Pledgor's Threshold; provided, however, that the Credit Support
            Amount will be deemed to be zero whenever the calculation of Credit
            Support Amount yields a number less than zero.

      (ii)  Eligible Collateral. The following items will qualify as "Eligible
            Collateral":

<TABLE>
<CAPTION>
                                                                        Morgan        "Valuation
                                                                                      Percentage"
-------------------------------------------------------------------------------------------------
<S>   <C>                                                                  <C>           <C>
(A)   USD Cash                                                             X             100%

(B)   Negotiable debt obligations issued by the U.S. Treasury              X             98.8%
      Department having a remaining maturity of one year or less
      from the Valuation Date

(C)   Negotiable debt obligations issued by the U.S. Treasury              X              92%
      Department having a remaining maturity of more than one year
      but less than ten years from the Valuation Date

(D)   Negotiable debt obligations issued by the U.S. Treasury              X              84%
      Department having a remaining maturity of ten years or more
      from the Valuation Date

(E)   Agency Securities having a remaining maturity of one year or         X             98.4%
      less from the Valuation Date

(F)   Agency Securities having a remaining maturity of more than           X              90%
      one year but less than ten years from the Valuation Date

(G)   Agency Securities having a remaining maturity of ten years           X              82%
      or more from the Valuation Date

(H)   USD denominated Commercial Paper rated A1/P1 by S&P and              X              97%
      Moody's respectively, that (a) settles within DTC, (b) is
      not issued by Morgan or any of its Affiliates and (c) has a
      remaining maturity of 30 days or less from the Valuation Date
</TABLE>

            For purposes of the foregoing:

            (1) "Agency Securities" means negotiable debt obligations which are
            fully guaranteed as to both principal and interest by the Federal
            National Mortgage Association, the Government National Mortgage
            Association or the Federal Home Loan Mortgage Corporation, but
            excluding (i) interest only and principal only securities and (ii)
            Collateralized Mortgage Obligations, Real Estate Mortgage Investment
            Conduits and similar derivative securities.

            (2) "DTC" shall mean The Depository Trust & Clearing Corporation, or
            its successor.

            (3) "Moody's" shall mean Moody's Investors Service, Inc., or its
            successor.

            (4) "S&P" shall mean Standard & Poor's Ratings Services, a division
            of The McGraw-Hill Companies, Inc., or its successor.

            (5) Eligible Collateral of the type described in Paragraph
            13(b)(ii)(H) may never constitute more than 20% of the total Value
            of Posted Collateral.

            (6) With respect to Posted Collateral consisting of Eligible
            Collateral of the type described in Paragraph 13(b)(ii)(H), the
            aggregate Value of such Posted Collateral issued by the same issuer
            may never be greater than 33% of the aggregate Value of all Posted
            Collateral consisting of Eligible Collateral of the type described
            in Paragraph 13(b)(ii)(H).

            (7) "Fitch" shall mean Fitch Ratings, Inc., or its successor.

      (iii) Other Eligible Support. There shall be no "Other Eligible Support"
            for purposes of this Annex, unless agreed in writing between the
            parties.

      (iv)  Thresholds.

            (D)   "Independent Amount" means zero.

            (E)   "Threshold" shall not apply with respect to the Counterparty
                  and, with respect to Morgan, shall mean the amounts determined
                  on the basis of the lower of the Credit Ratings set forth in
                  the following table, provided, however, that if (i) Morgan has
                  no Credit Rating, or (ii) an Event of Default has occurred and
                  is continuing with respect to Morgan, Morgan's Threshold shall
                  be U.S.$0:

                   CREDIT RATING               THRESHOLD
                (S&P /Moody's/Fitch)            Morgan
           --------------------------------------------------------
           S&P: A- or above                     Infinity

           Moody's: A3 or above

           Fitch: A- or above
           --------------------------------------------------------
           S&P: Below A-                          US$0

           Moody's: Below A3

           Fitch: Below A-
           --------------------------------------------------------

            As used herein:

            "Credit Rating" means, with respect to (a) S&P, the rating assigned
            by S&P to the short-term and long-term senior unsecured deposits of
            Morgan, (b) Moody's, the rating assigned by Moody's to the
            short-term and long-term senior unsecured deposits of Morgan, or (c)
            Fitch, the rating assigned by Fitch to the short-term and long-term
            senior unsecured deposits of Morgan, as applicable.

            (F)   "Minimum Transfer Amount", with respect to a party on any
                  Valuation Date, means U.S. $250,000.

            (G)   Rounding. The Delivery Amount and the Return Amount will be
                  rounded up and down to the nearest integral multiple of
                  $100,000, respectively.

(c)   Valuation and Timing.

      (i) "Valuation Agent" means Morgan.

      (ii) "Valuation Date" means weekly on the last Local Business Day of each
      week or more frequently if agreed in writing by the parties.

      (iii) "Valuation Time" means the close of business in the city of the
      Valuation Agent on the Valuation Date or date of calculation, as
      applicable.

      (iv) "Notification Time" means 12:00 p.m., New York time, on a Local
      Business Day.

(d)   Conditions Precedent. With respect to Morgan, any Additional Termination
      Event (if Morgan is the Affected Party with respect to such Termination
      Event) will be a "Specified Condition".

(e)   Substitution.

      (i) "Substitution Date" has the meaning specified in Paragraph 4(d)(ii).

      (ii) Consent. Inapplicable.

(f)   Dispute Resolution.

      (i) "Resolution Time" means 1:00 p.m., New York time, on the Local
      Business Day following the date on which the notice is given that gives
      rise to a dispute under Paragraph 5.

      (ii) Value. For the purposes of Paragraphs 5(i)(C) and 5(ii), the Value of
      Posted Credit Support other than Cash will be calculated as follows:

            (A)   with respect to any Eligible Collateral except Cash, the sum
                  of (I) (x) the mean of the high bid and low asked prices
                  quoted on such date by any principal market maker for such
                  Eligible Collateral chosen by the Disputing Party, or (y) if
                  no quotations are available from a principal market maker for
                  such date, the mean of such high bid and low asked prices as
                  of the first day prior to such date on which such quotations
                  were available, plus (II) the accrued interest on such
                  Eligible Collateral (except to the extent Transferred to a
                  party pursuant to any applicable provision of this Agreement
                  or included in the applicable price referred to in (I) of this
                  clause (A)) as of such date; multiplied by the applicable
                  Valuation Percentage.

      (iii) Alternative. The provisions of Paragraph 5 will apply.

(g)   Holding and Using Posted Collateral.

      (i) Eligibility to Hold Posted Collateral; Custodians. Counterparty and
      its Custodian will be entitled to hold Posted Collateral pursuant to
      Paragraph 6(b); provided that the following conditions applicable to it
      are satisfied:

            (1)   Counterparty is not a Defaulting Party and

            (2)   Posted Collateral may be held only in the following
                  jurisdictions: New York State.

            Initially, the Custodian for Counterparty is: None

      (ii) Use of Posted Collateral. The provisions of Paragraph 6(c)(i) will
      not apply to Counterparty but the provisions of Paragraph 6(c)(ii) will
      apply to the Counterparty.

(h)   Distributions and Interest Amount.

      (i) Interest Rate. "Interest Rate" for any day means, the Federal Funds
      Overnight Rate. For the purposes hereof, "Federal Funds Overnight Rate"
      means, for any day, an interest rate per annum equal to the rate published
      as the Federal Funds Effective Rate that appears on Telerate Page 118 for
      such day.

      (ii) Transfer of Interest Amount. The Transfer of the Interest Amount will
      be made monthly on the second Local Business Day of each calendar month.

      (iii) Alternative to Interest Amount. The provisions of Paragraph 6(d)(ii)
      will apply.

(i)   Additional Representation(s). Not Applicable.

(j)   Other Eligible Support and Other Posted Support.

      (i) "Value" with respect to Other Eligible Support and Other Posted
      Support means: Not Applicable.

      (ii) "Transfer" with respect to Other Eligible Support and Other Posted
      Support means: Not Applicable

(k)   Demands and Notices.

All demands, specifications and notices under this Annex will be made pursuant
to the Notices Section of this Agreement, unless otherwise specified here:

Counterparty:

Morgan:                               JPMorgan Chase Bank, National Association
                                      Collateral Middle Office Americas 3/OPS2
                                      500 Stanton Christiana Road
                                      Newark, Delaware  19713
                                      Telephone No.:  (302) 634-3191
                                      Facsimile No.:  (302) 634-3270
                                      Email: collateral_services@jpmorgan.com
(l)   Other Provisions:

      (i) Modification to Paragraph 1: The following subparagraph (b) is
      substituted for subparagraph (b) of this Annex:

      (b) Secured Party and Pledgor. All references in this Annex to the
      "Secured Party" will be to Counterparty and all corresponding references
      to the "Pledgor" will be to Morgan.

      (ii) Modification to Paragraph 2: The following Paragraph 2 is substituted
      for Paragraph 2 of this Annex:

            Paragraph 2. Security Interest. The Pledgor hereby pledges to the
            Secured Party, as security for its Obligations, and grants to the
            Secured Party a first priority continuing security interest in, lien
            on and right of Set-Off against all Posted Collateral Transferred to
            or received by the Secured Party hereunder. Upon the Transfer by the
            Secured Party to the Pledgor of Posted Collateral, the security
            interest and lien granted hereunder on that Posted Collateral will
            be released immediately and, to the extent possible, without any
            further action by either party.

      (iii) Modification to Paragraph 9: The following first clause of Paragraph
      9 is substituted for the first clause of Paragraph 9 of this Annex:

      Paragraph 9. Representations. The Pledgor represents to the Secured Party
      (which representations will be deemed to be repeated as of each date on
      which it Transfers Eligible Collateral) that:

      (iv) Modifications to Paragraph 12: The following definitions of "Pledgor"
      and "Secured Party" are substituted for the definitions of those terms
      contained in Paragraph 12 of this Annex:

      "Pledgor" means Morgan, when that party (i) receives a demand for or is
      required to Transfer Eligible Credit Support under Paragraph 3(a) or (ii)
      has Transferred Eligible Credit Support under Paragraph 3(a).

      "Secured Party" means Counterparty, when that party (i) makes a demand for
      or is entitled to receive Eligible Credit Support under Paragraph 3(a) or
      (ii) holds or is deemed to hold Posted Credit Support.

      (v) Addition to Paragraph 12: The following definitions of "Modified
      Exposure" shall be added immediately after the definition of the term
      "Minimum Transfer Amount" and immediately prior to the definition of the
      term "Notification Time" in Paragraph 12 of this Annex:

      "Modified Exposure" means, for any Valuation Date, an amount equal to the
      sum of (i) the greater of USD 0 and the Secured Party's Exposure for that
      Valuation Date and (ii) the sum of the Volatility Buffers determined by
      the Valuation Agent with respect to each Transaction subject to the
      Agreement. As used herein:

      "Volatility Buffer" means, with respect to a Transaction, an amount equal
      to the product of (a) the Factor applicable to the Transaction and (b) the
      Notional Amount of the Transaction.

      "Factor" means, with respect to a Transaction, a percentage dependent on
      Morgan's Counterparty Rating by S&P or Moody's, as applicable, and the
      original maturity of the Transaction and determined by the Valuation Agent
      by reference to the following table:

                  Counterparty       Maturities up  Maturities up   Maturities
                  Rating             to 5 years (%) to 10 years     up to 30
                  (S&P/Moody's)                     (%)             years (%)
                 --------------------------------------------------------------
                  A-2/P-2            3.25           4.00            4.75
                  A-3/P-3            4.00           5.00            6.25
                  BB+ or lower/Ba1   4.50           6.75            7.50
                  or lower

      Modification to Paragraph 12: Clause "(B)" of the definition of "Value"
      will be substituted to read in its entirety as follows:

      "(B) a security, the bid price obtained by the Valuation Agent from one of
      the Pricing Sources multiplied by the applicable Valuation Percentage, if
      any;"

      (vi) Addition to Paragraph 12: The following definition of "Pricing
      Sources" shall be added immediately after the definition of the term
      "Posted Credit Support" and immediately prior to the definition of the
      term "Recalculation Date" in Paragraph 12 of this Annex:

      "Pricing Sources" means the sources of financial information commonly
      known as Bloomberg, Bridge Information Services, Data Resources Inc.,
      Interactive Data Services, International Securities Market Association,
      Merrill Lynch Securities Pricing Service, Muller Data Corporation,
      Reuters, Wood Gundy, Trepp Pricing, JJ Kenny, S&P and Telerate.

<PAGE>

Accepted and Agreed:

JPMORGAN CHASE BANK, N.A.

By:  /s/ Andrew B. Taylor
     -----------------------------------
Name:  Andrew B. Taylor
Title: Vice President

J.P. MORGAN CHASE COMMERCIAL
MORTGAGE SECURITIES TRUST 2006-LDP7

By:   Wells Fargo Bank, N.A., not in its individual
      capacity, but solely as Trustee

By:  /s/ Deborah Daniels
     -----------------------------------
Name:  Deborah Daniels
Title: Vice President

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