Document:

Exhibit 10.9

       Exhibit
      10.9  

    

      FREEPORT-McMoRan
        COPPER & GOLD INC.

      

      PERFORMANCE-BASED

      RESTRICTED
        STOCK UNIT AGREEMENT

      UNDER
        THE 2006 STOCK INCENTIVE PLAN

      

      

      AGREEMENT
        dated as of ____________, 20__ (the “Grant Date”), between Freeport-McMoRan
        Copper & Gold Inc., a Delaware corporation (the “Company”), and
        _______________ (the “Participant”). 

       

      1.  (a)Pursuant
        to the Freeport-McMoRan Copper & Gold Inc. 2006 Stock Incentive Plan (the
“Plan”), the Participant is hereby granted effective the Grant Date _________
        restricted stock units (“Restricted Stock Units” or “RSUs”) on the terms and
        conditions set forth in this Agreement and in the Plan.

       

      (b)  Defined
        terms not otherwise defined herein shall have the meanings set forth in Section
        2 of the Plan.

       

      (c)  Subject
        to the terms, conditions, and restrictions set forth in the Plan and herein,
        each RSU granted hereunder represents the right to receive from the Company,
        on
        the respective scheduled vesting date for such RSU set forth in Section 2(a)
        of
        this Agreement or on such earlier date as provided in Section 2(b) of this
        Agreement or Section 6(b) of this Agreement (the “Vesting Date”), one share (a
“Share”) of Class B Common Stock of the Company (“Common Stock”), free of any
        restrictions, all amounts notionally credited to the Participant’s Dividend
        Equivalent Account (as defined in Section 4 of this Agreement) with respect
        to
        such RSU, and all securities and property comprising all Property Distributions
        (as defined in Section 4 of this Agreement) deposited in such Dividend
        Equivalent Account with respect to such RSU.

       

      (d)  Provided
        the condition of Section 7 of this Agreement, if applicable, has been met,
        as
        soon as practicable after the Vesting Date (but no later than 2 1⁄2 months from
        such date) for any RSUs granted hereunder, the Participant shall receive
        from
        the Company the number of Shares to which the vested RSUs relate, free of
        any
        restrictions, a cash payment for all amounts notionally credited to the
        Participant’s Dividend Equivalent Account with respect to such vested RSUs
        (unless the receipt of such Shares and amounts has been deferred by the
        Participant pursuant to the provisions of Section 5(a) of this Agreement),
        and
        all securities and property comprising all Property Distributions deposited
        in
        such Dividend Equivalent Account with respect to such vested RSUs.

       

      2.  (a)The
        RSUs
        granted hereunder are granted to the Participant in accordance with the
        Participant’s election (the “Election”) to receive RSUs in lieu of certain cash
        bonus payments awarded under the Company’s 2005 Annual Incentive Plan, which
        Election was made within the time period required by Section 409A of the
        Code.
        Provided the condition of Section 7 of this Agreement has been met, the RSUs
        granted hereunder shall vest in installments as follows:

       

      Scheduled
        Vesting Date  Number
        of RSUs

      

      

      

      

      (b)  Notwithstanding
        Section 2(a) of this Agreement, at such time as there shall be a Change in
        Control of the Company, all unvested RSUs shall be accelerated and shall
        immediately vest.

       

      (c)  Until
        the
        respective Vesting Date for an RSU granted hereunder, such RSU, all amounts
        notionally credited in any Dividend Equivalent Account related to such RSU,
        and
        all securities or property comprising all Property Distributions deposited
        in
        such Dividend Equivalent Account related to such RSU shall be subject to
        forfeiture as provided in Section 6 of this Agreement.

       

      3.  Except
        as
        provided in Section 4 of this Agreement, an RSU shall not entitle the
        Participant to any incidents of ownership (including, without limitation,
        dividend and voting rights) in any Share until the RSU shall vest and the
        Participant shall be issued the Share to which such RSU relates nor in any
        securities or property comprising any Property Distribution deposited in
        a
        Dividend Equivalent Account related to such RSU until such RSU
        vests.

       

      4.  From
        and
        after the Grant Date of an RSU until the issuance of the Share payable in
        respect of such RSU, the Participant shall be credited, as of the payment
        date
        therefor, with (i) the amount of any cash dividends and (ii) the amount equal
        to
        the Fair Market Value of any Shares, Subsidiary securities, other securities,
        or
        other property distributed or distributable in respect of one share of
Common
        Stock to which the Participant would have been entitled had the Participant
        been
        a record holder of one share of Common Stock at all times from the Grant
        Date to
        such issuance date (a “Property Distribution”). All such credits shall be made
        notionally to a dividend equivalent account (a “Dividend Equivalent Account”)
        established for the Participant with respect to all RSUs granted hereunder
        with
        the same Vesting Date. All credits to a Dividend Equivalent Account for the
        Participant shall be notionally increased by the Account Rate (as hereinafter
        defined), compounded quarterly, from and after the applicable date of credit
        until paid in accordance with the provisions of this Agreement. The “Account
        Rate” shall be the prime commercial lending rate announced from time to time by
        JPMorgan Chase Bank, N.A. or by another major national bank headquartered
        in New
        York, New York designated by the Committee. The Committee may, in its
        discretion, deposit in the Participant’s Dividend Equivalent Account the
        securities or property comprising any Property Distribution in lieu of crediting
        such Dividend Equivalent Account with the Fair Market Value
        thereof.

       

      5.  (a)Notwithstanding
        the provisions of Section 1(d) of this Agreement, if, at the time of, and
        as
        part of, the Participant’s Election, the Participant so elects in accordance
        with procedures and subject to any limitations established by the Committee,
        all
        or a portion of the Shares issuable to the Participant upon the vesting of
        such
        RSUs and all or a portion of the amounts notionally credited in the Dividend
        Equivalent Account related to such RSUs shall not be distributed on the Vesting
        Date but shall be deferred and paid in one or more periodic installments,
        not in
        excess of ten, beginning at such time or times elected by the Participant
        at
        such time. The deferral is subject to the following limitations:

       

      (i)  If
        the
        Participant is a Key Employee, a distribution of deferred amounts triggered
        by
        the Participant’s separation from service (as that term is defined pursuant to
        Section 409A of the Code) may not occur or begin until six months after the
        date
        (the “Termination Date”) the Participant ceases to be an Eligible Individual
        (the “Termination”).

       

      (ii)  The
        deferral period with respect to any Participant shall
        end
        no later than six months after the Termination Date if the Participant’s
        Termination is for any reason other than the Participant’s Disability or
        Retirement.

       

      (iii)  The
        deferral period with respect to any Participant shall end three years after
        the
        Termination Date if the Participant’s Termination occurs by reason of the
        Participant’s Disability or Retirement. 

       

      (iv)  In
        the
        event of any Termination, a distribution of all amounts remaining unpaid
        shall
        be made in full to the Participant or his or her designated beneficiary as
        soon
        as administratively possible following the date of the end of the deferral
        period as set forth in Sections 5(a)(ii) and (iii). 

       

      (v)  All
        securities or property comprising Property Distributions deposited in such
        Dividend Equivalent Account related to such RSUs shall be distributed to
        the
        Participant as soon as practicable after the Vesting Date for such RSUs,
        irrespective of a deferral election made pursuant to this Section
        5.

       

      (vi)  The
        deferral procedures described in this Section 5 are intended to comply with
        the
        requirements of Section 409A of the Code and any related implementing
        regulations or guidance.

       

      (b)  The
        provisions of Section 4 shall continue to apply to all such vested RSUs and
        all
        such credited amounts subject to a deferral election until paid in accordance
        with the provisions of this Agreement.

       

      6.  (a)Except
        as
        set forth in Section 6(b) of this Agreement, all unvested RSUs provided for
        in
        this Agreement, all amounts credited to the Participant’s Dividend Equivalent
        Accounts with respect to such RSUs, and all securities and property comprising
        Property Distributions deposited in such Dividend Equivalent Accounts with
        respect to such RSUs shall immediately be forfeited on the Participant’s
        Termination Date.

       

      (b)  Notwithstanding
        the foregoing, and provided the condition of Section 7 of this Agreement
        has
        been met, if the Participant ceases to be an Eligible Individual by reason
        of
        the Participant’s death, Disability, or Retirement, all the unvested RSUs
        granted hereunder, all amounts credited to the Participant’s Dividend Equivalent
        Accounts with respect to such RSUs, and all securities and property comprising
        Property Distributions deposited in such Dividend Equivalent Accounts with
        respect to such RSUs shall vest as of the Participant’s Termination Date. In the
        event that the Participant ceases to be an Eligible Individual by reason
        of the
        Participant’s Termination by his employer or principal without Cause, and
        provided the condition of Section 7 of this Agreement has been met, the
        Committee, or any person to whom the Committee has delegated authority, may,
        in
        its or his sole discretion, determine that all or any portion of the unvested
        RSUs granted hereunder, all amounts credited to the Participant’s Dividend
        Equivalent Accounts with respect to such RSUs, and all securities and property
        comprising Property Distributions deposited in such Dividend Equivalent Accounts
        with respect to such RSUs shall vest as of the Participant’s Termination Date.
        In the event vesting is accelerated pursuant to this Section 6(b) and the
        Participant is a Key Employee, a distribution of Shares issuable to the
        Participant, all amounts notionally credited to the Participant’s Dividend
        Equivalent Account, and all securities and property comprising all Property
        Distributions deposited in such Dividend Equivalent Account due the Participant
        upon the vesting of the RSUs shall not occur until six months after the
        Termination Date, unless the Participant’s Termination is due to death or
        Disability.

       

      7.  The
        other
        provisions of this Agreement notwithstanding, no unvested RSU granted hereunder
        shall vest on its scheduled Vesting Date under Section 2(a) of this Agreement
        or
        upon the Participant’s Termination pursuant to Section 6(b) of this Agreement
        unless the average of the Return on Investment for the five calendar years
        preceding the year in which such event occurs is at least 6% and, if required
        or
        deemed necessary to satisfy the requirements to qualify such RSU as
“performance-based compensation” under Section 162(m), the appropriate members
        of the Committee shall have certified that such condition has been met. Any
        unvested RSUs that do not vest upon the occurrence of any of such events
        as a
        result of the failure to meet the condition of this Section 7, all amounts
        credited to the Participant’s Dividend Equivalent Accounts with respect to such
        RSUs, and all securities and property comprising Property Distributions
        deposited in such Dividend Equivalent Accounts with respect to such RSUs
        shall
        immediately be forfeited.

       

      8.  The
        RSUs
        granted hereunder, any amounts notionally credited in the Participant’s Dividend
        Equivalent Accounts, and any securities and property comprising Property
        Distributions deposited in such Dividend Equivalent Accounts are not
        transferable by the Participant otherwise than by will or by the laws of
        descent
        and distribution or pursuant to a domestic relations order, as defined in
        the
        Code. 

       

      9.  All
        notices hereunder shall be in writing and, if to the Company, shall be delivered
        personally to the Secretary of the Company or mailed to its principal office,
        1615 Poydras Street, New Orleans, Louisiana 70112, addressed to the attention
        of
        the Secretary; and, if to the Participant, shall be delivered personally
        or
        mailed to the Participant at the address on file with the Company. Such
        addresses may be changed at any time by notice from one party to the
        other.

       

      10.  This
        Agreement is subject to the provisions of the Plan. The Plan may at any time
        be
        amended by the Board, except that any such amendment of the Plan that would
        materially impair the rights of the Participant hereunder may not be made
        without the Participant’s consent. The Committee may amend this Agreement at any
        time in any manner that is not inconsistent with the terms of the Plan and
        that
        will not result in the application of Section 409A(a)(1) of the Code.
        Notwithstanding the foregoing, no such amendment may materially impair the
        rights of the Participant hereunder without the Participant’s consent. Except as
        set forth above, any applicable determinations, orders, resolutions or other
        actions of the Committee shall be final, conclusive and binding on the Company
        and the Participant.

       

      11.  The
        Participant is required to satisfy any obligation in respect of withholding
        or
        other payroll taxes resulting from the vesting of any RSU granted hereunder
        or
        the payment of any securities, cash, or property hereunder, in accordance
        with
        procedures established by the Committee, as a condition to receiving any
        securities, cash payments, or property resulting from the vesting of any
        RSU or
        otherwise.

       

      12.  Nothing
        in this Agreement shall confer upon the Participant any right to continue
        in the
        employ of the Company or any of its Subsidiaries, or to interfere in any
        way
        with the right of the Company or any of its Subsidiaries to terminate the
        Participant’s employment relationship with the Company or any of its
        Subsidiaries at any time.

       

      13.  As
        used
        in this Agreement, the following terms shall have the meanings set forth
        below.

       

      (a)  “Cause”
        shall mean any of the following: (i) the commission by the Participant of
        an
        illegal act (other than traffic violations or misdemeanors punishable solely
        by
        the payment of a fine), (ii) the engagement of the Participant in dishonest
        or
        unethical conduct, as determined by the Committee or its designee, (iii)
        the
        commission by the Participant of any fraud, theft, embezzlement, or
        misappropriation of funds, (iv) the failure of the Participant to carry out
        a
        directive of his superior, employer or principal, or (v) the breach of the
        Participant of the terms of his engagement.

       

      (b)  “Change
        in Control” shall mean a change in the ownership of the Company, a change in the
        effective control of the Company or a change in the ownership of a substantial
        portion of the assets of the Company as provided under Section 409A of the
        Code,
        as amended from time to time, and any related implementing regulations or
        guidance.

       

      (c)  “Disability”
        shall have occurred if the Participant is (i) unable to engage in any
        substantial gainful activity by reason of any medically determinable physical
        or
        mental impairment which can be expected to result in death or can be expected
        to
        last for a continuous period of not less than 12 months, or (ii) by reason
        of
        any medically determinable physical or mental impairment which can be expected
        to result in death or can be expected to last for a continuous period of
        not
        less than 12 months, receiving income replacement benefits for a period of
        not
        less than 3 months under an accident and health plan covering employees of
        the
        Participant’s employer.

       

      (d)  “Fair
        Market Value” shall, with respect to a share of Common Stock, a Subsidiary
        security, or any other security, have the meaning set forth in the
        Freeport-McMoRan Copper & Gold Inc. 2006 Stock Incentive Plan Policies of
        the Committee, and, with respect to any other property, mean the value thereof
        determined by the board of directors of the Company in connection with declaring
        the dividend or distribution thereof.

       

      (e)  “Key
        Employee” shall mean any employee who meets the definition of “key employee” as
        defined in Section 416(i) of the Code.

       

      (f)  “Managed
        Net Income” shall mean, with respect to any year, the sum of (i) the net income
        (or net loss) of the Company and its consolidated subsidiaries for such year
        as
        reviewed by the Company’s independent auditors and released by the Company to
        the public; plus (or minus) (ii) the minority interests’ share in the net income
        (or net loss) of the Company’s consolidated subsidiaries for such year as
        reviewed by the Company’s independent auditors and released by the Company to
        the public; plus (or minus) (iii) the effect of changes in accounting principles
        of the Company and its consolidated subsidiaries for such year plus (or minus)
        the minority interests’ share in such changes in accounting principles as
        reviewed by the Company’s independent auditors and released by the Company to
        the public.

       

      (g)  “Net
        Cash
        Provided by Operating Activities” shall mean, with respect to any year, the net
        cash provided by operating activities of the Company and its consolidated
        subsidiaries for such year as reviewed by the Company’s independent auditors and
        released by the Company to the public.

       

      (h)  “Net
        Interest Expense” shall mean, with respect to any year, the net interest expense
        of the Company and its consolidated subsidiaries for such year as reviewed
        by
        the Company’s independent auditors and released by the Company to the
        public.

       

      (i)  “Retirement”
        shall mean early, normal or deferred retirement of the Participant under
        a tax
        qualified retirement plan of the Company or any other cessation of the provision
        of services to the Company or a Subsidiary by the Participant that is deemed
        by
        the Committee or its designee to constitute a retirement.

       

      (j)  “Return
        on Investment” shall mean, with respect to any year, the result (expressed as a
        percentage) calculated according to the following formula:

       

      a
        + (b
        - c)

      d

      

      in
        which
“a” equals Managed Net Income for such year, “b” equals Net Interest Expense for
        such year, “c” equals Tax on Net Interest Expense for such year, and “d” equals
        Total Investment of Capital for such year.

      

      (k)  “Tax
        on
        Net Interest Expense” shall mean, with respect to any year, the tax on the net
        interest expense of the Company and its consolidated subsidiaries for such
        year
        calculated at the appropriate statutory income tax rate for such year as
        reviewed by the Company’s independent auditors.

       

      (l)  “Total
        Investment of Capital” shall mean, with respect to any year, the sum of (i) the
        weighted average of the stockholders’ equity in the Company and its consolidated
        subsidiaries for such year, (ii) the weighted average of the minority interests
        in the consolidated subsidiaries of the Company for such year, (iii) the
        weighted average of the redeemable preferred stock of the Company for such
        year
        and (iv) the weighted average of the long-term debt of the Company and its
        consolidated subsidiaries for such year, all as shown in the quarterly balance
        sheets of the Company and its consolidated subsidiaries for such
        year.

       

      IN
        WITNESS WHEREOF, the parties hereto have executed this Agreement as of the
        day,
        month, and year first above written. 

      

      FREEPORT-McMoRan
        COPPER & GOLD INC.

      

      

      By:  _____________________________

      

                                      ____________________________

                                                  (Participant)

      

                                      _____________________________

                                               
(Street
        Address)

      

                                      _____________________________

                                            (City)
        (State) (Zip Code)Unassociated Document

     

    

    GS
      MORTGAGE SECURITIES CORP.,

     

    Depositor,

     

    LONG
      BEACH MORTGAGE COMPANY,

    

    Master
      Servicer and Responsible Party,

     

    and

    

    DEUTSCHE
      BANK NATIONAL TRUST COMPANY,

     

    Trustee

     

                                                                         
      

     

    AMENDMENT
      NO. 1 dated as of

    MAY
      1,
      2006 TO THE

     

    POOLING
      AND SERVICING AGREEMENT

     

    DATED
      AS
      OF JANUARY
      1, 2006

     

                                                                        
      

     

    GSAMP
      TRUST 2006-S1

     

    MORTGAGE
      PASS-THROUGH CERTIFICATES

     

    SERIES
      2006-S1

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    AMENDMENT
      NO. 1 made as of this 1st
      day of
      May 2006, among GS MORTGAGE SECURITIES CORP., as depositor (the “Depositor”),
      LONG BEACH MORTGAGE COMPANY, as responsible party (in such capacity, the
“Responsible Party”) and as master servicer (in such capacity, the “Master
      Servicer”), and DEUTSCHE BANK NATIONAL TRUST COMPANY, a national banking
      association, as trustee (the “Trustee”).

     

    W
      I T N E
      S S E T H

                                       
      

     

    WHEREAS,
      the Depositor, the Responsible Party, the Trustee and the Master Servicer
      entered into a Pooling and Servicing Agreement (the “Agreement”) dated as of
      January 1, 2006, relating to the issuance of Mortgage Pass-Through Certificates,
      Series 2006-S1; and

     

    WHEREAS,
      the Depositor, the Responsible Party, the Trustee and the Master Servicer desire
      to amend the terms of the Agreement pursuant to and in accordance with the
      first
      paragraph of Section 10.01 of the Agreement.

     

    NOW,
      THEREFORE, in consideration of the mutual premises and agreements herein, the
      Depositor, the Responsible Party, the Master Servicer and the Trustee agree
      as
      follows:

     

    1. Capitalized
      terms used herein and not defined herein shall have the meanings assigned to
      such terms in the Agreement. 

    

    2. Article
      I
      of the Agreement is hereby amended effective as of the date hereof by adding
      the
      following definitions to Section 1.01: 

    

    Certificate
      Registrar:
      The
      registrar appointed pursuant to Section 5.02.

    

    Permanent
      Regulation S Global Class B-2 Certificate:
      Any one
      of the Class B-2 Certificates substantially in the form of Exhibit Y hereto,
      and
      more fully described in Section 5.02(g) hereof.

     

    Temporary
      Regulation S Global Class B-2 Certificate:
      Any one
      of the Class B-2 Certificates substantially in the form of Exhibit X hereto,
      and
      more fully described in Section 5.02(g) hereof.

     

    Transferor:
      Any
      Person who is disposing by Transfer of any Ownership Interest in a
      Certificate.

     

    3. Article
      V
      of the Agreement is hereby amended effective as of the date hereof by adding
      the
      following to the end of Section 5.01: 

     

    No
      Ownership Interest in a Temporary Regulation S Global Class B-2 Certificate
      or
      Permanent Regulation S Global Class B-2 Certificate may at any time be
      transferred to a transferee that takes delivery in the form of a Definitive
      Certificate.

     

    4. Article
      V
      of the Agreement is hereby amended effective as of the date hereof by deleting
      in its entirety the first paragraph of Section 5.02(a) and replacing it with
      the
      following:

     

    (a)
      The
      Trustee shall maintain, or cause to be maintained in accordance with the
      provisions of Section 5.06, a Certificate Register for the Trust Fund in
      which, subject to the provisions of subsections (b) and (c) below and to
      such reasonable regulations as it may prescribe, the Trustee is initially
      appointed Certificate Registrar for the purpose of registering Certificates
      and
      transfers and exchanges of Certificates as herein provided. Upon surrender
      for
      registration of transfer of any Certificate, the Trustee shall execute and
      deliver, in the name of the designated transferee or transferees, one or more
      new Certificates of the same Class and aggregate Percentage Interest.

     

    5. Article
      V
      of the Agreement is hereby amended effective as of the date hereof by adding
      the
      following new Section 5.02(g): 

     

    (g)
       (i) Class
      B-2
      Certificates sold to “qualified institutional buyers” as defined in and in
      reliance on Rule 144A under the Securities Act shall be represented by one
      or
      more Rule 144A Global Class B-2 Certificates. Class B-2 Certificates sold in
      offshore transactions in reliance on Regulation S under the Securities Act
      shall
      be represented initially by Temporary Regulation S Global Class B-2
      Certificates.

     

      (ii) The
      Temporary Regulation S Global Class B-2 Certificates shall be exchanged on
      the
      later of (i) 40 days after the later of the Closing Date and (ii) the date
      on
      which the requisite certifications are due to and provided to the Trustee (the
      later of clauses (i) and (ii), the “Exchange Date”) for Permanent Regulation S
      Global Class B-2 Certificates. Permanent Regulation S Global Class B-2
      Certificates shall be issued in registered form, without coupons, and deposited
      upon the order of the Transferor with the Trustee as custodian for and
      registered in the name of a nominee of the Depository for credit to the account
      of the depositaries for Euroclear and Clearstream.

     

      (iii) A
      Certificate Owner holding an interest in a Temporary Regulation S Global Class
      B-2 Certificate may receive payments in respect of the Certificates on the
      Temporary Regulation S Global Class B-2 Certificate, only after the delivery,
      to
      Euroclear or Clearstream, as the case may be, of a written certification
      substantially in the form set forth in Exhibit V, and upon delivery by Euroclear
      or Clearstream, as the case may be, to the Trustee and Certificate Registrar
      of
      a certification or certifications substantially in the form set forth in Exhibit
      W. The delivery by a Certificate Owner of the certification referred to above
      shall constitute its irrevocable instruction to Euroclear or Clearstream, as
      the
      case may be, to arrange for the exchange of the Certificate Owner’s interest in
      the Temporary Regulation S Global Class B-2 Certificate for a beneficial
      interest in the Permanent Regulation S Global Class B-2 Certificate after the
      Exchange Date in accordance with paragraph (v) below.

     

      (iv) After
      (i)
      the Exchange Date and (ii) receipt by the Certificate Registrar of written
      instructions from Euroclear or Clearstream, as the case may be, directing the
      Certificate Registrar to credit or cause to be credited to either Euroclear’s or
      Clearstream’s, as the case may be, Depository’s account a beneficial interest in
      the Permanent Regulation S Global Class B-2 Certificate in a principal amount
      not greater than that of the beneficial interest in the Temporary Regulation
      S
      Global Class B-2 Certificate, the Certificate Registrar shall instruct the
      Depository to reduce the principal amount of the Temporary Regulation S Global
      Class B-2 Certificate and increase the principal amount of the Permanent
      Regulation S Global Class B-2 Certificate, by the principal amount of the
      beneficial interest in the Temporary Regulation S Global Class B-2 Certificate
      to be so transferred, and to credit or cause to be credited to the account
      of
      Euroclear, Clearstream or a Person who has an account with the Depository as
      the
      case may be, a beneficial interest in the Permanent Regulation S Global Class
      B-2 Certificate having a Certificate Balance of the Temporary Regulation S
      Global Class B-2 Certificate that was reduced upon the transfer. Upon return
      of
      the entire principal amount of the Temporary Regulation S Global Class B-2
      Certificate to the Trustee in exchange for beneficial interests in the Permanent
      Regulation S Global Class B-2 Certificate, the Trustee shall cancel the
      Temporary Regulation S Global Class B-2 Certificate by perforation and shall
      forthwith destroy it.

     

      (v) For
      transfer of an interest in a Permanent Regulation S Global Class B-2 Certificate
      for an interest in the Rule 144A Global Class B-2 Certificate, if the
      Certificateholder of a beneficial interest in an Permanent Regulation S Global
      Class B-2 Certificate deposited with the Depository wishes at any time to
      exchange its interest in the Permanent Regulation S Global Class B-2
      Certificate, or to transfer its interest in the Permanent Regulation S Global
      Class B-2 Certificate to a Person who wishes to take delivery thereof in the
      form of an interest in the Rule 144A Global Class B-2 Certificate, the
      Certificateholder may, subject to the rules and procedures of Euroclear or
      Clearstream and the Depository, as the case may be, give directions for the
      Certificate Registrar to exchange or cause the exchange or transfer or cause
      the
      transfer of the interest for an equivalent beneficial interest in the Rule
      144A
      Global Class B-2 Certificate. Upon receipt by the Certificate Registrar of
      instructions from Euroclear or Clearstream or from the Depository, as the case
      may be, directing the Certificate Registrar to credit or cause to be credited
      a
      beneficial interest in the Rule 144A Global Class B-2 Certificate equal to
      the
      Percentage Interest in the Permanent Regulation S Global Class B-2 Certificate
      to be exchanged or transferred (such instructions to contain information
      regarding the Depository Participant account to be credited with the increase,
      and, with respect to an exchange or transfer of an interest in the Permanent
      Regulation S Global Class B-2 Certificate, information regarding the Depository
      Participant account to be debited with the decrease), the Certificate Registrar
      shall instruct the Depository to reduce the Permanent Regulation S Global Class
      B-2 Certificate by the aggregate principal amount of the beneficial interest
      in
      the Permanent Regulation S Global Class B-2 Certificate to be exchanged or
      transferred, and the Certificate Registrar shall instruct the Depository,
      concurrently with the reduction, to increase the principal amount of the Rule
      144A Global Class B-2 Certificate by the aggregate Certificate Balance of the
      beneficial interest in the Permanent Regulation S Global Class B-2 Certificate
      to be so exchanged or transferred, and to credit or cause to be credited to
      the
      account of the Person specified in the instructions a beneficial interest in
      the
      Rule 144A Global Class B-2 Certificate equal to the reduction in the Certificate
      Balance of the Permanent Regulation S Global Class B-2 Certificate.

     

      (vi) For
      transfers of an interest in the Rule 144A Global Class B-2 Certificate for
      an
      interest in a Regulation S Book-Entry Certificate, if a Certificate Owner
      holding a beneficial interest in the Rule 144A Global Class B-2 Certificate
      wishes at any time to exchange its interest in the Rule 144A Global Class B-2
      Certificate for an interest in a Regulation S Book-Entry Certificate, or to
      transfer its interest in the 144A Book-Entry Certificate to a Person who wishes
      to take delivery thereof in the form of an interest in the Regulation S
      Book-Entry Certificate, the Certificateholder may, subject to the rules and
      procedures of the Depository, give directions for the Certificate Registrar
      to
      exchange or cause the exchange or transfer or cause the transfer of the interest
      for an equivalent beneficial interest in the Regulation S Book-Entry
      Certificate. Upon receipt by the Certificate Registrar of (A) instructions
      given
      in accordance with the Depository’s procedures from a Depository Participant
      directing the Certificate Registrar to credit or cause to be credited a
      beneficial interest in the Regulation S Book-Entry Certificate in an amount
      equal to the beneficial interest in the Rule 144A Global Class B-2 Certificate,
      as applicable, to be exchanged or transferred, (B) a written order given in
      accordance with the Depository’s procedures containing information regarding the
      account of the depositaries for Euroclear or Clearstream or another Depository
      Participant, as the case may be, to be credited with the increase and the name
      of the account and (C) certificates in the forms of Exhibits V and W,
      respectively, given by the Certificate Owner and the proposed transferee of
      the
      interest, the Certificate Registrar shall instruct the Depository to reduce
      the
      Rule 144A Global Class B-2 Certificate by the aggregate principal amount of
      the
      beneficial interest in the Rule 144A Global Class B-2 Certificate to be so
      exchanged or transferred and the Certificate Registrar shall instruct the
      Depository, concurrently with the reduction, to increase the principal amount
      of
      the Regulation S Book-Entry Certificate by the aggregate Certificate Balance
      of
      the beneficial interest in the Rule 144A Global Class B-2 Certificate to be
      so
      exchanged or transferred, and to credit or cause to be credited to the account
      of the Person specified in the instructions a beneficial interest in the
      Regulation S Book-Entry Certificate equal to the reduction in the Certificate
      Balance of the Rule 144A Global Class B-2 Certificate.

     

      (vii) Notwithstanding
      any other provisions of this Section 5.02(g) a Purchaser for the Class B-2
      Certificates may exchange beneficial interests in the Temporary Regulation
      S
      Global Class B-2 Certificate held by it for interests in the Rule 144A Global
      Class B-2 Certificate only after delivery by the Purchaser of instructions
      for
      the exchange substantially in the form of Exhibit Z this doc. Upon
      receipt of the instructions provided in the preceding sentence, the Certificate
      Registrar shall instruct the Depository to reduce the principal amount of the
      Temporary Regulation S Global Class B-2 Certificate to be so transferred and
      shall instruct the Depository to increase the principal amount of the Rule
      144A
      Global Class B-2 Certificate, and credit or cause to be credited to the account
      of the Purchaser a beneficial interest in the Rule 144A Global Class B-2
      Certificate having a principal amount equal to the amount by which the principal
      amount of the Temporary Regulation S Global Class B-2 Certificate was reduced
      upon the transfer pursuant to the instructions provided in the first sentence
      of
      this clause (vii).

     

      (viii) In
      the
      event that a transfer of a Class B-2 Certificate which is a Definitive
      Certificate is to be made, the Trustee shall require a written Opinion of
      Counsel acceptable to and in form and substance satisfactory to the Trustee
      and
      the Depositor that such transfer may be made pursuant to an exemption,
      describing the applicable exemption and the basis therefor, from said Act and
      laws or is being made pursuant to the Securities Act, which Opinion of Counsel
      shall not be an expense of the Trustee, the Trust Fund, the Depositor or the
      Master Servicer.

     

      (ix) The
      Holder of a Class B-2 Certificate desiring to effect any transfer, sale, pledge
      or other disposition shall, and does hereby agree to, indemnify the Trustee,
      the
      Depositor, the Master Servicer and the Certificate Registrar against any
      liability that may result if the transfer, sale, pledge or other disposition
      is
      not so exempt or is not made in accordance with the provisions of this
      Agreement.

     

    

     

    6. The
      Agreement is hereby amended effective as of the date hereof by adding the
      following new Exhibit V:

     

    EXHIBIT
      V

     

    FORM
      OF

    CERTIFICATE
      TO BE GIVEN BY TRANSFEREE

    OF
      BENEFICIAL INTEREST IN A TEMPORARY REGULATION S

    GLOBAL
      CLASS B-2 CERTIFICATE

     

    Euroclear
      Clearstream Banking, societe anonyme

    151
      Boulevard Jacqmain 67 Boulevard Grand-Duchesse Charlotte

    B-
      1210
      Brussels, Belgium L- 1331 Luxembourg

     

    
      	
              Re:
                

            	
              GS
                Mortgage Securities Corp., Mortgage Asset-Backed Pass-Through
                Certificates, Series 2006-S1, Class B-2, issued pursuant to the Pooling
                and Servicing Agreement dated as of January 1, 2006 among GS MORTGAGE
                SECURITIES CORP., LONG BEACH MORTGAGE COMPANY, and DEUTSCHE BANK
                NATIONAL
                TRUST COMPANY, as Trustee (the
“Certificates”)

            

    

    

     

    This
      is
      to certify that as of the date hereof, and except as set forth below, for
      purposes of acquiring a beneficial interest in the Certificates, the undersigned
      certifies that it is not a U.S. person (as defined in Rule 901 under the
      Securities Act of 1933, as amended).

     

    The
      undersigned undertakes to advise you promptly by tested telex on or prior to
      the
      date on which you intend to submit your certification relating to the
      Certificates held by you in which the undersigned intends to acquire a
      beneficial interest in accordance with your operating procedures if any
      applicable statement herein is not correct on such date. In the absence of
      any
      such notification, it may be assumed that this certification applies as of
      such
      date.

     

    We
      understand that this certification is required in connection with certain
      securities laws in the United States of America. If administrative or legal
      proceedings are commenced or threatened in connection with which this
      certification is or would be relevant, we irrevocably authorize you to produce
      this certification or a copy thereof to any interested party in such
      proceedings.

     

    Dated

    By:

     

     

    7. The
      Agreement is hereby amended effective as of the date hereof by adding the
      following new Exhibit W:

     

    EXHIBIT
      W

     

    FORM
      OF
      CERTIFICATE TO BE GIVEN BY EUROCLEAR OR CLEARSTREAM

     

    GS
      Mortgage Securities Corp.

     

    
      	
              Re:

            	
              GS
                Mortgage Securities Corp., Mortgage Pass-Through Certificates, Series
                2006-S1, Class B-2, issued pursuant to the Pooling and Servicing
                Agreement
                dated as of January 1, 2006 among GS MORTGAGE SECURITIES CORP., LONG
                BEACH
                MORTGAGE COMPANY, and DEUTSCHE BANK NATIONAL TRUST COMPANY, as Trustee
                (the “Certificates”)

            

    

    

     

    This
      is
      to certify that, based solely on certifications we have received in writing,
      by
      tested telex or by electronic transmission from member organizations appearing
      in our records as persons being entitled to a portion of the principal amount
      set forth below (our “Member Organizations”) as of the date hereof,
      $____________ principal amount of the Certificates is owned by persons (a)
      that
      are not U.S. persons (as defined in Rule 901 under the Securities Act of 1933,
      as amended (the “Securities Act”)) or (b) who purchased their Certificates (or
      interests therein) in a transaction or transactions that did not require
      registration under the Securities Act.

     

    We
      further certify (a) that we are not making available herewith for exchange
      any
      portion of the related Temporary Regulation S Global Class B-2 Certificate
      excepted in such certifications and (b) that as of the date hereof we have
      not
      received any notification from any of our Member Organizations to the effect
      that the statements made by them with respect to any portion of the part
      submitted herewith for exchange are no longer true and cannot be relied upon
      as
      of the date hereof

     

    We
      understand that this certification is required in connection with certain
      securities laws of the United States of America. If administrative or legal
      proceedings are commenced or threatened in connection with which this
      certification is or would be relevant, we irrevocably authorize you to produce
      this certification or a copy hereof to any interested party in such
      proceedings.

     

    Date:
      ____________

     

    Yours
      faithfully,

     

    __________________

     

    *
      To be
      dated no earlier By: ______________________ than the Effective Date.
      Morgan
      Guaranty Trust Company of New York, Brussels Office, as Operator of the
      Euroclear Clearance System Clearstream Banking, societe anonyme

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    8. The
      Agreement is hereby amended effective as of the date hereof by adding the
      following new Exhibit X:

    

    EXHIBIT
      X

    

    FORM
      OF
      TEMPORARY REGULATION S GLOBAL CLASS B-2 CERTIFICATE

     

    SOLELY
      FOR U.S. FEDERAL INCOME TAX PURPOSES, THIS CERTIFICATE REPRESENTS AN INTEREST
      IN
      A “REGULAR INTEREST” IN A “REAL ESTATE MORTGAGE INVESTMENT CONDUIT,” AS THOSE
      TERMS ARE DEFINED, RESPECTIVELY, IN SECTIONS 860G AND 860D OF THE INTERNAL
      REVENUE CODE OF 1986, AS AMENDED (THE “CODE”), AND CERTAIN OTHER
      ASSETS.

     

    THIS
      CERTIFICATE IS A TEMPORARY REGULATION S GLOBAL CERTIFICATE FOR PURPOSES OF
      REGULATION S UNDER THE UNITED STATES SECURITIES ACT OF 1933, AS AMENDED (THE
      “1933 ACT”). NEITHER THIS TEMPORARY REGULATION S GLOBAL CERTIFICATE NOR ANY
      INTEREST HEREIN MAY BE OFFERED, SOLD OR DELIVERED, EXCEPT AS PERMITTED UNDER
      THE
      POOLING AND SERVICING AGREEMENT.

     

    THIS
      CERTIFICATE HAS NOT BEEN AND WILL NOT BE REGISTERED UNDER THE 1933 ACT AND,
      PRIOR TO THE DATE THAT IS 40 DAYS AFTER THE CLOSING DATE, MAY NOT BE OFFERED,
      SOLD, PLEDGED OR OTHERWISE TRANSFERRED IN THE UNITED STATES OR TO A U.S. PERSON
      EXCEPT PURSUANT TO AN EXEMPTION FROM THE REGISTRATION REQUIREMENTS OF THE
      SECURITIES ACT.

     

    IF
      THIS
      CERTIFICATE IS A PHYSICAL CERTIFICATE, NEITHER THIS CERTIFICATE NOR ANY INTEREST
      HEREIN MAY BE TRANSFERRED UNLESS THE PROPOSED TRANSFEROR DELIVERS TO THE TRUSTEE
      A TRANSFEROR LETTER IN THE FORM OF EXHIBIT H (THE “TRANSFEROR LETTER”) TO THE
      AGREEMENT REFERRED TO HEREIN AND EITHER (i) THE TRUSTEE RECEIVES A RULE 144A
      LETTER IN THE FORM OF EXHIBIT I-1 (THE ‘RULE 144A LETTER”) OR A NON-RULE 144-A
      INVESTMENT LETTER IN THE FORM OF EXHIBIT I-2 TO THE AGREEMENT REFERRED TO HEREIN
      OR (ii) THE TRUSTEE RECEIVES AN OPINION OF COUNSEL, DELIVERED AT THE EXPENSE
      OF
      THE TRANSFEROR, THAT SUCH TRANSFER MAY BE MADE WITHOUT REGISTRATION UNDER THE
      SECURITIES ACT OF 1933, AS AMENDED.

     

    IF
      THIS
      CERTIFICATE IS A BOOK-ENTRY CERTIFICATE, THE PROPOSED TRANSFEROR WILL BE DEEMED
      TO HAVE MADE EACH OF THE CERTIFICATIONS SET FORTH IN THE TRANSFEROR LETTER
      AND
      THE PROPOSED TRANSFEREE WILL BE DEEMED TO HAVE MADE EACH OF THE CERTIFICATIONS
      SET FORTH IN THE RULE 144A LETTER, IN EACH CASE AS IF SUCH CERTIFICATE WERE
      EVIDENCED BY A PHYSICAL CERTIFICATE.

     

    NEITHER
      THIS CERTIFICATE NOR ANY INTEREST HEREIN MAY BE TRANSFERRED UNLESS THE
      TRANSFEREE DELIVERS TO THE TRUSTEE EITHER A REPRESENTATION LETTER TO THE EFFECT
      THAT SUCH TRANSFEREE IS NOT AN EMPLOYEE BENEFIT PLAN SUBJECT TO TITLE I OF
      THE
      EMPLOYEE RETIREMENT INCOME SECURITY ACT OF 1974, AS AMENDED (“ERISA”), OR A PLAN
      OR ARRANGEMENT SUBJECT TO SECTION 4975 OF THE CODE, OR A PLAN SUBJECT TO
      APPLICABLE FEDERAL, STATE OR LOCAL LAW (“SIMILAR LAW”) MATERIALLY SIMILAR TO THE
      FOREGOING PROVISIONS OF ERISA OR THE CODE OR A PERSON INVESTING ON BEHALF OF
      OR
      WITH PLAN ASSETS OF SUCH A PLAN, OR, IF THE TRANSFEREE IS AN INSURANCE COMPANY,
      A REPRESENTATION LETTER THAT IT IS USING THE ASSETS OF ITS GENERAL ACCOUNT
      AND
      THAT THE PURCHASE AND HOLDING OF THIS CERTIFICATE ARE COVERED UNDER SECTIONS
      I
      AND III OF PROHIBITED TRANSACTION CLASS EXEMPTION 95-60 OR AN OPINION OF
      COUNSEL SATISFACTORY TO THE TRUSTEE, TO THE EFFECT THAT THE PURCHASE AND HOLDING
      OF THIS CERTIFICATE WILL NOT CONSTITUTE OR RESULT IN A PROHIBITED TRANSACTION
      WITHIN THE MEANING OF ERISA, SECTION 4975 OF THE CODE OR ANY SIMILAR LAW AND
      WILL NOT SUBJECT THE TRUSTEE OR THE SERVICER TO ANY OBLIGATION IN ADDITION
      TO
      THOSE EXPRESSLY UNDERTAKEN IN THE AGREEMENT OR TO ANY LIABILITY. NOTWITHSTANDING
      ANYTHING ELSE TO THE CONTRARY HEREIN, ANY PURPORTED TRANSFER OF THIS CERTIFICATE
      TO OR ON BEHALF OF AN EMPLOYEE BENEFIT PLAN OR OTHER PLAN OR ARRANGEMENT SUBJECT
      TO TITLE I OF ERISA, SECTION 4975 OF THE CODE OR SIMILAR LAW WITHOUT THE
      REPRESENTATION LETTER OR OPINION OF COUNSEL SATISFACTORY TO THE TRUSTEE AS
      DESCRIBED ABOVE SHALL BE VOID AND OF NO EFFECT.

     

    IF
      THIS
      CERTIFICATE IS A BOOK-ENTRY CERTIFICATE, THE PROPOSED TRANSFEREE WILL BE DEEMED
      TO HAVE MADE THE CERTIFICATIONS SET FORTH IN THE REPRESENTATION LETTER REFERRED
      TO ABOVE, AS IF SUCH CERTIFICATE WERE EVIDENCED BY A PHYSICAL
      CERTIFICATE.

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    

    

      
        	
                Certificate
                  No.

              	
                :

              	
                1

                 

              
	
                Cut-off
                  Date

              	
                :

              	
                January
                  1, 2006

                 

              
	
                First
                  Distribution Date

              	
                :

              	
                February
                  27, 2006

                 

              
	
                Initial
                  Certificate Balance of this Certificate (“Denomination”)

              	
                :

              	
                $8,786,000

                 

              
	
                Initial
                  Certificate Balances of all Certificates of this Class

              	
                :

              	
                Class

              	
                Class
                  Certificate Balance

              
	 	 	
                Class
                  B-2

              	
                $8,786,000

                 

              
	
                CUSIP

              	
                :

              	
                Class

              	
                CUSIP
                  No.

              
	 	 	
                Class
                  B-2

              	
                U03912
                  FH 7

                 

              
	
                ISIN

              	
                :

              	
                Class

              	
                ISIN

              
	 	 	
                Class
                  B-2

              	
                USU03912FH75

              

      

    

     

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    GS
      MORTGAGE SECURITIES CORP.

     

    GSAMP
      Trust 2006-S1

    Mortgage
      Pass-Through Certificates, Series 2006-S1

    Class B-2

     

    evidencing
      a percentage interest in the distributions allocable to the Certificates of
      the
      above-referenced Class.

     

    Principal
      in respect of this Certificate is distributable monthly as set forth herein.
      Accordingly, the Certificate Balance at any time may be less than the
      Certificate Balance as set forth herein. This Certificate does not evidence
      an
      obligation of, or an interest in, and is not guaranteed by the Depositor, the
      Master Servicer, the Responsible Party or the Trustee referred to below or
      any
      of their respective affiliates. Neither this Certificate nor the Mortgage Loans
      are guaranteed or insured by any governmental agency or
      instrumentality.

     

    This
      certifies that CEDE & CO. is the registered owner of the Percentage Interest
      evidenced by this Certificate (obtained by dividing the denomination of this
      Certificate by the aggregate of the denominations of all Certificates of the
      Class to which this Certificate belongs) in certain monthly distributions
      pursuant to a Pooling and Servicing Agreement, dated as of January 1, 2006
      (the
“Agreement”), among GS Mortgage Securities Corp., as depositor (the
“Depositor”), Long Beach Mortgage Company, as master servicer (the “Master
      Servicer”), Long Beach Mortgage Company, as responsible party (the “Responsible
      Party”)
      and
      Deutsche Bank National Trust Company, as trustee (the “Trustee”). To the extent
      not defined herein, the capitalized terms used herein have the meanings assigned
      in the Agreement. This Certificate is issued under and is subject to the terms,
      provisions and conditions of the Agreement, to which Agreement the Holder of
      this Certificate by virtue of the acceptance hereof assents and by which such
      Holder is bound.

     

    No
      transfer of a Certificate of this Class shall be made unless the Trustee shall
      have received (i) a representation letter from the transferee of such
      Certificate, acceptable to and in form and substance satisfactory to the
      Trustee, to the effect that such transferee is not an employee benefit plan
      subject to Section 406 of ERISA, a plan or arrangement subject to
      Section 4975 of the Code or a plan subject to Similar Law, or a person
      acting on behalf of any such plan or arrangement nor using the assets of any
      such plan or arrangement to effect such transfer, (ii) if the transferee is
      an
      insurance company, a representation letter that the transferee is using the
      assets of its general account and that the purchase and holding of this
      Certificate are covered under Section I and III of Prohibited Transaction Class
      Exemption 95-60 or (iii) an Opinion of Counsel satisfactory to the Trustee,
      to
      the effect that the purchase and holding of this Certificate will not constitute
      or result in a prohibited transaction within the meaning of ERISA, Section
      4975
      of the Code or any Similar Law and will not subject the Trustee or the Servicer
      to any obligation in addition to those expressly undertaken in the Agreement
      or
      to any liability, which representation letter or Opinion of Counsel shall not
      be
      an expense of the Trustee, the Servicer or the Trust Fund. In the event that
      such representation is violated, or any attempt is made to transfer to a plan
      or
      arrangement subject to Section 406 of ERISA, Section 4975 of the Code
      or Similar Law, or a person acting on behalf of any such plan or arrangement
      or
      using the assets of any such plan or arrangement, such attempted transfer or
      acquisition shall be void and of no effect. If this Certificate is a Book-Entry
      Certificate, the proposed transferee will be deemed to have made the
      certifications set forth in the representation letter referred to above, as
      if
      such Certificate were evidenced by a Physical Certificate.

     

    No
      transfer of a Certificate of this Class shall be made unless such disposition
      is
      exempt from the registration requirements of the Securities Act of 1933, as
      amended (the “1933 Act”), and any applicable state securities laws or is
      made in accordance with the 1933 Act and such laws. In the event of any such
      transfer, the Trustee shall require the transferor to execute a transferor
      certificate (in substantially the form attached to the Pooling and Servicing
      Agreement) and deliver either (i) a Rule 144A Letter or a Non-Rule
      144A Investment Letter, in either case substantially in the form attached to
      the
      Agreement, or (ii) a written Opinion of Counsel to the Trustee that such
      transfer may be made pursuant to an exemption, describing the applicable
      exemption and the basis therefor, from the 1933 Act or is being made pursuant
      to
      the 1933 Act, which Opinion of Counsel shall be an expense of the
      transferor.

     

    In
      the
      event that a transfer of a Private Certificate which is a Book-Entry Certificate
      is to be made in reliance upon an exemption from the Securities Act and such
      laws, in order to assure compliance with the Securities Act and such laws,
      the
      Certificateholder desiring to effect such transfer will be deemed to have made
      as of the transfer date each of the certifications set forth in the Transferor
      Certificate in respect of such Certificate and the transferee will be deemed
      to
      have made as of the transfer date each of the certifications set forth in the
      Rule 144A Letter in respect of such Certificate, in each case as if such
      Certificate were evidenced by a Physical Certificate.

     

    Reference
      is hereby made to the further provisions of this Certificate set forth on the
      reverse hereof, which further provisions shall for all purposes have the same
      effect as if set forth at this place.

     

    This
      Certificate shall not be entitled to any benefit under the Agreement or be
      valid
      for any purpose unless manually authenticated by an authorized signatory of
      the
      Trustee.

     

    * 
      *  *

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    IN
      WITNESS WHEREOF, the Trustee has caused this Certificate to be duly
      executed.

     

    
      	
              DEUTSCHE
                BANK NATIONAL TRUST COMPANY,

              not
                in its individual capacity, but solely as

              Trustee

            
	 	 
	
              By:

            	 

    

    

     

    Authenticated:

     

    By:__________________________________________________

    Authorized
      Signatory of

    DEUTSCHE
      BANK NATIONAL TRUST COMPANY,

    not
      in
      its individual capacity,

    but
      solely as Trustee

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    GS
      MORTGAGE SECURITIES CORP.

    GSAMP
      TRUST 2006-S1

     

    Mortgage
      Pass-Through Certificates

     

    This
      Certificate is one of a duly authorized issue of Certificates designated as
      GSAMP Trust 2006-S1 Mortgage Pass-Through Certificates, of the Series specified
      on the face hereof (herein collectively called the “Certificates”), and
      representing a beneficial ownership interest in the Trust Fund created by the
      Agreement.

     

    The
      Certificateholder, by its acceptance of this Certificate, agrees that it will
      look solely to the funds on deposit in the Distribution Account for payment
      hereunder and that the Trustee is not liable to the Certificateholders for
      any
      amount payable under this Certificate or the Agreement or, except as expressly
      provided in the Agreement, subject to any liability under the
      Agreement.

     

    This
      Certificate does not purport to summarize the Agreement and reference is made
      to
      the Agreement for the interests, rights and limitations of rights, benefits,
      obligations and duties evidenced thereby, and the rights, duties and immunities
      of the Trustee.

     

    Pursuant
      to the terms of the Agreement, a distribution will be made on the 25th day
      of each month or, if such day is not a Business Day, the Business Day
      immediately following (the “Distribution Date”), commencing on the first
      Distribution Date specified on the face hereof, to the Person in whose name
      this
      Certificate is registered at the close of business on the applicable Record
      Date
      in an amount equal to the product of the Percentage Interest evidenced by this
      Certificate and the amount required to be distributed to Holders of Certificates
      of the Class to which this Certificate belongs on such Distribution Date
      pursuant to the Agreement. The Record Date for each Distribution Date is the
      last Business Day of the applicable Interest Accrual Period for the related
      Distribution Date; provided, however, that for any Definitive Certificates,
      the
      Record Date shall be the last Business Day of the month immediately preceding
      the month of such Distribution Date (or if such day is not a Business Day,
      on
      the immediately preceding Business Day).

     

    Distributions
      on this Certificate shall be made by wire transfer of immediately available
      funds to the account of the Holder hereof at a bank or other entity having
      appropriate facilities therefor, if such Certificateholder shall have so
      notified the Trustee in writing at least five Business Days prior to the related
      Record Date and such Certificateholder shall satisfy the conditions to receive
      such form of payment set forth in the Agreement, or, if not, by check mailed
      by
      first class mail to the address of such Certificateholder appearing in the
      Certificate Register. The final distribution on each Certificate will be made
      in
      like manner, but only upon presentment and surrender of such Certificate at
      the
      offices designated by the Trustee for such purposes, or such other location
      specified in the notice to Certificateholders of such final
      distribution.

     

    The
      Agreement permits, with certain exceptions therein provided, the amendment
      thereof and the modification of the rights and obligations of the Trustee and
      the rights of the Certificateholders under the Agreement at any time by the
      Depositor, the Master Servicer and the Trustee with the consent of the Holders
      of Certificates affected by such amendment evidencing the requisite Percentage
      Interest, as provided in the Agreement. Any such consent by the Holder of this
      Certificate shall be conclusive and binding on such Holder and upon all future
      Holders of this Certificate and of any Certificate issued upon the transfer
      hereof or in exchange therefor or in lieu hereof whether or not notation of
      such
      consent is made upon this Certificate. The Agreement also permits the amendment
      thereof, in certain limited circumstances, without the consent of the Holders
      of
      any of the Certificates.

     

    As
      provided in the Agreement and subject to certain limitations therein set forth,
      the transfer of this Certificate is registrable in the Certificate Register
      of
      the Trustee upon surrender of this Certificate for registration of transfer
      at
      the offices designated by the Trustee for such purposes, accompanied by a
      written instrument of transfer in form satisfactory to the Trustee and the
      Certificate Registrar duly executed by the holder hereof or such holder’s
      attorney duly authorized in writing, and thereupon one or more new Certificates
      of the same Class in authorized denominations and evidencing the same aggregate
      Percentage Interest in the Trust Fund will be issued to the designated
      transferee or transferees.

     

    The
      Certificates are issuable only as registered Certificates without coupons in
      denominations specified in the Agreement. As provided in the Agreement and
      subject to certain limitations therein set forth, Certificates are exchangeable
      for new Certificates of the same Class in authorized denominations and
      evidencing the same aggregate Percentage Interest, as requested by the Holder
      surrendering the same.

     

    No
      service charge will be made for any such registration of transfer or exchange,
      but the Trustee may require payment of a sum sufficient to cover any tax or
      other governmental charge payable in connection therewith.

     

    The
      Depositor and the Trustee and any agent of the Depositor or the Trustee may
      treat the Person in whose name this Certificate is registered as the owner
      hereof for all purposes, and neither the Depositor, the Trustee, nor any such
      agent shall be affected by any notice to the contrary.

     

    On
      any
      Distribution Date on which the aggregate Stated Principal Balance of the
      Mortgage Loans is less than or equal to 10% of the Cut-off Date Pool Principal
      Balance, the Master Servicer (at the direction of the Majority Class X
      Certificateholder) will have the option to repurchase, in whole, from the Trust
      Fund all remaining Mortgage Loans and all property acquired in respect of the
      Mortgage Loans at a purchase price determined as provided in the Agreement.
      The
      obligations and responsibilities created by the Agreement will terminate as
      provided in Section 9.01 of the Agreement.

     

    Any
      term
      used herein that is defined in the Agreement shall have the meaning assigned
      in
      the Agreement, and nothing herein shall be deemed inconsistent with that
      meaning.

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    ASSIGNMENT

     

    FOR
      VALUE
      RECEIVED, the undersigned hereby sell(s), assign(s) and transfer(s)
      unto

     

    
      	 
	 

    

    (Please
      print or typewrite name and address including postal zip code of
      assignee)

     

    the
      Percentage Interest evidenced by the within Certificate and hereby authorizes
      the transfer of registration of such Percentage Interest to assignee on the
      Certificate Register of the Trust Fund.

     

    I
      (We) further direct the Trustee to issue a new Certificate of a like
      denomination and Class, to the above named assignee and deliver such Certificate
      to the following address:

     

    
      	 

    

    

     

    

    
      	 	 
	 	
              Signature
                by or on behalf of assignor

            

    

    

    

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    DISTRIBUTION
      INSTRUCTIONS

     

    The
      assignee should include the following for purposes of distribution:

     

    Distributions
      shall be made, by wire transfer or otherwise, in immediately available funds
      to
      ______________________________________________________ for the account of
      _______________________________________ account number               ,
      or, if
      mailed by check, to ______________________________________________.

     

    Applicable
      statements should be mailed to _______________________________.

     

    This
      information is provided by________________________________________, the
      assignee named above, or _______________________________,
      as
      its
      agent.

    

    

    

    9. The
      Agreement is hereby amended effective as of the date hereof by adding the
      following new Exhibit Y:

    

    EXHIBIT
      Y

    

    FORM
      OF
      PERMANENT REGULATION S GLOBAL CLASS B-2 CERTIFICATE

     

    SOLELY
      FOR U.S. FEDERAL INCOME TAX PURPOSES, THIS CERTIFICATE REPRESENTS AN INTEREST
      IN
      A “REGULAR INTEREST” IN A “REAL ESTATE MORTGAGE INVESTMENT CONDUIT,” AS THOSE
      TERMS ARE DEFINED, RESPECTIVELY, IN SECTIONS 860G AND 860D OF THE INTERNAL
      REVENUE CODE OF 1986, AS AMENDED (THE “CODE”), AND CERTAIN OTHER
      ASSETS.

     

    THE
      HOLDER OF THIS CERTIFICATE BY ITS ACCEPTANCE HEREOF AGREES NOT TO OFFER, SELL
      OR
      OTHERWISE TRANSFER SUCH CERTIFICATE WITHIN THE UNITED STATES OR TO U.S. PERSONS
      (AS DEFINED IN REGULATION S UNDER THE UNITED STATES SECURITIES ACT OF 1933,
      AS
      AMENDED (THE “SECURITIES ACT”)) PRIOR TO THE EXCHANGE DATE EXCEPT PURSUANT TO AN
      EXEMPTION FROM THE REGISTRATION REQUIREMENTS OF THE SECURITIES ACT.

     

    IF
      THIS
      CERTIFICATE IS A PHYSICAL CERTIFICATE, NEITHER THIS CERTIFICATE NOR ANY INTEREST
      HEREIN MAY BE TRANSFERRED UNLESS THE PROPOSED TRANSFEROR DELIVERS TO THE TRUSTEE
      A TRANSFEROR LETTER IN THE FORM OF EXHIBIT H (THE “TRANSFEROR LETTER”) TO THE
      AGREEMENT REFERRED TO HEREIN AND EITHER (i) THE TRUSTEE RECEIVES A RULE 144A
      LETTER IN THE FORM OF EXHIBIT I-1 (THE ‘RULE 144A LETTER”) OR A NON-RULE 144-A
      INVESTMENT LETTER IN THE FORM OF EXHIBIT I-2 TO THE AGREEMENT REFERRED TO HEREIN
      OR (ii) THE TRUSTEE RECEIVES AN OPINION OF COUNSEL, DELIVERED AT THE EXPENSE
      OF
      THE TRANSFEROR, THAT SUCH TRANSFER MAY BE MADE WITHOUT REGISTRATION UNDER THE
      SECURITIES ACT.

     

    IF
      THIS
      CERTIFICATE IS A BOOK-ENTRY CERTIFICATE, THE PROPOSED TRANSFEROR WILL BE DEEMED
      TO HAVE MADE EACH OF THE CERTIFICATIONS SET FORTH IN THE TRANSFEROR LETTER
      AND
      THE PROPOSED TRANSFEREE WILL BE DEEMED TO HAVE MADE EACH OF THE CERTIFICATIONS
      SET FORTH IN THE RULE 144A LETTER, IN EACH CASE AS IF SUCH CERTIFICATE WERE
      EVIDENCED BY A PHYSICAL CERTIFICATE.

     

    THE
      CERTIFICATES DESCRIBED HEREIN MAY ONLY BE OFFERED TO (I) “QUALIFIED
      INSTITUTIONAL BUYERS” AS DEFINED UNDER RULE 144A AND/OR (II) OUTSIDE THE UNITED
      STATES TO ENTITIES WHICH ARE “QUALIFIED INSTITUTIONAL BUYERS” AND WHICH ARE NOT
      U.S. PERSONS WITHIN THE MEANING OF REGULATION S UNDER THE 1933 ACT.

     

    NEITHER
      THIS CERTIFICATE NOR ANY INTEREST HEREIN MAY BE TRANSFERRED UNLESS THE
      TRANSFEREE DELIVERS TO THE TRUSTEE EITHER A REPRESENTATION LETTER TO THE EFFECT
      THAT SUCH TRANSFEREE IS NOT AN EMPLOYEE BENEFIT PLAN SUBJECT TO TITLE I OF
      THE
      EMPLOYEE RETIREMENT INCOME SECURITY ACT OF 1974, AS AMENDED (“ERISA”), OR A PLAN
      OR ARRANGEMENT SUBJECT TO SECTION 4975 OF THE CODE, OR A PLAN SUBJECT TO
      APPLICABLE FEDERAL, STATE OR LOCAL LAW (“SIMILAR LAW”) MATERIALLY SIMILAR TO THE
      FOREGOING PROVISIONS OF ERISA OR THE CODE OR A PERSON INVESTING ON BEHALF OF
      OR
      WITH PLAN ASSETS OF SUCH A PLAN, OR, IF THE TRANSFEREE IS AN INSURANCE COMPANY,
      A REPRESENTATION LETTER THAT IT IS USING THE ASSETS OF ITS GENERAL ACCOUNT
      AND
      THAT THE PURCHASE AND HOLDING OF THIS CERTIFICATE ARE COVERED UNDER SECTIONS
      I
      AND III OF PROHIBITED TRANSACTION CLASS EXEMPTION 95-60 OR AN OPINION OF
      COUNSEL SATISFACTORY TO THE TRUSTEE, TO THE EFFECT THAT THE PURCHASE AND HOLDING
      OF THIS CERTIFICATE WILL NOT CONSTITUTE OR RESULT IN A PROHIBITED TRANSACTION
      WITHIN THE MEANING OF ERISA, SECTION 4975 OF THE CODE OR ANY SIMILAR LAW AND
      WILL NOT SUBJECT THE TRUSTEE OR THE SERVICER TO ANY OBLIGATION IN ADDITION
      TO
      THOSE EXPRESSLY UNDERTAKEN IN THE AGREEMENT OR TO ANY LIABILITY. NOTWITHSTANDING
      ANYTHING ELSE TO THE CONTRARY HEREIN, ANY PURPORTED TRANSFER OF THIS CERTIFICATE
      TO OR ON BEHALF OF AN EMPLOYEE BENEFIT PLAN OR OTHER PLAN OR ARRANGEMENT SUBJECT
      TO TITLE I OF ERISA, SECTION 4975 OF THE CODE OR SIMILAR LAW WITHOUT THE
      REPRESENTATION LETTER OR OPINION OF COUNSEL SATISFACTORY TO THE TRUSTEE AS
      DESCRIBED ABOVE SHALL BE VOID AND OF NO EFFECT.

     

    IF
      THIS
      CERTIFICATE IS A BOOK-ENTRY CERTIFICATE, THE PROPOSED TRANSFEREE WILL BE DEEMED
      TO HAVE MADE THE CERTIFICATIONS SET FORTH IN THE REPRESENTATION LETTER REFERRED
      TO ABOVE, AS IF SUCH CERTIFICATE WERE EVIDENCED BY A PHYSICAL
      CERTIFICATE.

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    

      
        	
                Certificate
                  No.

              	
                :

              	
                1

                 

              
	
                Cut-off
                  Date

              	
                :

              	
                January
                  1, 2006

                 

              
	
                First
                  Distribution Date

              	
                :

              	
                February
                  27, 2006

                 

              
	
                Initial
                  Certificate Balance of this Certificate (“Denomination”)

              	
                :

              	
                $8,786,000

                 

              
	
                Initial
                  Certificate Balances of all Certificates of this Class

              	
                :

              	
                Class

              	
                Class
                  Certificate Balance

              
	 	 	
                Class
                  B-2

              	
                $8,786,000

                 

              
	
                CUSIP

              	
                :

              	
                Class

              	
                CUSIP
                  No.

              
	 	 	
                Class
                  B-2

              	
                U03912
                  FH 7

                 

              
	
                ISIN

              	
                :

              	
                Class

              	
                ISIN

              
	 	 	
                Class
                  B-2

              	
                USU03912FH75

              

      

      

     

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    GS
      MORTGAGE SECURITIES CORP.

     

    GSAMP
      Trust 2006-S1

    Mortgage
      Pass-Through Certificates, Series 2006-S1

    Class B-2

     

    evidencing
      a percentage interest in the distributions allocable to the Certificates of
      the
      above-referenced Class.

     

    Principal
      in respect of this Certificate is distributable monthly as set forth herein.
      Accordingly, the Certificate Balance at any time may be less than the
      Certificate Balance as set forth herein. This Certificate does not evidence
      an
      obligation of, or an interest in, and is not guaranteed by the Depositor, the
      Master Servicer, the Responsible Party or the Trustee referred to below or
      any
      of their respective affiliates. Neither this Certificate nor the Mortgage Loans
      are guaranteed or insured by any governmental agency or
      instrumentality.

     

    This
      certifies that CEDE & CO. is the registered owner of the Percentage Interest
      evidenced by this Certificate (obtained by dividing the denomination of this
      Certificate by the aggregate of the denominations of all Certificates of the
      Class to which this Certificate belongs) in certain monthly distributions
      pursuant to a Pooling and Servicing Agreement, dated as of January 1, 2006
      (the
“Agreement”), among GS Mortgage Securities Corp., as depositor (the
“Depositor”), Long Beach Mortgage Company, as master servicer (the “Master
      Servicer”), Long Beach Mortgage Company, as responsible party (the “Responsible
      Party”)
      and
      Deutsche Bank National Trust Company, as trustee (the “Trustee”). To the extent
      not defined herein, the capitalized terms used herein have the meanings assigned
      in the Agreement. This Certificate is issued under and is subject to the terms,
      provisions and conditions of the Agreement, to which Agreement the Holder of
      this Certificate by virtue of the acceptance hereof assents and by which such
      Holder is bound.

     

    No
      transfer of a Certificate of this Class shall be made unless the Trustee shall
      have received (i) a representation letter from the transferee of such
      Certificate, acceptable to and in form and substance satisfactory to the
      Trustee, to the effect that such transferee is not an employee benefit plan
      subject to Section 406 of ERISA, a plan or arrangement subject to
      Section 4975 of the Code or a plan subject to Similar Law, or a person
      acting on behalf of any such plan or arrangement nor using the assets of any
      such plan or arrangement to effect such transfer, (ii) if the transferee is
      an
      insurance company, a representation letter that the transferee is using the
      assets of its general account and that the purchase and holding of this
      Certificate are covered under Section I and III of Prohibited Transaction Class
      Exemption 95-60 or (iii) an Opinion of Counsel satisfactory to the Trustee,
      to
      the effect that the purchase and holding of this Certificate will not constitute
      or result in a prohibited transaction within the meaning of ERISA, Section
      4975
      of the Code or any Similar Law and will not subject the Trustee or the Servicer
      to any obligation in addition to those expressly undertaken in the Agreement
      or
      to any liability, which representation letter or Opinion of Counsel shall not
      be
      an expense of the Trustee, the Servicer or the Trust Fund. In the event that
      such representation is violated, or any attempt is made to transfer to a plan
      or
      arrangement subject to Section 406 of ERISA, Section 4975 of the Code
      or Similar Law, or a person acting on behalf of any such plan or arrangement
      or
      using the assets of any such plan or arrangement, such attempted transfer or
      acquisition shall be void and of no effect. If this Certificate is a Book-Entry
      Certificate, the proposed transferee will be deemed to have made the
      certifications set forth in the representation letter referred to above, as
      if
      such Certificate were evidenced by a Physical Certificate.

     

    No
      transfer of a Certificate of this Class shall be made unless such disposition
      is
      exempt from the registration requirements of the Securities Act of 1933, as
      amended (the “1933 Act”), and any applicable state securities laws or is
      made in accordance with the 1933 Act and such laws. In the event of any such
      transfer, the Trustee shall require the transferor to execute a transferor
      certificate (in substantially the form attached to the Pooling and Servicing
      Agreement) and deliver either (i) a Rule 144A Letter or a Non-Rule
      144A Investment Letter, in either case substantially in the form attached to
      the
      Agreement, or (ii) a written Opinion of Counsel to the Trustee that such
      transfer may be made pursuant to an exemption, describing the applicable
      exemption and the basis therefor, from the 1933 Act or is being made pursuant
      to
      the 1933 Act, which Opinion of Counsel shall be an expense of the
      transferor.

     

    In
      the
      event that a transfer of a Private Certificate which is a Book-Entry Certificate
      is to be made in reliance upon an exemption from the Securities Act and such
      laws, in order to assure compliance with the Securities Act and such laws,
      the
      Certificateholder desiring to effect such transfer will be deemed to have made
      as of the transfer date each of the certifications set forth in the Transferor
      Certificate in respect of such Certificate and the transferee will be deemed
      to
      have made as of the transfer date each of the certifications set forth in the
      Rule 144A Letter in respect of such Certificate, in each case as if such
      Certificate were evidenced by a Physical Certificate.

     

    Reference
      is hereby made to the further provisions of this Certificate set forth on the
      reverse hereof, which further provisions shall for all purposes have the same
      effect as if set forth at this place.

     

    This
      Certificate shall not be entitled to any benefit under the Agreement or be
      valid
      for any purpose unless manually authenticated by an authorized signatory of
      the
      Trustee.

     

    *
       *  *

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    IN
      WITNESS WHEREOF, the Trustee has caused this Certificate to be duly
      executed.

     

    
      	
              DEUTSCHE
                BANK NATIONAL TRUST COMPANY,

              not
                in its individual capacity, but solely as

              Trustee

            
	 	 
	
              By:

            	 

    

    

     

    Authenticated:

     

    By:____________________________________________________

    Authorized
      Signatory of

    DEUTSCHE
      BANK NATIONAL TRUST COMPANY,

    not
      in
      its individual capacity,

    but
      solely as Trustee

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    GS
      MORTGAGE SECURITIES CORP.

    GSAMP
      TRUST 2006-S1

     

    Mortgage
      Pass-Through Certificates

     

    This
      Certificate is one of a duly authorized issue of Certificates designated as
      GSAMP Trust 2006-S1 Mortgage Pass-Through Certificates, of the Series specified
      on the face hereof (herein collectively called the “Certificates”), and
      representing a beneficial ownership interest in the Trust Fund created by the
      Agreement.

     

    The
      Certificateholder, by its acceptance of this Certificate, agrees that it will
      look solely to the funds on deposit in the Distribution Account for payment
      hereunder and that the Trustee is not liable to the Certificateholders for
      any
      amount payable under this Certificate or the Agreement or, except as expressly
      provided in the Agreement, subject to any liability under the
      Agreement.

     

    This
      Certificate does not purport to summarize the Agreement and reference is made
      to
      the Agreement for the interests, rights and limitations of rights, benefits,
      obligations and duties evidenced thereby, and the rights, duties and immunities
      of the Trustee.

     

    Pursuant
      to the terms of the Agreement, a distribution will be made on the 25th day
      of each month or, if such day is not a Business Day, the Business Day
      immediately following (the “Distribution Date”), commencing on the first
      Distribution Date specified on the face hereof, to the Person in whose name
      this
      Certificate is registered at the close of business on the applicable Record
      Date
      in an amount equal to the product of the Percentage Interest evidenced by this
      Certificate and the amount required to be distributed to Holders of Certificates
      of the Class to which this Certificate belongs on such Distribution Date
      pursuant to the Agreement. The Record Date for each Distribution Date is the
      last Business Day of the applicable Interest Accrual Period for the related
      Distribution Date; provided, however, that for any Definitive Certificates,
      the
      Record Date shall be the last Business Day of the month immediately preceding
      the month of such Distribution Date (or if such day is not a Business Day,
      on
      the immediately preceding Business Day).

     

    Distributions
      on this Certificate shall be made by wire transfer of immediately available
      funds to the account of the Holder hereof at a bank or other entity having
      appropriate facilities therefor, if such Certificateholder shall have so
      notified the Trustee in writing at least five Business Days prior to the related
      Record Date and such Certificateholder shall satisfy the conditions to receive
      such form of payment set forth in the Agreement, or, if not, by check mailed
      by
      first class mail to the address of such Certificateholder appearing in the
      Certificate Register. The final distribution on each Certificate will be made
      in
      like manner, but only upon presentment and surrender of such Certificate at
      the
      offices designated by the Trustee for such purposes, or such other location
      specified in the notice to Certificateholders of such final
      distribution.

     

    The
      Agreement permits, with certain exceptions therein provided, the amendment
      thereof and the modification of the rights and obligations of the Trustee and
      the rights of the Certificateholders under the Agreement at any time by the
      Depositor, the Master Servicer and the Trustee with the consent of the Holders
      of Certificates affected by such amendment evidencing the requisite Percentage
      Interest, as provided in the Agreement. Any such consent by the Holder of this
      Certificate shall be conclusive and binding on such Holder and upon all future
      Holders of this Certificate and of any Certificate issued upon the transfer
      hereof or in exchange therefor or in lieu hereof whether or not notation of
      such
      consent is made upon this Certificate. The Agreement also permits the amendment
      thereof, in certain limited circumstances, without the consent of the Holders
      of
      any of the Certificates.

     

    As
      provided in the Agreement and subject to certain limitations therein set forth,
      the transfer of this Certificate is registrable in the Certificate Register
      of
      the Trustee upon surrender of this Certificate for registration of transfer
      at
      the offices designated by the Trustee for such purposes, accompanied by a
      written instrument of transfer in form satisfactory to the Trustee and the
      Certificate Registrar duly executed by the holder hereof or such holder’s
      attorney duly authorized in writing, and thereupon one or more new Certificates
      of the same Class in authorized denominations and evidencing the same aggregate
      Percentage Interest in the Trust Fund will be issued to the designated
      transferee or transferees.

     

    The
      Certificates are issuable only as registered Certificates without coupons in
      denominations specified in the Agreement. As provided in the Agreement and
      subject to certain limitations therein set forth, Certificates are exchangeable
      for new Certificates of the same Class in authorized denominations and
      evidencing the same aggregate Percentage Interest, as requested by the Holder
      surrendering the same.

     

    No
      service charge will be made for any such registration of transfer or exchange,
      but the Trustee may require payment of a sum sufficient to cover any tax or
      other governmental charge payable in connection therewith.

     

    The
      Depositor and the Trustee and any agent of the Depositor or the Trustee may
      treat the Person in whose name this Certificate is registered as the owner
      hereof for all purposes, and neither the Depositor, the Trustee, nor any such
      agent shall be affected by any notice to the contrary.

     

    On
      any
      Distribution Date on which the aggregate Stated Principal Balance of the
      Mortgage Loans is less than or equal to 10% of the Cut-off Date Pool Principal
      Balance, the Master Servicer (at the direction of the Majority Class X
      Certificateholder) will have the option to repurchase, in whole, from the Trust
      Fund all remaining Mortgage Loans and all property acquired in respect of the
      Mortgage Loans at a purchase price determined as provided in the Agreement.
      The
      obligations and responsibilities created by the Agreement will terminate as
      provided in Section 9.01 of the Agreement.

     

    Any
      term
      used herein that is defined in the Agreement shall have the meaning assigned
      in
      the Agreement, and nothing herein shall be deemed inconsistent with that
      meaning.

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    ASSIGNMENT

     

    FOR
      VALUE
      RECEIVED, the undersigned hereby sell(s), assign(s) and transfer(s)
      unto

     

    
      	 
	 

    

    (Please
      print or typewrite name and address including postal zip code of
      assignee)

     

    the
      Percentage Interest evidenced by the within Certificate and hereby authorizes
      the transfer of registration of such Percentage Interest to assignee on the
      Certificate Register of the Trust Fund.

     

    I
      (We) further direct the Trustee to issue a new Certificate of a like
      denomination and Class, to the above named assignee and deliver such Certificate
      to the following address:

     

    
      	 

    

    

    

    
      	 	 
	 	
              Signature
                by or on behalf of assignor

            

    

    

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    DISTRIBUTION
      INSTRUCTIONS

     

    The
      assignee should include the following for purposes of distribution:

     

    Distributions
      shall be made, by wire transfer or otherwise, in immediately available funds
      to
      ______________________________________________________ for the account of
      _______________________________________ account number               ,
      or, if
      mailed by check, to _________________________________________.

     

    Applicable
      statements should be mailed to _______________________________.

     

    This
      information is provided by__________________________________, the
      assignee named above, or _______________________________________
      as
      its
      agent.

    

    

    

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    10. The
      Agreement is hereby amended effective as of the date hereof by adding the
      following new Exhibit Z:

    

     

    EXHIBIT
      Z

     

    FORM
      OF

    TRANSFER
      CERTIFICATE FOR EXCHANGE OR

    TRANSFER
      FROM RULE 144A GLOBAL CLASS B-2 CERTIFICATE

    TO
      REGULATION S GLOBAL CLASS B-2 CERTIFICATE

     

    Deutsche
      Bank National Trust Company

     

    
      	
              Re:
                

            	
              GS
                Mortgage Securities Corp., Mortgage Pass-Through Certificates, Series
                2006-S1, Class B-2, issued pursuant to the Pooling and Servicing
                Agreement
                dated as of January 1, 2006 (the “Agreement”), among GS MORTGAGE
                SECURITIES CORP., LONG BEACH MORTGAGE COMPANY and DEUTSCHE BANK NATIONAL
                TRUST COMPANY, as Trustee (the
                “Certificates”)                           

            

    

    

     

    Capitalized
      terms used but not defined herein shall have the meanings given to them in
      the
      Agreement.

     

    This
      letter relates to U.S. $____________ principal amount of Certificates that
      are
      held as a beneficial interest in the 144A Class B-2 Certificate (CUSIP No.
      ________) with DTC in the name of [insert name of transferor] (the
“Transferor”). The Transferor has requested an exchange or transfer of the
      beneficial interest for an interest in the Permanent Regulation S Global Class
      B-2 Certificate (CUSIP No. ________) to be held with [Euroclear] [Clearstream
      Banking] through DTC.

     

    In
      connection with the request and in receipt of the Certificates, the Transferor
      does hereby certify that the exchange or transfer has been effected in
      accordance with the transfer restrictions set forth in the Agreement and the
      Certificates and:

     

    (a)
      pursuant to and in accordance with Regulation S under the Securities Act of
      1933, as amended (the “Securities Act”), and accordingly the Transferor does
      hereby certify that:

     

    (i)
      the
      offer of the Certificates was not made to a person in the United States of
      America,

     

    [(ii)
      at
      the time the buy order was originated, the transferee was outside the United
      States of America or the Transferor and any person acting on its behalf
      reasonably believed that the transferee was outside the United States of
      America,

     

    (ii)
      the
      transaction was executed in, on or through the facilities of a designated
      offshore securities market and neither the Transferor nor any person acting
      on
      its behalf knows that the transaction was pre-arranged with a buyer in the
      United States of America,]**/

     

    (iii)
      no
      directed selling efforts have been made in contravention of the requirements
      of
      Rule 903(b) or 904(b) of Regulation S, as applicable,

     

    (iv)
      the
      transaction is not part of a plan or scheme to evade the registration
      requirements of the Securities Act, and

     

    (b)
      with
      respect to transfers made in reliance on Rule 144 under the Securities Act,
      the
      Transferor does hereby certify that the Certificates are being transferred
      in a
      transaction permitted by Rule 144 under the Securities Act.

     

    This
      certification and the statements contained herein are made for your benefit
      and
      the benefit of the issuer and the [Purchaser].

     

    [Insert
      name of Transferor]

     

    Dated:

    By:

     

    Title:

     

    __________________

    **
      Insert
      one of these two provisions, which come from the definition of “offshore
      transactions” in Regulation S.

     

    

     

    

     

    IN
      WITNESS WHEREOF, the Depositor, the Trustee, the Responsible Party and the
      Master Servicer have caused their names to be signed hereto by their respective
      officers thereunto duly authorized as of the day and year first above
      written.

     

    

     

    [SIGNATURE
      PAGE FOLLOW]

    

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    

     

    
      	
              GS
                MORTGAGE SECURITIES CORP.,

              as
                Depositor

            
	 	 
	
              By:

            	
              /s/
                Michelle Gill

            
	
              Name:

            	
              Michelle
                Gill

            
	
              Title:

            	
              Managing
                Director

            
	 	 
	 	 
	
              DEUTSCHE
                BANK NATIONAL TRUST COMPANY,

              solely
                as Trustee and not in its individual capacity

            
	 	 
	 	 
	
              By:

            	
              /s/
                Jennifer Hermansader

            
	
              Name:

            	
              Jennifer
                Hermansader

            
	
              Title:

            	
              Associate

            
	 	 
	 	 
	
              By:

            	
              /s/
                Karlene Benvenuto

            
	
              Name:

            	
              Karlene
                Benvenuto

            
	
              Title:

            	
              Authorized
                Signer

            
	 	 
	 	 
	
              LONG
                BEACH MORTGAGE COMPANY,

              as
                Responsible Party

            
	 	 
	 	 
	
              By:

            	
              /s/
                James Mark

            
	
              Name:

            	
              James
                Mark

            
	
              Title:

            	
              First
                Vice President

            
	 	 
	 	 
	
              LONG
                BEACH MORTGAGE COMPANY,

              as
                Master Servicer

            
	 	 
	 	 
	
              By:

            	
              /s/
                James Mark

            
	
              Name:

            	
              James
                Mark

            
	
              Title:

            	
              First
                Vice President

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00103-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00103-of-00352.parquet"}]]