Document:

EXHIBIT 4.3

Long
Beach Mortgage Loan Supplemental Interest Trust 2006-8 (the
“Trust”)

External ID: 1364350B

______________________________________________________________________________

The purpose of this
letter agreement (this “Confirmation”) is to confirm
the terms and conditions of the Transaction entered into between us
on the Trade Date specified below (the
“Transaction”).  This Confirmation constitutes a
“Confirmation” as referred to in the Agreement
specified below.

In this Confirmation “Provider” means Barclays Bank
PLC and “Counterparty” means  
Deutsche Bank
National Trust Company, not in its individual capacity but solely
as Supplemental Interest Trust Trustee on behalf of the
Trust.

1.         The definitions
and provisions contained in the 2000 ISDA Definitions (as published
by the International Swaps and Derivatives Association, Inc.) are
incorporated into this Confirmation.  In the event of any
inconsistency between those definitions and provisions and this
Confirmation, this Confirmation will govern.

           
This Confirmation supplements, forms part of, and is subject to,
the 1992 ISDA Master Agreement dated as of September 21, 2006 as
amended and supplemented from time to time (the
“Agreement”), between you and us.  All provisions
contained in the Agreement govern this Confirmation except as
expressly modified below.

Reference is made to that certain Pooling and Servicing Agreement
dated as of September 1, 2006, among Long Beach Securities Corp. as
Depositor, Washington Mutual Bank as Seller and Servicer, and
Counterparty as Supplemental Interest Trust Trustee (in such
capacity, the “Trustee”), as amended and supplemented
from time to time (the “PSA”).

           
Provider and Counterparty each represents to the other that it has
entered into this Swap Transaction in reliance upon such tax,
accounting, regulatory, legal, and financial advice as it deems
necessary and not upon any view expressed by the other.

2.         The terms of the
particular Transaction to which this Confirmation relates are as
follows:

	

Notional Amount:

	

Subject to amortisation as set out in the Additional Terms attached
hereto

	

Trade Date:

	

September 12, 2006

	

Effective Date:

	

September 21, 2006

	

Termination Date:

	

September 25, 2011, subject to adjustment in accordance with the
following Business Day Convention

	

Fixed Amounts:

	

 

	

Fixed Rate Payer:

	

Counterparty

	

Fixed Rate Payer Payment Dates:

	

The 25th day of each month commencing on 25 October
2006, and ending on the Termination Date, inclusive, subject to
adjustment in accordance with the Following Business Day
Convention, using No Adjustment for Period End Dates.

	

Fixed Rate:

	

5.07%

	

Fixed Rate Day Count Fraction:

	

30/360

	

Floating Amounts:

	

 

	

Floating Rate Payer:

	

Provider

	

Floating Rate Payer

 Payment Dates:

	

The 25th day of each month commencing on 25 October
2006, and ending on the Termination Date, inclusive, subject to
adjustment in accordance with the Following Business Day
Convention, using No Adjustment for Period End Dates.

	

Floating Rate Option:

	

USD-LIBOR-BBA

	

Designated Maturity:

	

1 month

	

Spread:

	

None

	

Floating Rate

 Day Count Fraction:

	

30/360

	

Reset Dates:

	

The first day of each Calculation Period

	

Compounding

	

Inapplicable

	

Business Day:

	

The States of California, Delaware, New York and Washington or if
the Trustee gives Provider notice of the change in the principal
corporate trust office of the Trustee in accordance with the PSA,
the city in which the principal corporate trust office of the
Trustee is located.

	

Calculation Agent:

	

Provider

	

 

	

 

3.          
Account
Details:

Payments to
Provider:                 
As advised separately in writing

Payments to
Counterparty:          
As advised separately in writing

4.         
Offices:

(a)        The Office of
Provider for this Transaction is London.

(b)        The Office of
Counterparty for this Transaction is Santa Ana, California.

5.          
Relationship
between the Parties:

Each party will be
deemed to represent to the other party on the date on which it
enters into this Transaction that (absent a written agreement
between the parties that expressly imposes affirmative obligations
to the contrary for this Transaction):

(a)            Principal. Provider
is acting as principal and not as agent when entering into this
Agreement and each Transaction.  Counterparty is acting not in
its individual capacity but solely as Supplemental Interest Trust
Trustee on behalf of the Trust.

(b)            Non-Reliance.
Provider is acting for its own account and it has made its own
independent decisions to enter into this Transaction and as to
whether this Transaction is appropriate or proper for it based upon
its own judgment and upon advice from such advisors as it has
deemed necessary.  Counterparty is acting not in its
individual capacity but solely as Trustee on behalf of the
Trust.  Neither party is relying on any communication (written
or oral) of the other party as investment advice or as a
recommendation to enter into this Transaction; it being understood
that information and explanations related to the terms and
conditions of this Transaction shall not be considered investment
advice or a recommendation to enter into this Transaction.  No
communication (written or oral) received from the other party shall
be deemed to be an assurance or guarantee as to the expected
results of this Transaction.

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

(d)            Status of
Parties.  The other party is not acting as a
fiduciary or an advisor for it in respect of this Transaction.
           

(e)            Consultation. 
Discussions of termination or limitation of risk with respect to
this Transaction and/or provision by a party of indicative
valuations, financial analyses or other statements of valuation and
risk based on market movements (i) are based only on the
party’s business and experience as a provider of financial
services, (ii) are subject only to the duty of each party to
act in good faith and to no other duty and (iii) do not
constitute guarantees or assurances of financial results or
commitments to terminate or otherwise limit exposure under this
Transaction, it being understood that each party undertakes duties,
liabilities or obligations under the Agreement or in respect of
this Transaction only through written documentation expressly so
undertaking and signed by its duly authorized officer.

(f)             Awareness.  In so far as Counterparty is not acting as a
dealer or a market professional in the relevant market, this
Transaction is entered into in accordance with its authorized
policies for purposes of hedging or managing its assets,
liabilities and/or investments or in connection with a line of
business (and not for speculation).

6.          
Trustee
Capacity:

It is expressly understood and
agreed by the parties hereto that (i) this Confirmation is executed
and delivered by Deutsche Bank National Trust Company
(“Deutsche Bank”) not individually or personally but
solely as Trustee of the Trust, in the exercise of the powers and
authority conferred and vested in it under the PSA, (ii) each of
the representations, undertakings and agreements herein made on the
part of the Trust is made and intended not as personal
representations, undertakings and agreements by Deutsche Bank but
is made and intended for the purpose of binding only the Trust,
(iii) nothing herein contained shall be construed as creating any
liability on the part of Deutsche Bank, individually or personally,
to perform any covenant either expressed or implied contained
herein, all such liability, if any, being expressly waived by the
parties hereto and by any Person claiming by, through or under the
parties hereto and (iv) under no circumstances shall Deutsche Bank
be personally liable for the payment of any indebtedness or
expenses of the Trust or be liable for the breach or failure of any
obligation, representation, warranty or covenant made or undertaken
by the Trust under this Confirmation or any other related documents
as to all of which recourse shall be had solely to the assets of
the Trust in accordance with the terms of the PSA.

The time at which the above transaction was
executed will be notified to Counterparty on request.

ADDITIONAL TERMS

	

Period up to but excluding the Payment Date scheduled to occur
on:

	

Notional Amount (USD):

	
10/25/2006

	
0

	
11/25/2006

	

     1,136,924,471.00

	
12/25/2006

	

      1,127,025,014.00

	
1/25/2007

	

      1,115,931,857.00

	
2/25/2007

	

      1,103,161,568.00

	
3/25/2007

	

      1,088,735,540.00

	
4/25/2007

	

      1,085,154,502.00

	
5/25/2007

	

      1,079,574,878.00

	
6/25/2007

	

      1,071,339,962.00

	
7/25/2007

	

      1,060,443,170.00

	
8/25/2007

	

      1,046,508,859.00

	
9/25/2007

	

      1,028,856,169.00

	
10/25/2007

	

      1,000,149,396.00

	
11/25/2007

	

         969,792,642.00

	
12/25/2007

	

         939,359,958.00

	
1/25/2008

	

         909,663,695.00

	
2/25/2008

	

         880,677,681.00

	
3/25/2008

	

         852,333,933.00

	
4/25/2008

	

         826,147,006.00

	
5/25/2008

	

         801,189,047.00

	
6/25/2008

	

         769,959,138.00

	
7/25/2008

	

         740,587,995.00

	
8/25/2008

	

         712,942,046.00

	
9/25/2008

	

         463,306,436.00

	
10/25/2008

	

         428,016,218.00

	
11/25/2008

	

         390,069,408.00

	
12/25/2008

	

         358,865,310.00

	
1/25/2009

	

         334,889,900.00

	
2/25/2009

	

         315,213,955.00

	
3/25/2009

	

         298,327,783.00

	
4/25/2009

	

         283,444,153.00

	
5/25/2009

	

         271,067,246.00

	
6/25/2009

	

         259,356,643.00

	
7/25/2009

	

         248,245,362.00

	
8/25/2009

	

         237,666,460.00

	
9/25/2009

	

         224,427,408.00

	
10/25/2009

	

         211,170,868.00

	
11/25/2009

	

         206,082,414.00

	
12/25/2009

	

         196,955,578.00

	
1/25/2010

	

         186,789,025.00

	
2/25/2010

	

         177,091,560.00

	
3/25/2010

	

         167,868,695.00

	
4/25/2010

	

         158,947,026.00

	
5/25/2010

	

         150,811,038.00

	
6/25/2010

	

         143,044,555.00

	
7/25/2010

	

         136,524,420.00

	
8/25/2010

	

         130,323,289.00

	
9/25/2010

	

         124,361,953.00

	
10/25/2010

	

         117,782,352.00

	
11/25/2010

	
 
       111,035,002.00

	
12/25/2010

	

         104,632,450.00

	
1/25/2011

	

         
98,491,030.00

	
2/25/2011

	

         
92,811,773.00

	
3/25/2011

	

         
87,552,521.00

	
4/25/2011

	

         
82,569,141.00

	
5/25/2011

	

         
77,440,607.00

	
6/25/2011

	

    
     72,090,056.00

	
7/25/2011

	

         
67,241,705.00

	
8/25/2011

	

         
62,787,048.00

	
9/25/2011

	

58,799,350.00

Please confirm
that the foregoing correctly sets forth the terms of our agreement
by executing the copy of this Confirmation enclosed for that
purpose and returning it to us.

 

                                                                                     
 Yours faithfully,

BARCLAYS BANK PLC

  

  

                                                                          By:_______/s/
Adam Carysforth______________

                                                                                
Name: Adam Carysforth

                                                                                
Title:  Authorised Signatory

  

Deutsche Bank National Trust Company, not in its individual
capacity but solely as Supplemental Interest Trust Trustee on
behalf of Long Beach Mortgage Loan Supplemental Interest Trust
2006-8

 

By:____/s/ Ronaldo Reyes_______________

Name:  Ronaldo Reyes

Title:   Vice President

 

 

By:____/s/_Melissa Wilman______________

Name:  Melissa Wilman

Title:   Vice President

 

 

[Signature Page to Swap Confirmation for LBMLT 2006-8]

(Multicurrency—Cross
Border)

           

ISDAÒ

International Swap Dealers Association,
Inc.

MASTER AGREEMENT

dated as of September 21, 2006

	
BARCLAYS BANK
PLC

(“Party A”)

	
and

	
Deutsche Bank National Trust Company,
not in its individual capacity but solely as Supplemental Interest
Trust Trustee on behalf of Long Beach Mortgage Loan Supplemental
Interest Trust 2006‐8

(“Party
B”)

 

have entered and/or anticipate entering into one
or more transactions (each a “Transaction”) that are or
will

be governed by this Master Agreement, which includes the schedule
(the “Schedule”), and the documents

and other confirming evidence (each a “Confirmation”)
exchanged between the parties confirming those
Transactions.

Accordingly, the parties agree as
follows:—

1.                  

Interpretation

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

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

(c)                
Single Agreement. All Transactions are entered into
in reliance on the fact that this Master Agreement and all
Confirmations form a single agreement between the parties
(collectively referred to as

this “Agreement”), and the parties would not otherwise
enter into any Transactions.

2.                  

Obligations

(a)                

General Conditions.

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

(ii)     Payments under this Agreement will be made on the due date
for value on that date in the place

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

(iii)    Each obligation
of each party under Section 2(a)(i) is subject to (1) the condition
precedent

that no Event of Default or Potential Event of Default with respect
to the other party has occurred

and is continuing, (2) the condition precedent that no Early
Termination Date in respect of the relevant Transaction has
occurred or been effectively designated and (3) each other
applicable condition precedent specified in this Agreement.

value of that which was (or
would have been) required to be delivered as of the originally
scheduled date

for delivery, in each case together with (to the extent permitted
under applicable law) interest, in the currency,

of such amounts, from (and including) the date such amounts or
obligations were or would have been required

to have been paid or performed to (but excluding) such Early
Termination Date, at the Applicable Rate. Such

amounts of interest will be calculated on the basis of daily
compounding and the actual number of days

elapsed. The fair market value of any obligation referred to in
clause (b) above shall be reasonably

determined by the party obliged to make the determination under
Section 6(e) or, if each party is so obliged,

it shall be the average of the Termination Currency Equivalents of
the fair market values reasonably

determined by both parties.

IN
WITNESS WHEREOF the parties have executed this document on the
respective dates specified below

with effect from the date specified on the first page of this
document.

	

BARCLAYS BANK
PLC

	
 

	

Deutsche Bank National
Trust Company, not in its individual capacity but solely
as Supplemental Interest Trust Trustee on behalf of Long Beach
Mortgage Loan Supplemental Interest Trust 2006‐8

	

 

 

By: 
             /s/ Leelee
Panno                                    

Name:  Leelee Panno

 Title:    Associate Director

 Date:    

	
 

	

 

 

By: 
              /s/  Ronaldo
Reyes                                        

Name:  Ronaldo Reyes

 Title:    Vice President

 Date: 

	

 

	
 

	
 

 

 

By: 
              /s/  Melissa
Wilman                                          

 

Name:  Melissa
Wilman

 Title:    Vice President

 Date: 

 

 

 

 

                                                                                                                                                         
Rate Swap Schedule

 

SCHEDULE

to
the

Master Agreement

dated
as of September 21, 2006

between

	

BARCLAYS BANK PLC

	

 

	
Deutsche Bank National
Trust Company, not in its individual capacity but solely as
Supplemental Interest Trust Trustee on behalf of Long Beach
Mortgage Loan Supplemental Interest Trust 2006-8 (the
“Trust”)

	

_______________________________________

("Party A")

	

 

	

_________________________________________

("Party B")

Part 1

Termination
Provisions.

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

Section
5(a)(v),            
Not applicable

Section
5(a)(vi),           
Not applicable

Section
5(a)(vii),          
Not applicable

Section
5(b)(iv),           
Not applicable

and in relation
to Party B for the purpose of:

Section
5(a)(v),            
Not applicable

Section
5(a)(vi),           
Not applicable

Section
5(a)(vii),          
Not applicable

Section
5(b)(iv),           
Not applicable

 

(b)   "Specified Transaction" will not
apply to Party A or to Party B.

(c)   Certain Events of Default.  The
following Events of Default will apply to the parties as specified
below, and the definition of "Event of Default" in Section 14 is
deemed to be modified accordingly:

Section 5(a)(i) (Failure to Pay or Deliver) will apply to
Party A and Party B.

Section 5(a)(ii) (Breach of Agreement) will not apply to
Party A or Party B.

Section 5(a)(iii) (Credit Support Default) will not apply to
Party A or Party B.

Section 5(a)(iv) (Misrepresentation) will not apply to Party
A or Party B.

Section
5(a)(v) (Default under Specified Transaction) will not apply
to Party A or Party B.

Section
5(a)(vi) (Cross Default) will not apply to Party A or Party
B.

Section 5(a)(vii) (Bankruptcy) will apply to Party A and
Party B; provided that clause (2) thereof shall not apply to Party
B.

Section 5(a)(viii) (Merger without Assumption) will apply to
Party A and will not apply to Party B.

(d)   Termination Events.  The
following Termination Events will apply to the parties as specified
below:

Section 5(b)(i) (Illegality) will apply to Party A and Party
B.

Section 5(b)(ii) (Tax Event) will apply to Party A and Party
B.

Section 5(b)(iii) (Tax Event upon Merger) will apply to
Party A and will not apply to Party B.

Section 5(b)(iv) (Credit Event upon Merger) will not apply
to Party A or Party B.

 

(e)   The "Automatic Early Termination"
provision of Section 6(a) of this Agreement will not apply to Party
A or Party B.

(f)    Payments on Early Termination.
For the purpose of Section 6(e) of this Agreement:

(i)    Market Quotation will apply.

(ii)   The Second Method will apply.

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

(h)   Gross Up.  The provisions of
Section 2(d)(i)(4) of this Agreement shall not apply to Party B as
“X” and the provisions of Section 2(d)(ii) of this
Agreement shall not apply to Party B as “Y,” such that
Party B shall not be required to pay any additional amounts
referred to herein.

(i)    Additional Termination
Events.  The following Additional Termination Events
will apply, in each case with respect to Party B as the sole
Affected Party (unless otherwise provided below):

(i)    Party A fails to comply with the Downgrade
Provisions as set forth in Part 5(b).  For all purposes of
this Agreement, Party A shall be the sole Affected Party with
respect to the occurrence of a Termination Event described in this
Part 1(h)(i).

(ii)   The Pooling and Servicing Agreement dated as of
September 1, 2006 among Long Beach Securities Corp. as Depositor,
Washington Mutual Bank as Seller and Servicer and Deutsche Bank
National Trust Company as Trustee for the trust and Supplemental
Interest Trust Trustee (the “Trustee”) for the
Supplemental Interest Trust (the “Trust”) as
amended and supplemented from time to time (the
“PSA”) or other transaction document is amended
or modified without the prior written consent of Party A, where
such consent is required under the terms of the PSA.

(iii)  The Trust is terminated pursuant to PSA.

(iv)  The deposit of the Termination Price by the Terminator
with the Trust pursuant to Section 9.01 of the PSA on a date that
is no later than the Determination Date in the month immediately
preceding the Distribution Date in which the Certificates will be
retired; provided that the Early Termination Date may not occur
until a date that is no earlier than the Business Day after the
Distribution Date falling in the month immediately preceding the
Distribution Date on which the Certificates will be retired
pursuant to Section 9.01 of the PSA.

(v)   Party A fails to satisfy its obligations under
Section 2 of that certain Indemnification and Disclosure Agreement
dated as of September 21, 2006 between Party A and Washington
Mutual Bank.  For all purposes of this Agreement, Party A
shall be the sole Affected Party with respect to the occurrence of
a Termination Event described in this Part 1(h)(v).

Part 2

Tax
Representations.

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

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

(b)   Payee Representations. For the
purpose of Section 3(f) of this Agreement, Party A and Party B make
the representations specified below, if any:

(i)    Party A makes the following
representation with respect to payments made to Party A which are
not effectively connected to the U.S.:  It is a non-U.S.
branch of a foreign person for U.S. federal income tax
purposes.

(ii)   Party A makes the following
representation with respect to payments made to Party A which are
effectively connected to the U.S.: Each payment received or to be
received by it in connection with this Agreement will be
effectively connected with its conduct of a trade or business in
the U.S.

(iii)   Party A makes the following representation
with respect to payments made to Party B which are not effectively
connected to the US:

It is fully eligible for the benefits of the “Business
Profits” , the “Interest” provision or the
“Other Income” provision (if any) of the Double Tax
Treaty between UK and the US with respect to any payment described
in such provisions and received or to be received by it in
connection with this Agreement and no such payment is attributable
to a trade or business carried on by it through a permanent
establishment in the US.

(iv) Party B makes the following representation, which
such representation is based solely on Section 4.09 of the PSA: The
Trust is a common law trust formed under the laws of the State of
Delaware.

Part 3

Agreement to Deliver
Documents.

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

(a)   Tax forms, documents or certificates to be
delivered are:— None

(b) Other documents to be
delivered are:—

 

	
Party required to
deliver document

	

Form/Document/Certificate

	
Date by which to be
delivered

	
Covered by
Section   3(d) Representation

	
Party A and Party
B

	
Incumbency
certificate (or, if available the current authorized signature book
or equivalent authorizing documentation) specifying the names,
titles, authority and specimen signatures of the persons authorized
to execute this Agreement which sets forth the specimen signatures
of each signatory to this Agreement, each Confirmation and each
Credit Support Document (if any) signing on its behalf.

	
Concurrently with
the execution and delivery of this Agreement unless previously
delivered and still in full force and effect.

	
Yes

	
Party A and B

	
An opinion of
counsel to such party relating to the enforceability of this
Agreement reasonably satisfactory in form and substance to the
other party.

	
Concurrently with
the execution and delivery of the Confirmation unless previously
delivered and still in full force and effect.

	
No

	
Party B

	
An executed copy
of the PSA.

	
Within 30 days
after the date of this Agreement.

	
Yes

	
Party A

	
Most recently
prepared annual balance sheet of Party A

	
As soon as
possible following request by Party B.

	
Yes

Part 4.

Miscellaneous.

(a)   Addresses for Notices. For the
purposes of Section 12(a) of this Agreement:

Party A:

Addresses for notices to Party A under Sections 5 or 6 (other than
notices under Section 5(a)(i)) shall be sent to:

  
    
      

5 The North Colonnade

Canary Wharf

London E14 4BB

Facsimile:              
44(20) 777 36461

Phone:                   
44(20) 777 36810

      

    

  

All other notices to Party A shall be sent directly to the Office
through which Party A is acting for the relevant Transaction, using
the address and contact particulars specified in the Confirmation
of that Transaction or otherwise notified.

Party
B:          Deutsche
Bank National Trust Company, not in its individual capacity but
solely as Supplemental Interest Trust Trustee on behalf of Long
Beach Mortgage Loan Supplemental Interest Trust 2006-8

      1761 East St. Andrew
Place,

      Santa Ana,

      California
92705-4934

      Attention: Long
Beach Mortgage Loan Trust 2006-8

(b)   Process Agent. For the purposes of
Section 13(c) of this Agreement:

Party
A appoints as its Process Agent:  Not applicable.

Party
B appoints as its Process Agent:  Not applicable.

(c)   Offices. With respect to Party A, the
provisions of Section 10(a) will apply to this Agreement.

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

Party A is a
Multibranch Party and may act through its New York and London
offices.

Party
B is not a Multibranch Party.

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

(f)    Credit Support Document. Credit
Support Document means

With respect to Party A:  Any Credit Support Annex that may be
entered into by Party A and Party B in connection with the
occurrence of a Collateralization Event or Rating Event, each as
defined under Part 5(b).

With
respect to Party B:  The PSA.

(g)    Credit Support Provider.

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

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

(h)   Governing Law. This Agreement will be
governed by and construed in accordance with the laws of the State
of New York (without reference to choice of law doctrine other than
New York General Obligation Law Sections 5-1401 and 5-1402).

(i)    Netting of Payments.
Subparagraph (ii) of Section 2(c) of this Agreement will apply to
all Transactions.

(j)    "Affiliate."  Each of
Party A and Party B shall be deemed to have no Affiliates.

(k)   The word “third” shall be replaced by
the word “first” in the third line of Section 5(a)(i)
of the Agreement. 

Part 5.

Other
Provisions.

(a)    Definitions.

        Any capitalized terms
used but not otherwise defined in this Agreement shall have the
meanings assigned to them (or incorporated by reference) in the
PSA.  In the event of any inconsistency between the terms of
this Agreement and the terms of the PSA, this Agreement will
govern.

(b)    Downgrade Provisions. 

(1)   It shall be a “Collateralization
Event” if (A) (i) the unsecured, unguaranteed and
otherwise unsupported long-term senior debt obligations of
Party A are rated below "A1" by Moody's Investors Service,
Inc. (“Moody’s”) or are rated "A1" by
Moody's and such rating is on watch for possible downgrade (but
only for so long as it is on watch for possible downgrade) and
(ii) the unsecured, unguaranteed and otherwise unsupported
short-term debt obligations of Party A are rated below
"P‐1" by Moody's or are rated "P‐1" by Moody's and such
rating is on watch for possible downgrade (but only for so long as
it is on watch for possible downgrade), (B) no short-term rating is
available from Moody's and the unsecured, unguaranteed and
otherwise unsupported long-term senior debt obligations of
Party A are rated below "Aa3" by Moody's or are rated "Aa3" by
Moody's and such rating is on watch for possible downgrade (but
only for so long as it is on watch for possible downgrade), or
(C)  either (i) the unsecured, unguaranteed and otherwise
unsupported short-term debt obligations of Party A are rated
below "A‐1" by Standard & Poor's Rating Services, a
division of The McGraw-Hill Companies, Inc.
(“S&P”) or (ii) if Party A does not
have a short-term rating from S&P, the unsecured, unguaranteed
and otherwise unsupported long-term senior debt obligations of
Party A are rated below "A+" by S&P or (D) either (i) the
unsecured, unguaranteed and otherwise unsupported long-term senior
debt obligations of Party A are rated below “A” by
Fitch, Inc. (“Fitch”) or (ii) the unsecured,
unguaranteed and otherwise unsupported short-term debt obligations
of Party A are rated below “F1” by Fitch.  For the
avoidance of doubt, the parties hereby acknowledge and agree that
notwithstanding the occurrence of a Collateralization Event, this
Agreement and each Transaction hereunder shall continue to qualify
as a Swap Agreement for purposes of the distribution priorities in
Article IV of the PSA.  Within 30 days from the date a
Collateralization Event has occurred and so long as such
Collateralization Event is continuing, Party A shall, at its
own expense, and subject to satisfaction of the Rating Agency
Condition either (i) pursuant to the terms of an ISDA Credit
Support Annex, including Paragraph 13, added to this Agreement by
an amendment to this Agreement (the “Credit Support
Annex”), post collateral to Party B in an amount
sufficient to restore to the levels that existed immediately prior
to the Collateralization Event the ratings of any Certificates then
rated by the Rating Agencies, (ii) furnish a guarantee of Party
A’s obligations under this Agreement from a guarantor with a
long-term credit rating greater than or equal to "A+" by S&P
and "Aa3" by Moody’s, or (iii) obtain a substitute
counterparty that (a) satisfies the Hedge Counterparty Ratings
Requirement (as defined herein) and (b) assumes the obligations of
Party A under this Agreement (through an assignment and
assumption agreement in form and substance reasonably satisfactory
to Party B) or replaces the outstanding Transactions hereunder
with transactions on identical terms, except that Party A
shall be replaced as counterparty, provided that such substitute
counterparty, as of the date of such assumption or replacement,
must not, as a result thereof, be required to withhold or deduct on
account of tax under the Agreement or the new transactions, as
applicable, and such assumption or replacement must not lead to a
termination event or event of default occurring in respect of the
new transactions, as applicable.  To the extent that Party A
elects or is required to post collateral pursuant to this Part
5(b)(1), Party A shall request its legal counsel to deliver to each
applicable Rating Agency within thirty (30) calendar days of the
occurrence of such Collateralization Event an opinion satisfactory
to the Rating Agency as to the enforceability of the Credit Support
Annex.

(2)   It shall be a ratings event (a “Ratings
Event”) if at any time after the date hereof Party A
shall fail to satisfy the Hedge Counterparty Ratings
Threshold.  “Hedge Counterparty Ratings
Threshold” shall mean (A) the unsecured, unguaranteed and
otherwise unsupported long-term senior debt obligations of
Party A are rated at least "BBB-" by S&P, (B) the
unsecured, unguaranteed and otherwise unsupported long-term senior
debt obligations of Party A are rated at least "A3" by Moody's
(and such rating is not on watch for possible downgrade) and the
unsecured, unguaranteed and otherwise unsupported short-term debt
obligations of Party A are rated at least "P‐2" by
Moody's (and such rating is not on watch for
possible downgrade), and (C) either (i) the unsecured, unguaranteed
and otherwise unsupported long-term senior debt obligations of
Party A are rated at least "BBB+" by Fitch or (ii) the
unsecured, unguaranteed and otherwise unsupported short-term debt
obligations of Party A are rated at least "F2" by Fitch. 
For the avoidance of all doubts, the parties hereby acknowledge and
agree that notwithstanding the occurrence of a Ratings Event, this
Agreement and each Transaction hereunder shall continue to qualify
as a Swap Agreement for purposes of the distribution priorities in
Section 4.01 of the PSA.

(3)  
Following a Ratings Event, Party A shall take the following
actions:

(a)   Within 30 days (or, in the case of a failure to
meet the requirements of subparagraph (A) of the definition of
“Hedge Counterparty Ratings Threshold”, within 10
Business Days) of the Ratings Event, Party A, at its sole
expense, shall (i) obtain a substitute counterparty that (A)
satisfies the Rating Agency Condition, (B) satisfies the Hedge
Counterparty Ratings Requirement and (C) assumes the obligations of
Party A under this Agreement (through an assignment and
assumption agreement in form and substance reasonably satisfactory
to Party B) or replaces the outstanding Transactions hereunder
with transactions on identical terms, except that Party A
shall be replaced as counterparty, provided that such substitute
counterparty, as of the date of such assumption or replacement,
must not, as a result thereof, be required to withhold or deduct on
account of tax under the Agreement or the new transactions, as
applicable, and such assumption or replacement must not lead to a
termination event or event of default occurring in respect of the
new transactions, as applicable, or (ii) furnish a guarantee of
Party A’s obligations under this Agreement from a guarantor
that (A) satisfies the Hedge Counterparty Ratings Requirement and
(B) satisfies the Rating Agency Condition, or (iii) take such other
action that satisfies the Rating Agency Condition. 
Notwithstanding anything contained herein to the contrary, if Party
A is required to transfer its rights and obligations under this
Agreement pursuant to this Part 5(b)(3) as a result of a rating
issued by S&P, Party A shall, at all times prior to such
transfer, be required to post collateral in accordance with (i) the
terms of the Credit Support Annex or (ii) an agreement with Party B
providing for the posting of collateral, which agreement shall
satisfy the Rating Agency Condition specified in Part 5(n) below
and require Party A to post the required collateral.

  

“Hedge Counterparty Ratings Requirement” shall
mean (a) either (i) the unsecured, unguaranteed and otherwise
unsupported short-term debt obligations of the substitute
counterparty are rated at least "A‐1" by S&P or (ii) if
the substitute counterparty does not have a short-term rating from
S&P, the unsecured, unguaranteed and otherwise unsupported
long-term senior debt obligations of the substitute counterparty
are rated at least "A+" by S&P, (b) either (i) the unsecured,
unguaranteed and otherwise unsupported long-term senior debt
obligations of such substitute counterparty are rated at least "A1"
by Moody's (and if rated "A1" by Moody's, such rating is not on
watch for possible downgrade) and the unsecured, unguaranteed and
otherwise unsupported short-term debt obligations of such
substitute counterparty are rated at least "P‐1" by Moody's
(and if rated "P-1" by Moody's, such rating is not on watch for
possible downgrade and remaining on watch for possible downgrade),
or (ii) if such substitute counterparty does not have a short-term
debt rating from Moody's, the unsecured, unguaranteed and otherwise
unsupported long-term senior debt obligations of such substitute
counterparty are rated at least "Aa3" by Moody's (and if rated
"Aa3" by Moody's, such rating is not on watch for possible
downgrade), and (c) either (i) the unsecured, unguaranteed and
otherwise unsupported long-term senior debt obligations of such
substitute counterparty are rated at least "A" by Fitch or (ii) the
unsecured, unguaranteed and otherwise unsupported short-term debt
obligations of such substitute counterparty are rated at least "F1"
by Fitch. For the purpose of this definition, no direct or indirect
recourse against one or more shareholders of the substitute
counterparty (or against any Person in control of, or controlled
by, or under common control with, any such shareholder) shall be
deemed to constitute a guarantee, security or support of the
obligations of the substitute counterparty.

  

(c)   Section 3(a) of this Agreement is hereby amended to
include the following additional representations after paragraph
3(a)(v):

(vi)        Eligible Contract
Participant. It is an "eligible contract participant" as
defined in section 1a(12) of the U.S. Commodity Exchange Act.

(vii)       Individual
Negotiation. This Agreement and each Transaction hereunder
is subject to individual negotiation by the parties.

(viii)      Relationship between Party A
and Party B. Subject as provided in Part 5(g), each of
Party A and Party B will be deemed to represent to the other on the
date on which it enters into a Transaction or an amendment thereof
that (absent a written agreement between Party A and Party B that
expressly imposes affirmative obligations to the contrary for that
Transaction):

(1)          
Principal. Party A is acting as principal and not as
agent when entering into this Agreement and each Transaction. 
Party B is acting not in its individual capacity but solely as
Trustee on behalf of Long Beach Mortgage Loan Supplemental Interest
Trust 2006-8.

(2)          
Non-Reliance. Party A is acting for its own account
and it has made its own independent decisions to enter into that
Transaction and as to whether that Transaction is appropriate or
proper for it based upon its own judgment and upon advice from such
advisors as it has deemed necessary.  Party B is acting not in
its individual capacity but solely as Trustee on behalf of Long
Beach Mortgage Loan Supplemental Interest Trust 2006-8. It is not
relying on any communication (written or oral) of the other party
as investment advice or as a recommendation to enter into that
Transaction; it being understood that information and explanations
related to the terms and conditions of a Transaction shall not be
considered investment advice or a recommendation to enter into that
Transaction. No communication (written or oral) received from the
other party shall be deemed to be an assurance or guarantee as to
the expected results of that Transaction.

(3)          
Evaluation and Understanding. It is capable of
evaluating and understanding (on its own behalf or through
independent professional advice), and understands and accepts, the
terms, conditions and risks of this Agreement and each Transaction
hereunder. It is also capable of assuming, and assumes, all
financial and other risks of this Agreement and each Transaction
hereunder.

(4)          
Status of Parties. The other party is not acting as a
fiduciary or an advisor for it in respect of that Transaction.

(d)   Section 1(c).  For purposes of
Section 1(c) of the Agreement, the Transaction with External ID:
1364350B shall be the sole Transaction under the Agreement.

(e)  
Transfer.  Section 7 is hereby amended to read
in its entirety as follows:

Except as stated under Section 6(b)(ii), provided that to the
extent Party A makes a transfer pursuant to Section 6(b)(ii) it
will provide a prior written notice to the Rating Agencies of such
transfer, neither Party A nor Party B is permitted to assign,
novate or transfer (whether by way of security or otherwise) as a
whole or in part any of its rights, obligations or interests under
this Agreement or any Transaction without the prior written consent
of the other party; provided, however, that (i) Party A may make
such a transfer of this Agreement pursuant to a consolidation or
amalgamation with, or merger with or into, or transfer of
substantially all of its assets to, another entity, or an
incorporation, reincorporation or reconstitution, and (ii) Party A
may transfer this Agreement to any Person that is an office, branch
or affiliate of Party A (any such Person, office, branch or
affiliate, a “Transferee”) on at least five
Business Days' prior written notice to Party B; provided that, with
respect to clause (ii), (A) as of the date of such transfer the
Transferee will not be required to withhold or deduct on account of
a Tax from any payments under this Agreement unless the Transferee
will be required to make payments of additional amounts pursuant to
Section 2(d)(i)(4) of this Agreement in respect of such Tax; (B) a
Termination Event or Event of Default does not occur under this
Agreement as a result of such transfer; (C) such notice is
accompanied by a written instrument pursuant to which the
Transferee acquires and assumes the rights and obligations of Party
A so transferred; and (D) Party A will be responsible for any costs
or expenses incurred in connection with such transfer.  Party
B will execute such documentation as is reasonably deemed necessary
by Party A for the effectuation of any such transfer. 
Notwithstanding the foregoing, no such transfer shall be made
unless the transferring party obtains a written acknowledgment from
each of the Rating Agencies that, notwithstanding such transfer,
the then-current ratings of the Certificates will not be reduced or
withdrawn, provided, however, that this provision shall not
apply to any transfer that is made pursuant to the provisions of
Part 5(b) of this Agreement.

Except as specified
otherwise in the documentation evidencing a transfer, a transfer of
all the obligations of Party A made in compliance with this Section
7 will constitute an acceptance and assumption of such obligations
(and any related interests so transferred) by the Transferee, a
novation of the transferee in place of Party A with respect to such
obligations (and any related interests so transferred), and a
release and discharge by Party B of Party A from, and an agreement
by Party B not to make any claim for payment, liability, or
otherwise against Party A with respect to, such obligations from
and after the effective date of the transfer.

In addition, Party A may
transfer this Agreement without the prior written consent of the
Trustee on behalf of Party B but with prior written notice to
S&P, to an Affiliate of Party A that satisfies the Hedge
Counterparty Rating Requirements or that has furnished a guarantee,
subject to S&P Ratings Condition, of the obligations under this
Agreement from a guarantor that satisfies the Hedge Counterparty
Rating Requirements; provided that (A) as of the date of such
transfer the Transferee will not be required to withhold or deduct
on account of a Tax from any payments under this Agreement unless
the Transferee will be required to make payments of additional
amounts pursuant to Section 2(d)(i)(4) of this Agreement in respect
of such Tax, (B) a Termination Event or Event of Default does not
occur under this Agreement as a result of such transfer, (C) such
notice is accompanied by a written instrument pursuant to which the
Transferee acquires and assumes the rights and obligations of Party
A so transferred, (D) Party A will be responsible for any costs or
expenses incurred in connection with such transfer, and (E)
satisfaction of the S&P Ratings Condition will be required
unless such transfer is in connection with the assignment and
assumption of this Agreement by the Transferee without modification
of its terms, other than the following terms: party name, dates
relevant to the effective date of such transfer, tax
representations (provided that the representations in Part 2(a) are
not modified) and any other representations regarding the status of
the Transferee of the type included in Section (c) of this Part 5
and notice information (in which case, Party A shall provide
written notice to S&P with respect thereto).

(f)    Trustee Capacity.  It is
expressly understood and agreed by the parties hereto that (i) this
Agreement is executed and delivered by Deutsche Bank National Trust
Company (“Deutsche Bank”) not individually or
personally but solely as trustee of the Trust, in the exercise of
the powers and authority conferred and vested in it under the PSA,
(ii) each of the representations, undertakings and agreements
herein made on the part of the Trust is made and intended not as
personal representations, undertakings and agreements by Deutsche
Bank but is made and intended for the purpose of binding only the
Trust, (iii) nothing herein contained shall be construed as
creating any liability on the part of Deutsche Bank, individually
or personally, to perform any covenant either expressed or implied
contained herein, all such liability, if any, being expressly
waived by the parties hereto and by any Person claiming by, through
or under the parties hereto and (iv) under no circumstances shall
Deutsche Bank be personally liable for the payment of any
indebtedness or expenses of the Trust or be liable for the breach
or failure of any obligation, representation, warranty or covenant
made or undertaken by the Trust under this Agreement or any other
related documents as to all of which recourse shall be had solely
to the assets of the Trust in accordance with the terms of the
PSA.

(g)   Additional Representations.

        Party B represents
that:

(i)    Status.  The Trustee is trustee of the
Trust under the PSA.  It is a national banking association
validly existing under the laws of the United States; and 

(ii)   Powers. In its capacity as trustee of the Trust,
the Trustee has power under the PSA to execute this Agreement and
any other documentation relating to this Agreement that the Trustee
is executing and delivering on behalf of the Trust, to deliver this
Agreement and any other documentation relating to this Agreement
that it is required to execute and deliver and to perform the
obligations (on behalf of the Trust) under this Agreement and any
obligations (on behalf of the Trust) under any Credit Support
Document to which the Trustee on behalf of the Trust is party and
has taken all necessary action to authorize such execution,
delivery and performance.

(h)   Proceedings.  Without impairing
any right afforded to it under the PSA as a third party
beneficiary, Party A shall not institute against or cause any other
person to institute against, or join any other person in
instituting against the Trust, any bankruptcy, reorganization,
arrangement, insolvency or liquidation proceedings, or other
proceedings under any federal or state bankruptcy, dissolution or
similar law, for a period of one year and one day, or if longer the
applicable preference period then in effect, following indefeasible
payment in full of the Certificates.  Nothing shall preclude,
or be deemed to stop, Party A (i) from taking any action prior to
the expiration of the aforementioned one year and one day period,
or if longer the applicable preference period then in effect, in
(A) any case or proceeding voluntarily filed or commenced by Party
B or (B) any involuntary insolvency proceeding filed or commenced
by a Person other than Party A, or (ii) from commencing against
Party B or any of the Mortgage Loans any legal action which is not
a bankruptcy, reorganization, arrangement, insolvency, moratorium,
liquidation or similar proceeding.

(i)    Change of Account. 
Section 2(b) of this Agreement is hereby amended by the addition of
the following after the word "delivery" in the first line
thereof:

"to another account in the same legal and tax jurisdiction as the
original account"

(j)    Pooling and Servicing
Agreement.  Party B will provide at least ten days'
prior written notice to Party A of any proposed amendment or
modification to the PSA and Party B will obtain the prior written
consent of Party A to any such amendment or modification, where
such consent is required under the terms of the PSA.

(k)   Set-off.  Notwithstanding any
provision of this Agreement or any other existing or future
agreements, each of Party A and Party B irrevocably waives as to
itself any and all contractual rights it may have to set off, net,
recoup or otherwise withhold or suspend or condition its payment or
performance of any obligation to the other party under this
Agreement against any obligation of one party hereto to the other
party hereto arising outside of this Agreement.  The
provisions for set-off set forth in Section 6(e) of this Agreement
shall not apply for purposes of this Transaction.

(l)    Notice of Certain Events or
Circumstances.  Each party agrees, upon learning of
the occurrence or existence of any event or condition that
constitutes (or that with the giving of notice or passage of time
or both would constitute) an Event of Default or Termination Event
with respect to such party, promptly to give the other party notice
of such event or condition (or, in lieu of giving notice of such
event or condition in the case of an event or condition that with
the giving of notice or passage of time or both would constitute an
Event of Default or Termination Event with respect to the party, to
cause such event or condition to cease to exist before becoming an
Event of Default or Termination Event); provided that failure to
provide notice of such event or condition pursuant to this Part
5(l) shall not constitute an Event of Default or a Termination
Event.

(m)  Regarding Party A.  Party B
acknowledges and agrees that Party A has had and will have no
involvement in and, accordingly Party A accepts no responsibility
for:  (i) the establishment, structure, or choice of assets of
Party B; (ii) the selection of any person performing services for
or acting on behalf of Party B; (iii) the selection of Party A as
the Counterparty; (iv) the terms of the Certificates; (v) the
preparation of or passing on the disclosure and other information
contained in any offering circular for the Certificates, the PSA,
or any other agreements or documents used by Party B or any other
party in connection with the marketing and sale of the Certificates
(other than information provided by Party A for purposes of the
disclosure document relating to the Class A Certificates and the
Mezzanine Certificates); (vi) the ongoing operations and
administration of Party B, including the furnishing of any
information to Party B which is not specifically required under
this Agreement; or (vii) any other aspect of Party B's
existence.

(n)   Rating Agency Condition. 
Without prejudice to Section 9 of this Agreement, this Agreement
will not be amended unless the Rating Agency Condition is satisfied
with respect to such amendment.  “Rating Agency
Condition” means, with respect to any particular proposed
act or omission to act hereunder that the party acting or failing
to act must consult with each of S&P, Fitch and Moody’s
then providing a rating of the Class A Certificates and the
Mezzanine Certificates and receive a prior written confirmation
from each of the Rating Agencies that S&P, Moody’s or
Fitch will not downgrade or withdraw its then-current ratings of
any outstanding Class A Certificates and the Mezzanine
Certificates.

(o)   Jurisdiction. Section 13(b) is hereby
amended by: (i) deleting in the second line of subparagraph (i)
thereof the word "non-" and (ii) deleting the final paragraph
thereof.

(p)   Waiver of Jury Trial. Each party
waives, to the fullest extent permitted by applicable law, any
right it may have to a trial by jury in respect of any suit, action
or proceeding relating to this Agreement or any Credit Support
Document. Each party certifies (i) that no representative, agent or
attorney of the other party or any Credit Support Provider has
represented, expressly or otherwise, that such other party would
not, in the event of such a suit, action or proceeding, seek to
enforce the foregoing waiver and (ii) acknowledges that it and the
other party have been induced to enter into this Agreement and
provide for any Credit Support Document, as applicable, by, among
other things, the mutual waivers and certifications in this
Section.

(q)   Consent to Recording. Each party (i)
consents to the recording of the telephone conversations of trading
and marketing personnel of the parties in connection with this
Agreement or any potential transaction and (ii) if applicable,
agrees to obtain any necessary consent of, and give notice of such
recording to, such personnel.

(r)    Independent Reliance.  The
parties agree to amend Section 3 of this Agreement by the addition
of the following provision at the end thereof and marked as
subsection (g).

“(g)     Independent
Reliance.   Party A is entering into this Agreement
and will enter into each Transaction in reliance upon such tax,
accounting, regulatory, legal, and financial advice as it deems
necessary and not upon any view expressed by the other party. 
Party B is entering into this Agreement and will enter into each
Transaction in reliance upon the direction of the Depositor and not
upon any view expressed by the other party.”

(s)   Escrow Payments.  If (whether by
reason of the time difference between the cities in which payments
are to be made or otherwise) it is not possible for simultaneous
payments to be made on any date on which both parties are required
to make payments hereunder, either party may at its option and in
its sole discretion notify the other party that payments on that
date are to be made in escrow.  In this case deposit of the
payment due earlier on that date shall be made by 2:00 pm (local
time at the place for the earlier payment) on that date with an
escrow agent selected by the notifying party, accompanied by
irrevocable payment instructions (i) to release the deposited
payment to the intended recipient upon receipt by the escrow agent
of the required deposit of the corresponding payment from the other
party on the same date accompanied by irrevocable payment
instructions to the same effect or (ii) if the required deposit of
the corresponding payment is not made on that same date, to return
the payment deposited to the party that paid it into escrow. 
The party that elects to have payments made in escrow shall pay all
costs of the escrow arrangements.

(t)    Method of Notice.  Section
12(a)(ii) of this Agreement is deleted in its entirety.

(u)   USA PATRIOT Act Notice.  Party A
hereby notifies Party B that pursuant to the requirements of the
USA Patriot Act (Title III of Pub. L. 107-56 (signed into law
October 26, 2001)) (the “Act”), it is required
to obtain, verify and record information that identifies Party B,
which information includes the name and address of Party B and
other information that will allow Party A to identify Party B in
accordance with the Act.

(v)   Severability.  If any term,
provision, covenant, or condition of this Agreement, or the
application thereof to any party or circumstance, shall be held to
be invalid or unenforceable (in whole or in part) for any reason,
the remaining terms, provisions, covenants, and conditions hereof
shall continue in full force and effect as if this Agreement had
been executed with the invalid or unenforceable portion eliminated,
so long as this Agreement as so modified continues to express,
without material change, the original intentions of the parties as
to the subject matter of this Agreement and the deletion of such
portion of this Agreement will not substantially impair the
respective benefits or expectations of the parties; provided,
however, that this severability provision shall not be applicable
if any provision of Section 2, 5, 6, or 13 (or any definition or
provision in Section 14 to the extent it relates to, or is used in
or in connection with any such Section) shall be so held to be
invalid or unenforceable.

        The parties shall
endeavor to engage in good faith negotiations to replace any
invalid or unenforceable term, provision, covenant or condition
with a valid or enforceable term, provision, covenant or condition,
the economic effect of which comes as close as possible to that of
the invalid or unenforceable term, provision, covenant or
condition.

IN WITNESS
WHEREOF, the parties have executed this document by their duly
authorized officers with effect from the date specified on the
first page hereof.

	

BARCLAYS BANK PLC

	

Deutsche Bank National Trust Company, not in its individual
capacity but solely as Supplemental Interest Trust Trustee on
behalf of Long Beach Mortgage Loan Supplemental Interest Trust
2006-8

	

By: 
        /s/  Leelee
Panno                                                 

Name:  
Leelee Panno

Title:   
Associate Director

	

By: 
       /s/  Ronaldo
Reyes                                           

Name:  Ronaldo Reyes

Title:    Vice President

	
 

	
 

 

By: 
       /s/   Melissa
Wilman                                         

Name:  Melissa Wilman

Title:    Vice President

 

 

[Signature Page to Swap
ISDA Schedule for LBMLT 2006-8]pmi

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to this filing submission with the SEC.

EXHIBIT 4.5

pmi MORTGAGE INSURANCE CO.

BULK PRIMARY

FIRST LIEN MASTER POLICY

 

 

3003 Oak Road

Walnut Creek, California 94597

 

 

PMI Mortgage Insurance Co. (an Arizona corporation hereinafter called the "Company") agrees to pay to the Insured, in consideration of the premium or premiums to be paid as hereinafter specified and in reliance upon the
Insured's representations and statements made in any Application for coverage under this Policy, any loss due to the Default by a Borrower on a Loan, subject to the terms and conditions contained herein.

 

To obtain information about this Policy, to register a complaint or to obtain information about related mortgage guaranty insurance products and services offered by the Company, the insured or its servicer may call the
Company toll free at 800-288-1970.

 

 

Insured's Name and Mailing
Address                                                 Policy Number

Deutsche Bank National Trust Company. as trustee for the           22720-4

Long Beach Mortgage Loan Trust 2006-8

1761 East St. Andrew Place

Santa Ana, CA  92705-4934

 

IN WITNESS WHEREOF, the Company has caused its Corporate Seal to be affixed hereto and these presents to be signed by its duly authorized officers in facsimile to become effective as its original seal and signature and binding on the
Company.

 

                                                     
PMI Mortgage Insurance Co.

 

                                                    

_____________________                                                       
_______________________

David Katkov,
President                                                                                        Victor J. Bacigalupi, Secretary

                                                                   
Authorized Representative

                                                                           

TERMS AND CONDITIONS

 

I.     Definitions

 

A.    Acquisition Option means the method of determining the amount of the Insurance Benefit with respect to a Loan as set forth in Section V., C., 1.

 

B.    Advances means the reasonable and necessary sums paid by the Insured with respect to Loan after Default, for the following:

 

1.       Hazard insurance premiums;

 

2.       Real estate property taxes;

 

3.       Property protection and preservation expenses;

 

4.       Property sales expenses;

 

5.       Customary foreclosure costs including Court Expenses and reasonable attorney's fees;

 

6.       Costs of other customary legal proceedings, as may be necessary to obtain Good and Merchantable Title to or Possession of the Property; and

 

7.       Loss mitigation expenses.

 

C.    Anticipated Loss means, in connection with a Claim, an amount equal to the Company's cost of paying the full Claim Amount calculated in accordance with Section V., B., less
the amount the Company reasonably anticipates receiving as net proceeds of the sale of the Property, subtracting also from such proceeds all anticipated costs of the sale and holding costs, but in any event, such amount shall never be greater than the Loss calculated
under the Percentage Option in accordance with Section V., C., 2.

 

D.    Application means the Insured's statements and descriptions, both oral and written, relative to the Loan made in connection with the application or negotiation for the
insurance provided by this Policy, including the representations made, and documents executed by the Borrower, as evidenced by documents, writings, electronic media transfers, telephone data transmissions, and the like.

 

E.    Appropriate Proceedings means any legal or administrative action or proceeding by the Insured affecting either the Loan or the title to the Property, and include, but are not
limited to:

 

1.       enforcing the terms of the Loan as allowed by the laws where the Property is located; or

 

2.       establishing a deficiency amount where appropriate and permissible and where directed by the Company; or

 

3.       acquiring all the Borrower's right and title to the Property in the Insured's name, but excluding any voluntary conveyance under Section IV., D., (Voluntary
Conveyance); or

 

4.       asserting the Insured's interest in the Property in a Borrower's bankruptcy or similar proceeding.

 

F.     Borrower means any Person required to repay the debt obligation created pursuant to the Loan.  The Borrower may be more than one Person, and the term shall include
any co‐signer or guarantor of the Loan.

 

G.     Borrower's Own Funds means any funds owned by the Borrower and neither borrowed from other sources, nor subject to refund, rebate, or repayment.

 

H.     Borrower's Title means such title to a Property as was vested in the Borrower at the time of a conveyance to the Insured extinguishing all of the Borrower's rights in the
Property; provided, however, if the Insured so elects, the redemption period need not have expired.  The deed evidencing such title in the Insured need not be recorded unless required by applicable law.

 

I.       Certificate means once all conditions for coverage have been satisfied, the number issued by the Company to a Loan, as listed on a
Certificate Schedule.

 

J.       Certificate Schedule means a list of Loans to which coverage has been extended  under this Policy, and which is attached
to this Policy, or added thereto by endorsement, and any document issued by the Company pursuant to this Policy amending coverage for a Loan.

 

K.     Claim means the timely filed written request, made on a form provided by or in a manner approved by the Company, to receive benefits of this
Policy.  A Claim received by the Company containing all information or proof required by the Company shall be called a
 Perfected Claim.

 

L.      Claim Amount means the actual loss incurred by the Insured with respect to a Loan as calculated in accordance with Section V., B.,
(Calculation of Claim Amount) giving effect to adjustments made by the Company due to failure of the Insured to mitigate loss.

 

M.   Claim Settlement Period means a sixty (60) day period following the filing of a Claim with the Company provided that such period shall be extended by the number of days elapsed from
the date the Company sends notice of deficiency of a Claim to the Insured to the date that the Insured files a Perfected Claim with the Company.

 

N.    Closed means the later of:

 

1.       The date on which all Loan documents were executed and delivered; or

 

2.       The date on which the funds under the Loan were initially disbursed to or for the benefit of the Borrower.

 

O.     Court Expenses means the out-of-pocket cost of initiating and conducting Appropriate Proceedings or any eviction proceedings.  These expenses include costs of filing or
serving pleadings, conducting discovery and enforcing judgment.  These expenses do not include reimbursement for any time spent by the Insured or the Insured's employees, officers or agents, nor do these expenses include attorney's fees.

 

P.       Default means the failure by a Borrower to pay when due: (i) an amount equal to or greater than one (1) regular periodic payment due under
the terms of a Loan, or (ii) the failure by a Borrower to pay when due all amounts due under a Loan after the exercise by the Insured of the "due on sale" provision of such Loan, provided however, that a Default as defined in (i) above which is cured within 59 days
of the payment due date, will not be deemed to be a Default for purposes of administration of this Policy unless the missed payment is the first payment due under a Loan.  Default does not mean any other non-monetary default or violation of any other term or
condition of the Loan, which would allow for acceleration of the debt or foreclosure or other action to realize upon the security provided by the Loan.

 

A Loan is deemed to be in Default for the period for which, as of the close of business on the installment due date, a scheduled installment payment has not been made.  For example, a Loan is "four periodic payments
in Default" if the periodic payments due on January 1 through April 1 remain unpaid as of the close of business on April 1.

 

Q.     Default Amount means the unpaid principal balance of a Loan as of the date of Default excluding any Negative Amortization.  If a Loan has been divided into secured and
unsecured portions pursuant to proceedings under the federal bankruptcy laws, the Default Amount shall include the unpaid principal balance due under the unsecured portion of the Loan even if the Insured has written off such unsecured portion of the Loan, provided
that the premium paid has been calculated based on both the secured and unsecured portions of the Loan.

 

R.     Deficiency Expenses means reasonable attorneys fees and necessary court costs incurred by the Insured for those Appropriate Proceedings necessary to pursue or establish a
deficiency against the Borrower and which are in addition to those incurred in standard and customary foreclosure proceedings, plus additional interest accruing on the Loan, real estate taxes, casualty insurance premiums and Property preservation expenses incurred
during such Appropriate Proceedings and any additional related redemption period.

 

S.       Down Payment means (i) a cash contribution made by the Borrower, either prior to or at the time the Loan is Closed, from the
Borrower's Own Fund's towards the purchase price of the Property, or (ii) a verifiable equity in the Property vested in the Borrower only, after completion of the improvements in accordance with the Original Appraisal.

 

T.      Effective Date means, provided that the premium has been paid as required herein, 12:01 a.m. on the date of coverage as indicated on the
Certificate Schedule.

 

U.     Environmental Impairment means Physical Damage to a Property occurring by reason of environmental contamination including, but not limited to, nuclear reaction or radioactive
waste, toxic waste, poisoning or pollution of earth or water subjacent to the Property or of the atmosphere above the Property; or similar hazard including any condition giving rise to liability under the Comprehensive Environmental Response, Compensation and
Liability Act or any similar law existing under either federal law or the law of the state where the Property is located. 

 

V.     First Party means (a) the Insured or any officer, employee or agent of the Insured or (b) any of the following Persons: the correspondent lender, mortgage loan broker or other
intermediary underwriting or originating the Loan on behalf of the Insured or originating lender, or escrow or closing agents or anyone under contract with the Insured or originating lender in connection with the origination of such Loan, such as an appraiser.

 

W.    FMV means the fair market value of a Property as of a specific date which shall be equal to the lesser of the appraised value or the sale price of the Property on that date;
or in the event of a foreclosure sale, the appraised value or estimated value determined in accordance with customary servicing practices, or the value as determined under applicable law, where such law prescribes a method for determining the value of a Property.

 

X.     Good and Merchantable Title means title to the Property, free and clear of all liens and encumbrances, covenants, conditions, restrictions, easements and rights of redemption,
except for:

 

1.       Any lien established by public bond, assessment or tax, when no installment, call or payment of or under such bond, assessment or tax is delinquent; and

 

2.       Any municipal or zoning ordinances, building restrictions or other restrictions, covenants, regulations of use, provided the Property is in compliance with, and
its intended use and occupancy is not materially adversely affected by, such restrictions, covenants, regulations or ordinances; and

 

3.       Easements, rights of way, sewer and utility rights, mineral, oil or timber rights, or any impediments which will not have a materially adverse effect on either
the transferability of the Property or the sale thereof to a bona fide purchaser.

 

The Property must have, at a minimum, the following characteristics to establish Good and Merchantable Title:  (i) adequate means of ingress and egress; (ii) the right to use of water and sewer facilities
appertaining to the Property, whether such rights be by virtue of public easement or private grant; (iii) the Property must be free of any lien for any toxic waste or environmental contamination or similar hazard or claim of such hazard pursuant to the Comprehensive
Environmental Response Compensation and Liability Act, as amended, or similar federal or state law providing for liens in connection with the clean up of environmental conditions, and no proceedings to initiate such a lien may be pending, unless otherwise agreed to
by the Company.

 

Y.    Insurance Benefit means the liability of the Company with respect to a Loan calculated in accordance with this Policy.  A right to receive an Insurance Benefit shall be
deemed to have arisen when a Default occurs while the Policy is in force for a Loan, notwithstanding that the amount of the Insurance Benefit is not then either presently ascertainable or due and payable.

 

Z.     Insured means with respect to any Loan:

 

1.          The Person designated on the face of this Policy; or

 

2.          Any Person, other than a natural Person, who owns the Loan, either for its own benefit or as trustee for the benefit of a third party.

 

AA.    Loan means any note or other evidence of indebtedness and the indebtedness it so evidences, together with the mortgage, bond, deed of trust, or other instrument securing
said indebtedness, and to which coverage under this Policy has been extended.

 

BB.     Negative Amortization means the additions to the principal amount of a Loan arising from the insufficiency of regularly scheduled payments to cover interest as it accrues
against the principal amount of the Loan as provided for therein.

 

CC.     Original Appraisal means the appraisal, other report or description of the Property, obtained by the lender under the Loan at the time it was originated, which
establishes the value of the Property at that time.

 

DD.     Percentage Option means the method of determining the amount of the Insurance Benefit with respect to a Loan set forth in Section V., C., 2.

 

EE.      Person means any individual natural person, or any corporation, partnership, association or other legally recognized entity.

 

FF.      Physical Damage means tangible damage to a Property that materially adversely affects the use, marketability, or value of the Property, whether caused by accident or
otherwise, including, but not limited to damage caused by reason of fire, destruction of tangible property, defects in construction, land subsidence, earth movement or slippage, flood, earthquake, war, civil insurrection, or riot; and further, Physical Damage
includes Environmental Impairment and the destruction or removal of chattel items that are considered part of the Property (see Section I., KK., [Property]) For purposes of this definition "material" shall mean an amount equal to or greater than $1,500.00 such that
the estimated cost to repair a Property is $1,500.00 or more before the exclusion set forth in Section III., G., (Physical Damage Exclusion) would apply to exclude coverage for a Loan.  The presence of radon gas, lead paint or asbestos in the dwelling on the
Property shall not be deemed to be Physical Damage.

 

GG.     Policy means this contract of insurance together with all Applications, all endorsements, and the Certificate Schedule, all of which are incorporated herein for all
purposes.

 

HH.    Possession of the Property means actual and physical occupancy and control of the Property.

 

II.       Pre-Arranged Sale means:

 

1.     A sale of a Property, with the prior approval of the Company, arranged by the Insured (or by the Borrower and approved by the Insured) prior to foreclosure because of a
Default by a Borrower, or by the Insured after foreclosure and before expiration of the Claim Settlement Period; or

 

2.     A foreclosure or trustee's sale of a Property to a third party, or redemption from foreclosure, at a price equal to or greater than the minimum amount specified by the
Company to be bid by the Insured at such sale.

 

JJ.        Pre-Arranged Sale Option means the method of determining the amount of the Insurance Benefit with respect to a Loan set forth in Section V., C., 3.

 

KK.     Property means the real property and all improvements thereon including any chattel items (including any built-in appliances) which are noted in the Original Appraisal,
including all replacements or additions thereto, together with all easements and appurtenances, all rights of access, all rights to use, as well as any co-ownership interests in common areas, recreational and appurtenant facilities, and all replacements or additions
thereto.

 

LL.     Residential means:

 

1.     A type of building which is designed for occupancy by not more than four families; or

 

2.     A single‐family condominium or planned unit development unit; or

 

3.          Any other single‐family residence unit as to which Good and Merchantable Title may be held or conveyed freely under law, and which the
Company has approved in writing.

 

MM.   Servicer means that Person, other than a natural Person, who at any time is servicing a Loan (as a master servicer, if subservicing is also involved) with respect to the Insured's
obligations under the Policy.  The Insured shall be presumed to be the Servicer unless the Company is notified otherwise.

 

NN.    Uninsured Casualty means Physical Damage to a Property which is either not covered by casualty insurance, or not covered in an amount sufficient to restore such Physical Damage
to the Property.

 

OO.    Uninsured Loan Balance means, at any time, with respect to a Loan, the estimated Claim Amount less the Insurance Benefit estimated pursuant to the Percentage Option.

 

PP.     Any pronouns, when used herein, shall mean the single or plural, masculine or feminine, as the case may be.

 

II.       Coverage

 

A.      Extension of and Level of Coverage– Extension of coverage to a Loan under this Policy shall be evidenced by issuance of a Certificate number on the Certificate
Schedule.  The Certificate Schedule and the Application for each Loan are incorporated herein by reference and made a part hereof for all purposes.  The Policy is issued in reliance upon the Application and on the representations made in connection
therewith.  Coverage shall commence upon the payment of the initial premium, as of the Effective Date of the Certificate Schedule.  The coverage level for each Loan shall be indicated on the Certificate Schedule.

 

B.      Initial Premium - On the Effective Date of the Certificate Schedule, the Insured shall forward the appropriate initial premium due to the Company to establish
coverage as of the Effective Date.

 

C.      Payment of Renewal Premium - For coverage to be renewed, the entire renewal premium must be paid no later than the fifteenth (15th) day of the second month following
the month in which each anniversary of the Effective Date occurs.  For example, if the Effective Date was January 12, renewal premium must be paid by March 15.  The Company shall give the Servicer, if a Servicer is shown on the records of the Company, or
otherwise, the Insured, notice of the renewal premium due date.  If the renewal premium is not paid by the last day of the grace period provided above, then the liability of the Company shall terminate as of 12:01 a.m. on the later of the last anniversary of the
Effective Date through which the premium has been paid, or, if a non-payment notice is required by applicable law, the last day of the cure period specified in such non-payment notice or as may be required by applicable law (the "Lapse Date").  However, failure
to pay a renewal premium will not impair or terminate coverage for Defaults occurring prior to the Lapse Date.  Notwithstanding the foregoing, if the renewal premium is not paid by the last day of the above-stated grace period and such Loan is among a group of
Loans whose coverage has lapsed due to the transfer, seizure or surrender of the servicing for such Loans, the Insured shall have an additional sixty (60) day grace period in which to pay the renewal premium for such Loan.

 

D.     Full Premium Payment - The Company shall have the right to hold in a suspense account for up to ninety (90) days any premium payment received, without obligation to apply
such premium to coverage while any of the following circumstances exist:

 

1.      The payment received is less than the full amount of the premium due with respect to a Certificate;

2.      Information received with the payment is insufficient to identify the Loan to which the payment applies.

 

At the end of the ninety (90) day period if the Company has not been able to resolve the suspended premium payment with the Insured, then the Company shall either refund the payment or be deemed to have accepted and
applied it without lapse of coverage.  Where the Company has received notice that there is a Servicer for a Loan then, if a premium is refunded, the Insured shall be notified that such refund was made and shall have sixty (60) days from such notice to cure or
perform the conditions precedent to coverage.

 

E.      Cancellation by the Insured of Coverage for a Loan ‐ The Insured may cancel coverage with respect to a Loan by making a request for cancellation to the Company
in writing or via any medium acceptable to the Company.  Upon receipt thereof, for coverage having refundable premiums, the Company shall refund such sum as may be determined to be due in accordance with the appropriate cancellation or premium schedule. 
The Company reserves the right to net out any unpaid premium from any premium refund.  However, no refund on a Certificate will be paid if a notice of Default has been filed unless the Insured waives its rights to the Insurance Benefit with respect to that
Loan.  Cancellation of coverage for a Loan will not cancel this Policy.

 

F.      Cancellation of Policy - Once coverage has become effective with respect to a Loan, this Policy may not be canceled by the Company for as long as any Certificate
assigned under this Policy remains in force.   If the Insured desires to cancel this Policy, it may do so by canceling all outstanding Certificates that have been issued under this Policy.

 

G.      Loan Modifications - Unless prior written approval is obtained from the Company, the Insured shall not make any change in the terms of any Loan including, but not limited to,
any change in the amount of the indebtedness, the interest rate, the use of escrow funds or other funds, term or amortization schedule of the Loan, change in the Property, nor release any Borrower from liability on a Loan, provided, however, that changes in the Loan
permitted by the instrument evidencing the Loan shall be deemed approved without prior approval.

 

H.      Assumptions and Balloon Restructures - The renewal or restructure of a Loan at the maturity of a Balloon Payment (hereinafter defined) and the assumption of a Loan by a
purchaser of the Property, with or without the release of the original Borrower, are changes to a Loan requiring the Company's prior approval as set forth in Section II., G., (Loan Modifications) above, provided, however, that if under applicable law, the Insured
cannot enforce the "Due on Sale" provision of a Loan, then the Company will be deemed to have approved the assumption of such Loan.  Notwithstanding anything to the contrary in this Section II., H., the Company will be deemed to have approved the assumption of
any Loan where no release is requested and under Section II-406.02 of the Federal National Mortgage Association's Servicing Guide or any successor provision thereof, or any similar provision of the Federal Home Loan Corporation's Sellers' & Servicers' Guide, the
assumption is an "exempt transaction" that the Servicer is to approve without review of the terms of the transaction.

 

I.        Increase in Loan Amount - In addition to the approval requirement of Section II., G., (Loan Modifications) above, if the principal balance of a Loan is
increased (excluding any Negative Amortization), the Insured shall pay an additional premium corresponding to the increase in coverage, at the then prevailing premium rate.

 

J.       Approval of Loan Modifications - The Company shall not unreasonably withhold any approval required to be obtained in connection with any of the changes listed
in Sections II., G., and H.,; however, failure by the Insured to obtain any such approval with respect to any Loan shall constitute a waiver of coverage for that Loan and the Company shall refund premium for the period following such waiver.

 

K.      Servicing -  The Loans will be serviced by one of five servicers qualified and approved by the Company and the Insured.  Unless the prior written approval of the
Company is obtained, the Servicing of any of the Loans may not be transferred, sold, or assigned unless such transfer, sale or assignment is approved in writing by the Company.  The Company shall not unreasonably withhold approval of a proposed servicer. 
The Company’s approval shall be deemed to be given for the transfer, sale or assignment of all or part of the Loans to a federally insured bank or savings association, an institutional investor, the Federal Home Loan Mortgage Corporation (“Freddie
Mac”), Fannie Mae, or to a Fannie Mae or Freddie Mac approved mortgage banker, provided that notice of the same is given as required by this paragraph.

 

L.      Change of Insured - If all of the Loans are transferred, sold or assigned by the Insured, coverage will continue PROVIDED THAT (a) notice thereof is given to the
Company within thirty (30) days of such change, (b) the change in ownership, however denominated, is not occasioned by the redemption, repurchase, cancellation or other method of extinguishing the transaction pursuant to which the Loans were securitized, and (c) the
Company approves the change in writing.  The Company shall not unreasonably withhold approval of an new Insured.

 

M.     Coordination and Duplication of Insurance Benefits -

 

1.      If any portion of a Loan is uninsured, all payments made by the Borrower on the Loan shall be allocated to the insured portion of the Loan in the same ratio as the
insured principal amount bears to the total principal amount of the Loan.  The Insurance Benefit hereunder shall likewise be calculated on the same pro rata basis.

 

2.      The Insured shall not carry duplicate mortgage guaranty insurance (other than mortgage guaranty pool insurance or supplemental mortgage guaranty insurance) on any
Loan.

 

3.      If at the time of Default there is any other valid and collectible insurance in effect for the Loan which would attach if this insurance were not in effect, then the
coverage under this Policy shall apply only as excess coverage and in no event as contributing insurance.

 

N.      Mitigation of Loss - The Insured and its Servicer shall attempt to limit and mitigate loss by adhering to customary servicing standards applicable to delinquent Loans,
which may include in appropriate cases, but is not limited to, trying to obtain a cure of Defaults and trying to effectuate a Pre-Arranged Sale or voluntary conveyance of the Property.  The Insured shall permit the Company to participate in workout activities
for any Loan in Default.   Failure of the Insured to materially comply with this Section II., N., with respect to any Loan shall entitle the Company to adjust the Claim Amount by the amount the Company was damaged by such noncompliance.  The Company
shall attempt to limit and mitigate any loss to the Insured which will not be covered by the Insurance Benefit provided under this Policy.

 

III.     Exclusions from Coverage

 

The Company shall not be liable for, and the Policy shall not apply to, extend to or cover the exclusions listed below.  In the event that coverage is excluded for any Loan, the Company will refund all premium for that Loan for the period
following the occurrence of the event giving rise to such exclusion.  Except where prohibited by law, if the damage to the Company arising from an excluded event can be reasonably quantified, the Company shall adjust the Claim Amount by the amount of such damage
rather than exclude coverage altogether for such Loan, unless a refund of premium as provided for in the preceding sentence would provide a greater payment to the Insured.
                                                                                                         

 

A.      Balloon Payment Exclusion  - Any Claim arising out of or in connection with the failure of the Borrower to make any payment of principal and interest due under
the Loan, which payment becomes due when the Insured exercises its right to call the Loan when not in default or because the term of the Loan is shorter than the amortization period, and which payment is for an amount more than twice the regular periodic payment of
principal and interest that are set forth in the Loan (commonly referred to as a "Balloon Payment"); provided, however, that this Exclusion shall not apply if the Insured or its Servicer offers the Borrower in writing, before the due date of the Balloon Payment, a
renewal or extension of the Loan, or a new loan at then current market rates, in an amount not less than the then outstanding principal balance and with no decrease in the amortization period and the Borrower declines to seek such renewal or refinancing.

 

B.      Effective Date Exclusion - Any Claim resulting from a Default occurring before the Effective Date of the Policy or after its lapse, cancellation, or expiration; or
after coverage is canceled with respect to the Loan.

 

C.      Incomplete Construction Exclusion - Any Claim when, as of the date of such Claim, construction of the Property had not been completed in accordance with the
construction plans and specifications approved by the Loan originator at the time the Loan was originated or in accordance with the Original Appraisal.  (This Incomplete Construction Exclusion shall not apply if the construction of the Property has been fully
completed and, if Physical Damage occurs during construction, any repairs necessary to restore the Property to its complete condition, reasonable wear and tear excepted, have been completed.)  However, coverage for a Default occurring during construction may be
excluded by Section III., B., (Effective Date Exclusion) above.

 

D.     Residential Property Exclusion - Any Claim where the Property is not, as of the date the Loan is Closed, on the Effective Date, and on the date the Claim is filed,
Residential real property.

 

E.      Negligence and Fraud Exclusion - Any Claim involving or arising out of, or any Claim where the origination of the Loan or extension of coverage hereunder involved or
arose out of, any dishonest, fraudulent, criminal, or knowingly wrongful act (including error or omission) by the Insured, the Servicer or any agent of the Insured or Servicer; or any Claim involving or arising out of the negligence of the Insured or the Servicer,
which negligence is material either to the acceptance of the risk or to the hazard assumed by the Company.

 

F.      Non-Approved Servicer Exclusion - Any Claim occurring when the Servicer, at the time of Default or thereafter, was not approved by the Company, provided, however,
that this Non-Approved Servicer Exclusion shall not apply to any Loan for which a Default occurs within 150 days after the Company withdraws approval of the Servicer for such Loan.  If the Company decides to withdraw approval of a Servicer it shall give written
notice of that decision to the Insured for each affected Loan as shown in the Company's records.

 

G.      Physical Damage Exclusion - Any Claim where there is Physical Damage to the Property, occurring or manifesting itself after the Effective Date; provided, however, that
this exclusion will not apply (i.e., the Company will provide coverage for a Claim) where Physical Damage has occurred to the Property if:

 

1.      The Default giving rise to a Claim was not primarily caused by an Uninsured Casualty occurring prior to such Default, and the Company has elected to pay either the
Percentage Option or the Pre-Arranged Sale Option as the Insurance Benefit for the Loan;
 or

 

2.      The Property has been restored to its condition as reported in the Original Appraisal (as fully completed), reasonable wear and tear excepted.  The Insured may
elect to accept a reduction in the Claim Amount by an amount equal to the estimated cost to completely restore the Property as would otherwise be required by this exclusion rather than be required to restore the Property to obtain an Insurance Benefit under this
Policy.  In the event the Company relies on an estimate for such restoration that is not obtained by the Insured, then the Company shall, at the request of the Insured, provide a copy of such estimate to the Insured.

 

H.      Loan to Value Ratio Exclusion - Any Claim where the original principal balance of the Loan exceeded one hundred percent (100%) of the FMV of the Property at the time the
Loan was originated, and such fact was not disclosed to the Company at the time coverage under this Policy was extended to such Loan.

 

I.       Negative Amortization Exclusion  - Unless otherwise endorsed, any Negative Amortization with respect to a Loan.

 

J.       Defenses to Loan Exclusion - That portion of any Claim equal to the amount of the indebtedness from which the Borrower is released, or any Claim against which
the Borrower successfully asserts defenses that have the effect of releasing, in whole or in part, the Borrower's obligations to repay the Loan, provided, however, this Defenses to Loan Exclusion shall not apply where the release of the Borrower is the result of a
bankruptcy "cram down" so long as the Insured has continued to pay premium on the full amount of the indebtedness and that all other conditions of this Policy have met.

 

K.      Environmental Impairment Exclusion - Any Claim where there is Environmental Impairment to the Property which existed prior to the Effective Date if the existence, or
suspected existence, of the Environmental Impairment was not disclosed in the Application and the Environmental Impairment (i) is a principal cause of the Default, and (ii) has made the principal Residential structure on the Property uninhabitable.  A structure
will be considered "uninhabitable" if generally recognized standards for residential occupancy are violated or if, in the absence of such standards, a fully informed and reasonable person would conclude that such structure was not safe to live in without fear of
injury to health or safety.  Notwithstanding the foregoing, this exclusion shall not apply if the Insured has removed or remedied the condition that constitutes the Environmental Impairment or the Insured has removed the hazardous character of such condition in
accordance with applicable federal, state or local laws.

 

IV.     
 Conditions Precedent to Payment of Claim

 

The following Claim payment procedures contain the conditions precedent to, and additional limitations upon the Company's obligation to pay Insurance Benefits under this Policy:

 

A.      Notice of Default - The Insured shall give the Company notice:

 

1.      Within forty-five (45) days of Default, if it occurs when the first payment is due under a Loan; or

 

2.      Not later than the last business day of the month following the month in which the first of the following events occur:

 

a.  The date when the Borrower becomes three (3) periodic payments in Default on the Loan if the periodic payments are made monthly, and not later than ninety (90) days after the occurrence of a Default for Loans
having periodic payments more often than once a month; or

 

b.  Foreclosure or other Appropriate Proceedings have been commenced.

 

Such notice shall be on forms provided by or approved by the Company or via a medium acceptable to the Company.  Unavailability of Company forms is not a valid reason for delay in reporting.  Failure to report
a Default as required by this Section IV., B., shall entitle the Company to deduct from the Claimable Amount of a Claim thirty (30) days of interest accruing on the Loan during the period between the date the notice of Default should have been filed and the date it
was submitted to the Company.

 

B.      Monthly Reports - Following a notice of Default on a Loan or the commencement of Appropriate Proceedings, the Insured shall give the Company monthly reports on forms
furnished or approved by the Company or via a medium acceptable to the Company, on the status of the Loan and on the servicing efforts undertaken to remedy the Default or conclude the Appropriate Proceedings.  These monthly reports shall continue until the
Borrower is no longer in Default, the Appropriate Proceedings terminate, or until title to the Property has been transferred to the Insured.

 

C.      Company's Options after Notice of Default - If the Company so directs, at any time after receiving the Insured's notice of Default, the Insured shall file a Claim
within twenty (20) days and the Company may elect to pay the Insurance Benefit pursuant to the Percentage Option.  Thereafter, following the Insured's acquisition of the Borrower's Title to the Property, the Insured shall be entitled to file a supplemental Claim
in an amount equal to the sum of the Advances not included in the initial Claim, plus any Deficiency Expenses (See Section I.,R.) subject to the limitations and deductions of Section V., B., (Calculation of Claim Amount) and such supplemental Claim shall be paid by
the Company in accordance with the Percentage Option.

 

D.     Voluntary Conveyance - The Insured may accept a conveyance of title from the Borrower in lieu of foreclosure or other proceedings if:

 

1.      The ability of the Insured to preserve, transfer and assign to the Company the Insured's rights against the Borrower is not impaired; and

 

2.      The rights of the Company under this Policy against such Borrower are not adversely affected; or if

 

3.      The written approval of the Company has been obtained; provided, however, it is understood that such approval shall not constitute nor be deemed an admission of
liability by the Company with respect to coverage for the related Loan.

 

E.       Appropriate Proceedings - The Insured MUST begin Appropriate Proceedings when the Loan becomes six (6) months in Default unless the Company provides written
instructions that some other action be taken.  The Company reserves the right to direct the Insured to institute Appropriate Proceedings at any time after Default.  When either defending against or bringing Appropriate Proceedings, the Insured shall report
the status of these proceedings to the Company as reasonably and expeditiously as possible.

 

In conducting Appropriate Proceedings, the Insured shall:

 

1.      Diligently pursue the Appropriate Proceedings once they have begun;           

 

2.      Apply for the appointment of a receiver and assignment of rents, if permitted by law, requested by the Company, and appropriate for the Property;

 

3.      At the request of the Company, furnish the Company with copies of all notices and pleadings filed or required in the Appropriate Proceedings;

 

4.      Act so that its ability to preserve, transfer and assign to the Company its rights against the Borrower is not impaired; and so that the rights of the Company under
this Policy against the Borrower are not adversely affected, including any rights to obtain a deficiency judgment, provided that the Insured shall not be required to pursue or establish a deficiency against the Borrower in those states where the Company is not
permitted to pursue such a deficiency;

 

5.      Bid an amount at the foreclosure sale which is not less than the minimum amount nor more than the maximum amount set forth below, unless the Company notifies the
Insured of other instructions or waives its right to give bidding instructions, in writing.

 

a.  If the FMV of a Property is less than the Uninsured Loan Balance, the Insured shall start bidding at not less than the FMV of the Property and may continue bidding up to a maximum of the Uninsured Loan
Balance.

 

b.  If the FMV of a Property is greater than the Uninsured Loan Balance, the Insured shall start bidding at not less than the Uninsured Loan Balance up to a maximum amount equal to the Claim Amount.

 

If other bidding instructions are provided they will not specify a maximum bid that is less than the Uninsured Loan Balance, and, if the Property is subject to redemption for less than the outstanding amount of the
Loan, then such other bidding instructions will not specify an opening bid of less than the Uninsured Loan Balance.

 

F.      Pre-Arranged Sales - In the event of Default on a Loan, it shall be a condition precedent to payment of any Insurance Benefit on the Loan that (i) the Insured
attempt to obtain a Pre-Arranged Sale of the Property whenever reasonable, and (ii) the Insured shall authorize its broker, when requested by the Company, to release marketing information for the Property to the Company, if requested by the Company, unless the
Insured shall have notified the broker that the Company's right to acquire the Property has expired or been waived.  For purposes of this section, a "Pre-Arranged Sale Offer" means an offer to purchase the Property received by the Insured, together with a
schedule of (i) expense items proposed by the Insured to be included in the settlement amount of the Pre-Arranged Sale Offer is accepted and the proposed Property sale closes, and (ii) the Insured's then-estimated amounts thereof.  Pre-Arranged Sale Offers that
the Insured chooses to submit to the Company will be approved or rejected by the Company.

 

G.     Claim Requirements - The Insured must provide the Company with:

 

1.             A completed form furnished or approved by the Company for payment of a Claim ("Claim for Loss Form"); and

 

2.             All information reasonably requested on the Claim for Loss Form together with all documentation requested on or necessary
to complete such Claim for Loss Form; and

 

3.      Evidence satisfactory to the Company that the Insured has acquired the Borrower's Title to the Property, except where the Company has elected the Pre-Arranged Sale
Option provided, however, if the primary cause of the Default was a circumstance or event which would prevent the Insured from obtaining Good and Merchantable Title, then no matter which settlement option the Company elects, the Insured must comply with the
requirements of Section IV., G., 4, as if the Company had elected the Acquisition Option; and

 

4.      In the event the Company elects the Acquisition Option, a recordable deed in normal and customary form containing the usual warranties and covenants conveying to the
Company or its designee Good and Merchantable Title to the Property, along with evidence satisfactory to the Company that the Insured has acquired and can convey to the Company or its designee Good and Merchantable Title to the Property; and

 

5.      All other documentation or information reasonably requested by the Company for purposes of investigating and/or adjusting the Claim; and

 

6.      Access to the Property for purposes of determining its value, and for investigating and/or adjusting the Claim; provided, however, if the Company elects the
Acquisition Option, then Possession of the Property must be provided by the Insured, unless the Company waives this requirement in writing.

 

V.     Loss Payment Procedure

 

A.      Filing of Claim - The Insured shall file a Claim no later than sixty (60) days after the earlier of acquiring the Borrower's Title to the Property or a Pre-Arranged
Sale, provided that if the Company elects to acquire the Property, then no later than sixty (60) days after the Insured acquires Good and Merchantable Title to the Property.  Failure of the Insured to file a Claim within this time period shall (i) relieve the
Company of any obligation to include in the Claim Amount interest and Advances accruing on the Loan after such sixty (60) day period has expired, and (ii) entitle the Company to adjust such Claim to the extent that the Company is prejudiced by such late filing of the
Claim, up to 100% of the Insurance Benefit.

 

Unavailability of Company forms is not a valid reason to delay filing a Claim.  If a Claim filed by the Insured is incomplete the Company shall within twenty (20) days of receipt of a Claim, notify the Insured of
all items needed to perfect such Claim.  If no notice of deficiency of the Claim is sent within the twenty (20) day period following receipt of the Claim by the Company, then the Claim shall be deemed to be perfected as of the date the Company received the
Claim.

 

B.      Calculation of Claim Amount - The Claim Amount for any Loan shall be an amount equal to the sum of:

 

1.      The Default Amount but excluding any portion of the principal balance attributable to any increase therein after the first payment is due and payable, and excluding
capitalized penalty interest or late payment charges.  (See Section III., I., (Negative Amortization Exclusion) THIS POLICY DOES NOT COVER NEGATIVE AMORTIZATION UNLESS SUCH COVERAGE IS ENDORSED FOR A LOAN); and

 

2.      The amount of accumulated delinquent interest due on the Loan at the contract rate stated in the Loan from the date of Default through the date that the Claim is
submitted to the Company, but excluding applicable late charges and penalty interest; additional interest computed on the Default Amount until the Pre-Arranged Sale of the Property, and thereafter until the Pre-Arranged Sale closing information is submitted, computed
on the Default Amount reduced by the net proceeds of such Pre-Arranged Sale  (For purposes of this Section, "late charges and penalty interest" includes, but is not limited to, increases in interest rate caused by non-performance of the Borrower.  In no
event will the Claim Amount include interest at a rate other than what the Insured would receive if the Loan were paid as current in accordance with its own terms); and

 

3.      The amount of Advances made by the Insured; provided that:

 

a.  Attorney's fees advanced thereunder shall not exceed three percent (3%) of the sum of the (1) and (2) above; and

 

b.  Payment for Advances other than Attorney's fees, shall be prorated through the earlier of the date the Claim is submitted to the Company or the Pre-Arranged Sale of the Property;

 

less:

 

4.      All rents and other payments (excluding proceeds of fire and extended coverage insurance and proceeds of a Pre-Arranged Sale) collected or received by the Insured,
which are derived from or in any way related to the Property;

 

5.      The amount of cash available to the Insured remaining in any escrow account as of the last payment date;

 

6.      The amount of cash to which the Insured has retained the right of possession as security for the Loan; and

 

7.             The amount paid under applicable fire and extended coverage policies which has not been applied to either the restoration
of the Property, if the Property suffered Physical Damage, or to the payment of the Loan; and

 

8.      The amount expended by the Insured for Advances requiring approval by the Company which are not in compliance with the Company's guidelines and which have not been
approved by the Company.

 

C.      Payment of Insurance Benefit - The Company, at its sole option, shall elect one of the following three options and pay to the Insured, on or before the last day of
the Claim Settlement Period, as the Insurance Benefit, either:

 

1.      The Acquisition Option which shall equal the Claim Amount less the amount of any payments of Loss previously made by the Company with respect to the Loan, payable in
exchange for the conveyance of Good and Merchantable Title to and Possession of the Property; provided, however, that if the Insured is unable to perform any conditions precedent to payment of a Claim within the later of thirty (30) days after the redemption period
or ninety (90) days after the Claim Adjustment Period, then, so long as the Claim is not otherwise excluded, the Insured may retain title to the Property and the Insurance Benefit under this Acquisition Option shall be an amount equal to the Company's Anticipated
Loss in connection with such Property ; or

 

2.      The Percentage Option which is an amount equal to the Claim Amount multiplied by the percentage of coverage specified in this Policy, or

 

3.      The Pre-Arranged Sale Option is an amount equal to the lesser of the Percentage Option or the Insured's actual loss in connection with a Pre-Arranged Sale of the
Property.  The Insured's actual loss shall be an amount equal to the Claim Amount plus all reasonable costs incurred in obtaining and closing such sale less the proceeds of the Pre-Arranged Sale.

 

In addition to payment under one of the foregoing options, the Company will pay whatever Deficiency Expenses are payable to the Insured pursuant to Section V., D. (Deficiency Expenses).

 

In the event that a Pre-Arranged Sale fails to close prior to the end of the Claim Settlement Period, the Company may postpone payment of the Insurance Benefit for up to (90) ninety days, or if earlier, until such
Pre-Arranged Sale closes or is terminated, provided that interest on the Default Amount at the rate due upon the Loan during such postponement is paid to the Insured.

 

Further, in the event the Property is redeemed after the payment of the Percentage Option, the Insured shall be obligated to promptly refund to the Company the amount, if any, by which the redemption price plus the
Insurance Benefit exceeds the Claim Amount.

 

In the event the Company does not pay the Insurance Benefit within the Claim Settlement Period, it will pay interest on the Insurance Benefit at the rate due under the Loan from the last day of the Claim Settlement
Period until the Claim is paid.   

 

D.      Deficiency Expenses - Notwithstanding the provisions of Section V., C., (Payment of Insurance Benefit) above, in the case where a deficiency against the Borrower is being
pursued solely at the request of the Company, then any Deficiency Expenses shall be added to the amount of the Insurance Benefit.  If a deficiency against a Borrower is being pursued as part of Appropriate Proceedings, for the benefit of both the Insured and the
Company, then at the time such deficiency rights are established or a deficiency judgment is obtained, whichever shall occur first, the Deficiency Expenses plus any similar expenses incurred by the Company in connection with such deficiency shall be settled between
the parties on the same pro rata basis set forth in Section VI., B. (Subrogation) for the settlement of deficiency recoveries.  Expenses and costs arising after that point shall be treated as collection expenses to be netted against the deficiency recovery, if
any, (and, if none, to be shared between the parties on the same pro rata basis when it becomes clear that nothing will be recovered).

 

To facilitate the decision of whether to pursue or establish a deficiency against a Borrower, the Insured shall provide the Company with any information it may have relevant to collecting on a deficiency judgment for
that case.  The Company will discuss all such information it may have with the Insured so that the parties can decide whether any Appropriate Proceedings (necessary to establishing or pursuing a deficiency) are to be pursued for the benefit of both parties or
whether one of the parties will elect not to participate in any recovery.  The Insured will be deemed to be participating in Appropriate Proceedings solely at the request of the Company when such proceedings are not a condition precedent to obtaining Borrower's
Title to or Possession of a Property and, after the parties have exchanged information on the Loan, the Insured has advised the Company in writing why the Insured does not wish to participate in such proceedings.

 

E.       Discharge of Obligation - Any payment by the Company in accordance with Section V., C., (Payment of Insurance Benefit) and, if applicable, Section V., D.,
(Deficiency Expenses) or Section IV., C., (Company's Options after Notice of Default), taking into account appropriate adjustments, shall be a full and final discharge of the Company's obligation under this Policy with respect to the related Loan. 
Notwithstanding the preceding sentence, the Company shall not be relieved of its obligation to pay any appropriate supplemental Claims filed pursuant to Section IV., C., (Company's Options after Notice of Default) or as may otherwise be agreed to by the Company.

 

 

VI.    
Additional Conditions

 

A.      Proceedings of Eminent Domain - In the event that part or all of the Property is taken by eminent domain, condemnation or by any other proceedings by federal, state
or local governmental unit or agency, the Insured shall require that the Borrower apply the maximum permissible amount of any compensation awarded in such proceedings to reduce the principal balance of the Loan, in accordance with the law of the jurisdiction where
the Property is located.

 

B.      Subrogation - The Company shall be subrogated pro rata, to the full extent permitted by law (except where the Company is prohibited by law from pursuing recovery of
a Loan), to all of the Insured's Recovery Rights with respect to a Loan, upon payment of a Claim hereunder. "Recovery Rights" shall mean all rights of recovery against the Borrower and any other Person or organization relating to the Loan or to the
Property.  The Company's pro rata share of the net deficiency recovered (i.e., amounts recovered less reasonable costs and expenses) with respect to any Loan shall be the amount of the Insurance Benefit divided by the amount of the deficiency judgment. 
Internal staff costs and overhead expenses shall not be deducted in determining the amount of a net deficiency recovery unless specifically agreed to in writing by the parties. 

 

The Insured hereby designates the Company its exclusive agent (i) to pursue all of the Insured's Recovery Rights to which the Company has not become subrogated by payment of a Claim (i.e., the Insured's share of the Recovery Rights), (ii)
to file any action in the Company's name as assignee of the Insured, to collect on the Insured's Recovery Rights, and (iii) to settle and compromise any such Recovery Rights on behalf of the Insured, it being understood and agreed that the Company shall have the
exclusive rights to pursue and settle all Recovery Rights for any Loan on which a Claim payment is made hereunder, unless waived in writing by the Company.  If the Company decides not to pursue Recovery Rights with respect to a Loan, then the Company shall issue
a written waiver of its subrogation and management rights to the Insured.  The Insured shall execute and deliver at the request of the Company such instruments and documents, and undertake such actions as may be necessary to transfer, assign and secure such
Recovery Rights to the Company.  The Insured shall refrain from any action, either before or after payment of a Claim hereunder that shall prejudice such Recovery Rights. 

 

Notwithstanding any provision in the foregoing paragraph to the contrary, in the event the Insured has, in addition to Recovery Rights against a Borrower or any other Person, a claim or claims against such Borrower or
other Person not related to the Recovery Rights, then the Insured shall have the right to pursue in its own name all the Recovery Rights in conjunction with the Insured's other claim or claims, and the Company will waive its right to manage the pursuit of the
Recovery Rights.

 

The execution by the authorized party, even if it be a party other than the Insured, of a release or waiver of the right to collect the unpaid balance of a Loan, if it has such effect, shall release the Company from its
obligations hereunder to the extent and amount of such release or waiver, unless the Company is prohibited by law from pursuing recovery of such Loan.

 

C.      Representations and Reliance; Incontestability - All statements made by the Insured, the Servicer, the Borrower or any other Person in any part of the Application,
including the Original Appraisal, plans and specifications, or any exhibits or documents submitted therewith, are deemed to be the Insured's representations.  The Company has issued this Policy and has extended coverage to each Loan listed on the Certificate
Schedule in reliance on the correctness and completeness of such representations as made or deemed to be made by the Insured.

 

No Claim otherwise payable under this Policy with respect to a Loan will be denied, nor will the coverage for such Loan be rescinded, based on any misrepresentation in the Application made by the Borrower or any Person
other than a First Party, once twelve (12) regularly scheduled periodic payments have been made on that Loan from the Borrower's Own Funds.

 

Notwithstanding the foregoing provisions of this Section VI., C.,, the Company will not be precluded from denying a Claim or rescinding coverage for a Loan where prior to the Borrower making twelve (12) regularly
scheduled payments from the Borrower's Own Funds, the Company notifies the Insured in writing that the Company has sufficient evidence to establish a reasonable belief that there was a material misrepresentation made in the Application with respect to such Loan and
the Company provides a reasonable description of such misrepresentation.

 

D.     Notice - Premium payments are to be paid as provided in Sections II., B., and C., and sent to the Company at the address listed on the Commitment, or as otherwise
instructed by the Company in writing.  All other notices, Claims, tenders, reports and other data required to be submitted to the Company by the Insured shall be either (i) mailed postpaid, (ii) sent by overnight courier, (iii) transmitted electronically or via
magnetic tape or other media in a manner approved by the Company, or (iv) sent by telephonic facsimile transmission, to the Company’s home office at the following address and facsimile number:

 

For Claim matters:

 

   PMI Mortgage Insurance Co.

   P. O. Box 193837

   San Francisco, California 94119

   Attention:  Claim Department

   Facsimile Number: (415) 788-8593

 

For Customer Service matters:

 

   PMI Mortgage Insurance Co.

   P.O. Box 3836

   San Francisco, California 94119

   Attention:  Customer Service Department

   Facsimile Number:  (415) 291-6191

 

All notices to the Insured shall be given to the Servicer unless the Company has not been notified that a Loan is being serviced by a Person other than the Insured, and shall be either (i) mailed postpaid, (ii) sent by
overnight courier, (iii) transmitted electronically or magnetically in a manner approved by the Insured, or (iv) sent by telephonic facsimile transmission, to the Servicer, at the address and facsimile number provided in writing by the Insured to the Company, or to
the last known address and facsimile number for that Servicer, except that for facsimile transmissions, the Company shall confirm telephonically or otherwise the accuracy of the facsimile number used.  Nonpayment notices under Section II., C. and notices
required under Section III., F. shall be sent to both the Insured and the Servicer whenever the Company has been notified that the Servicer is a Person other than the Insured.  All notices to the Insured and Servicer will be sent to those Persons whom the
Company was last notified as owning or servicing the Loan, respectively, at the last known address for such Persons as reflected in the records of the Company. 

 

Either party may notify the other of a change in address in the same manner as provided for giving notice.  All notices, Claims, tenders, reports and other data required to be submitted to the Company or to the
Insured shall be deemed to have been given five (5) days after the same is deposited in the U.S. Mail, delivered to an overnight courier, or transmitted in a manner approved above, unless actually received earlier.  If the Insured requests that notices be sent
to a third party other than the Insured and Servicer, the Company agrees to use its best efforts to give such notices but the Company shall not incur any liability for failure to send any notice to any third parties. 

 

E.      Reports and Examinations - As pertinent to any Loan or the Policy, the Company may call on the Insured for such reports as it may deem reasonably necessary, and may
inspect the files, books and records of the Insured as they pertain to any Loan or to the Policy.  The Company has the right to require that any information which the Insured is required to provide under this Policy be certified as to its truthfulness and
accuracy by an officer or properly authorized employee of either or both the Insured and the Servicer.

 

F.      Arbitration - Unless prohibited by applicable law, any controversy or dispute, including any Claim made hereunder, arising out of or relating to this Policy, may,
upon the mutual consent of all parties to the dispute, be settled by binding arbitration in accordance with the title insurance rules of the American Arbitration Association in effect on the date the demand for arbitration is made.  If this remedy is elected by
all parties to the dispute, then the decision of the arbitrator(s) shall be final and binding on all the parties, and shall be enforceable in any court of competent jurisdiction in the United States of America.

 

G.     Suit -

 

1.      No suit or action for recovery of any Claim or Insurance Benefit under this Policy shall be sustained in any court of law or equity unless the Insured has materially
and substantially complied with the terms and conditions of this Policy, and unless the suit or action in equity is commenced within three (3) years or such longer period of time as may be required by applicable law, after (i) the Claim has been presented to the
Company or (ii) the date on which the cause of action accrued, whichever is earlier.  No suit or action on a Claim or Insurance Benefit may be brought against the Company until sixty (60) days have elapsed from the later of the date that the Insured is notified
that Claim is perfected or from the date the Claim is deemed to be a Perfected Claim, unless the subject matter of the suit or action is whether a Perfected Claim has been filed.

 

2.        If a dispute arises concerning the Loan and involving either the Property or the Insured, the Company has the right to protect its interest by defending any action
arising from such dispute, even if the allegations involved are groundless, false or fraudulent.  The Company is NOT REQUIRED to defend any lawsuit involving either the Insured, the Property or the Loan.  The Company shall also have the right to direct the
Insured to institute suit on the Insured's behalf, if this suit is necessary or appropriate to preserve the Company's rights in connection with a Loan or Property.  If any litigation costs and expenses incurred by either the Company or the Insured under this
Section VI., G., arise out of an action involving the negligent or wrongful conduct or breach of contract on the part of the Insured, then the Insured shall bear all such costs and expenses, and in all other cases, the Company shall bear such costs and expenses.

 

H.     Parties in Interest - This contract shall be binding upon and inure to the benefit of the Company and its successors and assigns and the Insured and its permitted
successors and assigns.  Neither the Borrower, nor any successive owner of a Property, nor any pool insurance carrier, nor any other Person is included or intended as a third party beneficiary to this Policy.  Payments made to the Insured hereunder are
intended as indemnification for actual loss and shall not affect nor impair the Insured's rights of recovery against the Borrower subject, however, to the provisions of Section VI., B., (Subrogation).  Because the Company and the Insured are the only parties to
the Policy, they may agree to modify or amend or terminate this Policy or any Certificate without the consent of, or notice to, any Borrower, Servicer or any other Person.

 

I.       Agency - Neither the Insured, its Servicer, its originators, nor any of their respective employees or agents shall be or shall be deemed to be agents of the
Company, nor shall the Company be or be deemed to be an agent of the Insured or Servicer except to the extent of the Recovery Rights assigned to the Company pursuant to Section IV., B., (Subrogation).  The Servicer is deemed to be an agent of the Insured for all
purposes under this Policy, including, but not limited to, for receiving notices, payments of Insurance Benefit, settling Claims, and performing acts required of the Insured under this Policy excepting for receipt of notices required under Section III., F.,
(Non-Approved Servicer).

 

J.       Governing Law; Conformity to Statute - This Policy, including the Certificate Schedule, Claim or Insurance Benefit related to any Loan, shall be governed by
the law of the jurisdiction in which the original named Insured is located as shown in on the face page hereof.  Any provision of this Policy which is in conflict with the law of the aforesaid jurisdiction is hereby amended to conform to the minimum requirements
of that law.

 

K.      Electronic Data Storage -  It is understood that the Company may store information, the contents or images of documents or other data on electronic media or other
media generally accepted for business records (such as microfiche).  The Company and Insured agree that the data stored on such electronic or other media are equally acceptable between the parties for all purposes as information, documents or other data
maintained in printed or written form, including but not limited to, for the purposes of litigation or arbitration.

 

L.       No Waiver -  Except as provided in Section VI., C., Representations and Reliance; Incontestability, nothing contained in this Policy shall be deemed to waive or
limit the Company's rights arising at law or in equity to rescind or reform this Policy or the Certificate in the event that material misrepresentations of fact or fraudulent statements were relied upon by the Company in issuing this Policy or extending coverage
hereunder to any Loan.

 

 

pmi MORTGAGE INSURANCE CO.

  BULK PRIMARY FIRST LIEN MASTER POLICY

BULK QUALITY PROGRAM ENDORSEMENT

 

 

 

BULK QUALITY PROGRAM ENDORSEMENT TO

BULK PRIMARY FIRST LIEN MASTER POLICY,

FORMS UW 2510.00 (09/00) &

       UW 2511.00 TX (09/00)

 

 

         Section VI., C., (Representations and Reliance; Incontestability) is hereby deleted in its entirety and there is substituted in its place the
following:

 

C. Representations and Reliance; Incontestability  ‐  The Company is extending coverage under the Policy to Loans pursuant to the Bulk
Quality Program in reliance upon the truth and accuracy of the information contained in the Application, including information in the Insured's Loan files and the statements made in the electronic transmittal of Loan information to PMI.  The Insured agrees that
statements made by any First Party in any documents submitted to the Insured at the time the Loan is originated, are deemed to be the representations of the Insured. No Claim payable under this Policy with respect to a Loan, arising from a Default otherwise covered
under the Policy, will be denied, nor will the Certificate for such Loan be rescinded based on any misrepresentation made by any person other than a First Party in the Application or in the electronic transmittal of Loan information to PMI.

 

All conditions of the Policy not modified by this Endorsement remain in full force and effect for all Loans insured under the Policy. 

 

 

 

This Bulk Quality Program Endorsement attaches to Bulk Primary Master Policy Number 22720-4 and is effective as of September 18, 2006.

 

 

pmi MORTGAGE INSURANCE CO.

 

SCHEDULE ENDORSEMENT TO

BULK PRIMARY FIRST LIEN MASTER POLICY

 (the “Policy”)

 

 

POLICY ISSUED
TO:                                              

                                                        ATTACHED TO AND FORMING

                                                                                   

                                                           PART OF POLICY NUMBER:

 

Deutsche Bank National Trust Co. as trustee for the                                                 22720-4                      

Long Beach Mortgage Loan Trust

 2006-8

1761 East St. Andrew Place

Santa Ana, CA 92705-4934

 

EFFECTIVE DATE OF POLICY:                                                                                   
 EFFECTIVE DATE OF SCHEDULE

                                                                                                                                             
ENDORSEMENT: 

 

September 18,
2006                                                                                                          September 18, 2006

 

 

The Schedule Endorsement hereby extends coverage under the above Policy of Insurance, from and after the date of this Schedule Endorsement, to those Loans listed in the Certificate Schedule attached hereto and made a part to this Schedule
Endorsement (herein called “Schedule A”).

 

The term “Effective Date” for the Loan(s) covered by this Schedule Endorsement shall mean the date stated above.

 

Except for the foregoing amendments, the Policy and all terms, conditions, provisions, and limitations of the Policy remain in full force and effect.  None of the terms, conditions, provisions and limitations of the Policy have been varied,
waived, altered or extended in any manner except as expressly set forth in this Schedule Endorsement.

 

IN WITNESS WHEREOF, the Company has caused this Endorsement to be signed by its duly authorized officers as of the Effective Date first above stated.

 

 

PMI MORTGAGE INSURANCE CO.

 

BY: 
                                        BY: 

           
        President                                                             
        Secretary

 

Long Beach Mortgage Loan Trust 2006-8

PMI Deal # 2006-0737

Final Certficiates

  

	No	Certificate
  Number	Loan Number	Coverage %	Loan Level
  Premium
	1	40568557	6730068	37	2.544
	2	40568565	6730252	34	1.405
	3	40568573	6732850	31	1.117
	4	40568581	6739293	34	1.006
	5	40568590	6741094	30	0.573
	6	40568603	6743657	34	0.560
	7	40568611	6743720	34	0.567
	8	40568620	6743787	34	1.929
	9	40568638	6744935	34	3.144
	10	40568646	6745044	34	2.165
	11	40568654	6746063	34	1.639
	12	40568662	6746192	37	1.092
	13	40568671	6747118	34	2.049
	14	40568689	6747144	34	2.049
	15	40568697	6747154	34	2.049
	16	40568701	6747180	34	2.049
	17	40568719	6747424	34	1.535
	18	40568727	6748306	34	2.565
	19	40568735	6748639	34	1.921
	20	40568743	6749015	34	0.807
	21	40568751	6750226	33	1.089
	22	40568760	6750256	34	0.499
	23	40568778	6750531	34	0.781
	24	40568786	6750597	34	0.627
	25	40568794	6750609	34	0.960
	26	40568808	6750626	34	0.734
	27	40568816	6751484	34	0.629
	28	40568824	6751511	34	1.069
	29	40568832	6751698	34	0.921
	30	40568841	6751877	34	0.629
	31	40568859	6751908	34	1.075
	32	40568867	6751937	33	0.807
	33	40568875	6751999	34	0.771
	34	40568883	6752561	34	0.792
	35	40568891	6752566	34	1.325
	36	40568905	6752664	34	0.499
	37	40568913	6752729	34	1.386
	38	40568921	6752787	34	0.492
	39	40568930	6752798	34	0.958
	40	40568948	6752906	34	0.843
	41	40568956	6753101	34	0.563
	42	40568964	6753169	30	1.603
	43	40568972	6753216	34	0.423
	44	40568981	6753310	32	2.380
	45	40568999	6753409	34	1.220
	46	40569006	6753641	30	1.331
	47	40569014	6753659	30	2.512
	48	40569022	6754329	34	1.717
	49	40569031	6754385	34	2.343
	50	40569049	6754421	34	2.575
	51	40569057	6754537	34	0.568
	52	40569065	6754584	34	2.491
	53	40569073	6754954	34	3.046
	54	40569081	6755137	29	2.459
	55	40569090	6755260	33	1.096
	56	40569103	6755261	34	2.081
	57	40569111	6755328	34	2.031
	58	40569120	6755753	34	2.497
	59	40569138	6755777	34	0.414
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	488	40573429	729362186	34	2.689
	489	40573437	729362467	34	1.182
	490	40573445	729362665	30	0.811
	491	40573453	729363135	34	0.526
	492	40573461	729363309	30	1.509
	493	40573470	729363978	30	1.055
	494	40573488	729364133	37	1.514
	495	40573496	729364448	34	1.286
	496	40573500	729364810	34	0.799
	497	40573518	729364828	30	0.896
	498	40573526	729364885	37	3.427
	499	40573534	729364893	37	4.118
	500	40573542	729365072	40	3.159
	501	40573551	729365213	28	0.739
	502	40573569	729365429	34	0.665
	503	40573577	729365684	34	2.194
	504	40573585	729365718	34	0.622
	505	40573593	729365999	40	5.583
	506	40573607	729368720	30	0.636
	507	40573615	729368787	34	2.007
	508	40573623	729368803	34	0.424
	509	40573631	729368829	34	3.889
	510	40573640	729368951	30	0.655
	511	40573658	729368977	30	0.619
	512	40573666	729370429	30	0.740
	513	40573674	729371906	34	0.675
	514	40573682	729372193	32	1.740
	515	40573691	729372201	34	0.623
	516	40573704	729372623	34	0.830
	517	40573712	729372904	34	0.804
	518	40573721	729373068	34	1.213
	519	40573739	729373126	32	0.776
	520	40573747	729373225	33	0.871
	521	40573755	729373589	34	1.656
	522	40573763	729374082	30	1.062
	523	40573771	729374223	30	2.431
	524	40573780	729375220	30	2.748
	525	40573798	729376319	34	2.371
	526	40573801	729376574	28	0.404
	527	40573810	729376608	34	1.535
	528	40573828	729376798	30	1.062
	529	40573836	729377002	34	1.170
	530	40573844	729377093	34	1.807
	531	40573852	729377739	34	1.453
	532	40573861	729377812	34	1.518
	533	40573879	729377978	30	1.634
	534	40573887	729378059	34	0.630
	535	40573895	729378893	40	4.740
	536	40573909	729379172	29	1.078
	537	40573917	729379271	34	0.875
	538	40573925	729379800	37	0.747
	539	40573933	729379875	34	1.506
	540	40573941	729380352	34	0.670
	541	40573950	729381301	34	1.909
	542	40573968	729381525	34	2.087
	543	40573976	729381558	37	2.008
	544	40573984	729381640	34	2.696
	545	40573992	729382085	34	1.312
	546	40574000	729382150	40	0.692
	547	40574018	729382226	37	4.021
	548	40574026	729382234	34	0.716
	549	40574034	729382259	37	3.260
	550	40574042	729382499	34	0.530
	551	40574051	729382606	33	1.000
	552	40574069	729383414	34	2.427
	553	40574077	729384917	37	1.211
	554	40574085	729385088	34	0.692
	555	40574093	729385112	34	1.927
	556	40574107	729385518	34	2.432
	557	40574115	729385716	37	3.855
	558	40574123	729385757	34	1.135
	559	40574131	729386599	34	1.673
	560	40574140	729387068	34	1.741
	561	40574158	729387217	34	1.839
	562	40574166	729387282	37	0.856
	563	40574174	729387761	30	2.388
	564	40574182	729388082	34	4.934
	565	40574191	729388991	34	1.978
	566	40574204	729389361	34	1.061
	567	40574212	729389627	30	1.698
	568	40574221	729390328	34	1.945
	569	40574239	729390450	34	1.891
	570	40574247	729390617	30	1.032
	571	40574255	729390930	40	2.687
	572	40574263	729391458	40	2.059
	573	40574271	729392381	27	0.500
	574	40574280	729393314	34	0.523
	575	40574298	729394510	34	1.174
	576	40574301	729394668	34	1.116
	577	40574310	729395145	30	0.399
	578	40574328	729396309	30	1.317
	579	40574336	729396473	34	1.513
	580	40574344	729396945	34	2.802
	581	40574352	729397521	34	0.510
	582	40574361	729397851	30	0.397
	583	40574379	729397877	30	0.641
	584	40574387	729398040	34	1.055
	585	40574395	729398255	37	2.663
	586	40574409	729398602	34	2.615
	587	40574417	729401034	37	1.126
	588	40574425	729401406	34	2.077
	589	40574433	729401612	40	4.325
	590	40574441	729401638	37	0.980
	591	40574450	729401646	34	2.024
	592	40574468	729401711	34	1.202
	593	40574476	729402099	34	2.401
	594	40574484	729402347	34	2.681
	595	40574492	729402826	30	0.344
	596	40574506	729402933	34	0.786
	597	40574514	729403279	34	1.167
	598	40574522	729403360	30	0.445
	599	40574531	729404616	37	0.936
	600	40574549	729405704	34	1.013
	601	40574557	729406538	34	1.430
	602	40574565	729406991	34	1.094
	603	40574573	729407130	34	1.763
	604	40574581	729407882	34	1.446
	605	40574590	729409458	37	2.640
	606	40574603	729409524	34	1.244
	607	40574611	729409532	40	0.834
	608	40574620	729410324	37	0.527
	609	40574638	729410407	40	2.022
	610	40574646	729410662	34	1.896
	611	40574654	729411009	34	0.397
	612	40574662	729411082	34	1.580
	613	40574671	729411132	30	0.549
	614	40574689	729411769	34	0.798
	615	40574697	729411785	37	2.984
	616	40574701	729413203	34	1.689
	617	40574719	729413468	34	1.520
	618	40574727	729413757	34	1.037
	619	40574735	729415737	37	1.992
	620	40574743	729415794	37	2.009
	621	40574751	729415919	34	0.969
	622	40574760	729416479	34	2.529
	623	40574778	729416776	40	1.670
	624	40574786	729417717	34	1.550
	625	40574794	729418657	37	0.898
	626	40574808	729419986	30	2.247
	627	40574816	729420174	34	1.225
	628	40574824	729420687	34	0.762
	629	40574832	729421511	34	1.424
	630	40574841	729422337	32	0.554
	631	40574859	729422485	34	1.813
	632	40574867	729422667	34	1.148
	633	40574875	729422931	34	2.396
	634	40574883	729423038	34	2.246
	635	40574891	729423194	34	0.855
	636	40574905	729423947	34	1.167
	637	40574913	729424218	34	0.989
	638	40574921	729424739	34	2.330
	639	40574930	729425272	34	2.487
	640	40574948	729426304	32	1.162
	641	40574956	729427070	34	1.033
	642	40574964	729427807	26	1.575
	643	40574972	729428920	34	2.041
	644	40574981	729429126	40	5.725
	645	40574999	729429472	29	2.350
	646	40575006	729429704	34	1.880
	647	40575014	729429951	29	0.960
	648	40575022	729430074	34	1.704
	649	40575031	729430280	34	1.743
	650	40575049	729430678	34	1.791
	651	40575057	729431619	34	3.614
	652	40575065	729431742	30	0.564
	653	40575073	729432682	37	1.641
	654	40575081	729433227	34	2.133
	655	40575090	729433342	37	2.141
	656	40575103	729433532	40	2.239
	657	40575111	729434092	34	1.294
	658	40575120	729434142	34	1.862
	659	40575138	729434498	34	1.869
	660	40575146	729434688	34	1.274
	661	40575154	729435230	30	0.588
	662	40575162	729436204	34	1.624
	663	40575171	729438804	34	0.914
	664	40575189	729438960	34	1.405
	665	40575197	729440495	37	0.787
	666	40575201	729442541	34	1.024
	667	40575219	729442806	29	1.938
	668	40575227	729443739	34	0.515
	669	40575235	729444752	34	1.749
	670	40575243	729445031	37	2.336
	671	40575251	729445262	40	1.088
	672	40575260	729445270	34	4.902
	673	40575278	729446492	34	1.477
	674	40575286	729446856	34	1.758
	675	40575294	729447466	34	3.066
	676	40575308	729448068	40	2.664
	677	40575316	729453134	34	0.677
	678	40575324	729454595	30	1.134
					

  

pmi MORTGAGE INSURANCE CO.

	
		

 

                                                                                     
BULK PRIMARY MASTER POLICY

BLOCKED PERSONS EXCLUSION ENDORSEMENT

 

 

 

ENDORSEMENT TO

BULK PRIMARY FIRST LIEN MASTER POLICY,

FORMS UW 2510.00 & UW 2511.00TX

 

 

It is understood and agreed that the Bulk Primary First Lien Master Policy (“Policy”) is amended as follows:

 

The following provision is added as a new Section III.,L. (“Blocked Persons Exclusion”):

 

L.                Any Claim arising from or related to a Loan made null and void by any of the provisions of the Office of
Foreign Asset Control Regulations found in Title 31, Chapter V, Parts 500 through 598 of the United States Code of Federal Regulations, or any other state or federal statute or regulation prohibiting the making of a Loan to a specified Person.

 

 

All other terms and conditions of the Policy remained unchanged.

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00111-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00111-of-00352.parquet"}]]