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Long Beach Mortgage Loan Trust 2006-5
·
8-K
Jun 30, 4:14 PM ET
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Long Beach Mortgage Loan Trust 2006-5 8-K
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Contents
107
ARTICLE I DEFINITIONS
Section 1.01 Defined Terms.
Section 1.02 Accounting.
Section 1.03 Allocation of Certain Interest Shortfalls.
Section 1.04 Rights of the NIMS Insurer.
ARTICLE II CONVEYANCE OF MORTGAGE LOANS; ORIGINAL ISSUANCE OF CERTIFICATES
Section 2.01 Conveyance of Mortgage Loans.
Section 2.02 Acceptance of REMIC 1 by the Trustee.
Section 2.03 Cure, Repurchase or Substitution of Mortgage Loans by the Seller; Remedies for Breaches by Depositor or Master Servicer; Remedies for Breaches Relating to Prepayment Charges.
Section 2.04 Representations, Warranties and Covenants of the Master Servicer.
Section 2.05 Representations and Warranties of the Depositor.
Section 2.06 Issuance of Certificates.
Section 2.07 Reserved.
Section 2.08 Conveyance of REMIC Regular Interests and Acceptance of REMICs by the Trustee; Issuance of Certificates.
ARTICLE III ADMINISTRATION AND SERVICING OF THE MORTGAGE LOANS
Section 3.01 Master Servicer to Act as Master Servicer.
The Master Servicer shall service and administer the Mortgage Loans on behalf of the Trustee and in the best interests of and for the benefit of the Certificateholders (as determined by the Master Servicer in its reasonable judgment) in accordance with the terms of this Agreement and the respective Mortgage Loans and, to the extent consistent with such terms, in the same manner in which it services and administers similar mortgage loans for its own portfolio, giving due consideration to customary and usual standards of practice of mortgage lenders and loan servicers administering similar mortgage loans in the local areas where the related Mortgaged Property is located but without regard to:
Section 3.02 Sub‑Servicing Agreements Between the Master Servicer and Sub‑Servicers.
Section 3.03 Successor Sub‑Servicers.
Section 3.04 Liability of the Master Servicer.
Section 3.05 No Contractual Relationship Between Sub‑Servicers and the NIMS Insurer, the Trustee or Certificateholders.
Section 3.06 Assumption or Termination of Sub‑Servicing Agreements by Trustee.
Section 3.07 Collection of Certain Mortgage Loan Payments.
Section 3.08 Sub‑Servicing Accounts.
Section 3.09 Collection of Taxes, Assessments and Similar Items; Servicing Accounts.
Section 3.10 Collection Account and Distribution Account.
Section 3.11 Withdrawals from the Collection Account and Distribution Account.
Section 3.12 Investment of Funds in the Collection Account and the Distribution Account.
Section 3.13 Reserved.
Section 3.14 Maintenance of Hazard Insurance and Errors and Omissions and Fidelity Coverage.
Section 3.15 Enforcement of Due‑On‑Sale Clauses; Assumption Agreements.
Section 3.16 Realization Upon Defaulted Mortgage Loans.
Section 3.17 Trustee to Cooperate; Release of Mortgage Files.
Section 3.18 Servicing Compensation.
Section 3.19 Reports to the Trustee; Collection Account Statements.
Section 3.20 Annual Statement as to Compliance.
Section 3.21 Assessments of Compliance and Attestation Reports.
Section 3.22 Access to Certain Documentation.
Section 3.23 Title, Management and Disposition of REO Property.
Section 3.24 Obligations of the Master Servicer in Respect of Prepayment Interest Shortfalls.
Section 3.25 Obligations of the Master Servicer in Respect of Mortgage Rates and Monthly Payments.
Section 3.26 Reserve Fund.
Section 3.27 Advance Facility.
Section 3.28 PMI Policy; Claims Under the PMI Policy
Section 3.29 Swap Agreement.
Section 3.30 Replacement Swap Agreement.
ARTICLE IV FLOW OF FUNDS
Section 4.01 Distributions.
Section 4.02 Preference Claims.
Section 4.03 Statements.
Section 4.04 Remittance Reports; Advances.
Section 4.05 Distributions on the REMIC Regular Interests.
Section 4.06 Allocation of Realized Losses.
Section 4.07 Compliance with Withholding Requirements.
Section 4.08 Commission Reporting.
Section 4.09 Supplemental Interest Trust.
Section 4.10 Final Maturity Reserve Trust.
Section 4.11 Intention of the Parties and Interpretation.
ARTICLE V THE CERTIFICATES
Section 5.01 The Certificates.
Section 5.02 Registration of Transfer and Exchange of Certificates.
Section 5.03 Mutilated, Destroyed, Lost or Stolen Certificates.
Section 5.04 Persons Deemed Owners.
ARTICLE VI THE MASTER SERVICER AND THE DEPOSITOR
Section 6.01 Liability of the Master Servicer and the Depositor.
Section 6.02 Merger or Consolidation of the Depositor or the Master Servicer.
Section 6.03 Limitation on Liability of the Depositor, the Master Servicer and Others.
Section 6.04 Limitation on Resignation of Master Servicer.
Section 6.05 Rights of the Depositor, the NIMS Insurer and the Trustee in Respect of the Master Servicer.
ARTICLE VII DEFAULT
Section 7.01 Master Servicer Events of Default.
Section 7.02 Trustee to Act; Appointment of Successor.
Section 7.03 Notification to Certificateholders.
Section 7.04 Waiver of Master Servicer Events of Default.
ARTICLE VIII THE TRUSTEE
Section 8.01 Duties of Trustee.
Section 8.02 Certain Matters Affecting the Trustee.
Section 8.03 Trustee Not Liable for Certificates or Mortgage Loans.
Section 8.04 Trustee May Own Certificates.
Section 8.05 Trustee’s Fees and Expenses.
Section 8.06 Eligibility Requirements for Trustee.
Section 8.07 Resignation or Removal of Trustee.
Section 8.08 Successor Trustee.
Section 8.09 Merger or Consolidation of Trustee.
Section 8.10 Appointment of Co‑Trustee or Separate Trustee.
Section 8.11 Appointment of Custodians.
Section 8.12 Appointment of Office or Agency.
Section 8.13 Representations and Warranties of the Trustee.
ARTICLE IX TERMINATION
Section 9.01 Termination Upon Purchase or Liquidation of All Mortgage Loans.
Section 9.02 Additional Termination Requirements.
Section 9.03 Termination of the Supplemental Interest Trust and the Final Maturity Reserve Trust.
ARTICLE X REMIC PROVISIONS
Section 10.01 REMIC Administration.
Section 10.02 Prohibited Transactions and Activities.
Section 10.03 Trustee, Master Servicer and Depositor Indemnification.
ARTICLE XI MISCELLANEOUS PROVISIONS
Section 11.01 Amendment.
Section 11.02 Recordation of Agreement; Counterparts.
Section 11.03 Limitation on Rights of Certificateholders.
Section 11.04 Governing Law; Jurisdiction.
Section 11.05 Notices.
Section 11.06 Severability of Provisions.
Section 11.07 Notice to the Rating Agencies, the Swap Counterparty and the NIMS Insurer.
Section 11.08 Article and Section References.
Section 11.09 Third-Party Beneficiaries.
Section 11.10 Grant of Security Interest.
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