Pooling and Servicing Agreement (2007)Full Document 

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STRUCTURED ASSET SECURITIES CORPORATION II, Depositor and WACHOVIA BANK, NATIONAL ASSOCIATION, as Master Servicer and LNR PARTNERS, INC., as Special Servicer and LASALLE BANK NATIONAL ASSOCIATION, as Trustee POOLING AND SERVICING AGREEMENT Dated as of November 13, 2006 ---------- $3,019,658,539 LB-UBS Commercial Mortgage Trust 2006-C7 Commercial Mortgage Pass-Through Certificates, Series 2006-C7 TABLE OF CONTENTS PAGE ---- ARTICLE I DEFINITIONS; GENERAL INTERPRETIVE PRINCIPLES; CERTAIN ADJUSTMENTS TO THE PRINCIPAL DISTRIBUTIONS ON THE CERTIFICATES SECTION 1.01. Defined Terms.................................................................. 9 SECTION 1.02. General Interpretive Principles................................................ 118 SECTION 1.03. Certain Adjustments to the Principal Distributions on the Certificates......... 118 ARTICLE II CONVEYANCE OF TRUST MORTGAGE LOANS; REPRESENTATIONS AND WARRANTIES; ORIGINAL ISSUANCE OF CERTIFICATES SECTION 2.01. Creation of Trust; Conveyance of Trust Mortgage Loans.......................... 121 SECTION 2.02. Acceptance of Trust Fund by Trustee............................................ 126 SECTION 2.03. Repurchase of Trust Mortgage Loans for Document Defects and Breaches of Representations and Warranties.............................................. 128 SECTION 2.04. Representations, Warranties and Covenants of the Depositor..................... 140 SECTION 2.05. Acceptance of Grantor Trust Assets by Trustee; Issuance of the Class V Certificates................................................................ 142 SECTION 2.06. Acceptance of Loan REMICs by Trustee; Execution, Authentication and Delivery of Class R-LR Certificates; Creation of Loan REMIC Regular Interests........... 143 SECTION 2.07. Conveyance of Loan REMIC Regular Interests..................................... 143 SECTION 2.08. Execution, Authentication and Delivery of Class R-I Certificates; Creation of REMIC I Regular Interests................................................... 144 SECTION 2.09. Conveyance of REMIC I Regular Interests; Acceptance of REMIC II by Trustee..... 144 SECTION 2.10. Execution, Authentication and Delivery of Class R-II Certificates; Creation of REMIC II Regular Interests.................................................. 144 SECTION 2.11. Conveyance of REMIC II Regular Interests; Acceptance of REMIC III by Trustee... 144 SECTION 2.12. Execution, Authentication and Delivery of REMIC III Certificates............... 145 SECTION 2.13. Acceptance of Loss of Value Reserve Fund by Trustee............................ 145 ARTICLE III ADMINISTRATION AND SERVICING OF THE TRUST FUND SECTION 3.01. Administration of the Mortgage Loans........................................... 146 SECTION 3.02. Collection of Mortgage Loan Payments........................................... 149 SECTION 3.03. Collection of Taxes, Assessments and Similar Items; Servicing Accounts; Reserve Accounts............................................................ 152 SECTION 3.04. Pool Custodial Account, Defeasance Deposit Account, Collection Account, Interest Reserve Account, Excess Liquidation Proceeds Account and Loss of Value Reserve Fund.......................................................... 154 SECTION 3.04A. Loan Combination Custodial Accounts for Serviced Loan Combinations............. 159 SECTION 3.05. Permitted Withdrawals From the Pool Custodial Account, the Collection Account, the Interest Reserve Account and the Excess Liquidation Proceeds Account.... 162 SECTION 3.05A. Permitted Withdrawals From the Loan Combination Custodial Accounts............. 170 SECTION 3.06. Investment of Funds in the Collection Account, the Servicing Accounts, the Reserve Accounts, the Defeasance Deposit Account, the Custodial Accounts,
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