<PAGE>

                                                                     Exhibit 4.1

                     MERRILL LYNCH MORTGAGE INVESTORS, INC.,
                                    Depositor

                     NATIONAL CITY HOME LOAN SERVICES, INC.,
                                    Servicer

                                       and

                       LASALLE BANK NATIONAL ASSOCIATION,
                                     Trustee

                                   ----------

                         POOLING AND SERVICING AGREEMENT
                          Dated as of December 1, 2006

                                   ----------

                     MERRILL LYNCH MORTGAGE INVESTORS TRUST,
            MORTGAGE LOAN ASSET-BACKED CERTIFICATES, SERIES 2006-FF1

<PAGE>

                                TABLE OF CONTENTS

<TABLE>
<CAPTION>
                                                                            PAGE
                                                                            ----
<S>                                                                         <C>
ARTICLE I    DEFINITIONS.................................................     13

ARTICLE II   CONVEYANCE OF MORTGAGE LOANS; REPRESENTATIONS AND
             WARRANTIES..................................................     66
   SECTION 2.01.    Conveyance of Mortgage Loans.........................     66
   SECTION 2.02.    Acceptance by the Trustee of the Mortgage Loans......     68
   SECTION 2.03.    Representations, Warranties and Covenants of the
                    Depositor............................................     70
   SECTION 2.04.    Representations and Warranties of the Servicer.......     74
   SECTION 2.05.    Substitutions and Repurchases of Mortgage Loans that
                    are not "Qualified Mortgages"........................     75
   SECTION 2.06.    Authentication and Delivery of Certificates..........     75
   SECTION 2.07.    REMIC Elections......................................     75
   SECTION 2.08.    [RESERVED]...........................................     81
   SECTION 2.09.    Covenants of the Servicer............................     81
   SECTION 2.10.    [RESERVED]...........................................     81
   SECTION 2.11.    Permitted Activities of the Issuing Entity...........     81
   SECTION 2.12.    Qualifying Special Purpose Entity....................     81
   SECTION 2.13     Depositor Notification of NIM Notes..................     81

ARTICLE III  ADMINISTRATION AND SERVICING OF MORTGAGE LOANS..............     81
   SECTION 3.01.    Servicer to Service Mortgage Loans...................     81
   SECTION 3.02.    Servicing and Subservicing; Enforcement of the
                    Obligations of Servicer..............................     83
   SECTION 3.03.    Rights of the Depositor and the Trustee in Respect of
                    the Servicer.........................................     84
   SECTION 3.04.    Trustee to Act as Servicer...........................     84
   SECTION 3.05.    Collection of Mortgage Loan Payments; Collection
                    Account; Certificate Account.........................     85
   SECTION 3.06.    Collection of Taxes, Assessments and Similar Items;
                    Escrow Accounts......................................     89
   SECTION 3.07.    Access to Certain Documentation and Information
                    Regarding the Mortgage Loans.........................     89
   SECTION 3.08.    Permitted Withdrawals from the Collection Account and
                    Certificate Account..................................     89
   SECTION 3.09.    [RESERVED]...........................................     92
   SECTION 3.10.    Maintenance of Hazard Insurance......................     92
   SECTION 3.11.    Enforcement of Due-On-Sale Clauses; Assumption
                    Agreements...........................................     93
</TABLE>


                                   -i-

<PAGE>

                                TABLE OF CONTENTS
                                   (continued)

<TABLE>
<CAPTION>
                                                                            PAGE
                                                                            ----
<S>                                                                         <C>
   SECTION 3.12.    Realization Upon Defaulted Mortgage Loans;
                    Determination of Excess Proceeds; Special Loss
                    Mitigation...........................................     93
   SECTION 3.13.    Trustee to Cooperate; Release of Mortgage Files......     97
   SECTION 3.14.    Documents, Records and Funds in Possession of
                    Servicer to be Held for the Trustee..................     98
   SECTION 3.15.    Servicing Compensation...............................     98
   SECTION 3.16.    Access to Certain Documentation......................     99
   SECTION 3.17.    Annual Statement as to Compliance....................     99
   SECTION 3.18.    Annual Independent Public Accountants' Servicing
                    Statement; Financial Statements......................     99
   SECTION 3.19.    Subordination of Liens...............................    102
   SECTION 3.20.    Periodic Filings.....................................    102
   SECTION 3.21.    Indemnification by Trustee...........................    106
   SECTION 3.22.    Indemnification by Servicer..........................    106
   SECTION 3.23.    Prepayment Charge Reporting Requirements.............    107
   SECTION 3.24.    Information to the Trustee...........................    107
   SECTION 3.25.    Indemnification......................................    108
   SECTION 3.26.    Solicitation.........................................    108
   SECTION 3.27.    High Cost Mortgage Loans.............................    108

ARTICLE IV   DISTRIBUTIONS...............................................    108
   SECTION 4.01.    Advances.............................................    108
   SECTION 4.02.    Reduction of Servicing Compensation in Connection
                    with Prepayment Interest Shortfalls..................    110
   SECTION 4.03.    Distributions on the REMIC Interests.................    110
   SECTION 4.04.    Distributions........................................    110
   SECTION 4.05.    Monthly Statements to Certificateholders.............    119

ARTICLE V    THE CERTIFICATES............................................    123
   SECTION 5.01.    The Certificates.....................................    123
   SECTION 5.02.    Certificate Register; Registration of Transfer and
                    Exchange of Certificates.............................    125
   SECTION 5.03.    Mutilated, Destroyed, Lost or Stolen Certificates....    129
   SECTION 5.04.    Persons Deemed Owners................................    129
   SECTION 5.05.    Access to List of Certificateholders' Names and
                    Addresses............................................    130
   SECTION 5.06.    Book-Entry Certificates..............................    130
</TABLE>


                                      -ii-

<PAGE>

                                TABLE OF CONTENTS
                                   (continued)

<TABLE>
<CAPTION>
                                                                            PAGE
                                                                            ----
<S>                                                                         <C>
   SECTION 5.07.    Notices to Depository................................    131
   SECTION 5.08.    Definitive Certificates..............................    131
   SECTION 5.09.    Maintenance of Office or Agency......................    132
   SECTION 5.10.    Authenticating Agents................................    132

ARTICLE VI   THE DEPOSITOR AND THE SERVICER..............................    133
   SECTION 6.01.    Respective Liabilities of the Depositor and the
                    Servicer.............................................    133
   SECTION 6.02.    Merger or Consolidation of the Depositor or the
                    Servicer.............................................    133
   SECTION 6.03.    Limitation on Liability of the Depositor, the
                    Servicer and Others..................................    133
   SECTION 6.04.    Limitation on Resignation of Servicer................    134
   SECTION 6.05.    Errors and Omissions Insurance; Fidelity Bonds.......    134

ARTICLE VII  DEFAULT; TERMINATION OF SERVICER............................    135
   SECTION 7.01.    Events of Default....................................    135
   SECTION 7.02.    Trustee to Act; Appointment of Successor.............    136
   SECTION 7.03.    Notification to Certificateholders...................    137

ARTICLE VIII CONCERNING THE TRUSTEE......................................    138
   SECTION 8.01.    Duties of the Trustee................................    138
   SECTION 8.02.    Certain Matters Affecting the Trustee................    139
   SECTION 8.03.    Trustee Not Liable for Certificates or Mortgage
                    Loans................................................    140
   SECTION 8.04.    Trustee May Own Certificates.........................    141
   SECTION 8.05.    Trustee's Fees and Expenses..........................    141
   SECTION 8.06.    Indemnification and Expenses of Trustee..............    141
   SECTION 8.07.    Eligibility Requirements for Trustee.................    142
   SECTION 8.08.    Resignation and Removal of Trustee...................    142
   SECTION 8.09.    Successor Trustee....................................    143
   SECTION 8.10.    Merger or Consolidation of Trustee...................    143
   SECTION 8.11.    Appointment of Co-Trustee or Separate Trustee........    144
   SECTION 8.12.    Tax Matters..........................................    145

ARTICLE IX   TERMINATION.................................................    147
   SECTION 9.01.    Termination upon Liquidation or Repurchase of all
                    Mortgage Loans.......................................    147
   SECTION 9.02.    Final Distribution on the Certificates...............    148
   SECTION 9.03.    Additional Termination Requirements..................    149

ARTICLE X    MISCELLANEOUS PROVISIONS....................................    151
</TABLE>


                                      -iii-

<PAGE>

                                TABLE OF CONTENTS
                                   (continued)

<TABLE>
<CAPTION>
                                                                            PAGE
                                                                            ----
<S>                                                                         <C>
   SECTION 10.01.   Amendment............................................    151
   SECTION 10.02.   Counterparts.........................................    152
   SECTION 10.03.   Governing Law........................................    153
   SECTION 10.04.   Intention of Parties.................................    153
   SECTION 10.05.   Notices..............................................    153
   SECTION 10.06.   Severability of Provisions...........................    154
   SECTION 10.07.   Assignment; Sales; Advance Facilities................    154
   SECTION 10.08.   Limitation on Rights of Certificateholders...........    156
   SECTION 10.09.   Inspection and Audit Rights..........................    156
   SECTION 10.10.   Certificates Nonassessable and Fully Paid............    157
   SECTION 10.11.   Compliance with Regulation AB........................    157
   SECTION 10.12.   Third Party Rights...................................    157
</TABLE>


                                      -iv-

<PAGE>

                                TABLE OF CONTENTS

<TABLE>
<CAPTION>
                                                                            PAGE
                                                                            ----
<S>                                                                         <C>
EXHIBIT A     FORMS OF CERTIFICATES
EXHIBIT B     MORTGAGE LOAN SCHEDULE
EXHIBIT C     [RESERVED]
EXHIBIT D     FORM OF TRUSTEE CERTIFICATION
EXHIBIT E-1   FORM OF TRANSFEREE'S LETTER AND AFFIDAVIT
EXHIBIT E-2   FORM OF TRANSFEROR'S AFFIDAVIT
EXHIBIT F     FORM OF TRANSFEROR CERTIFICATE
EXHIBIT G     FORM OF INVESTMENT LETTER (ACCREDITED INVESTOR)
EXHIBIT H     FORM OF RULE 144A INVESTMENT LETTER (QUALIFIED
              INSTITUTIONAL BUYER)
EXHIBIT I     FORM OF REQUEST FOR RELEASE
EXHIBIT J     [RESERVED]
EXHIBIT K     FORM OF BACK-UP CERTIFICATION OF TRUSTEE
EXHIBIT L     FORM OF OFFICER'S CERTIFICATE OF SERVICER
EXHIBIT M-1   FORM OF CLASS A-1 CAP CONTRACT
EXHIBIT M-2   FORM OF CLASS A-2 CAP CONTRACT
EXHIBIT M-3   FORM OF SUBORDINATE CERTIFICATE CAP CONTRACT
EXHIBIT N     [RESERVED]
EXHIBIT O     FORM OF TRANSFEROR REPRESENTATION LETTER FOR TRANSFER TO
              REGULATION S BOOK-ENTRY CERTIFICATE FROM A HOLDER OF A RULE
              144A BOOK-ENTRY CERTIFICATE OR DEFINITIVE CERTIFICATE
EXHIBIT P     FORM OF TRANSFEROR REPRESENTATION LETTER FOR TRANSFER
              PURSUANT TO RULE 144A FROM A HOLDER OF A REGULATION S
              BOOK-ENTRY CERTIFICATE OR DEFINITIVE CERTIFICATE
EXHIBIT Q     FORM OF SWAP AGREEMENT
EXHIBIT R     FORM OF ASSESSMENT OF COMPLIANCE
EXHIBIT S     SERVICING CRITERIA TO BE ADDRESSED IN ASSESSMENT OF
              COMPLIANCE
EXHIBIT T     FORM OF SARBANES-OXLEY CERTIFICATIONS
EXHIBIT U     FORM OF ITEM 1123 CERTIFICATION OF SERVICER
EXHIBIT V     [RESERVED]
EXHIBIT W     FORM OF DELINQUENCY REPORT
SCHEDULE X
SCHEDULE Y
SCHEDULE Z
</TABLE>


                                   -i-
<PAGE>

     POOLING AND SERVICING AGREEMENT, dated as of December 1, 2006 (the
"Agreement"), among MERRILL LYNCH MORTGAGE INVESTORS, INC., a Delaware
corporation, as depositor (the "Depositor"), NATIONAL CITY HOME LOAN SERVICES,
INC., a Nevada corporation, as servicer (the "Servicer"), and LASALLE BANK
NATIONAL ASSOCIATION, a national banking association, as trustee (the
"Trustee").

     The Depositor is the owner of the Trust Fund that is hereby conveyed to the
Trustee in return for the Certificates. The Trust Fund for federal income tax
purposes will consist of (i) three real estate mortgage investment conduits,
(ii) the right to receive payments distributable to the Class P Certificates
pursuant to Section 4.04(b)(i) hereof, (iii) each Cap Contract and the Cap
Contract Account, (iv) the grantor trusts described in Section 2.07 hereof and
(v) the Supplemental Interest Trust, which in turn will hold the Swap Agreement.
The SWAP REMIC will consist of all of the assets constituting the Trust Fund
(other than the assets described in clauses (ii), (iii), (iv) and (v) above,
other than the SWAP REMIC Regular Interests and other than the Lower Tier REMIC
Regular Interests) and will be evidenced by the SWAP REMIC Regular Interests
(which will be uncertificated and will represent the "regular interests" in the
SWAP REMIC) and the Class SWR Interest as the single "residual interest" in the
SWAP REMIC. The Lower Tier REMIC will consist of SWAP REMIC Regular Interests
and will be evidenced by the Lower Tier REMIC Regular Interests (which will be
uncertificated and will represent the "regular interests" in the Lower Tier
REMIC) and the Class LTR Interest as the single "residual interest" in the Lower
Tier REMIC. The Trustee will hold the Lower Tier REMIC Regular Interests. The
Upper Tier REMIC will consist of the Lower Tier REMIC Regular Interests and will
be evidenced by the REMIC Regular Interests (which will represent the "regular
interests" in the Upper Tier REMIC) and the Residual Interest as the single
"residual interest" in the Upper Tier REMIC. The Class R Certificate will
represent beneficial ownership of the Class SWR Interest, the Class LTR Interest
and the Residual Interest. The "latest possible maturity date" for federal
income tax purposes of all interests created hereby will be the Latest Possible
Maturity Date.

     All covenants and agreements made by the Sponsor in the Purchase Agreement
and by the Depositor and the Trustee herein with respect to the Mortgage Loans
and the other property constituting the Trust Fund are for the benefit of the
Holders from time to time of the Certificates.

THE SWAP REMIC

     The following table sets forth the designations, initial principal balances
and interest rates for each interest in the SWAP REMIC:

<TABLE>
<CAPTION>
               Initial
              Principal      Interest
Class          Balance         Rate
-----     ----------------   --------
<S>       <C>                <C>
1-SW1     $358,995,819.894      (1)
1-SW1A    $ 38,914,495.921      (2)
1-SW1B    $ 38,914,495.921      (3)
1-SW2A    $ 30,714,456.045      (2)
1-SW2B    $ 30,714,456.045      (3)
1-SW3A    $ 24,827,857.066      (2)
1-SW3B    $ 24,827,857.066      (3)
1-SW4A    $ 21,567,484.886      (2)
1-SW4B    $ 21,567,484.886      (3)
1-SW5A    $ 19,232,838.033      (2)
</TABLE>

<PAGE>

<TABLE>
<S>       <C>                <C>
1-SW5B    $ 19,232,838.033      (3)
1-SW6A    $ 16,927,710.691      (2)
1-SW6B    $ 16,927,710.691      (3)
1-SW7A    $ 15,376,935.485      (2)
1-SW7B    $ 15,376,935.485      (3)
1-SW8A    $ 14,163,200.860      (2)
1-SW8B    $ 14,163,200.860      (3)
1-SW9A    $ 13,089,861.633      (2)
1-SW9B    $ 13,089,861.633      (3)
1-SW10A   $ 12,917,643.228      (2)
1-SW10B   $ 12,917,643.228      (3)
1-SW11A   $ 13,862,620.305      (2)
1-SW11B   $ 13,862,620.305      (3)
1-SW12A   $ 15,170,678.234      (2)
1-SW12B   $ 15,170,678.234      (3)
1-SW13A   $ 14,848,065.809      (2)
1-SW13B   $ 14,848,065.809      (3)
1-SW14A   $ 12,790,494.616      (2)
1-SW14B   $ 12,790,494.616      (3)
1-SW15A   $ 11,105,325.223      (2)
1-SW15B   $ 11,105,325.223      (3)
1-SW16A   $  9,796,641.626      (2)
1-SW16B   $  9,796,641.626      (3)
1-SW17A   $  9,016,807.065      (2)
1-SW17B   $  9,016,807.065      (3)
1-SW18A   $  8,452,512.369      (2)
1-SW18B   $  8,452,512.369      (3)
1-SW19A   $  7,914,704.276      (2)
1-SW19B   $  7,914,704.276      (3)
1-SW20A   $  7,383,068.152      (2)
1-SW20B   $  7,383,068.152      (3)
1-SW21A   $  6,905,156.087      (2)
1-SW21B   $  6,905,156.087      (3)
1-SW22A   $  6,572,516.894      (2)
1-SW22B   $  6,572,516.894      (3)
1-SW23A   $  6,240,372.821      (2)
1-SW23B   $  6,240,372.821      (3)
1-SW24A   $  6,005,244.246      (2)
1-SW24B   $  6,005,244.246      (3)
1-SW25A   $  5,694,776.317      (2)
1-SW25B   $  5,694,776.317      (3)
1-SW26A   $  5,403,138.201      (2)
1-SW26B   $  5,403,138.201      (3)
1-SW27A   $  5,087,751.783      (2)
1-SW27B   $  5,087,751.783      (3)
1-SW28A   $  4,834,216.405      (2)
</TABLE>


                                      -2-

<PAGE>

<TABLE>
<S>       <C>                <C>
1-SW28B   $  4,834,216.405      (3)
1-SW29A   $  4,617,804.786      (2)
1-SW29B   $  4,617,804.786      (3)
1-SW30A   $  4,444,775.747      (2)
1-SW30B   $  4,444,775.747      (3)
1-SW31A   $  1,156,685.734      (2)
1-SW31B   $  1,156,685.734      (3)
1-SW32A   $  3,188,517.427      (2)
1-SW32B   $  3,188,517.427      (3)
1-SW33A   $  3,048,376.424      (2)
1-SW33B   $  3,048,376.424      (3)
1-SW34A   $  2,900,245.424      (2)
1-SW34B   $  2,900,245.424      (3)
1-SW35A   $  2,765,770.816      (2)
1-SW35B   $  2,765,770.816      (3)
1-SW36A   $  2,645,379.363      (2)
1-SW36B   $  2,645,379.363      (3)
1-SW37A   $  2,542,763.951      (2)
1-SW37B   $  2,542,763.951      (3)
1-SW38A   $ 65,278,120.208      (2)
1-SW38B   $ 65,278,120.208      (3)
2-SW2     $310,605,749.916      (4)
2-SW1A    $ 33,669,100.079      (5)
2-SW1B    $ 33,669,100.079      (6)
2-SW2A    $ 26,574,366.955      (5)
2-SW2B    $ 26,574,366.955      (6)
2-SW3A    $ 21,481,239.434      (5)
2-SW3B    $ 21,481,239.434      (6)
2-SW4A    $ 18,660,342.114      (5)
2-SW4B    $ 18,660,342.114      (6)
2-SW5A    $ 16,640,388.967      (5)
2-SW5B    $ 16,640,388.967      (6)
2-SW6A    $ 14,645,976.309      (5)
2-SW6B    $ 14,645,976.309      (6)
2-SW7A    $ 13,304,234.515      (5)
2-SW7B    $ 13,304,234.515      (6)
2-SW8A    $ 12,254,102.640      (5)
2-SW8B    $ 12,254,102.640      (6)
2-SW9A    $ 11,325,441.867      (5)
2-SW9B    $ 11,325,441.867      (6)
2-SW10A   $ 11,176,437.272      (5)
2-SW10B   $ 11,176,437.272      (6)
2-SW11A   $ 11,994,038.195      (5)
2-SW11B   $ 11,994,038.195      (6)
2-SW12A   $ 13,125,779.266      (5)
2-SW12B   $ 13,125,779.266      (6)
</TABLE>


                                      -3-

<PAGE>

<TABLE>
<S>       <C>                <C>
2-SW13A   $ 12,846,652.691      (5)
2-SW13B   $ 12,846,652.691      (6)
2-SW14A   $ 11,066,427.384      (5)
2-SW14B   $ 11,066,427.384      (6)
2-SW15A   $  9,608,406.777      (5)
2-SW15B   $  9,608,406.777      (6)
2-SW16A   $  8,476,124.374      (5)
2-SW16B   $  8,476,124.374      (6)
2-SW17A   $  7,801,405.935      (5)
2-SW17B   $  7,801,405.935      (6)
2-SW18A   $  7,313,174.131      (5)
2-SW18B   $  7,313,174.131      (6)
2-SW19A   $  6,847,858.724      (5)
2-SW19B   $  6,847,858.724      (6)
2-SW20A   $  6,387,883.348      (5)
2-SW20B   $  6,387,883.348      (6)
2-SW21A   $  5,974,390.413      (5)
2-SW21B   $  5,974,390.413      (6)
2-SW22A   $  5,686,588.606      (5)
2-SW22B   $  5,686,588.606      (6)
2-SW23A   $  5,399,215.179      (5)
2-SW23B   $  5,399,215.179      (6)
2-SW24A   $  5,195,780.254      (5)
2-SW24B   $  5,195,780.254      (6)
2-SW25A   $  4,927,161.183      (5)
2-SW25B   $  4,927,161.183      (6)
2-SW26A   $  4,674,833.799      (5)
2-SW26B   $  4,674,833.799      (6)
2-SW27A   $  4,401,959.217      (5)
2-SW27B   $  4,401,959.217      (6)
2-SW28A   $  4,182,598.595      (5)
2-SW28B   $  4,182,598.595      (6)
2-SW29A   $  3,995,357.714      (5)
2-SW29B   $  3,995,357.714      (6)
2-SW30A   $  3,845,651.753      (5)
2-SW30B   $  3,845,651.753      (6)
2-SW31A   $  1,000,772.766      (5)
2-SW31B   $  1,000,772.766      (6)
2-SW32A   $  2,758,728.073      (5)
2-SW32B   $  2,758,728.073      (6)
2-SW33A   $  2,637,477.076      (5)
2-SW33B   $  2,637,477.076      (6)
2-SW34A   $  2,509,313.076      (5)
2-SW34B   $  2,509,313.076      (6)
2-SW35A   $  2,392,964.684      (5)
2-SW35B   $  2,392,964.684      (6)
</TABLE>


                                      -4-

<PAGE>

<TABLE>
<S>       <C>                <C>
2-SW36A   $  2,288,801.137      (5)
2-SW36B   $  2,288,801.137      (6)
2-SW37A   $  2,200,017.549      (5)
2-SW37B   $  2,200,017.549      (6)
2-SW38A   $ 56,479,096.292      (5)
2-SW38B   $ 56,479,096.292      (6)
SWR                     (7)     (7)
</TABLE>

(1)  The interest rate on the Class 1-SW1 Interest shall be a per annum rate
     equal to the Group One Net WAC.

(2)  For any Distribution Date, the interest rate on each SWAP REMIC Regular
     Interest beginning with the designation "1" and ending with the designation
     "A" shall be a per annum rate equal to 2 times the Group One Net WAC,
     subject to a maximum rate of 2 times the REMIC Swap Rate for such
     Distribution Date.

(3)  For any Distribution Date, the interest rate on each SWAP REMIC Regular
     Interest beginning with the designation "1" and ending with the designation
     "B" shall be a per annum rate equal to the greater of (x) the excess, if
     any, of (i) 2 times the Group One Net WAC over (ii) 2 times the REMIC Swap
     Rate for such Distribution Date and (y) 0.00%.

(4)  The interest rate on the Class 2-SW2 Interest shall be a per annum rate
     equal to the Group Two Net WAC.

(5)  For any Distribution Date, the interest rate on each SWAP REMIC Regular
     Interest beginning with the designation "2" and ending with the designation
     "A" shall be a per annum rate equal to 2 times the Group Two Net WAC,
     subject to a maximum rate of 2 times the REMIC Swap Rate for such
     Distribution Date.

(6)  For any Distribution Date, the interest rate on each SWAP REMIC Regular
     Interest beginning with the designation "2" and ending with the designation
     "B" shall be a per annum rate equal to the greater of (x) the excess, if
     any, of (i) 2 times the Group Two Net WAC over (ii) 2 times the REMIC Swap
     Rate for such Distribution Date and (y) 0.00%.

(7)  The Class SWR Interest shall have no principal amount and shall bear no
     interest.

THE LOWER TIER REMIC

The following table sets forth the designations, initial principal balances,
interest rates, Corresponding Classes of Certificates and related Mortgage Group
for each interest in the Lower Tier REMIC:

<TABLE>
<CAPTION>
                                  Class(es) of
                                 Corresponding
          Initial               Certificates or
         Principal   Interest       Related
Class     Balance      Rate      Mortgage Group
-----    ---------   --------   ---------------
<S>      <C>         <C>        <C>
LTA-1        (1)        (8)         A-1, R
LTA-2A       (1)        (8)          A-2A
LTA-2B       (1)        (8)          A-2B
LTA-2C       (1)        (8)          A-2C
LTM-1        (1)        (8)           M-1
LTM-2        (1)        (8)           M-2
</TABLE>


                                      -5-

<PAGE>

<TABLE>
<S>      <C>         <C>        <C>
LTM-3        (1)        (8)           M-3
LTM-4        (1)        (8)           M-4
LTM-5        (1)        (8)           M-5
LTM-6        (1)        (8)           M-6
LTB-1        (1)        (8)           B-1
LTB-2        (1)        (8)           B-2
LTB-3        (1)        (8)           B-3
LTIX         (2)        (8)           N/A
LTII1A       (3)        (8)        Group One
LTII1B       (4)        (9)        Group One
LTII2A       (5)        (8)        Group Two
LTII2B       (6)       (10)        Group Two
LTIIX        (7)        (8)           N/A
LT-IO       (11)       (11)           N/A
LTR         (12)       (12)           N/A
</TABLE>

(1)  The initial principal balance of each of these Lower Tier REMIC Regular
     Interests shall equal 1/4 of the initial Certificate Principal Balance of
     its Corresponding Certificates.

(2)  The initial principal balance of the Class LTIX Interest shall equal the
     excess of (i) 50% of the aggregate Cut-off Date Principal Balance of the
     Mortgage Loans over (ii) the initial principal balance of the Lower Tier
     REMIC I Marker Interests.

(3)  The initial principal balance of the Class LTII1A Interest shall equal
     0.05% of the excess of (i) the aggregate Cut-off Date Principal Balance of
     the Group One Mortgage Loans over (ii) the aggregate of the initial
     Certificate Principal Balances of Certificate Group One.

(4)  The initial principal balance of the Class LTII1B Interest shall equal
     0.05% of the aggregate Cut-off Date Principal Balance of the Group One
     Mortgage Loans.

(5)  The initial principal balance of the Class LTII2A Interest shall equal
     0.05% of the excess of (i) the aggregate Cut-off Date Principal Balance of
     the Group Two Mortgage Loans over (ii) the aggregate of the initial
     Certificate Principal Balances of Certificate Group Two.

(6)  The initial principal balance of the Class LTII2B Interest shall equal
     0.05% of the aggregate Cut-off Date Principal Balance of the Group Two
     Mortgage Loans.

(7)  The initial principal balance of the Class LTIIX Interest shall equal the
     excess of (i) 50% of the aggregate Cut-off Date Principal Balance of the
     Mortgage Loans over (ii) the initial principal balance of the Lower Tier
     REMIC II Marker Interests.

(8)  For each Distribution Date, the interest rate for each of the Lower Tier
     REMIC Regular Interests (other than the Class LTII1B, the Class LTII2B and
     the Class LT-IO Interests) shall be a per annum rate (but not less than
     zero) equal to the product of (i) the weighted average of the interest
     rates on the SWAP REMIC Regular Interests for such Distribution Date and
     (ii) a fraction the numerator of which is 30 and the denominator of which
     is the actual number of days in the Accrual Period for the LIBOR
     Certificates, provided however, that for any Distribution Date on which the
     Class LT-IO Interest is entitled to a portion of interest accruals on a
     SWAP REMIC Regular Interest ending with a designation "A" as described in
     footnote 11 below, such weighted average shall be computed by first
     subjecting the rate on such SWAP REMIC Regular Interest to a cap equal to
     Swap LIBOR for such Distribution Date.


                                      -6-

<PAGE>

(9)  For each Distribution Date, the interest rate for the Class LTII1B Interest
     shall be a per annum rate equal to the product of (i) the weighted average
     of the interest rates on the SWAP REMIC Regular Interests beginning with
     the designation "1" for such Distribution Date and (ii) a fraction the
     numerator of which is 30 and the denominator of which is the actual number
     of days in the Accrual Period for the LIBOR Certificates, provided,
     however, that for any Distribution Date on which the Class LT-IO Interest
     is entitled to a portion of interest accruals on a SWAP REMIC Regular
     Interest ending with a designation "A" as described in footnote 11 below,
     such weighted average shall be computed by first subjecting the rate on
     such SWAP REMIC Regular Interest to a cap equal to Swap LIBOR for such
     Distribution Date.

(10) For each Distribution Date, the interest rate for the Class LTII2B Interest
     shall be a per annum rate equal to the product of (i) the weighted average
     of the interest rates on the SWAP REMIC Regular Interests beginning with
     the designation "2" for such Distribution Date and (ii) a fraction the
     numerator of which is 30 and the denominator of which is the actual number
     of days in the Accrual Period for the LIBOR Certificates, provided,
     however, that for any Distribution Date on which the Class LT-IO Interest
     is entitled to a portion of interest accruals on a SWAP REMIC Regular
     Interest ending with a designation "A" as described in footnote 11 below,
     such weighted average shall be computed by first subjecting the rate on
     such SWAP REMIC Regular Interest to a cap equal to Swap LIBOR for such
     Distribution Date.

(11) The Class LT-IO Interest is an interest-only class that does not have a
     principal balance. For only those Distribution Dates listed in the first
     column of the table below, the Class LT-IO Interest shall be entitled to
     interest accrued on the SWAP REMIC Regular Interest listed in the second
     column below at a per annum rate equal to the excess, if any, of (i) the
     interest rate for such SWAP REMIC Regular Interest for such Distribution
     Date over (ii) Swap LIBOR for such Distribution Date.

<TABLE>
<CAPTION>
Distribution      SWAP REMIC
    Date       Regular Interest
------------   ----------------
<S>            <C>
7              Class 1-SW1A
               Class 2-SW1A
7-8            Class 1-SW2A
               Class 2-SW2A
7-9            Class 1-SW3A
               Class 2-SW3A
7-10           Class 1-SW4A
               Class 2-SW4A
7-11           Class 1-SW5A
               Class 2-SW5A
7-12           Class 1-SW6A
               Class 2-SW6A
7-13           Class 1-SW7A
               Class 2-SW7A
7-14           Class 1-SW8A
               Class 2-SW8A
7-15           Class 1-SW9A
               Class 2-SW9A
7-16           Class 1-SW10A
               Class 2-SW10A
7-17           Class 1-SW11A
               Class 2-SW11A
7-18           Class 1-SW12A
               Class 2-SW12A
7-19           Class 1-SW13A
</TABLE>


                                      -7-

<PAGE>

<TABLE>
<S>            <C>
               Class 2-SW13A
7-20           Class 1-SW14A
               Class 2-SW14A
7-21           Class 1-SW15A
               Class 2-SW15A
7-22           Class 1-SW16A
               Class 2-SW16A
7-23           Class 1-SW17A
               Class 2-SW17A
7-24           Class 1-SW18A
               Class 2-SW18A
7-25           Class 1-SW19A
               Class 2-SW19A
7-26           Class 1-SW20A
               Class 2-SW20A
7-27           Class 1-SW21A
               Class 2-SW21A
7-28           Class 1-SW22A
               Class 2-SW22A
7-29           Class 1-SW23A
               Class 2-SW23A
7-30           Class 1-SW24A
               Class 2-SW24A
7-31           Class 1-SW25A
               Class 2-SW25A
7-32           Class 1-SW26A
               Class 2-SW26A
7-33           Class 1-SW27A
               Class 2-SW27A
7-34           Class 1-SW28A
               Class 2-SW28A
7-35           Class 1-SW29A
               Class 2-SW29A
7-36           Class 1-SW30A
               Class 2-SW30A
7-41           Class 1-SW31A
               Class 2-SW31A
7-42           Class 1-SW32A
               Class 2-SW32A
7-43           Class 1-SW33A
               Class 2-SW33A
7-44           Class 1-SW34A
               Class 2-SW34A
7-45           Class 1-SW35A
               Class 2-SW35A
7-46           Class 1-SW36A
               Class 2-SW36A
7-47           Class 1-SW37A
               Class 2-SW37A
7-48           Class 1-SW38A
               Class 2-SW38A
</TABLE>

(12) The Class LTR Interest shall have no principal amount and shall bear no
     interest.


                                      -8-

<PAGE>

UPPER TIER REMIC

The following table sets forth the designation, the initial principal balances,
the interest rates and Classes of Related Certificates for each of the interests
in the Upper Tier REMIC.

<TABLE>
<CAPTION>
                                   Initial             Class of
                                  Principal             Related
Class                              Balance    Rate   Certificates
-----                             ---------   ----   ------------
<S>                               <C>         <C>    <C>
UTA-1                                (1)       (2)       A-1
UTA-2A                               (1)       (2)       A-2A
UTA-2B                               (1)       (2)       A-2B
UTA-2C                               (1)       (2)       A-2C
UTM-1                                (1)       (2)       M-1
UTM-2                                (1)       (2)       M-2
UTM-3                                (1)       (2)       M-3
UTM-4                                (1)       (2)       M-4
UTM-5                                (1)       (2)       M-5
UTM-6                                (1)       (2)       M-6
UTB-1                                (1)       (2)       B-1
UTB-2                                (1)       (2)       B-2
UTB-3                                (1)       (2)       B-3
Uncertificated Class C Interest      (3)       (3)       N/A
UT-IO                                (4)       (4)       N/A
Residual Interest                    (1)       (2)       R
</TABLE>

(1)  The initial principal balance of each of these REMIC Regular Interests
     shall equal the initial principal balance of its Class of Related
     Certificates.

(2)  The interest rates on each of these REMIC Regular Interests shall be an
     annual rate equal to the Pass-Through Rate for the Class of Related
     Certificates, provided that in lieu of the applicable Available Funds Caps
     set forth in the definition of an applicable Pass-Through Rate, the
     applicable Upper Tier REMIC Net WAC Cap shall be used.

(3)  The Uncertificated Class C Interest shall have an initial principal balance
     equal to the initial Overcollateralization Amount. The Uncertificated Class
     C Interest shall accrue interest on a notional balance set forth in the
     definition of Class C Current Interest at a rate equal to the Class C
     Distributable Interest Rate. The Uncertificated Class C Interest shall be
     represented by the Class C Certificates.

(4)  The Class UT-IO Interest shall have no principal amount and will not have
     an interest rate, but will be entitled to 100% of the interest accrued with
     respect to the Class LT-IO Interest. The Class UT-IO Interest shall be
     represented by the Class C Certificates.

THE CERTIFICATES

     The following table sets forth the Class designation, interest rate and
initial Class principal amount for each Class of Certificates comprising
interests in the Trust Fund.


                                      -9-

<PAGE>

<TABLE>
<CAPTION>
          Initial Class    Interest
Class   Principal Amount     Rate
-----   ----------------   -------
<S>     <C>                <C>
A-1            (1)          (2)
A-2A           (1)          (2)
A-2B           (1)          (2)
A-2C           (1)          (2)
M-1            (1)          (2)
M-2            (1)          (2)
M-3            (1)          (2)
M-4            (1)          (2)
M-5            (1)          (2)
M-6            (1)          (2)
B-1            (1)          (2)
B-2            (1)          (2)
B-3            (1)          (2)
C              (3)          (3)
P              (4)          (4)
R              (1)          (2)(5)
</TABLE>

(1)  Each of these Classes of Certificates shall have initial principal balances
     as set forth in Section 5.01 hereof.

(2)  Each of these Classes of Certificates shall bear interest at a per annum
     rate equal to the Pass-Through Rate for such Certificates set forth in the
     definitions herein.

(3)  For federal income tax purposes, the Class C Certificate shall represent
     (i) the right to receive all distributions with respect to the REMIC
     Regular Interests represented by the Uncertificated Class C Interest and
     the Class UT-IO Interest and (ii) certain rights and obligations with
     respect to notional principal contracts as described in Section 2.07.

(4)  The Class P Certificates shall be entitled to the amounts distributable
     pursuant to Section 4.04(b) hereof and shall not represent a REMIC regular
     interest.

(5)  The Class R Interest represents ownership of the Class SWR Interest, the
     Class LTR Interest and the Residual Interest.

     In consideration of the mutual agreements herein contained, the Depositor,
the Servicer and the Trustee hereby agree as follows:


                                      -10-

<PAGE>

                                    ARTICLE I

                                   DEFINITIONS

     Whenever used in this Agreement, the following words and phrases, unless
the context otherwise requires, shall have the following meanings:

     Accepted Servicing Practices: The Servicer's normal servicing practices,
which will conform to the mortgage servicing practices of prudent mortgage
lending institutions that service for their own account mortgage loans of the
same type as the Mortgage Loans in the jurisdictions in which the related
Mortgaged Properties are located.

     Accountant's Attestation: As defined in Section 3.18(b) hereof.

     Accrual Period: With respect to each Class of LIBOR Certificates, their
Corresponding REMIC Regular Interests and the Lower Tier REMIC Interests and any
Distribution Date, the period commencing on the immediately preceding
Distribution Date (or, in the case of the first Distribution Date, the Closing
Date) and ending on the day immediately preceding such Distribution Date and
with respect to the SWAP REMIC Regular Interests and any Distribution Date, the
calendar month immediately preceding the month in which such Distribution Date
occurs. All calculations of interest on each Class of LIBOR Certificates, their
Corresponding REMIC Regular Interests and the Lower Tier REMIC Interests will be
made on the basis of the actual number of days elapsed in the related Accrual
Period and a 360 day year and all calculations of interest on the SWAP REMIC
Regular Interests will be made on the basis of a 360-day year consisting of
twelve 30-day months.

     Additional Form 10-D Disclosure: As defined in Section 3.20 hereof.

     Adjustable Rate Mortgage Loan: A Mortgage Loan identified in the Mortgage
Loan Schedule as having a Mortgage Rate that is adjustable.

     Adjustment Date: As to each Adjustable Rate Mortgage Loan, each date on
which the related Mortgage Rate is subject to adjustment, as provided in the
related Mortgage Note.

     Advance: The aggregate of the advances required to be made by the Servicer
with respect to any Distribution Date pursuant to Section 4.01, the amount of
any such advances being equal to the sum of the aggregate amount of all payments
of principal and interest (or, with respect to the interest-only Mortgage Loans,
payments of scheduled interest) (net of the Servicing Fee) on the related
Mortgage Loans that were due during the applicable Due Period and not received
as of the close of business on the related Determination Date, except as
provided in Section 4.01 hereof, less the aggregate amount of any such
Delinquent payments that the Servicer has determined would constitute a
Non-Recoverable Advance were an advance to be made with respect thereto;
provided, however, that with respect to (i) any Mortgage Loan that is 150 days
delinquent or more (whether or not the Mortgage Loan has been converted to an
REO Property), (ii) shortfalls in principal and interest due to bankruptcy
proceedings or the application of the Relief Act or similar laws and (iii) the
principal portion of any amount paid on a Balloon Loan, there will be no
obligation to make advances and, provided further, however, that with respect to
any Mortgage Loan that has been converted to an REO Property which is less than
150 days delinquent, the obligation to make Advances shall only be to payments
of interest (subject to the


                                      -11-

<PAGE>

exceptions described above and net of the related Servicing Fees), to be
calculated after taking into account rental income.

     Advance Facility: A financing or other facility as described in Section
10.07.

     Advancing Person: A Person to whom the Servicer's rights under this
Agreement to be reimbursed for any Advances or Servicing Advances have been
assigned pursuant to Section 10.07.

     Affiliate: With respect to any specified Person, any other Person
controlling, controlled by or under common control with such Person. For the
purposes of this definition, "control" means the power to direct the management
and policies of a Person, directly or indirectly, whether through ownership of
voting securities, by contract or otherwise; and the terms "controlling" and
"controlled" have meanings correlative to the foregoing.

     Aggregate Certificate Principal Balance: For any date of determination, the
sum of the Class A-1 Certificate Principal Balance, the Class A-2A Certificate
Principal Balance, the Class A-2B Certificate Principal Balance, the Class A-2C
Certificate Principal Balance, the Class R Certificate Principal Balance, the
Class M-1 Certificate Principal Balance, the Class M-2 Certificate Principal
Balance, the Class M-3 Certificate Principal Balance, the Class M-4 Certificate
Principal Balance, the Class M-5 Certificate Principal Balance, the Class M-6
Certificate Principal Balance, the Class B-1 Certificate Principal Balance, the
Class B-2 Certificate Principal Balance and the Class B-3 Certificate Principal
Balance, in each case as of such date of determination.

     Agreement: This Pooling and Servicing Agreement and any and all amendments
or supplements hereto made in accordance with the terms herein.

     Applied Realized Loss Amount: With respect to any Distribution Date, the
amount, if any, by which the sum of (i) the Aggregate Certificate Principal
Balance and (ii) the Class C Certificate Principal Balance after distributions
of principal on such Distribution Date exceeds the aggregate Stated Principal
Balance of the Mortgage Loans as of such Distribution Date.

     Appraised Value: With respect to a Mortgage Loan the proceeds of which were
used to purchase the related Mortgaged Property, the "Appraised Value" of a
Mortgaged Property is the lesser of (1) the appraised value based on an
appraisal made for the Sponsor by an independent fee appraiser at the time of
the origination of the related Mortgage Loan, and (2) the sales price of such
Mortgaged Property at such time of origination. With respect to a Mortgage Loan
the proceeds of which were used to refinance an existing mortgage loan, the
"Appraised Value" is the appraised value of the Mortgaged Property based upon
the appraisal obtained at the time of refinancing.

     Assessment of Compliance: As defined in Section 3.18(a) hereof.

     Assignment of Mortgage: An assignment of the Mortgage, notice of transfer
or equivalent instrument, in recordable form, sufficient under the laws of the
jurisdiction where the related Mortgaged Property is located to reflect of
record the sale and assignment of the Mortgage Loan to the Trustee, which
assignment, notice of transfer or equivalent instrument may, if permitted by
law, be in the form of one or more blanket assignments covering Mortgages
secured by Mortgaged Properties located in the same county.


                                      -12-

<PAGE>

     Auction: The one-time auction conducted by the Trustee, as described in
Section 9.01(b) hereof.

     Auction Date: The date on which the Auction occurs.

     Authenticating Agent: As defined in Section 5.10.

     Available Funds Cap: Any of the Class A-1 Available Funds Cap, the Class
A-2 Available Funds Cap or the Weighted Average Available Funds Cap.

     Balloon Loan: A Mortgage Loan having an original term to stated maturity of
approximately 15 years which provides for level monthly payments of principal
and interest based on a 30-year amortization schedule, with a balloon payment of
the remaining outstanding principal balance due on such Mortgage Loan at its
stated maturity.

     Book-Entry Certificates: Any of the Certificates that shall be registered
in the name of the Depository or its nominee, the ownership of which is
reflected on the books of the Depository or on the books of a Person maintaining
an account with the Depository (directly, as a "Depository Participant", or
indirectly, as an indirect participant in accordance with the rules of the
Depository and as described in Section 5.06). As of the Closing Date, each of
the Class A, Class M and Class B Certificates constitute a Class of Book-Entry
Certificates.

     Business Day: Any day other than (1) a Saturday or a Sunday, or (2) a day
on which banking institutions in the State of California, State of Illinois,
State of Pennsylvania or in the City of New York, New York are authorized or
obligated by law or executive order to be closed.

     Cap Contract: Any of the Class A-1 Cap Contract, the Class A-2 Cap Contract
or the Subordinate Certificate Cap Contract.

     Cap Contract Account: The separate Eligible Account created and maintained
by the Trustee pursuant to Section 4.04(k) in the name of the Trustee for the
benefit of the Issuing Entity and designated "LaSalle Bank National Association,
as trustee, in trust for registered holders of Merrill Lynch Mortgage Investors
Trust, Mortgage Loan Asset-Backed Certificates, Series 2006-FF1." Funds in the
Cap Contract Account shall be held in trust for the Issuing Entity for the uses
and purposes set forth in this Agreement.

     Cap Contract Counterparty: The Bank of New York, and any successor thereto.

     Cap Contract Notional Balance: Any of the Class A-1 Cap Contract Notional
Balance, the Class A-2 Cap Contract Notional Balance or the Subordinate
Certificate Cap Contract Notional Balance.

     Cap Contract Termination Date: Any of the Class A-1 Cap Contract
Termination Date, the Class A-2 Cap Contract Termination Date or the Subordinate
Certificate Cap Contract Termination Date.

     Cap Posted Collateral Account: The segregated Eligible Account created and
maintained by the Trustee pursuant to Section 4.04(k)(iv) in the name of the
Trustee for the benefit of the Issuing Entity and designated "LaSalle Bank
National Association, as trustee, in trust for registered holders of Merrill
Lynch Mortgage Investors Trust, Mortgage Loan Asset-Backed Certificates, Series
2006-FF1." Funds in the Cap Posted Collateral Account shall be held in trust for
the Issuing Entity for the uses and purposes set forth in the Cap Contract.


                                      -13-

<PAGE>

     Certificate: Any one of the certificates of any Class executed by the
Trustee and authenticated by the Authenticating Agent in substantially the forms
attached hereto as Exhibits A.

     Certificate Account: The separate Eligible Account created and maintained
by the Trustee pursuant to Section 3.05(e) in the name of the Trustee for the
benefit of the Certificateholders and designated "LaSalle Bank National
Association, as trustee, in trust for registered holders of Merrill Lynch
Mortgage Investors Trust, Mortgage Loan Asset-Backed Certificates, Series
2006-FF1." Funds in the Certificate Account shall be held in trust for the
Certificateholders for the uses and purposes set forth in this Agreement.

     Certificate Group: Either of Certificate Group One or Certificate Group
Two.

     Certificate Group One: The Class A-1 and Class R Certificates. For purposes
of Section 2.07 hereof, Certificate Group One shall be related to Group One.

     Certificate Group Two: The Class A-2 Certificates. For purposes of Section
2.07 hereof, Certificate Group Two shall be related to Group Two.

     Certificate Owner: With respect to a Book-Entry Certificate, the Person
that is the beneficial owner of such Book-Entry Certificate.

     Certificate Principal Balance: As to any Certificate and as of any
Distribution Date, the Initial Certificate Principal Balance of such Certificate
less the sum of (1) all amounts distributed with respect to such Certificate in
reduction of the Certificate Principal Balance thereof on previous Distribution
Dates pursuant to Section 4.04, and (2) any Applied Realized Loss Amounts
allocated to such Certificate on previous Distribution Dates pursuant to Section
4.04(i). On each Distribution Date, after all distributions of principal on such
Distribution Date, a portion of the Class C Interest Carry Forward Amount in an
amount equal to the excess of the Overcollateralization Amount on such
Distribution Date over the Overcollateralization Amount as of the preceding
Distribution Date (or, in the case of the first Distribution Date, the initial
Overcollateralization Amount (based on the Stated Principal Balance of the
Mortgage Loans as of the Cut-off Date)) will be added to the aggregate
Certificate Principal Balance of the Class C Certificates (on a pro rata basis).
Notwithstanding the immediately preceding sentence, however, to the extent any
excess referred to in the immediately preceding sentence is attributable to
distributions of proceeds of the Swap Agreement, such sentence shall be applied
by substituting "Class C Unpaid Realized Loss Amount" for "Class C Interest
Carry Forward Amount". Notwithstanding the foregoing on any Distribution Date
relating to a Due Period in which a Subsequent Recovery has been received by the
Servicer, the Certificate Principal Balance of any Class of Certificates then
outstanding for which any Applied Realized Loss Amount has been allocated will
be increased, in order of seniority, by an amount equal to the lesser of (i) the
Unpaid Realized Loss Amount for such Class of Certificates and (ii) the total of
any Subsequent Recovery distributed on such date to the Certificateholders
(reduced by the amount of the increase in the Certificate Principal Balance of
any more senior Class of Certificates pursuant to this sentence on such
Distribution Date).

     Certificate Register: The register maintained pursuant to Section 5.02(a)
hereof.

     Certificateholder or Holder: The Person in whose name a Certificate is
registered in the Certificate Register (initially, Cede & Co., as nominee for
the Depository) in the case of any Class of Regular Certificates or the Class R
Certificate, except that solely for the purpose of giving any consent


                                      -14-

<PAGE>

pursuant to this Agreement, any Certificate registered in the name of the
Depositor or any Affiliate of the Depositor shall be deemed not to be
Outstanding and the Percentage Interest evidenced thereby shall not be taken
into account in determining whether the requisite amount of Percentage Interests
necessary to effect such consent has been obtained; provided, however, that if
any such Person (including the Depositor) owns 100% of the Percentage Interests
evidenced by a Class of Certificates, such Certificates shall be deemed to be
Outstanding for purposes of any provision hereof that requires the consent of
the Holders of Certificates of a particular Class as a condition to the taking
of any action hereunder. The Trustee is entitled to rely conclusively on a
certification of the Depositor or any Affiliate of the Depositor in determining
which Certificates are registered in the name of an Affiliate of the Depositor.

     Class: All Certificates bearing the same Class designation as set forth in
Section 5.01 hereof.

     Class A Certificate Principal Balance: As of any date of determination, the
sum of the Class A-1 Certificate Principal Balance, the Class A-2A Certificate
Principal Balance, the Class A-2B Certificate Principal Balance, the Class A-2C
Certificate Principal Balance and the Class R Certificate Principal Balance.

     Class A Certificates: Any of the Class A-1 Certificates, the Class A-2
Certificates and the Class R Certificates.

     Class A Principal Distribution Amount: With respect to any Distribution
Date (1) prior to the related Stepdown Date or any Distribution Date on which a
Stepdown Trigger Event exists, 100% of the Principal Distribution Amount for
such Distribution Date and (2) on or after the Stepdown Date where a Stepdown
Trigger Event does not exist, the excess of (A) the Class A Certificate
Principal Balance immediately prior to such Distribution Date over (B) the
lesser of (i) 72.40% of the aggregate Stated Principal Balance of the Mortgage
Loans as of such Distribution Date and (ii) the excess of the aggregate Stated
Principal Balance of the Mortgage Loans as of such Distribution Date over the
Minimum Required Overcollateralization Amount; provided, however, that in no
event will the Class A Principal Distribution Amount with respect to any
Distribution Date exceed the aggregate Certificate Principal Balance of the
Class A Certificates.

     Class A-1 Available Funds Cap: With respect to a Distribution Date, the per
annum rate equal to the product of (i) 12, (ii) the quotient of (x) the total
scheduled interest on the Mortgage Loans in Group One based on the Net Mortgage
Rates in effect on the related Due Date, less the pro rata portion (calculated
based on the ratio of the Stated Principal Balance of the Group One Mortgage
Loans to the Stated Principal Balance of the total pool of Mortgage Loans)
allocable to the Group One Mortgage Loans of any Net Swap Payments or Swap
Termination Payments (other than Defaulted Swap Termination Payments) owed to
the Swap Counterparty for such Distribution Date and (y) the aggregate Stated
Principal Balance of the Mortgage Loans in Group One as of the first day of the
related Accrual Period (or, in the case of the first Distribution Date, as of
the Cut-off Date) and (iii) a fraction, the numerator of which is 30, and the
denominator of which is the actual number of days in the related Accrual Period.
The Class A-1 Available Funds Cap shall relate to the Class A-1 Certificates.

     Class A-1 Cap Contract: The confirmation and agreement, including the
schedule thereto and the related credit support annex, between the Trustee on
behalf of the Issuing Entity and the Cap Contract Counterparty (in the form of
Exhibit M-1 hereto), with respect to the Class A-1 Certificates.


                                      -15-
<PAGE>

     Class A-1 Cap Contract Notional Balance: With respect to any Distribution
Date, the Class A-1 Cap Contract Notional Balance set forth for such
Distribution Date in the Class A-1 LIBOR Table attached hereto as Schedule I to
Exhibit M-1.

     Class A-1 Cap Contract Termination Date: The Distribution Date in June
2007.

     Class A-1 Certificates: Any Certificate designated as a "Class A-1
Certificate" on the face thereof, executed by the Trustee and authenticated by
the Authenticating Agent in substantially the form set forth as Exhibit A
hereto, representing the right to distributions as set forth herein.

     Class A-1 Certificate Principal Balance: As of any date of determination,
the aggregate Certificate Principal Balance of the Class A-1 Certificates.

     Class A-1 Current Interest: As of any Distribution Date, the interest
accrued during the related Accrual Period at the Class A-1 Pass-Through Rate on
the Class A-1 Certificate Principal Balance as of such Distribution Date plus
the portion of any previous distributions on such Class in respect of Class A-1
Current Interest or a Class A-1 Interest Carry Forward Amount that is recovered
as a voidable preference by a trustee in bankruptcy, less any Non-Supported
Interest Shortfall allocated on such Distribution Date to the Class A-1
Certificates.

     Class A-1 Interest Carry Forward Amount: As of any Distribution Date, the
sum of (1) the excess of (A) the Class A-1 Current Interest with respect to
prior Distribution Dates over (B) the amount actually distributed to the Class
A-1 Certificates with respect to Current Interest or Interest Carry Forward
Amounts on such prior Distribution Dates and (2) interest on such excess (to the
extent permitted by applicable law) at the Class A-1 Pass-Through Rate for the
related Accrual Period.

     Class A-1 Margin: As of any Distribution Date up to and including the
Initial Optional Termination Date, 0.1050% per annum and, as of any Distribution
Date after the Initial Optional Termination Date, 0.2100% per annum.

     Class A-1 Maximum Rate Cap: With respect to a Distribution Date, the per
annum rate equal to the product of (i) 12, (ii) the quotient of (x) the total
scheduled interest that would have been due on the Group One Mortgage Loans had
the Adjustable Rate Mortgage Loans provided for interest at their maximum
lifetime Net Mortgage Rates and the Fixed Rate Mortgage Loans provided for
interest at their Net Mortgage Rates less the pro rata portion (calculated based
on the ratio of the Stated Principal Balance of the Group One Mortgage Loans to
the Stated Principal Balance of the total pool of Mortgage Loans) allocable to
the Group One Mortgage Loans of any Net Swap Payments or Swap Termination
Payments owed to the Swap Counterparty for such Distribution Date (other than
Defaulted Swap Termination Payments), and (y) the aggregate Stated Principal
Balance of the Group One Mortgage Loans as of the first day of the related
Accrual Period (or, in the case of the first Distribution Date, as of the
Cut-off Date) and (iii) a fraction, the numerator of which is 30 and the
denominator of which is the actual number of days in the related Accrual Period.
The Class A-1 Maximum Rate Cap shall relate to the Class A-1 Certificates.

     Class A-1 Pass-Through Rate: For the first Distribution Date, 5.45500% per
annum. As of any Distribution Date thereafter, the least of (1) One-Month LIBOR
plus the Class A-1 Margin, (2) the Class A-1 Available Funds Cap for such
Distribution Date and (3) the Class A-1 Maximum Rate Cap for such Distribution
Date.


                                      -16-

<PAGE>

     Class A-1 Upper Collar: With respect to each Distribution Date with respect
to which payments are received on the Class A-1 Cap Contract, a rate equal to
the lesser of One-Month LIBOR and 10.895% per annum.

     Class A-2 Available Funds Cap: With respect to a Distribution Date, the per
annum rate equal to the product of (i) 12, (ii) the quotient of (x) the total
scheduled interest on the Group Two Mortgage Loans based on the Net Mortgage
Rates in effect on the related Due Date, less the pro rata portion (calculated
based on the ratio of the Stated Principal Balance of the Group Two Mortgage
Loans to the Stated Principal Balance of the total pool of Mortgage Loans)
allocable to the Group Two Mortgage Loans of any Net Swap Payments or Swap
Termination Payments (other than Defaulted Swap Termination Payments) owed to
the Swap Counterparty for such Distribution Date, and (y) the aggregate Stated
Principal Balance of the Group Two Mortgage Loans as of the first day of the
related Accrual Period (or, in the case of the first Distribution Date, as of
the Cut-off Date) and (iii) a fraction, the numerator of which is 30 and the
denominator of which is the actual number of days in the related Accrual Period.
The Class A-2 Available Funds Cap shall relate to the Class A-2 Certificates.

     Class A-2 Cap Contract: The confirmation and agreement, including the
schedule thereto and the related credit support annex, between the Trustee on
behalf of the Issuing Entity and the Cap Contract Counterparty (in the form of
Exhibit M-2 hereto), with respect to the Class A-2 Certificates.

     Class A-2 Cap Contract Notional Balance: With respect to any Distribution
Date, the Class A-2 Cap Contract Notional Balance set forth for such
Distribution Date in the Class A-2 LIBOR Cap Table attached hereto as Schedule I
to Exhibit M-2.

     Class A-2 Cap Contract Termination Date: The Distribution Date in June
2007.

     Class A-2 Certificates: Any of the Class A-2A, Class A-2B and Class A-2C
Certificates.

     Class A-2 Maximum Rate Cap: With respect to a Distribution Date, the per
annum rate equal to the product of (i) 12, (ii) the quotient of (x) the total
scheduled interest that would have been due on the Group Two Mortgage Loans had
the Adjustable Rate Mortgage Loans provided for interest at their maximum
lifetime Net Mortgage Rates and the Fixed Rate Mortgage Loans provided for
interest at their Net Mortgage Rates less the pro rata portion (calculated based
on the ratio of the Stated Principal Balance of the Group Two Mortgage Loans to
the Stated Principal Balance of the total pool of Mortgage Loans) allocable to
the Group Two Mortgage Loans of any Net Swap Payments or Swap Termination
Payments owed to the Swap Counterparty for such Distribution Date (other than
Defaulted Swap Termination Payments), and (y) the aggregate Stated Principal
Balance of the Group Two Mortgage Loans as of the first day of the related
Accrual Period (or, in the case of the first Distribution Date, as of the
Cut-off Date) and (iii) a fraction, the numerator of which is 30 and the
denominator of which is the actual number of days in the related Accrual Period.
The Class A-2 Maximum Rate Cap shall relate to the Class A-2 Certificates.

     Class A-2 Upper Collar: With respect to each Distribution Date with respect
to which payments are received on the Class A-2 Cap Contract, a rate equal to
the lesser of One-Month LIBOR and 10.360% per annum.

     Class A-2A Certificate: Any Certificate designated as a "Class A-2A
Certificate" on the face thereof, executed by the Trustee and authenticated by
the Authenticating Agent in substantially the form set forth as Exhibit A
hereto, representing the right to distributions as set forth herein.


                                      -17-

<PAGE>

     Class A-2A Certificate Principal Balance: As of any date of determination,
the aggregate Certificate Principal Balance of the Class A-2A Certificates.

     Class A-2A Current Interest: As of any Distribution Date, the interest
accrued during the related Accrual Period at the Class A-2A Pass-Through Rate on
the Class A-2A Certificate Principal Balance as of such Distribution Date plus
the portion of any previous distributions on such Class in respect of Class A-2A
Current Interest or a Class A-2A Interest Carry Forward Amount that is recovered
as a voidable preference by a trustee in bankruptcy, less any Non-Supported
Interest Shortfall allocated on such Distribution Date to the Class A-2A
Certificates. For purposes of calculating interest, principal distributions on a
Distribution Date will be deemed to have been made on the first day of the
Accrual Period in which such Distribution Date occurs.

     Class A-2A Interest Carry Forward Amount: As of any Distribution Date, the
sum of (1) the excess of (A) the Class A-2A Current Interest with respect to
prior Distribution Dates over (B) the amount actually distributed to the Class
A-2A Certificates with respect to Current Interest or Interest Carry Forward
Amounts on such prior Distribution Dates and (2) interest on such excess (to the
extent permitted by applicable law) at the Class A-2A Pass-Through Rate for the
related Accrual Period.

     Class A-2A Margin: As of any Distribution Date up to and including the
Initial Optional Termination Date, 0.0700% per annum and, as of any Distribution
Date after the Initial Optional Termination Date, 0.1400% per annum.

     Class A-2A Pass-Through Rate: For the first Distribution Date, 5.42000% per
annum. As of any Distribution Date thereafter, the least of (1) One-Month LIBOR
plus the Class A-2A Margin, (2) the Class A-2 Available Funds Cap for such
Distribution Date and (3) the Class A-2 Maximum Rate Cap for such Distribution
Date.

     Class A-2B Certificate: Any Certificate designated as a "Class A-2B
Certificate" on the face thereof, executed by the Trustee and authenticated by
the Authenticating Agent in substantially the form set forth as Exhibit A
hereto, representing the right to distributions as set forth herein.

     Class A-2B Certificate Principal Balance: As of any date of determination,
the aggregate Certificate Principal Balance of the Class A-2B Certificates.

     Class A-2B Current Interest: As of any Distribution Date, the interest
accrued during the related Accrual Period at the Class A-2B Pass-Through Rate on
the Class A-2B Certificate Principal Balance as of such Distribution Date plus
the portion of any previous distributions on such Class in respect of Class A-2B
Current Interest or a Class A-2B Interest Carry Forward Amount that is recovered
as a voidable preference by a trustee in bankruptcy, less any Non-Supported
Interest Shortfall allocated on such Distribution Date to the Class A-2B
Certificates. For purposes of calculating interest, principal distributions on a
Distribution Date will be deemed to have been made on the first day of the
Accrual Period in which such Distribution Date occurs.

     Class A-2B Interest Carry Forward Amount: As of any Distribution Date, the
sum of (1) the excess of (A) the Class A-2B Current Interest with respect to
prior Distribution Dates over (B) the amount actually distributed to the Class
A-2B Certificates with respect to Current Interest or Interest Carry Forward
Amounts on such prior Distribution Dates and (2) interest on such excess (to the
extent permitted by applicable law) at the Class A-2B Pass-Through Rate for the
related Accrual Period.


                                      -18-

<PAGE>

     Class A-2B Margin: As of any Distribution Date up to and including the
Initial Optional Termination Date, 0.1500% per annum and, as of any Distribution
Date after the Initial Optional Termination Date, 0.3000% per annum.

     Class A-2B Pass-Through Rate: For the first Distribution Date, 5.50000% per
annum. As of any Distribution Date thereafter, the least of (1) One-Month LIBOR
plus the Class A-2B Margin, (2) the Class A-2 Available Funds Cap for such
Distribution Date and (3) the Class A-2 Maximum Rate Cap for such Distribution
Date.

     Class A-2C Certificate: Any Certificate designated as a "Class A-2C
Certificate" on the face thereof, executed by the Trustee and authenticated by
the Authenticating Agent in substantially the form set forth as Exhibit A
hereto, representing the right to distributions as set forth herein.

     Class A-2C Certificate Principal Balance: As of any date of determination,
the aggregate Certificate Principal Balance of the Class A-2C Certificates.

     Class A-2C Current Interest: As of any Distribution Date, the interest
accrued during the related Accrual Period at the Class A-2C Pass-Through Rate on
the Class A-2C Certificate Principal Balance as of such Distribution Date plus
the portion of any previous distributions on such Class in respect of Class A-2C
Current Interest or a Class A-2C Interest Carry Forward Amount that is recovered
as a voidable preference by a trustee in bankruptcy, less any Non-Supported
Interest Shortfall allocated on such Distribution Date to the Class A-2C
Certificates. For purposes of calculating interest, principal distributions on a
Distribution Date will be deemed to have been made on the first day of the
Accrual Period in which such Distribution Date occurs.

     Class A-2C Interest Carry Forward Amount: As of any Distribution Date, the
sum of (1) the excess of (A) the Class A-2C Current Interest with respect to
prior Distribution Dates over (B) the amount actually distributed to the Class
A-2C Certificates with respect to Current Interest or Interest Carry Forward
Amounts on such prior Distribution Dates and (2) interest on such excess (to the
extent permitted by applicable law) at the Class A-2C Pass-Through Rate for the
related Accrual Period.

     Class A-2C Margin: As of any Distribution Date up to and including the
Initial Optional Termination Date, 0.2000% per annum and, as of any Distribution
Date after the Initial Optional Termination Date, 0.4000% per annum.

     Class A-2C Pass-Through Rate: For the first Distribution Date, 5.55000% per
annum. As of any Distribution Date thereafter, the least of (1) One-Month LIBOR
plus the Class A-2C Margin, (2) the Class A-2 Available Funds Cap for such
Distribution Date and (3) the Class A-2 Maximum Rate Cap for such Distribution
Date.

     Class B Certificates: Any of the Class B-1, Class B-2 and Class B-3
Certificates.

     Class B-1 Applied Realized Loss Amount: As of any Distribution Date, the
sum of all Applied Realized Loss Amounts with respect to the Mortgage Loans
which have been applied to the reduction of the Certificate Principal Balance of
the Class B-1 Certificates.


                                      -19-

<PAGE>

     Class B-1 Certificate: Any Certificate designated as "Class B-1
Certificate" on the face thereof, executed by the Trustee and authenticated by
the Authenticating Agent in substantially the form set forth as Exhibit A
hereto, representing the right to distributions as set forth herein.

     Class B-1 Certificate Principal Balance: As of any date of determination,
the aggregate Certificate Principal Balance of the Class B-1 Certificates.

     Class B-1 Current Interest: As of any Distribution Date, the interest
accrued during the related Accrual Period at the Class B-1 Pass-Through Rate on
the Class B-1 Certificate Principal Balance as of such Distribution Date plus
the portion of any previous distributions on such Class in respect of Class B-1
Current Interest or a Class B-1 Interest Carry Forward Amount that is recovered
as a voidable preference by a trustee in bankruptcy, less any Non-Supported
Interest Shortfall allocated on such Distribution Date to the Class B-1
Certificates.

     Class B-1 Interest Carry Forward Amount: As of any Distribution Date, the
sum of (1) the excess of (A) the Class B-1 Current Interest with respect to
prior Distribution Dates over (B) the amount actually distributed to the Class
B-1 Certificates with respect to Current Interest or Interest Carry Forward
Amounts on such prior Distribution Dates and (2) interest on such excess (to the
extent permitted by applicable law) at the Class B-1 Pass-Through Rate for the
related Accrual Period.

     Class B-1 Margin: As of any Distribution Date up to and including the
Initial Optional Termination Date, 0.7500% per annum and, as of any Distribution
Date after the Initial Optional Termination Date, 1.1250% per annum.

     Class B-1 Pass-Through Rate: For the first Distribution Date, 6.10000% per
annum. As of any Distribution Date thereafter, the least of (1) One-Month LIBOR
plus the Class B-1 Margin, (2) the related Weighted Average Available Funds Cap
for such Distribution Date and (3) the related Weighted Average Maximum Rate Cap
for such Distribution Date.

     Class B-1 Principal Distribution Amount: With respect to any Distribution
Date on or after the Stepdown Date, 100% of the Principal Distribution Amount
for such Distribution Date if the Class A Certificate Principal Balance and the
Class M Certificate Principal Balance, have been reduced to zero and a Stepdown
Trigger Event exists, or as long as a Stepdown Trigger Event does not exist, the
excess of (1) the sum of (A) the Class A Certificate Principal Balance (after
taking into account distributions of the Class A Principal Distribution Amount
on such Distribution Date), (B) the Class M-1 Certificate Principal Balance,
Class M-2 Certificate Principal Balance, and Class M-3 Certificate Principal
Balance (after taking into account distributions of the Class M-1/M-2/M-3
Principal Distribution Amount on such Distribution Date), (C) the Class M-4
Certificate Principal Balance (after taking into account distributions of the
Class M-4 Principal Distribution Amount on such Distribution Date), (D) the
Class M-5 Certificate Principal Balance (after taking into account distributions
of the Class M-5 Principal Distribution Amount on such Distribution Date), (E)
the Class M-6 Certificate Principal Balance (after taking into account
distributions of the Class M-6 Principal Distribution Amount on such
Distribution Date) and (F) the Class B-1 Certificate Principal Balance
immediately prior to such Distribution Date over (2) the lesser of (A) 92.00% of
the Stated Principal Balance of the Mortgage Loans as of such Distribution Date
and (B) the excess of the Stated Principal Balance of the Mortgage Loans as of
such Distribution Date over the Minimum Required Overcollateralization Amount.
Notwithstanding the foregoing, (I) on any Distribution Date prior to the
Stepdown Date on which the Certificate Principal Balance of each Class of Class
A Certificates and Class M Certificates has been reduced to zero, the Class B-1
Principal


                                      -20-

<PAGE>

Distribution Amount will equal the lesser of (x) the outstanding Certificate
Principal Balance of the Class B-1 Certificates and (y) 100% of the Principal
Distribution Amount remaining after any distributions on such Class A and Class
M Certificates and (II) in no event will the Class B-1 Principal Distribution
Amount with respect to any Distribution Date exceed the Class B-1 Certificate
Principal Balance.

     Class B-1 Unpaid Realized Loss Amount: As of any Distribution Date, the
excess of (1) the Class B-1 Applied Realized Loss Amount over (2) the sum of (x)
all distributions in reduction of the Class B-1 Unpaid Realized Loss Amounts on
all previous Distribution Dates and (y) all increases in the Certificate
Principal Balance of the Class B-1 Certificates pursuant to the last sentence of
the definition of "Certificate Principal Balance."

     Class B-2 Applied Realized Loss Amount: As of any Distribution Date, the
sum of all Applied Realized Loss Amounts with respect to the Mortgage Loans
which have been applied to the reduction of the Certificate Principal Balance of
the Class B-2 Certificates.

     Class B-2 Certificate: Any Certificate designated as a "Class B-2
Certificate" on the face thereof, executed by the Trustee and authenticated by
the Authenticating Agent in substantially the form set forth as Exhibit A
hereto, representing the right to distributions as set forth herein.

     Class B-2 Certificate Principal Balance: As of any date of determination,
the aggregate Certificate Principal Balance of the Class B-2 Certificates.

     Class B-2 Current Interest: As of any Distribution Date, the interest
accrued during the related Accrual Period at the Class B-2 Pass-Through Rate on
the Class B-2 Certificate Principal Balance as of such Distribution Date plus
the portion of any previous distributions on such Class in respect of Class B-2
Current Interest or a Class B-2 Interest Carry Forward Amount that is recovered
as a voidable preference by a trustee in bankruptcy, less any Non-Supported
Interest Shortfall allocated on such Distribution Date to the Class B-2
Certificates.

     Class B-2 Interest Carry Forward Amount: As of any Distribution Date, the
sum of (1) the excess of (A) the Class B-2 Current Interest with respect to
prior Distribution Dates over (B) the amount actually distributed to the Class
B-2 Certificates with respect to Current Interest or Interest Carry Forward
Amounts on such prior Distribution Dates and (2) interest on such excess (to the
extent permitted by applicable law) at the Class B-2 Pass-Through Rate for the
related Accrual Period.

     Class B-2 Margin: As of any Distribution Date up to and including the
Initial Optional Termination Date, 0.7500% per annum and, as of any Distribution
Date after the Initial Optional Termination Date, 1.1250% per annum.

     Class B-2 Pass-Through Rate: For the first Distribution Date, 6.10000% per
annum. As of any Distribution Date thereafter, the least of (1) One-Month LIBOR
plus the Class B-2 Margin, (2) the related Weighted Average Available Funds Cap
for such Distribution Date and (3) the related Weighted Average Maximum Rate Cap
for such Distribution Date.

     Class B-2 Principal Distribution Amount: With respect to any Distribution
Date on or after the Stepdown Date, 100% of the Principal Distribution Amount
for such Distribution Date if the Class A Certificate Principal Balance, the
Class M Certificate Principal Balance and the Class B-1 Certificate Principal
Balance have been reduced to zero and a Stepdown Trigger Event exists, or as
long as a


                                      -21-

<PAGE>

Stepdown Trigger Event does not exist, the excess of (1) the sum of (A) the
Class A Certificate Principal Balance (after taking into account distributions
of the Class A Principal Distribution Amount on such Distribution Date), (B) the
Class M-1 Certificate Principal Balance, Class M-2 Certificate Principal
Balance, and Class M-3 Certificate Principal Balance (after taking into account
distributions of the Class M-1/M-2/M-3 Principal Distribution Amount on such
Distribution Date), (C) the Class M-4 Certificate Principal Balance (after
taking into account distributions of the Class M-4 Principal Distribution Amount
on such Distribution Date), (D) the Class M-5 Certificate Principal Balance
(after taking into account distributions of the Class M-5 Principal Distribution
Amount on such Distribution Date), (E) the Class M-6 Certificate Principal
Balance (after taking into account distributions of the Class M-6 Principal
Distribution Amount on such Distribution Date), (F) the Class B-1 Certificate
Principal Balance (after taking into account distributions of the Class B-1
Principal Distribution Amount on such Distribution Date) and (G) the Class B-2
Certificate Principal Balance immediately prior to such Distribution Date over
(2) the lesser of (A) 93.00% of the Stated Principal Balance of the Mortgage
Loans as of such Distribution Date and (B) the excess of the Stated Principal
Balance of the Mortgage Loans as of such Distribution Date over the Minimum
Required Overcollateralization Amount. Notwithstanding the foregoing, (I) on any
Distribution Date prior to the Stepdown Date on which the Certificate Principal
Balance of each Class of Class A, Class M and Class B-1 Certificates has been
reduced to zero, the Class B-2 Principal Distribution Amount will equal the
lesser of (x) the outstanding Certificate Principal Balance of the Class B-2
Certificates and (y) 100% of the Principal Distribution Amount remaining after
any distributions on such Class A, Class M and Class B-1 Certificates and (II)
in no event will the Class B-2 Principal Distribution Amount with respect to any
Distribution Date exceed the Class B-2 Certificate Principal Balance.

     Class B-2 Unpaid Realized Loss Amount: As of any Distribution Date, the
excess of (1) the Class B-2 Applied Realized Loss Amount over (2) the sum of (x)
all distributions in reduction of the Class B-2 Unpaid Realized Loss Amounts on
all previous Distribution Dates and (y) all increases in the Certificate
Principal Balance of the Class B-2 Certificates pursuant to the last sentence of
the definition of "Certificate Principal Balance."

     Class B-3 Applied Realized Loss Amount: As of any Distribution Date, the
sum of all Applied Realized Loss Amounts with respect to the Mortgage Loans
which have been applied to the reduction of the Certificate Principal Balance of
the Class B-3 Certificates.

     Class B-3 Certificate: Any Certificate designated as a "Class B-3
Certificate" on the face thereof, executed by the Trustee and authenticated by
the Authenticating Agent in substantially the form set forth as Exhibit A
hereto, representing the right to distributions as set forth herein.

     Class B-3 Certificate Principal Balance: As of any date of determination,
the aggregate Certificate Principal Balance of the Class B-3 Certificates.

     Class B-3 Current Interest: As of any Distribution Date, the interest
accrued during the related Accrual Period at the Class B-3 Pass-Through Rate on
the Class B-3 Certificate Principal Balance as of such Distribution Date plus
the portion of any previous distributions on such Class in respect of Class B-3
Current Interest or a Class B-3 Interest Carry Forward Amount that is recovered
as a voidable preference by a trustee in bankruptcy, less any Non-Supported
Interest Shortfall allocated on such Distribution Date to the Class B-3
Certificates.


                                      -22-

<PAGE>

     Class B-3 Interest Carry Forward Amount: As of any Distribution Date, the
sum of (1) the excess of (A) the Class B-3 Current Interest with respect to
prior Distribution Dates over (B) the amount actually distributed to the Class
B-3 Certificates with respect to Current Interest or Interest Carry Forward
Amounts on such prior Distribution Dates and (2) interest on such excess (to the
extent permitted by applicable law) at the Class B-3 Pass-Through Rate for the
related Accrual Period.

     Class B-3 Margin: As of any Distribution Date up to and including the
Initial Optional Termination Date, 0.7500% per annum and, as of any Distribution
Date after the Initial Optional Termination Date, 1.1250% per annum.

     Class B-3 Pass-Through Rate: For the first Distribution Date, 6.10000% per
annum. As of any Distribution Date thereafter, the least of (1) One-Month LIBOR
plus the Class B-3 Margin, (2) the related Weighted Average Available Funds Cap
for such Distribution Date and (3) the related Weighted Average Maximum Rate Cap
for such Distribution Date.

     Class B-3 Principal Distribution Amount: With respect to any Distribution
Date on or after the Stepdown Date, 100% of the Principal Distribution Amount
for such Distribution Date if the Class A Certificate Principal Balance, the
Class M Certificate Principal Balance, the Class B-1 Certificate Principal
Balance and the Class B-2 Certificate Principal Balance have been reduced to
zero and a Stepdown Trigger Event exists, or as long as a Stepdown Trigger Event
does not exist, the excess of (1) the sum of (A) the Class A Certificate
Principal Balance (after taking into account distributions of the Class A
Principal Distribution Amount on such Distribution Date), (B) the Class M-1
Certificate Principal Balance, Class M-2 Certificate Principal Balance, and
Class M-3 Certificate Principal Balance (after taking into account distributions
of the Class M-1/M-2/M-3 Principal Distribution Amount on such Distribution
Date), (C) the Class M-4 Certificate Principal Balance (after taking into
account distributions of the Class M-4 Principal Distribution Amount on such
Distribution Date), (D) the Class M-5 Certificate Principal Balance (after
taking into account distributions of the Class M-5 Principal Distribution Amount
on such Distribution Date), (E) the Class M-6 Certificate Principal Balance
(after taking into account distributions of the Class M-6 Principal Distribution
Amount on such Distribution Date), (F) the Class B-1 Certificate Principal
Balance (after taking into account distributions of the Class B-1 Principal
Distribution Amount on such Distribution Date), (G) the Class B-2 Certificate
Principal Balance (after taking into account distributions of the Class B-2
Principal Distribution Amount on such Distribution Date) and (H) the Class B-3
Certificate Principal Balance immediately prior to such Distribution Date over
(2) the lesser of (A) 95.00% of the Stated Principal Balance of the Mortgage
Loans as of such Distribution Date and (B) the excess of the Stated Principal
Balance of the Mortgage Loans as of the such Distribution Date over the Minimum
Required Overcollateralization Amount. Notwithstanding the foregoing, (I) on any
Distribution Date prior to the Stepdown Date on which the Certificate Principal
Balance of each Class of Class A, Class M, Class B-1 and Class B-2 Certificates
has been reduced to zero, the Class B-3 Principal Distribution Amount will equal
the lesser of (x) the outstanding Certificate Principal Balance of the Class B-3
Certificates and (y) 100% of the Principal Distribution Amount remaining after
any distributions on such Class A, Class M, Class B-1 and Class B-2 Certificates
and (II) in no event will the Class B-3 Principal Distribution Amount with
respect to any Distribution Date exceed the Class B-3 Certificate Principal
Balance.

     Class B-3 Unpaid Realized Loss Amount: As of any Distribution Date, the
excess of (1) the Class B-3 Applied Realized Loss Amount over (2) the sum of (x)
all distributions in reduction of the Class B-3 Unpaid Realized Loss Amounts on
all previous Distribution Dates and (y) all increases in the


                                      -23-

<PAGE>

Certificate Principal Balance of the Class B-3 Certificates pursuant to the last
sentence of the definition of "Certificate Principal Balance".

     Class C Applied Realized Loss Amount: As of any Distribution Date, the sum
of all Applied Realized Loss Amounts with respect to the Mortgage Loans which
have been applied to the reduction of the Certificate Principal Balance of the
Class C Certificates.

     Class C Certificate: Any Certificate designated as a "Class C Certificate"
on the face thereof, executed by the Trustee and authenticated by the
Authenticating Agent in substantially the form set forth in Exhibit A hereto,
representing the right to distributions as set forth herein.

     Class C Certificate Principal Balance: As of any date of determination, the
aggregate Certificate Principal Balance of the Class C Certificates.

     Class C Current Interest: As of any Distribution Date, the interest accrued
during the related Accrual Period at the Class C Distributable Interest Rate on
a notional amount equal to the aggregate principal balance of the Lower Tier
REMIC Regular Interests immediately prior to such Distribution Date, plus the
interest portion of any previous distributions on such Class that is recovered
as a voidable preference by a trustee in bankruptcy, less any Non-Supported
Interest Shortfall allocated on such Distribution Date to the Class C
Certificates.

     Class C Distributable Interest Rate: The excess, if any, of (a) the
weighted average of the interest rates on the Lower Tier REMIC Regular Interests
(other than the Class LT-IO Interest) over (b) two times the weighted average of
the interest rates on the Lower Tier REMIC I Marker Interests and the Class LTIX
Interest (treating for purposes of this clause (b) the interest rate on each of
the Lower Tier REMIC I Marker Interests as being subject to a cap and a floor
equal to the interest rate of the Corresponding REMIC Regular Interest of the
Corresponding Certificates (as adjusted, if necessary, to reflect the length of
the Accrual Period for the LIBOR Certificates) and treating the Class LTIX
Interest as being capped at zero). The averages described in the preceding
sentence shall be weighted on the basis of the respective principal balances of
the Lower Tier REMIC Regular Interests immediately prior to any date of
determination.

     Class C Interest Carry Forward Amount: As of any Distribution Date, the
excess of (A) the Class C Current Interest with respect to prior Distribution
Dates over (B) the amount actually distributed to the Class C Certificates with
respect to interest on such prior Distribution Dates or added to the aggregate
Certificate Principal Balance of the Class C Certificates (other than amounts so
added attributable to Subsequent Recoveries or proceeds of the Swap Agreement).

     Class C Unpaid Realized Loss Amount: As of any Distribution Date, the
excess of (1) the Class C Applied Realized Loss Amount over (2) the sum of (x)
all distributions in reduction of the Class C Unpaid Realized Loss Amounts on
all previous Distribution Dates and (y) all increases in the Certificate
Principal Balance of such Class C Certificates (A) pursuant to the last sentence
of the definition of "Certificate Principal Balance" or (B) attributable to
distributions of proceeds of the Swap Agreement.

     Class LTA-1 Interest: An uncertificated regular interest in the Lower Tier
REMIC with an initial principal balance equal to 1/4 of the initial principal
balance of its Corresponding Certificates and an interest rate equal to the Net
Rate.


                                      -24-

<PAGE>

     Class LTA-2A Interest: An uncertificated regular interest in the Lower Tier
REMIC with an initial principal balance equal to 1/4 of the initial principal
balance of its Corresponding Certificate and an interest rate equal to the Net
Rate.

     Class LTA-2B Interest: An uncertificated regular interest in the Lower Tier
REMIC with an initial principal balance equal to 1/4 of the initial principal
balance of its Corresponding Certificate and an interest rate equal to the Net
Rate.

     Class LTA-2C Interest: An uncertificated regular interest in the Lower Tier
REMIC with an initial principal balance equal to 1/4 of the initial principal
balance of its Corresponding Certificate and an interest rate equal to the Net
Rate.

     Class LTB-1 Interest: An uncertificated regular interest in the Lower Tier
REMIC with an initial principal balance equal to 1/4 of the initial principal
balance of its Corresponding Certificate and an interest rate equal to the Net
Rate.

     Class LTB-2 Interest: An uncertificated regular interest in the Lower Tier
REMIC with an initial principal balance equal to 1/4 of the initial principal
balance of its Corresponding Certificate and an interest rate equal to the Net
Rate.

     Class LTB-3 Interest: An uncertificated regular interest in the Lower Tier
REMIC with an initial principal balance equal to 1/4 of the initial principal
balance of its Corresponding Certificate and an interest rate equal to the Net
Rate.

     Class LT-IO Interest: An uncertificated regular interest in the Lower Tier
REMIC with the characteristics set forth in the description of the Lower Tier
REMIC in the Preliminary Statement.

     Class LTIX Interest: An uncertificated regular interest in the Lower Tier
REMIC with an initial principal balance equal to the excess of (i) 50% of the
aggregate Cut-off Date Principal Balance of the Mortgage Loans over (ii) the
initial principal balance of the Lower Tier REMIC I Marker Interests, and with
an interest rate equal to the Net Rate.

     Class LTIIX Interest: An uncertificated regular interest in the Lower Tier
REMIC with an initial principal balance equal to the excess of (i) 50% of the
aggregate Cut-off Date Principal Balance of the Mortgage Loans over (ii) the
initial principal balance of the Lower Tier REMIC II Marker Interests, and with
an interest rate equal to the Net Rate.

     Class LTII1A Interest: An uncertificated regular interest in the Lower Tier
REMIC with an initial principal balance equal to 0.05% of the excess of (i) the
aggregate Cut-off Date Principal Balance of the Group One Mortgage Loans over
(ii) the aggregate of the initial Certificate Principal Balances of Certificate
Group One, and with an interest rate equal to the Net Rate.

     Class LTII1B Interest: An uncertificated regular interest in the Lower Tier
REMIC with an initial principal balance equal to 0.05% of the aggregate Cut-off
Date Principal Balance of the Group One Mortgage Loans, and with an interest
rate equal to the rate set forth in footnote 9 to the description of the Lower
Tier REMIC in the Preliminary Statement.


                                      -25-

<PAGE>

     Class LTII2A Interest: An uncertificated regular interest in the Lower Tier
REMIC with an initial principal balance equal to 0.05% of the excess of (i) the
aggregate Cut-off Date Principal Balance of the Group Two Mortgage Loans over
(ii) the aggregate of the initial Certificate Principal Balances of Certificate
Group Two, and with an interest rate equal to the Net Rate.

     Class LTII2B Interest: An uncertificated regular interest in the Lower Tier
REMIC with an initial principal balance equal to 0.05% of the aggregate Cut-off
Date Principal Balance of the Group Two Mortgage Loans and with an interest rate
equal to the rate set forth in footnote 10 to the description of the Lower Tier
REMIC in the Preliminary Statement.

     Class LTM-1 Interest: An uncertificated regular interest in the Lower Tier
REMIC with an initial principal balance equal to 1/4 of the initial principal
balance of its Corresponding Certificate and an interest rate equal to the Net
Rate.

     Class LTM-2 Interest: An uncertificated regular interest in the Lower Tier
REMIC with an initial principal balance equal to 1/4 of the initial principal
balance of its Corresponding Certificate and an interest rate equal to the Net
Rate.

     Class LTM-3 Interest: An uncertificated regular interest in the Lower Tier
REMIC with an initial principal balance equal to 1/4 of the initial principal
balance of its Corresponding Certificate and an interest rate equal to the Net
Rate.

     Class LTM-4 Interest: An uncertificated regular interest in the Lower Tier
REMIC with an initial principal balance equal to 1/4 of the initial principal
balance of its Corresponding Certificate and an interest rate equal to the Net
Rate.

     Class LTM-5 Interest: An uncertificated regular interest in the Lower Tier
REMIC with an initial principal balance equal to 1/4 of the initial principal
balance of its Corresponding Certificate and an interest rate equal to the Net
Rate.

     Class LTM-6 Interest: An uncertificated regular interest in the Lower Tier
REMIC with an initial principal balance equal to 1/4 of the initial principal
balance of its Corresponding Certificate and an interest rate equal to the Net
Rate.

     Class LTR Interest: The sole class of "residual interest" in the Lower Tier
REMIC.

     Class M Certificates: Any of the Class M-1, Class M-2, Class M-3, Class
M-4, Class M-5 and Class M-6 Certificates.

     Class M Certificate Principal Balance: For any date of determination, the
sum of the Class M-1 Certificate Principal Balance, Class M-2 Certificate
Principal Balance, Class M-3 Certificate Principal Balance, Class M-4
Certificate Principal Balance, Class M-5 Certificate Principal Balance and Class
M-6 Certificate Principal Balance.

     Class M-1 Applied Realized Loss Amount: As of any Distribution Date, the
sum of all Applied Realized Loss Amounts with respect to the Mortgage Loans
which have been applied to the reduction of the Certificate Principal Balance of
the Class M-1 Certificates.


                                      -26-

<PAGE>

     Class M-1 Certificate: Any Certificate designated as a "Class M-1
Certificate" on the face thereof, executed by the Trustee and authenticated by
the Authenticating Agent in substantially the form set forth as Exhibit A
hereto, representing the right to distributions as set forth herein.

     Class M-1 Certificate Principal Balance: As of any date of determination,
the aggregate Certificate Principal Balance of the Class M-1 Certificates.

     Class M-1 Current Interest: As of any Distribution Date, the interest
accrued during the related Accrual Period at the Class M-1 Pass-Through Rate on
the Class M-1 Certificate Principal Balance as of such Distribution Date plus
the portion of any previous distributions on such Class in respect of Class M-1
Current Interest or a Class M-1 Interest Carry Forward Amount that is recovered
as a voidable preference by a trustee in bankruptcy, less any Non-Supported
Interest Shortfall allocated on such Distribution Date to the Class M-1
Certificates.

     Class M-1 Interest Carry Forward Amount: As of any Distribution Date, the
sum of (1) the excess of (A) the Class M-1 Current Interest with respect to
prior Distribution Dates over (B) the amount actually distributed to the Class
M-1 Certificates with respect to Current Interest or Interest Carry Forward
Amounts on such prior Distribution Dates and (2) interest on such excess (to the
extent permitted by applicable law) at the Class M-1 Pass-Through Rate for the
related Accrual Period.

     Class M-1 Margin: As of any Distribution Date up to and including the
Initial Optional Termination Date, 0.2200% per annum and, as of any Distribution
Date after the Initial Optional Termination Date, 0.3300% per annum.

     Class M-1 Pass-Through Rate: For the first Distribution Date, 5.57000% per
annum. As of any Distribution Date thereafter, the least of (1) One-Month LIBOR
plus the Class M-1 Margin, (2) the related Weighted Average Available Funds Cap
for such Distribution Date and (3) the related Weighted Average Maximum Rate Cap
for such Distribution Date.

     Class M-1 Unpaid Realized Loss Amount: As of any Distribution Date, the
excess of (1) the Class M-1 Applied Realized Loss Amount over (2) the sum of (x)
all distributions in reduction of the Class M-1 Unpaid Realized Loss Amounts on
all previous Distribution Dates and (y) all increases in the Certificate
Principal Balance of such Class M-1 Certificates pursuant to the last sentence
of the definition of "Certificate Principal Balance."

     Class M-1/M-2/M-3 Principal Distribution Amount: With respect to any
Distribution Date on or after the Stepdown Date, 100% of the Principal
Distribution Amount for such Distribution Date if the Class A Certificate
Principal Balance has been reduced to zero and a Stepdown Trigger Event exists,
or as long as a Stepdown Trigger Event does not exist, the excess of (1) the sum
of (A) the Class A Certificate Principal Balance (after taking into account
distributions of the Class A Principal Distribution Amount on such Distribution
Date) and (B) the Class M-1 Certificate Principal Balance, the Class M-2
Certificate Principal Balance and the Class M-3 Certificate Principal Balance
immediately prior to such Distribution Date over (2) the lesser of (A) 84.00% of
the Stated Principal Balances of the Mortgage Loans as of the such Distribution
Date and (B) the excess of the Stated Principal Balances for the Mortgage Loans
as of such Distribution Date over the Minimum Required Overcollateralization
Amount. Notwithstanding the foregoing, (I) on any Distribution Date prior to the
Stepdown Date on which the Certificate Principal Balance of each Class of Class
A Certificates has been reduced to zero, the Class M-1/M-2/M-3 Principal
Distribution Amount will equal the lesser of (x) the outstanding Certificate
Principal Balance of the Class


                                      -27-

<PAGE>

M-1, Class M-2 and Class M-3 Certificates and (y) 100% of the Principal
Distribution Amount remaining after any distributions on such Class A
Certificates and (II) in no event will the Class M-1/M-2/M-3 Principal
Distribution Amount with respect to any Distribution Date exceed the Class M-1
Certificate Principal Balance, the Class M-2 Certificate Principal Balance and
the Class M-3 Certificate Principal Balance.

     Class M-2 Applied Realized Loss Amount: As of any Distribution Date, the
sum of all Applied Realized Loss Amounts with respect to the Mortgage Loans
which have been applied to the reduction of the Certificate Principal Balance of
the Class M-2 Certificates.

     Class M-2 Certificate: Any Certificate designated as a "Class M-2
Certificate" on the face thereof, executed by the Trustee and authenticated by
the Authenticating Agent in substantially the form set forth as Exhibit A
hereto, representing the right to distributions as set forth herein.

     Class M-2 Certificate Principal Balance: As of any date of determination,
the aggregate Certificate Principal Balance of the Class M-2 Certificates.

     Class M-2 Current Interest: As of any Distribution Date, the interest
accrued during the related Accrual Period at the Class M-2 Pass-Through Rate on
the Class M-2 Certificate Principal Balance as of such Distribution Date plus
the portion of any previous distributions on such Class in respect of Class M-2
Current Interest or a Class M-2 Interest Carry Forward Amount that is recovered
as a voidable preference by a trustee in bankruptcy, less any Non-Supported
Interest Shortfall allocated on such Distribution Date to the Class M-2
Certificates.

     Class M-2 Interest Carry Forward Amount: As of any Distribution Date, the
sum of (1) the excess of (A) the Class M-2 Current Interest with respect to
prior Distribution Dates over (B) the amount actually distributed to the Class
M-2 Certificates with respect to Current Interest or Interest Carry Forward
Amounts on such prior Distribution Dates and (2) interest on such excess (to the
extent permitted by applicable law) at the Class M-2 Pass-Through Rate for the
related Accrual Period.

     Class M-2 Margin: As of any Distribution Date up to and including the
Initial Optional Termination Date, 0.2900% per annum and, as of any Distribution
Date after the Initial Optional Termination Date, 0.4350% per annum.

     Class M-2 Pass-Through Rate: For the first Distribution Date, 5.64000% per
annum. As of any Distribution Date thereafter, the least of (1) One-Month LIBOR
plus the Class M-2 Margin, (2) the related Weighted Average Available Funds Cap
for such Distribution Date and (3) the related Weighted Average Maximum Rate Cap
for such Distribution Date.

     Class M-2 Unpaid Realized Loss Amount: As of any Distribution Date, the
excess of (1) the Class M-2 Applied Realized Loss Amount over (2) the sum of (x)
all distributions in reduction of the Class M-2 Unpaid Realized Loss Amounts on
all previous Distribution Dates and (y) all increases in the Certificate
Principal Balance of such Class M-2 Certificates pursuant to the last sentence
of the definition of "Certificate Principal Balance."

     Class M-3 Applied Realized Loss Amount: As of any Distribution Date, the
sum of all Applied Realized Loss Amounts with respect to the Mortgage Loans
which have been applied to the reduction of the Certificate Principal Balance of
the Class M-3 Certificates.


                                      -28-

<PAGE>

     Class M-3 Certificate: Any Certificate designated as a "Class M-3
Certificate" on the face thereof, executed by the Trustee and authenticated by
the Authenticating Agent in substantially the form set forth as Exhibit A
hereto, representing the right to distributions as set forth herein.

     Class M-3 Certificate Principal Balance: As of any date of determination,
the aggregate Certificate Principal Balance of the Class M-3 Certificates.

     Class M-3 Current Interest: As of any Distribution Date, the interest
accrued during the related Accrual Period at the Class M-3 Pass-Through Rate on
the Class M-3 Certificate Principal Balance as of such Distribution Date plus
the portion of any previous distributions on such Class in respect of Class M-3
Current Interest or a Class M-3 Interest Carry Forward Amount that is recovered
as a voidable preference by a trustee in bankruptcy, less any Non-Supported
Interest Shortfall allocated on such Distribution Date to the Class M-3
Certificates.

     Class M-3 Interest Carry Forward Amount: As of any Distribution Date, the
sum of (1) the excess of (A) the Class M-3 Current Interest with respect to
prior Distribution Dates over (B) the amount actually distributed to the Class
M-3 Certificates with respect to Current Interest or Interest Carry Forward
Amounts on such prior Distribution Dates and (2) interest on such excess (to the
extent permitted by applicable law) at the Class M-3 Pass-Through Rate for the
related Accrual Period.

     Class M-3 Margin: As of any Distribution Date up to and including the
Initial Optional Termination Date, 0.3100% per annum and, as of any Distribution
Date after the Initial Optional Termination Date, 0.4650% per annum.

     Class M-3 Pass-Through Rate: For the first Distribution Date, 5.66000% per
annum. As of any Distribution Date thereafter, the least of (1) One-Month LIBOR
plus the Class M-3 Margin, (2) the related Weighted Average Available Funds Cap
for such Distribution Date and (3) the related Weighted Average Maximum Rate Cap
for such Distribution Date.

     Class M-3 Unpaid Realized Loss Amount: As of any Distribution Date, the
excess of (1) the Class M-3 Applied Realized Loss Amount over (2) the sum of (x)
all distributions in reduction of the Class M-3 Unpaid Realized Loss Amounts on
all previous Distribution Dates and (y) all increases in the Certificate
Principal Balance of such Class M-3 Certificates pursuant to the last sentence
of the definition of "Certificate Principal Balance."

     Class M-4 Applied Realized Loss Amount: As of any Distribution Date, the
sum of all Applied Realized Loss Amounts with respect to the Mortgage Loans
which have been applied to the reduction of the Certificate Principal Balance of
the Class M-4 Certificates.

     Class M-4 Certificate: Any Certificate designated as a "Class M-4
Certificate" on the face thereof, executed by the Trustee and authenticated by
the Authenticating Agent in substantially the form set forth as Exhibit A
hereto, representing the right to distributions as set forth herein.

     Class M-4 Certificate Principal Balance: As of any date of determination,
the aggregate Certificate Principal Balance of the Class M-4 Certificates.

     Class M-4 Current Interest: As of any Distribution Date, the interest
accrued during the related Accrual Period at the Class M-4 Pass-Through Rate on
the Class M-4 Certificate Principal Balance as of


                                      -29-

<PAGE>

such Distribution Date plus the portion of any previous distributions on such
Class in respect of Class M-4 Current Interest or a Class M-4 Interest Carry
Forward Amount that is recovered as a voidable preference by a trustee in
bankruptcy, less any Non-Supported Interest Shortfall allocated on such
Distribution Date to the Class M-4 Certificates.

     Class M-4 Interest Carry Forward Amount: As of any Distribution Date, the
sum of (1) the excess of (A) the Class M-4 Current Interest with respect to
prior Distribution Dates over (B) the amount actually distributed to the Class
M-4 Certificates with respect to Current Interest or Interest Carry Forward
Amounts on such prior Distribution Dates and (2) interest on such excess (to the
extent permitted by applicable law) at the Class M-4 Pass-Through Rate for the
related Accrual Period.

     Class M-4 Margin: As of any Distribution Date up to and including the
Initial Optional Termination Date, 0.3700% per annum and, as of any Distribution
Date after the Initial Optional Termination Date, 0.5550% per annum.

     Class M-4 Pass-Through Rate: For the first Distribution Date, 5.72000% per
annum. As of any Distribution Date thereafter, the least of (1) One-Month LIBOR
plus the Class M-4 Margin, (2) the related Weighted Average Available Funds Cap
for such Distribution Date and (3) the related Weighted Average Maximum Rate Cap
for such Distribution Date.

     Class M-4 Principal Distribution Amount: With respect to any Distribution
Date on or after the Stepdown Date, 100% of the Principal Distribution Amount
for such Distribution Date if the Class A Certificate Principal Balance, Class
M-1 Certificate Principal Balance, Class M-2 Certificate Principal Balance and
Class M-3 Certificate Principal Balance have been reduced to zero and a Stepdown
Trigger Event exists, or as long as a Stepdown Trigger Event does not exist, the
excess of (1) the sum of (A) the Class A Certificate Principal Balance (after
taking into account distributions of the Class A Principal Distribution Amount
on such Distribution Date), (B) the Class M-1 Certificate Principal Balance,
Class M-2 Certificate Principal Balance, and Class M-3 Certificate Principal
Balance (after taking into account distributions of the Class M-1/M-2/M-3
Principal Distribution Amount on such Distribution Date) and (C) the Class M-4
Certificate Principal Balance immediately prior to such Distribution Date over
(2) the lesser of (A) 86.50% of the Stated Principal Balances of the Mortgage
Loans as of such Distribution Date and (B) the excess of the Stated Principal
Balances for the Mortgage Loans as of the such Distribution Date over the
Minimum Required Overcollateralization Amount. Notwithstanding the foregoing,
(I) on any Distribution Date prior to the Stepdown Date on which the Certificate
Principal Balance of each Class of Class A Certificates, the Class M-1
Certificates, the Class M-2 Certificates and the Class M-3 Certificates has been
reduced to zero, the Class M-4 Principal Distribution Amount will equal the
lesser of (x) the outstanding Certificate Principal Balance of the Class M-4
Certificates and (y) 100% of the Principal Distribution Amount remaining after
any distributions on such Class A, Class M-1, Class M-2 and Class M-3
Certificates and (II) in no event will the Class M-4 Principal Distribution
Amount with respect to any Distribution Date exceed the Class M-4 Certificate
Principal Balance.

     Class M-4 Unpaid Realized Loss Amount: As of any Distribution Date, the
excess of (1) the Class M-4 Applied Realized Loss Amount over (2) the sum of (x)
all distributions in reduction of the Class M-4 Unpaid Realized Loss Amounts on
all previous Distribution Dates and (y) all increases in the Certificate
Principal Balance of such Class M-4 Certificates pursuant to the last sentence
of the definition of "Certificate Principal Balance."


                                      -30-

<PAGE>

     Class M-5 Applied Realized Loss Amount: As of any Distribution Date, the
sum of all Applied Realized Loss Amounts with respect to the Mortgage Loans
which have been applied to the reduction of the Certificate Principal Balance of
the Class M-5 Certificates.

     Class M-5 Certificate: Any Certificate designated as a "Class M-5
Certificate" on the face thereof, executed by the Trustee and authenticated by
the Authenticating Agent in substantially the form set forth as Exhibit A
hereto, representing the right to distributions as set forth herein.

     Class M-5 Certificate Principal Balance: As of any date of determination,
the aggregate Certificate Principal Balance of the Class M-5 Certificates.

     Class M-5 Current Interest: As of any Distribution Date, the interest
accrued during the related Accrual Period at the Class M-5 Pass-Through Rate on
the Class M-5 Certificate Principal Balance as of such Distribution Date plus
the portion of any previous distributions on such Class in respect of Class M-5
Current Interest or a Class M-5 Interest Carry Forward Amount that is recovered
as a voidable preference by a trustee in bankruptcy, less any Non-Supported
Interest Shortfall allocated on such Distribution Date to the Class M-5
Certificates.

     Class M-5 Interest Carry Forward Amount: As of any Distribution Date, the
sum of (1) the excess of (A) the Class M-5 Current Interest with respect to
prior Distribution Dates over (B) the amount actually distributed to the Class
M-5 Certificates with respect to Current Interest or Interest Carry Forward
Amounts on such prior Distribution Dates and (2) interest on such excess (to the
extent permitted by applicable law) at the Class M-5 Pass-Through Rate for the
related Accrual Period.

     Class M-5 Margin: As of any Distribution Date up to and including the
Initial Optional Termination Date, 0.3900% per annum and, as of any Distribution
Date after the Initial Optional Termination Date, 0.5850% per annum.

     Class M-5 Pass-Through Rate: For the first Distribution Date, 5.74000% per
annum. As of any Distribution Date thereafter, the least of (1) One-Month LIBOR
plus the Class M-5 Margin, (2) the related Weighted Average Available Funds Cap
for such Distribution Date and (3) the related Weighted Average Maximum Rate Cap
for such Distribution Date.

     Class M-5 Principal Distribution Amount: With respect to any Distribution
Date on or after the Stepdown Date, 100% of the Principal Distribution Amount
for such Distribution Date if the Class A Certificate Principal Balance, Class
M-1 Certificate Principal Balance, Class M-2 Certificate Principal Balance,
Class M-3 Certificate Principal Balance and Class M-4 Certificate Principal
Balance have been reduced to zero and a Stepdown Trigger Event exists, or as
long as a Stepdown Trigger Event does not exist, the excess of (1) the sum of
(A) the Class A Certificate Principal Balance (after taking into account
distributions of the Class A Principal Distribution Amount on such Distribution
Date), (B) the Class M-1 Certificate Principal Balance, Class M-2 Certificate
Principal Balance, and Class M-3 Certificate Principal Balance (after taking
into account distributions of the Class M-1/M-2/M-3 Principal Distribution
Amount on such Distribution Date), (C) the Class M-4 Certificate Principal
Balance (after taking into account distributions of the Class M-4 Principal
Distribution Amount on such Distribution Date) and (D) the Class M-5 Certificate
Principal Balance immediately prior to such Distribution Date over (2) the
lesser of (A) 88.70% of the Stated Principal Balances of the Mortgage Loans as
of such Distribution Date and (B) the excess of the Stated Principal Balances
for the Mortgage Loans as of such Distribution Date over the Minimum Required
Overcollateralization Amount. Notwithstanding the


                                      -31-

<PAGE>

foregoing, (I) on any Distribution Date prior to the Stepdown Date on which the
Certificate Principal Balance of each Class of Class A Certificates, the Class
M-1 Certificates, the Class M-2 Certificates, the Class M-3 Certificates an the
Class M-4 Certificates has been reduced to zero, the Class M-5 Principal
Distribution Amount will equal the lesser of (x) the outstanding Certificate
Principal Balance of the Class M-5 Certificates and (y) 100% of the Principal
Distribution Amount remaining after any distributions on such Class A, Class
M-1, Class M-2, Class M-3 and Class M-4 Certificates and (II) in no event will
the Class M-5 Principal Distribution Amount with respect to any Distribution
Date exceed the Class M-5 Certificate Principal Balance.

     Class M-5 Unpaid Realized Loss Amount: As of any Distribution Date, the
excess of (1) the Class M-5 Applied Realized Loss Amount over (2) the sum of (x)
all distributions in reduction of the Class M-5 Unpaid Realized Loss Amounts on
all previous Distribution Dates and (y) all increases in the Certificate
Principal Balance of such Class M-5 Certificates pursuant to the last sentence
of the definition of "Certificate Principal Balance."

     Class M-6 Applied Realized Loss Amount: As of any Distribution Date, the
sum of all Applied Realized Loss Amounts with respect to the Mortgage Loans
which have been applied to the reduction of the Certificate Principal Balance of
the Class M-6 Certificates.

     Class M-6 Certificate: Any Certificate designated as a "Class M-6
Certificate" on the face thereof, executed by the Trustee and authenticated by
the Authenticating Agent in substantially the form set forth as Exhibit A
hereto, representing the right to distributions as set forth herein.

     Class M-6 Certificate Principal Balance: As of any date of determination,
the aggregate Certificate Principal Balance of the Class M-6 Certificates.

     Class M-6 Current Interest: As of any Distribution Date, the interest
accrued during the related Accrual Period at the Class M-6 Pass-Through Rate on
the Class M-6 Certificate Principal Balance as of such Distribution Date plus
the portion of any previous distributions on such Class in respect of Class M-6
Current Interest or a Class M-6 Interest Carry Forward Amount that is recovered
as a voidable preference by a trustee in bankruptcy, less any Non-Supported
Interest Shortfall allocated on such Distribution Date to the Class M-6
Certificates.

     Class M-6 Interest Carry Forward Amount: As of any Distribution Date, the
sum of (1) the excess of (A) the Class M-6 Current Interest with respect to
prior Distribution Dates over (B) the amount actually distributed to the Class
M-6 Certificates with respect to Current Interest or Interest Carry Forward
Amounts on such prior Distribution Dates and (2) interest on such excess (to the
extent permitted by applicable law) at the Class M-6 Pass-Through Rate for the
related Accrual Period.

     Class M-6 Margin: As of any Distribution Date up to and including the
Initial Optional Termination Date, 0.4600% per annum and, as of any Distribution
Date after the Initial Optional Termination Date, 0.6900% per annum.

     Class M-6 Pass-Through Rate: For the first Distribution Date, 5.81000% per
annum. As of any Distribution Date thereafter, the least of (1) One-Month LIBOR
plus the Class M-6 Margin, (2) the related Weighted Average Available Funds Cap
for such Distribution Date and (3) the related Weighted Average Maximum Rate Cap
for such Distribution Date.


                                      -32-

<PAGE>

     Class M-6 Principal Distribution Amount: With respect to any Distribution
Date on or after the Stepdown Date, 100% of the Principal Distribution Amount
for such Distribution Date if the Class A Certificate Principal Balance, Class
M-1 Certificate Principal Balance, Class M-2 Certificate Principal Balance,
Class M-3 Certificate Principal Balance, Class M-4 Certificate Principal Balance
and Class M-5 Certificate Principal Balance have been reduced to zero and a
Stepdown Trigger Event exists, or as long as a Stepdown Trigger Event does not
exist, the excess of (1) the sum of (A) the Class A Certificate Principal
Balance (after taking into account distributions of the Class A Principal
Distribution Amount on such Distribution Date), (B) the Class M-1 Certificate
Principal Balance, Class M-2 Certificate Principal Balance, and Class M-3
Certificate Principal Balance (after taking into account distributions of the
Class M-1/M-2/M-3 Principal Distribution Amount on such Distribution Date), (C)
the Class M-4 Certificate Principal Balance (after taking into account
distributions of the Class M-4 Principal Distribution Amount on such
Distribution Date), (D) the Class M-5 Certificate Principal Balance (after
taking into account distributions of the Class M-5 Principal Distribution Amount
on such Distribution Date), and (E) the Class M-6 Certificate Principal Balance
immediately prior to such Distribution Date over (2) the lesser of (A) 90.40% of
the Stated Principal Balances of the Mortgage Loans as of such Distribution Date
and (B) the excess of the Stated Principal Balances for the Mortgage Loans as of
such Distribution Date over the Minimum Required Overcollateralization Amount.
Notwithstanding the foregoing, (I) on any Distribution Date prior to the
Stepdown Date on which the Certificate Principal Balance of each Class of Class
A Certificates, the Class M-1 Certificates, the Class M-2 Certificates, the
Class M-3 Certificates, the Class M-4 Certificates and the Class M-5
Certificates has been reduced to zero, the Class M-6 Principal Distribution
Amount will equal the lesser of (x) the outstanding Certificate Principal
Balance of the Class M-6 Certificates and (y) 100% of the Principal Distribution
Amount remaining after any distributions on such Class A, Class M-1, Class M-2,
Class M-3, Class M-4 and Class M-5 Certificates and (II) in no event will the
Class M-6 Principal Distribution Amount with respect to any Distribution Date
exceed the Class M-6 Certificate Principal Balance.

     Class M-6 Unpaid Realized Loss Amount: As of any Distribution Date, the
excess of (1) the Class M-6 Applied Realized Loss Amount over (2) the sum of (x)
all distributions in reduction of the Class M-6 Unpaid Realized Loss Amounts on
all previous Distribution Dates and (y) all increases in the Certificate
Principal Balance of such Class M-6 Certificates pursuant to the last sentence
of the definition of "Certificate Principal Balance."

     Class P Certificate: Any Certificate designated as a Class P Certificate on
the face thereof, executed by the Trustee and authenticated by the
Authenticating Agent in substantially the form set forth in Exhibit A,
representing the right to distributions as set forth herein.

     Class Payment Shortfall: As defined in Section 2.07(d)(ii) herein.

     Class R Certificate: The Class R Certificate executed by the Trustee and
authenticated by the Authenticating Agent in substantially the form set forth in
Exhibit A.

     Class R Certificate Principal Balance: As of any date of determination, the
aggregate Certificate Principal Balance of the Class R Certificate.

     Class R Current Interest: As of any Distribution Date, the interest accrued
during the related Accrual Period at the Class R Pass-Through Rate on the Class
R Certificate Principal Balance as of such Distribution Date plus the portion of
any previous distributions on such Class in respect of Class R Current Interest
or a Class R Interest Carry Forward Amount that is recovered as a voidable
preference by


                                      -33-

<PAGE>

a trustee in bankruptcy, less any Non-Supported Interest Shortfall allocated on
such Distribution Date to the Class R Certificate. For purposes of calculating
interest, principal distributions on a Distribution Date will be deemed to have
been made on the first day of the Accrual Period in which such Distribution Date
occurs.

     Class R Interest Carry Forward Amount: As of any Distribution Date, the sum
of (1) the excess of (A) the Class R Current Interest with respect to prior
Distribution Dates over (B) the amount actually distributed to the Class R
Certificate with respect to Current Interest or Interest Carry Forward Amounts
on such prior Distribution Dates and (2) interest on such excess (to the extent
permitted by applicable law) at the Class R Pass-Through Rate for the related
Accrual Period.

     Class R Margin: As of any Distribution Date up to and including the Initial
Optional Termination Date for the Certificates, 0.1050% per annum and, as of any
Distribution Date after the Initial Optional Termination Date, 0.2100% per
annum.

     Class R Pass-Through Rate: For the first Distribution Date, 5.45500% per
annum. As of any Distribution Date thereafter, the least of (1) One-Month LIBOR
plus the Class R Margin, (2) the Class A-1 Available Funds Cap for such
Distribution Date and (3) the Class A-1 Maximum Rate Cap for such Distribution
Date.

     Class SWR Interest: The sole class of "residual interest" in the SWAP
REMIC.

     Closing Date: December 27, 2006.

     Code: The Internal Revenue Code of 1986, including any successor or
amendatory provisions.

     Collection Account: The separate Eligible Accounts created and initially
maintained by the Servicer pursuant to Section 3.05(d) in the name of the
Trustee for the benefit of the Certificateholders and designated, "National City
Home Loan Services, Inc., as servicer for LaSalle Bank National Association, as
trustee, in trust for registered holders of Merrill Lynch Mortgage Investors
Trust, Mortgage Loan Asset-Backed Certificates, Series 2006-FF1". Funds in the
Collection Account shall be held in trust for the Certificateholders for the
uses and purposes set forth in this Agreement.

     Commission: The Securities and Exchange Commission.

     Compensating Interest: For any Distribution Date and all Principal
Prepayments in full in respect of a Mortgage Loan that are received during the
period from the first day of the related Prepayment Period through the last day
of the calendar month preceding such Distribution Date, a payment made by the
Servicer in an amount not to exceed the product of (a) one-twelfth of 0.25% and
(b) the aggregate Stated Principal Balance of the Mortgage Loans for such
Distribution Date, equal to the amount of interest at the Net Mortgage Rate for
that Mortgage Loan from the date of prepayment through the 30th day of such
preceding calendar month; provided that any month consisting of less than 30
days shall be deemed to consist of 30 days.

     Corresponding Certificates: With respect to the Class LTA-1 Interest, the
Class A-1 and Class R Certificates. With respect to the Class LTA-2A Interest,
the Class A-2A Certificates. With respect to the Class LTA-2B Interest, the
Class A-2B Certificates. With respect to the Class LTA-2C Interest, the Class
A-2C Certificates. With respect to the Class LTM-1 Interest, the Class M-1
Certificates. With respect to


                                      -34-

<PAGE>

the Class LTM-2 Interest, the Class M-2 Certificates. With respect to the Class
LTM-3 Interest, the Class M-3 Certificates. With respect to the Class LTM-4
Interest, the Class M-4 Certificates. With respect to the Class LTM-5 Interest,
the Class M-5 Certificates. With respect to the Class LTM-6 Interest, the Class
M-6 Certificates. With respect to the Class LTB-1 Interest, the Class B-1
Certificates. With respect to the Class LTB-2 Interest, the Class B-2
Certificates. With respect to the Class LTB-3 Interest, the Class B-3
Certificates.

     Corresponding REMIC Regular Interest: For each Class of Certificates, the
interest in the Upper Tier REMIC listed on the same row in the table entitled
"Upper Tier REMIC" in the Preliminary Statement.

     Current Interest: Any of the Class A-1 Current Interest, the Class A-2A
Current Interest, the Class A-2B Current Interest, the Class A-2C Current
Interest, the Class R Current Interest, the Class M-1 Current Interest, the
Class M-2 Current Interest, the Class M-3 Current Interest, the Class M-4
Current Interest, the Class M-5 Current Interest, the Class M-6 Current
Interest, the Class B-1 Current Interest, the Class B-2 Current Interest, the
Class B-3 Current Interest and the Class C Current Interest.

     Cut-off Date: December 1, 2006.

     Cut-off Date Principal Balance: As to any Mortgage Loan, the unpaid
principal balance thereof as of the close of business on the calendar day
immediately preceding the Cut-off Date after application of all payments of
principal due on or prior to the Cut-off Date, whether or not received, and all
Principal Prepayments received prior to the Cut-off Date, but without giving
effect to any installments of principal received in respect of Due Dates after
the Cut-off Date.

     Defaulted Swap Termination Payment: Any payment required to be made by the
Supplemental Interest Trust to the Swap Counterparty pursuant to the Swap
Agreement as a result of an event of default under the Swap Agreement with
respect to which the Swap Counterparty is the defaulting party or a termination
event under that agreement (other than illegality or a tax event) with respect
to which the Swap Counterparty is the sole Affected Party (as defined in the
Swap Agreement).

     Definitive Certificates: As defined in Section 5.06.

     Deleted Mortgage Loan: A Mortgage Loan replaced or to be replaced by a
Replacement Mortgage Loan.

     Delinquent: A Mortgage Loan is "delinquent" if any payment due thereon is
not made pursuant to the terms of such Mortgage Loan by the close of business on
the day such payment is scheduled to be due. A Mortgage Loan is "30 days
delinquent" if such payment has not been received by the close of business on
the corresponding day of the month immediately succeeding the month in which
such payment was due, or, if there is no such corresponding day (e.g., as when a
30-day month follows a 31-day month in which a payment was due on the 31st day
of such month), then on the last day of such immediately succeeding month. With
respect to any Mortgage Loan due on any day other than the first day of the
month, such Mortgage Loan shall be deemed to be due on the first day of the
immediately succeeding month. Similarly for "60 days delinquent," "90 days
delinquent" and so on.

     Denomination: With respect to each Certificate, the amount set forth on the
face thereof as the "Initial Principal Balance of this Certificate."


                                      -35-

<PAGE>

     Depositor: Merrill Lynch Mortgage Investors, Inc., a Delaware corporation,
or any successor in interest.

     Depository: The initial Depository shall be The Depository Trust Company
("DTC"), the nominee of which is Cede & Co., or any other organization
registered as a "clearing agency" pursuant to Section 17A of the Securities
Exchange Act of 1934, as amended. The Depository shall initially be the
registered Holder of the Book-Entry Certificates. The Depository shall at all
times be a "clearing corporation" as defined in Section 8-102(3) of the Uniform
Commercial Code of the State of New York.

     Depository Agreement: With respect to Classes of Book-Entry Certificates,
the agreement between the Trustee and the initial Depository.

     Depository Participant: A broker, dealer, bank or other financial
institution or other Person for whom from time to time a Depository effects
book-entry transfers and pledges of securities deposited with the Depository.

     Designated Transaction: A transaction in which the assets underlying the
Certificates consist of single-family residential, multi-family residential,
home equity, manufactured housing and/or commercial mortgage obligations that
are secured by single-family residential, multi-family residential, commercial
real property or leasehold interests therein.

     Determination Date: With respect to any Distribution Date, the 15th day of
the month of such Distribution Date or, if such 15th day is not a Business Day,
the immediately preceding Business Day.

     Disqualified Organization: (1) the United States, any state or political
subdivision thereof, any foreign government, any international organization, or
any agency or instrumentality of any of the foregoing, (2) any organization
(other than a cooperative described in Section 521 of the Code) which is exempt
from tax under Chapter 1 of Subtitle A of the Code unless such organization is
subject to the tax imposed by Section 511 of the Code and (3) any organization
described in Section 1381(a)(2)(C) of the Code.

     Distribution Date: The 25th day of each calendar month after the initial
issuance of the Certificates, or if such 25th day is not a Business Day, the
next succeeding Business Day, commencing in January 2007.

     Due Date: With respect to any Distribution Date and any Mortgage Loan, the
day during the related Due Period on which a Scheduled Payment is due.

     Due Period: With respect to any Distribution Date, the period beginning on
the second day of the calendar month preceding the calendar month in which such
Distribution Date occurs and ending on the first day of the month in which such
Distribution Date occurs.

     Eligible Account: An account that is (1) maintained with a depository
institution the long-term unsecured debt obligations of which are rated by each
Rating Agency in one of its two highest rating categories, or (2) maintained
with the corporate trust department of a bank which (A) has a rating of at least
Baa3 or P-3 by Moody's and (B) is either the Depositor or the corporate trust
department of a national banking association or banking corporation which has a
rating of at least A-1 by S&P or F1 by Fitch, or (iii) an account or accounts
the deposits in which are fully insured by the FDIC, or (iv) an


                                      -36-

<PAGE>

account or accounts, acceptable to each Rating Agency without reduction or
withdrawal of the rating of any Class of Certificates, as evidenced in writing,
by a depository institution in which such accounts are insured by the FDIC (to
the limit established by the FDIC), the uninsured deposits in which accounts are
otherwise secured such that, as evidenced by an Opinion of Counsel delivered to
and acceptable to the Trustee and each Rating Agency, the Certificateholders
have a claim with respect to the funds in such account and a perfected first
security interest against any collateral (which shall be limited to Permitted
Investments) securing such funds that is superior to claims of any other
depositors or creditors of the depository institution with which such account is
maintained, or (v) maintained at an eligible institution whose commercial paper,
short-term debt or other short-term deposits are rated at least A-1+ by S&P and
F-1+ by Fitch, or (vi) maintained with a federal or state chartered depository
institution the deposits in which are insured by the FDIC to the applicable
limits and the short-term unsecured debt obligations of which (or, in the case
of a depository institution that is a subsidiary of a holding company, the
short-term unsecured debt obligations of such holding company) are rated A-1 by
S&P, F-1 by Fitch or Prime-1 by Moody's at the time any deposits are held on
deposit therein, or (vii) a segregated trust account or accounts maintained with
the corporate trust department of a federal or state chartered depository
institution or trust company having capital and surplus of not less than
$50,000,000 or (viii) otherwise acceptable to each Rating Agency, as evidenced
by a letter from each Rating Agency to the Trustee.

     ERISA: The Employee Retirement Income Security Act of 1974, including any
successor or amendatory provisions.

     ERISA-Qualifying Underwriting: A best efforts or firm commitment
underwriting or private placement that would satisfy the requirements would
satisfy the requirements of Prohibited Transaction Exemption 90-29, Exemption
Application No. D-8012, 55 Fed. Reg. 21459 (1990), as amended, granted by the
United States Department of Labor (or any other applicable underwriter's
exemption granted to the Underwriter by the United States Department of Labor),
except, in relevant part, for the requirement that the certificates have
received a rating at the time of acquisition that is in one of the three (or
four, in the case of a "designated transaction") highest generic rating
categories by at least one of S&P, Moody's or Fitch.

     ERISA Restricted Certificates: The Class C Certificates and Class P
Certificates and any other Certificate, as long as the acquisition and holding
of such other Certificate is not covered by and exempt under any underwriter's
exemption granted by the United States Department of Labor.

     Escrow Account: As defined in Section 3.06 hereof.

     Escrow Payments: The amounts constituting ground rents, taxes, assessments,
water rates, mortgage insurance premiums, fire and hazard insurance premiums and
other payments required to be escrowed by the Mortgagor with the mortgagee
pursuant to any Mortgage Loan.

     Event of Default: As defined in Section 7.01 hereof.

     Exception Report: As defined in Section 2.02 hereof.

     Excess Interest: On any Distribution Date, for each Class of the Class A,
Class M and Class B Certificates, the excess, if any, of (1) the amount of
interest such Class of Certificates is entitled to receive on such Distribution
Date over (2) the amount of interest such Class of Certificates would have been
entitled to receive on such Distribution Date at an interest rate equal to the
REMIC Pass-Through Rate.


                                      -37-

<PAGE>

     Excess Proceeds: With respect to any Liquidated Loan, any Liquidation
Proceeds that are in excess of the sum of (1) the unpaid principal balance of
such Liquidated Loan as of the date of such liquidation plus (2) interest at the
Mortgage Rate from the Due Date as to which interest was last paid or advanced
to Certificateholders (and not reimbursed to the Servicer) up to the Due Date in
the month in which such Liquidation Proceeds are required to be distributed on
the unpaid principal balance of such Liquidated Loan outstanding during each Due
Period as to which such interest was not paid or advanced.

     Exchange Act: The Securities Exchange Act of 1934, as amended.

     Extra Principal Distribution Amount: With respect to any Distribution Date,
(1) prior to the Stepdown Date, the excess of (A) the sum of (i) the Aggregate
Certificate Principal Balance immediately preceding such Distribution Date
reduced by the Principal Funds with respect to such Distribution Date and (ii)
$59,397,794 over (B) the Pool Stated Principal Balance of the Mortgage Loans as
of such Distribution Date and (2) on and after the Stepdown Date, (A) the sum of
(x) the Aggregate Certificate Principal Balance immediately preceding such
Distribution Date, reduced by the Principal Funds with respect to such
Distribution Date and (y) the greater of (a) 5.00% of the Pool Stated Principal
Balance of the Mortgage Loans and (b) the Minimum Required Overcollateralization
Amount less (B) the Pool Stated Principal Balance of the Mortgage Loans as of
such Distribution Date; provided, however, that if on any Distribution Date a
Stepdown Trigger Event is in effect, the Extra Principal Distribution Amount
will not be reduced to the applicable percentage of the then-current aggregate
Stated Principal Balance of the Mortgage Loans (and will remain fixed at the
applicable percentage of the aggregate Stated Principal Balance of the Mortgage
Loans as of the Due Date immediately prior to the Stepdown Trigger Event) until
the next Distribution Date on which the Stepdown Trigger Event is not in effect.

     Fannie Mae: A federally chartered and privately owned corporation organized
and existing under the Federal National Mortgage Association Charter Act, or any
successor thereto.

     FDIC: The Federal Deposit Insurance Corporation, or any successor thereto.

     Fitch: Fitch, Inc., or any successor in interest.

     Fixed Rate Mortgage Loan: A Mortgage Loan identified in the Mortgage Loan
Schedule as having a Mortgage Rate that is fixed.

     Floating Rate Certificate Carryover: With respect to a Distribution Date,
in the event that the Pass-Through Rate for a class of Class A, Class M or Class
B Certificates is based upon the related Available Funds Cap or the related
Maximum Rate Cap, the sum of (A) the excess of (1) the amount of interest that
such Class would have been entitled to receive on such Distribution Date had the
Pass-Through Rate for that Class not been calculated based on the related
Available Funds Cap or the related Maximum Rate Cap, up to but not exceeding the
greater of (a) the related Maximum Rate Cap or (b) the sum of (i) the related
Available Funds Cap and (ii) the product of (AA) a fraction, the numerator of
which is 360 and the denominator of which is the actual number of days in the
related Accrual Period and (BB) the sum of (x) the quotient obtained by dividing
(I) an amount equal to the proceeds, if any, payable under the related Cap
Contract with respect to such Distribution Date by (II) the aggregate
Certificate Principal Balance of each of the Classes of Certificates to which
such Cap Contract relates for such Distribution Date and (y) the quotient
obtained by dividing (I) an amount equal to any Net Swap Payments owed by the
Swap Counterparty for such Distribution Date by (II) the aggregate Stated
Principal Balance of the Mortgage Loans as of the immediately preceding
Distribution Date over (2) the amount of interest such


                                      -38-

<PAGE>

Class was entitled to receive on such Distribution Date based on the related
Available Funds Cap; together with (B) the unpaid portion of any such excess
from prior Distribution Dates (and interest accrued thereon at the then
applicable Pass-Through Rate, without giving effect to the related Available
Funds Cap or the related Maximum Rate Cap) and (C) any amount previously
distributed with respect to Floating Rate Certificate Carryover for such Class
that is recovered as a voidable preference by a trustee in bankruptcy.

     Freddie Mac: A corporate instrumentality of the United States created and
existing under Title III of the Emergency Home Finance Act of 1970, as amended,
or any successor thereto.

     Grantor Trusts: The grantor trusts described in Section 2.07 hereof.

     Gross Margin: The percentage set forth in the related Mortgage Note for
each of the Adjustable Rate Mortgage Loans which is to be added to the
applicable index for use in determining the Mortgage Rate on each Adjustment
Date, and which is set forth in the Mortgage Loan Schedule for each Adjustable
Rate Mortgage Loan.

     Group One: The portion of the Mortgage Pool identified as "Group One" in
the Prospectus Supplement.

     Group One Mortgage Loan: Any Mortgage Loan at any time identified in the
Mortgage Loan Schedule attached hereto as Exhibit B as a Group One Mortgage
Loan.

     Group One Net WAC: The Net WAC of Group One.

     Group One Principal Distribution Amount: As of any Distribution Date, the
amount equal to the lesser of (i) the aggregate Certificate Principal Balance of
the Class A-1 and Class R Certificates and (ii) the product of (x) the Group One
Principal Distribution Percentage and (y) the Class A Principal Distribution
Amount; provided, however, that with respect to any Distribution Date on which
the Class A-1 and Class R Certificates are outstanding and the Certificate
Principal Balance of the Class A-2 Certificates has been reduced to zero, the
Group One Principal Distribution Amount will equal the Class A Principal
Distribution Amount.

     Group One Principal Distribution Percentage: With respect to any
Distribution Date, a fraction expressed as a percentage, the numerator of which
is the amount of Principal Funds received with respect to Mortgage Loans in
Group One and the denominator of which is the amount of Principal Funds received
from all of the Mortgage Loans in the mortgage pool.

     Group Two: The portion of the Mortgage Pool identified as "Group Two" in
the Prospectus Supplement.

     Group Two Mortgage Loan: Any Mortgage Loan at any time identified in the
Mortgage Loan Schedule attached hereto as Exhibit B as a Group Two Mortgage
Loan.

     Group Two Net WAC: The Net WAC of Group Two.

     Group Two Principal Distribution Amount: As of any Distribution Date, the
amount equal to the lesser of (i) the aggregate Certificate Principal Balance of
the Class A-2 Certificates and (ii) the product


                                      -39-

<PAGE>

of (x) the Group Two Principal Distribution Percentage and (y) the Class A
Principal Distribution Amount; provided, however, that (A) with respect to any
Distribution Date on which the Class A 2 Certificates are outstanding and the
Certificate Principal Balances of the Class A-1 and Class R Certificates is
reduced to zero, the Group One Principal Distribution Amount in excess of the
amount necessary to reduce the Certificate Principal Balance of the Class A-1
Certificates and Class R Certificates to zero will be applied to increase the
Group Two Principal Distribution Amount and (B) with respect to any Distribution
Date thereafter, the Group Two Principal Distribution Amount will equal the
Class A Principal Distribution Amount.

     Group Two Principal Distribution Percentage: With respect to any
Distribution Date, a fraction expressed as a percentage, the numerator of which
is the amount of Principal Funds received with respect to Mortgage Loans in
Group Two and the denominator of which is the amount of Principal Funds received
from all of the Mortgage Loans in the mortgage pool.

     Indenture: An indenture relating to the issuance of NIM Notes.

     Initial Adjustment Date: As to any Adjustable Rate Mortgage Loan, the first
Adjustment Date following the origination of such Mortgage Loan.

     Initial Certificate Principal Balance: With respect to any Certificate
(other than the Class P Certificates), the Certificate Principal Balance of such
Certificate or any predecessor Certificate on the Closing Date as set forth in
Section 5.01 hereof.

     Initial Mortgage Rate: As to each Mortgage Loan, the Mortgage Rate in
effect prior to the Initial Adjustment Date.

     Initial Optional Termination Date: The first Distribution Date on which the
aggregate Stated Principal Balance of the Mortgage Loans (or if such Mortgage
Loan is an REO Property, the fair market value of such REO Property) is equal to
or less than 10% of the aggregate Stated Principal Balance of the Mortgage Loans
as of the Cut-off Date.

     Insurance Policy: With respect to any Mortgage Loan or the related
Mortgaged Property included in the Trust Fund, any insurance policy, including
all riders and endorsements thereto in effect with respect to such Mortgage Loan
or Mortgaged Property, including any replacement policy or policies for any
insurance policies.

     Insurance Proceeds: Proceeds paid in respect of a Mortgage Loan or the
related Mortgaged Property pursuant to any Insurance Policy or any other
insurance policy covering such Mortgage Loan or Mortgaged Property, to the
extent such proceeds are payable to the mortgagee under the Mortgage, the
Servicer or the Trustee under the deed of trust and are not applied to the
restoration of the related Mortgaged Property or released either to the
Mortgagor or to the holder of a senior lien on the related Mortgaged Property in
accordance with the procedures that the Servicer would follow in servicing
mortgage loans held for its own account, in each case other than any amount
included in such Insurance Proceeds in respect of Insured Expenses.

     Insured Expenses: Expenses covered by an Insurance Policy or any other
insurance policy with respect to a Mortgage Loan or the related Mortgaged
Property.


                                      -40-

<PAGE>

     Interest Carry Forward Amount: Any of the Class A-1 Interest Carry Forward
Amount, the Class A-2A Interest Carry Forward Amount, the Class A-2B Interest
Carry Forward Amount, the Class A-2C Interest Carry Forward Amount, the Class R
Interest Carry Forward Amount, the Class M-1 Interest Carry Forward Amount, the
Class M-2 Interest Carry Forward Amount, the Class M-3 Interest Carry Forward
Amount, the Class M-4 Interest Carry Forward Amount, the Class M-5 Interest
Carry Forward Amount, the Class M-6 Interest Carry Forward Amount, the Class B-1
Interest Carry Forward Amount, the Class B-2 Interest Carry Forward Amount, the
Class B-3 Interest Carry Forward Amount or the Class C Interest Carry Forward
Amount, as the case may be.

     Interest Determination Date: With respect to the LIBOR Certificates, (i)
for any Accrual Period other than the first Accrual Period, the second LIBOR
Business Day preceding the commencement of such Accrual Period and (ii) for the
first Accrual Period, December 21, 2006.

     Interest Funds: With respect to any Distribution Date, the sum, without
duplication, of (1) all scheduled interest due during the related Due Period and
received before the related Servicer Remittance Date or advanced on or before
the related Servicer Remittance Date less the Servicing Fee, (2) all Advances
relating to interest with respect to the Mortgage Loans, (3) all Compensating
Interest with respect to the Mortgage Loans, (4) Liquidation Proceeds with
respect to the Mortgage Loans (to the extent such Liquidation Proceeds relate to
interest) collected during the related Prepayment Period, (5) all proceeds of
any purchase pursuant to Section 2.02 or 2.03 during the related Prepayment
Period or pursuant to Section 9.01 not later than the related Determination Date
(to the extent that such proceeds relate to interest) less the Servicing Fee and
(6) all Prepayment Charges received with respect to the Mortgage Loans during
the related Prepayment Period, less (A) all Non-Recoverable Advances relating to
interest and (B) other amounts reimbursable (including without limitation
indemnity payments) to the Servicer and the Trustee pursuant to this Agreement
allocable to interest.

     Issuing Entity: Merrill Lynch Mortgage Investors Trust, Series 2006-FF1.

     Latest Possible Maturity Date: The latest maturity date for any Mortgage
Loan in the Trust Fund plus one year.

     LIBOR Business Day: Any day on which banks in the City of London, England,
Chicago, Illinois and New York City, U.S.A. are open and conducting transactions
in foreign currency and exchange.

     LIBOR Certificates: The Class A, Class M and Class B Certificates.

     Liquidated Loan: With respect to any Distribution Date, a defaulted
Mortgage Loan that either (a) pursuant to Section 3.12 has been realized upon or
liquidated through deed-in-lieu of foreclosure, foreclosure sale, trustee's sale
or other realization as provided by applicable law governing the real property
subject to the related Mortgage and any security agreements and as to which the
Servicer has certified (in accordance with Section 3.12) in the related
Prepayment Period that it has received all amounts it expects to receive in
connection with such liquidation or (b) as to which is not a first lien Mortgage
Loan and is delinquent 180 days or longer, the Servicer has certified in a
certificate of an officer of the Servicer delivered to the Depositor and the
Trustee that it does not believe that there is a reasonable likelihood that any
further net proceeds will be received or recovered with respect to such Mortgage
Loan.


                                      -41-

<PAGE>

     Liquidation Proceeds: Amounts, including Insurance Proceeds, received in
connection with the partial or complete liquidation of Mortgage Loans, whether
through trustee's sale, foreclosure sale, sale by the Servicer pursuant to this
Agreement or otherwise or amounts received in connection with any condemnation
or partial release of a Mortgaged Property and any other proceeds received in
connection with an REO Property, less the sum of related unreimbursed Advances,
Servicing Fees, Servicing Advances and any other expenses related to such
Mortgage Loan.

     Loan-to-Value Ratio: With respect to any Mortgage Loan, the fraction,
expressed as a percentage, the numerator of which is the original principal
balance of the related Mortgage Loan and the denominator of which is the lesser
of (X) the Appraised Value of the related Mortgaged Property and (Y) the sales
price of the related Mortgaged Property at the time of origination.

     Losses: Any losses, claims, damages, liabilities or expenses collectively.

     Lower Tier REMIC: As described in the Preliminary Statement and Section
2.07.

     Lower Tier REMIC Interests: Each of the Class LTA-1 Interest, the Class
LTA-2A Interest, the Class LTA-2B Interest, the Class LTA-2C Interest, the Class
LTM-1 Interest, the Class LTM-2 Interest, the Class LTM-3 Interest, the Class
LTM-4 Interest, the Class LTM-5 Interest, the Class LTM-6 Interest, the Class
LTB-1 Interest, the Class LTB-2 Interest, the Class LTB-3 Interest, the Class
LTIX Interest, the Class LTIIX Interest, the Class LTII1A Interest, the Class
LTII1B Interest, the Class LTII2A Interest, the Class LTII2B Interest, the Class
LT-IO Interest and the Class LTR Interest.

     Lower Tier REMIC I Marker Interests: Each of the classes of Lower Tier
REMIC Regular Interests other than the Class LTIX Interest, the Class LTIIX
Interest, the Class LTII1A Interest, the Class LTII1B Interest, the Class LTII2A
Interest, the Class LTII2B Interest and the Class LT-IO Interest.

     Lower Tier REMIC II Marker Interests: Each of the Class LTII1A Interest,
the Class LTII1B Interest, the Class LTII2A Interest and the Class LTII2B
Interest.

     Lower Tier REMIC Regular Interests: Each of the Lower Tier REMIC Interests
other than the Class LTR Interest.

     Lower Tier REMIC Subordinated Balance Ratio: The ratio of (i) the principal
balance of the Class LTII1A Interest to (ii) the principal balance of the Class
LTII2A Interest that is equal to the ratio of (i) the excess of (A) the
aggregate Stated Principal Balance of Group One over (B) the current Certificate
Principal Balance of the Class A-1 and Class R Certificates to (ii) the excess
of (A) the aggregate Stated Principal Balance of Group Two over (B) the current
Certificate Principal Balance of the Class A-2 Certificates.

     Maximum Mortgage Rate: With respect to each Adjustable Rate Mortgage Loan,
the maximum rate of interest set forth as such in the related Mortgage Note and
with respect to each Fixed Rate Mortgage Loan, the rate of interest set forth in
the related Mortgage Note.

     Maximum Rate Cap: Any of the Class A-1 Maximum Rate Cap, the Class A-2
Maximum Rate Cap or the Weighted Average Maximum Rate Cap.


                                      -42-

<PAGE>

     MERS: Mortgage Electronic Registration Systems, Inc., a corporation
organized and existing under the laws of the State of Delaware, or any successor
thereto.

     MERS Loan: Any Mortgage Loan registered with MERS on the MERS System.

     MERS System: The system of recording transfers of mortgage electronically
maintained by MERS.

     MIN: The loan number for any MERS Loan.

     Minimum Mortgage Rate: With respect to each Adjustable Rate Mortgage Loan,
the minimum rate of interest set forth as such in the related Mortgage Note.

     Minimum Required Overcollateralization Amount: An amount equal to the
product of (x) 0.50% and (y) the Stated Principal Balance of the Mortgage Loans
as of the Cut-off Date.

     MOM Loan: Any Mortgage Loan as to which MERS is acting as mortgagee, solely
as nominee for the originator of such Mortgage Loan and its successors and
assigns.

     Monthly Statement: The statement delivered to the Certificateholders
pursuant to Section 4.05.

     Moody's: Moody's Investors Service, Inc. or any successor in interest.

     Mortgage: With respect to a Mortgage Loan, the mortgage, deed of trust or
other instrument with all riders thereto creating a first or second lien or a
first or second priority ownership interest in an estate in fee simple in real
property securing a Mortgage Note.

     Mortgage File: The mortgage documents listed in Section 2.01 hereof
pertaining to a particular Mortgage Loan and any additional documents delivered
to the Trustee to be added to the Mortgage File pursuant to this Agreement.

     Mortgage Group: Either of Group One or Group Two.

     Mortgage Loan Schedule: The list of Mortgage Loans (as from time to time
amended by the Trustee to reflect the deletion of Deleted Mortgage Loans and the
addition of Replacement Mortgage Loans pursuant to the provisions of this
Agreement) transferred to the Trustee as part of the Trust Fund and from time to
time subject to this Agreement, attached hereto as Exhibit B, setting forth the
following information with respect to each Mortgage Loan:

          (i)  the loan number;

          (ii) borrower name and address;

          (iii) the unpaid principal balance of the Mortgage Loans;

          (iv) the Initial Mortgage Rate;

          (v)  the original maturity date and the months remaining before
               maturity date;


                                      -43-

<PAGE>

          (vi) the original principal balance;

          (vii) the Cut-off Date Principal Balance;

          (viii) the first payment due date of the Mortgage Loan;

          (ix) the Loan-to-Value Ratio at origination with respect to a Mortgage
               Loan;

          (x)  a code indicating whether the residential dwelling at the time of
               origination was represented to be owner-occupied;

          (xi) a code indicating the property type;

          (xii) with respect to each Adjustable Rate Mortgage Loan;

               (A)  the frequency of each Adjustment Date;

               (B)  the next Adjustment Date;

               (C)  the Maximum Mortgage Rate;

               (D)  the Minimum Mortgage Rate;

               (E)  the Mortgage Rate as of the Cut-off Date;

               (F)  the related Periodic Rate Cap;

               (G)  the Gross Margin; and

               (H)  the lifetime rate cap;

          (xiii) the location of the related Mortgaged Property;

          (xiv) a code indicating whether a Prepayment Charge is applicable;

               (A)  the period during which such Prepayment Charge is in effect;

               (B)  the amount of such Prepayment Charge;

               (C)  any limitations or other conditions on the enforceability of
                    such Prepayment Charge; and

               (D)  any other information pertaining to the Prepayment Charge
                    specified in the related Mortgage Note;

          (xv) the Credit Score and date obtained; and

          (xvi) the MIN.


                                      -44-

<PAGE>

     Mortgage Loans: Such of the mortgage loans transferred and assigned to the
Trustee pursuant to the provisions hereof as from time to time are held as a
part of the Trust Fund (including any REO Property), the mortgage loans so held
being identified in the Mortgage Loan Schedule, notwithstanding foreclosure or
other acquisition of title of the related Mortgaged Property. Any mortgage loan
that was intended by the parties hereto to be transferred to the Trust Fund as
indicated by such Mortgage Loan Schedule which is in fact not so transferred for
any reason shall continue to be a Mortgage Loan hereunder until the Purchase
Price with respect thereto has been paid to the Trust Fund.

     Mortgage Note: The original executed note or other evidence of indebtedness
evidencing the indebtedness of a Mortgagor under a Mortgage Loan and all
amendments, modifications and attachments thereto with all riders attached
thereto.

     Mortgage Pool: The aggregate of the Mortgage Loans identified in the
Mortgage Loan Schedule.

     Mortgage Rate: The annual rate of interest borne by a Mortgage Note from
time to time.

     Mortgaged Property: The underlying property securing a Mortgage Loan.

     Mortgagor: The obligor on a Mortgage Note.

     Net Mortgage Rate: As to each Mortgage Loan, and at any time, the per annum
rate equal to the then current Mortgage Rate less the Servicing Fee Rate.

     Net Rate: The per annum rate set forth in footnote 8 to the description of
the Lower Tier REMIC in the Preliminary Statement hereto (such rate being based
on the weighted average of the interest rates on the SWAP REMIC Regular
Interests as adjusted and as set forth in such footnote).

     Net Swap Payment: With respect to any Distribution Date, any net payment
(other than a Swap Termination Payment or Defaulted Swap Termination Payment)
made by the Supplemental Interest Trust to the Swap Counterparty on the related
Fixed Rate Payer Payment Date (as defined in the Swap Agreement) or made by the
Swap Counterparty to the Supplemental Interest Trust on the related Floating
Rate Payer Payment Date (as defined in the Swap Agreement). In each case, the
Net Swap Payment shall not be less than zero.

     Net WAC: With respect to any Distribution Date and for any Mortgage Group,
the weighted average Net Mortgage Rate for the Mortgage Loans in such Mortgage
Group calculated based on the respective Net Mortgage Rates and the Stated
Principal Balances of such Mortgage Loans as of the preceding Distribution Date
(or, in the case of the first Distribution Date, as of the Cut-off Date).

     NIM Notes: The net interest margin or excess cashflow securities to be
issued pursuant to any Indenture.

     Non-Recoverable Advance: Any portion of an Advance previously made or
proposed to be made by the Servicer that, in the good faith judgment of the
Servicer, will not or, in the case of a current delinquency, would not, be
ultimately recoverable by the Servicer from the related Mortgagor, related
Liquidation Proceeds or otherwise related to the Mortgage Loans.


                                      -45-
<PAGE>

     Non-Recoverable Servicing Advance: Any portion of a Servicing Advance
previously made or proposed to be made by the Servicer that, in the good faith
judgment of the Servicer, will not or, in the case of a current Servicing
Advance, would not, be ultimately recoverable by the Servicer from the related
Mortgagor, related Liquidation Proceeds or otherwise related to the Mortgage
Loans.

     Non-Supported Interest Shortfall: As defined in Section 4.02.

     Offered Certificates: The Class A, Class M, and Class B-1 Certificates.

     Officer's Certificate: A certificate (1) signed by the Chairman of the
Board, the Vice Chairman of the Board, the President, a vice president (however
denominated), an Assistant Vice President, the Treasurer, the Secretary, or one
of the assistant treasurers or assistant secretaries of the Depositor, or
Trustee, the Servicer (or any other officer customarily performing functions
similar to those performed by any of the above designated officers and to whom,
with respect to a particular matter, such matter is referred because of such
officer's knowledge of and familiarity with a particular subject) or (2), if
provided for in this Agreement, signed by a Servicing Officer, as the case may
be, and delivered to the Depositor, the Servicer or the Trustee, as the case may
be, as required by this Agreement.

     One-Month LIBOR: With respect to any Accrual Period, the rate determined by
the Trustee on the related Interest Determination Date on the basis of (a) the
offered rates for one-month United States dollar deposits, as such rates appear
on Telerate page 3750, as of 11:00 a.m. (London time) on such Interest
Determination Date or (b) if such rate does not appear on Telerate Page 3750 as
of 11:00 a.m. (London time), the offered rates of the Reference Banks for
one-month United States dollar deposits, as such rates appear on the Reuters
Screen LIBO Page, as of 11:00 a.m. (London time) on such Interest Determination
Date. If One-Month LIBOR is determined pursuant to clause (b) above, on each
Interest Determination Date, One-Month LIBOR for the related Accrual Period will
be established by the Trustee as follows:

          (i)  If on such Interest Determination Date two or more Reference
               Banks provide such offered quotations, One-Month LIBOR for the
               related Accrual Period shall be the arithmetic mean of such
               offered quotations (rounded upwards if necessary to the nearest
               whole multiple of 0.03125%).

          (ii) If on such Interest Determination Date fewer than two Reference
               Banks provide such offered quotations, One-Month LIBOR for the
               related Accrual Period shall be the higher of (i) One-Month LIBOR
               as determined on the previous Interest Determination Date and
               (ii) the Reserve Interest Rate.

     Opinion of Counsel: A written opinion of counsel, who may be counsel for
the Depositor or the Servicer reasonably acceptable to each addressee of such
opinion; provided, however, that with respect to Section 6.04 or 10.01, or the
interpretation or application of the REMIC Provisions, such counsel must (1) in
fact be independent of the Depositor and the Servicer, (2) not have any direct
financial interest in the Depositor or the Servicer or in any Affiliate of
either such party, and (3) not be connected with the Depositor or the Servicer
as an officer, employee, promoter, underwriter, trustee, partner, director or
person performing similar functions.

     Optional Termination: The termination of the trust hereunder pursuant to
clause (a) of Section 9.01 hereof.


                                      -46-

<PAGE>

     Optional Termination Amount: The repurchase price received by the Trustee
in connection with any repurchase of all of the Mortgage Loans pursuant to
Section 9.01.

     Optional Termination Price: On any date after the Initial Optional
Termination Date an amount equal to the sum of (i) the then aggregate
outstanding Stated Principal Balance of the Mortgage Loans (or, if such Mortgage
Loan is an REO Property, the fair market value of such REO Property) plus
accrued interest thereon at the applicable Mortgage Rate through the Due Date in
the month in which the proceeds of the auction will be distributed on the
Certificates; (ii) any unreimbursed indemnity amounts, fees or out-of-pocket
costs and expenses owed to the Trustee (including any amounts incurred by the
Trusteee in connection with conducting such auction) or the Servicer and all
unreimbursed Advances and Servicing Advances, in each case incurred by such
party in the performance of its obligations; (iii) any unreimbursed costs,
penalties and/or damages incurred by the Trust Fund in connection with any
violation relating to any of the Mortgage Loans of any predatory or abusive
lending law; and (iv) any unpaid Net Swap Payments and any Swap Termination
Payment owed to the Swap Counterparty; such Swap Termination Payment shall
include any payment to the Swap Counterparty resulting from the optional
termination of the Swap Agreement after the Optional Termination Date but prior
to the final distribution to the Certificates.

     Originator: First Franklin, a division of National City Bank.

     OTS: The Office of Thrift Supervision.

     Outstanding: With respect to the Certificates as of any date of
determination, all Certificates theretofore executed and authenticated under
this Agreement except: (1) Certificates theretofore canceled by the Trustee or
delivered to the Trustee for cancellation; and (2) Certificates in exchange for
which or in lieu of which other Certificates have been executed by the Trustee
and delivered by the Trustee pursuant to this Agreement.

     Outstanding Mortgage Loan: As of any Distribution Date, a Mortgage Loan
with a Stated Principal Balance greater than zero that was not the subject of a
Principal Prepayment in full, and that did not become a Liquidated Loan, prior
to the end of the related Due Period.

     Overcollateralization Amount: As of any date of determination, the excess
of (1) the Stated Principal Balance of the Mortgage Loans over (2) the
Certificate Principal Balance of the Certificates (other than the Class P
Certificates and the Class C Certificates).

     Ownership Interest: As to any Certificate, any ownership interest in such
Certificate including any interest in such Certificate as the Holder thereof and
any other interest therein, whether direct or indirect, legal or beneficial.

     Pass-Through Rate: With respect to any Class of Certificates, the
corresponding Pass-Through Rate for such Class of Certificates.

     Percentage Interest: With respect to:

          (i)  any Class, the percentage interest in the undivided beneficial
               ownership interest evidenced by such Class which shall be equal
               to the Certificate Principal Balance


                                      -47-

<PAGE>

               of such Class divided by the aggregate Certificate Principal
               Balance of all Classes; and

          (ii) any Certificate, the Percentage Interest evidenced thereby of the
               related Class shall equal the percentage obtained by dividing the
               Denomination of such Certificate by the aggregate of the
               Denominations of all Certificates of such Class; except that in
               the case of any Class P Certificates, the Percentage Interest
               with respect to such Certificate shown on the face of such
               Certificate.

     Periodic Rate Cap: As to each Adjustable Rate Mortgage Loan and the related
Mortgage Note, the provision therein that limits permissible increases and
decreases in the Mortgage Rate on any Adjustment Date.

     Permitted Activities: The primary activities of the Issuing Entity created
pursuant to this Agreement which shall be:

          (i)  holding Mortgage Loans transferred from the Depositor and other
               assets of the Issuing Entity, including the Cap Contracts and the
               Supplemental Interest Trust subtrust, which in turn holds the
               Swap Agreement, and any credit enhancement and passive derivative
               financial instruments that pertain to beneficial interests issued
               or sold to parties other than the Depositor, its Affiliates, or
               its agents;

          (ii) issuing Certificates and other interests in the assets of the
               Issuing Entity;

          (iii) through the appropriate subtrust, as applicable, receiving
               collections on the Mortgage Loans and the Swap Agreement and
               making payments on such Certificates and interests in accordance
               with the terms of this Agreement; and

          (iv) engaging in other activities that are necessary or incidental to
               accomplish these limited purposes, which activities cannot be
               contrary to the status of the Issuing Entity as a qualified
               special purpose entity under existing accounting literature.

     Permitted Investments: At any time, any one or more of the following
obligations and securities:

          (i)  obligations of the United States or any agency thereof, provided
               the timely payment of such obligations is backed by the full
               faith and credit of the United States;

          (ii) general obligations of or obligations guaranteed by any state of
               the United States or the District of Columbia receiving the
               highest long-term debt rating of each Rating Agency rating the
               Certificates;

          (iii) commercial or finance company paper, other than commercial or
               finance company paper issued by the Depositor, the Trustee or any
               of their Affiliates, which is then receiving the highest
               commercial or finance company paper rating of each such Rating
               Agency;


                                      -48-

<PAGE>

          (iv) certificates of deposit, demand or time deposits, or bankers'
               acceptances (other than banker's acceptances issued by the
               Trustee or any of its Affiliates) issued by any depository
               institution or trust company incorporated under the laws of the
               United States or of any state thereof and subject to supervision
               and examination by federal and/or state banking authorities,
               provided that the commercial paper and/or long term unsecured
               debt obligations of such depository institution or trust company
               are then rated one of the two highest long-term and the highest
               short-term ratings of each such Rating Agency for such
               securities;

          (v)  demand or time deposits or certificates of deposit issued by any
               bank or trust company or savings institution to the extent that
               such deposits are fully insured by the FDIC;

          (vi) guaranteed reinvestment agreements issued by any bank, insurance
               company or other corporation rated in the two highest long-term
               or the highest short-term ratings of each Rating Agency
               containing, at the time of the issuance of such agreements, such
               terms and conditions as will not result in the downgrading or
               withdrawal of the rating then assigned to the Certificates by any
               such Rating Agency as evidenced by a letter from each Rating
               Agency;

          (vii) repurchase obligations with respect to any security described in
               clauses (i) and (ii) above, in either case entered into with a
               depository institution or trust company (acting as principal)
               described in clause (v) above;

          (viii) securities (other than stripped bonds, stripped coupons or
               instruments sold at a purchase price in excess of 115% of the
               face amount thereof) bearing interest or sold at a discount
               issued by any corporation, other than the Trustee or any of its
               Affiliates, incorporated under the laws of the United States or
               any state thereof which, at the time of such investment, have one
               of the two highest long term ratings of each Rating Agency;

          (ix) interests in any money market fund (including those managed or
               advised by the Trustee or its Affiliates), which at the date of
               acquisition of the interests in such fund and throughout the time
               such interests are held in such fund has the highest applicable
               long term rating by each Rating Agency rating such fund; and

          (x)  short term investment funds sponsored by any trust company or
               national banking association incorporated under the laws of the
               United States or any state thereof, other than the Trustee or any
               of its Affiliates, which on the date of acquisition has been
               rated by each such Rating Agency in their respective highest
               applicable rating category;

provided, that no such instrument shall be a Permitted Investment if such
instrument (i) evidences the right to receive interest only payments with
respect to the obligations underlying such instrument, (ii) is purchased at a
premium or above par or (iii) is purchased at a deep discount; provided,
further, that no such instrument shall be a Permitted Investment (A) if such
instrument evidences principal and interest payments derived from obligations
underlying such instrument and the interest payments with respect to such
instrument provide a yield to maturity of greater than 120% of the yield to
maturity at par of such


                                      -49-

<PAGE>

underlying obligations, or (B) if it may be redeemed at a price below the
purchase price (the foregoing clause (B) not to apply to investments in units of
money market funds pursuant to clause (ix) above); and provided, further, (I)
that no amount beneficially owned by any REMIC (including, without limitation,
any amounts collected by the Servicer but not yet deposited in the Collection
Account) may be invested in investments (other than money market funds) treated
as equity interests for Federal income tax purposes, unless the Servicer shall
receive an Opinion of Counsel, at the expense of the party requesting that such
investment be made, to the effect that such investment will not adversely affect
the status of the any REMIC provided for herein as a REMIC under the Code or
result in imposition of a tax on the Issuing Entity or any REMIC provided for
herein and (II) each such investment must be a "permitted investment" within the
meaning of Section 860G(a)(5) of the Code. Permitted Investments that are
subject to prepayment or call may not be purchased at a price in excess of par.

     Permitted Transferee: Any Person other than (i) the United States, any
State or political subdivision thereof, or any agency or instrumentality of any
of the foregoing, (ii) a foreign government, International Organization or any
agency or instrumentality of either of the foregoing, (iii) an organization
(except certain farmers' cooperatives described in Section 521 of the Code) that
is exempt from tax imposed by Chapter 1 of the Code (including the tax imposed
by Section 511 of the Code on unrelated business taxable income) on any excess
inclusions (as defined in Section 860E(c)(1) of the Code) with respect to the
Class R Certificate, (iv) rural electric and telephone cooperatives described in
Section 1381(a)(2)(C) of the Code, and (v) a Person that is not a citizen or
resident of the United States, a corporation or partnership (or other entity
treated as a corporation or partnership for United States federal income tax
purposes) created or organized in or under the laws of the United States or any
State thereof or the District of Columbia or an estate whose income from sources
without the United States is includable in gross income for United States
federal income tax purposes regardless of its connection with the conduct of a
trade or business within the United States, or a trust if a court within the
United States is able to exercise primary supervision over the administration of
the trust and one or more United States persons have authority to control all
substantial decisions of the trust, unless, in the case of this clause (v), such
Person has furnished the transferor and the Trustee with a duly completed
Internal Revenue Service Form W-8ECI or applicable successor form. The terms
"United States," "State" and "International Organization" shall have the
meanings set forth in Section 7701 of the Code. A corporation will not be
treated as an instrumentality of the United States or of any State thereof for
these purposes if all of its activities are subject to tax and, with the
exception of the Federal Home Loan Mortgage Corporation, a majority of its board
of directors is not selected by such government unit.

     Person: Any individual, corporation, partnership, limited liability
company, joint venture, association, joint-stock company, trust, unincorporated
organization or government, or any agency or political subdivision thereof.

     Pool Stated Principal Balance: As to any Distribution Date, the aggregate
of the Stated Principal Balances, as of such Distribution Date, of the Mortgage
Loans that were Outstanding Mortgage Loans as of such date.

     Posted Collateral: As defined in the Swap Agreement or the Cap Contracts,
as applicable.

     Prepayment Assumption: A rate of prepayment, as described in the Prospectus
Supplement in the definition of "Modeling Assumptions," relating to the Offered
Certificates.


                                      -50-

<PAGE>

     Prepayment Charges: Any prepayment premium or charge payable by a Mortgagor
in connection with any Principal Prepayment on a Mortgage Loan pursuant to the
terms of the related Mortgage Note or Mortgage, as applicable.

     Prepayment Interest Excess: With respect to any Servicer Remittance Date,
for each Mortgage Loan that was the subject of a Principal Prepayment in full
during the portion of the related Prepayment Period occurring between the first
day of the calendar month in which such Servicer Remittance Date occurs and the
last day of the related Prepayment Period, an amount equal to interest (to the
extent received) at the applicable Net Mortgage Rate on the amount of such
Principal Prepayment for the number of days commencing on the first day of the
calendar month in which such Servicer Remittance Date occurs and ending on the
date on which such Principal Prepayment is so applied.

     Prepayment Interest Shortfall: With respect to any Distribution Date, for
each Mortgage Loan that was the subject of a Principal Prepayment in full (other
than a Principal Prepayment in full resulting from the purchase of a Mortgage
Loan pursuant to Section 2.02, 2.03 or 9.01 hereof and other than a Principal
Prepayment in full on a Mortgage Loan received during the period from and
including the first day to and including the 14th day of the month of such
Distribution Date), the amount, if any, by which (i) one month's interest at the
applicable Net Mortgage Rate on the Stated Principal Balance of such Mortgage
Loan as of the preceding Distribution Date exceeds (ii) the amount of interest
paid or collected in connection with such Principal Prepayment.

     Prepayment Period: With respect to any Distribution Date, the period
beginning with the opening of business on the 15th day of the calendar month
preceding the month in which such Distribution Date occurs (or in the case of
the first Distribution Date, beginning with the opening of business on the
Cut-off Date) and ending on the close of business on the 14th day of the month
in which such Distribution Date occurs.

     Principal Distribution Amount: With respect to each Distribution Date, the
sum of (i) the Principal Funds for such Distribution Date and (ii) any Extra
Principal Distribution Amount for such Distribution Date.

     Principal Funds: With respect to the Mortgage Loans and any Distribution
Date, the sum, without duplication, of (1) the scheduled principal due during
the related Due Period and received before the related Servicer Remittance Date
or advanced on or before the related Servicer Remittance Date, (2) prepayments
in full collected in the related Prepayment Period, (3) the Stated Principal
Balance of each Mortgage Loan that was purchased by the Depositor or the
Servicer during the related Prepayment Period or, in the case of a purchase
pursuant to Section 9.01, on the Business Day prior to such Distribution Date,
(4) the amount, if any, by which the aggregate unpaid principal balance of any
Replacement Mortgage Loan is less than the aggregate unpaid principal of the
related Deleted Mortgage Loans delivered by the Sponsor in connection with a
substitution of a Mortgage Loan pursuant to Section 2.03(c), (5) all Liquidation
Proceeds collected during the related Prepayment Period (to the extent such
Liquidation Proceeds relate to principal and represent payment in full), (6) all
Subsequent Recoveries received during the related Due Period and (7) all other
collections and recoveries in respect of principal during the related Due
Period, less (A) all Non-Recoverable Advances relating to principal with respect
to the Mortgage Loans and (B) other amounts reimbursable (including without
limitation indemnity payments) to the Servicer and the Trustee pursuant to this
Agreement allocable to principal.


                                      -51-

<PAGE>

     Principal Prepayment: Any Mortgagor payment or other recovery of (or
proceeds with respect to) principal on a Mortgage Loan (including Mortgage Loans
purchased or repurchased under Sections 2.02, 2.03 and 9.01 hereof) that is
received or recovered in advance of its scheduled Due Date and is not
accompanied by an amount as to interest representing scheduled interest due on
any date or dates in any month or months subsequent to the month of prepayment.
Partial Principal Prepayments shall be applied by the Servicer in accordance
with the terms of the related Mortgage Note.

     Prospectus Supplement: The Prospectus Supplement dated December 21, 2006,
relating to the public offering of the Offered Certificates.

     PUD: A Planned Unit Development.

     Purchase Agreement: The Mortgage Loan Purchase Agreement, dated as of
December 1, 2006, between the Depositor and the Sponsor.

     Purchase Price: With respect to any Mortgage Loan required to be
repurchased by the Sponsor or the Transferor pursuant to Section 2.02 or 2.03
hereof, an amount equal to the sum of (i) 100% of the unpaid principal balance
of the Mortgage Loan as of the date of such purchase together with any
unreimbursed Servicing Advances, (ii) accrued interest thereon at the applicable
Mortgage Rate from (a) the date through which interest was last paid by the
Mortgagor to (b) the Due Date in the month in which the Purchase Price is to be
distributed to Certificateholders and (iii) any unreimbursed costs, penalties
and/or damages incurred by the Issuing Entity in connection with any violation
relating to such Mortgage Loan of any predatory or abusive lending law.

     QIB: A "qualified institutional buyer" within the meaning of Rule 144A.

     Rating Agency: Either of S&P or Moody's. If any such organization or its
successor is no longer in existence, "Rating Agency" shall be a nationally
recognized statistical rating organization, or other comparable Person,
designated by the Depositor, notice of which designation shall be given to the
Trustee. References herein to a given rating category of a Rating Agency shall
mean such rating category without giving effect to any modifiers.

     Rating Agency Condition: As defined in the Swap Agreement.

     Realized Loss: With respect to (1) a Liquidated Loan, the amount, if any,
by which the Stated Principal Balance and accrued interest thereon at the Net
Mortgage Rate exceeds the amount actually recovered by the Servicer with respect
thereto (net of reimbursement of Advances and Servicing Advances) at the time
such Mortgage Loan became a Liquidated Loan or (2) with respect to a Mortgage
Loan which is not a Liquidated Loan, any amount of principal that the Mortgagor
is no longer legally required to pay (except for the extinguishment of debt that
results from the exercise of remedies due to default by the Mortgagor).

     Record Date: With respect to the first Distribution Date, the Closing Date.
With respect to any other Distribution Date, the close of business on the last
Business Day of the month preceding the month in which the applicable
Distribution Date occurs.

     Reference Banks: Barclays Bank PLC, JPMorgan Chase Bank, N.A., Citibank,
N.A., Wells Fargo Bank, N.A. and NatWest, N.A.; provided that if any of the
foregoing banks are not suitable to serve


                                      -52-

<PAGE>

as a Reference Bank, then any leading banks selected by the Trustee which are
engaged in transactions in Eurodollar deposits in the international Eurocurrency
market (i) with an established place of business in London, England, (ii) whose
quotations appear on the Reuters Screen LIBO Page on the relevant Interest
Determination Date and (iii) which have been designated as such by the Servicer.

     Regular Certificate: Any one of the Class A, Class M and Class B
Certificates.

     Regulation AB: Subpart 229.1100 -- Asset Backed Securities (Regulation AB),
17 C.F.R. Sections 229.1100-229.1123, as such may be amended from time to time,
and subject to such clarification and interpretation as have been provided by
the Commission in the adopting release (Asset-Backed Securities, Securities Act
Release No. 33-8518, 70 Fed Reg. 1,506, 1.531 (Jan. 7, 2005)) or by the staff of
the Commission, or as may be provided by the Commission or its staff from time
to time.

     Regulation S: Regulation S promulgated under the Securities Act or any
successor provision thereto, in each case as the same may be amended from time
to time; and all references to any rule, section or subsection of, or definition
or term contained in, Regulation S means such rule, section, subsection,
definition or term, as the case may be, or any successor thereto, in each case
as the same may be amended from time to time.

     Regulation S Book-Entry Certificates: Certificates sold in offshore
transactions in reliance on Regulation S in the form of one or more permanent
global Certificates in definitive, fully registered form without interest
coupons, which shall be deposited on behalf of the subscribers for such
Certificates represented thereby with the Trustee, as custodian for DTC and
registered in the name of a nominee of DTC.

     Related Certificates: For each interest in the Upper Tier REMIC, the Class
of Certificates listed on the same row in the table entitled "Upper Tier REMIC"
in the Preliminary Statement.

     Relief Act: The Servicemembers Civil Relief Act or any similar state or
local law.

     Relief Act Shortfall: With respect to any Distribution Date and any
Mortgage Loan, any reduction in the amount of interest or principal collectible
on such Mortgage Loan for the most recently ended calendar month as a result of
the application of the Relief Act.

     REMIC: A "real estate mortgage investment conduit" within the meaning of
section 860D of the Code. References herein to "the REMICs" or "a REMIC" shall
mean any of (or, as the context requires, all of) the SWAP REMIC, the Lower Tier
REMIC and the Upper Tier REMIC.

     REMIC Pass-Through Rate: In the case of a Class of the Class A, Class M and
Class B Certificates, the Upper Tier REMIC Net WAC Cap for the Corresponding
REMIC Regular Interest.

     REMIC Provisions: Provisions of the federal income tax law relating to real
estate mortgage investment conduits, which appear at sections 860A through 860G
of Subchapter M of Chapter 1 of the Code, and related provisions, and proposed,
temporary and final regulations and published rulings, notices and announcements
promulgated thereunder, as the foregoing may be in effect from time to time as
well as provisions of applicable state laws.


                                      -53-

<PAGE>

     REMIC Regular Interests: Each of the interests in the Upper Tier REMIC as
set forth in the Preliminary Statement other than the Residual Interest.

     REMIC SWAP Rate: For each Distribution Date (and the related Accrual
Period), a per annum rate equal to the Fixed Rate under the Swap Agreement for
such Distribution Date, as set forth in the Prospectus Supplement.

     Remittance Report: As defined in Section 4.04(j) hereof.

     REO Property: A Mortgaged Property acquired by the Servicer, on behalf of
the Trustee for the benefit of the Certificateholders, through foreclosure or
deed-in-lieu of foreclosure in connection with a defaulted Mortgage Loan.

     Replacement Mortgage Loan: A Mortgage Loan substituted by the Depositor for
a Deleted Mortgage Loan, which must, on the date of such substitution, as
confirmed in a Request for Release substantially in the form of Exhibit I, (1)
have a Stated Principal Balance (or in the case of a substitution of more than
one Mortgage Loan for a Deleted Mortgage Loan, an aggregate Stated Principal
Balance), after deduction of the principal portion of the Scheduled Payment due
in the month of substitution, not in excess of, and not less than 90% of the
Stated Principal Balance of the Deleted Mortgage Loan; (2) with respect to any
Fixed Rate Mortgage Loan, have a Mortgage Rate not less than or no more than 1%
per annum higher than the Mortgage Rate of the Deleted Mortgage Loan and, with
respect to any Adjustable Rate Mortgage Loan: (A) have a Maximum Mortgage Rate
no more than 1% per annum higher or lower than the Maximum Mortgage Rate of the
Deleted Mortgage Loan; (B) have a Minimum Mortgage Rate no more than 1% per
annum higher or lower than the Minimum Mortgage Rate of the Deleted Mortgage
Loan; (C) have the same index and Periodic Rate Cap as that of the Deleted
Mortgage Loan and a Gross Margin not more than 1% per annum higher or lower than
that of the Deleted Mortgage Loan; (D) not permit conversion of the related
Mortgage Rate to a fixed Mortgage Rate and (F) currently be accruing interest at
a rate not more than 1% per annum higher or lower than that of the Deleted
Mortgage Loan; (3) have a similar or higher FICO score or credit grade than that
of the Deleted Mortgage Loan; (4) have a Loan-to-Value Ratio no higher than that
of the Deleted Mortgage Loan; (5) have a remaining term to maturity no greater
than (and not more than one year less than) that of the Deleted Mortgage Loan;
(6) provide for a Prepayment Charge on terms substantially similar to those of
the Prepayment Charge, if any, of the Deleted Mortgage Loan; (7) have the same
lien priority as the Deleted Mortgage Loan; (8) constitute the same occupancy
type as the Deleted Mortgage Loan; and (9) comply with each representation and
warranty set forth in Section 2.03 hereof.

     Request for Release: The Request for Release of Documents submitted by the
Servicer to the Trustee, substantially in the form of Exhibit I hereto.

     Required Insurance Policy: With respect to any Mortgage Loan, any insurance
policy that is required to be maintained from time to time under this Agreement.

     Required Percentage: As of any Distribution Date following a Stepdown Date,
the quotient of (1) the excess of (A) the aggregate Stated Principal Balances of
the Mortgage Loans as of such Distribution Date, over (B) the Certificate
Principal Balance of the most senior Class of Certificates outstanding as of
such Distribution Date, prior to giving effect to distributions to be made on
such Distribution Date and (2) the aggregate Stated Principal Balance of the
Mortgage Loans as of such Distribution Date.


                                      -54-

<PAGE>

     Requirements: Any rules or regulations promulgated pursuant to the
Sarbanes-Oxley Act of 2002 (as such may be amended from time to time).

     Reserve Interest Rate: With respect to any Interest Determination Date, the
rate per annum that the Trustee determines to be (1) the arithmetic mean
(rounded upwards if necessary to the nearest whole multiple of 0.03125%) of the
one-month United States dollar lending rates which New York City banks selected
by the Trustee are quoting on the relevant Interest Determination Date to the
principal London offices of leading banks in the London interbank market or (2)
in the event that the Trustee can determine no such arithmetic mean, the lowest
one-month United States dollar lending rate which New York City banks selected
by the Trustee are quoting on such Interest Determination Date to leading
European banks.

     Residual Interest: An interest in the Upper Tier REMIC that is entitled to
all distributions of principal and interest on the Class R Certificate other
than distributions in respect of the Class SWR Interest and Class LTR Interest
and distributions on the Class R Certificate in respect of Excess Interest.

     Responsible Officer: When used with respect to the Trustee or the Servicer,
any officer of the Trustee or the Servicer with direct responsibility for the
administration of this Agreement and any other officer to whom, with respect to
a particular matter, such matter is referred because of such officer's knowledge
of and familiarity with the particular subject.

     Reuters Screen LIBO Page: The display designated as page "LIBO" on the
Reuters Monitor Money Rates Service (or such other page as may replace such LIBO
page on that service for the purpose of displaying London interbank offered
rates of major banks.

     S&P: Standard & Poor's, a division of The McGraw-Hill Companies, Inc., or
any successor in interest.

     Sarbanes-Oxley Certification: Has the meaning set forth in Section 3.20.

     Scheduled Payment: The scheduled monthly payment on a Mortgage Loan due on
any Due Date allocable to principal and/or interest on such Mortgage Loan.

     Securities Act: The Securities Act of 1933, as amended.

     Servicer: National City Home Loan Services, Inc., a Delaware corporation,
or its successor in interest.

     Servicer Remittance Date: With respect to any Distribution Date, the later
of (x) the date that is two Business Days after the 15th day of the month in
which such Distribution Date occurs and (y) the 18th day (or if such day is not
a Business Day, the immediately preceding Business Day) of the month in which
such Distribution Date occurs.

     Servicing Advances: All customary, reasonable and necessary "out of pocket"
costs and expenses incurred in the performance by the Servicer of its servicing
obligations hereunder, including, but not limited to, the cost of (1) the
preservation, inspection, restoration and protection of a Mortgaged Property,
including without limitation advances in respect of prior liens, real estate
taxes and assessments, (2) any collection, enforcement or judicial proceedings,
including without limitation foreclosures, collections and liquidations, (3) the
conservation, management, sale and liquidation of any REO Property,


                                      -55-

<PAGE>

(4) executing and recording instruments of satisfaction, deeds of reconveyance,
substitutions of trustees on deeds of trust or Assignments of Mortgage to the
extent not otherwise recovered from the related Mortgagors or payable under this
Agreement, (5) correcting errors of prior servicers; costs and expenses charged
to the Servicer by the Trustee; tax tracking; title research; flood
certifications; lender paid mortgage insurance, (6) obtaining or correcting any
legal documentation required to be included in the Mortgage Files and reasonably
necessary for the Servicer to perform its obligations under this Agreement and
(7) compliance with the obligations under Sections 3.01 and 3.10.

     Servicing Criteria: The "servicing criteria" set forth in Item 1122(d) of
Regulation AB, as such may be amended from time to time.

     Servicing Fee: As to each Mortgage Loan and any Distribution Date, an
amount equal to the product of (x) the Servicing Fee Rate and (y) the Stated
Principal Balance of such Mortgage Loan as of the preceding Distribution Date
or, in the event of any payment of interest that accompanies a Principal
Prepayment in full made by the Mortgagor, interest at the Servicing Fee Rate on
the Stated Principal Balance of such Mortgage Loan as of the preceding
Distribution Date for the period covered by such payment of interest.

     Servicing Fee Rate: 0.50% per annum for each Mortgage Loan.

     Servicing Officer: Any officer of the Servicer involved in, or responsible
for, the administration and servicing of the Mortgage Loans whose name and
facsimile signature appear on a list of servicing officers furnished to the
Trustee by the Servicer on the Closing Date pursuant to this Agreement, as such
lists may from time to time be amended.

     Servicing Rights Pledgee: One or more lenders, selected by the Servicer, to
which the Servicer may pledge and assign all of its right, title and interest
in, to and under this Agreement.

     Servicing Transfer Costs: In the event that the Servicer does not reimburse
the Trustee under this Agreement, all costs associated with the transfer of
servicing from the predecessor Servicer, including, without limitation, any
costs or expenses associated with the termination of the predecessor Servicer,
the appointment of a successor servicer, the complete transfer of all servicing
data and the completion, correction or manipulation of such servicing data as
may be required by the Trustee or any successor servicer to correct any errors
or insufficiencies in the servicing data or otherwise to enable the Trustee or
successor servicer to service the Mortgage Loans properly and effectively.

     SFAS 140: Statement of Financial Accounting Standard No. 140, Accounting
for Transfers and Servicing of Financial Assets and Extinguishments of
Liabilities dated September 2000, published by the Financial Accounting
Standards Board of the Financial Accounting Foundation.

     Significance Estimate: With respect to any Distribution Date, and in
accordance with Item 1115 of Regulation AB, shall be an amount determined based
on the reasonable good-faith estimate by the Depositor or its affiliate (and
reported to the Trustee) of the aggregate maximum probable exposure of the
outstanding Certificates to the Swap Agreement and the Cap Contracts, as
applicable.

     Significance Percentage: With respect to any Distribution Date, and in
accordance with Item 1115 of Regulation AB, shall be a percentage equal to the
Significance Estimate divided by the aggregate


                                      -56-

<PAGE>

outstanding Stated Principal Balance of the Mortgage Loans, prior to the
distribution of the Principal Distribution Amount on such Distribution Date.

     Special Servicer: Litton Loan Servicing LP, as special servicer of the
Specially Serviced Mortgage Loans pursuant to the Special Servicing Agreement.

     Special Servicing Agreement: The special servicing agreement, dated as of
December 27, 2006, by and among National City Home Loan Services, Inc., as
servicer, Litton Loan Servicing LP, as special servicer, and LaSalle Bank
National Association, as trustee.

     Specially Serviced Mortgage Loans: Those Delinquent Mortgage Loans
designated by the Servicer which become sixty-one (61) or more days
contractually past due in accordance with the OTS reporting methodology, any REO
Property or any Mortgage Loan for which the related Mortgager has filed for
bankruptcy, except those Delinquent Mortgage Loans that shall not be transferred
to the Special Servicer hereunder if the Servicer determines that such
Delinquent Mortgage Loans are the subject of an active or completed collection
or loss mitigation effort or that are the subject of litigation (except wtih
respect to any Mortgage Loan for which the related Mortgagor has filed for
bankruptcy).

     Sponsor: Merrill Lynch Mortgage Lending, Inc., a Delaware corporation, or
its successor in interest.

     Startup Day: As defined in Section 2.07 hereof.

     Stated Principal Balance: With respect to any Mortgage Loan or related REO
Property (1) as of the Cut-off Date, the Cut-off Date Principal Balance thereof,
and (2) as of any Distribution Date, such Cut-off Date Principal Balance, minus
the sum of (A) the principal portion of the Scheduled Payments (x) due with
respect to such Mortgage Loan during each Due Period ending prior to such
Distribution Date and (y) that were received by the Servicer as of the close of
business on the Determination Date related to such Distribution Date or with
respect to which Advances were made on the Servicer Remittance Date prior to
such Distribution Date and (B) all Principal Prepayments with respect to such
Mortgage Loan received on or prior to the last day of the related Prepayment
Period, and all Liquidation Proceeds to the extent applied by the Servicer as
recoveries of principal in accordance with Section 3.12 with respect to such
Mortgage Loan, that were received by the Servicer as of the close of business on
the last day of the related Due Period. Notwithstanding the foregoing, the
Stated Principal Balance of a Liquidated Loan shall be deemed to be zero.

     Stepdown Date: The earlier to occur of: (A) the first Distribution Date on
which the aggregate Certificate Principal Balance of the Class A-1 Certificates
and Class A-2 Certificates has been reduced to zero; or (B) the later to occur
of (1) the Distribution Date in January 2010 or (2) the first Distribution Date
on which (A) the Class A Certificate Principal Balance (after giving effect to
distributions of the Principal Funds amount for such Distribution Date) is less
than or equal to (B) 72.40% of the aggregate Stated Principal Balance of the
Mortgage Loans.

     Stepdown Required Loss Percentage: For any Distribution Date, the
applicable percentage for such Distribution Date set forth in the following
table:

<TABLE>
<CAPTION>
DISTRIBUTION DATE OCCURRING IN     STEPDOWN REQUIRED LOSS PERCENTAGE
------------------------------   --------------------------------------
<S>                              <C>
January 2009 - December 2009     0.85% with respect to January 2009,
                                 plus an additional 1/12th of
</TABLE>


                                      -57-
<PAGE>

<TABLE>
<S>                              <C>
                                 0.65% for each month thereafter

January 2010 -December 2010      1.50% with respect to January 2010,
                                 plus an additional 1/12th of 0.50% for
                                 each month thereafter

January 2011 -December 2011      2.00% with respect to January 2011,
                                 plus an additional 1/12th of 0.50% for
                                 each month thereafter

January 2012 -December 2012      2.50% with respect to January 2012,
                                 plus an additional 1/12th of 0.10% for
                                 each month thereafter

January 2013 and thereafter      2.60%
</TABLE>

     Stepdown Trigger Event: With respect to the Certificates on or after the
Stepdown Date, a Distribution Date on which (1) the quotient of (A) the
aggregate Stated Principal Balance of all Mortgage Loans that are 60 or more
days Delinquent measured on a rolling three month basis (including, for the
purposes of this calculation, Mortgage Loans in foreclosure and REO Properties
and Mortgage Loans with respect to which the applicable Mortgagor is in
bankruptcy) and (B) the Stated Principal Balance of the Mortgage Loans as of the
preceding Servicer Remittance Date, equals or exceeds the product of (i) 25.35%
and (ii) the Required Percentage or (2) the quotient (expressed as a percentage)
of (A) the aggregate Realized Losses incurred from the Cut-off Date through the
last day of the calendar month preceding such Distribution Date and (B) the
aggregate principal balance of the Mortgage Loans as of the Cut-off Date exceeds
the Stepdown Required Loss Percentage.

     Subcontractor: Any outsourcer that performs one or more discrete functions
identified in Item 1122(d) of Regulation AB with respect to 5% or more of the
Mortgage Loans under the direction or authority of a Servicer (measured by
aggregate Stated Principal Balance of the Mortgage Loans, annually at the
commencement of the calendar year prior to the year in which an Assessment of
Compliance is required to be delivered, multiplied by a fraction, the numerator
of which is the number of months during which such Subcontractor performs such
discrete functions and the denominator of which is 12, or, in the case of the
year in which the Closing Date occurs, the number of months elapsed in such
calendar year).

     Subordinate Certificates: Each of the Class M and Class B Certificates.

     Subordinate Certificate Cap Contract: The confirmation and agreement,
including the schedule thereto and the related credit support annex, between the
Trustee on behalf of the Issuing Entity and the Cap Contract Counterparty (in
the form of Exhibit M-3 hereto), with respect to the Subordinate Certificates.

     Subordinate Certificate Cap Contract Notional Balance: With respect to any
Distribution Date, the Subordinate Certificate Cap Contract Notional Balance set
forth for such Distribution Date in the Subordinate Certificate LIBOR Cap Table
attached hereto as Schedule I to Exhibit M-3.

     Subordinate Certificate Cap Contract Termination Date: The Distribution
Date in June 2007.

     Subordinate Certificate Upper Collar: With respect to each Distribution
Date with respect to which payments are received on the Subordinate Certificate
Cap Contract, a rate equal to the lesser of One-Month LIBOR and 9.090% per
annum.


                                      -58-

<PAGE>

     Subordinate Certificates: The Class M and Class B Certificates.

     Subsequent Recovery: Any amount received on a Mortgage Loan (net of amounts
reimbursed to the Servicer related to Liquidated Mortgage Loans) subsequent to
such Mortgage Loan being determined to be a Liquidated Mortgage Loan.

     Subservicer: Any Person that services Mortgage Loans on behalf of the
Servicer pursuant to a subservicing agreement and is responsible for the
performance of the material servicing functions required to be performed by the
Servicer under this Agreement that are identified in Item 1122(d) of Regulation
AB with respect to 10% or more of the Mortgage Loans under the direction or
authority of the Servicer (measured by aggregate Stated Principal Balance of the
Mortgage Loans, annually at the commencement of the calendar year prior to the
year in which an Assessment of Compliance is required to be delivered,
multiplied by a fraction, the numerator of which is the number of months during
which such Subservicer services the related Mortgage Loans and the denominator
of which is 12, or, in the case of the year in which the Closing Date occurs,
the number of months elapsed in such calendar year). Any subservicer shall meet
the qualifications set forth in Section 3.02. For the avoidance of doubt, the
Special Servicer shall not be deemed to be a Subservicer except for the purpose
of Section 3.17 and Section 3.18.

     Subservicing Agreement: As defined in Section 3.02(a).

     Substitution Adjustment Amount: As defined in Section 2.03(c).

     Supplemental Interest Trust: The separate trust, established pursuant to
Section 4.04(l) of this Agreement and held by the Trustee for the benefit of the
holders of the Certificates as a segregated subtrust of the Trust Fund, (i) in
which the Swap Agreement will be held, certain distributions to
Certificateholders will be made, and any Swap Termination Payments or Net Swap
Payments received from the Swap Counterparty will be deposited as set forth in
Section 4.04 hereof and (ii) out of which any Swap Termination Payments or Net
Swap Payments owed to the Swap Counterparty will be paid.

     Supplemental Interest Trust Trustee: LaSalle Bank National Association, a
national banking association, not in its individual capacity, but solely in its
capacity as trustee of the Supplemental Interest Trust for the benefit of the
Certificateholders under this Agreement, and any successor thereto, and any
corporation or national banking association resulting from or surviving any
consolidation or merger to which it or its successors may be a party and any
successor trustee as may from time to time be serving as successor trustee
hereunder.

     Swap Account: The separate Eligible Account created and maintained by the
Supplemental Interest Trust Trustee pursuant to Section 4.04(l) in the name of
the Supplemental Interest Trust Trustee for the benefit of the Supplemental
Interest Trust and designated "LaSalle Bank National Association, as trustee, in
trust for registered holders of Merrill Lynch Mortgage Investors Trust, Mortgage
Loan Asset-Backed Certificates, Series 2006-FF1." Funds in the Swap Account
shall be held in trust for the Supplemental Interest Trust for the uses and
purposes set forth in this Agreement.

     Swap Agreement: The confirmation and agreement, including the schedule
thereto and the related credit support annex, between the Swap Counterparty and
the trustee of the Supplemental Interest Trust for the benefit of the
Certificateholders (in the form attached hereto as Exhibit Q) or any other swap
agreement (including any related schedules) held by the Supplemental Interest
Trust pursuant to Section 4.04(l) hereof.


                                      -59-

<PAGE>

     Swap Counterparty: The Bank of New York, or any successor counterparty who
meets the requirements set forth in the Swap Agreement.

     Swap LIBOR: With respect to any Distribution Date (and the related Accrual
Period) the product of (i) the Floating Rate Option (as defined in the Swap
Agreement for the related Swap Payment Date), (ii) two and (iii) the quotient of
(a) the actual number of days in the Accrual Period for the Lower Tier REMIC
Interests divided by (b) 30.

     Swap Payment Date: For so long as the Swap Agreement is in effect or
amounts remain unpaid thereunder, the Business Day immediately preceding each
Distribution Date.

     Swap Posted Collateral Account: The segregated Eligible Account created and
maintained by the Supplemental Interest Trust Trustee pursuant to Section
4.04(l) in the name of the Supplemental Interest Trust Trustee for the benefit
of the Supplemental Interest Trust and designated "LaSalle Bank National
Association, as trustee, in trust for registered holders of Merrill Lynch
Mortgage Investors Trust, Mortgage Loan Asset-Backed Certificates, Series
2006-FF1." Funds in the Swap Posted Collateral Account shall be held in trust
for the Supplemental Interest Trust for the uses and purposes set forth in the
Swap Agreement

     SWAP REMIC: As described in the Preliminary Statement and Section 2.07.

     SWAP REMIC Interests: Each of the interests in the SWAP REMIC as set forth
in the Preliminary Statement.

     SWAP REMIC Regular Interests: Each of the SWAP REMIC Interests other than
the Class SWR Interest.

     Swap Termination Payment: Any payment payable by the Supplemental Interest
Trust or the Swap Counterparty upon termination of the Swap Agreement as a
result of the Swap Agreement.

     Tax Matters Person: The Person designated as "tax matters person" in the
manner provided under Treasury regulation Section 1.860F-4(d) and Treasury
regulation Section 301.6231(a)(7)-1.

     Transfer: Any direct or indirect transfer or sale of any Ownership Interest
in a Certificate.

     Trust Fund: The corpus of the Issuing Entity created hereunder consisting
of (i) the Mortgage Loans and all interest and principal received on or with
respect thereto on and after the Cut-off Date to the extent not applied in
computing the Cut-off Date Principal Balance thereof, exclusive of interest not
required to be deposited in the Collection Account; (ii) the Collection Account
and the Certificate Account and all amounts deposited therein pursuant to the
applicable provisions of this Agreement; (iii) property that secured a Mortgage
Loan and has been acquired by foreclosure, deed in lieu of foreclosure or
otherwise; (iv) the mortgagee's rights under the Insurance Policies with respect
to the Mortgage Loans and/or the related Mortgaged Properties; (v) all proceeds
of the conversion, voluntary or involuntary, of any of the foregoing into cash
or other liquid property; (vi) the Cap Contracts and the Cap Contract Account;
and (vii) the Supplemental Interest Trust, which in turn holds the Swap
Agreement.

     Trustee: LaSalle Bank National Association, a national banking association,
not in its individual capacity, but solely in its capacity as trustee for the
benefit of the Certificateholders under this Agreement, and any successor
thereto, and any corporation or national banking association resulting from


                                      -60-

<PAGE>

or surviving any consolidation or merger to which it or its successors may be a
party and any successor trustee as may from time to time be serving as successor
trustee hereunder; it being understood that certain duties of the Trustee under
Sections 2.01, 2.02 and 3.13 with respect to the possession and administration
of the Mortgage Files generally may be carried out by a custodian engaged by the
Trustee.

     Uncertificated Class C Interest: An uncertificated REMIC Regular Interest
having the characteristics described in the Preliminary Statement.

     Unpaid Realized Loss Amount: The Class M-1 Unpaid Realized Loss Amount,
Class M-2 Unpaid Realized Loss Amount, Class M-3 Unpaid Realized Loss Amount,
Class M-4 Unpaid Realized Loss Amount, Class M-5 Unpaid Realized Loss Amount,
Class M-6 Unpaid Realized Loss Amount, Class B-1 Unpaid Realized Loss Amount,
Class B-2 Unpaid Realized Loss Amount, Class B-3 Unpaid Realized Loss Amount and
Class C Unpaid Realized Loss Amount, collectively.

     Upper Tier REMIC: As described in the Preliminary Statement and Section
2.07.

     Upper Tier REMIC Net WAC Cap: In the case of the Class UTA-1 Interest and
the Residual Interest, a per annum rate equal to the weighted average of the
interest rate of the Class LTII1B Interest for such Distribution Date. In the
case of the Class UTA-2A, Class UTA-2B and Class UTA-2C Interests, a per annum
rate equal to the weighted average of the interest rate for the Class LTII2B for
such Distribution Date. In the case of the Class UTM-1, Class UTM-2, Class
UTM-3, Class UTM-4, Class UTM-5, Class UTM-6, Class UTB-1, Class UTB-2 and Class
UTB-3 Interests, a per annum rate equal to the weighted average of the interest
rates of Class LTII1B and Class LTII2B Interests for such Distribution weighted,
respectively, on the basis of the uncertificated principal balances of the Class
LTII1A and the Class LTII2A Interests.

     Voting Rights: The portion of the voting rights of all the Certificates
that is allocated to any of the Certificates for purposes of the voting
provisions hereunder. Voting Rights allocated to each Class of Certificates
shall be allocated as follows: (1) 98% to the Class A, Class M and Class B
Certificates, with the allocation among such Certificates to be in proportion to
the Certificate Principal Balance of each Class relative to the Certificate
Principal Balance of all other Classes and (2) each Class of the Class C and
Class P will be allocated 1% of the Voting Rights. Voting Rights will be
allocated among the Certificates of each such Class in accordance with their
respective Percentage Interests.

     Weighted Average Available Funds Cap: With respect to a Distribution Date,
the per annum rate equal to the weighted average of the Class A-1 Available
Funds Cap and the Class A-2 Available Funds Cap (weighted in proportion to the
results of subtracting from the aggregate Stated Principal Balance of each
Mortgage Group, the current Certificate Principal Balance of the Class A-1 and
Class R Certificates, in the case of Group One, or the Class A-2A, Class A-2B
and Class A-2C Certificates, in the case of Group Two).

     Weighted Average Maximum Rate Cap: With respect to a Distribution Date, the
per annum rate equal to the weighted average (weighted in proportion to the
results of subtracting from the aggregate Stated Principal Balance of each
Mortgage Group, the current Certificate Principal Balance of the Class A-1 and
Class R Certificates, in the case of Group One, or the Class A-2A, Class A-2B
and Class A-2C, in the case of Group Two) of the Class A-1 Maximum Rate Cap and
the Class A-2 Maximum Rate Cap.


                                      -61-

<PAGE>

                                   ARTICLE II

                          CONVEYANCE OF MORTGAGE LOANS;
                         REPRESENTATIONS AND WARRANTIES

     SECTION 2.01. Conveyance of Mortgage Loans

     The Depositor, concurrently with the execution and delivery hereof, does
hereby sell, transfer, assign, set over and convey to the Trustee without
recourse all the right, title and interest of the Depositor in and to the assets
of the Trust Fund. Such assignment includes all interest and principal received
on or with respect to the Mortgage Loans on or after the Cut-off Date (other
than Scheduled Payments due on the Mortgage Loans on or before the Cut-off
Date).

     It is agreed and understood by the Depositor, the Servicer and the Trustee
that it is not intended that any Mortgage Loan be included in the Trust that is,
without limitation, either (i) a "High-Cost Home Loan" as defined in the New
Jersey Home Ownership Act effective November 27, 2003; (ii) a "High-Cost Home
Loan" as defined in the New Mexico Home Loan Protection Act effective January 1,
2004; (iii) a "High-Cost Home Mortgage Loan" as defined in the Massachusetts
Predatory Home Loan Practices Act effective November 7, 2004; (iv) a "High-Cost
Home Loan" as defined by the Indiana High Cost Home Loan Law effective January
1, 2005 or (v) a "High-Cost Home Loan" as defined by the Illinois High Risk Home
Loan Act effective January 1, 2004.

     In connection with such assignment, the Depositor does hereby deliver to,
and deposit with the Trustee the following documents or instruments with respect
to each Mortgage Loan:

          (A) The original Mortgage Note endorsed in blank or, "Pay to the order
     of LaSalle Bank National Association, as trustee for the Merrill Lynch
     Mortgage Investors Trust, Mortgage Loan Asset-Backed Certificates, Series
     2006-FF1, without recourse" together with all riders thereto. The Mortgage
     Note shall include all intervening endorsements showing a complete chain of
     the title from the Originator of the Mortgage Loan to [__________________].

          (B) Except as provided below and for each Mortgage Loan that is not a
     MERS Loan, the original recorded Mortgage together with all riders thereto,
     with evidence of recording thereon, or, if the original Mortgage has not
     yet been returned from the recording office, a copy of the original
     Mortgage together with all riders thereto certified to be a true copy of
     the original of the Mortgage that has been delivered for recording in the
     appropriate recording office of the jurisdiction in which the Mortgaged
     Property is located and in the case of each MERS Loan, the original
     Mortgage together with all riders thereto, noting the presence of the MIN
     of the Loan and either language indicating that the Mortgage Loan is a MOM
     Loan or if the Mortgage Loan was not a MOM Loan at origination, the
     original Mortgage and the assignment thereof to MERS, with evidence of
     recording indicated thereon, or a copy of the Mortgage certified by the
     public recording office in which such Mortgage has been recorded.

          (C) In the case of each Mortgage Loan that is not a MERS Loan, the
     original Assignment of each Mortgage in blank or, to "LaSalle Bank National
     Association, as trustee for the Merrill Lynch Mortgage Investors Trust,
     Mortgage Loan Asset-Backed Certificates, Series 2006-FF1."


                                      -62-

<PAGE>

          (D) The original policy of title insurance (or a preliminary title
     report, commitment or binder if the original title insurance policy has not
     been received from the title insurance company).

          (E) Originals of any intervening assignments of the Mortgage, with
     evidence of recording thereon or, if the original intervening assignment
     has not yet been returned from the recording office, a copy of such
     assignment certified to be a true copy of the original of the assignment
     which has been sent for recording in the appropriate jurisdiction in which
     the Mortgaged Property is located.

          (F) Originals of all assumption and modification agreements, if any.

          (G) If in connection with any Mortgage Loan, the Depositor cannot
     deliver the Mortgage, Assignments of Mortgage or assumption, consolidation
     or modification, as the case may be, with evidence of recording thereon, if
     applicable, concurrently with the execution and delivery of this Agreement
     solely because of a delay caused by the public recording office where such
     Mortgage, Assignments of Mortgage or assumption, consolidation or
     modification, as the case may be, has been delivered for recordation, the
     Depositor shall deliver or cause to be delivered to the Trustee written
     notice stating that such Mortgage or assumption, consolidation or
     modification, as the case may be, has been delivered to the appropriate
     public recording office for recordation. Thereafter, the Depositor shall
     deliver or cause to be delivered to the Trustee such Mortgage, Assignments
     of Mortgage or assumption, consolidation or modification, as the case may
     be, with evidence of recording indicated thereon, if applicable, upon
     receipt thereof from the public recording office. To the extent any
     required endorsement is not contained on a Mortgage Note or an Assignment
     of Mortgage, the Depositor shall make or cause to be made such endorsement.

          (H) With respect to any Mortgage Loan, none of the Depositor, the
     Servicer or the Trustee shall be obligated to cause to be recorded the
     Assignment of Mortgage referred to in this Section 2.01. In the event an
     Assignment of Mortgage is not recorded or (unless recorded by or on behalf
     of the Servicer) is improperly recorded, the Servicer shall have no
     liability for its failure to receive and act on notices related to such
     Assignment of Mortgage.

     The ownership of each Mortgage Note, the Mortgage and the contents of the
related Mortgage File is vested in the Trustee on behalf of the
Certificateholders. Neither the Depositor nor the Servicer shall take any action
inconsistent with such ownership and shall not claim any ownership interest
therein. The Depositor and the Servicer shall respond to any third party
inquiries with respect to ownership of the Mortgage Loans by stating that such
ownership is held by the Trustee on behalf of the Certificateholders. Mortgage
documents relating to the Mortgage Loans not delivered to the Trustee are and
shall be held in trust by the Servicer, for the benefit of the Trustee as the
owner thereof, and the Servicer's possession of the contents of each Mortgage
File so retained is for the sole purpose of servicing the related Mortgage Loan,
and such retention and possession by the Servicer, is in a custodial capacity
only. The Depositor agrees to take no action inconsistent with the Trustee's
ownership of the Mortgage Loans, to promptly indicate to all inquiring parties
that the Mortgage Loans have been sold and to claim no ownership interest in the
Mortgage Loans.

     It is the intention of this Agreement that the conveyance of the
Depositor's right, title and interest in and to the Trust Fund pursuant to this
Agreement shall constitute a purchase and sale and not a loan. If


                                      -63-

<PAGE>

a conveyance of Mortgage Loans from the Sponsor to the Depositor is
characterized as a pledge and not a sale, then the Depositor shall be deemed to
have transferred to the Trustee all of the Depositor's right, title and interest
in, to and under the obligations of the Sponsor deemed to be secured by said
pledge; and it is the intention of this Agreement that the Depositor shall also
be deemed to have granted to the Trustee a first priority security interest in
all of the Depositor's right, title, and interest in, to and under the
obligations of the Sponsor to the Depositor deemed to be secured by said pledge
and that the Trustee shall be deemed to be an independent custodian for purposes
of perfection of the security interest granted to the Depositor. If the
conveyance of the Mortgage Loans from the Depositor to the Trustee is
characterized as a pledge, it is the intention of this Agreement that this
Agreement shall constitute a security agreement under applicable law, and that
the Depositor shall be deemed to have granted to the Trustee a first priority
security interest in all of the Depositor's right, title and interest in, to and
under the Mortgage Loans, all payments of principal of or interest on such
Mortgage Loans, all other rights relating to and payments made in respect of the
Trust Fund, and all proceeds of any thereof. If the trust created by this
Agreement terminates prior to the satisfaction of the claims of any Person in
any Certificates, the security interest created hereby shall continue in full
force and effect and the Trustee shall be deemed to be the collateral agent for
the benefit of such Person.

     In addition to the conveyance made in the first paragraph of this Section
2.01, the Depositor does hereby convey, assign and set over to the Trustee for
the benefit of the Certificateholders its rights and interests under the
Purchase Agreement, including the Depositor's right, title and interest in the
representations and warranties contained in the Purchase Agreement, and the
benefit of the repurchase obligations and the obligation of the Sponsor
contained in the Purchase Agreement to take, at the request of the Depositor or
the Trustee, all action on its part which is reasonably necessary to ensure the
enforceability of a Mortgage Loan. The Trustee hereby accepts such assignment,
and shall be entitled to exercise all rights of the Depositor under the Purchase
Agreement as if, for such purpose, it were the Depositor. The foregoing sale,
transfer, assignment, set-over, deposit and conveyance does not and is not
intended to result in creation or assumption by the Trustee of any obligation of
the Depositor, the Sponsor, or any other Person in connection with the Mortgage
Loans or any other agreement or instrument relating thereto.

     SECTION 2.02. Acceptance by the Trustee of the Mortgage Loans

     Except as set forth in the exception report delivered contemporaneously
herewith (the "Exception Report"), the Trustee acknowledges receipt of the
Mortgage Note for each Mortgage Loan and delivery of a Mortgage File (but does
not acknowledge receipt of all documents required to be included in such
Mortgage File) with respect to each Mortgage Loan and declares that it holds and
will hold such documents and any other documents constituting a part of the
Mortgage Files delivered to it in trust for the use and benefit of all present
and future Certificateholders. The Depositor will cause the Sponsor to
repurchase any Mortgage Loan to which a material exception was taken in the
Exception Report unless such exception is cured to the satisfaction of the
Depositor and the Trustee within 45 Business Days of the Closing Date.

     The Trustee acknowledges receipt of the three Cap Contracts (forms of which
are attached hereto as Exhibits M-1, M-2 and M-3) and is hereby instructed to
enter into the Cap Contracts, not in its individual capacity, but solely as
Trustee on behalf of the Certificateholders. The Trustee also acknowledges
receipt of the Purchase Agreement.

     The Trustee acknowledges receipt of the Swap Agreement that will be held in
the Supplemental Interest Trust and is hereby instructed to enter into the Swap
Agreement, not in its individual capacity, but solely as Supplemental Interest
Trust Trustee.


                                      -64-

<PAGE>

     The Trustee agrees, for the benefit of Certificateholders to review each
Mortgage File delivered to it within sixty (60) days after the Closing Date. The
Trustee will ascertain and to certify, within seventy (70) days of the Closing
Date, to the Depositor and the Servicer that all documents required by Section
2.01 (A)-(B), (C) (if applicable), and (D)-(E), and the documents if actually
received by it, under Section 2.01(F), have been executed and received, and that
such documents relate to the Mortgage Loans identified in Exhibit B that have
been conveyed to it. It is herein acknowledged that, in conducting such review,
the Trustee shall not be under any duty or obligation to inspect, review or
examine any such documents, instruments, certificates or other papers to
determine that they are genuine, enforceable or appropriate for the represented
purpose, that they have actually been recorded or that they are other than what
they purport to be on their face. If the Trustee finds any document or documents
constituting a part of a Mortgage File to be missing or defective (that is,
mutilated, damaged, defaced or unexecuted) in any material respect, the Trustee
shall promptly (and in any event within no more than five Business Days) after
such finding so notify the Servicer, the Sponsor and the Depositor. In addition,
the Trustee shall also notify the Servicer, the Sponsor and the Depositor if the
original Mortgage with evidence of recording thereon with respect to a Mortgage
Loan is not received within seventy (70) days of the Closing Date; if it has not
been received because of a delay caused by the public recording office where
such Mortgage has been delivered for recordation, the Depositor shall deliver or
cause to be delivered to the Trustee written notice stating that such Mortgage
has been delivered to the appropriate public recording office for recordation
and thereafter the Depositor shall deliver or cause to be delivered such
Mortgage with evidence of recording thereon upon receipt thereof from the public
recording office. The Trustee shall request that the Sponsor correct or cure
such omission, defect or other irregularity, or substitute a Mortgage Loan
pursuant to the provisions of Section 2.03(c), within ninety (90) days from the
date the Sponsor was notified of such omission or defect and, if the Sponsor
does not correct or cure such omission or defect within such period, that the
Sponsor purchase such Mortgage Loan from the Issuing Entity within ninety (90)
days from the date the Trustee notified the Sponsor of such omission, defect or
other irregularity at the Purchase Price of such Mortgage Loan.

     The Purchase Price for any Mortgage Loan purchased pursuant to this Section
2.02 shall be paid to the Servicer and deposited by the Servicer in the
Certificate Account or Collection Account, as appropriate, promptly upon
receipt, and upon receipt by the Trustee of written notification of such deposit
signed by a Servicing Officer or receipt of such deposit by the Trustee, the
Trustee, upon receipt of a Request for Release and certification of the Servicer
of such required deposit, shall promptly release to the Sponsor the related
Mortgage File and the Trustee shall execute and deliver such instruments of
transfer or assignment, without recourse, as shall be requested by the Sponsor
and necessary to vest in the Sponsor or its designee, as the case may be, any
Mortgage Loan released pursuant hereto, and the Trustee shall have no further
responsibility with regard to such Mortgage Loan. It is understood and agreed
that the obligation of the Sponsor to purchase, cure or substitute any Mortgage
Loan as to which a material defect in or omission of a constituent document
exists shall constitute the sole remedy respecting such defect or omission
available to the Trustee on behalf of Certificateholders. The preceding sentence
shall not, however, limit any remedies available to the Certificateholders, the
Depositor or the Trustee pursuant to the Purchase Agreement.

     The Trustee shall be under no duty or obligation to inspect, review and
examine such documents, instruments, certificates or other papers to determine
that they are genuine, enforceable, recordable, duly authorized, sufficient,
legal, valid or appropriate to the represented purpose, or that they have
actually been recorded, or that they are other than what they purport to be on
their face. The Trustee shall keep confidential the name of each Mortgagor
except as required for the performance of this Agreement and the Trustee shall
not solicit any such Mortgagor for the purpose of refinancing the related
Mortgage Loan;


                                      -65-

<PAGE>

notwithstanding anything herein to the contrary, the foregoing shall not be
construed to prohibit (i) disclosure of any and all information that is or
becomes publicly known, or information obtained by the Trustee from sources
other than the other parties hereto, (ii) disclosure of any and all information
(A) if required to do so by any applicable law, rule or regulation, (B) to any
government agency or regulatory body having or claiming authority to regulate or
oversee any aspects of the business of the Trustee or that of any Affiliate, (C)
pursuant to any subpoena, civil investigation demand or similar demand or
request of any court, regulatory authority, arbitrator or arbitration to which
the Trustee or any Affiliate or an officer, director, employer or shareholder
thereof is a party or (D) to any Affiliate, independent or internal auditor,
agent, employee or attorney of the Trustee having a need to know the same,
provided that the Trustee advises such recipient of the confidential nature of
the information being disclosed, or (iii) any other disclosure authorized by the
Depositor.

     Within seventy (70) days of the Closing Date, the Trustee shall deliver to
the Depositor and the Servicer the Trustee's Certification, substantially in the
form of Exhibit D attached hereto, evidencing the completeness of the Mortgage
Files, with any exceptions noted thereto.

     SECTION 2.03. Representations, Warranties and Covenants of the Depositor

          (a) The Depositor hereby represents and warrants to the Servicer and
the Trustee as follows, as of the date hereof:

          (i) The Depositor is duly organized and is validly existing as a
     corporation in good standing under the laws of the State of Delaware and
     has full power and authority (corporate and other) necessary to own or hold
     its properties and to conduct its business as now conducted by it and to
     enter into and perform its obligations under this Agreement and the
     Purchase Agreement.

          (ii) The Depositor has the full corporate power and authority to
     execute, deliver and perform, and to enter into and consummate the
     transactions contemplated by, this Agreement and the Purchase Agreement and
     has duly authorized, by all necessary corporate action on its part, the
     execution, delivery and performance of this Agreement and the Purchase
     Agreement; and this Agreement and the Purchase Agreement, assuming the due
     authorization, execution and delivery hereof by the other parties hereto,
     constitutes a legal, valid and binding obligation of the Depositor,
     enforceable against the Depositor in accordance with its terms, subject, as
     to enforceability, to (i) bankruptcy, insolvency, reorganization,
     moratorium and other similar laws affecting creditors' rights generally and
     (ii) general principles of equity, regardless of whether enforcement is
     sought in a proceeding in equity or at law.

          (iii) The execution and delivery of this Agreement and the Purchase
     Agreement by the Depositor, the consummation of the transactions
     contemplated by this Agreement and the Purchase Agreement, and the
     fulfillment of or compliance with the terms hereof are in the ordinary
     course of business of the Depositor and will not (A) result in a material
     breach of any term or provision of the charter or by-laws of the Depositor
     or (B) materially conflict with, result in a violation or acceleration of,
     or result in a material default under, the terms of any other material
     agreement or instrument to which the Depositor is a party or by which it
     may be bound or (C) constitute a material violation of any statute, order
     or regulation applicable to the Depositor of any court, regulatory body,
     administrative agency or governmental body having jurisdiction over the
     Depositor; and the Depositor is not in breach or violation of any material
     indenture or other material agreement or instrument, or in violation of any
     statute, order or regulation of any


                                      -66-

<PAGE>

     court, regulatory body, administrative agency or governmental body having
     jurisdiction over it which breach or violation may materially impair the
     Depositor's ability to perform or meet any of its obligations under this
     Agreement.

          (iv) No litigation is pending, or, to the best of the Depositor's
     knowledge, threatened, against the Depositor that would materially and
     adversely affect the execution, delivery or enforceability of this
     Agreement and the Purchase Agreement or the ability of the Depositor to
     perform its obligations under this Agreement and the Purchase Agreement in
     accordance with the terms hereof.

          (v) No consent, approval, authorization or order of any court or
     governmental agency or body is required for the execution, delivery and
     performance by the Depositor of, or compliance by the Depositor with, this
     Agreement and the Purchase Agreement or the consummation of the
     transactions contemplated hereby, or if any such consent, approval,
     authorization or order is required, the Depositor has obtained the same.
     The Depositor hereby represents and warrants to the Trustee with respect to
     each Mortgage Loan as of the Closing Date, and following the transfer of
     the Mortgage Loans to it by the Sponsor, the Depositor had good title to
     the Mortgage Loans and the Mortgage Notes were subject to no offsets,
     claims, liens, mortgage, pledge, charge, security interest, defenses or
     counterclaims.

          (b) The representations and warranties of the Sponsor with respect to
the Mortgage Loans contained in the Purchase Agreement were made as of the
Closing Date. To the extent that any fact, condition or event with respect to a
Mortgage Loan constitutes a breach of a representation or warranty of the
Sponsor under the Purchase Agreement, the obligations of the Sponsor under the
Purchase Agreement shall be enforced against the Sponsor, as set forth in the
Purchase Agreement. The Trustee acknowledges that the Depositor shall have no
obligation or liability with respect to any breach of any representation or
warranty with respect to the Mortgage Loans (except as set forth in Section
2.03(a)(v)) under any circumstances.

          (c) Upon discovery by any of the Depositor, the Servicer or the
Trustee (or its custodian) of a breach of any of such representations and
warranties that adversely and materially affects the value of the related
Mortgage Loan, Prepayment Charges or the interests of the Certificateholders,
the party discovering such breach shall give prompt written notice to the other
parties. Within ninety (90) days of the discovery of such breach of any
representation or warranty, the Sponsor shall either (a) cure such breach in all
material respects, (b) repurchase such Mortgage Loan or any property acquired in
respect thereof from the Trustee at the Purchase Price or (c) within the two
year period following the Closing Date, substitute a Replacement Mortgage Loan
for the affected Mortgage Loan. In the event of discovery of a breach of any
representation and warranty of the Sponsor, the Trustee's rights shall be
enforced under the Purchase Agreement for the benefit of Certificateholders. If
a breach of the representations and warranties set forth in the Purchase
Agreement exists solely due to the unenforceability of a Prepayment Charge, the
Trustee or the other party having notice thereof shall notify the Servicer
thereof and not seek to enforce the repurchase remedy provided for herein unless
such Mortgage Loan is not current. In the event that such breach relates solely
to the unenforceability of a Prepayment Charge, amounts received in respect of
such indemnity up to the amount of such Prepayment Charge shall be distributed
pursuant to Section 4.04(b)(i). As provided in the Purchase Agreement, if the
Sponsor substitutes for a Mortgage Loan for which there is a breach of any
representations and warranties in the Purchase Agreement which adversely and
materially affects the value of such Mortgage Loan and such substitute mortgage
loan is not a Replacement Mortgage Loan, under the terms of the Purchase


                                      -67-

<PAGE>

Agreement, the Sponsor will, in exchange for such substitute Mortgage Loan, (i)
provide the applicable Purchase Price for the affected Mortgage Loan or (ii)
within two years of the Closing Date, substitute such affected Mortgage Loan
with a Replacement Mortgage Loan. Any such substitution shall not be effected
prior to the additional delivery to the Trustee of a Request for Release
substantially in the form of Exhibit I and shall not be effected unless it is
within two years of the Startup Day.

     As provided in the Purchase Agreement, the Sponsor indemnifies and holds
the Issuing Entity, the Trustee (or its custodian, as applicable), the
Depositor, the Servicer and each Certificateholder harmless against any and all
taxes, claims, losses, penalties, fines, forfeitures, reasonable legal fees and
related costs, judgments, and any other costs, fees and expenses that the
Issuing Entity, the Trustee (or its custodian, as applicable), the Depositor,
the Servicer and any Certificateholder may sustain in connection with any
actions of the Sponsor relating to a repurchase of a Mortgage Loan other than in
compliance with the terms of this Section 2.03 and the Purchase Agreement, to
the extent that any such action causes (i) any federal or state tax to be
imposed on the Issuing Entity or any REMIC provided for herein, including
without limitation, any federal tax imposed on "prohibited transactions" under
Section 860F(a)(1) of the Code or on "contributions after the startup day" under
Section 860G(d)(1) of the Code, or (ii) any REMIC created hereunder to fail to
qualify as a REMIC at any time that any Certificate is outstanding. In
furtherance of the foregoing, if the Sponsor is not a member of MERS and
repurchases a Mortgage Loan which is registered on the MERS System, the Sponsor,
at its own expense and without any right of reimbursement, shall cause MERS to
execute and deliver an assignment of the Mortgage in recordable form to transfer
the Mortgage from MERS to the Sponsor and shall cause such Mortgage to be
removed from registration on the MERS System in accordance with MERS' rules and
regulations.

     With respect to any Mortgage Loan repurchased by the Sponsor pursuant to
the Purchase Agreement, the principal portion of the funds received by the
Servicer in respect of such repurchase of a Mortgage Loan will be considered a
Principal Prepayment and shall be deposited in the Certificate Account pursuant
to Section 3.05. Upon receipt by the Trustee of notice from the Servicer of
receipt by the Servicer of the full amount of the Purchase Price for a Deleted
Mortgage Loan, and upon receipt by the Trustee of the Mortgage File for a
Replacement Mortgage Loan substituted for a Deleted Mortgage Loan and a Request
for Release, the Trustee shall release and reassign to the Sponsor the related
Mortgage File for the Deleted Mortgage Loan and shall execute and deliver such
instruments of transfer or assignment, in each case without recourse,
representation or warranty, as shall be necessary to vest in such party or its
designee or assignee title to any Deleted Mortgage Loan released pursuant
hereto, free and clear of all security interests, liens and other encumbrances
created by this Agreement, which instruments shall be prepared by the Depositor
or the Sponsor, and the Trustee (and its custodian) shall have no further
responsibility with respect to the Mortgage File relating to such Deleted
Mortgage Loan.

     With respect to each Replacement Mortgage Loan to be delivered to the
Trustee pursuant to the terms of this Article II in exchange for a Deleted
Mortgage Loan: (i) the Sponsor must deliver to the Trustee the Mortgage File for
the Replacement Mortgage Loan containing the documents set forth in Section 2.01
along with a written certification certifying as to the Mortgage Loan satisfying
all requirements under the definition of Replacement Mortgage Loan and the
delivery of such Mortgage File and containing the granting language set forth in
Section 2.01; and (ii) the Depositor will be deemed to have made, with respect
to such Replacement Mortgage Loan, each of the representations and warranties
made by it with respect to the related Deleted Mortgage Loan. The Trustee shall
review the Mortgage File with respect to each Replacement Mortgage Loan and
certify to the Depositor that all documents required by Section 2.01(A)-(B), (C)
(if applicable), and (D)-(E) have been executed and received.


                                      -68-

<PAGE>

     For any month in which the Sponsor substitutes one or more Replacement
Mortgage Loans for one or more Deleted Mortgage Loans, the Sponsor will
determine the amount (if any) by which the aggregate principal balance of all
such Replacement Mortgage Loans as of the date of substitution and the aggregate
Prepayment Charges with respect to such Replacement Mortgage Loans is less than
the aggregate Stated Principal Balance (after application of the principal
portion of the Scheduled Payment due in the month of substitution) and aggregate
Prepayment Charges of all such Deleted Mortgage Loans. An amount equal to the
aggregate of the deficiencies described in the preceding sentence (such amount,
the "Substitution Adjustment Amount") plus an amount equal to any unreimbursed
costs, penalties and/or damages incurred by the Trust Fund in connection with
any violation relating to such Deleted Mortgage Loan of any predatory or abusive
lending law shall be remitted by the Sponsor to the Trustee for deposit into the
Certificate Account by the Sponsor on the Determination Date for the
Distribution Date relating to the Prepayment Period during which the related
Mortgage Loan became required to be purchased or replaced hereunder.

     Notwithstanding any other provision of this Agreement, the right to
substitute Mortgage Loans pursuant to this Article II shall be subject to the
additional limitations that no substitution of a Replacement Mortgage Loan for a
Deleted Mortgage Loan shall be made unless the Trustee shall have received an
Opinion of Counsel (at the expense of the party seeking to make the
substitution) that, under current law, such substitution will not (A) affect
adversely the status of any REMIC established hereunder as a REMIC, or of the
related "regular interests" as "regular interests" in any such REMIC, or (B)
cause any such REMIC to engage in a "prohibited transaction" or prohibited
contribution pursuant to the REMIC Provisions.

     The Depositor shall amend the Mortgage Loan Schedule to reflect the removal
of such Deleted Mortgage Loan from the terms of this Agreement and the
substitution of the Replacement Mortgage Loan or Replacement Mortgage Loans.
Upon such substitution by the Sponsor, such Replacement Mortgage Loan or
Replacement Mortgage Loans shall constitute part of the Mortgage Pool and shall
be subject in all respects to the terms of this Agreement and the Purchase
Agreement, including all applicable representations and warranties thereof
included in the Purchase Agreement as of the date of substitution.

          (d) It is understood and agreed that the representations, warranties
and indemnification (i) set forth in this Section 2.03 and (ii) of the Sponsor
and the Depositor set forth in the Purchase Agreement and assigned to the
Trustee by the Depositor hereunder shall each survive delivery of the Mortgage
Files and the Assignment of Mortgage of each Mortgage Loan to the Trustee and
shall continue throughout the term of this Agreement.

          (e) The Depositor shall deliver a copy of the Mortgage Loan Schedule
to the Servicer on the Closing Date.

          (f) The Depositor shall notify the Servicer and the Trustee when any
NIM Notes are issued and when such NIM Notes are no longer outstanding.

     SECTION 2.04. Representations and Warranties of the Servicer

          (a) The Servicer hereby represents and warrants to the Depositor and
the Trustee as follows, as of the date hereof:


                                      -69-

<PAGE>

          (i) The Servicer is duly organized and is validly existing as a
     corporation in good standing under the laws of the State of Delaware and is
     duly authorized and qualified to transact any and all business contemplated
     by this Agreement to be conducted by the Servicer in any state in which a
     Mortgaged Property is located or is otherwise not required under applicable
     law to effect such qualification and, in any event, is in compliance with
     the doing business laws of any such state, to the extent necessary to
     ensure its ability to enforce each Mortgage Loan, to service the Mortgage
     Loans in accordance with the terms of this Agreement and to perform any of
     its other obligations under this Agreement in accordance with the terms
     hereof.

          (ii) The Servicer has the corporate power and authority and to service
     each Mortgage Loan, and to execute, deliver and perform, and to enter into
     and consummate the transactions contemplated by this Agreement and has duly
     authorized by all necessary corporate action on the part of the Servicer
     the execution, delivery and performance of this Agreement; and this
     Agreement, assuming the due authorization, execution and delivery hereof by
     the other parties hereto, constitutes a legal, valid and binding obligation
     of the Servicer, enforceable against the Servicer in accordance with its
     terms, except that (a) the enforceability hereof may be limited by
     bankruptcy, insolvency, moratorium, receivership and other similar laws
     relating to creditors' rights generally and (b) the remedy of specific
     performance and injunctive and other forms of equitable relief may be
     subject to equitable defenses and to the discretion of the court before
     which any proceeding therefor may be brought.

          (iii) The execution and delivery of this Agreement by the Servicer,
     the servicing of the Mortgage Loans under this Agreement, the consummation
     of any other of the transactions contemplated by this Agreement, and the
     fulfillment of or compliance with the terms hereof are in the ordinary
     course of business of the Servicer and will not (A) result in a material
     breach of any term or provision of the charter or by-laws of the Servicer
     or (B) materially conflict with, result in a material breach, violation or
     acceleration of, or result in a material default under, the terms of any
     other material agreement or instrument to which the Servicer is a party or
     by which it may be bound, or (C) constitute a material violation of any
     statute, order or regulation applicable to the Servicer of any court,
     regulatory body, administrative agency or governmental body having
     jurisdiction over the Servicer; and the Servicer is not in breach or
     violation of any material indenture or other material agreement or
     instrument, or in violation of any statute, order or regulation of any
     court, regulatory body, administrative agency or governmental body having
     jurisdiction over it which breach or violation may materially impair the
     Servicer's ability to perform or meet any of its obligations under this
     Agreement.

          (iv) The Servicer is an approved servicer of mortgage loans for Fannie
     Mae.

          (v) No litigation is pending or, to the best of the Servicer's
     knowledge, threatened, against the Servicer that would materially and
     adversely affect the execution, delivery or enforceability of this
     Agreement or the ability of the Servicer to service the Mortgage Loans or
     to perform any of its other obligations under this Agreement in accordance
     with the terms hereof.

          (vi) No consent, approval, authorization or order of any court or
     governmental agency or body is required for the execution, delivery and
     performance by the Servicer of, or compliance by the Servicer with, this
     Agreement or the consummation of the transactions contemplated hereby, or
     if any such consent, approval, authorization or order is required, the
     Servicer has obtained the same.


                                      -70-

<PAGE>

          (vii) The Servicer has fully furnished and will fully furnish (for the
     period it serviced the Mortgage Loans), in accordance with the Fair Credit
     Reporting Act and its implementing regulations, accurate and complete
     information (e.g., favorable and unfavorable) on its borrower credit files
     to Equifax, Experian and Trans Union Credit Information Company on a
     monthly basis.

     SECTION 2.05. Substitutions and Repurchases of Mortgage Loans that are not
"Qualified Mortgages"

     Upon discovery by the Depositor, the Servicer or the Trustee that any
Mortgage Loan does not constitute a "qualified mortgage" within the meaning of
section 860G(a)(3) of the Code, the party discovering such fact shall promptly
(and in any event within five (5) Business Days of discovery) give written
notice thereof to the other parties. In connection therewith, the Depositor
shall, at the Depositor's option, either (i) substitute, if the conditions in
Section 2.03(c) with respect to substitutions are satisfied, a Replacement
Mortgage Loan for the affected Mortgage Loan, or (ii) repurchase the affected
Mortgage Loan within ninety (90) days of such discovery in the same manner as it
would a Mortgage Loan for a breach of representation or warranty contained in
Section 2.03. The Trustee, upon the written direction of the Depositor, shall
reconvey to the Depositor the Mortgage Loan to be released pursuant hereto in
the same manner, and on the same terms and conditions, as it would a Mortgage
Loan repurchased for breach of a representation or warranty contained in Section
2.03.

     SECTION 2.06. Authentication and Delivery of Certificates

     The Trustee acknowledges the transfer and assignment to it of the Trust
Fund and, concurrently with such transfer and assignment, the Trustee has caused
to be authenticated and delivered to or upon the order of the Depositor, in
exchange for the Mortgage Loans, Certificates duly authenticated by the
Authenticating Agent in authorized denominations evidencing ownership of the
entire Trust Fund. The Trustee agrees to hold the Trust Fund and exercise the
rights referred to above for the benefit of all present and future Holders of
the Certificates and to perform its duties set forth in this Agreement in
accordance with the provisions hereof.

     SECTION 2.07. REMIC Elections

          (a) The Depositor hereby instructs and authorizes the Trustee to make
an appropriate election to treat each of the Upper Tier REMIC, the Lower Tier
REMIC and the SWAP REMIC as a REMIC. The Trustee shall sign the returns
providing for such elections and such other tax or information returns that are
required to be signed by the Trustee under applicable law. This Agreement shall
be construed so as to carry out the intention of the parties that each of the
Upper Tier REMIC, the Lower Tier REMIC and the SWAP REMIC be treated as a REMIC
at all times prior to the date on which the Trust Fund is terminated.

          (b) The Preliminary Statement sets forth the designations and "latest
possible maturity date" for federal income tax purposes of all interests created
hereby. The "Startup Day" for purposes of the REMIC Provisions shall be the
Closing Date. Each REMIC's fiscal year shall be the calendar year.

     The SWAP REMIC shall consist of all of the assets of the Trust Fund, other
than (i) amounts distributable to the Class P Certificates pursuant to Section
4.04(b)(i) hereof, (ii) the interests issued by


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<PAGE>

the SWAP REMIC and the interests issued by the Lower Tier REMIC, (iii) the
grantor trusts described in Section 2.07 hereof, (iv) each Cap Contract and the
Cap Contract Account and (v) the Swap Agreement and the Supplemental Interest
Trust. The SWAP REMIC shall issue the SWAP REMIC Regular Interests, which shall
be designated as regular interests of such REMIC, and shall issue the Class SWR
Interest, which shall be designated as the sole class of residual interest in
the SWAP REMIC. Each of the SWAP REMIC Regular Interests shall have the
characteristics set forth in the Preliminary Statement and this Section 2.07.

     The Lower Tier REMIC shall consist of the SWAP REMIC Regular Interests. The
Lower Tier REMIC shall issue the Lower Tier REMIC Regular Interests, which shall
be designated as regular interests of such REMIC and shall issue the Class LTR
Interest, which shall be designated as the sole class of residual interest in
the Lower Tier REMIC. Each of the Lower Tier REMIC Regular Interests shall have
the characteristics set forth in its definition and the Preliminary Statement.

     The assets of the Upper Tier REMIC shall be the Lower Tier REMIC Regular
Interests. The REMIC Regular Interests shall be designated as the regular
interests in the Upper Tier REMIC and the Residual Interest shall be designated
as the sole class of residual interest in the Upper Tier REMIC. For federal
income tax purposes, the pass-through rate on each REMIC Regular Interest (other
than the Uncertificated Class C Interest and the Class UT-IO Interest) and on
the sole class of residual interest in the Upper Tier REMIC shall be subject to
a cap equal to the Upper Tier REMIC Net WAC Cap.

     The beneficial ownership of the Class SWR Interest, the Class LTR Interest
and the Residual Interest shall be represented by the Class R Certificate. The
Class SWR Interest and the Class LTR Interest shall not have a principal balance
or bear interest.

          (c) The "tax matters person" with respect to each REMIC for purposes
of the REMIC Provisions shall be the beneficial owner of the Class R
Certificate; provided, however, that the Holder of the Class R Certificate, by
its acceptance thereof, irrevocably appoints the Trustee as its agent and
attorney-in-fact to act as "tax matters person" with respect to each such REMIC
for purposes of the REMIC Provisions. If there is more than one beneficial owner
of the Class R Certificate, the "tax matters person" shall be the Person with
the greatest percentage interest in the Class R Certificate and, if there is
more than one such Person, shall be determined under Treasury regulation Section
1.860F-4(d) and Treasury regulation Section 301.6231(a)(7)-1.

          (d) (i) It is intended that the rights of each Class of the Class A,
Class M and Class B Certificates to receive payments in respect of Excess
Interest shall be treated as a right in interest rate cap contracts written by
the Class C Certificateholders in favor of the holders of each Class of the
Class A, Class M and Class B Certificates and such shall be accounted for as
property held separate and apart from the regular interests in the Upper Tier
REMIC held by the holders of the Class A Certificates (other than the Class R
Certificate), Class M Certificates, Class B Certificates and the residual
interest in the Upper Tier REMIC held by the holder of the Class R Certificate.
For information reporting requirements, the rights of the Class A, Class M and
Class B Certificates to receive payments in respect of Excess Interest shall be
assumed to have zero or a de minimis value. This provision is intended to
satisfy the requirements of Treasury Regulations Section 1.860G-2(i) for the
treatment of property rights coupled with REMIC interests to be separately
respected and shall be interpreted consistently with such regulation. On each
Distribution Date, to the extent that any of the Class A, Class M and Class B
Certificates receive payments in respect of Excess Interest, such amounts, to
the extent not derived from payments on the Cap Contracts or the Swap Agreement,
will be treated as distributed by the Upper Tier


                                      -72-

<PAGE>

REMIC to the Class C Certificates pro rata in payment of the amounts specified
in Section 4.04(g) and then paid to the relevant Class of Certificates pursuant
to the related interest rate cap agreement.

          (ii) It is intended that the beneficial owners of the Certificates
(other than the Class P and Class C Certificates) shall be treated as having
entered into a notional principal contract with respect to the beneficial owners
of the Class C Certificates. Pursuant to each such notional principal contract,
all beneficial owners of each Class of Certificates (other than the Class P and
Class C Certificates) shall be treated as having agreed to pay, on each
Distribution Date, to the beneficial owners of the Class C Certificates an
aggregate amount equal to the excess, if any, of (i) the amount payable on such
Distribution Date on the Corresponding REMIC Regular Interest of such Class of
Certificates over (ii) the amount payable on such Class of Certificates on such
Distribution Date (such excess, a "Class Payment Shortfall"). A Class Payment
Shortfall shall be allocated to each Class of Certificates to the extent that
interest accrued on such Class for the related Accrual Period at the
Pass-Through Rate for a Class, computed by substituting "Upper Tier REMIC Net
WAC Cap" for the Available Funds Cap set forth in the definition thereof,
exceeds the amount of interest accrued on such Certificate at the Pass-Through
Rate (without such substitution) for the related Accrual Period, and a Class
Payment Shortfall payable from principal collections shall be allocated to the
most subordinate Class of Certificates with an outstanding principal balance to
the extent of such balance.

     (e) The parties intend that the portion of the Trust Fund consisting of the
Uncertificated Class C Interest, the uncertificated Class UT-IO Interest, the
rights to receive payments deemed made by the Class A, Class M and Class B
Certificates in respect of notional principal contracts described in Section
2.07(d)(ii), the Cap Contract Account, the Cap Contracts, the Supplemental
Interest Trust which holds the Swap Agreement, and the obligation of the holders
of the Class C Certificates to pay amounts in respect of Excess Interest to the
holders of the Class A, Class M and Class B Certificates shall be treated as a
"grantor trust" under the Code, for the benefit of the holders of the Class C
Certificates, and the provisions hereof shall be interpreted consistently with
this intention. In furtherance of such intention, the Trustee shall (i) furnish
or cause to be furnished to the holders of the Class C Certificates information
regarding their allocable share, if any, of the income with respect to such
grantor trust, (ii) file or cause to be filed with the Internal Revenue Service
Form 1041 (together with any necessary attachments) and such other forms as may
be applicable, (iii) comply with such information reporting obligations with
respect to payments from such grantor trust to the holders of Class A, Class M,
Class B and Class C Certificates as may be applicable under the Code and (iv)
provide, upon applying for and receiving the tax identification number for the
grantor trust from the IRS, a properly completed Form W-9 on behalf of such
grantor trust to the Swap Counterparty and Cap Contract Counterparty.

          (f) The parties intend that the portion of the Trust Fund consisting
of the right to receive amounts distributable to the Class P Certificates
pursuant to Section 4.04(b)(i) hereof shall be treated as a "grantor trust"
under the Code, for the benefit of the holders of the Class P Certificates, and
the provisions hereof shall be interpreted consistently with this intention. In
furtherance of such intention, the Trustee shall (i) furnish or cause to be
furnished to the holders of the Class P Certificates information regarding their
allocable share of the income with respect to such grantor trust and (ii) file
or cause to be filed with the Internal Revenue Service Form 1041 (together with
any necessary attachments) and such other forms as may be applicable.

          (g) The parties intend that amounts paid to the Swap Counterparty
under the Swap Agreement shall be deemed for federal income tax purposes to be
paid by the Class C Certificates first, out of funds deemed received in respect
of the Class UT-IO Interest, second, out of funds deemed


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<PAGE>

received in respect of the Uncertificated Class C Interest and third, out of
funds deemed received in respect of notional principal contracts described in
Section 2.07(d)(ii), and the provisions hereof shall be interpreted consistently
with this intention. On each Distribution Date, to the extent that amounts paid
to the Swap Counterparty are deemed paid out of funds received in respect of the
Uncertificated Class C Interest, such amounts will be treated as distributed by
the Upper Tier REMIC to the Class C Certificates pro rata in payment of the
amounts specified in Section 4.04(g) and then paid to the Swap Counterparty
pursuant to the Swap Agreement.

     The Supplemental Interest Trust shall be an "outside reserve fund" for
federal income tax purposes and not an asset of any REMIC. Furthermore, the
Holders of the Class C Certificates shall be the beneficial owners of the
Supplemental Interest Trust for all federal income tax purposes, and shall be
taxable on all income earned thereon.

          (h) All payments of principal and interest at the Net Mortgage Rate on
each of the Mortgage Loans (other than amounts distributable to the Class P
Certificates pursuant to Section 4.04(b)(i) hereof) received by the SWAP REMIC
with respect to the Mortgage Loans shall be paid to the SWAP REMIC Regular
Interests until the principal balance of all such interests have been reduced to
zero and any losses allocated to such interests have been reimbursed. Any
available funds remaining in the SWAP REMIC on a Distribution Date after
distributions to the SWAP REMIC Regular Interests shall be distributed to the
Class R Certificates on account of the Class SWR Interest. On each Distribution
Date, the Trustee shall distribute the aggregate Interest Funds (net of expenses
and payments to the Class P Certificates) with respect to each of the SWAP REMIC
Regular Interests based on the interest rates for each such SWAP REMIC Regular
Interest. On each Distribution Date, the Trustee shall distribute the aggregate
Principal Funds with respect to the Group One Mortgage Loans first to the Class
1-SW1 Interest until its principal balance is reduced to zero and then
sequentially to each of the other SWAP REMIC Regular Interests beginning with
designation "1" in ascending order of their numerical class designation, in
equal amounts to each such class in such numerical designation, until the
principal balance of each such class is reduced to zero. All losses with respect
to the Group One Mortgage Loans shall be allocated among the SWAP REMIC Regular
Interests beginning with the designation "1" in the same manner that principal
distributions are allocated. On each Distribution Date, the Trustee shall
distribute the aggregate Principal Funds with respect to the Group Two Mortgage
Loans first to the Class 2-SW2 Interest until its principal balance is reduced
to zero and then sequentially to each of the other SWAP REMIC Regular Interests
beginning with designation "2" in ascending order of their numerical class
designation, in equal amounts to each such class in such numerical designation,
until the principal balance of each such class is reduced to zero. All losses
with respect to the Group Two Mortgage Loans shall be allocated among the SWAP
REMIC Regular Interests beginning with the designation "2" in the same manner
that principal distributions are allocated. Subsequent Recoveries with respect
to the Group One and Group Two Mortgage Loans shall be allocated in the reverse
fashion from the manner in which losses are allocated.

     All payments received by the Lower Tier REMIC with respect to the SWAP
REMIC Regular Interests shall be paid to the Lower Tier REMIC Regular Interests
until the principal balance of all such interests have been reduced to zero and
any losses allocated to such interests have been reimbursed. Any excess amounts
shall be distributed to the Class LTR Interest. On each Distribution Date,
payments and losses shall be allocated among the Lower Tier REMIC Regular
Interests so that (i) each of the Lower Tier REMIC I Marker Interests shall have
a principal balance equal to 25% of the principal balance of the Corresponding
Certificates, (ii) the Class LTIX Interest has a principal balance equal to the
excess of (x) 50% of the remaining principal balance of the Mortgage Loans over
(y) the aggregate principal balance of


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<PAGE>

the Lower Tier REMIC I Marker Interests (if necessary to reflect an increase in
overcollateralization, accrued and unpaid interest on the Class LTIX interest
may be added to its principal amount to achieve this result) and (iii) the
aggregate principal amount of the Class LTII1A Interest, Class LTII1B Interest,
Class LTII2A Interest, Class LTII2B Interest and Class LTIIX Interest shall
equal 50% of the remaining principal balance of the Mortgage Loans.
Distributions and losses allocated to the Lower Tier REMIC Regular Interests
described in clause (iii) of the preceding sentence will be allocated among such
Lower Tier REMIC Regular Interests in the following manner: (x) such
distributions shall be deemed made to such Lower Tier REMIC Regular Interests
first, so as to keep the principal balance of the each such Lower Tier REMIC
Regular Interest with "B" at the end of its designation equal to 0.05% of the
aggregate scheduled principal balance of the Mortgage Loans in the related
Mortgage Group and second, to such Lower Tier REMIC Regular Interests with "A"
at the end of its designation so that the uncertificated principal balance of
each such Lower Tier REMIC Regular Interest is equal to 0.05% of the excess of
(I) the aggregate scheduled principal balance of the Mortgage Loans in the
related Mortgage Group over (II) the aggregate principal balance of Certificate
Group One, in the case of the Class LTII1A Interest, or Certificate Group Two,
in the case of the Class LTII2A Interest (except that if 0.05% of any such
excess is greater than the principal amount of the related Lower Tier REMIC II
Marker Interest with "A" at the end of its designation, the least amount of
principal shall be distributed to each Lower Tier REMIC II Marker Interest with
"A" at the end of its designation such that the Lower Tier REMIC Subordinated
Balance Ratio is maintained) and finally, any remaining distributions of
principal to the Class LTIIX Interest and (y) such losses shall be allocated
among the Lower Tier REMIC Regular Interests described in clause (iii) of the
preceding sentence first, so as to keep the principal balance of the each such
Lower Tier REMIC Regular Interest with "B" at the end of its designation equal
to 0.05% of the aggregate scheduled principal balance of the Mortgage Loans in
the related Mortgage Group; second, to such Lower Tier REMIC Regular Interests
with "A" at the end of its designation so that the uncertificated principal
balance of each such Lower Tier REMIC Regular Interest is equal to 0.05% of the
excess of (I) the aggregate scheduled principal balance of the Mortgage Loans in
the related Mortgage Group over (II) the aggregate principal balance of
Certificate Group One, in the case of the Class LTII1A Interest, or Certificate
Group Two, in the case of the Class LTII2A Interest (except that if 0.05% of any
such excess is greater than the principal amount of the related Lower Tier REMIC
II Marker Interest with "A" at the end of its designation, the least amount of
losses shall be allocated to each Lower REMIC II Marker Interest with "A" at the
end of its designation such that the Lower Tier REMIC Subordinated Balance Ratio
is maintained) and finally, any remaining losses to the Class LTIIX Interest.
Notwithstanding the preceding two sentences, however, losses not allocated to
any Class of Certificates will not be allocated to any Lower Tier REMIC Regular
Interests. All computations with respect to the Lower Tier REMIC Regular
Interests shall be taken out to ten decimal places.

     Any available funds remaining in the Lower Tier REMIC on a Distribution
Date after distributions to the Lower Tier REMIC Regular Interests shall be
distributed to the Class R Certificates in respect of the Class LTR Interest.

     If on any Distribution Date the Certificate Principal Balance of any Class
of Certificates is increased pursuant to the last sentence of the definition of
"Certificate Principal Balance", then there shall be an equivalent increase in
the principal amounts of the Lower Tier REMIC Regular Interests, with such
increase allocated (before the making of distributions and the allocation of
losses on the Lower Tier REMIC Regular Interests on such Distribution Date)
among the Lower Tier REMIC Regular Interests so that, to the greatest extent
possible, (i) each of the Lower Tier REMIC I Marker Interests has a principal
balance equal to 25% of the principal balance of the Corresponding Certificates,
(ii) the Class LTIX Interest has a principal balance equal to the excess of (x)
50% of the remaining principal balance of the


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<PAGE>

Mortgage Loans over (y) the aggregate principal balance of the Lower Tier REMIC
I Marker Interests and (iii) the aggregate principal amount of the Lower Tier
REMIC II Marker Interests and the Class LTIIX Interest shall equal 50% of the
remaining principal balance of the Mortgage Loans. Allocations in connection
with clause (iii) shall be made so that, to the greatest extent possible, (a)
the principal balance of each Lower Tier REMIC II Marker Interest with "B" at
the end of its designation equals 0.05% of the aggregate scheduled principal
balance of the Mortgage Loans in related Mortgage Group, (b) the principal
balance of each Lower Tier REMIC II Marker Interest with "A" at the end of its
designation equals 0.05% of the excess of (x) the aggregate scheduled principal
balance of the Mortgage Loans in related Mortgage Group over (y) the aggregate
principal balance of Certificate Group One in the case of the Class LTII1A
Interest, or Certificate Group Two in the case of the Class LTII2A Interest and
(c) any remaining allocations are made to the Class LTIIX Interest.

          (i) In the event that any REMIC provided for herein fails to qualify
as a REMIC, loses its status as a REMIC or incurs federal, state or local taxes
as a result of a prohibited transaction or prohibited contribution under the
REMIC Provisions due to the negligent performance by the Servicer of its duties
and obligations set forth herein, the Servicer shall indemnify the Trustee and
the Issuing Entity against any and all Losses resulting from such negligence;
provided, however, that the Servicer shall not be liable for any such Losses
attributable to the action or inaction of the Trustee, the Depositor or the
Holder of the residual interest in such REMIC, as applicable, nor for any such
Losses resulting from misinformation provided by the Holder of the residual
interest in such REMIC on which the Servicer has relied. The foregoing shall not
be deemed to limit or restrict the rights and remedies of the Holder of the
residual interest in such REMIC now or hereafter existing at law or in equity.
Notwithstanding the foregoing, however, in no event shall the Servicer have any
liability (1) for any action or omission that is taken in accordance with and in
compliance with the express terms of, or which is expressly permitted by the
terms of, this Agreement, (2) for any Losses other than those arising out of a
negligent performance by the Servicer of its duties and obligations set forth
herein, and (3) for any special or consequential damages to Certificateholders
(in addition to payment of principal and interest on the Certificates).

          (j) In the event that any REMIC provided for herein fails to qualify
as a REMIC, loses its status as a REMIC, or incurs federal, state or local taxes
as a result of a prohibited transaction or prohibited contribution under the
REMIC Provisions due to the negligent performance by the Trustee of its duties
and obligations set forth herein, the Trustee shall indemnify the Issuing Entity
against any and all Losses resulting from such negligence; provided, however,
that the Trustee shall not be liable for any such Losses attributable to the
action or inaction of the Servicer, the Depositor or the Holder of the residual
interest in such REMIC, as applicable, nor for any such Losses resulting from
misinformation provided by the Holder of the residual interest in such REMIC on
which the Trustee has relied. The foregoing shall not be deemed to limit or
restrict the rights and remedies of the Holder of the residual interest in such
REMIC now or hereafter existing at law or in equity. Notwithstanding the
foregoing, however, in no event shall the Trustee have any liability (1) for any
action or omission that is taken in accordance with and in compliance with the
express terms of, or which is expressly permitted by the terms of, this
Agreement, (2) for any Losses other than those arising out of a negligent
performance by the Trustee of its duties and obligations set forth herein, and
(3) for any special or consequential damages to Certificateholders (in addition
to payment of principal and interest on the Certificates).

     SECTION 2.08. [RESERVED]

     SECTION 2.09. Covenants of the Servicer


                                      -76-
<PAGE>

     The Servicer hereby covenants to each of the other parties to this
Agreement that the Servicer shall comply in the performance of its obligations
under this Agreement with all reasonable rules and requirements of the insurer
under each Required Insurance Policy.

     SECTION 2.10. [RESERVED]

     SECTION 2.11. Permitted Activities of the Issuing Entity

     The Issuing Entity is created for the object and purpose of engaging in the
Permitted Activities. In furtherance of the foregoing, the Trustee is hereby
authorized and directed to execute and deliver, on behalf of the Issuing Entity,
the Cap Contracts, and to execute and deliver on behalf of the Issuing Entity,
and to perform the duties and obligations of the Issuing Entity under any
agreement or instrument related to the Cap Contracts, in each case in such form
as the Depositor shall direct or shall approve in writing, the execution and
delivery of any such agreement by the Depositor to be conclusive evidence of its
approval thereof. In addition, the Supplemental Interest Trust Trustee is hereby
authorized and directed to execute and deliver, on behalf of the Supplemental
Interest Trust, the Swap Agreement, and to execute and deliver on behalf of the
Issuing Entity, and to perform the duties and obligations of the Supplemental
Interest Trust under any agreement or instrument related to the Swap Agreement,
in each case in such form as the Depositor shall direct or shall approve in
writing, the execution and delivery of any such agreement by the Depositor to be
conclusive evidence of its approval thereof.

     SECTION 2.12. Qualifying Special Purpose Entity

     For purposes of SFAS 140, the parties hereto intend that the Issuing Entity
shall be treated as a "qualifying special purpose entity" as such term is used
in SFAS 140 and any successor rule thereto and its power and authority as stated
in Section 2.11 of this Agreement shall be limited in accordance with paragraph
35 or SFAS 140.

     SECTION 2.13. Depositor Notification of NIM Notes

     The Depositor shall notify the Servicer and the Trustee in writing when NIM
Notes are issued and of the identity of the NIMs Insurer, if applicable, and
when all previously issued NIM Notes are no longer outstanding.

                                   ARTICLE III

                          ADMINISTRATION AND SERVICING
                                OF MORTGAGE LOANS

     SECTION 3.01. Servicer to Service Mortgage Loans

     For and on behalf of the Certificateholders, the Servicer shall service and
administer the Mortgage Loans in accordance with Accepted Servicing Practices.
In connection with such servicing and administration, the Servicer shall have
full power and authority, acting alone and/or through subservicers as provided
in Section 3.02 hereof, to do or cause to be done any and all things that it may
deem necessary or desirable in connection with such servicing and
administration, including but not limited to, the power and authority, subject
to the terms hereof (i) to execute and deliver, on behalf of the
Certificateholders and the Trustee, customary consents or waivers and other
instruments and documents,


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<PAGE>



(ii) to consent to transfers of any Mortgaged Property and assumptions of the
Mortgage Notes and related Mortgages (but only in the manner provided in this
Agreement), (iii) to collect any Insurance Proceeds and other Liquidation
Proceeds and (iv) subject to Section 3.12(a), to effectuate foreclosure or other
conversion of the ownership of the Mortgaged Property securing any Mortgage
Loan; provided that, subject to Section 6.03, the Servicer shall not take any
action that is inconsistent with or prejudices the interests of the Issuing
Entity or the Certificateholders in any Mortgage Loan serviced by it under this
Agreement or the rights and interests of the other parties to this Agreement
except as otherwise required by this Agreement or by law. In connection with any
modification pursuant to this Section 3.01 and to the extent there are any
unreimbursed Advances or Servicing Advances, the Servicer shall reimburse itself
for such amounts from the Collection Account. Notwithstanding anything in this
Agreement to the contrary, the Servicer shall not make or permit any
modification, waiver or amendment of any term of any Mortgage Loan which would
cause any of the REMICs provided for herein to fail to qualify as a REMIC or
result in the imposition of any tax under Section 860G(a) or 860G(d) of the
Code. The Servicer shall represent and protect the interest of the Trust Fund in
the same manner as it currently protects its own interest in mortgage loans in
its own portfolio in any claim, proceeding or litigation regarding a Mortgage
Loan, but in any case not in any manner that is a lesser standard than that
provided in the first sentence of this Section 3.01. Without limiting the
generality of the foregoing, the Servicer, in its own name or in the name of the
Depositor and the Trustee, is hereby authorized and empowered by the Depositor
and the Trustee, when the Servicer believes it appropriate in its reasonable
judgment, to execute and deliver, on behalf of the Trustee, the Depositor, the
Certificateholders or any of them, any and all instruments of satisfaction or
cancellation, or of partial or full release or discharge, subordinations and all
other comparable instruments, with respect to the Mortgage Loans, and with
respect to the Mortgaged Properties held for the benefit of the
Certificateholders. The Servicer shall prepare and deliver to the Depositor
and/or the Trustee such documents requiring execution and delivery by any or all
of them as are necessary or appropriate to enable the Servicer to service and
administer the Mortgage Loans, to the extent that the Servicer is not permitted
to execute and deliver such documents pursuant to the preceding sentence. Upon
receipt of such documents, the Depositor and/or the Trustee shall execute such
documents and deliver them to the Servicer. For purposes of this Section 3.01,
the Trustee hereby grants to the Servicer a limited power of attorney in such
form as shall be agreed to by the Trustee and the Servicer to execute and file
any and all documents necessary to fulfill the obligations of the Servicer under
this Section 3.01.

     Upon request of the Servicer, the Trustee shall furnish the Servicer with
any powers of attorney and other documents in form as provided to it necessary
or appropriate to enable the Servicer to service and administer the Mortgage
Loans. The Trustee shall not be responsible for and the Servicer shall indemnify
the Trustee for any action taken by the Servicer pursuant to the application of
any power of attorney provided that the Servicer shall have no obligation to
indemnify the Trustee for such action to the extent such action was taken
pursuant to and in accordance with specific written instructions from the
Trustee, which instructions are not based on Servicer's recommendations or
proposals. Notwithstanding anything contained herein to the contrary, the
Servicer shall not without the Trustee's written consent, hire or procure
counsel to represent the Trustee without indicating its representative capacity.

     The Servicer shall not be required to make any Advance or Servicing Advance
with respect to a Mortgage Loan that is 150 days or more delinquent.

     The Servicer and the Trustee shall have at least 10 days' notice of the
issuance of any NIM Notes.

     The Servicer shall deliver a list of Servicing Officers and specimen
signatures to the Trustee by the Closing Date.


                                      -78-

<PAGE>

     The Servicer will transmit full-file credit reporting data for each
Mortgage Loan pursuant to Fannie Mae Guide Announcement 97-02 and for each
Mortgage Loan, the Servicer agrees that it shall report one of the following
statuses each month as follows: current, delinquent (30-, 60-, 90-days, etc.),
foreclosed or charged-off.

     The Servicer further is authorized and empowered by the Trustee, on behalf
of the Certificateholders and the Trustee, in its own name or in the name of the
Subservicer, when the Servicer or the Subservicer, as the case may be, believes
it is appropriate in its best judgment to register any Mortgage Loan on the MERS
System, or cause the removal from the registration of any Mortgage Loan on the
MERS System, to execute and deliver, on behalf of the Trustee and the
Certificateholders or any of them, any and all instruments of assignment and
other comparable instruments with respect to such assignment or re-recording of
a Mortgage in the name of MERS, solely as nominee for the Trustee and its
successors and assigns. Any reasonable expenses incurred in connection with the
actions described in the preceding sentence or as a result of MERS discontinuing
or becoming unable to continue operations in connection with the MERS System,
shall be subject to withdrawal by the Servicer from the Collection Account
(provided that such expenses constitute "unanticipated expenses" within the
meaning of Treasury Regulation Section 1.860G-1(b)(3)(ii)).

     SECTION 3.02. Servicing and Subservicing; Enforcement of the Obligations of
Servicer

          (a) The Servicer may arrange for the subservicing of any Mortgage Loan
by a subservicer, which may be an affiliate, pursuant to a subservicing
agreement (each, a "Subservicing Agreement"); provided, however, that (i) such
subservicing arrangement and the terms of the related Subservicing Agreement
must provide for the servicing of such Mortgage Loans in a manner consistent
with the servicing arrangements contemplated hereunder and (ii) that such
agreement would not result in a withdrawal or downgrading by any Rating Agency
of the ratings of any Certificates or any of the NIM Notes evidenced by a letter
to that effect delivered by each Rating Agency to the Depositor. Notwithstanding
the provisions of any Subservicing Agreement, any of the provisions of this
Agreement relating to agreements or arrangements between the Servicer and a
subservicer or reference to actions taken through a subservicer or otherwise,
the Servicer shall remain obligated and liable to the Depositor, the Trustee and
the Certificateholders for the servicing and administration of the Mortgage
Loans in accordance with the provisions of this Agreement without diminution of
such obligation or liability by virtue of such Subservicing Agreements or
arrangements or by virtue of indemnification from the subservicer and to the
same extent and under the same terms and conditions as if the Servicer alone
were servicing and administering the Mortgage Loans. Every Subservicing
Agreement entered into by the Servicer shall contain a provision giving any
successor servicer the option to terminate such agreement in the event a
successor servicer is appointed. All actions of the each subservicer performed
pursuant to the related Subservicing Agreement shall be performed as an agent of
the Servicer with the same force and effect as if performed directly by the
Servicer. The Servicer shall deliver to the Trustee copies of all Subservicing
Agreements. The Trustee shall have no obligations, duties or liabilities with
respect to a subservicer, including, without limitation, any obligation, duty or
liability to monitor such subservicer or to pay a Subservicer's fees and
expenses.

          (b) For purposes of this Agreement, the Servicer shall be deemed to
have received any collections, recoveries or payments with respect to the
Mortgage Loans that are received by a subservicer regardless of whether such
payments are remitted by the subservicer to the Servicer.


                                      -79-

<PAGE>



          (c) The Servicer shall not permit a Subservicer to perform any
servicing responsibilities hereunder with respect to the Mortgage Loans unless
that Subservicer first agrees in writing with the Servicer to deliver an
Assessment of Compliance and an Accountant's Attestation in such manner and at
such times that permits that Servicer to comply with Section 3.17 of this
Agreement.

          (d) The Servicer may enter into a special servicing advisory agreement
with a holder of the Class R Certificate and/or one or more other class of
subordinated certificates issued by the Issuing Entity or of a net interest
margin trust holding certificates issued by the Issuing Entity and/or an advisor
designated by the holder of the Class R Certificate. Pursuant to such agreement,
the Servicer may provide such holder or advisor, in its capacity as special
servicing advisor, with loan-level information with respect to the Mortgage
Loans, and the holder of the Class R Certificate or the special servicing
advisor designated by the holder of the Class R Certificate may advise the
Servicer with respect to the commencement of foreclosure proceedings or other
actions to liquidate such Mortgage Loans and/or any other efforts to maximize
recoveries with respect to such Mortgage Loans. In no event shall the Servicer
be obligated to act according to the direction of any special servicing advisor.

          (e) Notwithstanding the foregoing, the Servicer shall transfer the
servicing of each Specially Serviced Mortgage Loan to the Special Servicer and
thereafter the Servicer shall have no obligations under this Agreement with
regard to the Specially Serviced Mortgage Loan or liability arising from acts or
omissions of the Special Servicer; provided, that the Servicer shall remit to
the Special Servicer any amounts collected by the Servicer on a Specially
Serviced Mortgage Loan after the date such Mortgage Loan is transferred to the
Special Servicer.

     SECTION 3.03. Rights of the Depositor and the Trustee in Respect of the
Servicer

     Neither the Trustee nor the Depositor shall have any responsibility or
liability for any action or failure to act by the Servicer, and neither of them
is obligated to supervise the performance of the Servicer hereunder or
otherwise.

     SECTION 3.04. Trustee to Act as Servicer

     Subject to Sections 6.04 and 7.02, in the event that the Servicer shall for
any reason no longer be the servicer hereunder (including by reason of an Event
of Default), the Trustee or its designee shall, within a period of time not to
exceed ninety (90) days from the date of notice of termination or resignation,
thereupon assume all of the rights and obligations of the Servicer hereunder
arising thereafter (except that the Trustee shall not be (i) liable for losses
arising out of any acts or omissions of the predecessor servicer hereunder, (ii)
obligated to make Advances or Servicing Advances if it is prohibited from doing
so by applicable law, (iii) obligated to effectuate repurchases or substitutions
of Mortgage Loans hereunder, including pursuant to Section 2.02, 2.03 or 2.05
hereof, (iv) responsible for any expenses of the Servicer pursuant to Section
2.03 or (v) deemed to have made any representations and warranties hereunder,
including pursuant to Section 2.04 or the first paragraph of Section 6.02
hereof; provided, however that the Trustee (subject to clause (ii) above) or its
designee, in its capacity as the successor servicer, shall immediately assume
the terminated or resigning Servicer's obligation to make Advances and Servicing
Advances). No such termination or resignation shall affect any obligation of the
Servicer to pay amounts owed under this Agreement and to perform its duties
under this Agreement until its successor assumes all of its rights and
obligations hereunder. If the Servicer shall for any reason no longer be a
servicer (including by reason of any Event of Default), the Trustee (or any
other successor servicer) may, at its option, succeed to any rights and
obligations of the Servicer under any subservicing


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agreement in accordance with the terms thereof; provided, however, that the
Trustee (or any other successor servicer) shall not incur any liability or have
any obligations in its capacity as servicer under a subservicing agreement
arising prior to the date of such succession unless it expressly elects to
succeed to the rights and obligations of the Servicer thereunder; and the
Servicer shall not thereby be relieved of any liability or obligations under the
subservicing agreement arising prior to the date of such succession. To the
extent any costs or expenses, including without limitation, Servicing Transfer
Costs incurred by the Trustee in connection with this Section 3.04 or Section
7.02, are not paid by the Servicer pursuant to this Agreement within thirty (30)
days of the date of the Trustee's invoice thereof, such amounts shall be payable
out of the Certificate Account; provided that if the Servicer has been
terminated by reason of an Event of Default, the terminated servicer shall
reimburse the Issuing Entity for any such expense incurred by the Issuing Entity
upon receipt of a reasonably detailed invoice evidencing such expenses. If the
Trustee is unwilling or unable to act as servicer, the Trustee shall seek to
appoint a successor servicer that is eligible in accordance with the criteria
specified in this Agreement.

     The Servicer shall, upon request of the Trustee, but at the expense of the
Servicer if the Servicer has been terminated by reason of an Event of Default,
deliver to the assuming party all documents and records relating to each
subservicing agreement and the Mortgage Loans then being serviced and otherwise
use its best efforts to effect the orderly and efficient transfer of the
subservicing agreement to the assuming party.

     SECTION 3.05. Collection of Mortgage Loan Payments; Collection Account;
Certificate Account

          (a) The Servicer shall make reasonable efforts in accordance with
Accepted Servicing Practices to collect all payments called for under the terms
and provisions of the Mortgage Loans to the extent such procedures shall be
consistent with this Agreement and the terms and provisions of any related
Required Insurance Policy. Consistent with the foregoing, the Servicer may in
its discretion (i) waive any late payment charge or, if applicable, any default
interest charge, or (ii) subject to Section 3.01, extend the due dates for
payments due on a Mortgage Note for a period not greater than 180 days;
provided, however, that any extension pursuant to clause (ii) above shall not
affect the amortization schedule of any Mortgage Loan for purposes of any
computation hereunder, except as provided below. In the event of any such
arrangement pursuant to clause (ii) above, subject to Section 4.01, the Servicer
shall make any Advances on the related Mortgage Loan during the scheduled period
in accordance with the amortization schedule of such Mortgage Loan without
modification thereof by reason of such arrangements. Notwithstanding the
foregoing, in the event that any Mortgage Loan is in default or, in the judgment
of the Servicer, such default is reasonably foreseeable, the Servicer,
consistent with the standards set forth in Section 3.01, may also waive, modify
or vary any term of such Mortgage Loan (including modifications that would
change the Mortgage Rate, forgive the payment of principal or interest or extend
the final maturity date of such Mortgage Loan), accept payment from the related
Mortgagor of an amount less than the Stated Principal Balance in final
satisfaction of such Mortgage Loan, or consent to the postponement of strict
compliance with any such term or otherwise grant indulgence to any Mortgagor
(any and all such waivers, modifications, variances, forgiveness of principal or
interest, postponements, or indulgences collectively referred to herein as
"forbearance"), provided, however, that in determining which course of action
permitted by this sentence it shall pursue, the Servicer shall adhere to the
standards of Section 3.01. The Servicer's analysis supporting any forbearance
and the conclusion that any forbearance meets the standards of Section 3.01
shall be reflected in writing in the Mortgage File.


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<PAGE>

          (b) The Servicer will not waive any Prepayment Charge or portion
thereof unless, (i) the enforceability thereof shall have been limited by
bankruptcy, insolvency, moratorium, receivership or other similar laws relating
to creditors' rights generally or is otherwise prohibited by law, or (ii) the
collectability thereof shall have been limited due to acceleration in connection
with a foreclosure or other involuntary payment, or (iii) the Servicer has not
been provided with information sufficient to enable it to collect the Prepayment
Charge, or (iv) in the Servicer's reasonable judgment as described in Section
3.01 hereof, (x) such waiver relates to a default or a reasonably foreseeable
default, (y) such waiver would maximize recovery of total proceeds taking into
account the value of such Prepayment Charge and related Mortgage Loan and (z)
doing so is standard and customary in servicing similar Mortgage Loans
(including any waiver of a Prepayment Charge in connection with a refinancing of
a Mortgage Loan that is related to a default or a reasonably foreseeable
default), or (v) the collection of the Prepayment Charge or of a similar type of
prepayment premium would be considered "predatory" or "illegal" pursuant to
written guidance published by any applicable federal, state or local regulatory
authority having jurisdiction over such matters or has been challenged by any
such authority, or (vi) only to the extent that the Depositor has notified the
Servicer that there are no NIM Notes outstanding, there is a certified class
action in which a similar type of prepayment premium is being challenged. Except
as provided in the preceding sentence, in no event will the Servicer waive a
Prepayment Charge in connection with a refinancing of a Mortgage Loan that is
not related to a default or a reasonably foreseeable default. If the Servicer
waives or does not collect all or a portion of a Prepayment Charge relating to a
Principal Prepayment in full or in part due to any action or omission of the
Servicer, other than as provided above, the Servicer shall deposit the amount of
such Prepayment Charge (or such portion thereof as had been waived for deposit)
into the Collection Account for distribution in accordance with the terms of
this Agreement.

          (c) The Servicer shall not be required to institute or join in
litigation with respect to collection of any payment (whether under a Mortgage,
Mortgage Note or otherwise or against any public or governmental authority with
respect to a taking or condemnation) if it reasonably believes that enforcing
the provision of the Mortgage or other instrument pursuant to which such payment
is required is prohibited by applicable law.

          (d) The Servicer shall establish and initially maintain, on behalf of
Trustee for the benefit of the Certificateholders, a Collection Account. The
Servicer shall deposit into such Collection Account daily, within two (2)
Business Days of receipt thereof, in immediately available funds, the following
payments and collections received or made by it on and after the Cut-off Date
with respect to the Mortgage Loans:

          (i) all payments on account of principal, including Principal
     Prepayments, on the Mortgage Loans, other than principal due on the
     Mortgage Loans on or prior to the Cut-off Date;

          (ii) all payments on account of interest on the Mortgage Loans net of
     the Servicing Fee permitted under Section 3.15, other than (x) interest due
     on the Mortgage Loans on or prior to the Cut-off Date and (y) Prepayment
     Interest Excess;

          (iii) all Liquidation Proceeds, other than proceeds to be applied to
     the restoration or repair of the Mortgaged Property or released to either
     the Mortgagor or the holder of a senior lien on the Mortgaged Property in
     accordance with the Servicer's normal servicing procedures;

          (iv) all Subsequent Recoveries;


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          (v) all Compensating Interest;

          (vi) any amount required to be deposited by the Servicer pursuant to
     Section 3.05(f) in connection with any losses on Permitted Investments;

          (vii) any amounts required to be deposited by the Servicer pursuant to
     Section 3.10 hereof;

          (viii) all Advances made by the Servicer pursuant to Section 4.01;

          (ix) all Prepayment Charges; and

          (x) any other amounts required to be deposited hereunder.

     The foregoing requirements for remittance by the Servicer into the
Collection Account shall be exclusive, it being understood and agreed that,
without limiting the generality of the foregoing, late payment charges,
insufficient funds charges and payments in the nature of assumption fees (i.e.
fees related to the assumption of a Mortgage Loan upon the purchase of the
related Mortgaged Property and other similar ancillary fees (other than
Prepayment Charges)) if collected, and any Prepayment Interest Excess need not
be remitted by the Servicer. Rather, such fees and charges may be retained by
the Servicer as additional servicing compensation. In the event that the
Servicer shall remit any amount not required to be remitted and not otherwise
subject to withdrawal pursuant to Section 3.08 hereof, it may at any time
withdraw or direct the Trustee, or such other institution maintaining the
Collection Account, to withdraw such amount from the Collection Account, any
provision herein to the contrary notwithstanding. The Servicer shall maintain
adequate records with respect to all withdrawals made pursuant to this Section.
All funds deposited in the Collection Account shall be held in trust for the
Certificateholders until withdrawn in accordance with Section 3.08. In no event
shall the Trustee incur liability for withdrawals from the Collection Account at
the direction of the Servicer.

     The Servicer shall give notice to the Trustee of the location of the
Collection Account maintained by it when established and prior to any change
thereof. Not later than twenty days after each Distribution Date, the Servicer
shall make available to the Trustee and the Depositor the most current available
bank statement for the Collection Account. Copies of such statement shall be
provided by the Trustee to any Certificateholder and to any Person identified to
the Trustee as a prospective transferee of a Certificate, upon request at the
expense of the requesting party, provided such statement is delivered by the
Servicer to the Trustee.

          (e) The Trustee shall establish and maintain, on behalf of the
Certificateholders, the Certificate Account. The Trustee shall, promptly upon
receipt, deposit or cause to be deposited in the Certificate Account and retain
therein the following:

          (i) the aggregate amount withdrawn by the Servicer from the Collection
     Account for deposit in the Certificate Account;

          (ii) the Purchase Price and any Substitution Adjustment Amount;

          (iii) any amount required to be deposited by the Trustee pursuant to
     Section 3.05(f) in connection with any losses on Permitted Investments; and


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<PAGE>

          (iv) the Optional Termination Amount paid by the winning bidder at the
     Auction or by the Special Servicer or one of its affiliates pursuant to
     Section 9.01.

     Any amounts received by the Trustee prior to 1:00 p.m. New York City time
(or such earlier deadline for investment in the Permitted Investments designated
by the Trustee) which are required to be deposited in the Certificate Account by
the Servicer may be invested in Permitted Investments on the Business Day on
which they were received. The foregoing requirements for remittance by the
Servicer and deposit by the Servicer into the Certificate Account shall be
exclusive. If the Servicer fails to remit any funds due by the time designated
herein, the Servicer shall pay to the Trustee, for its own account, interest
accrued on such funds at the prime rate as set forth in The Wall Street Journal
from and including the applicable due date, to but excluding the day such funds
are paid to the Trustee. In the event that the Servicer shall remit any amount
not required to be remitted and not otherwise subject to withdrawal pursuant to
Section 3.08 hereof, it may at any time withdraw such amount from the
Certificate Account, any provision herein to the contrary notwithstanding. All
funds deposited in the Certificate Account shall be held by the Trustee in trust
for the Certificateholders until disbursed in accordance with this Agreement or
withdrawn in accordance with Section 3.08. In no event shall the Trustee incur
liability for withdrawals from the Certificate Account at the direction of the
Servicer. The Trustee shall give notice to the Servicer of the location of the
Certificate Account maintained by it when established and prior to any change
thereof.

          (f) Each institution that maintains the Collection Account shall, and
each institution that maintains the Certificate Account may but shall not be
required to, invest the funds in each such account, as directed by the Servicer
or the Trustee, as applicable, in writing, in Permitted Investments, which shall
mature not later than (i) in the case of the Collection Account, the Business
Day preceding the Servicer Remittance Date (except that if such Permitted
Investment is an obligation of the institution that maintains such Collection
Account or is otherwise immediately available, then such Permitted Investment
shall mature not later than the Servicer Remittance Date) and (ii) in the case
of the Certificate Account, the Business Day immediately preceding the first
Distribution Date that follows the date of such investment (except that if such
Permitted Investment is an obligation of the institution that maintains such
Certificate Account or is otherwise immediately available, then such Permitted
Investment shall mature not later than such Distribution Date) and, in each
case, shall not be sold or disposed of prior to its maturity. All such Permitted
Investments shall be made in the name of the Trustee for the benefit of the
Certificateholders. All income and gain net of any losses realized from amounts
on deposit in the Collection Account shall be for the benefit of the Servicer as
servicing compensation and shall be remitted to it monthly as provided herein.
The amount of any losses incurred in the Collection Account in respect of any
such investments shall be deposited by the Servicer in the Collection Account
out of the Servicer's own funds immediately as realized. All income and gain net
of any losses realized from amounts on deposit in the Certificate Account shall
be for the benefit of the Trustee and shall be remitted to or withdrawn by it
monthly as provided herein. The amount of any losses incurred in the Certificate
Account in respect of any such investments shall be deposited by the Trustee in
the Certificate Account out of the Trustee's own funds immediately as realized.

     SECTION 3.06. Collection of Taxes, Assessments and Similar Items; Escrow
Accounts

     To the extent required by the related Mortgage Note, the Servicer shall
establish and maintain one or more accounts (each, an "Escrow Account") and
deposit and retain therein all collections from the Mortgagors (or advances by
the Servicer) for the payment of taxes, assessments, hazard insurance


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<PAGE>

premiums or comparable items for the account of the Mortgagors. Nothing herein
shall require the Servicer to compel a Mortgagor to establish an Escrow Account
in violation of applicable law.

     Withdrawals of amounts so collected from the Escrow Accounts may be made
only to effect timely payment of taxes, assessments, hazard insurance premiums,
condominium or PUD association dues, or comparable items, to reimburse the
Servicer out of related collections for any payments made pursuant to Sections
3.01 hereof (with respect to taxes and assessments and insurance premiums) and
3.10 hereof (with respect to hazard insurance), to refund to any Mortgagors any
sums as may be determined to be overages, to pay interest, if required by law or
the terms of the related Mortgage or Mortgage Note, to Mortgagors on balances in
the Escrow Account or to clear and terminate the Escrow Account at the
termination of this Agreement in accordance with Section 9.01 hereof. The Escrow
Accounts shall not be a part of the Trust Fund.

     To the extent that a Mortgage does not provide for Escrow Payments, the
Servicer (i) shall determine whether any such payments are made by the Mortgagor
in a manner and at a time that is necessary to avoid the loss of the Mortgaged
Property due to a tax sale or the foreclosure as a result of a tax lien and (ii)
shall ensure that all insurance required to be maintained on the Mortgaged
Property pursuant to this Agreement is maintained. If any such payment has not
been made and the Servicer receives notice of a tax lien with respect to the
Mortgage Loan being imposed, the Servicer will, to the extent required to avoid
loss of the Mortgaged Property, advance or cause to be advanced funds necessary
to discharge such lien on the Mortgaged Property.

     SECTION 3.07. Access to Certain Documentation and Information Regarding the
Mortgage Loans

     Upon reasonable advance notice in writing if required by federal
regulation, the Servicer will provide to each Certificateholder that is a
savings and loan association, bank or insurance company certain reports and
reasonable access to information and documentation regarding the Mortgage Loans
sufficient to permit such Certificateholder to comply with applicable
regulations of the OTS or other regulatory authorities with respect to
investment in the Certificates; provided, that the Servicer shall be entitled to
be reimbursed by each such Certificateholder for actual expenses incurred by the
Servicer in providing such reports and access.

     The Servicer may from time to time provide the Depositor, and any Person
designated by the Depositor, with reports and information regarding the Mortgage
Loans, including without limitation, information requested by the Depositor or
an originator of the Mortgage Loans for required institutional risk control. In
addition, subject to limitations of applicable privacy laws, the Servicer may
make public information regarding performance of the Mortgage Loans.

     SECTION 3.08. Permitted Withdrawals from the Collection Account and
Certificate Account

          (a) The Servicer may from time to time, make withdrawals from the
Collection Account for the following purposes:

          (i) to pay to the Servicer (to the extent not previously paid to or
     withheld by the Servicer), as servicing compensation in accordance with
     Section 3.15, that portion of any payment of interest that equals the
     Servicing Fee for the period with respect to which such


                                      -85-

<PAGE>

     interest payment was made, and, as additional servicing compensation, those
     other amounts set forth in Section 3.15;

          (ii) to reimburse the Servicer (or the Trustee as successor servicer)
     for Advances made by it (or to reimburse the Advance Financing Person for
     Advances made by it) with respect to the Mortgage Loans, such right of
     reimbursement pursuant to this subclause (ii) being limited to amounts
     received on particular Mortgage Loan(s) (including, for this purpose,
     Liquidation Proceeds) that represent late recoveries of payments of
     principal and/or interest on such particular Mortgage Loan(s) in respect of
     which any such Advance was made;

          (iii) to reimburse the Servicer for any Non-Recoverable Advance
     previously made and any Non-Recoverable Servicing Advances previously made
     to the extent that, in the case of Non-Recoverable Servicing Advances,
     reimbursement therefor constitutes "unanticipated expenses" within the
     meaning of Treasury Regulation Section 1.860G-1(b)(3)(ii);

          (iv) to pay to the Servicer earnings on or investment income with
     respect to funds in or credited to the Collection Account;

          (v) to reimburse the Servicer from Insurance Proceeds for Insured
     Expenses covered by the related Insurance Policy;

          (vi) [Reserved];

          (vii) to pay the Servicer (or the Trustee as successor servicer) any
     unpaid Servicing Fees and to reimburse it for any unreimbursed Servicing
     Advances (to the extent that reimbursement for Servicing Advances would
     constitute an "unanticipated expense" within the meaning of Treasury
     Regulation Section 1.860G-1(b)(3)(ii)), the Servicer's right to
     reimbursement of Servicing Advances pursuant to this subclause (vii) with
     respect to any Mortgage Loan being limited to amounts received on
     particular Mortgage Loan(s)(including, for this purpose, Liquidation
     Proceeds and purchase and repurchase proceeds and including any Subsequent
     Recoveries related to any Liquidated Loan) that represent late recoveries
     of the payments for which such advances were made pursuant to Section 3.01
     or Section 3.06;

          (viii) to pay to the Depositor or the Servicer, as applicable, with
     respect to each Mortgage Loan or property acquired in respect thereof that
     has been purchased pursuant to Section 2.02, 2.03 or 3.12, all amounts
     received thereon and not taken into account in determining the related
     Stated Principal Balance of such repurchased Mortgage Loan;

          (ix) to reimburse the Servicer, the Trustee or the Depositor for
     expenses incurred by any of them in connection with the Mortgage Loans or
     the Certificates and reimbursable pursuant to Section 3.04, Section 3.25 or
     Section 6.03 hereof provided that reimbursement therefor would constitute
     "unanticipated" expenses within the meaning of Treasury Regulation Section
     1.860G-1(b)(3)(ii);

          (x) to reimburse the Trustee for enforcement expenses reasonably
     incurred in respect of a breach or defect giving rise to the purchase
     obligation in Section 2.03 that were incurred in the Purchase Price of the
     Mortgage Loans including any expenses arising out of the enforcement of the
     purchase obligation; provided that any such expenses will be reimbursable
     under this


                                      -86-

<PAGE>

     subclause (x) only to the extent that such expenses would constitute
     "unanticipated expenses" within the meaning of Treasury Regulation Section
     1.860G-1(b)(3)(ii) if paid by one of the REMICs provided for herein;

          (xi) to pay the Servicer any unpaid Servicing Fees for any Mortgage
     Loan upon such Mortgage Loan being charged off and upon termination of the
     obligations of the Servicer;

          (xii) to withdraw pursuant to Section 3.05 any amount deposited in the
     Collection Account and not required to be deposited therein;

          (xiii) to clear and terminate the Collection Account upon termination
     of this Agreement pursuant to Section 9.01 hereof; and

          (xiv) to reimburse itself from any amounts in the Collection Account
     for any prior Advances or Servicing Advances made by the Servicer that have
     not otherwise been reimbursed to the Servicer at the time a Mortgage Loan
     is modified.

     In addition, the Servicer will use commercially reasonable efforts to cause
to be withdrawn from the Collection Account no later than 2:30 p.m. Eastern
Time, but in any case no later than 4:00 p.m. Eastern Time on the Servicer
Remittance Date, the Interest Funds and the Principal Funds (for this purpose
only, neither Interest Funds nor Principal Funds shall include a deduction for
any amount reimbursable to the Trustee unless such amounts have actually been
reimbursed from such funds at the discretion of the Servicer), to the extent on
deposit, and such amount shall be deposited in the Certificate Account;
provided, however, if the Trustee does not receive such Interest Funds and
Principal Funds on the Servicer Remittance Date, the Servicer shall pay, out of
its own funds, interest on such amount at a rate equal to the "prime rate" as
published by The Wall Street Journal at such time for each date or part thereof.

     The Servicer shall keep and maintain separate accounting, on a Mortgage
Loan by Mortgage Loan basis, for the purpose of justifying any withdrawal from
the Collection Account.

     The Servicer shall provide written notification to the Trustee on or prior
to the next succeeding Servicer Remittance Date upon making any withdrawals from
the Collection Account pursuant to subclauses (iii) and (vii) above.

     Unless otherwise specified, any amounts reimbursable to the Servicer or the
Trustee from amounts on deposit in the Collection Account or the Certificate
Accounts shall be deemed to come from first, Interest Funds, and thereafter,
Principal Funds for the related Distribution Date.

          (b) The Trustee shall withdraw funds from the Certificate Account for
distribution to the Certificateholders in the manner specified in this Agreement
(and shall withhold from the amounts so withdrawn, the amount of any taxes that
it is authorized to retain pursuant to this Agreement). In addition, prior to
making such distributions to the Certificateholders, the Trustee may from time
to time make withdrawals from the Certificate Account for the following
purposes:

          (i) to withdraw pursuant to Section 3.05 any amount deposited in the
     Certificate Account and not required to be deposited therein;


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<PAGE>

          (ii) to clear and terminate the Certificate Account upon termination
     of the Agreement pursuant to Section 9.01 hereof (after paying all amounts
     necessary to the Trustee or the Servicer in connection with any such
     termination);

          (iii) to pay to the Trustee for any fees, expenses and indemnification
     reimbursable pursuant to this Agreement, including without limitation
     Sections 3.04, 6.03, 8.05 and 8.06 hereof; and

          (iv) to pay to the Trustee earnings on or investment income with
     respect to funds in or credited to the Certificate Account.

     SECTION 3.09. [RESERVED]

     SECTION 3.10. Maintenance of Hazard Insurance

     The Servicer shall cause to be maintained, for each first lien Mortgage
Loan, hazard insurance with extended coverage in an amount, to the extent
permitted by applicable law, that is at least equal to the lesser of (i) the
estimated replacement value of the improvements that are part of such Mortgaged
Property which may be the last known coverage, or (ii) the greater of (a) the
outstanding principal balance of the Mortgage Loan and (b) an amount such that
the proceeds of such policy shall be sufficient to prevent the related Mortgagor
and/or mortgagee from becoming a co-insurer or (iii) the amount required under
applicable HUD/FHA regulations. Each such policy of standard hazard insurance
shall contain, or have an accompanying endorsement that contains, a standard
mortgagee clause. The Servicer shall also cause flood insurance to be maintained
on property acquired upon foreclosure or deed in lieu of foreclosure of any
Mortgage Loan, to the extent required under the standards described below.
Pursuant to Section 3.05 hereof, any amounts collected by the Servicer under any
such policies (other than the amounts to be applied to the restoration or repair
of the related Mortgaged Property or property thus acquired or amounts released
to the Mortgagor in accordance with the Servicer's normal servicing procedures)
shall be deposited in the Collection Account. Any cost incurred by the Servicer
in maintaining any such insurance shall not, for the purpose of calculating
monthly distributions to the Certificateholders or remittances to the Trustee
for their benefit, be added to the principal balance of the Mortgage Loan,
notwithstanding that the terms of the Mortgage Loan so permit. Such costs shall
be recoverable by the Servicer out of late payments by the related Mortgagor or
out of Liquidation Proceeds to the extent and as otherwise permitted by Section
3.08 hereof. It is understood and agreed that no earthquake or other additional
insurance is to be required of any Mortgagor or maintained on property acquired
in respect of a Mortgage other than pursuant to such applicable laws and
regulations as shall at any time be in force and as shall require such
additional insurance. If a first lien Mortgaged Property is located at the time
of origination of the Mortgage Loan in a federally designated special flood
hazard area and such area is participating in the national flood insurance
program, the Servicer shall cause flood insurance to be maintained with respect
to such Mortgage Loan. Such flood insurance shall be in an amount equal to the
lesser of (i) the outstanding principal balance of the related Mortgage Loan,
(ii) the estimated replacement value of the improvements that are part of such
Mortgaged Property which may be the last known coverage, or (iii) the maximum
amount of such insurance available for the related Mortgaged Property under the
Flood Disaster Protection Act of 1973, as amended.

     In the event that the Servicer shall obtain and maintain a blanket policy
(with an insurer having a General Policy Rating of B:VI in Best's (or such other
rating that is comparable to such rating)) insuring against hazard losses on all
of the Mortgage Loans, it shall conclusively be deemed to have satisfied its


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<PAGE>

obligations as set forth in the first sentence of this Section 3.10, it being
understood and agreed that such policy may contain a deductible clause on terms
substantially equivalent to those commercially available and maintained by
comparable servicers. If such policy contains a deductible clause, the Servicer
shall, in the event that there shall not have been maintained on the related
Mortgaged Property a policy complying with the first sentence of this Section
3.10, and there shall have been a loss that would have been covered by such
policy, deposit in the Collection Account the amount not otherwise payable under
the blanket policy because of such deductible clause. In connection with its
activities as servicer of the Mortgage Loans, the Servicer agrees to present, on
behalf of itself, the Depositor and the Trustee for the benefit of the
Certificateholders, claims under any such blanket policy.

     SECTION 3.11. Enforcement of Due-On-Sale Clauses; Assumption Agreements

     When a Mortgaged Property has been or is about to be conveyed by the
Mortgagor, the Servicer shall, except as set forth below, to the extent it has
knowledge of such conveyance or prospective conveyance, exercise its rights to
accelerate the maturity of the related Mortgage Loan under any "due-on-sale"
clause contained in the related Mortgage or Mortgage Note; provided, however,
that the Servicer shall not exercise any such right if the "due-on-sale" clause,
in the reasonable belief of the Servicer, is not enforceable under applicable
law or, if consistent with applicable mortgage servicing practices, the Servicer
reasonably believes that collections and other recoveries in respect of such
Mortgage Loans would be maximized if the Mortgage Loans were not accelerated;
provided, further, that the Servicer shall not take any action in relation to
the enforcement of any "due-on-sale" clause that would adversely affect or
jeopardize coverage under any Required Insurance Policy. In such event, the
Servicer shall make reasonable efforts to enter into an assumption and
modification agreement with the Person to whom such property has been or is
about to be conveyed, pursuant to which such Person becomes liable under the
Mortgage Note and, unless prohibited by applicable law or the Mortgage, the
Mortgagor remains liable thereon. If the foregoing is not permitted under
applicable law, the Servicer is authorized to enter into a substitution of
liability agreement with such Person, pursuant to which the original Mortgagor
is released from liability and such Person is substituted as Mortgagor and
becomes liable under the Note. In addition to the foregoing, the Servicer shall
not be required to enforce any "due-on-sale" clause if in the reasonable
judgment of the Servicer, entering into an assumption and modification agreement
with a Person to whom such property shall be conveyed and releasing the original
Mortgagor from liability would be in the best interests of the
Certificateholders. The Mortgage Loan, as assumed, shall conform in all respects
to the requirements, representations and warranties of this Agreement. The
Servicer shall notify the Trustee that any such assumption or substitution
agreement has been completed by forwarding to the Trustee the original copy of
such assumption or substitution agreement (indicating the Mortgage File to which
it relates), which copy shall be added by the Trustee to the related Mortgage
File and which shall, for all purposes, be considered a part of such Mortgage
File to the same extent as all other documents and instruments constituting a
part thereof. The Servicer shall be responsible for recording any such
assumption or substitution agreements. In connection with any such assumption or
substitution agreement, the Monthly Payment on the related Mortgage Loan shall
not be changed but shall remain as in effect immediately prior to the assumption
or substitution, the stated maturity or outstanding principal amount of such
Mortgage Loan shall not be changed nor shall any required monthly payments of
principal or interest be deferred or forgiven. Any fee collected by the Servicer
for consenting to any such conveyance or entering into an assumption or
substitution agreement shall be retained by or paid to the Servicer as
additional servicing compensation.

     Notwithstanding the foregoing paragraph or any other provision of this
Agreement, the Servicer shall not be deemed to be in default, breach or any
other violation of its obligations hereunder by reason


                                      -89-

<PAGE>

of any assumption of a Mortgage Loan by operation of law or any assumption which
the Servicer may be restricted by law from preventing, for any reason
whatsoever.

     SECTION 3.12. Realization Upon Defaulted Mortgage Loans; Determination of
Excess Proceeds; Special Loss Mitigation

          (a) The Servicer shall use reasonable efforts consistent with the
servicing standard set forth in Section 3.01 to foreclose upon or otherwise
comparably convert the ownership of properties securing such of the Mortgage
Loans as come into and continue in default and as to which no satisfactory
arrangements can be made for collection of Delinquent payments. In connection
with such foreclosure or other conversion, the Servicer shall follow such
practices and procedures as it shall deem necessary or advisable and as shall be
normal and usual in its general mortgage servicing activities and the
requirements of the insurer under any Required Insurance Policy; provided,
however, that the Servicer shall not be required to expend its own funds in
connection with the restoration of any property that shall have suffered damage
due to an uninsured cause unless it shall determine (i) that such restoration
will increase the proceeds of liquidation of the Mortgage Loan after
reimbursement to itself of such expenses and (ii) that such expenses will be
recoverable to it through Liquidation Proceeds (respecting which it shall have
priority for purposes of withdrawals from the Collection Account pursuant to
Section 3.08 hereof). The Servicer shall be responsible for all other costs and
expenses incurred by it in any such proceedings; provided, however, that it
shall be entitled to reimbursement thereof from the proceeds of liquidation of
the related Mortgaged Property, as contemplated in Section 3.08 hereof. If the
Servicer receives written notice that a Mortgaged Property that the Servicer is
contemplating acquiring in foreclosure or by deed-in-lieu of foreclosure is
located within a one-mile radius of any site with environmental or hazardous
waste risks known to the Servicer, the Servicer will, prior to acquiring the
Mortgaged Property, consider such risks and only take action in accordance with
Accepted Servicing Practices.

     With respect to any REO Property, the deed or certificate of sale shall be
taken in the name of the Trustee, on behalf of the Certificateholders, or its
nominee (which nominee shall not be the Servicer or Special Servicer). Pursuant
to its efforts to sell such REO Property, the Servicer shall either itself or
through an agent selected by the Servicer protect and conserve such REO Property
in the same manner and to such extent as is customary in the locality where such
REO Property is located and may, incident to its conservation and protection of
the interests of the Certificateholders, rent the same, or any part thereof, as
the Servicer deems to be in the best interest of the Servicer and the
Certificateholders for the period prior to the sale of such REO Property. The
Servicer or an Affiliate thereof may receive usual and customary real estate
referral fees for real estate brokers in connection with the listing and
disposition of REO Property. The Servicer shall prepare a statement with respect
to each REO Property that has been rented showing the aggregate rental income
received and all expenses incurred in connection with the management and
maintenance of such REO Property at such times as is necessary to enable the
Servicer to comply with the reporting requirements of the REMIC Provisions. The
net monthly rental income, if any, from such REO Property shall be deposited in
the Collection Account no later than the close of business on each Determination
Date. The Servicer shall perform the tax reporting and withholding related to
foreclosures, abandonments and cancellation of indebtedness income as specified
by Sections 1445, 6050J and 6050P of the Code by preparing and filing such tax
and information returns, as may be required.

     In the event that the Issuing Entity acquires any Mortgaged Property as
aforesaid or otherwise in connection with a default or imminent default on a
Mortgage Loan, the Servicer shall dispose of such


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<PAGE>

Mortgaged Property prior to the expiration of three years from the end of the
year of its acquisition by the Issuing Entity or, at the expense of the Issuing
Entity, obtain, in accordance with applicable procedures for obtaining an
automatic extension of the grace period, more than sixty (60) days prior to the
day on which such three-year period would otherwise expire, an extension of the
three-year grace period, in which case such property must be disposed of prior
to the end of such extension, unless the Trustee shall have been supplied with
an Opinion of Counsel addressed to the Trustee (such Opinion of Counsel not to
be an expense of the Trustee), to the effect that the holding by the Issuing
Entity of such Mortgaged Property subsequent to such three-year period or
extension will not result in the imposition of taxes on "prohibited
transactions" of the Issuing Entity or any of the REMICs provided for herein as
defined in section 860F of the Code or cause any of the REMICs provided for
herein to fail to qualify as a REMIC at any time that any Certificates are
outstanding, in which case the Issuing Entity may continue to hold such
Mortgaged Property (subject to any conditions contained in such Opinion of
Counsel). Notwithstanding any other provision of this Agreement, no Mortgaged
Property acquired by the Issuing Entity shall be held, rented (or allowed to
continue to be rented) or otherwise used for the production of income by or on
behalf of the Issuing Entity in such a manner or pursuant to any terms that
would (i) cause such Mortgaged Property to fail to qualify as "foreclosure
property" within the meaning of section 860G(a)(8) of the Code or (ii) subject
the Issuing Entity or any REMIC provided for herein to the imposition of any
federal, state or local income taxes on the income earned from such Mortgaged
Property under section 860G(c) of the Code or otherwise, unless the Servicer or
the Depositor has agreed to indemnify and hold harmless the Trustee and the
Issuing Entity with respect to the imposition of any such taxes. The Servicer
shall have no liability for any losses resulting from a foreclosure on a second
lien Mortgage Loan in connection with the foreclosure of the related first lien
mortgage loan that is not a Mortgage Loan if the Servicer does not receive
notice of such foreclosure action.

     The decision of the Servicer to foreclose on a defaulted Mortgage Loan
shall be subject to a determination by the Servicer that the proceeds of such
foreclosure would exceed the costs and expenses of bringing such a proceeding.
The income earned from the management of any Mortgaged Properties acquired
through foreclosure or other judicial proceeding, net of reimbursement to the
Servicer for expenses incurred (including any property or other taxes) in
connection with such management and net of unreimbursed Servicing Fees,
Advances, Servicing Advances and any management fee paid or to be paid with
respect to the management of such Mortgaged Property, shall be applied to the
payment of principal of, and interest on, the related defaulted Mortgage Loans
(with interest accruing as though such Mortgage Loans were still current) and
all such income shall be deemed, for all purposes in this Agreement, to be
payments on account of principal and interest on the related Mortgage Notes and
shall be deposited into the Collection Account. To the extent the income
received during a Prepayment Period is in excess of the amount attributable to
amortizing principal and accrued interest at the related Mortgage Rate on the
related Mortgage Loan, such excess shall be considered to be a partial Principal
Prepayment for all purposes hereof.

     Notwithstanding the foregoing provisions of this Section 3.12 or any other
provision of this Agreement, with respect to any Mortgage Loan as to which the
assistant vice president for foreclosures or the vice president of default
management of the Servicer has actual knowledge (which shall not be presumed due
to any documents received by the Servicer) of, the presence of any toxic or
hazardous substance on the related Mortgaged Property, the Servicer shall not,
on behalf of the Trustee, either (i) obtain title to such Mortgaged Property as
a result of or in lieu of foreclosure or otherwise, or (ii) otherwise acquire
possession of, or take any other action with respect to, such Mortgaged
Property, if, as a result of any such action, the Trustee, the Issuing Entity or
the Certificateholders would be considered to hold title to, to be a
"mortgagee-in-possession" of, or to be an "owner" or "operator" of such
Mortgaged


                                      -91-

<PAGE>

Property within the meaning of the Comprehensive Environmental Response,
Compensation and Liability Act of 1980, as amended from time to time, or any
comparable law, unless the Servicer believes, based on its reasonable judgment
and a report prepared by a Person who regularly conducts environmental audits
using customary industry standards, that:

     (1) such Mortgaged Property is in material compliance with applicable
environmental laws or, if not, that it would be in the best economic interest of
the Issuing Entity to take such actions as are necessary to bring the Mortgaged
Property into compliance therewith; and

     (2) it is probable that there are no circumstances present at such
Mortgaged Property relating to the use, management or disposal of any hazardous
substances, hazardous materials, hazardous wastes, or petroleum-based materials
for which additional investigation, testing, monitoring, containment, clean-up
or remediation could be required under any federal, state or local law or
regulation, or that if any such materials are present for which such action
could be required, that it would be in the best economic interest of the Issuing
Entity to take such actions with respect to the affected Mortgaged Property.

     The Servicer shall forward a copy of the environmental audit report to the
Depositor and the Trustee. The cost of the environmental audit report
contemplated by this Section 3.12 shall be advanced by the Servicer, subject to
the Servicer's right to be reimbursed therefor from the Collection Account, such
right of reimbursement being prior to the rights of Certificateholders to
receive any amount in the Collection Account received in respect of the affected
Mortgage Loan or other Mortgage Loans.

     If the Servicer determines, as described above, that it is in the best
economic interest of the Issuing Entity to take such actions as are necessary to
bring any such Mortgaged Property into compliance with applicable environmental
laws, or to take such action with respect to the containment, clean-up or
remediation of hazardous substances, hazardous materials, hazardous wastes or
petroleum-based materials affecting any such Mortgaged Property, then the
Servicer may take such action as it deems to be in the best economic interest of
the Issuing Entity; provided that any amounts disbursed by the Servicer pursuant
to this Section 3.12 shall constitute Advances. The cost of any such compliance,
containment, clean-up or remediation shall be advanced by the Servicer, subject
to the Servicer's right to be reimbursed therefor from the Collection Account,
such right of reimbursement being prior to the rights of Certificateholders to
receive any amount in the Collection Account received in respect of the affected
Mortgage Loan or other Mortgage Loans. If the Servicer decides not to take such
action, it may not obtain title to such Mortgaged Property.

     The Liquidation Proceeds from any liquidation of a Mortgage Loan, net of
any payment to the Servicer as provided above, shall be deposited in the
Collection Account on the next succeeding Determination Date following receipt
thereof for distribution on the related Distribution Date.

     The proceeds of any Liquidated Loan, as well as any recovery resulting from
a partial collection of Liquidation Proceeds, will be applied as between the
parties in the following order of priority: first, to reimburse the Servicer for
any related unreimbursed Servicing Advances and unpaid Servicing Fees, pursuant
to Section 3.08(a)(vii) or this Section 3.12; second, to reimburse the Servicer
for any unreimbursed Advances, pursuant to Section 3.08(a)(ii) or this Section
3.12; third, to accrued and unpaid interest (to the extent no Advance has been
made for such amount) on the Mortgage Loan, at the applicable Net Mortgage Rate
to the Due Date occurring in the month in which such amounts are required to be
distributed; fourth, as a recovery of principal of the Mortgage Loan; and fifth,
to any prepayment charges.


                                      -92-

<PAGE>


     The proceeds of any net income from an REO Property will be applied as
between the parties in the following order of priority: first, to reimburse the
Servicer for any related unreimbursed Servicing Advances and unpaid Servicing
Fees, pursuant to Section 3.08(a)(vii) or this Section 3.12; second, to
reimburse the Servicer for any unreimbursed Advances, pursuant to Section
3.08(a)(ii) or this Section 3.12; third, as a recovery of principal; and fourth,
to accrued and unpaid interest (to the extent no Advance has been made for such
amount) on the related REO Property, at the applicable Net Mortgage Rate to the
Due Date occurring in the month in which such amounts are required to be
distributed.

          (b) On each Determination Date, the Servicer shall determine the
respective aggregate amounts of Excess Proceeds, if any, that occurred in the
related Prepayment Period.

          (c) [Reserved].

          (d) With respect to such of the Mortgage Loans as come into and
continue in default, the Servicer will decide, in its reasonable business
judgment, whether to (i) foreclose upon the Mortgaged Properties securing those
Mortgage Loans pursuant to Section 3.12(a), (ii) write off the unpaid principal
balance of the Mortgage Loans as bad debt (provided that the Servicer has
determined that no net recovery is possible through foreclosure proceedings or
other liquidation of the related Mortgaged Property), (iii) take a deed in lieu
of foreclosure, (iv) accept a short sale or short refinance; (v) arrange for a
repayment plan or refinancing, or (vi) agree to a modification of such Mortgage
Loan. As to any Mortgage Loan that becomes 120 days delinquent, the Servicer may
obtain a broker's price opinion, the cost of which will be reimbursable as a
Servicing Advance. After obtaining the broker's price opinion, the Servicer will
determine, in its reasonable business judgment, whether a net recovery is
possible through foreclosure proceedings or other liquidation of the related
Mortgage Property. If the Servicer determines that no such recovery is possible,
it may charge off the related Mortgage Loan at the time it becomes 180 days
delinquent and will notify the Trustee of such action. Once a Mortgage Loan has
been charged off, the Servicer will discontinue making Advances, the Servicer
will not be entitled to future Servicing Fees (except as provided below) with
respect to such Mortgage Loan, and the Mortgage Loan will be treated as a
Liquidated Mortgage Loan. If the Servicer determines that such net recovery is
possible through foreclosure proceedings or other liquidation of the related
Mortgaged Property on a Mortgage Loan that becomes 180 days delinquent, the
Servicer will continue to be entitled to Servicing Fees, the Servicer need not
charge off such Mortgage Loan and may continue making Advances, and the Servicer
will be required to notify the Trustee of such decision.

          (e) Any Mortgage Loan that is charged off, pursuant to (d) above, may
continue to be serviced by the Servicer for the Certificateholders using
specialized collection procedures (including foreclosure, if appropriate). The
Servicer will be entitled to Servicing Fees and reimbursement of expenses in
connection with such Mortgage Loans after the date of charge off, only to the
extent of funds available from any recoveries on any such Mortgage Loans. Any
such Mortgage Loans serviced in accordance with the specialized collection
procedures shall be serviced for approximately six months. Any net recoveries
received on such Mortgage Loans during such six month period will be treated as
Subsequent Recoveries.

     SECTION 3.13. Trustee to Cooperate; Release of Mortgage Files

     Upon the payment in full of any Mortgage Loan, or the receipt by the
Servicer of a notification that payment in full will be escrowed in a manner
customary for such purposes, the Servicer will promptly notify the Trustee or
its custodian by delivering a Request for Release substantially in the form


                                      -93-

<PAGE>

of Exhibit I. Upon receipt of a copy of such request, the Trustee or its
custodian shall promptly release the related Mortgage File to the Servicer, the
cost of which may be charged to the Servicer by the Trustee, and the Servicer is
authorized to cause the removal from the registration on the MERS System of any
such Mortgage if applicable, and the Servicer, on behalf of the Trustee shall
execute and deliver the request for reconveyance, deed of reconveyance or
release or satisfaction of mortgage or such instrument releasing the lien of the
Mortgage together with the Mortgage Note with written evidence of cancellation
thereon. Expenses incurred in connection with any instrument of satisfaction or
deed of reconveyance shall be chargeable to the Mortgagor to the extent
permitted by law, and otherwise to the Trust Fund to the extent such expenses
constitute "unanticipated expenses" within the meaning of Treasury Regulations
Section 1.860G-(1)(b)(3)(ii). From time to time and as shall be appropriate for
the servicing or foreclosure of any Mortgage Loan, including for collection
under any policy of flood insurance, any fidelity bond or errors or omissions
policy, or for the purposes of effecting a partial release of any Mortgaged
Property from the lien of the Mortgage or the making of any corrections to the
Mortgage Note or the Mortgage or any of the other documents included in the
Mortgage File, the Trustee or its custodian shall, upon delivery to the Trustee
or its custodian of a Request for Release in the form of Exhibit I signed by a
Servicing Officer, release the Mortgage File to the Servicer, and the cost of
delivery of the Mortgage File may be charged to the Servicer by the Trustee.
Subject to the further limitations set forth below, the Servicer shall cause the
Mortgage File or documents so released to be returned to the Trustee or its
custodian when the need therefor by the Servicer no longer exists, unless the
Mortgage Loan is liquidated and the proceeds thereof are deposited in the
Collection Account.

     Each Request for Release may be delivered to the Trustee or its custodian
(i) via mail or courier, (ii) via facsimile or (iii) by such other means,
including, without limitation, electronic or computer readable medium, as the
Servicer and the Trustee or its custodian shall mutually agree. The Trustee or
its custodian shall release the related Mortgage File(s) within four Business
Days of receipt of a properly completed Request for Release pursuant to clauses
(i), (ii) or (iii) above. Receipt of a properly completed Request for Release
shall be authorization to the Trustee or its custodian to release such Mortgage
Files, provided the Trustee or its custodian has determined that such Request
for Release has been executed, with respect to clauses (i) or (ii) above, or
approved, with respect to clause (iii) above, by an authorized Servicing Officer
of the Servicer, and so long as the Trustee or its custodian complies with its
duties and obligations under this Agreement. If the Trustee or its custodian is
unable to release the Mortgage Files within the period previously specified, the
Trustee or its custodian shall immediately notify the Servicer indicating the
reason for such delay. The Servicer shall not pay penalties or damages due to
the Trustee's or its designee's negligent failure to release the related
Mortgage File or the Trustee's or its designee's negligent failure to execute
and release documents in a timely manner, and such amounts shall be Servicer
Advances.

     On each day that the Servicer remits to the Trustee or its custodian
Requests for Releases pursuant to clauses (ii) or (iii) above, the Servicer
shall also submit to the Trustee or its custodian a summary of the total number
of such Requests for Releases requested on such day by the same method as
described in such clauses (ii) and (iii) above.

     If the Servicer at any time seeks to initiate a foreclosure proceeding in
respect of any Mortgaged Property as authorized by this Agreement, the Servicer
may deliver or cause to be delivered to the Trustee for signature, or on behalf
of the Trustee execute, any court pleadings, requests for trustee's sale or
other documents necessary to effectuate such foreclosure or any legal action
brought to obtain judgment against the Mortgagor on the Mortgage Note or the
Mortgage or to obtain a deficiency judgment or to enforce any other remedies or
rights provided by the Mortgage Note or the Mortgage or otherwise available at
law or


                                      -94-

<PAGE>

in equity. Notwithstanding the foregoing, the Servicer shall cause possession of
any Mortgage File or of the documents therein that shall have been released by
the Trustee to be returned to the Trustee promptly after possession thereof
shall have been released by the Trustee unless (i) the Mortgage Loan has been
liquidated and the Liquidation Proceeds relating to the Mortgage Loan have been
deposited in the Collection Account, and the Servicer shall have delivered to
the Trustee a Request for Release in the form of Exhibit I or (ii) the Mortgage
File or document shall have been delivered to an attorney or to a public trustee
or other public official as required by law for purposes of initiating or
pursuing legal action or other proceedings for the foreclosure of the Mortgaged
Property and the Servicer shall have delivered to the Trustee an Officer's
Certificate of a Servicing Officer certifying as to the name and address of the
Person to which the Mortgage File or the documents therein were delivered and
the purpose or purposes of such delivery.

     SECTION 3.14. Documents, Records and Funds in Possession of Servicer to be
Held for the Trustee.

     All Mortgage Files and funds collected or held by, or under the control of,
the Servicer in respect of any Mortgage Loans, whether from the collection of
principal and interest payments or from Liquidation Proceeds, including but not
limited to, any funds on deposit in the Collection Account, shall be held by the
Servicer for and on behalf of the Trustee and shall be and remain the sole and
exclusive property of the Trust Fund, subject to the applicable provisions of
this Agreement. The Servicer also agrees that it shall not create, incur or
subject any Mortgage File or any funds that are deposited in the Collection
Account, Certificate Account or in any Escrow Account, or any funds that
otherwise are or may become due or payable to the Trustee for the benefit of the
Certificateholders, to any claim, lien, security interest, judgment, levy, writ
of attachment or other encumbrance, or assert by legal action or otherwise any
claim or right of set off against any Mortgage File or any funds collected on,
or in connection with, a Mortgage Loan, except, however, that the Servicer shall
be entitled to set off against and deduct from any such funds any amounts that
are properly due and payable to the Servicer under this Agreement.

     SECTION 3.15. Servicing Compensation

     As compensation for its activities hereunder, the Servicer shall be
entitled to retain or withdraw from the Collection Account out of each payment
of interest on a Mortgage Loan included in the Trust Fund an amount equal to
interest at the applicable Servicing Fee Rate on the Stated Principal Balance of
the related Mortgage Loan as of the immediately preceding Distribution Date.

     Additional servicing compensation in the form of any Excess Proceeds, late
payment fees, assumption fees (i.e. fees related to the assumption of a Mortgage
Loan upon the purchase of the related Mortgaged Property) and similar fees
payable by the Mortgagor, Prepayment Interest Excess, all income and gain net of
any losses realized from Permitted Investments in the Collection Account, and
any other benefits arising from the Collection Account and the Escrow Account
shall be retained by the Servicer to the extent not required to be deposited in
the Collection Account and the Escrow Account pursuant to Sections 3.05, 3.06 or
3.12(a) hereof. The Servicer shall be required to pay all expenses incurred by
it in connection with its servicing activities hereunder and shall not be
entitled to reimbursement therefor except as specifically provided in this
Agreement. In no event shall the Trustee be liable for any Servicing Fee or for
any differential between the Servicing Fee and the amount necessary to induce a
successor servicer to act as successor servicer under this Agreement.


                                      -95-

<PAGE>

     SECTION 3.16. Access to Certain Documentation

     The Servicer shall provide to the OTS and the FDIC and to comparable
regulatory authorities supervising Holders of the Certificates and the examiners
and supervisory agents of the OTS, the FDIC and such other authorities, as
applicable, access to the documentation regarding the Mortgage Loans required by
applicable regulations of the OTS and the FDIC. Such access shall be afforded
without charge, but only upon reasonable and prior written request and during
normal business hours at the offices of the Servicer designated by it provided,
that the Servicer shall be entitled to be reimbursed by each such
Certificateholder for actual expenses incurred by the Servicer in providing such
reports and access. Nothing in this Section shall limit the obligation of the
Servicer to observe any applicable law prohibiting disclosure of information
regarding the Mortgagors and the failure of the Servicer to provide access as
provided in this Section as a result of such obligation shall not constitute a
breach of this Section. The Servicer shall provide to the Trustee access to its
records regarding the Mortgage Loans upon reasonable prior notice and during
regular business hours.

     SECTION 3.17. Annual Statement as to Compliance

     Not later than (a) March 12 of each calendar year (other than the calendar
year during which the Closing Date occurs) or (b) with respect to any calendar
year during which an annual report on Form 10-K is not required to be filed
pursuant to Section 3.20 on behalf of the Issuing Entity, by April 15 of each
calendar year (or if such day is not a Business Day, the immediately succeeding
Business Day), the Servicer shall deliver to the Trustee and the Depositor, an
Officer's Certificate in the form attached hereto as Exhibit U stating, as to
each signatory thereof, that (i) a review of the activities of the Servicer
during the preceding calendar year and of the performance of the Servicer under
this Agreement has been made under such officer's supervision, and (ii) to the
best of such officer's knowledge, based on such review, such Servicer has
fulfilled all its obligations under this Agreement in all material respects
throughout such year or a portion thereof, or, if there has been a failure to
fulfill any such obligation in any material respect, specifying each such
failure known to such officer and the nature and status thereof. With respect to
any Subservicer that meets the criteria of Item 1108(a)(2)(i) through (iii) of
Regulation AB, the Servicer shall deliver, on behalf of that Subservicer, the
Officer's Certificate set forth in this Section 3.17 as and when required with
respect to such Subservicer. Notwithstanding anything to the contrary in this
Agreement, with respect to this Section 3.17 only, the Special Servicer shall be
deemed to be a Subservicer; provided, however, the Servicer shall have no
liability for the Subservicer's performance hereunder.

     SECTION 3.18. Annual Independent Public Accountants' Servicing Statement;
Financial Statements

          (a) Not later than (i) March 12 of each calendar year (other than the
calendar year during which the Closing Date occurs) or (ii) with respect to any
calendar year during which an annual report on Form 10-K is not required to be
filed pursuant to Section 3.20 on behalf of the Issuing Entity, by April 15 of
each calendar year (or if such day is not a Business Day, the immediately
succeeding Business Day), the Servicer, at its own expense, shall deliver to the
Trustee and the Depositor an officer's assessment of its compliance with the
Servicing Criteria during the preceding calendar year as required by Rules
13a-18 and 15d-18 of the Exchange Act and Item 1122 of Regulation AB (the
"Assessment of Compliance"), which assessment shall be substantially in the form
of Exhibit R hereto.

          (b) Not later than (i) March 12 of each calendar year (other than the
calendar year during which the Closing Date occurs) or (ii) with respect to any
calendar year during which an annual report on Form 10-K is not required to be
filed pursuant to Section 3.20 on behalf of the Issuing Entity, April 15 of each
calendar year (or if such day is not a Business Day, the immediately succeeding
Business


                                      -96-

<PAGE>

Day), the Servicer, at its own expense, shall cause a nationally or regionally
recognized firm of independent registered public accountants (who may also
render other services to any Servicer, the Sponsor or any Affiliate thereof)
which is a member of the American Institute of Certified Public Accountants to
furnish a statement to the Trustee and the Depositor that attests to and reports
on the Assessment of Compliance provided by such Servicer pursuant to Section
3.18(a) (the "Accountant's Attestation"). Such Accountant's Attestation shall be
in accordance with Rules 1-02(a)(3) and 2-02(g) of Regulation S-X under the
Securities Act and the Exchange Act.

          (c) Only to the extent that any Subservicer is servicing over 5% of
the Mortgage Loans, the Servicer shall deliver on behalf of any Subservicer and
each Subcontractor (unless, in the case of any Subcontractor, the Depositor has
notified the Servicer and the Trustee in writing that such compliance statement
is not required by Regulation AB) not later than March 12 of each calendar year
(other than the calendar year during which the Closing Date occurs) with respect
to any calendar year during which the Issuing Entity's annual report on Form
10-K is required to be filed in accordance with the Exchange Act and the rules
and regulations of the Commission, to the Trustee and the Depositor an
Assessment of Compliance, which assessment shall be substantially in the form of
Exhibit R hereto. The Servicer shall deliver on behalf of any Subservicer (other
than the calendar year during which the Closing Date occurs) with respect to any
calendar year during which the Issuing Entity's annual report on Form 10-K is
not required to be filed in accordance with the Exchange Act and the rules and
regulations of the Commission, by April 15 of each calendar year (or, in each
case, if such day is not a Business Day, the immediately succeeding Business
Day) to the Trustee and the Depositor an Assessment of Compliance, which
assessment shall be substantially in the form of Exhibit R hereto.

          (d) Only to the extent that any Subservicer is servicing over 5% of
the Mortgage Loans, not later than March 12 of each calendar year (other than
the calendar year during which the Closing Date occurs) with respect to any
calendar year during which the Issuing Entity's annual report on Form 10-K is
required to be filed in accordance with the Exchange Act and the rules and
regulations of the Commission, the Servicer shall cause each Subservicer and
each Subcontractor (unless, in the case of any Subcontractor, the Depositor has
notified the Trustee and Servicer in writing that such compliance statement is
not required by Regulation AB) to deliver to the Trustee and the Depositor an
Accountant's Attestation by a registered public accounting firm that attests to,
and reports on, the Assessment of Compliance pursuant to Section 3.18(c) above.
Other than the calendar year during which the Closing Date occurs, with respect
to any calendar year during which the Issuing Entity's annual report on Form
10-K is not required to be filed in accordance with the Exchange Act and the
rules and regulations of the Commission, not later than April 15 of each
calendar year (or, in each case, if such day is not a Business Day, the
immediately succeeding Business Day), the Servicer shall cause each Subservicer
to deliver to the Trustee and the Depositor an Accountant's Attestation by a
registered public accounting firm that attests to, and reports on, the
Assessment of Compliance pursuant to Section 3.18(c) above.

          (e) Not later than, with respect to any calendar year during which the
Issuing Entity's annual report on Form 10K is required to be filed in accordance
with the Exchange Act and the rules and regulations of the Commission, 15
calendar days before the date on which the Issuing Entity's annual report on
Form 10-K with respect to the transactions contemplated by this Agreement is
required to be filed in accordance with the Exchange Act and the rules and
regulations of the Commission (or, in each case, if such day is not a Business
Day, the immediately preceding Business Day), the Trustee shall deliver to the
Depositor and the Servicer an Assessment of Compliance with regard to the
Servicing Criteria applicable to the Trustee during the preceding calendar year,
which assessment shall be substantially in the form of Exhibit R hereto.


                                      -97-

<PAGE>

          (f) Not later than, with respect to any calendar year during which the
Issuing Entity's annual report on Form 10K is required to be filed in accordance
with the Exchange Act and the rules and regulations of the Commission, 15
calendar days before the date on which the Issuing Entity's annual report on
Form 10-K with respect to the transactions contemplated by this Agreement is
required to be filed in accordance with the Exchange Act and the rules and
regulations of the Commission (or, in each case, if such day is not a Business
Day, the immediately preceding Business Day), the Trustee shall deliver to the
Depositor and the Servicer an Accountant's Attestation by a registered public
accounting firm that attests to, and reports on, the Assessment of Compliance
pursuant to Section 3.18(e) above.

          (g) Not later than, with respect to any calendar year during which the
Issuing Entity's annual report on Form 10-K is required to be filed in
accordance with the Exchange Act and the rules and regulations of the
Commission, fifteen (15) calendar days before the date on which the Issuing
Entity's annual report on Form 10-K is required to be filed in accordance with
the Exchange Act and the rules and regulations of the Commission (or, in each
case, if such day is not a Business Day, the immediately preceding Business
Day), the Depositor shall cause each custodian, if any, to deliver to the
Depositor, the Servicer and the Trustee an Assessment of Compliance with regard
to the Servicing Criteria applicable to such custodian during the preceding
calendar year, which assessment shall be substantially in the form of Exhibit R
hereto.

          (h) Not later than March 12, (or, in each case, if such day is not a
Business Day, the immediately succeeding Business Day), of any calendar year
(other than the calendar year during which the Closing Date occurs) during which
the Issuing Entity's annual report on Form 10-K is required to be filed in
accordance with the Exchange Act and the rules and regulations of the
Commission, the Depositor shall cause each custodian, if any, to deliver to the
Depositor, the Servicer and the Trustee an Accountant's Attestation by a
registered public accounting firm that attests to, and reports on, the
Assessment of Compliance pursuant to Section 3.18(g) above.

          (i) [Reserved].

          (j) [Reserved].

          (k) The Trustee agrees to require any custodian appointed by it to
indemnify and hold harmless the Trustee, the Depositor and the Servicer and each
Person, if any, who "controls" the Trustee, the Depositor or the Servicer within
the meaning of the Securities Act and its officers, directors and Affiliates
from and against any losses, damages, penalties, fines, forfeitures, reasonable
and necessary legal fees and related costs, judgments and other costs and
expenses that such Person may sustain arising out of third party claims based on
(i) the failure of the custodian, if any, to deliver when required any
information required of it pursuant to Section 3.18 or 3.20 or (ii) any material
misstatement or omission contained in any information provided on its behalf
pursuant to Section 3.18 or 3.20.

          (l) Copies of such Assessments of Compliance and Accountant's
Attestations shall be available on the Trustee's website www.etrustee.net to any
Certificateholder, provided such statement is delivered to the Trustee. The
initial Assessments of Compliance and Accountant's Attestations required
pursuant to this Section 3.18 shall be delivered to the Trustee, and the
Depositor, as applicable, by each party no later than March 12, 2007.

          (m) Each of the parties hereto acknowledges and agrees that the
purpose of this Section 3.18 is to facilitate compliance by the Sponsor and the
Depositor with the provisions of


                                      -98-

<PAGE>

Regulation AB, as such may be amended or clarified from time to time. Therefore,
each of the parties agrees that the parties' obligations hereunder will be
supplemented and modified as necessary to be consistent with any such
amendments, interpretive advice or guidance, convention or consensus among
active participants in the asset-backed securities markets, advice of counsel,
or otherwise in respect of the requirements of Regulation AB and the parties
shall comply with requests made by the Sponsor or the Depositor for delivery of
additional or different information as the Sponsor or the Depositor may
determine in good faith is necessary to comply with the provisions of Regulation
AB, provided that such information is available to such party without
unreasonable effort or expense and within such timeframe as may be reasonably
requested. Any such supplementation or modification shall be made in accordance
with Section 10.01 without the consent of the Certificateholders, and may result
in a change in the reports filed by the Trustee on behalf of the Issuing Entity
under the Exchange Act. Notwithstanding anything to the contrary in this
Agreement, with respect to this Section 3.18 only, the Special Servicer shall be
deemed to be a Subservicer; provided, however, the Servicer shall have no
liability for the Subservicer's performance hereunder.

     SECTION 3.19. Subordination of Liens.

     In connection with any governmental program under which a Mortgagor may
obtain a benefit in the event the related Mortgaged Property is subject to a
disaster provided that the Mortgagor files a covenant or other lien against the
Mortgaged Property and is required to obtain the subordination thereto of the
Mortgage, the Servicer may cause such subordination to be executed and filed
provided that either (i) the related Mortgage Loan is in default or, in the
Servicer's best judgment, default with respect to such Mortgage Loan is imminent
or (ii) such subordination and participation in such governmental program will
not result in a change in payment expectations with respect to such Mortgage
Loan. For purposes of the preceding sentence, a change in payment expectations
occurs if, as a result of such subordination and participation in such
governmental program, (1) there is a substantial enhancement of the Mortgagor's
capacity to meet the payment obligations under the Mortgage Loan and that
capacity was primarily speculative prior to such subordination and participation
in such governmental program and is adequate after such subordination and
participation in such governmental program or (2) there is a substantial
impairment of the Mortgagor's capacity to meet the payment obligations under the
Mortgage Loan and that capacity was adequate prior to such subordination and
participation in such governmental program and is primarily speculative after
such subordination and participation in such governmental program. The preceding
sentence and clause (ii) of the second preceding sentence are intended to comply
with Treasury Regulations Section 1.1001-3(e)(4) and shall be interpreted in
accordance therewith.

     SECTION 3.20. Periodic Filings

     As set forth on Schedule X hereto, for so long as the Issuing Entity is
subject to the Exchange Act reporting requirements, no later than the end of
business on the 2nd Business Day after the occurrence of an event requiring
disclosure on Form 8K (a "reportable event") (i) the Depositor, the Sponsor or
the Servicer shall have timely notified the Trustee of an item reportable on a
Form 8-K (unless such item is specific to the Trustee, in which case the Trustee
will be deemed to have notice), (ii) shall have delivered to the Trustee, all
information, data, and exhibits required to be provided or filed with such Form
8-K in a word format agreed upon by the Trustee and Depositor, Seller or
Servicer and (iii) the Depositor or the Trustee, to the extent the reportable
item pertains to such party, shall notify the Servicer thereof by telephone. The
Trustee shall not be responsible for determining what information is required to
be filed on a Form 8-K in connection with the transactions contemplated by this
Agreement (unless such information is specific to the Trustee, in which case the
Trustee will be responsible for consulting with the Depositor or Servicer in
making such a determination) or what events shall cause a Form 8-K to be
required to be filed (unless such event is specific to the Trustee, in which
case the Trustee will be responsible for consulting with the Depositor or
Servicer before causing such Form 8-K to be filed) and


                                      -99-
<PAGE>

shall not be liable for any late filing of a Form 8-K in the event that it does
not receive all information, data and exhibits required to be provided or filed
on or prior to the second Business Day prior to the applicable filing deadline
and with respect to signatures, by noon, New York City time, on the fourth
Business Day after the reportable event. After preparing the Form 8-K on behalf
of the Depositor, the Trustee shall, if required, forward electronically a draft
copy of the Form 8-K to the Depositor and the Servicer for review. No later than
one and one-half Business Days after receiving a final copy of the Form 8-K from
the Trustee, unless the Servicer has received from the Depositor a notice to the
contrary, a duly authorized representative of the Servicer shall sign the Form
8-K and return an electronic or fax copy of such signed Form 8-K (with an
original executed hard copy to follow by overnight mail) to the Trustee and the
Trustee shall file such Form 8-K; provided that the Depositor has notified the
Trustee that it approves of the form and substance of such Form 8-K. If a Form
8-K cannot be filed on time or if a previously filed Form 8-K needs to be
amended, the Trustee will follow the procedures set forth in this Agreement.
After filing with the Commission, the Trustee will, pursuant to this Agreement,
make available on its internet website a final executed copy of each Form 8-K.
The Trustee will have no obligation to prepare, execute or file such Form 8-K or
any liability with respect to any failure to properly prepare, execute or file
such Form 8-K resulting from the Trustee's inability or failure to obtain or
receive any information needed to prepare, arrange for execution or file such
Form 8-K within the time frames required by this paragraph, not resulting from
its own negligence, bad faith or willful misconduct.

     Within fifteen (15) days after each Distribution Date, the Trustee shall,
on behalf of the Issuing Entity and in accordance with industry standards, file
with the Commission via the Electronic Data Gathering and Retrieval System
(EDGAR), a Form 10-D with a copy of the report to the Certificateholders for
such Distribution Date as an exhibit thereto. Any other information provided to
the Trustee by the Servicer or Depositor to be included in Form 10-D shall be
determined and prepared by and at the direction of the Depositor pursuant to the
following paragraph and the Trustee will have no duty or liability for any
failure hereunder to determine or prepare any additional information on Form
10-D ("Additional Form 10-D Disclosure") as set forth in the next paragraph.

     As set forth in Schedule Y hereto, within five (5) calendar days after the
related Distribution Date (i) the parties hereto, as applicable, will be
required to provide to the Depositor and the Servicer, to the extent known to
such party, any Additional Form 10-D Disclosure (including any breaches of pool
asset representations and warranties or transaction covenants of which the party
has written notice and which has not been included on the monthly distribution
report for the period), if applicable, and (ii) the Depositor, to the extent it
deems necessary, forward to the Trustee in EDGAR-compatible form (with a copy to
the Servicer), or in such other form as otherwise agreed upon by the Trustee and
the Depositor, the form and substance of the Additional Form 10-D Disclosure by
the eighth (8th) calendar day after the related Distribution Date. The Depositor
will be responsible for any reasonable fees and expenses incurred by the Trustee
in connection with including any Additional Form 10-D Disclosure on Form 10-D
pursuant to this paragraph.

     After preparing the Form 10-D at the direction of the Depositor, the
Trustee will forward electronically a draft copy of the Form 10-D to the
Depositor and the Servicer for review by the 9th calendar day after the
Distribution Date. No later than two (2) Business Days after receipt of a final
copy after the related Distribution Date, unless the Servicer receives a notice
from the Trustee as described below or a notice from the Depositor that it has
discovered a material deficiency or irregularity with respect to such Form 10-D,
a duly authorized representative of the Servicer shall sign the Form 10-D and
return an electronic or fax copy of such Form 10-D (with an original executed
hard copy to follow by overnight mail) to the Trustee and the Trustee shall file
such Form 10-D within two business days.


                                     -100-

<PAGE>

Unless the Servicer shall have received notice from the Trustee to the contrary,
the Trustee will be deemed to have represented to the Servicer that the monthly
statement has been properly prepared by the Trustee and the Servicer may rely
upon the accuracy thereof in it execution of the Form 10-D. If a Form 10-D
cannot be filed on time (because of notice from the Trustee per the previous
sentence or otherwise) or if a previously filed Form 10-D needs to be amended,
the Trustee will follow the procedures set forth in this Agreement. After filing
with the Commission, the Trustee will make available on its internet website a
final executed copy of each Form 10-D. The Trustee will have no liability with
respect to any failure to properly prepare, execute or file such Form 10-D
resulting from the Trustee's inability or failure to obtain or receive any
information needed to prepare, arrange for execution or file such Form 10-D on a
timely basis.

     Prior to March 30, 2007 (and, if applicable, prior to the ninetieth (90th)
calendar day after the end of the fiscal year for the Issuing Entity), the
Trustee shall, on behalf of the Issuing Entity and in accordance with industry
standards, prepare and file with the Commission via EDGAR a Form 10 -K with
respect to the Issuing Entity. Such Form 10-K shall include the following items,
in each case to the extent they have been delivered to the Trustee within the
applicable time frames set forth in this Agreement, (i) an annual compliance
statement for the Servicer and each Subservicer, as described in Section 3.17 of
the Agreement, (ii)(A) the annual reports on Assessment of Compliance with
Servicing Criteria for each Servicer, Subservicer and Subcontractor (unless the
Depositor has determined that such compliance statement is not required by
Regulation AB), as described in Section 3.18 of the Agreement, and (B) if any
Reporting Servicer's report on Assessment of Compliance with Servicing Criteria
described in Section 3.18 identifies any material instance of noncompliance,
disclosure identifying such instance of noncompliance, or if any report on
assessment of compliance with servicing criteria described in Section 3.18 of
the Agreement is not included as an exhibit to such Form 10-K, disclosure that
such report is not included and an explanation why such report is not included,
(iii)(A) the registered public accounting firm attestation report for the
Servicer and each Subservicer, as described in Section 3.18 of the Agreement,
and (B) if any registered public accounting firm attestation report described in
the Section 3.18 of the Agreement identifies any material instance of
noncompliance, disclosure identifying such instance of noncompliance, or if any
such registered public accounting firm attestation report is not included as an
exhibit to such Form 10-K, disclosure that such report is not included and an
explanation why such report is not included, and (iv) a Sarbanes-Oxley
Certification in the form attached hereto as Exhibit T, executed by the senior
officer in charge of securitizations of the Servicer. Any disclosure or
information in addition to (i) through (iv) above that is required to be
included on Form 10-K ("Additional Form 10-K Disclosure") shall be determined
and prepared by and at the direction of the Depositor pursuant to the following
paragraph and the Trustee will have no duty or liability for any failure
hereunder to determine or prepare any Additional Form 10-K Disclosure, except as
set forth in the next paragraph.

     As set forth in Schedule Z hereto, no later than March 12 of each year that
the Issuing Entity is subject to the Exchange Act reporting requirements,
commencing in 2007, (i) certain parties to the transaction shall be required to
provide to the Depositor and the Servicer, to the extent known, any Additional
Form 10-K Disclosure, if applicable, and (ii) the Depositor shall, to the extent
it deems necessary, forward to the Trustee in EDGAR-compatible form, or in such
other form as otherwise agreed upon by the Trustee and the Depositor, the form
and substance of the Additional Form 10-K Disclosure by March 15. The Depositor
will be responsible for any reasonable fees and expenses incurred by the Trustee
in connection with including any Additional Form 10-K Disclosure on Form 10-K
pursuant to this paragraph.


                                     -101-

<PAGE>

     After preparing the Form 10-K, the Trustee shall forward electronically a
draft copy of the Form 10-K to the Depositor and the Servicer for review. Upon
the request of the Servicer, the Depositor shall confirm that it has reviewed
the Form 10-K, that it has been properly prepared and that the Servicer may rely
on the accuracy thereof (other than with respect to any portion of the Form 10-K
or any exhibit thereto provided by the Servicer (other than any portion thereof
with respect to which the Servicer has relied on the Trustee)). No later than
5:00 p.m. EST on the 3rd Business Day following receipt of a final copy of the
Form 10-K and if requested, the above-described confirmation from the Depositor,
a senior officer of the Servicer shall sign the Form 10-K and return an
electronic or fax copy of such signed Form 10-K (with an original executed hard
copy to follow by overnight mail) to the Trustee and the Trustee shall file such
Form 10-K by March 30th. If a Form 10-K cannot be filed on time or if a
previously filed Form 10-K needs to be amended, the Trustee will follow the
procedures set forth in the Agreement. After filing with the Commission, the
Trustee will, pursuant to the Agreement, make available on its internet website
a final executed copy of each Form 10-K. The Trustee shall have no liability
with respect to any failure to properly prepare, execute or file such Form 10-K
resulting from the Trustee's inability or failure to obtain or receive any
information needed to prepare, arrange for execution or file such Form 10-K on a
timely basis.

     Each Form 10-K shall include a certification (the "Sarbanes-Oxley
Certification") which shall be in the form attached hereto as Exhibit T. The
Servicer will cause its senior officer in charge of securitization to execute
the Sarbanes-Oxley Certification required pursuant to Rule 13a -14 under the
Securities Exchange Act of 1934, as amended, and to deliver the original
executed Sarbanes-Oxley Certification to the Trustee by March 12 of each year in
which the Issuing Entity is subject to the reporting requirements of the
Exchange Act. In connection therewith, each of the Trustee and the Servicer
shall sign a certification (in the form attached hereto as Exhibit K and Exhibit
L, respectively) for the benefit of the Servicer and its officers, directors and
Affiliates regarding certain aspects of the Sarbanes-Oxley Certification. To the
extent any information or exhibits required to be included in the Form 10 -K are
not timely received by the Trustee prior to March 30, the Trustee shall, on
behalf of the Trust, file a Form 12B-25 and one or more amended Form 10-Ks, to
the extent such amendments are accepted pursuant to the Exchange Act, to include
such missing information or exhibits promptly after receipt thereof by the
Trustee.

     On or before January 30, 2007, the Trustee shall, if legally permissible
under applicable regulations and interpretations of the Commission, on behalf of
the Issuing Entity and in accordance with industry standards, file with the
Commission via EDGAR a Form 15 Suspension Notification with respect to the
Issuing Entity, if applicable.

     The Servicer agrees to furnish to the Trustee promptly, from time to time
upon request, such further information, reports, and financial statements within
its control related to this Agreement and the Mortgage Loans as is reasonably
necessary to prepare and file all necessary reports with the Commission. The
Trustee shall have no responsibility to file any items with the Commission other
than those specified in this section and the Servicer shall execute any and all
Form 8-Ks, Form 10-Ds and Form 10-Ks required hereunder.

     If the Commission issues additional interpretative guidance or promulgates
additional rules or regulations with respect to Regulation AB or otherwise, or
if other changes in applicable law occur, that would require the reporting
arrangements, or the allocation of responsibilities with respect thereto,
described in this Section 3.20, to be conducted differently than as described,
the Depositor, the Servicer, and the Trustee will reasonably cooperate to amend
the provisions of this Section 3.20 in order to comply


                                     -102-

<PAGE>

with such amended reporting requirements and such amendment of this Section
3.20. Any such amendment shall be made in accordance with Section 10.01 without
the consent of the Certificateholders, and may result in a change in the reports
filed by the Trustee on behalf of the Issuing Entity under the Exchange Act.
Notwithstanding the foregoing, the Depositor, the Servicer, and the Trustee
shall not be obligated to enter into any amendment pursuant to this Section 3.20
that adversely affects its obligations and immunities under this Agreement.

     The Depositor, the Servicer and the Trustee agree to use their good faith
efforts to cooperate in complying with the requirements of this Section 3.20.

     SECTION 3.21. Indemnification by Trustee

     The Trustee shall indemnify and hold harmless the Depositor, the Servicer
and their respective officers, directors, agents and Affiliates from and against
any losses, damages, penalties, fines, forfeitures, reasonable legal fees and
related costs, judgments and other costs and expenses arising out of or based
upon a breach by the Trustee or any of its officers, directors, agents or
Affiliates of its obligations under Sections 3.18 and 3.20, any material
misstatement or omission in any documents prepared thereunder (to the extent the
Trustee is responsible for providing information or calculating amounts included
in such information), the failure of the Trustee to deliver when required any
Assessment of Compliance or Accountant's Attestation required of it pursuant to
Section 3.18, or any material misstatement or omission contained in any
Assessment of Compliance or Accountant's Attestation provided on its behalf
pursuant to Section 3.18, or the negligence, bad faith or willful misconduct of
the Trustee in connection therewith. If the indemnification provided for herein
is unavailable or insufficient to hold harmless the indemnified parties, then
the Trustee agrees that it shall contribute to the amount paid or payable by the
indemnified parties as a result of the losses, claims, damages or liabilities of
the indemnified parties in such proportion as is appropriate to reflect the
relative fault of the Trustee on the one hand and of the indemnified parties on
the other.

     SECTION 3.22. Indemnification by Servicer

     The Servicer shall indemnify and hold harmless the Trustee and the
Depositor and their respective officers, directors, agents and Affiliates from
and against any losses, damages, penalties, fines, forfeitures, reasonable legal
fees and related costs, judgments and other costs and expenses arising out of or
based upon a breach by the Servicer or any of its officers, directors, agents or
Affiliates of its obligations under Sections 3.17, 3.18 and 3.20, any material
misstatement or omission in any documents prepared thereunder (to the extent the
Servicer is responsible for providing information or calculating amounts
included in such information), the failure of such Servicer or any related
Subservicer or Subcontractor to deliver or cause to be delivered when required
any Assessment of Compliance or Accountant's Attestation required of it pursuant
to Section 3.18 or Annual Statement of Compliance required pursuant to Section
3.17, as applicable, or any material misstatement or omission contained in any
Assessment of Compliance, Accountant's Attestation or Annual Statement as to
Compliance provided on its behalf pursuant to Section 3.18 or 3.17, as
applicable, or the negligence, bad faith or willful misconduct of the Servicer
in connection therewith. If the indemnification provided for herein is
unavailable or insufficient to hold harmless the indemnified parties, then the
Servicer agrees that it shall contribute to the amount paid or payable by the
indemnified parties as a result of the losses, claims, damages or liabilities of
the indemnified parties in such proportion as is appropriate to reflect the
relative fault of the Servicer on the one hand and the indemnified parties on
the other.


                                     -103-

<PAGE>


     Notwithstanding the foregoing, the Servicer shall be entitled to rely
conclusively on the accuracy of the information or data provided to the Servicer
in the respective Assessment of Compliance regarding the Servicing Criteria
applicable to the Trustee under Sections 3.18(e) and 3.18(f) or the Depositor
under Sections 3.18(g) and 3.18(h) in connection with the Servicer's document
preparation under Sections 3.17, 3.18 and 3.20, and the Servicer shall be
entitled to rely conclusively upon and shall have no liability for any errors in
such information.

     SECTION 3.23. Prepayment Charge Reporting Requirements

     Promptly after each Distribution Date, the Servicer shall provide to the
Depositor and the Trustee the following information with regard to each Mortgage
Loan that has prepaid during the related Prepayment Period:

          (i) loan number;

          (ii) current Mortgage Rate;

          (iii) current principal balance;

          (iv) original principal balance;

          (v) Prepayment Charge amount due; and

          (vi) Prepayment Charge amount collected.

     SECTION 3.24. Information to the Trustee

     Two Business Days after the 15th day of each month, but not later than the
18th day of each month, the Servicer shall furnish to the Trustee in electronic
format (i) the Remittance Report pursuant to Section 4.04(j) and (ii) a
delinquency report in the form attached hereto as Exhibit for the period ending
on the last Business Day of the preceding month (and with respect to prepayments
in full, for the period ending on the 14th day of the month in which such report
is to be furnished); provided, however, that in the event the 18th day is not a
Business Day, the aforementioned reports shall be furnished by the Servicer to
the Trustee on the next Business Day; and provided, further, that in the event
there are three non-Business Days preceding the 18th day, the Servicer will (a)
furnish to the Trustee, on or before the 18th day of the month, the
aforementioned reports, which will not include information arising from the
related Prepayment Period, and (b) furnish to the Trustee, by 3:00 P.M., EST on
the next succeeding Business Day after the 18th day, a cumulative version of the
aforementioned reports which includes such information arising from the related
Prepayment Period.

     SECTION 3.25. Indemnification

     The Servicer shall indemnify the Sponsor, the Issuing Entity, the Trustee
(in its individual capacity and in its capacity as trustee), the Depositor and
their officers, directors, employees and agents and hold each of them harmless
against any and all claims, losses, damages, penalties, fines, forfeitures,
reasonable and necessary legal fees and related costs, judgments, and any other
costs, fees and expenses that any of such parties may sustain in any way related
to the failure of the Servicer to perform its duties and service the Mortgage
Loans in compliance with the terms of this Agreement by reason of negligence,


                                     -104-

<PAGE>


willful misfeasance or bad faith in the performance of its duties or by reason
of reckless disregard of obligations and duties hereunder. The Servicer
immediately shall notify the Sponsor, the Trustee and the Depositor or any other
relevant party if a claim is made by a third party with respect to such party
and this Agreement or the Mortgage Loans and, if subject to this indemnification
obligation, assume (with the prior written consent of the indemnified party,
which consent shall not be unreasonably withheld or delayed) the defense of any
such claim and pay all expenses in connection therewith, including counsel fees,
and promptly pay, discharge and satisfy any judgment or decree which may be
entered against it or any of such parties in respect of such claim. The Servicer
shall follow any reasonable written instructions received from the Trustee in
connection with such claim, it being understood that the Trustee shall have no
duty to monitor or give instructions with respect to such claims, and the
Servicer will not have any liability for following such instructions. The
Servicer shall provide the Depositor and the Trustee with a written report of
all expenses and advances incurred by the Servicer pursuant to this Section
3.25(a), and the Servicer shall promptly reimburse itself from the assets of the
Trust Fund in the Collection Account for all amounts advanced by it pursuant to
the preceding sentence except when the claim in any way relates to the gross
negligence, bad faith or willful misconduct of the Servicer. The provisions of
this paragraph shall survive the termination of this Agreement and the payment
of the outstanding Certificates.

     SECTION 3.26. Solicitation

     The Servicer may solicit or refer to a mortgage originator, who may or may
not be an affiliate of the Depositor or the Servicer, any Mortgagor for
refinancing or otherwise take action to encourage refinancing.

     SECTION 3.27. High Cost Mortgage Loans

     In the event that the Servicer reasonably determines that a Mortgage Loan
may be a "high cost mortgage loan", "high cost home", "covered", "high cost",
"high risk home", "predatory" or similarly classified loan under any applicable
state, federal or local law, the Servicer may notify the Depositor, the Sponsor
and the Trustee thereof; the Servicer may terminate its servicing thereof; and
such determination shall be deemed to materially and adversely affect the
interests of the Certificateholders in such Mortgage Loan and the Transferor, or
the Sponsor, in event the Transferor does not do so, will repurchase the
Mortgage Loan within a 30 day period from the date of the notice in the manner
described in Section 2.05.

     SECTION 3.28. Special Servicing of Defaulted Mortgage Loans

     On the Closing Date, the Servicer, the Special Servicer and the Trustee
shall enter into the Special Servicing Agreement pursuant to which the Special
Servicer shall service the Specially Serviced Mortgage Loans. The Special
Servicer shall perform all obligations under the Special Servicing Agreement on
behalf of the Trustee for the benefit of the Certificateholders. Without
limiting the generality of the foregoing, neither the Servicer nor the Trustee
shall have any obligations, duties or liabilities with respect to the Special
Servicer (except as specified in the Special Servicing Agreement), including the
duty to monitor the performance of the Special Servicer or to pay the Special
Servicer's fees and expenses. The Servicer shall also have no liability
hereunder for the obligations or acts or omissions of the Special Servicer. Once
transferred to the Special Servicer, the Specially Serviced Mortgage Loans shall
be serviced by the Special Servicer


                                     -105-

<PAGE>
 regardless of delinquency status, and for purposes hereunder, the Special
Servicer shall be deemed with respect to such Specially Serviced Mortgage Loans
to be the "Servicer" (except as otherwise provided herein). Upon the termination
of the Special Servicing Agreement, the Servicer will assume the servicing of
the Specially Serviced Mortgage Loans in accordance with the terms of this
Agreement. If the Special Servicer is terminated due to an Event of Default
resulting from the failure to make the required Advance prior to the related
Distribution Date, the Servicer shall thereupon make the required Advance,
subject to Section 3.04 hereof.

     SECTION 3.29. Optional Purchase of Defaulted Mortgage Loans

     The Special Servicer (or an affiliate of the Special Servicer) may, at its
option, repurchase a Mortgage Loan or REO Property, which becomes 120 or more
days delinquent or for which the Special Servicer has accepted a deed in lieu of
foreclosure, at the Purchase Price by providing notice thereof to the Trustee
and depositing the full amount of the Purchase Price in the Collection Account,
during the period commencing on the first day of the calendar quarter succeeding
the calendar quarter in which the Initial Delinquency Date occurred with respect
to such Mortgage Loan and ending on the last Business Day of such calendar
quarter. If the Special Servicer (or an affiliate of the Special Servicer) does
not exercise its purchase right with respect to a Mortgage Loan during the
period specified in the preceding sentence, such Mortgage Loan shall thereafter
again become eligible for purchase pursuant to the preceding sentence only after
the Mortgage Loan ceases to be 120 days or more Delinquent and thereafter
becomes 120 days Delinquent again as reported by the Special Servicer. The
"Initial Delinquency Date" of a Mortgage Loan shall mean the date on which the
Mortgage Loan first becomes 120 days Delinquent.

     Upon receipt by the Trustee of an Officer's Certificate of the Special
Servicer certifying that the full amount of the Purchase Price for a repurchased
Mortgage Loan or REO Property has been deposited in the Collection Account
accompanied by a Request for Release substantially in the form of Exhibit I, the
Trustee shall release to the Special Servicer the related Mortgage File and
shall execute and deliver such instruments of transfer or assignment, in each
case without recourse, representation or warranty, as shall be necessary to vest
in such party or its designee or assignee title to Mortgage Loan or REO Property
purchased pursuant hereto, free and clear of all security interests, liens and
other encumbrances created by this Agreement, which instruments shall be
prepared by the Special Servicer, and the Trustee (and its custodian) shall have
no further responsibility with respect to the Mortgage File relating to such
Mortgage Loan or REO Property.

                                   ARTICLE IV

                                  DISTRIBUTIONS

     SECTION 4.01. Advances

          (a) Subject to the conditions of this Article IV, the Servicer, as
required below, shall make an Advance and deposit such Advance in the Collection
Account. The Servicer shall use commercially reasonable efforts to remit each
such Advance no later than 2:30 p.m. Eastern time, but in any case no later than
4:00 p.m. Eastern time, on the Servicer Remittance Date in immediately available
funds. The Servicer shall be obligated to make any such Advance only to the
extent that such advance would not be a Non-Recoverable Advance. If the Servicer
shall have determined that it has made a Non-Recoverable Advance or that a
proposed Advance or a lesser portion of such Advance would constitute a
Non-Recoverable Advance, the Servicer shall deliver (i) to the Trustee for the
benefit of the Certificateholders, funds constituting the remaining portion of
such Advance, if applicable, and (ii) to the Depositor, each Rating Agency and
the Trustee an Officer's Certificate setting forth the basis for such
determination. The Servicer may, in its sole discretion, make an Advance with
respect to the principal portion of the final Scheduled Payment on a Balloon
Loan, but the Servicer is under no obligation to do so; provided, however, that
nothing in this sentence shall affect the Servicer's obligation under this
Section 4.01 to Advance the interest portion of the final Scheduled Payment with
respect to a Balloon Loan as if such Balloon Loan were a fully amortizing
Mortgage Loan. If a Mortgagor does not pay its final Scheduled Payment on a
Balloon Loan when due, the Servicer shall Advance (unless it determines in its
good faith judgment that such amounts would constitute a Non-Recoverable
Advance) a full month of interest (net of the Servicing Fee) on the Stated
Principal Balance thereof each month until its Stated Principal Balance is
reduced to zero.

     In lieu of making all or a portion of such Advance from its own funds, the
Servicer may (i) cause to be made an appropriate entry in its records relating
to the Collection Account that any amount held for future distribution has been
used by the Servicer in discharge of its obligation to make any such Advance


                                     -106-

<PAGE>

and (ii) transfer such funds from the Collection Account to the Certificate
Account. In addition, the Servicer shall have the right to reimburse itself for
any such Advance from amounts held from time to time in the Collection Account
to the extent such amounts are not then required to be distributed. Any funds so
applied and transferred pursuant to the previous two sentences shall be replaced
by the Servicer by deposit in the Collection Account no later than the close of
business on the Servicer Remittance Date on which such funds are required to be
distributed pursuant to this Agreement. The Servicer shall be entitled to be
reimbursed from the Collection Account for all Advances of its own funds made
pursuant to this Section as provided in Section 3.08. The obligation to make
Advances with respect to any Mortgage Loan shall continue until the earlier of
(i) such Mortgage Loan is paid in full, (ii) the related Mortgaged Property or
related REO Property has been liquidated or until the purchase or repurchase
thereof (or substitution therefor) from the Issuing Entity pursuant to any
applicable provision of this Agreement, except as otherwise provided in this
Section 4.01, (iii) the Servicer determines in its good faith judgment that such
amounts would constitute a Non-Recoverable Advance as provided in the preceding
paragraph or (iv) the date on which such Mortgage Loan becomes 150 days
delinquent as set forth below.

          (b) Notwithstanding anything in this Agreement to the contrary
(including, but not limited to, Sections 3.01 and 4.01(a) hereof), no Advance or
Servicing Advance shall be required to be made hereunder by the Servicer
(including for the avoidance of doubt, the Trustee as successor servicer) if
such Advance or Servicing Advance would, if made, constitute a Non-Recoverable
Advance or a Non-Recoverable Servicing Advance. The determination by the
Servicer that it has made a Non-Recoverable Advance or a Non-Recoverable
Servicing Advance or that any proposed Advance or Servicing Advance, if made,
would constitute a Non-Recoverable Advance or a Non-Recoverable Servicing
Advance, respectively, shall be evidenced by an Officer's Certificate of the
Servicer delivered to the Depositor and the Trustee. In addition, the Servicer
shall not be required to advance any Relief Act Shortfalls.

          (c) Notwithstanding the foregoing, the Servicer shall not be required
to make any Advances for any Mortgage Loan after such Mortgage Loan becomes 150
days delinquent. The Servicer shall identify such delinquent Mortgage Loans in
the Servicer Statement referenced in Section 3.24. In addition, the Servicer
shall provide the Trustee with an Officer's Certificate listing such delinquent
Mortgage Loans and certifying that such loans are 150 days or more delinquent.

     SECTION 4.02. Reduction of Servicing Compensation in Connection with
Prepayment Interest Shortfalls

     In the event that any Mortgage Loan is the subject of a Prepayment Interest
Shortfall, the Servicer shall, from amounts in respect of the Servicing Fee for
such Distribution Date, deposit into the Collection Account, as a reduction of
the Servicing Fee for such Distribution Date, no later than the Servicer
Remittance Date immediately preceding such Distribution Date, an amount up to
the Prepayment Interest Shortfall; provided that the amount so deposited shall
not exceed the Compensating Interest for such Distribution Date. In case of such
deposit, the Servicer shall not be entitled to any recovery or reimbursement
from the Depositor, the Trustee, the Issuing Entity or the Certificateholders.
With respect to any Distribution Date, to the extent that the Prepayment
Interest Shortfall exceeds Compensating Interest (such excess, a "Non-Supported
Interest Shortfall"), such Non-Supported Interest Shortfall shall reduce the
Current Interest with respect to each Class of Certificates, pro rata based upon
the amount of interest each such Class would otherwise be entitled to receive on
such Distribution Date. Notwithstanding the foregoing, there shall be no
reduction of the Servicing Fee in connection with Prepayment Interest Shortfalls
related to the Relief Act and the Servicer shall not be obligated to pay
Compensating Interest with respect to Prepayment Interest Shortfalls related to
the Relief Act.


                                     -107-
<PAGE>

     SECTION 4.03. Distributions on the REMIC Interests

     On each Distribution Date, amounts on deposit in the Certificate Account
shall be treated for federal income tax purposes as applied to distributions on
the interests in each of the SWAP REMIC and the Lower Tier REMIC in an amount
sufficient to make the distributions on the respective Certificates on such
Distribution Date in accordance with the provisions of Section 4.04.

     SECTION 4.04. Distributions

          (a) [Reserved].

          (b) On each Distribution Date (or on the related Swap Payment Date,
with respect to payments to the Supplemental Interest Trust), the Trustee shall,
to the extent of funds then available, make the following distributions from
funds then available in the Certificate Account, of an amount equal to the
Interest Funds, in the following order of priority:

          (i) to the Class P Certificates, an amount equal to any Prepayment
     Charges received with respect to the Mortgage Loans and all amounts paid by
     the Servicer or the Sponsor in respect of Prepayment Charges pursuant to
     this Agreement and all amounts received in respect of any indemnification
     paid as a result of a Prepayment Charge being unenforceable in breach of
     the representations and warranties set forth in the Purchase Agreement for
     the related Prepayment Period;

          (ii) to the Supplemental Interest Trust, any Net Swap Payments owed to
     the Swap Counterparty;

          (iii) to the Supplemental Interest Trust, any Swap Termination Payment
     owed by the Supplemental Interest Trust to the Swap Counterparty (other
     than any Defaulted Swap Termination Payment);

          (iv) concurrently, to each class of the Class A Certificates, the
     Current Interest and any Interest Carry Forward Amount with respect to each
     such class; provided, however, that if Interest Funds are insufficient to
     make a full distribution of the aggregate Current Interest and the
     aggregate Interest Carry Forward Amount to the Class A Certificates,
     Interest Funds will be distributed pro rata among each Class of the Class A
     Certificates based upon the ratio of (x) the Current Interest and Interest
     Carry Forward Amount for each class of the Class A Certificates to (y) the
     total amount of Current Interest and any Interest Carry Forward Amount for
     the Class A-1, Class A-2 and Class R Certificates in the aggregate;

          (v) to the Class M-1 Certificates, the Current Interest for such class
     and any Interest Carry Forward Amount with respect to such Class;

          (vi) to the Class M-2 Certificates, the Current Interest for such
     class and any Interest Carry Forward Amount with respect to such Class;

          (vii) to the Class M-3 Certificates, the Current Interest for such
     class and any Interest Carry Forward Amount with respect to such Class;


                                     -108-

<PAGE>

          (viii) to the Class M-4 Certificates, the Current Interest for such
     class and any Interest Carry Forward Amount with respect to such Class;

          (ix) to the Class M-5 Certificates, the Current Interest for such
     class and any Interest Carry Forward Amount with respect to such Class;

          (x) to the Class M-6 Certificates, the Current Interest for such class
     and any Interest Carry Forward Amount with respect to such Class;

          (xi) to the Class B-1 Certificates, the Current Interest for each such
     class and any Interest Carry Forward Amount with respect to each such
     Class;

          (xii) to the Class B-2 Certificates, the Current Interest for each
     such class and any Interest Carry Forward Amount with respect to each such
     Class;

          (xiii) to the Class B-3 Certificates, the Current Interest for each
     such class and any Interest Carry Forward Amount with respect to each such
     Class;

          (xiv) any remainder pursuant to Section 4.04(f) hereof.

     On each Distribution Date, subject to the proviso in (iv) above, Interest
Funds received on the Group One Mortgage Loans will be deemed to be distributed
to the Class R and Class A-1 Certificates and Interest Funds received on the
Group Two Mortgage Loans will be deemed to be distributed to the Class A-2
Certificates, in each case, until the related Current Interest and Interest
Carry Forward Amount of each such Class of Certificates for such Distribution
Date has been paid in full. Thereafter, Interest Funds not required for such
distributions are available to be applied to if necessary, to the Class or
Classes of Certificates that are not related to such group of Mortgage Loans.

          (c) [Reserved].

          (d) On each Distribution Date (or on the related Swap Payment Date,
with respect to payments to the Supplemental Interest Trust), the Trustee shall,
to the extent of funds then available, make the following distributions from the
Certificate Account of an amount equal to the Principal Distribution Amount in
the following order of priority, and each such distribution shall be made only
after all distributions pursuant to Section 4.04(b) above shall have been made
until such amount shall have been fully distributed for such Distribution Date:

          (i) to the Supplemental Interest Trust, any Net Swap Payments owed to
     the Swap Counterparty, to the extent not paid pursuant to Section
     4.04(b)(ii);

          (ii) to the Supplemental Interest Trust, any Swap Termination Payment
     owed by the Supplemental Interest Trust to the Swap Counterparty (other
     than any Defaulted Swap Termination Payment), to the extent not paid
     pursuant to Section 4.04(b)(iii);

          (iii) to the Class A Certificates, the Class A Principal Distribution
     Amount shall be distributed as follows:


                                     -109-

<PAGE>

               (A) the Group One Principal Distribution Amount will be
          distributed sequentially to the Class R and Class A-1 Certificates, in
          that order, until the Certificate Principal Balance of each such class
          has been reduced to zero;

               (B) the Group Two Principal Distribution Amount will be
          distributed as follows: sequentially, to the Class A-2A Certificates
          until the Certificate Principal Balance thereof has been reduced to
          zero, then to the Class A-2B Certificates until the Certificate
          Principal Balance thereof has been reduced to zero and then to the
          Class A-2C Certificates until the Certificate Principal Balance
          thereof has been reduced to zero; provided, however, that on and after
          the Distribution Date on which the aggregate Certificate Principal
          Balance of the Class M, Class B and Class C Certificates has been
          reduced to zero, any principal distributions allocated to the Class
          A-2A, Class A-2B and Class A-2C Certificates are required to be
          allocated pro rata, among such Classes, based on their respective
          Certificate Principal Balances, until their Certificate Principal
          Balances have been reduced to zero;

          (iv) sequentially, to the Class M-1 Certificates, the Class M-2
     Certificates and the Class M-3 Certificates, in that order, until the
     Certificate Principal Balance of each such class has been reduced to zero,
     an amount equal to the Class M-1/M-2/M-3 Principal Distribution Amount;

          (v) to the Class M-4 Certificates, the Class M-4 Principal
     Distribution Amount;

          (vi) to the Class M-5 Certificates, the Class M-5 Principal
     Distribution Amount;

          (vii) to the Class M-6 Certificates, the Class M-6 Principal
     Distribution Amount;

          (viii) to the Class B-1 Certificates, the Class B-1 Principal
     Distribution Amount;

          (ix) to the Class B-2 Certificates, the Class B-2 Principal
     Distribution Amount;

          (x) to the Class B-3 Certificates, the Class B-3 Principal
     Distribution Amount; and

          (xi) any remainder pursuant to Section 4.04(f) hereof.

          (e) [Reserved].

          (f) On each Distribution Date, the Trustee shall, to the extent of
funds then available, make the following distributions up to the following
amounts from the Certificate Account of the remainders pursuant to Section
4.04(b)(xiv) and (d)(xi) hereof and each such distribution shall be made only
after all distributions pursuant to Sections 4.04(b) and (d) above shall have
been made until such remainders shall have been fully distributed for such
Distribution Date:

          (i) to the Class A Certificates, any funds owed, in the same manner
     and in the same order of priority, as set forth in accordance with Section
     4.04(b)(iv), to the extent not paid pursuant to Section 4.04(b)(iv);

          (ii) to the Class M-1 Certificates, any funds owed as set forth in
     accordance with Section 4.04(b)(v), to the extent not paid pursuant to
     Section 4.04(b)(v);


                                     -110-

<PAGE>

          (iii) to the Class M-2 Certificates, any funds owed as set forth in
     accordance with Section 4.04(b)(vi), to the extent not paid pursuant to
     Section 4.04(b)(vi);

          (iv) to the Class M-3 Certificates, any funds owed as set forth in
     accordance with Section 4.04(b)(vii), to the extent not paid pursuant to
     Section 4.04(b)(vii);

          (v) to the Class M-4 Certificates, any funds owed as set forth in
     accordance with Section 4.04(b)(viii), to the extent not paid pursuant to
     Section 4.04(b)(viii);

          (vi) to the Class M-5 Certificates, any funds owed as set forth in
     accordance with Section 4.04(b)(ix), to the extent not paid pursuant to
     Section 4.04(b)(ix);

          (vii) to the Class M-6 Certificates, any funds owed as set forth in
     accordance with Section 4.04(b)(x), to the extent not paid pursuant to
     Section 4.04(b)(x);

          (viii) to the Class B-1 Certificates, any funds owed as set forth in
     accordance with Section 4.04(b)(xi), to the extent not paid pursuant to
     Section 4.04(b)(xi);

          (ix) to the Class B-2 Certificates, any funds owed as set forth in
     accordance with Section 4.04(b)(xii), to the extent not paid pursuant to
     Section 4.04(b)(xii);

          (x) to the Class B-3 Certificates, any funds owed as set forth in
     accordance with Section 4.04(b)(xiii), to the extent not paid pursuant to
     Section 4.04(b)(xiii);

          (xi) for distribution as part of the Principal Distribution Amount,
     the Extra Principal Distribution Amount;

          (xii) to the Class M-1 Certificates, any Unpaid Realized Loss Amount
     for such class;

          (xiii) to the Class M-2 Certificates, any Unpaid Realized Loss Amount
     for such class;

          (xiv) to the Class M-3 Certificates, any Unpaid Realized Loss Amount
     for such class;

          (xv) to the Class M-4 Certificates, any Unpaid Realized Loss Amount
     for such class;

          (xvi) to the Class M-5 Certificates, any Unpaid Realized Loss Amount
     for such class;

          (xvii) to the Class M-6 Certificates, any Unpaid Realized Loss Amount
     for such class;

          (xviii) to the Class B-1 Certificates, any Unpaid Realized Loss Amount
     for such class;

          (xix) to the Class B-2 Certificates, any Unpaid Realized Loss Amount
     for such class;

          (xx) to the Class B-3 Certificates, any Unpaid Realized Loss Amount
     for such class;


                                     -111-

<PAGE>

          (xxi) to the Class A, Class M and Class B Certificates, on a pro rata
     basis, based upon outstanding Floating Rate Certificate Carryover for each
     such Class, the Floating Rate Certificate Carryover for each such Class;
     and

          (xxii) the remainder pursuant to Section 4.04(g) hereof.

          (g) on each Distribution Date, the Trustee shall allocate the
remainders pursuant to Section 4.04(f)(xxii) as follows:

          (i) to the Supplemental Interest Trust, any Defaulted Swap Termination
     Payment;

          (ii) to the Class C Certificates in the following order of priority,
     (I) the Class C Current Interest, (II) the Class C Interest Carry Forward
     Amount, (III) as principal on the Class C Certificate until the Certificate
     Principal Balance of the Class C Certificates has been reduced to zero and
     (IV) the Class C Unpaid Realized Loss Amount; and

          (iii) the remainder pursuant to Section 4.04(h) hereof.

          (h) On each Distribution Date, the Trustee shall allocate the
remainder pursuant to Section 4.04(g)(iii) hereof (i) to the Trustee to
reimburse amounts or pay indemnification amounts owing to the Trustee from the
Issuing Entity pursuant to Section 8.06 and (ii) to the Class R Certificate and
such distributions shall be made only after all preceding distributions shall
have been made until such remainder shall have been fully distributed.

          (i) On each Distribution Date, after giving effect to distributions on
such Distribution Date, the Trustee shall allocate the Applied Realized Loss
Amount for the Certificates to reduce the Certificate Principal Balances of the
Class C Certificates and the Subordinate Certificates in the following order of
priority:

          (i) to the Class C Certificates, until the Class C Certificate
     Principal Balance is reduced to zero;

          (ii) to the Class B-3 Certificates until the Class B-3 Certificate
     Principal Balance is reduced to zero;

          (iii) to the Class B-2 Certificates until the Class B-2 Certificate
     Principal Balance is reduced to zero;

          (iv) to the Class B-1 Certificates until the Class B-1 Certificate
     Principal Balance is reduced to zero;

          (v) to the Class M-6 Certificates until the Class M-6 Certificate
     Principal Balance is reduced to zero;

          (vi) to the Class M-5 Certificates until the Class M-5 Certificate
     Principal Balance is reduced to zero;

          (vii) to the Class M-4 Certificates until the Class M-4 Certificate
     Principal Balance is reduced to zero;


                                     -112-

<PAGE>

          (viii) to the Class M-3 Certificates until the Class M-3 Certificate
     Principal Balance is reduced to zero;

          (ix) to the Class M-2 Certificates until the Class M-2 Certificate
     Principal Balance is reduced to zero; and

          (x) to the Class M-1 Certificates until the Class M-1 Certificate
     Principal Balance is reduced to zero.

          (j) Subject to Section 9.02 hereof respecting the final distribution,
on each Distribution Date the Trustee shall make distributions to each
Certificateholder of record on the preceding Record Date either by wire transfer
in immediately available funds to the account of such holder at a bank or other
entity having appropriate facilities therefor, if such Holder has so notified
the Trustee at least five (5) Business Days prior to the related Record Date or,
if not, by check mailed by first class mail to such Certificateholder at the
address of such holder appearing in the Certificate Register. Notwithstanding
the foregoing, but subject to Section 9.02 hereof respecting the final
distribution, distributions with respect to Certificates registered in the name
of a Depository shall be made to such Depository in immediately available funds.

     In accordance with this Agreement, the Servicer shall prepare and deliver
an electronic report (the "Remittance Report") to the Trustee (or by such other
means as the Servicer and the Trustee may agree from time to time) containing
such data and information as to permit the Trustee to prepare the Monthly
Statement to Certificateholders and make the required distributions for the
related Distribution Date. The Trustee will prepare the Monthly Report based
solely upon the information received from the Servicer and the Special Servicer.

          (k) The Trustee is hereby directed by the Depositor to execute the Cap
Contracts on behalf of the Issuing Entity in the form presented to it by the
Depositor and shall have no responsibility for the contents of such Cap
Contracts, including, without limitation, the representations and warranties
contained therein. Any funds payable by the Trustee under the Cap Contracts at
closing shall be paid by the Depositor. Any payments received under the terms of
the related Cap Contract will be available to pay the holders of the related
Class A-1, Class A-2, Class M and Class B Certificates up to the amount of any
Floating Rate Certificate Carryovers remaining after all other distributions
required under this Section 4.04 are made on such Distribution Date, other than
Floating Rate Certificate Carryovers attributable to the fact that Applied
Realized Loss Amounts are not allocated to the Class A Certificates. Any amounts
received under the terms of any Cap Contract on a Distribution Date that are not
used to pay such Floating Rate Certificate Carryovers will be distributed to the
holders of the Class C Certificates. Payments in respect of such Floating Rate
Certificate Carryovers from proceeds of a Cap Contract shall be paid to the
related Classes of Class A-1, Class A-2, Class M and Class B Certificates, pro
rata based upon such Floating Rate Certificate Carryovers for each such class of
Class A-1, Class A-2, Class M and Class B Certificates. Amounts received on the
Class A-1 Cap Contract will only be available to make payments on the Class A-1
Certificates, amounts received on the Class A-2 Cap Contract will only be
available to make payments on the Class A-2 Certificates, amounts received on
the Subordinate Certificate Cap Contract will only be available to make payments
on the Subordinate Certificates.

          (i) The Trustee shall establish and maintain, for the benefit of the
     Issuing Entity and the Certificateholders, the Cap Contract Account. On or
     prior to the related Cap Contract Termination Date, amounts, if any,
     received by the Trustee for the benefit of the Issuing Entity in


                                     -113-

<PAGE>

     respect of the related Cap Contract shall be deposited by the Trustee into
     the Cap Contract Account and will be used to pay Floating Rate Certificate
     Carryovers on the related Class A-1, Class A-2, Class M and Class B
     Certificates to the extent provided in the immediately preceding paragraph.
     With respect to any Distribution Date on or prior to the related Cap
     Contract Termination Date, the amount, if any, payable by the Cap Contract
     Counterparty under the related Cap Contract will equal the product of (i)
     the excess of (x) One-Month LIBOR (as determined by the Cap Contract
     Counterparty and subject to a cap equal to the rate with respect to such
     Distribution Date as shown under the heading "1ML Upper Collar" in the
     schedule to the related Cap Contract), over (y) the rate with respect to
     such Distribution Date as shown under the heading "1ML Strike Lower Collar"
     in the schedule to the related Cap Contract, (ii) an amount equal to the
     lesser of (x) the related Cap Contract Notional Balance for such
     Distribution Date and (y) the outstanding Certificate Principal Balance of
     the related classes of Certificates and (iii) the number of days in such
     Accrual Period, divided by 360. If a payment is made to the Issuing Entity
     under a Cap Contract and the Trustee is required to distribute excess
     amounts to the holders of the Class C Certificates as described above,
     information regarding such distribution will be included in the monthly
     statement made available on the Trustee's website pursuant to Section 4.05
     hereof.

          (ii) Amounts on deposit in the Cap Contract Account will remain
     uninvested pending distribution to Certificateholders.

          (iii) Each Cap Contract is scheduled to remain in effect until the
     related Cap Contract Termination Date and will be subject to early
     termination only in limited circumstances. Such circumstances include
     certain insolvency or bankruptcy events in relation to the Cap Contract
     Counterparty (after a grace period of three Local Business Days, as defined
     in the related Cap Contract, after notice of such failure is received by
     the Cap Contract Counterparty) to make a payment due under the related Cap
     Contract, the failure by the Cap Contract Counterparty (after a cure period
     of twenty (20) days after notice of such failure is received) to perform
     any other agreement made by it under the related Cap Contract, the
     termination of the Trust Fund and the related Cap Contract becoming illegal
     or subject to certain kinds of taxation.

          (iv) On the Closing Date, the Cap Contract Counterparty and the
     Trustee (which is hereby authorized and directed to enter into such credit
     support annex) will enter into a credit support annex in relation to the
     Cap Contracts, which annex is intended to protect the Issuing Entity from
     certain ratings downgrades that might hinder the ability of the Cap
     Contract Counterparty to continue its obligations under the Cap Contracts.

               Pursuant to and in accordance with the terms and provisions of
     the Cap Contracts, the Cap Contract Counterparty may be required to post
     additional collateral in connection with its obligations under the Cap
     Contracts. In connection with the foregoing, the Trustee shall establish a
     Cap Posted Collateral Account on the Closing Date.

               To the extent that the Cap Contract Counterparty remits any
     Posted Collateral to the Trustee under the Cap Contracts, the Trustee
     shall, upon receipt of the Posted Collateral, deposit the Posted Collateral
     into the Cap Posted Collateral Account and shall hold, release and disburse
     such collateral in accordance with the terms and provisions of the Cap
     Contracts. Where a termination event occurs with respect to the Cap
     Contract Counterparty under the Cap Contracts, or where the Cap Contract
     Counterparty fulfills certain obligations to the Issuing


                                     -114-

<PAGE>

     Entity such as finding a replacement cap contract counterparty or a
     guarantor that meets the criteria described in the Cap Contracts, the
     Trustee shall make payments from the Cap Posted Collateral Account in
     accordance with the provisions of the Cap Contracts. Amounts held in the
     Cap Posted Collateral Account will not be part of the Trust Fund and will
     not be available for distribution to any Certificateholders, except to the
     extent such funds are distributed to the Cap Contract Account pursuant to
     the Cap Contracts. Any funds held in the Cap Posted Collateral Account
     shall be invested by the Trustee in Eligible Investments in accordance with
     the instructions of the Cap Contract Counterparty. Any earnings shall be
     remitted to the Cap Contract Counterparty in accordance with the Cap
     Contracts. The Trustee shall not be responsible for any losses. Absent
     receipt by the Trustee of written instructions from the Cap Contract
     Counterparty, such funds shall remain uninvested.

          (l) On the Closing Date, the Supplemental Interest Trust shall be
established and maintained pursuant to this Agreement, as a separate trust, the
corpus of which shall be held by the Supplemental Interest Trust Trustee for the
benefit of the holders of the Certificates as a segregated subtrust of the Trust
Fund. The Supplemental Interest Trust shall be an Eligible Account, and funds
deposited therein shall be held separate and apart from, and shall not be
commingled with, any other moneys, including, without limitation, other moneys
of the Trustee or the Supplemental Interest Trust Trustee held pursuant to this
Agreement. In no event shall any funds deposited in the Supplemental Interest
Trust be credited to or made available to any other account of the Trust Fund.
The records of the Trustee shall at all times reflect that the Supplemental
Interest Trust is a subtrust of the Trust Fund, the assets of which are
segregated from other assets of the Trust Fund.

     The Supplemental Interest Trust Trustee is hereby directed by the Depositor
to execute the Swap Agreement on behalf of the Supplemental Interest Trust in
the forms presented to it by the Depositor and shall have no responsibility for
the contents of such Swap Agreement, including, without limitation, the
representations and warranties contained therein. The Supplemental Interest
Trust Trustee shall have all of the rights and protections of the Trustee
hereunder.

     The Supplemental Interest Trust Trustee shall enforce all of the rights of
the Supplemental Interest Trust and exercise any remedies under the Swap
Agreement and, in the event the Swap Agreement is terminated as a result of the
designation by either party thereto of an Early Termination Date (as defined in
the Swap Agreement), find a replacement counterparty to enter into a replacement
swap agreement utilizing the amounts of the net Swap Termination Payments
received.

     For each Distribution Date, through and including the Distribution Date in
December 2010, the Supplemental Interest Trust Trustee shall, based on the
Significance Estimate (which shall be provided to the Trustee by the Depositor
within five (5) Business Days prior to the Distribution Date), calculate the
Significance Percentage of the Swap Agreement. If on any such Distribution Date,
the Significance Percentage is equal to or greater than 9%, the Supplemental
Interest Trust Trustee shall promptly notify the Depositor and the Depositor, on
behalf of the Supplemental Interest Trust Trustee, shall obtain the financial
information required to be delivered by the Swap Counterparty pursuant to the
terms of the Swap Agreement. If, on any succeeding Distribution Date through and
including the Distribution Date in December 2010, the Significance Percentage is
equal to or greater than 10%, the Supplemental Interest Trust Trustee shall
promptly notify the Depositor and the Depositor shall, within five (5) Business
Days of such Distribution Date, deliver to the Supplemental Interest Trust
Trustee the financial information provided to it by the Swap Counterparty in
Edgar-compatible format for inclusion in the Form 10-D relating to such
Distribution Date.


                                     -115-

<PAGE>

     Any Swap Termination Payment received by the Supplemental Interest Trust
Trustee shall be deposited in the Swap Account and shall be used to make any
upfront payment required under a replacement swap agreement and any upfront
payment received from the counterparty to a replacement swap agreement shall be
used to pay any Swap Termination Payment owed to the Swap Counterparty.

     Notwithstanding anything contained herein, in the event that a replacement
swap agreement cannot be obtained within thirty (30) days after receipt by the
Supplemental Interest Trust Trustee of the Swap Termination Payment paid by the
terminated Swap Counterparty, the Supplemental Interest Trust Trustee shall
deposit such Swap Termination Payment into a separate, segregated non-interest
bearing subtrust established by the Supplemental Interest Trust Trustee and the
Supplemental Interest Trust Trustee shall, on each Distribution Date following
receipt of such Swap Termination Payment, withdraw from such subtrust, an amount
equal to the Net Swap Payment, if any, that would have been paid to the
Supplemental Interest Trust by the original Swap Counterparty (computed in
accordance with the original Swap Agreement) and distribute such amount in
accordance with Section 4.04(l)(i)-(viii) of this Agreement. Any such subtrust
shall not be an asset of any REMIC. Any amounts remaining in such subtrust shall
be distributed to the holders of the Class C Certificates on the Distribution
Date following the earlier of (i) the termination of the Trust Fund pursuant to
Section 9.01 and (ii) December 25, 2010.

     On any Distribution Date (or in the case of any Net Swap Payments, on the
related Swap Payment Date), any Swap Termination Payments or Net Swap Payments
owed to the Swap Counterparty will be paid out of, or any Net Swap Payments or
Swap Termination Payments received from the Swap Counterparty will be deposited
into, the Swap Account. The Supplemental Interest Trust will not be an asset of
any REMIC. Funds in the Swap Account within the Supplemental Interest Trust
shall be distributed in the following order of priority by the Trustee:

          (i) to the Swap Counterparty, all Net Swap Payments, if any, owed to
     the Swap Counterparty for such Distribution Date;

          (ii) to the Swap Counterparty, any Swap Termination Payment, other
     than a Defaulted Swap Termination Payment, if any, owed to the Swap
     Counterparty;

          (iii) to each class of the Class A Certificates, on a pro rata basis,
     any Current Interest and any Interest Carry Forward Amount with respect to
     such class to the extent unpaid;

          (iv) sequentially, to the Class M-1 Certificates, the Class M-2
     Certificates, the Class M-3 Certificates, the Class M-4 Certificates, the
     Class M-5 Certificates, the Class M-6 Certificates, the Class B-1
     Certificates, the Class B-2 Certificates and the Class B-3 Certificates in
     that order, any Current Interest for such class to the extent unpaid;

          (v) sequentially, to the Class M-1 Certificates, the Class M-2
     Certificates, the Class M-3 Certificates, the Class M-4 Certificates, the
     Class M-5 Certificates, the Class M-6 Certificates, the Class B-1
     Certificates, the Class B-2 Certificates and the Class B-3 Certificates in
     that order, any Interest Carry Forward with respect to such class to the
     extent unpaid;

          (vi) to the Class A, Class R, Class M and Class B Certificates, to pay
     principal as described and in the same manner and order of priority as set
     forth in Sections 4.04(d)(iii) through 4.04(d)(x) in order to restore
     levels of the Overcollateralization Amount, and after giving effect to
     distributions from Principal Distribution Amount for each such Class;


                                     -116-

<PAGE>

          (vii) sequentially, to the Class M-1 Certificates, the Class M-2
     Certificates, the Class M-3 Certificates, the Class M-4 Certificates, the
     Class M-5 Certificates, the Class M-6 Certificates, the Class B-1
     Certificates, the Class B-2 Certificates and the Class B-3 Certificates, in
     that order, any Unpaid Realized Loss Amount for such class to the extent
     unpaid;

          (viii) to the Class A, Class R, Class M and Class B Certificates, on a
     pro rata basis, any Floating Rate Certificate Carryover to the extent not
     paid based on the amount of such unpaid Floating Rate Certificate
     Carryover;

          (ix) to the Swap Counterparty, any Defaulted Swap Termination Payment
     owed to the Swap Counterparty to the extent not already paid; and

          (x) to the Class C Certificates any remaining amount.

     Notwithstanding the foregoing, however, after giving effect to proposed
distributions on any Distribution Date, the sum of the cumulative amounts
distributed pursuant to clause (vi) above and the cumulative amounts distributed
pursuant to clause (vii) above shall be limited to the aggregate amount of
cumulative Realized Losses incurred from the Cut-off Date through the last day
of the related Prepayment Period.

     Upon termination of the Trust Fund, any amounts remaining in the Swap
Account within the Supplemental Interest Trust shall be distributed pursuant to
the priorities set forth in this Section 4.04(l).

     With respect to the failure of the Swap Counterparty to perform any of its
obligations under the Swap Agreement, the breach by the Swap Counterparty of any
of its representations and warranties made pursuant to the Swap Agreement, or
the termination of the Swap Agreement, the Supplemental Interest Trust Trustee
shall send any notices and make any demands required hereunder (to the extent
that a Responsible Officer of the Trustee has actual knowledge or written notice
of any such failure, breach or termination).

     On the Closing Date, the Swap Counterparty and the Supplemental Interest
Trust Trustee (which is hereby authorized and directed to enter into such credit
support annex) will enter into a credit support annex in relation to the Swap
Agreement, which annex is intended to protect the Supplemental Interest Trust
from certain ratings downgrades that might hinder the ability of the Swap
Counterparty to continue its obligations under the Swap Agreement.

     Pursuant to and in accordance with the terms and provisions of the Swap
Agreement, the Swap Counterparty may be required to post additional collateral
in connection with its obligations under the Swap Agreement. In connection with
the foregoing, on the Closing Date, the Supplemental Interest Trust Trustee
shall establish and maintain a Swap Posted Collateral Account.

     To the extent that the Swap Counterparty remits any Posted Collateral to
the Supplemental Interest Trust Trustee under the Swap Agreement, the
Supplemental Interest Trust Trustee shall, upon receipt of the Posted
Collateral, deposit the Posted Collateral into the Swap Posted Collateral
Account and shall hold, release and disburse such collateral in accordance with
the terms and provisions of the Swap Agreement. Where a termination event occurs
with respect to the Swap Counterparty under the Swap Agreement, or where the
Swap Counterparty fulfills certain obligations to the Supplemental Interest
Trust such as finding a replacement swap counterparty or a guarantor that meets
established criteria of the


                                     -117-

<PAGE>

Rating Agencies, the Supplemental Interest Trust Trustee shall make payments
from the Swap Posted Collateral Account in accordance with the provisions of the
Swap Agreement. Amounts held in the Swap Posted Collateral Account will not be
part of the Trust Fund and will not be available for distribution to any
Certificateholders, except to the extent distributed to the Swap Account
pursuant to the Swap Agreement. Any funds held in the Swap Posted Collateral
Account shall be invested by the Trustee in Eligible Investments in accordance
with the instructions of the Swap Counterparty. Any earnings shall be remitted
to the Swap Counterparty in accordance with the Swap Agreement. The Trustee
shall not be responsible for any losses. Absent receipt by the Trustee of
written instructions from the Swap Counterparty, such funds shall remain
uninvested.

     SECTION 4.05. Monthly Statements to Certificateholders

          (a) Not later than each Distribution Date, the Trustee shall prepare
and make available on its website located at www.etrustee.net to each Holder of
a Class of Certificates of the Issuing Entity, the Servicer, the Trustee, the
Rating Agencies, the Depositor, the Cap Contract Counterparty and the Swap
Counterparty a statement setting forth for the Certificates the following
information; provided, however, that with respect to any calendar year during
which an annual report on Form 10-K is not required to be filed with the
Commission on behalf of the Issuing Entity, the information set forth in Items
(xxiv) through (xxxii) below are not required to be included in such statement
during any calendar year:

          (i) the amount of the related distribution to Holders of each Class
     allocable to principal, separately identifying (A) the aggregate amount of
     any Principal Prepayments included therein, (B) the aggregate of all
     scheduled payments of principal included therein, (C) the Extra Principal
     Distribution Amount, if any, and (D) the aggregate amount of Prepayment
     Charges, if any;

          (ii) the amount of such distribution to Holders of each Class
     allocable to interest, together with any Non-Supported Interest Shortfalls
     allocated to each Class;

          (iii) any interest Carryforward Amount for each Class of the Class A,
     Class M and Class B Certificates;

          (iv) the Class Certificate Principal Balance of each Class after
     giving effect (i) to all distributions allocable to principal on such
     Distribution Date and (ii) the allocation of any Applied Realized Loss
     Amounts for such Distribution Date;

          (v) the Pool Stated Principal Balance for such Distribution Date;

          (vi) the amount of the Servicing Fee paid to or retained by the
     Servicer and any amounts constituting reimbursement or indemnification of
     the Servicer or Trustee;

          (vii) the Pass-Through Rate for each Class of Certificates for such
     Distribution Date;

          (viii) the amount of Advances included in the distribution on such
     Distribution Date or reimbursed during the period;


                                     -118-

<PAGE>

          (ix) the cumulative amount of (A) Realized Losses and (B) Applied
     Realized Loss Amounts to date, in the aggregate and with respect to the
     Group One Mortgage Loans and Group Two Mortgage Loans;

          (x) the amount of (A) Realized Losses and (B) Applied Realized Loss
     Amounts with respect to such Distribution Date, in the aggregate and with
     respect to the Group One Mortgage Loans and Group Two Mortgage Loans;

          (xi) the number and aggregate principal amounts of Mortgage Loans (A)
     Delinquent (exclusive of Mortgage Loans in foreclosure) (1) 31 to 60 days,
     (2) 61 to 90 days and (3) 91 or more days, and (B) in foreclosure and
     Delinquent (1) 31 to 60 days, (2) 61 to 90 days and (3) 91 or more days, in
     each case as of the close of business on the last day of the calendar month
     preceding such Distribution Date, in the aggregate and with respect to the
     Group One Mortgage Loans and Group Two Mortgage Loans in accordance with
     the OTS methodology for reporting delinquencies;

          (xii) with respect to any Mortgage Loan that became an REO Property
     during the preceding calendar month, the loan number and Stated Principal
     Balance of such Mortgage Loan as of the close of business on the last day
     of the calendar month preceding such Distribution Date and the date of
     acquisition thereof, in the aggregate and with respect to the Group One
     Mortgage Loans and Group Two Mortgage Loans;

          (xiii) the total number and principal balance of any REO Properties as
     of the close of business on the last day of the calendar month preceding
     such Distribution Date, in the aggregate and with respect to the Group One
     Mortgage Loans and Group Two Mortgage Loans;

          (xiv) the aggregate Stated Principal Balance of all loans that became
     Liquidated Loans as of such Distribution Date calculated as of the
     preceding Distribution Date, in the aggregate and with respect to the Group
     One Mortgage Loans and Group Two Mortgage Loans;

          (xv) whether a Stepdown Trigger Event has occurred and is in effect;

          (xvi) with respect to each Class of Certificates, any Interest Carry
     Forward Amount with respect to such Distribution Date for each such Class,
     any Interest Carry Forward Amount paid for each such Class and any
     remaining Interest Carry Forward Amount for each such Class;

          (xvii) the number and Stated Principal Balance (as of the preceding
     Distribution Date) of any Mortgage Loans which were purchased or
     repurchased during the preceding Due Period and since the Cut-off Date;

          (xviii) the number of Mortgage Loans for which Prepayment Charges were
     received during the related Prepayment Period and, for each such Mortgage
     Loan, the amount of Prepayment Charges received during the related
     Prepayment Period and in the aggregate of such amounts for all such
     Mortgage Loans since the Cut-off Date;

          (xix) the amount and purpose of any withdrawal from the Collection
     Account pursuant to Section 3.08(a)(viii);


                                     -119-

<PAGE>

          (xx) the amount of any payments to each Class of Certificates that are
     treated as payments received in respect of a REMIC "regular interest" or
     REMIC "residual interest" and the amount of any payments to each Class of
     Certificates that are not treated as payments received in respect of a
     REMIC "regular interest" or REMIC "residual interest";

          (xxi) as of each Distribution Date, the amount, if any, to be
     deposited in the Issuing Entity pursuant to the related Cap Contract as
     described in Section 4.04(k) and the amount thereof to be paid to the Class
     A-1 Certificates, the Class A-2 Certificates, the Subordinate Certificates
     and the Class C Certificates described in Section 4.04(k) hereof;

          (xxii) as of each Distribution Date, the amount, if any, to be
     deposited in the Supplemental Interest Trust pursuant to the Swap Agreement
     as described in Section 4.04(l) and the amount thereof to be paid to the
     Certificates;

          (xxiii) any Floating Rate Certificate Carryover paid and all Floating
     Rate Certificate Carryover remaining on each class of the Class A, Class M
     and Class B Certificates on such Distribution Date;

          (xxiv) the number of Mortgage Loans with respect to which (i) a
     reduction in the Mortgage Rate has occurred or (ii) the related borrower's
     obligation to repay interest on a monthly basis has been suspended or
     reduced pursuant to the Relief Act or the California Military and Veterans
     Code, as amended; and the amount of interest not required to be paid with
     respect to any such Mortgage Loans during the related Due Period as a
     result of such reductions in the aggregate and with respect to the Group
     One Mortgage Loans and the Group Two Mortgage Loans;

          (xxv) with respect to each Class of Certificates, the amount of any
     Non-Supported Interest Shortfalls on such Distribution Date;

          (xxvi) the number and amount of pool assets at the beginning and
     ending of each period, and updated pool composition information;

          (xxvii) any material changes to methodology regarding calculations of
     delinquencies and charge-offs;

          (xxviii) information on the amount of Servicing Advances made or
     reimbursed during the period;

          (xxix) any material modifications, extensions or waivers to pool asset
     terms, fees, penalties or payments during the distribution period or that
     have cumulatively become material over time;

          (xxx) material breaches of pool asset representations or warranties or
     transaction covenants;

          (xxxi) information on ratio, coverage or other tests used for
     determining any early amortization, liquidation or other performance
     trigger and whether the trigger was met; and


                                     -120-

<PAGE>



          (xxxii) information regarding any pool asset changes (other than in
     connection with a pool asset converting into cash in accordance with its
     terms), such as pool asset substitutions and repurchases (and purchase
     rates, if applicable), and cash flows available for future purchases, such
     as the balances of any prefunding or revolving accounts, if applicable.

          (b) The Trustee will make the Monthly Statement (and, at its option,
any additional files containing the same information in an alternative format)
available each month to Certificateholders, other parties to this Agreement and
any other interested parties via the Trustee's Internet website. The Trustee's
Internet website shall initially be located at "www.etrustee.net". Assistance in
using the website can be obtained by calling the Trustee at (312) 992-1816.
Parties that are unable to use the website are entitled to have a paper copy
mailed to them via first class mail by calling the customer service desk and
indicating such. The Trustee shall have the right to change the way the monthly
statements to Certificateholders are distributed in order to make such
distribution more convenient and/or more accessible to the above parties and the
Trustee shall provide timely and adequate notification to all above parties
regarding any such changes.

     The foregoing information and reports shall be prepared and determined by
the Trustee based on Mortgage Loan data and other information provided to the
Trustee by the Servicer, the Special Servicer (as applicable), the Swap
Counterparty, the Cap Contract Counterparty or any other third party required to
deliver information hereunder. In preparing or furnishing the foregoing
information, the Trustee shall be entitled to rely conclusively on the accuracy
and completeness of the information or data provided to the Trustee by the
Servicer, the Special Servicer (as applicable), the Swap Counterparty, the Cap
Contract Counterparty or any other third party required to deliver information
and shall have no liability for any errors in any such information.

     As a condition to access the Trustee's internet website, the Trustee may
require registration and the acceptance of a disclaimer. The Trustee will not be
liable for the dissemination of information in accordance with this Agreement.

          (c) If so requested in writing within a reasonable period of time
after the end of each calendar year, the Trustee shall make available on its
website or cause to be furnished to each Person who at any time during the
calendar year was a Certificateholder of record, a statement containing the
information set forth in clauses (a)(i) and (a)(ii) of this Section 4.05
aggregated for such calendar year or applicable portion thereof during which
such Person was a Certificateholder. Such obligation of the Trustee shall be
deemed to have been satisfied to the extent that substantially comparable
information shall be provided by the Trustee pursuant to any requirements of the
Code as are from time to time in effect.

          (d) Upon filing with the Internal Revenue Service, the Trustee shall
furnish to the Holders of the Class R Certificate each Form 1066 and each Form
1066Q and shall respond promptly to written requests made not more frequently
than quarterly by any Holder of Class R Certificate with respect to the
following matters:

          (i) The original projected principal and interest cash flows on the
     Closing Date on each Class of regular and residual interests created
     hereunder and on the Mortgage Loans, based on the Prepayment Assumption;


                                     -121-

<PAGE>

          (ii) The projected remaining principal and interest cash flows as of
     the end of any calendar quarter with respect to each Class of regular and
     residual interests created hereunder and the Mortgage Loans, based on the
     Prepayment Assumption;

          (iii) The Prepayment Assumption and any interest rate assumptions used
     in determining the projected principal and interest cash flows described
     above;

          (iv) The original issue discount (or, in the case of the Mortgage
     Loans, market discount) or premium accrued or amortized through the end of
     such calendar quarter with respect to each Class of regular or residual
     interests created hereunder and to the Mortgage Loans, together with each
     constant yield to maturity used in computing the same;

          (v) The treatment of losses realized with respect to the Mortgage
     Loans or the regular interests created hereunder, including the timing and
     amount of any cancellation of indebtedness income of the REMICs with
     respect to such regular interests or bad debt deductions claimed with
     respect to the Mortgage Loans;

          (vi) The amount and timing of any non-interest expenses of the REMICs;
     and

          (vii) Any taxes (including penalties and interest) imposed on the
     REMICs, including, without limitation, taxes on "prohibited transactions,"
     "contributions" or "net income from foreclosure property" or state or local
     income or franchise taxes.

     The information pursuant to clauses (i), (ii), (iii) and (iv) above shall
be provided by the Depositor pursuant to Section 8.12.

                                    ARTICLE V

                                THE CERTIFICATES

     SECTION 5.01. The Certificates

     The Certificates shall be substantially in the forms attached hereto as
exhibits. The Certificates shall be issuable in registered form, in the minimum
dollar denominations, integral dollar multiples in excess thereof (except that
one Certificate of each Class may be issued in a different amount which must be
in excess of the applicable minimum dollar denomination) and aggregate dollar
denominations as set forth in the following table:

<TABLE>
<CAPTION>
           Minimum     Integral Multiples in   Original Certificate
Class   Denomination     Excess of Minimum       Principal Balance
-----   ------------   ---------------------   --------------------
<S>     <C>            <C>                     <C>
A-1      $25,000.00            $1.00              $1,098,020,000
A-2A     $25,000.00            $1.00              $  636,269,000
A-2B     $25,000.00            $1.00              $  185,995,000
A-2C     $25,000.00            $1.00              $  127,751,000
M-1      $25,000.00            $1.00              $   55,834,000
M-2      $25,000.00            $1.00              $   51,082,000
M-3      $25,000.00            $1.00              $   30,886,000
M-4      $25,000.00            $1.00              $   29,698,000
</TABLE>


                                     -122-

<PAGE>

<TABLE>
<CAPTION>
           Minimum     Integral Multiples in   Original Certificate
Class   Denomination     Excess of Minimum       Principal Balance
-----   ------------   ---------------------   --------------------
<S>     <C>            <C>                     <C>
M-5      $25,000.00            $1.00               $26,135,000
M-6      $25,000.00            $1.00               $20,195,000
B-1      $25,000.00            $1.00               $19,007,000
B-2      $25,000.00            $1.00               $11,879,000
B-3      $25,000.00            $1.00               $23,759,000
R        $   100.00              N/A               $    100.00
C                (1)              (1)                      100%
P                (2)              (2)                       (2)
</TABLE>

----------
(1)  The Class C Certificates shall not have minimum dollar denominations as the
     Certificate Principal Balance thereof shall vary over time as described
     herein and shall be issued in a minimum percentage interest of 25% and an
     aggregate percentage interest of 100%.

(2)  The Class P Certificates shall not have minimum dollar denominations or
     Certificate Principal Balances and shall be issued in a minimum percentage
     interest of 100%.

     The Certificates shall be executed by manual or facsimile signature on
behalf of the Trustee by an authorized officer. Certificates bearing the manual
or facsimile signatures of individuals who were, at the time when such
signatures were affixed, authorized to sign on behalf of the Trustee shall bind
the Issuing Entity, notwithstanding that such individuals or any of them have
ceased to be so authorized prior to the authentication and delivery of such
Certificates or did not hold such offices at the date of such authentication and
delivery. No Certificate shall be entitled to any benefit under this Agreement,
or be valid for any purpose, unless there appears on such Certificate a
certificate of authentication substantially in the form set forth as attached
hereto executed by the Authenticating Agent by manual signature, and such
certificate of authentication upon any Certificate shall be conclusive evidence,
and the only evidence, that such Certificate has been duly authenticated and
delivered hereunder. All Certificates shall be dated the date of their
authentication. On the Closing Date, the Authenticating Agent shall authenticate
the Certificates to be issued at the written direction of the Depositor, or any
Affiliate thereof.

     The Certificates sold in offshore transactions in reliance on Regulation S
shall be issued initially in the form of one or more permanent global
certificates in definitive, fully registered form without interest coupons with
the applicable legends set forth in Exhibit A hereto added to the form of each
such Certificate (each, a "Regulation S Book-Entry Certificate"), which shall be
deposited on behalf of the Holders of such Certificates represented thereby with
the Trustee, as custodian for DTC and registered in the name of a nominee of
DTC, duly executed and authenticated by the Trustee and the Authenticating Agent
as hereinafter provided. The aggregate principal amounts of the Regulation S
Book-Entry Certificates may from time to time be increased or decreased by
adjustments made on the records of the Trustee or DTC or its nominee, as the
case may be, as hereinafter provided.

     The Certificates sold in reliance on Rule 144A shall be issued initially in
the form of one or more permanent global certificates in definitive, fully
registered form without interest coupons with the applicable legends set forth
in Exhibit A hereto added to the form of each such Certificate (each, a "Rule
144A Book-Entry Certificate"), which shall be deposited on behalf of the Holders
of such Certificates represented thereby with the Trustee, as custodian for DTC
and registered in the name of a nominee of DTC, duly executed and authenticated
by the Trustee and the Authenticating Agent as hereinafter provided. The
aggregate principal amounts of the Rule 144A Book-Entry Certificates may from
time to


                                     -123-

<PAGE>

time be increased or decreased by adjustments made on the records of the Trustee
or DTC or its nominee, as the case may be, as hereinafter provided.

     SECTION 5.02. Certificate Register; Registration of Transfer and Exchange
of Certificates

          (a) The Trustee shall maintain, or cause to be maintained in
accordance with the provisions of Section 5.09 hereof, a Certificate Register
for the Issuing Entity in which, subject to the provisions of subsections (b)
and (c) below and to such reasonable regulations as it may prescribe, the
Trustee shall provide for the registration of Certificates and of Transfers and
exchanges of Certificates as herein provided. Upon surrender for registration of
Transfer of any Certificate, the Authenticating Agent shall authenticate and
deliver, in the name of the designated transferee or transferees, one or more
new Certificates of the same Class and of like aggregate Percentage Interest.

     At the option of a Certificateholder, Certificates may be exchanged for
other Certificates of the same Class in authorized denominations and evidencing
the same aggregate Percentage Interest upon surrender of the Certificates to be
exchanged at the office or agency of the Trustee. Whenever any Certificates are
so surrendered for exchange, the Trustee shall execute and the Authenticating
Agent shall authenticate and deliver the Certificates that the Certificateholder
making the exchange is entitled to receive. Every Certificate presented or
surrendered for registration of Transfer or exchange shall be accompanied by a
written instrument of Transfer in form satisfactory to the Trustee duly executed
by the holder thereof or his attorney duly authorized in writing.

     No service charge to the Certificateholders shall be made for any
registration of Transfer or exchange of Certificates, but payment of a sum
sufficient to cover any tax or governmental charge that may be imposed in
connection with any Transfer or exchange of Certificates may be required. All
Certificates surrendered for registration of Transfer or exchange shall be
canceled and subsequently destroyed by a Trustee in accordance with such
Trustee's customary procedures.

     No Transfer of a Class C or Class P Certificate shall be made unless such
Transfer is made pursuant to an effective registration statement under the
Securities Act and any applicable state securities laws or is exempt from the
registration requirements under the Securities Act and such state securities
laws. In the event that a Transfer is to be made in reliance upon an exemption
from the Securities Act and such laws, in order to assure compliance with the
Securities Act and such laws, the Certificateholder desiring to effect such
Transfer and such Certificateholder's prospective transferee shall (except with
respect to the initial transfer of a Class C or Class P Certificate by Merrill
Lynch & Co. or, in connection with a transfer of a Class C or Class P
Certificate to the indenture trustee under an Indenture pursuant to which NIM
Notes are issued) each certify to the Trustee in writing the facts surrounding
the Transfer in substantially the form set forth in Exhibit F (the "Transferor
Certificate") and (i) deliver a letter in substantially the form of either
Exhibit G (the "Investment Letter") or Exhibit H (the "Rule 144A Letter") or
(ii) there shall be delivered to the Trustee an Opinion of Counsel that such
Transfer may be made pursuant to an exemption from the Securities Act, which
Opinion of Counsel shall not be an expense of the Depositor or the Trustee. The
Depositor shall provide to any Holder of a Class C or Class P Certificate and
any prospective transferee designated by any such Holder, information regarding
the related Certificates and the Mortgage Loans and such other information as
shall be necessary to satisfy the condition to eligibility set forth in Rule
144A(d)(4) for Transfer of any such Certificate without registration thereof
under the Securities Act pursuant to the registration exemption provided by Rule
144A. The Trustee shall cooperate with the Depositor in providing the Rule 144A
information referenced in the preceding sentence, including providing to the
Depositor such information in the possession of the


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Trustee regarding the Certificates, the Mortgage Loans and other matters
regarding the Trust Fund as the Depositor shall reasonably request to meet its
obligation under the preceding sentence. Each Holder of a Class C or Class P
Certificate desiring to effect such Transfer shall, and does hereby agree to,
indemnify the Depositor and the Trustee against any liability that may result if
the Transfer is not so exempt or is not made in accordance with such federal and
state laws.

     By acceptance of a Regulation S Global Security, whether upon original
issuance or subsequent transfer, each Holder of such a Certificate acknowledges
the restrictions on the transfer of such Certificate set forth thereon and
agrees that it will only transfer such a Certificate as provided herein. In
addition, each Holder of a Regulation S Global Security shall be deemed to have
represented and warranted to the Depositor, the Trustee and any of their
respective successors that: (i) such Person is not a "U.S. person" within the
meaning of Regulation S and was, at the time the buy order was originated,
outside the United States and (ii) such Person understands that such
Certificates have not been registered under the Securities Act and that (x)
until the expiration of the 40-day distribution compliance period (within the
meaning of Regulation S), no offer, sale, pledge or other transfer of such
Certificates or any interest therein shall be made in the United States or to or
for the account or benefit of a U.S. person (each as defined in Regulation S),
(y) if in the future it decides to offer, resell, pledge or otherwise transfer
such Certificates, such Certificates may be offered, resold, pledged or
otherwise transferred only (A) to a person which the seller reasonably believes
is a "qualified institutional buyer" as defined in Rule 144A under the
Securities Act, that is purchasing such Certificates for its own account or for
the account of a qualified institutional buyer to which notice is given that the
transfer is being made in reliance on Rule 144A or (B) in an offshore
transaction (as defined in Regulation S) in compliance with the provisions of
Regulation S, in each case in compliance with the requirements of this
Agreement; and it will notify such transferee of the transfer restrictions
specified in this Section.

     No transfer of a Certificate that is neither an ERISA Restricted
Certificate nor a Class R Certificate shall be registered unless the transferee
provides the Trustee with a representation that either (i) such transferee is
not, and is not acting for, on behalf of or with any assets of, an employee
benefit plan or other arrangement subject to Title I of ERISA or plan subject to
Section 4975 of the Code, or (ii) until the termination of the Swap Agreement,
the acquisition and holding of the Certificate are eligible for exemptive relief
under any of Section 408(b)(17) of ERISA or Section 4975(d)(20) of the Code,
Prohibited Transaction Class Exemption ("PTCE") 84-14, PTCE 90-1, PTCE 91-38,
PTCE 95-60 or PTCE 96-23.

     No transfer of an ERISA Restricted Certificate or a Class R Certificate
shall be registered unless the Trustee has received (A) a representation to the
effect that such transferee is not an employee benefit plan subject to Title I
of ERISA, a plan subject to Section 4975 of the Code or a plan subject to any
state, local, federal, non-U.S. or other law substantively similar to the
foregoing provisions of ERISA or the Code ("Similar Law"), and is not directly
or indirectly acquiring the ERISA Restricted Certificate or the Class R
Certificate by, on behalf of, or with any assets of any such plan (collectively,
"Plan"), or (B) solely in the case of ERISA Restricted Certificates, (I) if the
Certificate has been the subject of an ERISA-Qualifying Underwriting, a
representation to the effect that such transferee is an insurance company that
is acquiring the Certificate with assets of an "insurance company general
account," as defined in Section V(e) of Prohibited Transaction Class Exemption
("PTCE") 95-60, and the acquisition and holding of the Certificate are covered
and exempt under Sections I and III of PTCE 95-60, or (II) solely in the case of
an ERISA Restricted Certificate that is a Definitive Certificate, an Opinion of
Counsel satisfactory to the Trustee, and upon which the Trustee shall be
entitled to rely, to the effect that the acquisition and holding of such
Certificate will not constitute or result in a nonexempt prohibited


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<PAGE>

transaction under Title I of ERISA or Section 4975 of the Code, or a violation
of Similar Law, and will not subject the Trustee, the Servicer or the Depositor
to any obligation in addition to those expressly undertaken in this Agreement,
which Opinion of Counsel shall not be an expense of the Trustee, the Servicer or
the Depositor.

     Except in the case of a Definitive Certificate, the representations set
forth in the two immediately preceding paragraphs of this Subsection 5.02(a),
other than clause (B)(II) in the immediately preceding paragraph, shall be
deemed to have been made to the Trustee by the transferee's acceptance of a
Certificate (or the acceptance by a Certificate Owner of the beneficial interest
in any Class of Certificate).

     Notwithstanding any other provision herein to the contrary, any purported
transfer of a Certificate to or on behalf of a Plan without the delivery to the
Trustee of a representation or an Opinion of Counsel satisfactory to the Trustee
as described above shall be void and of no effect. The Trustee shall not be
under any liability to any Person for any registration or transfer of any
Certificate that is in fact not permitted by this Section 5.02(a), nor shall the
Trustee be under any liability for making any payments due on such Certificate
to the Holder thereof or taking any other action with respect to such Holder
under the provisions of this Agreement so long as the transfer was registered by
the Trustee in accordance with the foregoing requirements. The Trustee shall be
entitled, but not obligated, to recover from any Holder of any Certificate that
was in fact a Plan and that held such Certificate in violation of this Section
5.02(a) all payments made on such Certificate at and after the time it commenced
such holding. Any such payments so recovered shall be paid and delivered to the
last preceding Holder of such Certificate that is not a Plan.

          (b) Each Person who has or who acquires any Ownership Interest in a
Class R Certificate shall be deemed by the acceptance or acquisition of such
Ownership Interest to have agreed to be bound by the following provisions, and
the rights of each Person acquiring any Ownership Interest in a Class R
Certificate are expressly subject to the following provisions:

          (i) Each Person holding or acquiring any Ownership Interest in a Class
     R Certificate shall be a Permitted Transferee and shall promptly notify the
     Trustee of any change or impending change in its status as a Permitted
     Transferee.

          (ii) No Ownership Interest in a Class R Certificate may be purchased,
     transferred or sold, directly or indirectly, except in accordance with the
     provisions hereof. No Ownership Interest in a Class R Certificate may be
     registered on the Closing Date or thereafter transferred, and the Trustee
     shall not register the Transfer of any Class R Certificate unless, in
     addition to the certificates required to be delivered to the Trustee under
     subparagraph (a) above, the Trustee shall have been furnished with an
     affidavit (a "Transfer Affidavit") of the initial owner or the proposed
     transferee in the form attached hereto as Exhibit E-1 and an affidavit of
     the proposed transferor in the form attached hereto as Exhibit E-2. In the
     absence of a contrary instruction from the transferor of a Class R
     Certificate, declaration (11) in Appendix A of the Transfer Affidavit may
     be left blank. If the transferor requests by written notice to the Trustee
     prior to the date of the proposed transfer that one of the two other forms
     of declaration (11) in Appendix A of the Transfer Affidavit be used, then
     the requirements of this Section 5.02(b)(ii) shall not have been satisfied
     unless the Transfer Affidavit includes such other form of declaration.

          (iii) Each Person holding or acquiring any Ownership Interest in a
     Class R Certificate shall agree (A) to obtain a Transfer Affidavit from any
     other Person to whom such Person


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<PAGE>

     attempts to Transfer its Ownership Interest in a Class R Certificate, (B)
     to obtain a Transfer Affidavit from any Person for whom such Person is
     acting as nominee, trustee or agent in connection with any Transfer of a
     Class R Certificate and (C) not to Transfer its Ownership Interest in a
     Class R Certificate or to cause the Transfer of an Ownership Interest in a
     Class R Certificate to any other Person if it has actual knowledge that
     such Person is not a Permitted Transferee. Further, no transfer, sale or
     other disposition of any Ownership Interest in a Class R Certificate may be
     made to a person who is not a U.S. Person (within the meaning of section
     7701 of the Code) unless such person furnishes the transferor and the
     Trustee with a duly completed and effective Internal Revenue Service Form
     W-8ECI (or any successor thereto) and the Trustee consents to such
     transfer, sale or other disposition in writing.

          (iv) Any attempted or purported Transfer of any Ownership Interest in
     a Class R Certificate in violation of the provisions of this Section
     5.02(b) shall be absolutely null and void and shall vest no rights in the
     purported transferee. If any purported transferee shall become a Holder of
     a Class R Certificate in violation of the provisions of this Section
     5.02(b), then the last preceding Permitted Transferee shall be restored to
     all rights as Holder thereof retroactive to the date of registration of
     Transfer of such Class R Certificate. The Trustee shall be under no
     liability to any Person for any registration of Transfer of a Class R
     Certificate that is in fact not permitted by Section 5.02(a) and this
     Section 5.02(b) or for making any payments due on such Certificate to the
     Holder thereof or taking any other action with respect to such Holder under
     the provisions of this Agreement so long as the Transfer was registered
     after receipt of the related Transfer Affidavit. The Trustee shall be
     entitled but not obligated to recover from any Holder of a Class R
     Certificate that was in fact not a Permitted Transferee at the time it
     became a Holder or, at such subsequent time as it became other than a
     Permitted Transferee, all payments made on such Class R Certificate at and
     after either such time. Any such payments so recovered by the Trustee shall
     be paid and delivered by the Trustee to the last preceding Permitted
     Transferee of such Certificate.

          (v) At the option of the Holder of the Class R Certificate, the Class
     SWR Interest, the Class LTR Interest and the residual interest in the Upper
     Tier REMIC may be severed and represented by separate certificates (with
     the separate certificate that represents the Residual Interest also
     representing all rights of the Class R Certificate to distributions
     attributable to an interest rate on the Class R Certificate in excess of
     the REMIC Pass-Through Rate); provided, however, that such separate
     certification may not occur until the Trustee receives an Opinion of
     Counsel to the effect that separate certification in the form and manner
     proposed would not result in the imposition of federal tax upon the Issuing
     Entity or any of the REMICs provided for herein or cause any of the REMICs
     provided for herein to fail to qualify as a REMIC; and provided further,
     that the provisions of Sections 5.02(a) and (b) will apply to each such
     separate certificate as if the separate certificate were a Class R
     Certificate. If, as evidenced by an Opinion of Counsel, it is necessary to
     preserve the REMIC status of any of the REMICs provided for herein, the
     Class SWR Interest, the Class LTR Interest and the residual interest in the
     Upper Tier REMIC shall be severed and represented by separate certificates
     (with the separate certificate that represents the Residual Interest also
     representing all rights of the Class R Certificate to distributions
     attributable to an interest rate on the Class R Certificate in excess of
     the REMIC Pass-Through Rate).

     The restrictions on Transfers of a Class R Certificate set forth in this
Section 5.02(b) shall cease to apply (and the applicable portions of the legend
on a Class R Certificate may be deleted) with respect


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<PAGE>

to Transfers occurring after delivery to the Trustee of an Opinion of Counsel,
which Opinion of Counsel shall not be an expense of the Issuing Entity, the
Trustee or the Depositor, to the effect that the elimination of such
restrictions will not cause any of the REMICs provided for herein to fail to
qualify as a REMIC at any time that the Certificates are outstanding or result
in the imposition of any tax on the Issuing Entity, any REMIC provided for
herein, a Certificateholder or another Person. Each Person holding or acquiring
any Ownership Interest in a Class R Certificate hereby consents to any amendment
of this Agreement that, based on an Opinion of Counsel furnished to the Trustee,
is reasonably necessary (a) to ensure that the record ownership of, or any
beneficial interest in, a Class R Certificate is not transferred, directly or
indirectly, to a Person that is not a Permitted Transferee and (b) to provide
for a means to compel the Transfer of a Class R Certificate that is held by a
Person that is not a Permitted Transferee to a Holder that is a Permitted
Transferee.

          (c) The transferor of the Class R Certificate shall notify the Trustee
in writing upon the transfer of the Class R Certificate.

          (d) [Reserved].

          (e) The preparation and delivery of all certificates, opinions and
other writings referred to above in this Section 5.02 shall not be an expense of
the Issuing Entity, the Depositor or the Trustee.

     SECTION 5.03. Mutilated, Destroyed, Lost or Stolen Certificates

     If (a) any mutilated Certificate is surrendered to the Trustee or the
Trustee receives evidence to its satisfaction of the destruction, loss or theft
of any Certificate and of the ownership thereof and (b) there is delivered to
the Trustee such security or indemnity as may be required by them to save each
of them harmless, then, in the absence of notice to the Trustee that such
Certificate has been acquired by a bona fide purchaser, the Trustee shall
execute, authenticate and deliver, in exchange for or in lieu of any such
mutilated, destroyed, lost or stolen Certificate, a new Certificate of like
Class, tenor and Percentage Interest. In connection with the issuance of any new
Certificate under this Section 5.03, the Trustee may require the payment of a
sum sufficient to cover any tax or other governmental charge that may be imposed
in relation thereto and any other expenses (including the fees and expenses of
the Trustee and its counsel) connected therewith. Any replacement Certificate
issued pursuant to this Section 5.03 shall constitute complete and indefeasible
evidence of ownership in the Trust Fund, as if originally issued, whether or not
the lost, stolen or destroyed Certificate shall be found at any time. All
Certificates surrendered to the Trustee under the terms of this Section 5.03
shall be canceled and destroyed by the Trustee in accordance with its standard
procedures without liability on its part.

     SECTION 5.04. Persons Deemed Owners

     The Trustee and any agent of the Trustee may treat the Person in whose name
any Certificate is registered as the owner of such Certificate for the purpose
of receiving distributions as provided in this Agreement and for all other
purposes whatsoever, and the Trustee nor any agent of the Trustee, shall be
affected by any notice to the contrary.

     SECTION 5.05. Access to List of Certificateholders' Names and Addresses


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<PAGE>

     If three or more Certificateholders (a) request such information in writing
from the Trustee, (b) state that such Certificateholders desire to communicate
with other Certificateholders with respect to their rights under this Agreement
or under the Certificates, and (c) provide a copy of the communication that such
Certificateholders propose to transmit or if the Depositor shall request such
information in writing from the Trustee, then the Trustee shall, within ten
Business Days after the receipt of such request, provide the Depositor or such
Certificateholders at such recipients' expense the most recent list of the
Certificateholders of the Issuing Entity held by the Trustee, if any. The
Depositor and every Certificateholder, by receiving and holding a Certificate,
agree that the Trustee shall not be held accountable by reason of the disclosure
of any such information as to the list of the Certificateholders hereunder,
regardless of the source from which such information was derived.

     SECTION 5.06. Book-Entry Certificates

     The Regular Certificates, upon original issuance, shall be issued in the
form of one or more typewritten Certificates representing the Book-Entry
Certificates, to be delivered to the Depository by or on behalf of the
Depositor. The Class C, Class P and Class R Certificates shall be definitive
certificates. The Book-Entry Certificates shall initially be registered on the
Certificate Register in the name of the Depository or its nominee, and no
Certificate Owner of a Book-Entry Certificate will receive a definitive
certificate representing such Certificate Owner's interest in such Certificates,
except as provided in Section 5.08. Unless and until definitive, fully
registered Certificates ("Definitive Certificates") have been issued to the
Certificate Owners of the Book-Entry Certificates pursuant to Section 5.08:

          (a) the provisions of this Section shall be in full force and effect;

          (b) the Depositor and the Trustee may deal with the Depository and the
Depository Participants for all purposes (including the making of distributions)
as the authorized representative of the respective Certificate Owners of the
Book-Entry Certificates;

          (c) registration of the Book-Entry Certificates may not be transferred
by the Trustee except to another Depository;

          (d) the rights of the respective Certificate Owners of the Book-Entry
Certificates shall be exercised only through the Depository and the Depository
Participants and shall be limited to those established by law and agreements
between the Owners of the Book-Entry Certificates and the Depository and/or the
Depository Participants. Pursuant to the Depository Agreement, unless and until
Definitive Certificates are issued pursuant to Section 5.08, the Depository will
make book-entry transfers among the Depository Participants and receive and
transmit distributions of principal and interest on the related Certificates to
such Depository Participants;

          (e) the Depository may collect its usual and customary fees, charges
and expenses from its Depository Participants;

          (f) the Trustee may rely and shall be fully protected in relying upon
information furnished by the Depository with respect to its Depository
Participants; and

          (g) to the extent that the provisions of this Section conflict with
any other provisions of this Agreement, the provisions of this Section shall
control.


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<PAGE>

     For purposes of any provision of this Agreement requiring or permitting
actions with the consent of, or at the direction of, Certificateholders
evidencing a specified percentage of the aggregate unpaid principal amount of
any Class of Certificates, such direction or consent may be given by Certificate
Owners (acting through the Depository and the Depository Participants) owning
Book-Entry Certificates evidencing the requisite percentage of principal amount
of such Class of Certificates.

     In the event that Definitive Certificates are issued pursuant to Section
5.08, clauses (a) through (g) of this Section 5.06 shall continue to be
applicable with respect to all remaining Book-Entry Certificates.

     SECTION 5.07. Notices to Depository

     Whenever any notice or other communication is required to be given to
Certificateholders of the Class with respect to which Book-Entry Certificates
have been issued, unless and until Definitive Certificates shall have been
issued to the related Certificate Owners, the Trustee shall give all such
notices and communications to the Depository.

     SECTION 5.08. Definitive Certificates

     If, after Book-Entry Certificates have been issued with respect to any
Certificates, (a) the Depository or the Depositor advises the Trustee that the
Depository is no longer willing, qualified or able to discharge properly its
responsibilities under the Depository Agreement with respect to such
Certificates and the Trustee or the Depositor is unable to locate a qualified
successor, (b) the Depositor notifies the Trustee and the Depository of its
intent to terminate the book-entry system through the Depository and, upon
receipt of notice of such intent from the Depository, the Certificate Owners of
the Book-Entry Certificates agree to initiate such termination or (c) after the
occurrence and continuation of an Event of Default, Certificate Owners of such
Book-Entry Certificates having not less than 51% of the Voting Rights evidenced
by any Class of Book-Entry Certificates advise the Trustee and the Depository in
writing through the Depository Participants that the continuation of a
book-entry system with respect to Certificates of such Class through the
Depository (or its successor) is no longer in the best interests of the
Certificate Owners of such Class, then the Trustee shall notify all Certificate
Owners of such Book-Entry Certificates of the occurrence of any such event and
of the availability of Definitive Certificates to Certificate Owners of such
Class requesting the same. The Depositor shall provide the Trustee with an
adequate inventory of certificates to facilitate the issuance and transfer of
Definitive Certificates. Upon surrender to the Trustee of any such Certificates
by the Depository, accompanied by registration instructions from the Depository
for registration, the Authenticating Agent shall authenticate and the Trustee
shall deliver such Definitive Certificates. Neither the Depositor nor the
Trustee shall be liable for any delay in delivery of such instructions and each
may conclusively rely on, and shall be protected in relying on, such
instructions. Upon the issuance of such Definitive Certificates, all references
herein to obligations imposed upon or to be performed by the Depository shall be
deemed to be imposed upon and performed by the Trustee, to the extent applicable
with respect to such Definitive Certificates and the Trustee shall recognize the
Holders of such Definitive Certificates as Certificateholders hereunder.

     SECTION 5.09. Maintenance of Office or Agency

     The Trustee will maintain or cause to be maintained at its expense an
office or offices or agency or agencies where Certificates may be surrendered
for registration of transfer or exchange. The Trustee initially designates its
offices at 135 South LaSalle Street, Suite 1511, Chicago, Illinois 60603,
Attention:


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<PAGE>

MLMI 2006-FF1 as offices for such purposes. The Trustee will give prompt written
notice to the Certificateholders of any change in such location of any such
office or agency.

     SECTION 5.10. Authenticating Agents

          (a) One or more Authenticating Agents (each, an "Authenticating
Agent") may be appointed hereunder each of which shall be authorized to act on
behalf of the Trustee in authenticating the Certificates. Wherever reference is
made in this Agreement to the authentication of Certificates by the Trustee's
certificate of authentication, such reference shall be deemed to include
authentication on behalf of the Trustee by an Authenticating Agent and a
certificate of authentication executed on behalf of the Trustee by an
Authenticating Agent. Each Authenticating Agent must be an entity organized and
doing business under the laws of the United States of America or any state
thereof, having a combined capital and surplus of at least $15,000,000,
authorized under such laws to operate a trust business and subject to
supervision or examination by federal or state authorities. If the
Authenticating Agent is a party other than the Trustee, the Trustee shall have
no liability in connection with the performance or failure of performance of the
Authenticating Agent. LaSalle Bank National Association is hereby appointed as
the initial Authenticating Agent. The Trustee shall be the Authenticating Agent
during any such time as no other Authenticating Agent has been appointed and has
not resigned.

          (b) Any Person into which any Authenticating Agent may be merged or
converted or with which it may be consolidated, or any Person resulting from any
merger, conversion or consolidation to which any Authenticating Agent shall be a
party, or any Person succeeding to the corporate agency business of any
Authenticating Agent, shall continue to be the Authenticating Agent without the
execution or filing of any paper or any further act on the part of the Trustee
or the Authenticating Agent.

          (c) Any Authenticating Agent may at any time resign by giving at least
30 days' advance written notice of resignation to the Trustee and the Depositor.
Except with respect to the initial Authenticating Agent, LaSalle Bank National
Association, which shall be the Authenticating Agent for so long as it is the
Trustee may at any time terminate the agency of any Authenticating Agent by
giving written notice of termination to such Authenticating Agent and the
Depositor. Upon receiving a notice of resignation or upon such a termination, or
in case at any time any Authenticating Agent shall cease to be eligible in
accordance within the provisions of this Section 5.10, the Trustee may appoint a
successor Authenticating Agent, shall give written notice of such appointment to
the Depositor and shall mail notice of such appointment to all Holders of
Certificates. Any successor Authenticating Agent upon acceptance of its
appointment hereunder shall become vested with all the rights, powers, duties
and responsibilities of its predecessor hereunder, with like effect as if
originally named as Authenticating Agent. No successor Authenticating Agent
shall be appointed unless eligible under the provisions of this Section 5.10. No
Authenticating Agent shall have responsibility or liability for any action taken
by it as such at the direction of the Trustee.

                                   ARTICLE VI

                         THE DEPOSITOR AND THE SERVICER

     SECTION 6.01. Respective Liabilities of the Depositor and the Servicer

     The Depositor and the Servicer shall each be liable in accordance herewith
only to the extent of the obligations specifically and respectively imposed upon
and undertaken by them herein.


                                     -131-

<PAGE>



     SECTION 6.02. Merger or Consolidation of the Depositor or the Servicer

     Except as provided in the next paragraph, the Depositor and the Servicer
will each keep in full effect its existence, rights and franchises as a
corporation or banking association under the laws of the United States or under
the laws of one of the States thereof and will each obtain and preserve its
qualification to do business as a foreign corporation in each jurisdiction in
which such qualification is or shall be necessary to protect the validity and
enforceability of this Agreement, or any of the Mortgage Loans and to perform
its respective duties under this Agreement.

     Any Person into which the Depositor or the Servicer may be merged or
consolidated, or any Person resulting from any merger or consolidation to which
the Depositor or the Servicer shall be a party, or any Person succeeding to the
business of the Depositor or the Servicer, shall be the successor of the
Depositor or the Servicer, as the case may be, hereunder, without the execution
or filing of any paper or any further act on the part of any of the parties
hereto, anything herein to the contrary notwithstanding (except for the
execution of an assumption agreement where such succession is not effected by
operation of law); provided, however, that the successor or surviving Person to
the Servicer shall be qualified to sell mortgage loans to, and to service
mortgage loans on behalf of, Fannie Mae or Freddie Mac.

     SECTION 6.03. Limitation on Liability of the Depositor, the Servicer and
Others

     None of the Depositor, the Servicer nor any of the directors, officers,
employees or agents of the Depositor or the Servicer shall be under any
liability to the Issuing Entity or the Certificateholders for any action taken
or for refraining from the taking of any action in good faith pursuant to this
Agreement, or for errors in judgment; provided, however, that this provision
shall not protect the Depositor, the Servicer or any such Person against any
breach of representations or warranties made by it herein or protect the
Depositor, the Servicer or any such Person from any liability that would
otherwise be imposed by reasons of willful misfeasance, bad faith or negligence
in the performance of duties or by reason of reckless disregard of obligations
and duties hereunder. The Depositor, the Special Servicer or the Servicer and
any director, officer, employee or agent of the Depositor, the Special Servicer
or the Servicer may rely in good faith on any document of any kind prima facie
properly executed and submitted by any Person respecting any matters arising
hereunder. The Depositor, the Special Servicer or the Servicer and any director,
officer, employee or agent of the Depositor, the Special Servicer or the
Servicer shall be indemnified by the Issuing Entity and held harmless against
any loss, liability or expense, incurred in connection with the performance of
their duties under this Agreement or incurred in connection with any audit,
controversy or judicial proceeding relating to a governmental taxing authority
or any legal action relating to this Agreement or the Certificates, other than
any loss, liability or expense (i) incurred by reason of willful misfeasance,
bad faith or negligence in the performance of duties hereunder or by reason of
reckless disregard of obligations and duties hereunder or (ii) which does not
constitute an "unanticipated expense" within the meaning of Treasury Regulation
Section 1.860G-1(b)(3)(ii). Neither the Depositor, the Special Servicer nor the
Servicer shall be under any obligation to appear in, prosecute or defend any
legal action that is not incidental to its respective duties hereunder and that
in its opinion may involve it in any expense or liability; provided, however,
that any of the Depositor, the Special Servicer or the Servicer in its
discretion may undertake any such action that it may deem necessary or desirable
in respect of this Agreement and the rights and duties of the parties hereto and
the interests of the Trustee and the Certificateholders hereunder. In such
event, the legal expenses and costs of such action and any liability resulting
therefrom shall be, expenses, costs and liabilities of the Issuing Entity, and
the Depositor, the Special Servicer and the Servicer shall be entitled to be
reimbursed therefor out of the Collection Account as provided by Section 3.08
hereof.


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<PAGE>

     Notwithstanding anything herein to the contrary, in preparing or furnishing
any reports or certifications pursuant to this Agreement, the Servicer shall be
entitled to rely conclusively on the accuracy of the information or data
provided to it by any other party to the Agreement and shall have no liability
for any errors therein.

     SECTION 6.04. Limitation on Resignation of Servicer

     Subject to the provisions of Section 7.01, the second paragraph of Section
7.02, the second paragraph of Section 6.02 and the following paragraph of this
Section 6.04, the Servicer shall not resign from the obligations and duties
hereby imposed on it except upon determination that its duties hereunder are no
longer permissible under applicable law. Any such determination permitting the
resignation of the Servicer shall be evidenced by an Opinion of Counsel to such
effect delivered to the Trustee. No such resignation shall become effective
until the Trustee or a successor servicer reasonably acceptable to the Trustee
is appointed and has assumed the Servicer's responsibilities, duties,
liabilities and obligations hereunder. Any such resignation shall not relieve
the Servicer of any of the obligations specified in Section 7.01 and 7.02 as
obligations that survive the resignation or termination of the Servicer.

     Notwithstanding anything to the contrary in the previous paragraph of this
Section 6.04, the Trustee, the Depositor hereby specifically (i) consent to the
pledge and assignment by the Servicer of all the Servicer's right, title and
interest in, to and under this Agreement to the Servicing Rights Pledgee, if
any, for the benefit of certain lenders, and (ii) agree that upon delivery to
the Trustee by the Servicing Rights Pledgee of a letter signed by the Servicer
whereby the Servicer shall resign as Servicer under this Agreement,
notwithstanding anything to the contrary which may be set forth in Section 3.04
above, the Trustee shall appoint the Servicing Rights Pledgee or its designee as
successor servicer, provided that the Servicer's resignation will not be
effective unless, at the time of such appointment, the Servicing Rights Pledgee
or its designee (i) meets the requirements of a successor servicer under Section
7.03 of this Agreement (including being acceptable to the Rating Agencies),
provided, that the consent and approval of the Trustee and the Depositor shall
be deemed to have been given to the Servicing Rights Pledgee or its designee,
and the Servicing Rights Pledgee and its designee are hereby agreed to be
acceptable to the Trustee and the Depositor and (ii) agrees to be subject to the
terms of this Agreement. If, pursuant to any provision hereof, the duties of the
Servicer are transferred to a successor servicer, the entire amount of the
Servicing Fee and other compensation payable to the Servicer pursuant hereto
shall thereafter be payable to such successor servicer.

     SECTION 6.05. Errors and Omissions Insurance; Fidelity Bonds

     The Servicer shall, for so long as it acts as servicer under this
Agreement, obtain and maintain in force (a) a policy or policies of insurance
covering errors and omissions in the performance of its obligations as servicer
hereunder, and (b) a fidelity bond in respect of its officers, employees and
agents. Each such policy or policies and bond shall, together, comply with the
requirements from time to time of Fannie Mae or Freddie Mac for Persons
performing servicing for mortgage loans purchased by Fannie Mae or Freddie Mac.
The Servicer shall provide the Trustee, upon request and reasonable notice, with
copies of such policies and fidelity bond or a certification from the insurance
provider evidencing such policies and fidelity bond. The Servicer may be deemed
to have complied with this provision if an Affiliate of the Servicer has such
errors and omissions and fidelity bond coverage and, by the terms of such
insurance policy or fidelity bond, the coverage afforded thereunder extends to
the Servicer. In the event that any such policy or bond ceases to be in effect,
the Servicer shall use its reasonable best efforts to obtain a comparable
replacement policy or bond from an insurer or issuer meeting the requirements
set


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<PAGE>

forth above as of the date of such replacement. Any such policy or fidelity bond
shall by its terms not be cancelable without thirty days' prior written notice
to the Trustee.

                                   ARTICLE VII

                        DEFAULT; TERMINATION OF SERVICER

     SECTION 7.01. Events of Default

     "Event of Default," wherever used herein, means any one of the following
events:

          (i) any failure by the Servicer to make any Advance, to deposit in the
     Collection Account or the Certificate Account or remit to the Trustee any
     payment (excluding a payment required to be made under Section 4.01 hereof)
     required to be made under the terms of this Agreement, which failure shall
     continue unremedied for three Business Days and, with respect to a payment
     required to be made under Section 4.01 hereof, for one Business Day, after
     the date on which written notice of such failure shall have been given to
     the Servicer by the Trustee or the Depositor, or to the Trustee, the
     Depositor and the Servicer by the Holders of Certificates evidencing
     greater than 50% of the Voting Rights evidenced by the Certificates; or

          (ii) any failure by the Servicer to observe or perform in any material
     respect any other of the covenants or agreements on the part of the
     Servicer contained in this Agreement or any representation or warranty
     shall prove to be untrue, which failure or breach shall continue unremedied
     for a period of sixty (60) days after the date on which written notice of
     such failure shall have been given to the Servicer, the Trustee and the
     Depositor by the Trustee or the Depositor, or to the Servicer, the Trustee
     and the Depositor by the Holders of Certificates evidencing greater than
     50% of the Voting Rights evidenced by the Certificates; or

          (iii) a decree or order of a court or agency or supervisory authority
     having jurisdiction for the appointment of a receiver or liquidator in any
     insolvency, readjustment of debt, marshaling of assets and liabilities or
     similar proceedings, or for the winding-up or liquidation of its affairs,
     shall have been entered against the Servicer and such decree or order shall
     have remained in force undischarged or unstayed for a period of sixty (60)
     consecutive days; or

          (iv) consent by the Servicer to the appointment of a receiver or
     liquidator in any insolvency, readjustment of debt, marshaling of assets
     and liabilities or similar proceedings of or relating to the Servicer or
     all or substantially all of the property of the Servicer; or

          (v) admission by the Servicer in writing of its inability to pay its
     debts generally as they become due, file a petition to take advantage of,
     or commence a voluntary case under, any applicable insolvency or
     reorganization statute, make an assignment for the benefit of its
     creditors, or voluntarily suspend payment of its obligations; or

          (vi) any failure by the Servicer to duly perform, within the required
     time period, its obligations under Sections 3.17, 3.18 and 3.22 of this
     Agreement, which failure continues unremedied for a period of ten (10) days
     after the date on which written notice of such failure, requiring the same
     to be remedied, shall have been given to the Servicer by the Trustee or any
     other party to this Agreement.


                                     -134-

<PAGE>

     If an Event of Default shall occur with respect to the Servicer, then, and
in each and every such case, so long as such Event of Default shall not have
been remedied within the applicable grace period, the Trustee may, or at the
direction of the Holders of Certificates evidencing greater than 50% of the
Voting Rights evidenced by the Certificates, shall, by notice in writing to the
Servicer (with a copy to each Rating Agency), terminate all of the rights and
obligations of the Servicer under this Agreement and in and to the related
Mortgage Loans and the proceeds thereof, other than its rights as a
Certificateholder hereunder. On or after the receipt by the Servicer of such
written notice, all authority and power of the Servicer hereunder, whether with
respect to the related Mortgage Loans or otherwise, shall pass to and be vested
in the Trustee. To the extent the Event of Default resulted from the failure of
the Servicer to make a required Advance, the Trustee shall thereupon make any
Advance described in Section 4.01 hereof subject to Section 3.04 hereof. The
Trustee is hereby authorized and empowered to execute and deliver, on behalf of
the Servicer, as attorney-in-fact or otherwise, any and all documents and other
instruments, and to do or accomplish all other acts or things necessary or
appropriate to effect the purposes of such notice of termination, whether to
complete the transfer and endorsement or assignment of the Mortgage Loans and
related documents, or otherwise. Unless expressly provided in such written
notice, no such termination shall affect any obligation of the Servicer to pay
amounts owed pursuant to Article VIII. The Servicer agrees to cooperate with the
Trustee in effecting the termination of the Servicer's responsibilities and
rights hereunder, including, without limitation, the transfer to the Trustee of
all cash amounts which shall at the time be credited to the Collection Account,
or thereafter be received with respect to the Mortgage Loans. The Servicer and
the Trustee shall promptly notify the Rating Agencies of the occurrence of an
Event of Default, such notice to be provided in any event within two Business
Days of such occurrence.

     Notwithstanding any termination of the activities of the Servicer
hereunder, the Servicer shall be entitled to receive, out of any late collection
of a Scheduled Payment on a Mortgage Loan that was due prior to the notice
terminating the Servicer's rights and obligations as Servicer hereunder and
received after such notice, that portion thereof to which the Servicer would
have been entitled pursuant to Section 3.08(a), and any other amounts payable to
the Servicer hereunder the entitlement to which arose prior to the termination
of its activities hereunder. Notwithstanding anything herein to the contrary,
upon termination of the Servicer hereunder, any liabilities of the Servicer
which accrued prior to such termination shall survive such termination.

     SECTION 7.02. Trustee to Act; Appointment of Successor

     On and after the time the Servicer receives a notice of termination
pursuant to Section 7.01 hereof, the Trustee shall, to the extent provided in
Section 3.04, be the successor to the Servicer in its capacity as servicer under
this Agreement and the transactions set forth or provided for herein and shall
be subject to all the responsibilities, duties and liabilities relating thereto
placed on the Servicer by the terms and provisions hereof and applicable law
including the obligation to make advances pursuant to Section 4.01. As
compensation therefor, subject to the last paragraph of Section 7.01, the
Trustee shall be entitled to all fees, compensation and reimbursement for costs
and expenses that the Servicer would have been entitled to hereunder if the
Servicer had continued to act hereunder. Notwithstanding the foregoing, if the
Trustee has become the successor to the Servicer in accordance with Section 7.01
hereof, the Trustee may, if it shall be unwilling to so act, or shall, if it is
prohibited by applicable law from making Advances pursuant to Section 4.01
hereof or if it is otherwise unable to so act, appoint, or petition a court of
competent jurisdiction to appoint, any established mortgage loan servicing
institution and does not adversely affect the then current rating of the
Certificates by each Rating Agency as the successor to the Servicer hereunder in
the assumption of all or any part of the responsibilities, duties or liabilities
of the


                                     -135-

<PAGE>

Servicer hereunder. Any successor Servicer shall be an institution that is a
Fannie Mae and Freddie Mac approved seller/servicer in good standing, that has a
net worth of at least $15,000,000, and that is willing to service the Mortgage
Loans and executes and delivers to the Depositor and the Trustee an agreement
accepting such delegation and assignment, that contains an assumption by such
Person of the rights, powers, duties, responsibilities, obligations and
liabilities of the Servicer (other than liabilities of the Servicer under
Section 6.03 hereof incurred prior to termination of the Servicer under Section
7.01), with like effect as if originally named as a party to this Agreement; and
provided further that each Rating Agency acknowledges that its rating of the
Certificates in effect immediately prior to such assignment and delegation will
not be qualified or reduced as a result of such assignment and delegation. No
appointment of a successor to the Servicer hereunder shall be effective until
the Trustee shall have consented thereto and written notice of such proposed
appointment shall have been provided by the Trustee to each Certificateholder.
The Trustee shall not resign as servicer until a successor servicer has been
appointed and has accepted such appointment. Pending appointment of a successor
to the Servicer hereunder, the Trustee, unless the Trustee is prohibited by law
from so acting, shall, subject to Section 3.04 hereof, act in such capacity as
hereinabove provided. In connection with such appointment and assumption, the
Trustee may make such arrangements for the compensation of such successor out of
payments on Mortgage Loans as it and such successor shall agree; provided,
however, that no such compensation shall be in excess of that permitted the
Servicer hereunder. The Trustee and such successor shall take such action,
consistent with this Agreement, as shall be necessary to effectuate any such
succession. Neither the Trustee nor any other successor servicer shall be deemed
to be in default hereunder by reason of any failure to make, or any delay in
making, any distribution hereunder or any portion thereof or any failure to
perform, or any delay in performing, any duties or responsibilities hereunder,
in either case caused by the failure of the Servicer to deliver or provide, or
any delay in delivering or providing, any cash, information, documents or
records to it.

     Any successor to the Servicer as servicer shall give notice to the
Mortgagors of such change of servicer and shall, during the term of its service
as servicer maintain in force the policy or policies that the Servicer is
required to maintain pursuant to Section 6.05.

     SECTION 7.03. Notification to Certificateholders

          (a) Upon any termination of or appointment of a successor to the
Servicer, the Trustee shall give prompt written notice thereof to
Certificateholders, the Depositor and to each Rating Agency.

          (b) Within sixty (60) days after the occurrence of any Event of
Default, the Trustee shall transmit by mail to all Certificateholders and the
Rating Agencies notice of each such Event of Default hereunder known to the
Trustee, unless such Event of Default shall have been cured or waived.

                                  ARTICLE VIII

                             CONCERNING THE TRUSTEE

     SECTION 8.01. Duties of the Trustee

     For purposes of this Article VIII, references to "Trustee" shall be deemed
to include LaSalle Bank National Association, in its capacity as Supplemental
Interest Trust Trustee under this Agreement


                                     -136-

<PAGE>
and the Swap Agreement, and in respect thereof the Supplemental Interest Trust
Trustee shall have all of the rights, protections, immunities and benefits of
the Trustee.

     The Trustee, prior to the occurrence of an Event of Default and after the
curing of all Events of Default that may have occurred, shall undertake to
perform such duties and only such duties as are specifically set forth in this
Agreement. In case an Event of Default has occurred and remains uncured, the
Trustee shall exercise such of the rights and powers vested in it by this
Agreement and use the same degree of care and skill in its exercise as a prudent
person would exercise or use under the circumstances in the conduct of such
person's own affairs. In case an Event of Default or other default by the
Servicer or the Depositor hereunder shall occur and be continuing, the Trustee
shall, at the written direction of the majority of the Certificateholders, or
may, proceed to protect and enforce its rights and the rights of the
Certificateholders under this Agreement by a suit, action or proceeding in
equity or at law or otherwise, whether for the specific performance of any
covenant or agreement contained in this agreement or in aid of the execution of
any power granted in this Agreement or for the enforcement of any other legal,
equitable or other remedy, as the Trustee, being advised by counsel and subject
to the foregoing, shall deem most effectual to protect and enforce any of the
rights of the Trustee and the Certificateholders.

     The Trustee, upon receipt of all resolutions, certificates, statements,
opinions, reports, documents, orders or other instruments furnished to the
Trustee that are specifically required to be furnished pursuant to any provision
of this Agreement, shall examine them to determine whether they conform on their
face to the requirements of this Agreement. If any such instrument is found not
to conform on its face to the requirements of this Agreement in a material
manner, the Trustee shall notify the person providing such Agreement of such
non-conformance, and if the instrument is not corrected to the its satisfaction,
the Trustee will provide notice thereof to the Certificateholders and take such
further action as directed by the Certificateholders.

     No provision of this Agreement shall be construed to relieve the Trustee
from liability for its own negligent action, its own negligent failure to act or
its own misconduct, its negligent failure to perform its obligations in
compliance with this Agreement, or any liability that would be imposed by reason
of its willful misfeasance or bad faith; provided, however, that:

          (i) prior to the occurrence of an Event of Default, and after the
     curing of all such Events of Default that may have occurred, the duties and
     obligations of the Trustee shall be determined solely by the express
     provisions of this Agreement, the Trustee shall not be liable, individually
     or as Trustee, except for the performance of such duties and obligations as
     are specifically set forth in this Agreement, no implied covenants or
     obligations shall be read into this Agreement against the Trustee and, the
     Trustee may conclusively rely, as to the truth of the statements and the
     correctness of the opinions expressed therein, upon any certificates or
     opinions furnished to the Trustee and conforming to the requirements of
     this Agreement that it reasonably believed in good faith to be genuine and
     to have been duly executed by the proper authorities respecting any matters
     arising hereunder;

          (ii) the Trustee shall not, individually or as Trustee, be liable for
     an error of judgment made in good faith by a Responsible Officer or
     Responsible Officers of the Trustee unless the Trustee was negligent or
     acted in bad faith or with willful misfeasance;

          (iii) the Trustee shall not be liable, individually or as Trustee,
     with respect to any action taken, suffered or omitted to be taken by it in
     good faith in accordance with the direction of


                                     -137-

<PAGE>

     the Holders in accordance with this Agreement relating to the time, method
     and place of conducting any proceeding for any remedy available to the
     Trustee, or exercising any trust or power conferred upon the Trustee under
     this Agreement; and

          (iv) the Trustee shall not be responsible for the acts or omissions of
     any Servicer or Subservicer (including the Special Servicer), it being
     understood that this Agreement shall not be construed to render any of them
     agents of one another.

     SECTION 8.02. Certain Matters Affecting the Trustee

          (a) Except as otherwise provided in Section 8.01:

          (i) the Trustee may request and conclusively rely upon and shall be
     fully protected in acting or refraining from acting upon any resolution,
     Officer's Certificate, certificate of auditors or any other certificate,
     statement, instrument, opinion, report, notice, request, consent, order,
     appraisal, bond or other paper or document believed by it to be genuine and
     to have been signed or presented by the proper party or parties;

          (ii) the Trustee may consult with counsel of its choice and any advice
     or Opinion of Counsel shall be full and complete authorization and
     protection in respect of any action taken or suffered or omitted by it
     hereunder in good faith and in accordance with such Opinion of Counsel;

          (iii) the Trustee shall not be liable for any action taken, suffered
     or omitted by it in good faith and believed by it to be authorized or
     within the discretion or rights or powers conferred upon it by this
     Agreement;

          (iv) prior to the occurrence of an Event of Default hereunder and
     after the curing of all Events of Default that may have occurred, the
     Trustee shall not be bound to make any investigation into the facts or
     matters stated in any resolution, certificate, statement, instrument,
     opinion, report, notice, request, consent, order, approval, bond or other
     paper or document, unless requested in writing so to do by the Holders of
     each Class of Certificates evidencing not less than 25% of the Voting
     Rights of such Class;

          (v) the Trustee may execute any of the trusts or powers hereunder or
     perform any duties hereunder either directly or by or through agents,
     custodians, accountants or attorneys or independent contractors and the
     Trustee will not be responsible for any misconduct or negligence on the
     part of any other agent, custodian, accountant, attorney or independent
     contractor appointed with due care by it hereunder;

          (vi) the Trustee shall not be required to expend its own funds or
     otherwise incur any financial liability in the performance of any of its
     duties hereunder if it shall have reasonable grounds for believing that
     repayment of such funds or adequate indemnity against such liability is not
     assured to it;

          (vii) the Trustee shall not be liable, individually or as Trustee, for
     any loss on any investment of funds pursuant to this Agreement, the Cap
     Contract or Swap Agreement (other than as issuer of the investment
     security);


                                     -138-
<PAGE>

          (viii) the Trustee shall not be deemed to have knowledge of an Event
     of Default until a Responsible Officer of the Trustee shall have received
     written notice thereof;

          (ix) the Trustee shall be under no obligation to exercise any of the
     trusts or powers vested in it by this Agreement or to make any
     investigation of matters arising hereunder or to institute, conduct or
     defend any litigation hereunder or in relation hereto at the request, order
     or direction of any of the Certificateholders, pursuant to the provisions
     of this Agreement, unless the Certificateholders shall have offered to the
     Trustee reasonable security or indemnity satisfactory to it against the
     costs, expenses and liabilities that may be incurred therein or thereby;

          (x) if requested by the Servicer, the Trustee may appoint the Servicer
     or Special Servicer as the Trustee's attorney-in-fact in order to carry out
     and perform certain activities that are necessary or appropriate for the
     servicing and administration of the Mortgage Loans pursuant to this
     Agreement. Such appointment shall be evidenced by a power of attorney in
     such form as may be agreed to by the Trustee and the Servicer. The Trustee
     shall have no liability for any action or inaction of the Servicer or
     Special Servicer, as applicable, in connection with such power of attorney
     and the Trustee shall be indemnified by the Servicer or Special Servicer,
     as applicable, for all liabilities, costs and expenses incurred by the
     Trustee in connection with such misuse of such powers of attorney; and

          (xi) in order to comply with its duties under the U.S.A. Patriot Act,
     the Trustee shall obtain and verify certain information and documentation
     from the other parties hereto, including but not limited to, such party's
     name, address and other identifying information.

          (b) All rights of action under this Agreement or under any of the
Certificates, enforceable by the Trustee, may be enforced by the Trustee without
the possession of any of the Certificates, or the production thereof at the
trial or other proceeding relating thereto, and any such suit, action or
proceeding instituted by the Trustee shall be brought in its name for the
benefit of all the Holders of the Certificates, subject to the provisions of
this Agreement. The Trustee shall have no duty (A) to see to any recording,
filing, or depositing of this Agreement or any agreement referred to herein or
any financing statement or continuation statement evidencing a security
interest, or to see to the maintenance of any rerecording, refiling or
redepositing, as applicable, thereof, (B) to see to any insurance or (C) to see
to the payment or discharge of any tax, assessment, or other governmental charge
or any lien or encumbrance of any kind owing with respect to, assessed or levied
against, any part of the Trust Fund.

     SECTION 8.03. Trustee Not Liable for Certificates or Mortgage Loans

     The recitals contained herein shall be taken as the statements of the
Depositor or the Servicer, as the case may be, and the Trustee assumes no
responsibility for their correctness. The Trustee makes no representation as to
the validity or sufficiency of this Agreement, of any Mortgage Loan, or any
related document other than with respect to the execution and authentication of
the Certificates, if it so executed or authorized the Certificates. The Trustee
shall not be accountable for the use or application by the Depositor or the
Servicer of any funds paid to the Depositor or the Servicer in respect of the
Mortgage Loans or deposited in or withdrawn from the Collection Account or the
Certificate Account by the Depositor or the Servicer.

     SECTION 8.04. Trustee May Own Certificates


                                      -139-

<PAGE>

     The Trustee in its individual or any other capacity may become the owner or
pledgee of Certificates with the same rights as it would have if it was not the
Trustee.

     SECTION 8.05. Trustee's Fees and Expenses

     The Trustee and any custodian shall be entitled to, such compensation as
shall be agreed to in writing by the Trustee and the Depositor (which shall not
be limited by any provision of law in regard to the compensation of a trustee of
an express trust) for all services rendered by it in the execution of the trusts
hereby created and in the exercise and performance of any of the powers and
duties hereunder of the Trustee.

     SECTION 8.06. Indemnification and Expenses of Trustee

          (a) LaSalle Bank National Association (as Trustee and in its
individual corporate capacity) and its directors, officers, employees and agents
shall be entitled to indemnification from the Issuing Entity for any loss,
liability or expense incurred in connection with (i) any audit, controversy or
judicial proceeding relating to a governmental authority or any legal proceeding
incurred without negligence or willful misconduct on their part, arising out of,
or in connection with the acceptance or administration of the trusts created
hereunder and (ii) the performance of their duties hereunder, including any
applicable fees and expenses payable hereunder, and the costs and expenses of
defending themselves against any claim in connection with the exercise or
performance of any of their powers or duties hereunder, provided that:

          (i) with respect to any such claim, the Trustee shall have given the
     Depositor written notice thereof promptly after the Trustee shall have
     knowledge thereof; provided that failure to so notify shall not relieve the
     Issuing Entity of the obligation to indemnify the Trustee; however, any
     reasonable delay by the Trustee to provide written notice to the Depositor
     and the Holders promptly after the Trustee shall have obtained knowledge of
     a claim shall not relieve the Issuing Entity of the obligation to indemnify
     the Trustee under this Section 8.06;

          (ii) while maintaining control over its own defense, the Trustee shall
     reasonably cooperate and consult with the Depositor in preparing such
     defense;

          (iii) notwithstanding anything to the contrary in this Section 8.06,
     the Issuing Entity shall not be liable for settlement of any such claim by
     the Trustee entered into without the prior consent of the Depositor, which
     consent shall not be unreasonably withheld or delayed; and

          (iv) indemnification therefor would constitute "unanticipated
     expenses" within the meaning of Treasury Regulation Section
     1.860G-1(b)(3)(ii).

     Any indemnification payments to the Trustee (or a custodian) pursuant to
this Section 8.06(a) shall be allocated first to principal and then, to the
extent remaining, to interest.

     The provisions of this Section 8.06 shall survive any termination of this
Agreement and the resignation or removal of the Trustee and shall be construed
to include, but not be limited to any loss, liability or expense under any
environmental law.


                                      -140-

<PAGE>

          (b) The Trustee shall be entitled to reimbursement by the Trust Fund
of all reasonable expenses, disbursements and advances incurred or made by the
Trustee in accordance with this Agreement (including fees and expenses of its
counsel and all persons not regularly in its employment), except any such
expenses, disbursements and advances that either (i) arise from its negligence,
bad faith or willful misconduct or (ii) do not constitute "unanticipated
expenses" within the meaning of Treasury Regulations Section 1.860G-1(b)(3)(ii).

          (c) The Trustee's right to indemnification and reimbursement shall be
subject to a cap of $400,000 in the aggregate in any calendar year, excluding
(i) any Servicing Transfer Costs and (ii) any costs, damages or expenses
incurred by the Trustee in connection with any "high cost" home loans or any
predatory or abusive lending laws, which amounts shall in no case be subject to
any such limitation; provided, however, that such cap shall apply only if NIM
Notes have been issued and shall cease to apply after the date on which any NIM
Notes are paid in full; provided further, however, that amounts incurred by the
Trustee in excess of such annual limit in any calendar year shall be payable to
the Trustee in succeeding calendar years, subject to such annual limit for each
applicable calendar year. Any amounts reimbursable hereunder not in excess of
this cap may be withdrawn by the Trustee from the Certificate Account at any
time.

          (d) Any custodian appointed by the Trustee as herein provided shall be
entitled to indemnification and reimbursement of expenses to the same extent as
the Trustee is entitled to such amounts pursuant to subsection (a) and (b) of
this Section 8.06, without regard to subsection (c) of this Section 8.06.

     SECTION 8.07. Eligibility Requirements for Trustee

     The Trustee hereunder shall, at all times, be a corporation or association
organized and doing business under the laws of a state or the United States of
America, authorized under such laws to exercise corporate trust powers having a
combined capital and surplus of at least $50,000,000, subject to supervision or
examination by federal or state authority and with a credit rating that would
not cause any of the Rating Agencies to reduce their respective ratings of any
Class of Certificates below the ratings issued on the Closing Date (or having
provided such security from time to time as is sufficient to avoid such
reduction). If such corporation or association publishes reports of condition at
least annually, pursuant to law or to the requirements of the aforesaid
supervising or examining authority, then for the purposes of this Section 8.07
the combined capital and surplus of such corporation or association shall be
deemed to be its combined capital and surplus as set forth in its most recent
report of condition so published. In case at any time the Trustee shall cease to
be eligible in accordance with the provisions of this Section 8.07, the Trustee
shall resign immediately in the manner and with the effect specified in Section
8.08 hereof. The corporation or national banking association serving as Trustee
may have normal banking and trust relationships with the Depositor and its
respective Affiliates; provided, however, that such corporation cannot be an
Affiliate of the Servicer.

     SECTION 8.08. Resignation and Removal of Trustee

     The Trustee may at any time resign and be discharged from the trusts hereby
created by (1) giving written notice of resignation to the Depositor by mailing
notice of resignation by first class mail, postage prepaid, to the
Certificateholders at their addresses appearing on the Certificate Register and
each Rating Agency, not less than sixty (60) days before the date specified in
such notice when, subject to Section 8.09, such resignation is to take effect,
and (2) acceptance of appointment by a successor trustee


                                      -141-

<PAGE>

in accordance with Section 8.09 and meeting the qualifications set forth in
Section 8.07. If no successor trustee shall have been so appointed and have
accepted appointment within thirty (30) days after the giving of such notice or
resignation, the resigning Trustee may petition any court of competent
jurisdiction for the appointment of a successor trustee.

     If at any time (i) the Trustee shall cease to be eligible in accordance
with the provisions of Section 8.07 hereof and shall fail to resign after
written request thereto by the Depositor or (ii) the Trustee shall become
incapable of acting, or shall be adjudged as bankrupt or insolvent, or a
receiver of the Trustee or of its property shall be appointed, or any public
officer shall take charge or control of the Trustee or of its property or
affairs for the purpose of rehabilitation, conservation or liquidation, then the
Depositor may remove the Trustee and shall promptly appoint a successor trustee
by written instrument, in triplicate, one copy of which instrument shall be
delivered to the Trustee and one copy of which shall be delivered to the
successor trustee.

     The Holders evidencing at least 51% of the Voting Rights of all Classes of
Certificates may at any time remove the Trustee and the Depositor shall appoint
a successor trustee by written instrument or instruments, in triplicate, signed
by such Holders or their attorneys-in-fact duly authorized, one complete set of
which instruments shall be delivered by the successor trustee to the Servicer,
one complete set to the Trustee so removed and one complete set to the successor
so appointed. Notice of any removal of the Trustee shall be given to each Rating
Agency by the successor trustee.

     Any resignation or removal of the Trustee and appointment of a successor
trustee pursuant to any of the provisions of this Section 8.08 shall become
effective upon acceptance of appointment by the successor trustee as provided in
Section 8.09 hereof.

     SECTION 8.09. Successor Trustee

     Any successor trustee appointed as provided in Section 8.08 hereof shall
execute, acknowledge and deliver to the Depositor and to its predecessor trustee
and the Servicer an instrument accepting such appointment hereunder and
thereupon the resignation or removal of the predecessor trustee shall become
effective and such successor trustee, without any further act, deed or
conveyance, shall become fully vested with all the rights, powers, duties and
obligations of its predecessor hereunder, with the like effect as if originally
named as trustee herein.

     No successor trustee shall accept appointment as provided in this Section
8.09 unless at the time of such acceptance such successor trustee shall be
eligible under the provisions of Section 8.07 hereof and its appointment shall
not adversely affect the then current rating of the Certificates.

     Upon acceptance of appointment by a successor trustee as provided in this
Section 8.09, the Depositor shall mail notice of the succession of such trustee
hereunder to all Holders of Certificates. If the Depositor fails to mail such
notice within ten (10) days after acceptance of appointment by the successor
trustee, the successor trustee shall cause such notice to be mailed at the
expense of the Depositor.

     SECTION 8.10. Merger or Consolidation of Trustee

     Any corporation into which the Trustee may be merged or converted or with
which it may be consolidated or any corporation resulting from any merger,
conversion or consolidation to which the


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Trustee shall be a party, or any corporation succeeding to all or substantially
all of the corporate trust business of the Trustee, shall be the successor of
the Trustee hereunder, provided that such corporation shall be eligible under
the provisions of Section 8.07 hereof without the execution or filing of any
paper or further act on the part of any of the parties hereto, anything herein
to the contrary notwithstanding (except for the execution of an assumption
agreement where such succession is not effected by operation of law).

     SECTION 8.11. Appointment of Co-Trustee or Separate Trustee

     Notwithstanding any other provisions of this Agreement, at any time, for
the purpose of meeting any legal requirements of any jurisdiction in which any
part of the Trust Fund or property securing any Mortgage Note may at the time be
located, the Servicer and the Trustee acting jointly shall have the power and
shall execute and deliver all instruments to appoint one or more Persons
approved by the Trustee to act as co-trustee or co-trustees jointly with the
Trustee, or separate trustee or separate trustees, of all or any part of the
Trust Fund, and to vest in such Person or Persons, in such capacity and for the
benefit of the Certificateholders, such title to the Trust Fund or any part
thereof, whichever is applicable, and, subject to the other provisions of this
Section 8.11, such powers, duties, obligations, rights and trusts as the
Servicer and the Trustee may consider necessary or desirable. Any such
co-trustee or separate trustee shall be compensated by the Trust Fund and
subject to the written approval of the Servicer. The Trustee shall not be liable
for the actions of any co-trustee appointed with due care; provided that the
appointment of a co-trustee shall not relieve the Trustee of its obligations
hereunder. If the Servicer shall not have joined in such appointment within
fifteen (15) days after the receipt by it of a request to do so, or in the case
an Event of Default shall have occurred and be continuing, the Trustee alone
shall have the power to make such appointment. No co-trustee or separate trustee
hereunder shall be required to meet the terms of eligibility as a successor
trustee under Section 8.07 and no notice to Certificateholders of the
appointment of any co-trustee or separate trustee shall be required under
Section 8.09.

     Every separate trustee and co-trustee shall, to the extent permitted by
law, be appointed and act subject to the following provisions and conditions:

          (i) All rights, powers, duties and obligations conferred or imposed
     upon the Trustee shall be conferred or imposed upon and exercised or
     performed by the Trustee and such separate trustee or co-trustee jointly
     (it being understood that such separate trustee or co-trustee is not
     authorized to act separately without the Trustee joining in such act),
     except to the extent that under any law of any jurisdiction in which any
     particular act or acts are to be performed (whether as Trustee hereunder or
     as successor to the Servicer hereunder), the Trustee shall be incompetent
     or unqualified to perform such act or acts, in which event such rights,
     powers, duties and obligations (including the holding of title to the Trust
     Fund or any portion thereof in any such jurisdiction) shall be exercised
     and performed singly by such separate trustee or co-trustee, but solely at
     the direction of the Trustee;

          (ii) No trustee hereunder shall be held personally liable by reason of
     any act or omission of any other trustee hereunder; and

          (iii) The Trustee may at any time accept the resignation of or remove
     any separate trustee or co-trustee.


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<PAGE>

     Any notice, request or other writing given to the Trustee shall be deemed
to have been given to each of the then separate trustees and co-trustees, as
effectively as if given to each of them. Every instrument appointing any
separate trustee or co-trustee shall refer to this Agreement and the conditions
of this Article VIII. Each separate trustee and co-trustee, upon its acceptance
of the trusts conferred, shall be vested with the estates or property specified
in its instrument of appointment, either jointly with the Trustee or separately,
as may be provided therein, subject to all the provisions of this Agreement,
specifically including every provision of this Agreement relating to the conduct
of, affecting the liability of, or affording protection to, the Trustee. Every
such instrument shall be filed with the Trustee and a copy thereof given to the
Depositor.

     Any separate trustee or co-trustee may, at any time, constitute the Trustee
its agent or attorney-in-fact, with full power and authority, to the extent not
prohibited by law, to do any lawful act under or in respect of this Agreement on
its behalf and in its name. If any separate trustee or co-trustee shall die,
become incapable of acting, resign or be removed, all of its estates,
properties, rights, remedies and trusts shall vest in and be exercised by the
Trustee, to the extent permitted by law, without the appointment of a new or
successor trustee.

     SECTION 8.12. Tax Matters

          (a) It is intended that each of the REMICs provided for herein shall
constitute, and that the affairs of the Trust Fund shall be conducted so as to
allow each such REMIC to qualify as, a "real estate mortgage investment conduit"
as defined in and in accordance with the REMIC Provisions. It is also intended
that each of the grantor trusts provided for in Section 2.07 hereof shall
constitute, and that the affairs of the Trust Fund shall be conducted so as to
allow each such grantor trust to qualify as, a grantor trust under the
provisions of Subpart E, Part I of Subchapter J of the Code. In furtherance of
such intention, the Trustee covenants and agrees that it shall act as agent (and
the Trustee is hereby appointed to act as agent) on behalf of each of the REMICs
provided for herein and that in such capacity it shall: (a) prepare and file, or
cause to be prepared and filed, in a timely manner, a U.S. Real Estate Mortgage
Investment Conduit Income Tax Return (Form 1066 or any successor form adopted by
the Internal Revenue Service) and prepare and file or cause to be prepared and
filed with the Internal Revenue Service and applicable state or local tax
authorities income tax or information returns for each taxable year with respect
to each of the REMICs and grantor trusts provided for herein, containing such
information and at the times and in the manner as may be required by the Code or
state or local tax laws, regulations, or rules, and furnish or cause to be
furnished to Certificateholders the schedules, statements or information at such
times and in such manner as may be required thereby; (b) within thirty (30) days
of the Closing Date, furnish or cause to be furnished to the Internal Revenue
Service, on Forms 8811 or as otherwise may be required by the Code, the name,
title, address, and telephone number of the person that the holders of the
Certificates may contact for tax information relating thereto, together with
such additional information as may be required by such Form, and update such
information at the time or times in the manner required by the Code for each of
the REMICs provided for herein; (c) make or cause to be made elections, on
behalf of each of the REMICs provided for herein to be treated as a REMIC on the
federal tax return of such REMICs for their first taxable years (and, if
necessary, under applicable state law); (d) prepare and forward, or cause to be
prepared and forwarded, to the Certificateholders and to the Internal Revenue
Service and, if necessary, state tax authorities, all information returns and
reports as and when required to be provided to them in accordance with the REMIC
Provisions or other applicable law, including without limitation, the
calculation of any original issue discount using the Prepayment Assumption; (e)
provide information necessary for the computation of tax imposed on the transfer
of a Class R Certificate to a Person that is not a Permitted Transferee, or an
agent (including a broker,


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nominee or other middleman) of a Person that is not a Permitted Transferee, or a
pass through entity in which a Person that is not a Permitted Transferee is the
record holder of an interest (the reasonable cost of computing and furnishing
such information may be charged to the Person liable for such tax); (f) to the
extent that they are under its control conduct the affairs of each of the REMICs
and grantor trusts provided for herein at all times that any Certificates are
outstanding so as to maintain the status of each of the REMICs provided for
herein as a REMIC under the REMIC Provisions and the status of each of the
grantor trusts provided for herein as a grantor trust under Subpart E, Part I of
Subchapter J of the Code; (g) not knowingly or intentionally take any action or
omit to take any action that would cause the termination of the REMIC status of
any of the REMICs provided for herein or result in the imposition of tax upon
any such REMIC; (h) not knowingly or intentionally take any action or omit to
take any action that would cause the termination of the grantor trust status
under Subpart E, Part I of Subchapter J of the Code of any of the grantor trusts
provided for herein or result in the imposition of tax upon any such grantor
trust; (i) pay, from the sources specified in the last paragraph of this Section
8.12(a), the amount of any federal, state and local taxes, including prohibited
transaction taxes as described below, imposed on each of the REMICs provided for
herein prior to the termination of the Trust Fund when and as the same shall be
due and payable (but such obligation shall not prevent the Trustee or any other
appropriate Person from contesting any such tax in appropriate proceedings and
shall not prevent the Trustee from withholding payment of such tax, if permitted
by law, pending the outcome of such proceedings); (j) sign or cause to be signed
federal, state or local income tax or information returns; (k) maintain records
relating to each of the REMICs provided for herein, including but not limited to
the income, expenses, assets and liabilities of each of the REMICs and grantor
trusts provided for herein; and (l) as and when necessary and appropriate,
represent each of the REMICs provided for herein in any administrative or
judicial proceedings relating to an examination or audit by any governmental
taxing authority, request an administrative adjustment as to any taxable year of
any of the REMICs provided for herein, enter into settlement agreements with any
governmental taxing agency, extend any statute of limitations relating to any
tax item of any of the REMICs provided for herein, and otherwise act on behalf
of each of the REMICs provided for herein in relation to any tax matter
involving any of such REMICs or any controversy involving the Trust Fund.

     In order to enable the Trustee to perform its duties as set forth herein,
the Depositor shall provide, or cause to be provided, to the Trustee within ten
(10) days after the Closing Date all information or data that the Trustee
requests in writing and determines to be relevant for tax purposes to the
valuations and offering prices of the Certificates, including, without
limitation, the price, yield, prepayment assumption and projected cash flows of
the Certificates and the Mortgage Loans. Thereafter, the Depositor shall provide
to the Trustee promptly upon written request therefor, any such additional
information or data that the Trustee may, from time to time, request in order to
enable the Trustee to perform its duties as set forth herein. The Depositor
hereby agrees to indemnify the Trustee for any losses, liabilities, damages,
claims or expenses of the Trustee arising from any errors or miscalculations of
the Trustee that result from any failure of the Depositor to provide, or to
cause to be provided, accurate information or data to the Trustee on a timely
basis.

     In the event that any tax is imposed on "prohibited transactions" of any of
the REMICs provided for herein as defined in Section 860F(a)(2) of the Code, on
the "net income from foreclosure property" of any of such REMICs as defined in
Section 860G(c) of the Code, on any contribution to the Trust Fund after the
Startup Day pursuant to Section 860G(d) of the Code, or any other tax is
imposed, if not paid as otherwise provided for herein, such tax shall be paid by
(i) the Trustee, if any such other tax arises out of or results from a breach by
the Trustee of any of its obligations under this Agreement or as a result of the
location of the Trustee, (ii) any party hereto (other than the Trustee) to the
extent any such other tax arises


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<PAGE>

out of or results from a breach by such other party of any of its obligations
under this Agreement or as a result of the location of such other party or (iii)
in all other cases, or in the event that any liable party here fails to honor
its obligations under the preceding clauses (i) or (ii), any such tax will be
paid first with amounts (other than amounts derived by the Issuing Entity from a
payment on any Cap Contract or amounts received by the Supplemental Interest
Trust as payments on the Swap Agreement) otherwise to be distributed to the
Class R Certificateholders (pro rata) pursuant to Section 4.04, and second with
amounts (other than amounts derived by the Issuing Entity from a payment on any
Cap Contract or amounts received by the Supplemental Interest Trust as payments
on the Swap Agreement) otherwise to be distributed to all other
Certificateholders in the following order of priority: first, to the Class C
Certificates (pro rata), second to the Class B-3 Certificates (pro rata), third
to the Class B-2 Certificates (pro rata), fourth to the Class B-1 Certificates
(pro rata), fifth to the Class M-6 Certificates (pro rata), sixth to the Class
M-5 Certificates (pro rata), seventh to the Class M-4 Certificates (pro rata),
eighth to the Class M-3 Certificates (pro rata), ninth to the Class M-2
Certificates (pro rata), tenth to the Class M-1 Certificates (pro rata) and
eleventh to the Class A Certificates (pro rata). Notwithstanding anything to the
contrary contained herein, to the extent that such tax is payable by the Class R
Certificate, the Trustee is hereby authorized pursuant to such instruction to
retain on any Distribution Date, from the Holders of the Class R Certificate
(and, if necessary, from the Holders of all other Certificates in the priority
specified in the preceding sentence), funds otherwise distributable to such
Holders in an amount sufficient to pay such tax. The Trustee agrees to promptly
notify in writing the party liable for any such tax of the amount thereof and
the due date for the payment thereof.

          (b) Each of the Depositor, the Servicer and the Trustee agrees not to
knowingly or intentionally take any action or omit to take any action that would
cause the termination of the REMIC status of any of the REMICs provided for
herein or result in the imposition of a tax upon any of the REMICs provided for
herein.

                                   ARTICLE IX

                                   TERMINATION

     SECTION 9.01. Termination upon Liquidation or Repurchase of all Mortgage
Loans

          (a) Subject to Section 9.03, the obligations and responsibilities of
the Depositor, the Servicer and the Trustee created hereby with respect to the
Trust Fund shall terminate upon the earlier of (a) an Optional Termination and
(b) the later of (i) the maturity or other liquidation (or any Advance with
respect thereto) of the last Mortgage Loan remaining in the Trust Fund and the
disposition of all REO Property and (ii) the distribution to Certificateholders
of all amounts required to be distributed to them pursuant to this Agreement, as
applicable. In no event shall the trusts created hereby continue beyond the
earlier of (i) the expiration of 21 years from the death of the last survivor of
the descendants of Joseph P. Kennedy, the late Ambassador of the United States
to the Court of St. James's, living on the date hereof and (ii) the Latest
Possible Maturity Date.

          (b) On or before the Determination Date following the Initial Optional
Termination Date, the Trustee shall attempt to terminate the Trust Fund by
conducting an auction of all of the Mortgage Loans and REO Properties via a
solicitation of bids from at least three (3) bidders, each of which shall be a
nationally recognized participant in mortgage finance (the "Auction"), and one
of which is Credit-Based Asset Servicing and Securitization, LLC. The Depositor
and the Trustee agree to work in good faith to develop bid procedures in advance
of the Initial Optional Termination Date to govern the


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<PAGE>

operation of the Auction. The Trustee shall be entitled to retain an investment
banking firm and/or other agents in connection with the Auction, the cost of
which shall be included in the Optional Termination Price (unless an Optional
Termination does not occur in which case such costs shall be an expense of the
Trust Fund). The Trustee shall accept the highest bid received at the Auction;
provided that the amount of such bid equals or exceeds the Optional Termination
Price. The Trustee shall determine the Optional Termination Price based upon
information provided by (a) the Servicer and Special Servicer with respect to
the amounts described in clauses (i) and (ii) of the definition of "Optional
Termination Price" and (b) the Depositor with respect to the information
described in clauses (iii) and (iv) of the definition of "Optional Termination
Price." The Trustee may conclusively rely upon the information provided to it in
accordance with the immediately preceding sentence and shall not have any
liability for the failure of any party to provide such information.
Notwithstanding anything herein to the contrary, only an amount equal to the
Optional Termination Price, reduced by the portion thereof consisting of the sum
of (x) any Swap Termination Payment and (y) the amount of any unpaid Net Swap
Payments that would not otherwise be funded by the Optional Termination Price
but for clause (iv) of the definition of "Optional Termination Price" (such
portion, the "Swap Optional Termination Payment"), shall be made available for
distribution to the Certificates. The Swap Optional Termination Payment shall be
withdrawn by the Trustee from the Certificate Account and remitted to the
Supplemental Interest Trust for payment to the Swap Counterparty. The Swap
Optional Termination Payment shall not be part of any REMIC and shall not be
paid into any account which is part of any REMIC.

     If an Optional Termination does not occur as a result of the Auction's
failure to achieve the Optional Termination Price, the Special Servicer (or an
affiliate of the Special Servicer) may, on any Distribution Date following such
Auction, at its option, terminate the Trust Fund by purchasing all of the
Mortgage Loans and REO Properties at a price equal to the Optional Termination
Price. In connection with such termination, the Optional Termination Price shall
be delivered to the Trustee no later than two Business Days immediately
preceding the related Distribution Date. Notwithstanding anything to the
contrary herein, the Optional Termination Amount paid to the Trustee by the
winning bidder at the Auction or by the Special Servicer (or an affiliate of the
Special Servicer) shall be deposited by the Trustee directly into the
Certificate Account immediately upon receipt. Upon any termination as a result
of an Auction, the Trustee shall, out of the Optional Termination Amount
deposited into the Certificate Account, (x) reimburse the Trustee for its costs
and expenses necessary to conduct the Auction and any other unreimbursed amounts
owing to it and (y) pay to the Servicer, the aggregate amount of any
unreimbursed out-of-pocket costs and expenses owed to the Servicer and any
unpaid or unreimbursed Servicing Fees, Advances and Servicing Advances.

          (c) Notwithstanding anything to the contrary in clause (b) above, in
the event that the Trustee receives the written opinion of a nationally
recognized participant in mortgage finance acceptable to the Sponsor that the
Mortgage Loans and REO Properties to be included in the Auction will not be
saleable at a price sufficient to achieve the Optional Termination Price, the
Trustee need not conduct the Auction. In such event, the Servicer shall have the
option to purchase the Mortgage Loans and REO Properties at the Optional
Termination Price as of the Initial Optional Termination Date.

     SECTION 9.02. Final Distribution on the Certificates

     If on any Determination Date, (i) the Trustee determines that there are no
Outstanding Mortgage Loans and no other funds or assets in the Trust Fund other
than the funds in the Collection Account, the Trustee shall send a final
distribution notice promptly to each Certificateholder or (ii) the Trustee
determines that a Class of Certificates shall be retired after a final
distribution on such Class, the Trustee


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<PAGE>

shall notify the Certificateholders as soon as practicable after such
Determination Date that the final distribution in retirement of such Class of
Certificates is scheduled to be made on the immediately following Distribution
Date. Any final distribution made pursuant to the immediately preceding sentence
will be made only upon presentation and surrender of the Certificates at the
office of the Trustee specified in such notice.

     Notice of any termination of the Trust Fund, specifying the Distribution
Date on which Certificateholders may surrender their Certificates for payment of
the final distribution and cancellation, shall be given promptly by the Trustee
by letter to Certificateholders mailed as soon as practicable after a
determination is made pursuant to the preceding paragraph (or with respect to an
Auction, mailed no later than one Business Day following completion of such
Auction). Any such notice shall specify (a) the Distribution Date upon which
final distribution on the Certificates will be made upon presentation and
surrender of Certificates at the office therein designated, (b) the location of
the office or agency at which such presentation and surrender must be made, and
(c) that the Record Date otherwise applicable to such Distribution Date is not
applicable, distributions being made only upon presentation and surrender of the
Certificates at the office therein specified. The Trustee will give such notice
to the Swap Counterparty and to each Rating Agency at the time such notice is
given to Certificateholders.

     In the event such notice is given, the Servicer shall remit all funds in
the Collection Account to the Trustee for deposit in the Certificate Account on
the Servicer Remittance Date in an amount equal to the final distribution in
respect of the Certificates. Upon such final deposit and the receipt by the
Trustee of a Request for Release therefor, the Trustee shall promptly release to
the Mortgage Files for the Mortgage Loans.

     Upon presentation and surrender of the Certificates, the Trustee shall
cause to be distributed to Certificateholders of each Class the amounts
allocable to such Certificates held in the Certificate Account in the order and
priority set forth in Section 4.04 hereof on the final Distribution Date and in
proportion to their respective Percentage Interests.

     In the event that any affected Certificateholders shall not surrender
Certificates for cancellation within six months after the date specified in the
above mentioned written notice, the Trustee shall give a second written notice
to the remaining Certificateholders to surrender their Certificates for
cancellation and receive the final distribution with respect thereto. If within
six months after the second notice all the applicable Certificates shall not
have been surrendered for cancellation, the Trustee may take appropriate steps,
or may appoint an agent to take appropriate steps, to contact the remaining
Certificateholders concerning surrender of their Certificates, and the cost
thereof shall be paid out of the funds and other assets that remain a part of
the Trust Fund. If within one year after the second notice all Certificates
shall not have been surrendered for cancellation, the Class R Certificateholders
shall be entitled to all unclaimed funds and other assets of the Trust Fund that
remain subject hereto. Upon payment to the Class R Certificateholders of such
funds and assets, the Trustee shall not have any further duties or obligations
with respect thereto.

     SECTION 9.03. Additional Termination Requirements

          (a) In the event the Trustee or the Servicer completes an Optional
Termination as provided in Section 9.01, the Trust Fund shall be terminated in
accordance with the following additional requirements, unless the Trustee has
been supplied with an Opinion of Counsel, at the expense of the Servicer, as
applicable, to the effect that the failure of the Issuing Entity to comply with
the requirements


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<PAGE>

of this Section 9.03 will not (i) result in the imposition of taxes on
"prohibited transactions" of any of the REMICs provided for herein as defined in
Section 860F of the Code, or (ii) cause any of the REMICs provided for herein to
fail to qualify as a REMIC at any time that any Certificates are outstanding:

          (i) The Depositor shall establish a 90-day liquidation period and
     notify the Trustee thereof, and the Trustee shall in turn specify the first
     day of such period in a statement attached to the final tax returns of each
     of the REMICs provided for herein pursuant to Treasury Regulation Section
     1.860F-1. The Depositor shall satisfy all the requirements of a qualified
     liquidation under Section 860F of the Code and any regulations thereunder,
     as evidenced by an Opinion of Counsel obtained at the expense of the
     Servicer;

          (ii) During such 90-day liquidation period, and at or prior to the
     time of making the final payment on the Certificates, the Depositor as
     agent of the Trustee shall sell all of the assets of the Trust Fund for
     cash; and

          (iii) At the time of the making of the final payment on the
     Certificates, the Trustee shall distribute or credit, or cause to be
     distributed or credited, to the Class R Certificateholders all cash on hand
     (other than cash retained to meet outstanding claims), and the Trust Fund
     shall terminate at that time, whereupon the Trustee shall have no further
     duties or obligations with respect to sums distributed or credited to the
     Class R Certificateholders.

          (b) By their acceptance of the Certificates, the Holders thereof
hereby authorize the Depositor to specify the 90-day liquidation period for the
Trust Fund, which authorization shall be binding upon all successor
Certificateholders.

          (c) The Trustee as agent for each REMIC hereby agrees to adopt and
sign such a plan of complete liquidation prepared and delivered to it by the
Depositor upon the written request of the Depositor, and the receipt of the
Opinion of Counsel referred to in Section 9.03(a) and to take such other action
in connection therewith as may be reasonably requested by the Depositor.

          (d) Notwithstanding any other terms of this Agreement, prior to any
termination of the Trust Fund, the Servicer may prepare a reconciliation of all
Advances and Servicing Advances made by it for which it has not been reimbursed
and a reasonable estimate of all additional Servicing Advances and other costs
for which it would be entitled to be reimbursed if the Trust Fund were not being
terminated, including without limitation, any Servicing Advances and other costs
arising under Section 6.03 (Limitation on Liability of the Depositor, the
Servicer and Others), and the Servicer may recover these Advances, Servicing
Advances and estimated Servicing Advances and other costs from the Collection
Account (to the extent that such recovery of Servicing Advances, estimated
Servicing Advances and other costs constitutes "unanticipated expenses" within
the meaning of Treasury Regulation Section 1.860G-1(b)(3)(ii)).

          (e) Notwithstanding any other terms of this Agreement, unless the
Servicer previously has notified the Trustee that it has entered into a
servicing agreement for the servicing after the termination date of the Trust
Fund assets, at least twenty (20) days prior to any termination of the Trust
Fund, the Trustee or the Depositor shall notify the Servicer in writing to
transfer the assets of the Trust Fund as of the termination date to the person
specified in the notice, or if such person is not then known, to continue
servicing the assets until the date that is twenty (20) days after the
termination date and on the termination date, the Trustee or the Depositor shall
notify the Servicer of the person to whom the assets


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<PAGE>

should be transferred on that date. In the latter event the Servicer shall be
entitled to recover its servicing fee and any advances made for the interim
servicing period from the collections on the assets which have been purchased
from the Trust Fund and the new owner of the assets, and the agreements for the
new owner to obtain ownership of the assets of the Trust Fund shall so provide.

                                    ARTICLE X

                            MISCELLANEOUS PROVISIONS

     SECTION 10.01. Amendment

     This Agreement may be amended from time to time by the Depositor, the
Servicer and the Trustee, without the consent of any of the Certificateholders,

          (i) to cure any ambiguity or correct any mistake,

          (ii) to correct, modify or supplement any provision herein which may
     be inconsistent with the Prospectus Supplement or any other provision
     herein,

          (iii) to add any other provisions with respect to matters or questions
     arising under this Agreement, or

          (iv) to modify, alter, amend, add to or rescind any of the terms or
     provisions contained in this Agreement, provided, however, that, in the
     case of clauses (iii) and (iv), such amendment will not, as evidenced by an
     Opinion of Counsel to such effect, adversely affect in any material respect
     the interests of any Holder; provided, further, however, that such
     amendment will be deemed to not adversely affect in any material respect
     the interest of any Holder if the Person requesting such amendment obtains
     a letter from each Rating Agency stating that such amendment will not
     result in a reduction or withdrawal of its rating of any Class of the
     Certificates, it being understood and agreed that any such letter in and of
     itself will not represent a determination as to the materiality of any such
     amendment and will represent a determination only as to the credit issues
     affecting any such rating. In addition, this Agreement may be amended from
     time to time by the Depositor, the Servicer and the Trustee without the
     consent of any of the Certificateholders and without delivery of an opinion
     of counsel to comply with the provisions of Regulation AB.

     Notwithstanding the foregoing, without the consent of the
Certificateholders, the Depositor, the Servicer and the Trustee may at any time
and from time to time amend this Agreement to modify, eliminate or add to any of
its provisions to such extent as shall be necessary or appropriate to maintain
the qualification of any of the REMICs provided for herein as REMICs under the
Code or to avoid or minimize the risk of the imposition of any tax on the Trust
Fund or any of the REMICs provided for herein pursuant to the Code that would be
a claim against the Trust Fund at any time prior to the final redemption of the
Certificates, provided that the Trustee shall have been provided an Opinion of
Counsel, which opinion shall be an expense of the party requesting such
amendment but in any case shall not be an expense of the Trustee, to the effect
that such action is necessary or appropriate to maintain such qualification or
to avoid or minimize the risk of the imposition of such a tax.


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<PAGE>

     This Agreement may also be amended from time to time by the Depositor, the
Trustee, the Servicer, the Trustee and the Holders of the Certificates affected
thereby evidencing not less than 66 2/3% of the Voting Rights for the purpose of
adding any provisions to or changing in any manner or eliminating any of the
provisions of this Agreement or of modifying in any manner the rights of the
Holders of Certificates; provided, however, that no such amendment shall (i)
reduce in any manner the amount of, or delay the timing of, payments required to
be distributed on any Certificate without the consent of the Holder of such
Certificate, (ii) adversely affect in any material respect the interests of the
Holders of any Class of Certificates in a manner other than as described in (i),
without the consent of the Holders of Certificates of such Class evidencing 66
2/3% or more of the Voting Rights of such Class or (iii) reduce the aforesaid
percentages of Certificates the Holders of which are required to consent to any
such amendment without the consent of the Holders of all such Certificates then
outstanding.

     Notwithstanding any contrary provision of this Agreement, the Trustee shall
not consent to any amendment to this Agreement unless it shall have first
received an Opinion of Counsel, which opinion shall be an expense of the party
requesting such amendment but in any case shall not be an expense of the
Trustee, to the effect that such amendment will not cause the imposition of any
tax on the Trust Fund, any of the REMICs provided for herein or the
Certificateholders or cause any of the REMICs provided for herein to fail to
qualify as a REMIC at any time that any Certificates are outstanding.

     Promptly after the execution of any amendment to this Agreement requiring
the consent of Certificateholders, the Trustee shall furnish written
notification of the substance of such amendment to each Certificateholder and
each Rating Agency.

     It shall not be necessary for the consent of Certificateholders under this
Section to approve the particular form of any proposed amendment, but it shall
be sufficient if such consent shall approve the substance thereof. The manner of
obtaining such consents and of evidencing the authorization of the execution
thereof by Certificateholders shall be subject to such reasonable regulations as
the Trustee may prescribe.

     Nothing in this Agreement shall require the Trustee or the Servicer to
enter into an amendment without receiving an Opinion of Counsel, satisfactory to
the Trustee or the Servicer that (i) such amendment is permitted and is not
prohibited by this Agreement and that all requirements for amending this
Agreement have been complied with; and (ii) either (A) the amendment does not
adversely affect in any material respect the interests of any Certificateholder
or (B) the conclusion set forth in the immediately preceding clause (A) is not
required to be reached pursuant to this Section 10.01.

     The Trustee may, but shall not be obligated to, enter into any supplement,
modification or waiver which affects its rights, duties or obligations
hereunder.

     The Trustee shall not enter into any amendment to this Agreement that could
have a materially adverse effect on the Cap Contract Counterparty or the Swap
Counterparty without first obtaining the consent of the Cap Contract
Counterparty or Swap Counterparty, respectively.

     Notwithstanding anything to the contrary in this Section 10.01, the Trustee
and the Servicer shall reasonably cooperate with the Depositor and its counsel
to enter into such amendments or modifications to this Agreement as may be
necessary to comply with Regulation AB and any interpretation thereof by the
Securities and Exchange Commission.


                                      -151-

<PAGE>

     SECTION 10.02. Counterparts

     This Agreement may be executed simultaneously in any number of
counterparts, each of which counterparts shall be deemed to be an original, and
such counterparts shall constitute but one and the same instrument.

     SECTION 10.03. Governing Law

     THIS AGREEMENT SHALL BE CONSTRUED IN ACCORDANCE WITH AND GOVERNED BY THE
SUBSTANTIVE LAWS OF THE STATE OF NEW YORK APPLICABLE TO AGREEMENTS MADE AND TO
BE PERFORMED IN THE STATE OF NEW YORK AND THE OBLIGATIONS, RIGHTS AND REMEDIES
OF THE PARTIES HERETO AND THE CERTIFICATEHOLDERS SHALL BE DETERMINED IN
ACCORDANCE WITH SUCH LAWS WITHOUT REGARD TO THE CONFLICTS OF LAWS PRINCIPLES
THEREOF.

     SECTION 10.04. Intention of Parties

     It is the express intent of the parties hereto that the conveyance of the
Mortgage Notes, Mortgages, assignments of Mortgages, title insurance policies
and any modifications, extensions and/or assumption agreements and private
mortgage insurance policies relating to the Mortgage Loans by the Depositor to
the Trustee be, and be construed as, an absolute sale thereof to the Trustee. It
is, further, not the intention of the parties that such conveyance be deemed a
pledge thereof by the Depositor to the Trustee. However, in the event that,
notwithstanding the intent of the parties, such assets are held to be the
property of the Depositor, or if for any other reason this Agreement is held or
deemed to create a security interest in such assets, then (i) this Agreement
shall be deemed to be a security agreement within the meaning of the Uniform
Commercial Code of the State of New York and (ii) the conveyance provided for in
this Agreement shall be deemed to be an assignment and a grant by the Depositor
to the Trustee, for the benefit of the Certificateholders, of a security
interest in all of the assets that constitute the Trust Fund, whether now owned
or hereafter acquired.

     The Depositor for the benefit of the Certificateholders shall, to the
extent consistent with this Agreement, take such actions as may be necessary to
ensure that, if this Agreement were deemed to create a security interest in the
assets of the Trust Fund, such security interest would be deemed to be a
perfected security interest of first priority under applicable law and will be
maintained as such throughout the term of the Agreement. The Depositor shall
arrange for filing any Uniform Commercial Code continuation statements in
connection with any security interest granted or assigned to the Trustee for the
benefit of the Certificateholders.

     SECTION 10.05. Notices

          (a) The Trustee shall use its best efforts to promptly provide notice
to each Rating Agency with respect to each of the following of which it has
actual knowledge:

          (i) Any material change or amendment to this Agreement;

          (ii) The occurrence of any Event of Default that has not been cured;


                                      -152-

<PAGE>

          (iii) The resignation or termination of the Trustee or the Servicer
     and the appointment of any successor;

          (iv) The repurchase or substitution of Mortgage Loans pursuant to
     Sections 2.02 and 2.03;

          (v) The final payment to Certificateholders; and

          (vi) Any change in the location of the Certificate Account.

          (b) The Trustee shall promptly furnish or make available to each
Rating Agency copies of the following:

          (i) Each report to Certificateholders described in Section 4.05;

          (ii) Each annual statement as to compliance described in Section 3.17;
     and

          (iii) Each annual independent public accountants' servicing report
     described in Section 3.18.

All directions, demands and notices hereunder shall be in writing and shall be
deemed to have been duly given when delivered to (a) in the case of the
Depositor, Merrill Lynch Mortgage Investors, Inc. 250 Vesey Street, 4 World
Financial Center, 10th Floor, New York, New York 10080, Attention: Asset-Backed
Finance; (b) in the case of the Rating Agencies, (i) Standard & Poor's Ratings
Services, a division of The McGraw-Hill Companies, Inc., 55 Water Street, New
York, New York 10041and (ii) Moody's Investors Service, Inc., 99 Church Street,
4th Floor, New York, New York 10007; (c) in the case of the Servicer, National
City Home Loan Services, Inc., 150 Allegheny Center Mall, Pittsburgh,
Pennsylvania 15212, Attention: VP Investor Reporting; (d) in the case of the
Trustee, LaSalle Bank National Association, 135 South LaSalle Street, Suite
1511, Chicago, Illinois 60603 Attention: Global Securities and Trust
Services--MLMI 2006-FF1, (e) in the case of the Special Servicer, Litton Loan
Servicing LP, 4828 Loop Central Drive, Houston, Texas 77081-2226, Attention:
Janice McClure and in the case of any of the foregoing persons, such other
addresses as may hereafter be furnished by any such persons to the other parties
to this Agreement. Notices to Certificateholders shall be deemed given when
mailed, first class postage prepaid, to their respective addresses appearing in
the Certificate Register.

     SECTION 10.06. Severability of Provisions

     If any one or more of the covenants, agreements, provisions or terms of
this Agreement shall be for any reason whatsoever held invalid, then such
covenants, agreements, provisions or terms shall be deemed severable from the
remaining covenants, agreements, provisions or terms of this Agreement and shall
in no way affect the validity or enforceability of the other provisions of this
Agreement or of the Certificates or the rights of the Holders thereof.

     SECTION 10.07. Assignment; Sales; Advance Facilities

     Notwithstanding anything to the contrary contained herein, except as
provided pursuant to Section 6.02, this Agreement may not be assigned by the
Servicer without the prior written consent of the Trustee and Depositor;
provided, however, the Servicer is hereby authorized to enter into an Advance


                                      -153-

<PAGE>

Facility under which (l) the Servicer sells, assigns or pledges to an Advancing
Person the Servicer's rights under this Agreement to be reimbursed for any
Advances or Servicing Advances and/or (2) an Advancing Person agrees to fund
some or all Advances or Servicing Advances required to be made by the Servicer
pursuant to this Agreement. No consent of the Trustee, Certificateholders or any
other party is required before the Servicer may enter into an Advance Facility.
Notwithstanding the existence of any Advance Facility under which an Advancing
Person agrees to fund Advances and/or Servicing Advances on the Servicer's
behalf, the Servicer shall remain obligated pursuant to this Agreement to make
Advances and Servicing Advances pursuant to and as required by this Agreement,
and shall not be relieved of such obligations by virtue of such Advance
Facility.

     Reimbursement amounts shall consist solely of amounts in respect of
Advances and/or Servicing Advances made with respect to the Mortgage Loans for
which the Servicer would be permitted to reimburse itself in accordance with
this Agreement, assuming the Servicer had made the related Advance(s) and/or
Servicing Advance(s).

     The Servicer shall maintain and provide to any successor Servicer a
detailed accounting on a loan by loan basis as to amounts advanced by, pledged
or assigned to, and reimbursed to any Advancing Person. The successor Servicer
shall be entitled to rely on any such information provided by the predecessor
Servicer, and the successor Servicer shall not be liable for any errors in such
information.

     An Advancing Person who purchases or receives an assignment or pledge of
the rights to be reimbursed for Advances and/or Servicing Advances, and/or whose
obligations hereunder are limited to the funding of Advances and/or Servicing
Advances shall not be required to meet the criteria for qualification of a
Subservicer set forth in this Agreement.

     The documentation establishing any Advance Facility shall require that such
reimbursement amounts distributed with respect to each Mortgage Loan be
allocated to outstanding unreimbursed Advances or Servicing Advances (as the
case may be) made with respect to that Mortgage Loan on a "first in, first out"
(FIFO) basis. Such documentation shall also require the Servicer to provide to
the related Advancing Person or its designee loan by loan information with
respect to each such reimbursement amount distributed to such Advancing Person
or Advance Facility trustee on each Distribution Date, to enable the Advancing
Person or Advance Facility trustee to make the FIFO allocation of each such
reimbursement amount with respect to each Mortgage Loan. The Servicer shall
remain entitled to be reimbursed by the Advancing Person or Advance Facility
trustee for all Advances and Servicing Advances funded by the Servicer to the
extent the related rights to be reimbursed therefor have not been sold, assigned
or pledged to an Advancing Person.

     Any amendment to this Section 10.07 or to any other provision of this
Agreement that may be necessary or appropriate to effect the terms of an Advance
Facility as described generally in this Section 10.07, including amendments to
add provisions relating to a successor Servicer, may be entered into by the
Trustee and the Servicer, without the consent of any Certificateholder
notwithstanding anything to the contrary in this Agreement, upon receipt by the
Trustee of an Opinion of Counsel that such amendment has no material adverse
effect on the Certificateholders or written confirmation from the Rating
Agencies that such amendment will not adversely affect the ratings on the
Certificates. Prior to entering into an Advance Facility, the Servicer shall
notify the lender under such facility in writing that: (a) the Advances financed
by and/or pledged to the lender are obligations owed to the Servicer on a non
recourse basis payable only from the cash flows and proceeds received under this
Agreement for reimbursement of Advances only to the extent provided herein, and
the Trustee and the Trust Fund are not otherwise


                                      -154-

<PAGE>

obligated or liable to repay any Advances financed by the lender; (b) the
Servicer will be responsible for remitting to the lender the applicable amounts
collected by it as reimbursement for Advances funded by the lender, subject to
the restrictions and priorities created in this Agreement; and (c) the Trustee
shall not have any responsibility to track or monitor the administration of the
financing arrangement between the Servicer and the lender.

     SECTION 10.08. Limitation on Rights of Certificateholders

     The death or incapacity of any Certificateholder shall not operate to
terminate this Agreement or the Trust Fund, nor entitle such Certificateholder's
legal representative or heirs to claim an accounting or to take any action or
commence any proceeding in any court for a petition or winding up of the Trust
Fund, or otherwise affect the rights, obligations and liabilities of the parties
hereto or any of them.

     No Certificateholder shall have any right to vote (except as provided
herein) or in any manner otherwise control the operation and management of the
Trust Fund, or the obligations of the parties hereto, nor shall anything herein
set forth or contained in the terms of the Certificates be construed so as to
constitute the Certificateholders from time to time as partners or members of an
association; nor shall any Certificateholder be under any liability to any third
party by reason of any action taken by the parties to this Agreement pursuant to
any provision hereof.

     No Certificateholder shall have any right by virtue or by availing itself
of any provisions of this Agreement to institute any suit, action or proceeding
in equity or at law upon or under or with respect to this Agreement, unless such
Holder previously shall have given to the Trustee a written notice of an Event
of Default and of the continuance thereof, as hereinbefore provided, the Holders
of Certificates evidencing not less than 25% of the Voting Rights evidenced by
the Certificates shall also have made written request to the Trustee to
institute such action, suit or proceeding in its own name as Trustee hereunder
and shall have offered to the Trustee (individually and as trustee) such
indemnity satisfactory to it as it may require against the costs, expenses, and
liabilities to be incurred therein or thereby, and the Trustee, for sixty (60)
days after its receipt of such notice, request and offer of indemnity shall have
neglected or refused to institute any such action, suit or proceeding; it being
understood and intended, and being expressly covenanted by each
Certificateholder with every other Certificateholder and the Trustee, that no
one or more Holders of Certificates shall have any right in any manner whatever
by virtue or by availing itself or themselves of any provisions of this
Agreement to affect, disturb or prejudice the rights of the Holders of any other
of the Certificates, or to obtain or seek to obtain priority over or preference
to any other such Holder or to enforce any right under this Agreement, except in
the manner herein provided and for the common benefit of all Certificateholders.
For the protection and enforcement of the provisions of this Section 10.08, each
and every Certificateholder and the Trustee shall be entitled to such relief as
can be given either at law or in equity.

     SECTION 10.09. Inspection and Audit Rights

     The Servicer agrees that, on reasonable prior notice, it will permit any
representative of the Depositor or the Trustee during the Servicer's normal
business hours, to examine all the books of account, records, reports and other
papers of the Servicer relating to the Mortgage Loans to make copies and
extracts therefrom, to cause such books to be audited by independent certified
public accountants selected by the Depositor or the Trustee and to discuss its
affairs, finances and accounts relating to the Mortgage Loans with its officers,
employees, agents, counsel and independent public accountants (and by this
provision the Servicer hereby authorizes such accountants to discuss with such
representative such affairs,


                                      -155-

<PAGE>

finances and accounts), all at such reasonable times and as often as may be
reasonably requested. Any out-of-pocket expense incident to the exercise by the
Depositor or the Trustee of any right under this Section 10.09 shall be borne by
the party requesting such inspection (except in the case of the Trustee in which
case such expenses shall be borne by the requesting Certificateholder(s)); all
other such expenses shall be borne by the Servicer.

     SECTION 10.10. Certificates Nonassessable and Fully Paid

     It is the intention of the Depositor that Certificateholders shall not be
personally liable for obligations of the Issuing Entity, that the interests in
the Issuing Entity represented by the Certificates shall be nonassessable for
any reason whatsoever, and that the Certificates, upon due authentication
thereof by the Authenticating Agent pursuant to this Agreement, are and shall be
deemed fully paid.

     SECTION 10.11. Compliance with Regulation AB

     Each of the parties hereto acknowledges and agrees that the purpose of
Sections 3.17, 3.18 and 3.20 of this Agreement is to facilitate compliance by
the Depositor with the provisions of Regulation AB, as such may be amended or
clarified from time to time. Therefore, each of the parties agrees that (a) the
obligations of the parties hereunder shall be interpreted in such a manner as to
accomplish compliance with Regulation AB, (b) the parties' obligations hereunder
will be supplemented and modified as necessary to be consistent with any such
amendments, interpretive advice or guidance, or convention or consensus among
active participants in the asset-backed securities markets in respect of the
requirements of Regulation AB and (c) the parties shall comply with reasonable
requests made by the Depositor for delivery of that or different information as
is necessary to comply with the provisions of Regulation AB.

     SECTION 10.12. Third Party Rights

     The Cap Contract Counterparty and Swap Counterparty shall be deemed third
party beneficiaries of this Agreement regarding provisions related to payments
owed to the Cap Contract Counterparty and Swap Counterparty so long as any of
the Cap Contracts or the Swap Agreement, as applicable, remains in effect.


                                      -156-

<PAGE>

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

                                        MERRILL LYNCH MORTGAGE INVESTORS, INC.,
                                        as Depositor


                                        By:
                                            ------------------------------------
                                        Name: Paul Park
                                        Title: Authorized Signatory


                                        LASALLE BANK NATIONAL ASSOCIATION
                                        as Trustee


                                        By:
                                            ------------------------------------
                                        Name:
                                              ----------------------------------
                                        Title:
                                               ---------------------------------


                                        NATIONAL CITY HOME LOAN SERVICES, INC.,
                                        as Servicer


                                        By:
                                            ------------------------------------
                                        Name:
                                              ----------------------------------
                                        Title:
                                               ---------------------------------
<PAGE>



     Acknowledged as of the day and year written above:

                                        LITTON LOAN SERVICING LP


                                        By:
                                            ------------------------------------
                                        Name:
                                        Title:
<PAGE>

                                    EXHIBIT A

                              FORMS OF CERTIFICATES


                                       A-1

<PAGE>

                           FORM OF CLASS A CERTIFICATE

SOLELY FOR FEDERAL INCOME TAX PURPOSES, THIS CERTIFICATE REPRESENTS (I) A
"REGULAR INTEREST" IN A "REAL ESTATE MORTGAGE INVESTMENT CONDUIT", AS THOSE
TERMS ARE DEFINED, RESPECTIVELY, IN SECTIONS 860G AND 860D OF THE INTERNAL
REVENUE CODE OF 1986, AS AMENDED AND (II) AN INTEREST IN NOTIONAL PRINCIPAL
CONTRACTS.

THIS CERTIFICATE DOES NOT REPRESENT AN OBLIGATION OF OR INTEREST IN THE
DEPOSITOR, THE TRUSTEE OR THE SERVICER REFERRED TO BELOW OR ANY OF THEIR
AFFILIATES. NEITHER THIS CERTIFICATE, THE REMIC REGULAR INTEREST REPRESENTED
HEREBY NOR THE UNDERLYING MORTGAGE LOANS ARE GUARANTEED OR INSURED BY THE
DEPOSITOR, THE TRUSTEE, THE SERVICER OR BY ANY OF THEIR AFFILIATES OR BY ANY
GOVERNMENTAL AGENCY OR INSTRUMENTALITY.

UNTIL THE TERMINATION OF THE SWAP AGREEMENT, EACH TRANSFEREE OF THIS CERTIFICATE
SHALL BE DEEMED TO REPRESENT (OR IN THE CASE OF A DEFINITIVE CERTIFICATE, SHALL
REPRESENT) TO THE TRUSTEE THAT (A) SUCH TRANSFEREE IS NOT, AND IS NOT ACTING
FOR, ON BEHALF OF OR WITH ANY ASSETS OF, ANY EMPLOYEE BENEFIT PLAN OR OTHER
ARRANGEMENT SUBJECT TO TITLE I OF THE EMPLOYEE RETIREMENT INCOME SECURITY ACT OF
1974, AS AMENDED ("ERISA"), OR ANY PLAN SUBJECT TO SECTION 4975 OF THE INTERNAL
REVENUE CODE OF 1986, AS AMENDED (THE "CODE"), OR (B) THE TRANSFEREE'S
ACQUISITION AND HOLDING OF THIS CERTIFICATE IS COVERED BY AND EXEMPT UNDER ANY
OF SECTION 408(B)(17) OF ERISA OR SECTION 4975(D)(20) OF THE CODE, PROHIBITED
TRANSACTION CLASS EXEMPTION ("PTCE") 84-14, PTCE 90-1, PTCE 91-38, PTCE 95-60,
PTCE 96-23, EACH AS AMENDED.

FOLLOWING THE INITIAL ISSUANCE OF THE CERTIFICATES, THE PRINCIPAL BALANCE OF
THIS CERTIFICATE MAY BE DIFFERENT FROM THE ORIGINAL DENOMINATION SHOWN BELOW.
ANYONE ACQUIRING THIS CERTIFICATE MAY ASCERTAIN ITS CURRENT PRINCIPAL BALANCE BY
INQUIRY OF THE TRUSTEE.


                                      A-2

<PAGE>

                          CLASS A-[_____] CERTIFICATE

<TABLE>
<S>                              <C>
Number: 06-FF1-A-[_____]         Original Denomination: $[_____]

Cut-off Date: December 1, 2006   Last Scheduled Distribution Date:
                                 August 25, 2036

First Distribution Date:         Aggregate Initial Certificate Balance of all
January 25, 2007                 Class A-[_____] Certificates: $[_____]

Pass-Through Rate: Variable(1)   CUSIP: [_____]
</TABLE>

----------
(1)  Subject to a cap as described in the Agreement.


                                      A-3

<PAGE>

                     MERRILL LYNCH MORTGAGE INVESTORS TRUST
                    MORTGAGE LOAN ASSET-BACKED CERTIFICATES,
                                 Series 2006-FF1

evidencing an ownership interest in distributions allocable to the Class
A-[_____] Certificates with respect to a pool of conventional, sub-prime
mortgage loans formed and sold by

                     MERRILL LYNCH MORTGAGE INVESTORS, INC.

     Unless this Certificate is presented by an authorized representative of The
Depository Trust Company, a New York corporation ("DTC"), to the Trustee for
registration of transfer, exchange or payment, and any certificate issued is
registered in the name of Cede & Co. or in such other name as is requested by an
authorized representative of DTC (and any payment is made to Cede & Co. or to
such other entity as is requested by an authorized representative of DTC), ANY
TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON
IS WRONGFUL inasmuch as the registered owner hereof, Cede & Co. has an interest
herein.

     This certifies that CEDE & CO. is the registered owner of the ownership
interest (the "Ownership Interest") evidenced by this Certificate (obtained by
dividing the Original Denomination of this Certificate by the aggregate Initial
Certificate Balance of all Class A-[_____] Certificates) in certain
distributions with respect to a pool of conventional, sub-prime mortgage loans
(the "Mortgage Loans") formed and sold by Merrill Lynch Mortgage Investors, Inc.
(hereinafter called the "Depositor"), and certain other property held in trust
for the benefit of Certificateholders (collectively, the "Trust Fund"). The
Mortgage Loans are serviced by National City Home Loan Services, Inc. (the
"Servicer") and are secured by first-lien mortgages on the Mortgaged Properties.
The Trust Fund was created pursuant to a pooling and servicing agreement (the
"Agreement"), dated as of December 1, 2006, among the Depositor, the Servicer
and LaSalle Bank National Association ("LB"), as trustee (the "Trustee"), a
summary of certain of the pertinent provisions of which is set forth hereafter.
To the extent not defined herein, the capitalized terms used herein have the
meanings assigned in the Agreement.

     This Certificate is one of a duly authorized issue of Certificates,
designated as Merrill Lynch Mortgage Investors Trust Mortgage Loan Asset-Backed
Certificates, Series 2006-FF1, Class A-[_____] (the "Class A-[_____]
Certificates") and is issued under and is subject to the terms, provisions and
conditions of the Agreement, to which Agreement the Holder of this Certificate
by virtue of the acceptance hereof assents and by which Agreement such Holder is
bound.

     The Class A Certificates, the Class M Certificates, the Class B
Certificates, the Class P Certificates and the Class C Certificates are
collectively referred to herein as the "Certificates."

     Pursuant to the terms of the Agreement, the Trustee will distribute from
funds in the Certificate Account the amounts described in the Agreement on the
25th day of each month or, if such 25th day is not a Business Day, the Business
Day immediately following (the "Distribution Date"), commencing in January 2007.
Such distributions will be made to the Person in whose name this Certificate is
registered at the close of business on the last Business Day of the month
preceding the month in which such payment is made.

     Distributions on this Certificate will be made either by wire transfer in
immediately available funds to the account of such certificateholder at a bank
or other depository institution having appropriate wire transfer facilities or,
in the case of any certificateholder that has so notified the Trustee in writing
in accordance with the Agreement, by check mailed to the address of the person
entitled to distributions as it


                                      A-4

<PAGE>

appears on the Certificate Register; provided, however, that the final
distribution in retirement of the certificates will be made only upon
presentation and surrender of this Certificate at the office of the Trustee or
such other address designated in writing by the Trustee. On each Distribution
Date, a holder of this Certificate will receive such holder's Percentage
Interest of the amounts required to be distributed with respect to the
applicable Class of Certificates.

     The Trustee will maintain or cause to be maintained a Certificate Register
in which, subject to such reasonable regulations as it may prescribe, the
Trustee will provide for the registration of Certificates and of transfers and
exchanges of Certificates. Upon surrender for registration of transfer of any
Certificate at any office or agency of the Trustee, or, if an Authenticating
Agent has been appointed under the Agreement, the Authenticating Agent,
maintained for such purpose, the Trustee, will, subject to the limitations set
forth in the Agreement, authenticate and deliver, in the name of the designated
transferee or transferees, a Certificate of a like class and dated the date of
authentication by the Authenticating Agent. Notwithstanding the above, the final
distribution on this Certificate will be made after due notice by the Trustee,
of the pendency of such distribution and only upon presentation and surrender of
this Certificate at the office or agency appointed by the Trustee, for that
purpose and specified in such notice of final distribution.

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

     Unless the certificate of authentication has been executed by the
Authenticating Agent, by manual signature, this Certificate shall not be
entitled to any benefit under the Agreement or be valid for any purpose.


                                      A-5

<PAGE>

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

Dated: [__________]                     LASALLE BANK NATIONAL ASSOCIATION,
                                        as Trustee


                                        By:
                                            ------------------------------------
                                            Authorized Officer


CERTIFICATE OF AUTHENTICATION

This is one of the Certificates
referred to in the within-mentioned Agreement.

LASALLE BANK NATIONAL ASSOCIATION,
as Authenticating Agent


By:
    ---------------------------------
    Authorized Signatory


                                      A-6

<PAGE>

                             REVERSE OF CERTIFICATE

                     MERRILL LYNCH MORTGAGE INVESTORS TRUST
                    MORTGAGE LOAN ASSET-BACKED CERTIFICATES,
                                 Series 2006-FF1

     This Certificate is one of a duly authorized issue of Certificates,
designated as Merrill Lynch Mortgage Investors Trust Mortgage Loan Asset-Backed
Certificates, Series 2006-FF1, issued in one or more Classes of Class A
Certificates, Class M Certificates, Class B Certificates, Class P Certificates
and Class C Certificates, each evidencing an interest in certain distributions
with respect to a pool of conventional, sub-prime Mortgage Loans formed and sold
by the Depositor and certain other property conveyed by the Depositor to the
Trustee.

     Following the initial issuance of the Certificates, the principal balance
of this Certificate will be different from the Original Denomination shown
above. Anyone acquiring this Certificate may ascertain its current principal
balance by inquiry of the Trustee.

     The Holder, by its acceptance of this Certificate, agrees that it will look
solely to the Trust Fund and certain amounts resulting from credit enhancements
for payment hereunder and that the Trustee is not liable to the Holders for any
amount payable under this Certificate or the Agreement or, except as expressly
provided in the Agreement, subject to any liability under the Agreement.

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

     No service charge will be made to the Holder for any transfer or exchange
of the Certificate, but the Trustee may require payment of a sum sufficient to
cover any tax or governmental charge that may be imposed in connection with any
transfer or exchange of the Certificate. Prior to due presentation of a
Certificate for registration of transfer, the Depositor and the Trustee may
treat the person in whose name any Certificate is registered as the owner of
such Certificate and the Percentage Interest in the Trust Fund evidenced thereby
for the purpose of receiving distributions pursuant to the Agreement and for all
other purposes whatsoever, and neither the Depositor nor the Trustee will be
affected by notice to the contrary.

     The Agreement may be amended from time to time by the Depositor, the
Servicer and the Trustee, without the consent of any of the Certificateholders,
to cure any ambiguity, to correct or supplement any provisions therein which may
be inconsistent with the other provisions therein, to ensure continuing
treatment of each REMIC included in the Trust Fund as a REMIC, or to make any
other provisions with respect to matters or questions arising under the
Agreement which are not materially inconsistent with the provisions of the
Agreement, provided that such action does not, as evidenced by an Opinion of
Counsel, adversely affect in any material respect the interests of any
Certificateholder.

     The Agreement may also be amended from time to time by the Depositor, the
Servicer and the Trustee, with the consent of the Holders of Certificates
evidencing in the aggregate not less than 66 2/3% of the Percentage Interests of
each Class of Certificates affected thereby, for the purpose of adding any
provisions to or changing in any manner or eliminating any of the provisions of
the Agreement or of modifying in any manner the rights of the Holders of
Certificates of such Class; provided, however, that no such amendment may (i)
reduce in any manner the amount of, or delay the timing of, payments received on
Mortgage Loans which are required to be distributed on any Certificate without
the consent of the Holder of such Certificate, (ii) adversely affect in any
material respect the interests of the Holders of


                                      A-7

<PAGE>

any Class of Certificates in a manner other than as described in clause (i),
without the consent of the Holders of Certificates of such Class evidencing 66
2/3% or more of the Voting Rights of such Class or (iii) change the percentage
specified in clause (ii) of the third paragraph of Section 10.01 of the
Agreement, without the consent of the Holders of all Certificates of such Class
then outstanding.

     The Class A (other than the Class R Certificates), Class M, and Class B
Certificates are issuable only in registerable form, in minimum denominations of
$25,000 in initial Certificate Principal Amount and in integral multiples of $1
in excess thereof, registered in the name of the nominee of the Clearing Agency,
which shall maintain such Certificates through its book-entry facilities. The
Class R Certificates are issuable in minimum denominations of $100 and shall be
maintained in physical, fully registered form. The Class P Certificates are
issuable in minimum denominations of 100% and shall be maintained in physical,
fully registered form. The Class C Certificates are issuable in minimum
denominations of 25% and shall be maintained in physical, fully registered form.

     For federal income tax purposes, the Trust Fund will include multiple "real
estate mortgage investment conduits" (each, a "REMIC"). The REMIC Regular
Interests will represent "regular interests" in one of the REMICs included in
the Trust Fund. The Class R Certificate will represent the sole class of
"residual interest" in each of the REMICs.

     The obligations and responsibilities of the Depositor, the Servicer and the
Trustee under the Agreement shall terminate upon the earlier of (a) the exercise
by the Trustee of an Optional Termination; and (b) the later of (i) the maturity
or other liquidation (or any Advance with respect thereto) of the last Mortgage
Loan remaining in the Trust Fund and the disposition of all REO Property and
(ii) the distribution to Certificateholders of all amounts required to be
distributed to them pursuant to this Agreement, as applicable. In no event shall
the trusts created under the Agreement continue beyond the earlier of (i) the
expiration of 21 years from the death of the last survivor of the descendants of
Joseph P. Kennedy, the late Ambassador of the United States to the Court of St.
James's, living on the date hereof and (ii) the Latest Possible Maturity Date.


                                      A-8

<PAGE>

                              [FORM OF ASSIGNMENT]
  FOR VALUE RECEIVED, the undersigned hereby sells, assigns and transfers unto

(PLEASE INSERT SOCIAL SECURITY* OR TAXPAYER IDENTIFICATION NUMBER OF ASSIGNEE)

________________________________________________________________________________
(Please Print or Type Name and Address of Assignee)

________________________________________________________________________________
the within Certificate, and all rights thereunder, and hereby does irrevocably
constitute and appoint

________________________________________________ Attorney to transfer the within
Certificate on the books kept for the registration thereof, with full power of
substitution in the premises.

Dated:
       ------------------------------


(Signature guaranty)                    ----------------------------------------
                                        NOTICE: The signature to this assignment
                                        must correspond with the name as it
                                        appears upon the face of the within
                                        Certificate in every particular, without
                                        alteration or enlargement or any change
                                        whatever.

(*This information, which is voluntary, is being requested to ensure that the
assignee will not be subject to backup withholding under Section 3406 of the
Code.)


                                      A-9

<PAGE>

                           FORM OF CLASS M CERTIFICATE

SOLELY FOR FEDERAL INCOME TAX PURPOSES, THIS CERTIFICATE REPRESENTS (I) A
"REGULAR INTEREST" IN A "REAL ESTATE MORTGAGE INVESTMENT CONDUIT", AS THOSE
TERMS ARE DEFINED, RESPECTIVELY, IN SECTIONS 860G AND 860D OF THE INTERNAL
REVENUE CODE OF 1986, AS AMENDED AND (II) AN INTEREST IN NOTIONAL PRINCIPAL
CONTRACTS.

THIS CERTIFICATE DOES NOT REPRESENT AN OBLIGATION OF OR INTEREST IN THE
DEPOSITOR, THE TRUSTEE OR THE SERVICER REFERRED TO BELOW OR ANY OF THEIR
AFFILIATES. NEITHER THIS CERTIFICATE, THE REMIC REGULAR INTEREST REPRESENTED
HEREBY NOR THE UNDERLYING MORTGAGE LOANS ARE GUARANTEED OR INSURED BY THE
DEPOSITOR, THE TRUSTEE, THE SERVICER OR BY ANY OF THEIR AFFILIATES OR BY ANY
GOVERNMENTAL AGENCY OR INSTRUMENTALITY.

UNTIL THE TERMINATION OF THE SWAP AGREEMENT, EACH TRANSFEREE OF THIS CERTIFICATE
SHALL BE DEEMED TO REPRESENT (OR IN THE CASE OF A DEFINITIVE CERTIFICATE, SHALL
REPRESENT) TO THE TRUSTEE THAT (A) SUCH TRANSFEREE IS NOT, AND IS NOT ACTING
FOR, ON BEHALF OF OR WITH ANY ASSETS OF, ANY EMPLOYEE BENEFIT PLAN OR OTHER
ARRANGEMENT SUBJECT TO TITLE I OF THE EMPLOYEE RETIREMENT INCOME SECURITY ACT OF
1974, AS AMENDED ("ERISA"), OR ANY PLAN SUBJECT TO SECTION 4975 OF THE INTERNAL
REVENUE CODE OF 1986, AS AMENDED (THE "CODE"), OR (B) THE TRANSFEREE'S
ACQUISITION AND HOLDING OF THIS CERTIFICATE IS COVERED BY AND EXEMPT UNDER ANY
OF SECTION 408(B)(17) OF ERISA OR SECTION 4975(D)(20) OF THE CODE, PROHIBITED
TRANSACTION CLASS EXEMPTION ("PTCE") 84-14, PTCE 90-1, PTCE 91-38, PTCE 95-60,
PTCE 96-23, EACH AS AMENDED.

FOLLOWING THE INITIAL ISSUANCE OF THE CERTIFICATES, THE PRINCIPAL BALANCE OF
THIS CERTIFICATE MAY BE DIFFERENT FROM THE ORIGINAL DENOMINATION SHOWN BELOW.
ANYONE ACQUIRING THIS CERTIFICATE MAY ASCERTAIN ITS CURRENT PRINCIPAL BALANCE BY
INQUIRY OF THE TRUSTEE.

                          CLASS M-[_____] CERTIFICATE

<TABLE>
<S>                              <C>
Number: 06-FF1-M-[_____]         Original Denomination: $[_____]

Cut-off Date: December 1, 2006   Last Scheduled Distribution Date:
                                 August 25, 2036

First Distribution Date:         Aggregate Initial Certificate Balance of all
January 25, 2007                 Class M-[_____] Certificates: $[_____]

Pass-Through Rate: Variable(2)   CUSIP:  [_____]
</TABLE>

----------
(2)  Subject to a cap as described in the Agreement.


                                      A-10

<PAGE>

                     MERRILL LYNCH MORTGAGE INVESTORS TRUST
                    MORTGAGE LOAN ASSET-BACKED CERTIFICATES,
                                 Series 2006-FF1

evidencing an ownership interest in distributions allocable to the Class
M-[_____] Certificates with respect to a pool of conventional, sub-prime
mortgage loans formed and sold by

                     MERRILL LYNCH MORTGAGE INVESTORS, INC.

     Unless this Certificate is presented by an authorized representative of The
Depository Trust Company, a New York corporation ("DTC"), to the Trustee for
registration of transfer, exchange or payment, and any certificate issued is
registered in the name of Cede & Co. or in such other name as is requested by an
authorized representative of DTC (and any payment is made to Cede & Co. or to
such other entity as is requested by an authorized representative of DTC), ANY
TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON
IS WRONGFUL inasmuch as the registered owner hereof, Cede & Co. has an interest
herein.

     This certifies that CEDE & CO. is the registered owner of the ownership
interest (the "Ownership Interest") evidenced by this Certificate (obtained by
dividing the Original Denomination of this Certificate by the aggregate Initial
Certificate Balance of all Class M-[_____] Certificates) in certain
distributions with respect to a pool of conventional, sub-prime mortgage loans
(the "Mortgage Loans") formed and sold by Merrill Lynch Mortgage Investors, Inc.
(hereinafter called the "Depositor"), and certain other property held in trust
for the benefit of Certificateholders (collectively, the "Trust Fund"). The
Mortgage Loans are serviced by National City Home Loan Services, Inc. (the
"Servicer") and are secured by first-lien mortgages on the Mortgaged Properties.
The Trust Fund was created pursuant to a pooling and servicing agreement (the
"Agreement"), dated as of December 1, 2006, among the Depositor, the Servicer
and LaSalle Bank National Association ("LB"), as trustee (the "Trustee"), a
summary of certain of the pertinent provisions of which is set forth hereafter.
To the extent not defined herein, the capitalized terms used herein have the
meanings assigned in the Agreement.

     This Certificate is one of a duly authorized issue of Certificates,
designated as Merrill Lynch Mortgage Investors Trust Mortgage Loan Asset-Backed
Certificates, Series 2006-FF1, Class M-[_____] (the "Class M-[_____]
Certificates") and is issued under and is subject to the terms, provisions and
conditions of the Agreement, to which Agreement the Holder of this Certificate
by virtue of the acceptance hereof assents and by which Agreement such Holder is
bound.

     The Class A Certificates, the Class M Certificates, the Class B
Certificates, the Class P Certificates and the Class C Certificates are
collectively referred to herein as the "Certificates."

     Pursuant to the terms of the Agreement, the Trustee will distribute from
funds in the Certificate Account the amounts described in the Agreement on the
25th day of each month or, if such 25th day is not a Business Day, the Business
Day immediately following (the "Distribution Date"), commencing in January 2007.
Such distributions will be made to the Person in whose name this Certificate is
registered at the close of business on the last Business Day of the month
preceding the month in which such payment is made.

     Distributions on this Certificate will be made either by wire transfer in
immediately available funds to the account of such certificateholder at a bank
or other depository institution having appropriate wire transfer facilities or,
in the case of any certificateholder that has so notified the Trustee in writing
in accordance with the Agreement, by check mailed to the address of the person
entitled to distributions as it


                                      A-11

<PAGE>

appears on the Certificate Register; provided, however, that the final
distribution in retirement of the certificates will be made only upon
presentation and surrender of this Certificate at the office of the Trustee or
such other address designated in writing by the Trustee. On each Distribution
Date, a holder of this Certificate will receive such holder's Percentage
Interest of the amounts required to be distributed with respect to the
applicable Class of Certificates.

     The Trustee will maintain or cause to be maintained a Certificate Register
in which, subject to such reasonable regulations as it may prescribe, the
Trustee will provide for the registration of Certificates and of transfers and
exchanges of Certificates. Upon surrender for registration of transfer of any
Certificate at any office or agency of the Trustee, or, if an Authenticating
Agent has been appointed under the Agreement, the Authenticating Agent,
maintained for such purpose, the Trustee, will, subject to the limitations set
forth in the Agreement, authenticate and deliver, in the name of the designated
transferee or transferees, a Certificate of a like class and dated the date of
authentication by the Authenticating Agent. Notwithstanding the above, the final
distribution on this Certificate will be made after due notice by the Trustee,
of the pendency of such distribution and only upon presentation and surrender of
this Certificate at the office or agency appointed by the Trustee, for that
purpose and specified in such notice of final distribution.

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

     Unless the certificate of authentication has been executed by the
Authenticating Agent, by manual signature, this Certificate shall not be
entitled to any benefit under the Agreement or be valid for any purpose.


                                      A-12

<PAGE>

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

Dated: [___________]                    LASALLE BANK NATIONAL ASSOCIATION,
                                        as Trustee


                                        By:
                                            ------------------------------------
                                            Authorized Officer


CERTIFICATE OF AUTHENTICATION

This is one of the Certificates
referred to in the within-mentioned
Agreement.

LASALLE BANK NATIONAL ASSOCIATION,
as Authenticating Agent


By:
    ---------------------------------
    Authorized Signatory


                                      A-13
<PAGE>

                             REVERSE OF CERTIFICATE

                     MERRILL LYNCH MORTGAGE INVESTORS TRUST
                    MORTGAGE LOAN ASSET-BACKED CERTIFICATES,
                                 Series 2006-FF1

     This Certificate is one of a duly authorized issue of Certificates,
designated as Merrill Lynch Mortgage Investors Trust Mortgage Loan Asset-Backed
Certificates, Series 2006-FF1, issued in one or more Classes of Class A
Certificates, Class M Certificates, Class B Certificates, Class P Certificates
and Class C Certificates, each evidencing an interest in certain distributions
with respect to a pool of conventional, sub-prime Mortgage Loans formed and sold
by the Depositor and certain other property conveyed by the Depositor to the
Trustee.

     Following the initial issuance of the Certificates, the principal balance
of this Certificate will be different from the Original Denomination shown
above. Anyone acquiring this Certificate may ascertain its current principal
balance by inquiry of the Trustee.

     The Holder, by its acceptance of this Certificate, agrees that it will look
solely to the Trust Fund and certain amounts resulting from credit enhancements
for payment hereunder and that the Trustee is not liable to the Holders for any
amount payable under this Certificate or the Agreement or, except as expressly
provided in the Agreement, subject to any liability under the Agreement.

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

     No service charge will be made to the Holder for any transfer or exchange
of the Certificate, but the Trustee may require payment of a sum sufficient to
cover any tax or governmental charge that may be imposed in connection with any
transfer or exchange of the Certificate. Prior to due presentation of a
Certificate for registration of transfer, the Depositor and the Trustee may
treat the person in whose name any Certificate is registered as the owner of
such Certificate and the Percentage Interest in the Trust Fund evidenced thereby
for the purpose of receiving distributions pursuant to the Agreement and for all
other purposes whatsoever, and neither the Depositor nor the Trustee will be
affected by notice to the contrary.

     The Agreement may be amended from time to time by the Depositor, the
Servicer and the Trustee, without the consent of any of the Certificateholders,
to cure any ambiguity, to correct or supplement any provisions therein which may
be inconsistent with the other provisions therein, to ensure continuing
treatment of each REMIC included in the Trust Fund as a REMIC, or to make any
other provisions with respect to matters or questions arising under the
Agreement which are not materially inconsistent with the provisions of the
Agreement, provided that such action does not, as evidenced by an Opinion of
Counsel, adversely affect in any material respect the interests of any
Certificateholder.

     The Agreement may also be amended from time to time by the Depositor, the
Servicer and the Trustee, with the consent of the Holders of Certificates
evidencing in the aggregate not less than 66 2/3% of the Percentage Interests of
each Class of Certificates affected thereby, for the purpose of adding any
provisions to or changing in any manner or eliminating any of the provisions of
the Agreement or of modifying in any manner the rights of the Holders of
Certificates of such Class; provided, however, that no such amendment may (i)
reduce in any manner the amount of, or delay the timing of, payments received on
Mortgage Loans which are required to be distributed on any Certificate without
the consent of the Holder of such Certificate, (ii) adversely affect in any
material respect the interests of the Holders of


                                      A-14

<PAGE>

any Class of Certificates in a manner other than as described in clause (i),
without the consent of the Holders of Certificates of such Class evidencing 66
2/3% or more of the Voting Rights of such Class or (iii) change the percentage
specified in clause (ii) of the third paragraph of Section 10.01 of the
Agreement, without the consent of the Holders of all Certificates of such Class
then outstanding.

     The Class A (other than the Class R Certificates), Class M, and Class B
Certificates are issuable only in registerable form, in minimum denominations of
$25,000 in initial Certificate Principal Amount and in integral multiples of $1
in excess thereof, registered in the name of the nominee of the Clearing Agency,
which shall maintain such Certificates through its book-entry facilities. The
Class R Certificates are issuable in minimum denominations of $100 and shall be
maintained in physical, fully registered form. The Class P Certificates are
issuable in minimum denominations of 100% and shall be maintained in physical,
fully registered form. The Class C Certificates are issuable in minimum
denominations of 25% and shall be maintained in physical, fully registered form.

     For federal income tax purposes, the Trust Fund will include multiple "real
estate mortgage investment conduits" (each, a "REMIC"). The REMIC Regular
Interests will represent "regular interests" in one of the REMICs included in
the Trust Fund. The Class R Certificate will represent the sole class of
"residual interest" in each of the REMICs.

     The obligations and responsibilities of the Depositor, the Servicer and the
Trustee under the Agreement shall terminate upon the earlier of (a) the exercise
by the Trustee of an Optional Termination; and (b) the later of (i) the maturity
or other liquidation (or any Advance with respect thereto) of the last Mortgage
Loan remaining in the Trust Fund and the disposition of all REO Property and
(ii) the distribution to Certificateholders of all amounts required to be
distributed to them pursuant to this Agreement, as applicable. In no event shall
the trusts created under the Agreement continue beyond the earlier of (i) the
expiration of 21 years from the death of the last survivor of the descendants of
Joseph P. Kennedy, the late Ambassador of the United States to the Court of St.
James's, living on the date hereof and (ii) the Latest Possible Maturity Date.


                                      A-15

<PAGE>

                              [FORM OF ASSIGNMENT]
 FOR VALUE RECEIVED, the undersigned hereby sells, assigns and transfers unto

(PLEASE INSERT SOCIAL SECURITY* OR TAXPAYER IDENTIFICATION NUMBER OF ASSIGNEE)

________________________________________________________________________________
(Please Print or Type Name and Address of Assignee)

________________________________________________________________________________
the within Certificate, and all rights thereunder, and hereby does irrevocably
constitute and appoint

_______________________________________________ Attorney to transfer the within
Certificate on the books kept for the registration thereof, with full power of
substitution in the premises.

Dated:
       ------------------------------


(Signature guaranty)                    ----------------------------------------
                                        NOTICE: The signature to this assignment
                                        must correspond with the name as it
                                        appears upon the face of the within
                                        Certificate in every particular, without
                                        alteration or enlargement or any change
                                        whatever.

(*This information, which is voluntary, is being requested to ensure that the
assignee will not be subject to backup withholding under Section 3406 of the
Code.)


                                      A-16

<PAGE>

                          FORM OF CLASS B-1 CERTIFICATE

SOLELY FOR FEDERAL INCOME TAX PURPOSES, THIS CERTIFICATE REPRESENTS (I) A
"REGULAR INTEREST" IN A "REAL ESTATE MORTGAGE INVESTMENT CONDUIT", AS THOSE
TERMS ARE DEFINED, RESPECTIVELY, IN SECTIONS 860G AND 860D OF THE INTERNAL
REVENUE CODE OF 1986, AS AMENDED AND (II) AN INTEREST IN NOTIONAL PRINCIPAL
CONTRACTS.

THIS CERTIFICATE DOES NOT REPRESENT AN OBLIGATION OF OR INTEREST IN MERRILL
LYNCH MORTGAGE INVESTORS, INC. ("MLMI"), THE TRUSTEE, OR ANY SERVICER REFERRED
TO BELOW OR ANY OF THEIR AFFILIATES. NEITHER THIS CERTIFICATE, THE REMIC REGULAR
INTEREST REPRESENTED HEREBY NOR THE UNDERLYING MORTGAGE LOANS ARE GUARANTEED OR
INSURED BY MLMI, THE TRUSTEE, ANY SERVICER OR BY ANY OF THEIR AFFILIATES OR BY
ANY GOVERNMENTAL AGENCY OR INSTRUMENTALITY.

     UNTIL THE TERMINATION OF THE SWAP AGREEMENT, EACH TRANSFEREE OF THIS
CERTIFICATE SHALL BE DEEMED TO REPRESENT (OR IN THE CASE OF A DEFINITIVE
CERTIFICATE, SHALL REPRESENT) TO THE TRUSTEE THAT (A) SUCH TRANSFEREE IS NOT,
AND IS NOT ACTING FOR, ON BEHALF OF OR WITH ANY ASSETS OF, ANY EMPLOYEE BENEFIT
PLAN OR OTHER ARRANGEMENT SUBJECT TO TITLE I OF THE EMPLOYEE RETIREMENT INCOME
SECURITY ACT OF 1974, AS AMENDED ("ERISA"), OR ANY PLAN SUBJECT TO SECTION 4975
OF THE INTERNAL REVENUE CODE OF 1986, AS AMENDED (THE "CODE"), OR (B) THE
TRANSFEREE'S ACQUISITION AND HOLDING OF THIS CERTIFICATE IS COVERED BY AND
EXEMPT UNDER ANY OF SECTION 408(B)(17) OF ERISA OR SECTION 4975(D)(20) OF THE
CODE, PROHIBITED TRANSACTION CLASS EXEMPTION ("PTCE") 84-14, PTCE 90-1, PTCE
91-38, PTCE 95-60, PTCE 96-23, EACH AS AMENDED.

FOLLOWING THE INITIAL ISSUANCE OF THE CERTIFICATES, THE PRINCIPAL BALANCE OF
THIS CERTIFICATE MAY BE DIFFERENT FROM THE ORIGINAL DENOMINATION SHOWN BELOW.
ANYONE ACQUIRING THIS CERTIFICATE MAY ASCERTAIN ITS CURRENT PRINCIPAL BALANCE BY
INQUIRY OF THE TRUSTEE.

                              CLASS B-1 CERTIFICATE

<TABLE>
<S>                              <C>
Number: 06-FF1-B-1-[_____]       Original Denomination: $[_____]

Cut-off Date: December 1, 2006   Last Scheduled Distribution Date:
                                 August 25, 2036

First Distribution Date:         Aggregate Initial Certificate Balance of all
January 25, 2007                 Class B-1 Certificates: $19,007,000

Pass-Through Rate: Variable(3)   CUSIP: 59023W AG 3
</TABLE>

----------
(3)  Subject to a cap as described in the Agreement.


                                      A-17

<PAGE>

                     MERRILL LYNCH MORTGAGE INVESTORS TRUST
                    MORTGAGE LOAN ASSET-BACKED CERTIFICATES,
                                 Series 2006-FF1

evidencing an ownership interest in distributions allocable to the Class B-1
Certificates with respect to a pool of conventional, sub-prime mortgage loans
formed and sold by

                     MERRILL LYNCH MORTGAGE INVESTORS, INC.

     Unless this Certificate is presented by an authorized representative of the
Depository Trust Company, a New York corporation ("DTC"), to the Trustee for
registration of transfer, exchange or payment, and any certificate issued is
registered in the name of Cede & Co. or in such other name as is requested by an
authorized representative of DTC (and any payment is made to Cede & Co. or to
such other entity as is requested by an authorized representative of DTC), ANY
TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON
IS WRONGFUL inasmuch as the registered owner hereof, Cede & Co. has an interest
herein.

     This certifies that CEDE & CO. is the registered owner of the ownership
interest (the "Ownership Interest") evidenced by this Certificate (obtained by
dividing the Original Denomination of this Certificate by the aggregate Initial
Certificate Balance of all Class B-1 Certificates) in certain distributions with
respect to a pool of conventional, sub-prime mortgage loans (the "Mortgage
Loans") formed and sold by Merrill Lynch Mortgage Investors, Inc. (hereinafter
called the "Depositor"), and certain other property held in trust for the
benefit of Certificateholders (collectively, the "Trust Fund"). The Mortgage
Loans are serviced by National City Home Loan Services, Inc. (the "Servicer")
and are secured by first-lien mortgages on Mortgaged Properties. The Trust Fund
was created pursuant to a pooling and servicing agreement (the "Agreement"),
dated as of December 1, 2006, between the Depositor, the Servicer and LaSalle
Bank National Association, as trustee (the "Trustee"), a summary of certain of
the pertinent provisions of which is set forth hereafter. To the extent not
defined herein, the capitalized terms used herein have the meanings assigned in
the Agreement.

     This Certificate is one of a duly authorized issue of Certificates,
designated as Merrill Lynch Mortgage Investors Trust, Mortgage Loan Asset-Backed
Certificates, Series 2006-FF1, Class B-1 (the "Class B-1 Certificates") and is
issued under and is subject to the terms, provisions and conditions of the
Agreement, to which Agreement the Holder of this Certificate by virtue of the
acceptance hereof assents and by which Agreement such Holder is bound.

     The Class A Certificates, the Class M Certificates, the Class B
Certificates, the Class P Certificates and the Class C Certificates are
collectively referred to herein as the "Certificates."

     Pursuant to the terms of the Agreement, the Trustee will distribute from
funds in the Certificate Account the amounts described in the Agreement on the
25th day of each month or, if such 25th day is not a Business Day, the Business
Day immediately following (the "Distribution Date"), commencing in January 2007.
Such distributions will be made to the Person in whose name this Certificate is
registered at the close of business on the last Business Day of the month
preceding the month in which such payment is made.


                                      A-18

<PAGE>

     Distributions on this Certificate will be made either by wire transfer in
immediately available funds to the account of such certificateholder at a bank
or other depository institution having appropriate wire transfer facilities or,
in the case of any certificateholder that has so notified the Trustee in writing
in accordance with the Agreement, by check mailed to the address of the person
entitled to distributions as it appears on the Certificate Register; provided,
however, that the final distribution in retirement of the certificates will be
made only upon presentation and surrender of this Certificate at the office of
the Trustee or such other address designated in writing by the Trustee. On each
Distribution Date, a holder of this Certificate will receive such holder's
Percentage Interest of the amounts required to be distributed with respect to
the applicable Class of Certificates.

     The Trustee will maintain or cause to be maintained a Certificate Register
in which, subject to such reasonable regulations as it may prescribe, the
Trustee will provide for the registration of Certificates and of transfers and
exchanges of Certificates. Upon surrender for registration of transfer of any
Certificate at any office or agency of the Trustee, or, if an Authenticating
Agent has been appointed under the Agreement, the Authenticating Agent,
maintained for such purpose, the Trustee, will, subject to the limitations set
forth in the Agreement, authenticate and deliver, in the name of the designated
transferee or transferees, a Certificate of a like class and dated the date of
authentication by the Authenticating Agent. Notwithstanding the above, the final
distribution on this Certificate will be made after due notice by the Trustee,
of the pendency of such distribution and only upon presentation and surrender of
this Certificate at the office or agency appointed by the Trustee, for that
purpose and specified in such notice of final distribution.

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

     Unless the certificate of authentication has been executed by the
Authenticating Agent, by manual signature, this Certificate shall not be
entitled to any benefit under the Agreement or be valid for any purpose.


                                      A-19

<PAGE>

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

Dated: [_____________]                  LASALLE BANK NATIONAL ASSOCIATION,
                                        as Trustee


                                        By:
                                            ------------------------------------
                                            Authorized Officer

CERTIFICATE OF AUTHENTICATION

This is one of the Certificates
referred to in the within-mentioned
Agreement.

LASALLE BANK NATIONAL ASSOCIATION,
as Authenticating Agent


By:
    ---------------------------------
    Authorized Signatory


                                      A-20

<PAGE>

                             REVERSE OF CERTIFICATE

                     MERRILL LYNCH MORTGAGE INVESTORS TRUST
                    MORTGAGE LOAN ASSET-BACKED CERTIFICATES,
                                 SERIES 2006-FF1

     This Certificate is one of a duly authorized issue of Certificates,
designated as Merrill Lynch Mortgage Investors Trust Mortgage Loan Asset-Backed
Certificates, Series 2006-FF1, issued in one or more Classes of Class A
Certificates, Class M Certificates, Class B Certificates, Class P Certificates
and Class C Certificates, each evidencing an interest in certain distributions
with respect to a pool of conventional, sub-prime Mortgage Loans formed and sold
by the Depositor and certain other property conveyed by the Depositor to the
Trustee.

     Following the initial issuance of the Certificates, the principal balance
of this Certificate will be different from the Original Denomination shown
above. Anyone acquiring this Certificate may ascertain its current principal
balance by inquiry of the Trustee.

     The Holder, by its acceptance of this Certificate, agrees that it will look
solely to the Trust Fund and certain amounts resulting from credit enhancements
for payment hereunder and that the Trustee is not liable to the Holders for any
amount payable under this Certificate or the Agreement or, except as expressly
provided in the Agreement, subject to any liability under the Agreement.

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

     No service charge will be made to the Holder for any transfer or exchange
of the Certificate, but the Trustee may require payment of a sum sufficient to
cover any tax or governmental charge that may be imposed in connection with any
transfer or exchange of the Certificate. Prior to due presentation of a
Certificate for registration of transfer, the Depositor and the Trustee may
treat the person in whose name any Certificate is registered as the owner of
such Certificate and the Percentage Interest in the Trust Fund evidenced thereby
for the purpose of receiving distributions pursuant to the Agreement and for all
other purposes whatsoever, and neither the Depositor nor the Trustee will be
affected by notice to the contrary.

     The Agreement may be amended from time to time by the Depositor, the
Servicer and the Trustee, without the consent of any of the Certificateholders,
to cure any ambiguity, to correct or supplement any provisions therein which may
be inconsistent with the other provisions therein, to ensure continuing
treatment of each REMIC included in the Trust Fund as a REMIC, or to make any
other provisions with respect to matters or questions arising under the
Agreement which are not materially inconsistent with the provisions of the
Agreement, provided that such action does not, as evidenced by an Opinion of
Counsel, adversely affect in any material respect the interests of any
Certificateholder.

     The Agreement may also be amended from time to time by the Depositor, the
Servicer and the Trustee with the consent of the Holders of Certificates
evidencing in the aggregate not


                                      A-21

<PAGE>

less than 66 2/3% of the Percentage Interests of each Class of Certificates
affected thereby for the purpose of adding any provisions to or changing in any
manner or eliminating any of the provisions of the Agreement or of modifying in
any manner the rights of the Holders of Certificates of such Class; provided,
however, that no such amendment may (i) reduce in any manner the amount of, or
delay the timing of, payments received on Mortgage Loans which are required to
be distributed on any Certificate without the consent of the Holder of such
Certificate, (ii) adversely affect in any material respect the interests of the
Holders of any Class of Certificates in a manner other than as described in
clause (i), without the consent of the Holders of Certificates of such Class
evidencing 66 2/3% or more of the Voting Rights of such Class or (iii) change
the percentage specified in clause (ii) of the third paragraph of Section 10.01
of the Agreement, without the consent of the Holders of all Certificates of such
Class then outstanding.

     The Class A (other than the Class R Certificates), Class M, and Class B
Certificates are issuable only in registerable form, in minimum denominations of
$25,000 in initial Certificate Principal Amount and in integral multiples of $1
in excess thereof, registered in the name of the nominee of the Clearing Agency,
which shall maintain such Certificates through its book-entry facilities. The
Class R Certificates are issuable in minimum denominations of $100 and shall be
maintained in physical, fully registered form. The Class P Certificates are
issuable in minimum denominations of 100% and shall be maintained in physical,
fully registered form. The Class C Certificates are issuable in minimum
denominations of 25% and shall be maintained in physical, fully registered form.

     For federal income tax purposes, the Trust Fund will include multiple "real
estate mortgage investment conduits" (each, a "REMIC") in a tiered REMIC
structure. The REMIC Regular Interests will represent "regular interests" in one
of the REMICs included in the Trust Fund. The Class R Certificate will represent
the sole class of "residual interest" in each of the REMICs.

     The obligations and responsibilities of the Depositor, the Servicer and the
Trustee under the Agreement shall terminate upon the earlier of (a) the exercise
by the Trustee of an Optional Termination; and (b) the later of (i) the maturity
or other liquidation (or any Advance with respect thereto) of the last Mortgage
Loan remaining in the Trust Fund and the disposition of all REO Property and
(ii) the distribution to Certificateholders of all amounts required to be
distributed to them pursuant to this Agreement, as applicable. In no event shall
the trusts created under the Agreement's continue beyond the earlier of (i) the
expiration of 21 years from the death of the last survivor of the descendants of
Joseph P. Kennedy, the late Ambassador of the United States to the Court of St.
James's, living on the date hereof and (ii) the Latest Possible Maturity Date.


                                      A-22

<PAGE>

                              [FORM OF ASSIGNMENT]
 FOR VALUE RECEIVED, the undersigned hereby sells, assigns and transfers unto

(PLEASE INSERT SOCIAL SECURITY* OR TAXPAYER IDENTIFICATION NUMBER OF ASSIGNEE)

________________________________________________________________________________
(Please Print or Type Name and Address of Assignee)

________________________________________________________________________________
the within Certificate, and all rights thereunder, and hereby does irrevocably
constitute and appoint

________________________________________________ Attorney to transfer the within
Certificate on the books kept for the registration thereof, with full power of
substitution in the premises.

Dated:
       ------------------------------


(Signature guaranty)                    ----------------------------------------
                                        NOTICE: The signature to this assignment
                                        must correspond with the name as it
                                        appears upon the face of the within
                                        Certificate in every particular, without
                                        alteration or enlargement or any change
                                        whatever.

(*This information, which is voluntary, is being requested to ensure that the
assignee will not be subject to backup withholding under Section 3406 of the
Code.)


                                      A-23

<PAGE>

                    CLASS [B-2][B-3] CERTIFICATE (RULE 144A)

SOLELY FOR FEDERAL INCOME TAX PURPOSES, THIS CERTIFICATE REPRESENTS (I) A
"REGULAR INTEREST" IN A "REAL ESTATE MORTGAGE INVESTMENT CONDUIT", AS THOSE
TERMS ARE DEFINED, RESPECTIVELY, IN SECTIONS 860G AND 860D OF THE INTERNAL
REVENUE CODE OF 1986, AS AMENDED AND (II) AN INTEREST IN NOTIONAL PRINCIPAL
CONTRACTS.

THIS CERTIFICATE DOES NOT REPRESENT AN OBLIGATION OF OR INTEREST IN THE
DEPOSITOR, THE TRUSTEE OR THE SERVICER REFERRED TO BELOW OR ANY OF THEIR
AFFILIATES. NEITHER THIS CERTIFICATE, THE REMIC REGULAR INTEREST REPRESENTED
HEREBY NOR THE UNDERLYING MORTGAGE LOANS ARE GUARANTEED OR INSURED BY THE
DEPOSITOR, THE TRUSTEE, THE SERVICER OR BY ANY OF THEIR AFFILIATES OR BY ANY
GOVERNMENTAL AGENCY OR INSTRUMENTALITY.

THIS CERTIFICATE HAS NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS
AMENDED (THE "ACT"), THE INVESTMENT COMPANY ACT OF 1940, AS AMENDED (THE "1940
ACT") OR ANY STATE SECURITIES OR "BLUE SKY" LAWS, AND MAY NOT, DIRECTLY OR
INDIRECTLY, BE SOLD OR OTHERWISE TRANSFERRED, OR OFFERED FOR SALE, UNLESS SUCH
TRANSFER IS NOT SUBJECT TO REGISTRATION UNDER THE ACT, THE 1940 ACT AND ANY
APPLICABLE STATE SECURITIES LAWS AND SUCH TRANSFER ALSO COMPLIES WITH THE OTHER
PROVISIONS OF SECTION 5.02 OF THE POOLING AND SERVICING AGREEMENT. IF THE
CERTIFICATE IS A DEFINITIVE CERTIFICATE, NO TRANSFER OF THIS CERTIFICATE SHALL
BE MADE UNLESS THE TRUSTEE SHALL HAVE RECEIVED, IN FORM AND SUBSTANCE
SATISFACTORY TO THE TRUSTEE (A) AN INVESTMENT LETTER FROM THE PROSPECTIVE
INVESTOR; AND (B) REPRESENTATIONS FROM THE TRANSFEROR REGARDING THE OFFERING AND
SALE OF THE CERTIFICATES.

UNTIL THE TERMINATION OF THE SWAP AGREEMENT, EACH TRANSFEREE OF THIS CERTIFICATE
SHALL BE DEEMED TO REPRESENT (OR IN THE CASE OF A DEFINITIVE CERTIFICATE, SHALL
REPRESENT) TO THE TRUSTEE THAT (A) SUCH TRANSFEREE IS NOT, AND IS NOT ACTING
FOR, ON BEHALF OF OR WITH ANY ASSETS OF, ANY EMPLOYEE BENEFIT PLAN OR OTHER
ARRANGEMENT SUBJECT TO TITLE I OF THE EMPLOYEE RETIREMENT INCOME SECURITY ACT OF
1974, AS AMENDED ("ERISA"), OR ANY PLAN SUBJECT TO SECTION 4975 OF THE INTERNAL
REVENUE CODE OF 1986, AS AMENDED (THE "CODE"), OR (B) THE TRANSFEREE'S
ACQUISITION AND HOLDING OF THIS CERTIFICATE IS COVERED BY AND EXEMPT UNDER ANY
OF SECTION 408(B)(17) OF ERISA OR SECTION 4975(D)(20) OF THE CODE, PROHIBITED
TRANSACTION CLASS EXEMPTION ("PTCE") 84-14, PTCE 90-1, PTCE 91-38, PTCE 95-60,
PTCE 96-23, EACH AS AMENDED.

THE HOLDER OF THIS CERTIFICATE BY ITS ACCEPTANCE HEREOF AGREES TO OFFER, SELL OR
OTHERWISE TRANSFER SUCH CERTIFICATE ONLY (A) PURSUANT TO A REGISTRATION
STATEMENT WHICH HAS BEEN DECLARED EFFECTIVE UNDER THE 1933 ACT, (B) TO A PERSON
IT REASONABLY BELIEVES IS A "QUALIFIED INSTITUTIONAL BUYER" AS DEFINED IN RULE
144A UNDER THE 1933 ACT THAT PURCHASES FOR ITS OWN ACCOUNT OR FOR THE ACCOUNT OF
A QUALIFIED INSTITUTIONAL BUYER TO WHOM NOTICE IS GIVEN THAT THE TRANSFER IS
BEING MADE IN RELIANCE ON RULE 144A, (C) TO AN INSTITUTIONAL ACCREDITED INVESTOR
AS DEFINED IN RULE 501(a)(1), (2), (3) OR


                                      A-24

<PAGE>

(7) OF REGULATION D, OR (D) OUTSIDE THE UNITED STATES TO A PERSON WHO IS NOT A
U.S. PERSON (AS DEFINED BY REGULATION S OF THE 1933 ACT ("REGULATION S")) IN AN
OFFSHORE TRANSACTION IN COMPLIANCE WITH REGULATION S, AND IN EACH CASE IN
ACCORDANCE WITH ALL APPLICABLE SECURITIES LAWS OF THE UNITED STATES AND SUBJECT
TO THE TRUSTEE'S RIGHT PRIOR TO ANY SUCH OFFER, SALE OR TRANSFER TO REQUIRE THE
DELIVERY OF A CERTIFICATE OF TRANSFER IN THE FORM APPEARING IN THE POOLING AND
SERVICING AGREEMENT.

FOLLOWING THE INITIAL ISSUANCE OF THE CERTIFICATES, THE PRINCIPAL BALANCE OF
THIS CERTIFICATE MAY BE DIFFERENT FROM THE ORIGINAL DENOMINATION SHOWN BELOW.
ANYONE ACQUIRING THIS CERTIFICATE MAY ASCERTAIN ITS CURRENT PRINCIPAL BALANCE BY
INQUIRY OF THE TRUSTEE.


                                      A-25

<PAGE>

                          CLASS [B-2][B-3] CERTIFICATE
                                   (RULE 144A)

<TABLE>
<S>                              <C>
Number:                          Original Denomination: $[_____]
06-FF1-[B-2][B-3]-[_____]

Cut-off Date: December 1, 2006   Last Scheduled Distribution Date:
                                 August 25, 2036

First Distribution Date:         Aggregate Initial Certificate Balance of all
January 25, 2007                 Class [B-2][B-3] Certificates: $[_____]

Pass-Through Rate: Variable%(4)  CUSIP: [_____]
</TABLE>

----------
(4)  Subject to a cap as described in the Agreement.


                                      A-26

<PAGE>

                     MERRILL LYNCH MORTGAGE INVESTORS INC.,
                    MORTGAGE LOAN ASSET-BACKED CERTIFICATES,
                                 Series 2006-FF1

evidencing an ownership interest in distributions allocable to the Class
[B-2][B-3] Certificates with respect to a pool of conventional, sub-prime
mortgage loans formed and sold by

                     MERRILL LYNCH MORTGAGE INVESTORS, INC.

     Unless this Certificate is presented by an authorized representative of The
Depository Trust Company, a New York corporation ("DTC"), to the Trustee for
registration of transfer, exchange or payment, and any certificate issued is
registered in the name of Cede & Co. or in such other name as is requested by an
authorized representative of DTC (and any payment is made to Cede & Co. or to
such other entity as is requested by an authorized representative of DTC), ANY
TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON
IS WRONGFUL inasmuch as the registered owner hereof, Cede & Co. has an interest
herein.

     This certifies that CEDE & CO. is the registered owner of the ownership
interest (the "Ownership Interest") evidenced by this Certificate (obtained by
dividing the Original Denomination of this Certificate by the aggregate Initial
Certificate Balance of all Class [B-2][B-3] Certificates) in certain
distributions with respect to a pool of conventional, sub-prime mortgage loans
(the "Mortgage Loans") formed and sold by Merrill Lynch Mortgage Investors, Inc.
(hereinafter called the "Depositor"), and certain other property held in trust
for the benefit of Certificateholders (collectively, the "Trust Fund"). The
Mortgage Loans are serviced by National City Home Loan Services, Inc. (the
"Servicer") and are secured by first mortgages on the Mortgaged Properties. The
Trust Fund was created pursuant to a pooling and servicing agreement (the
"Agreement"), dated as of December 1, 2006, among the Depositor, the Servicer
and LaSalle Bank National Association, as trustee (the "Trustee"), a summary of
certain of the pertinent provisions of which is set forth hereafter. To the
extent not defined herein, the capitalized terms used herein have the meanings
assigned in the Agreement.

     This Certificate is one of a duly authorized issue of Certificates,
designated as Merrill Lynch Mortgage Investors, Inc. Mortgage Loan Asset-Backed
Certificates, Series 2006-FF1, Class [B-2][B-3] (the "Class [B-2][B-3]
Certificates") and is issued under and is subject to the terms, provisions and
conditions of the Agreement, to which Agreement the Holder of this Certificate
by virtue of the acceptance hereof assents and by which Agreement such Holder is
bound.

     The Class A Certificates, the Class M Certificates, the Class B
Certificates, the Class P Certificates and the Class C Certificates are
collectively referred to herein as the "Certificates."

     Pursuant to the terms of the Agreement, the Trustee will distribute from
funds in the Certificate Account the amounts described in the Agreement on the
25th day of each month or, if such 25th day is not a Business Day, the Business
Day immediately following (the "Distribution Date"), commencing in January 2007.
Such distributions will be made to the Person in whose name this Certificate is
registered at the close of business on the last Business Day of the month
preceding the month in which such payment is made.

     Distributions on this Certificate will be made either by wire transfer in
immediately available funds to the account of such certificateholder at a bank
or other depository institution having appropriate wire transfer facilities or,
in the case of any certificateholder that has so notified the Trustee in writing
in


                                      A-27

<PAGE>

accordance with the Agreement, by check mailed to the address of the person
entitled to distributions as it appears on the Certificate Register; provided,
however, that the final distribution in retirement of the certificates will be
made only upon presentation and surrender of this Certificate at the office of
the Trustee or such other address designated in writing by the Trustee. On each
Distribution Date, a holder of this Certificate will receive such holder's
Percentage Interest of the amounts required to be distributed with respect to
the applicable Class of Certificates.

     The Trustee will maintain or cause to be maintained a Certificate Register
in which, subject to such reasonable regulations as it may prescribe, the
Trustee will provide for the registration of Certificates and of transfers and
exchanges of Certificates. Upon surrender for registration of transfer of any
Certificate at any office or agency of the Trustee, or, if an Authenticating
Agent has been appointed under the Agreement, the Authenticating Agent,
maintained for such purpose, the Trustee, will, subject to the limitations set
forth in the Agreement, authenticate and deliver, in the name of the designated
transferee or transferees, a Certificate of a like class and dated the date of
authentication by the Authenticating Agent. Notwithstanding the above, the final
distribution on this Certificate will be made after due notice by the Trustee,
of the pendency of such distribution and only upon presentation and surrender of
this Certificate at the office or agency appointed by the Trustee, for that
purpose and specified in such notice of final distribution.

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

     Unless the certificate of authentication has been executed by the
Authenticating Agent, by manual signature, this Certificate shall not be
entitled to any benefit under the Agreement or be valid for any purpose.


                                      A-28

<PAGE>

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

Dated: [_____________]                  LASALLE BANK NATIONAL ASSOCIATION.,
                                        as Trustee


                                        By:
                                            ------------------------------------
                                            Authorized Officer

CERTIFICATE OF AUTHENTICATION

This is one of the Certificates
referred to in the within-mentioned
Agreement.

LASALLE BANK NATIONAL ASSOCIATION,
as Authenticating Agent


By:
    ---------------------------------
    Authorized Signatory


                                      A-29

<PAGE>

                             REVERSE OF CERTIFICATE

                     MERRILL LYNCH MORTGAGE INVESTORS INC.,
                    MORTGAGE LOAN ASSET-BACKED CERTIFICATES,
                                 Series 2006-FF1

     This Certificate is one of a duly authorized issue of Certificates,
designated as Merrill Lynch Mortgage Investors Inc., Mortgage Loan Asset-Backed
Certificates, Series 2006-FF1, issued in one or more Classes of Class A
Certificates, Class M Certificates, Class B Certificates, Class P Certificates
and Class C Certificates, each evidencing an interest in certain distributions
with respect to a pool of conventional, sub-prime Mortgage Loans formed and sold
by the Depositor and certain other property conveyed by the Depositor to the
Trustee.

     Following the initial issuance of the Certificates, the principal balance
of this Certificate will be different from the Original Denomination shown
above. Anyone acquiring this Certificate may ascertain its current principal
balance by inquiry of the Trustee.

     The Holder, by its acceptance of this Certificate, agrees that it will look
solely to the Trust Fund and certain amounts resulting from credit enhancements
for payment hereunder and that the Trustee is not liable to the Holders for any
amount payable under this Certificate or the Agreement or, except as expressly
provided in the Agreement, subject to any liability under the Agreement.

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

     No service charge will be made to the Holder for any transfer or exchange
of the Certificate, but the Trustee may require payment of a sum sufficient to
cover any tax or governmental charge that may be imposed in connection with any
transfer or exchange of the Certificate. Prior to due presentation of a
Certificate for registration of transfer, the Depositor and the Trustee may
treat the person in whose name any Certificate is registered as the owner of
such Certificate and the Percentage Interest in the Trust Fund evidenced thereby
for the purpose of receiving distributions pursuant to the Agreement and for all
other purposes whatsoever, and neither the Depositor nor the Trustee will be
affected by notice to the contrary.

     The Agreement may be amended from time to time by the Depositor, the
Servicer and the Trustee, without the consent of any of the Certificateholders,
to cure any ambiguity, to correct or supplement any provisions therein which may
be inconsistent with the other provisions therein, to ensure continuing
treatment of each REMIC included in the Trust Fund as a REMIC, or to make any
other provisions with respect to matters or questions arising under the
Agreement which are not materially inconsistent with the provisions of the
Agreement, provided that such action does not, as evidenced by an Opinion of
Counsel, adversely affect in any material respect the interests of any
Certificateholder.

     The Agreement may also be amended from time to time by the Depositor, the
Servicer and the Trustee, with the consent of the Holders of Certificates
evidencing in the aggregate not less than 66 2/3% of the Percentage Interests of
each Class of Certificates affected thereby, for the purpose of adding any
provisions to or changing in any manner or eliminating any of the provisions of
the Agreement or of modifying in any manner the rights of the Holders of
Certificates of such Class; provided, however, that no such amendment may (i)
reduce in any manner the amount of, or delay the timing of, payments received on
Mortgage Loans which are required to be distributed on any Certificate without
the consent of the Holder of such Certificate, (ii) adversely affect in any
material respect the interests of the Holders of


                                      A-30

<PAGE>

any Class of Certificates in a manner other than as described in clause (i),
without the consent of the Holders of Certificates of such Class evidencing 66
2/3% or more of the Voting Rights of such Class or (iii) change the percentage
specified in clause (ii) of the third paragraph of Section 10.01 of the
Agreement, without the consent of the Holders of all Certificates of such Class
then outstanding.

     The Class A (other than the Class R Certificates), Class M, and Class B
Certificates are issuable only in registerable form, in minimum denominations of
$25,000 in initial Certificate Principal Amount and in integral multiples of $1
in excess thereof, registered in the name of the nominee of the Clearing Agency,
which shall maintain such Certificates through its book-entry facilities. The
Class R Certificates are issuable in minimum denominations of $100 and shall be
maintained in physical, fully registered form. The Class P Certificates are
issuable in minimum denominations of 100% and shall be maintained in physical,
fully registered form. The Class C Certificates are issuable in minimum
denominations of 25% and shall be maintained in physical, fully registered form.

     For federal income tax purposes, the Trust Fund will include multiple "real
estate mortgage investment conduits" (each, a "REMIC"). The REMIC Regular
Interests will represent "regular interests" in one of the REMICs included in
the Trust Fund. The Class R Certificate will represent the sole class of
"residual interest" in each of the REMICs.

     The obligations and responsibilities of the Depositor, the Servicer and the
Trustee under the Agreement shall terminate upon the earlier of (a) the exercise
by the Trustee of an Optional Termination; and (b) the later of (i) the maturity
or other liquidation (or any Advance with respect thereto) of the last Mortgage
Loan remaining in the Trust Fund and the disposition of all REO Property and
(ii) the distribution to Certificateholders of all amounts required to be
distributed to them pursuant to this Agreement, as applicable. In no event shall
the trusts created under the Agreement continue beyond the earlier of (i) the
expiration of 21 years from the death of the last survivor of the descendants of
Joseph P. Kennedy, the late Ambassador of the United States to the Court of St.
James's, living on the date hereof and (ii) the Latest Possible Maturity Date.


                                      A-31

<PAGE>

                              [FORM OF ASSIGNMENT]
  FOR VALUE RECEIVED, the undersigned hereby sells, assigns and transfers unto

(PLEASE INSERT SOCIAL SECURITY* OR TAXPAYER IDENTIFICATION NUMBER OF ASSIGNEE)

________________________________________________________________________________
(Please Print or Type Name and Address of Assignee)

________________________________________________________________________________
the within Certificate, and all rights thereunder, and hereby does irrevocably
constitute and appoint

________________________________________________ Attorney to transfer the within
Certificate on the books kept for the registration thereof, with full power of
substitution in the premises.

Dated:
       ------------------------------


(Signature guaranty)                    ----------------------------------------
                                        NOTICE: The signature to this assignment
                                        must correspond with the name as it
                                        appears upon the face of the within
                                        Certificate in every particular, without
                                        alteration or enlargement or any change
                                        whatever.

(*This information, which is voluntary, is being requested to ensure that the
assignee will not be subject to backup withholding under Section 3406 of the
Code.)


                                      A-32

<PAGE>

                  FORM OF CLASS [B-2][B-3] CERTIFICATE (REG S)

SOLELY FOR FEDERAL INCOME TAX PURPOSES, THIS CERTIFICATE REPRESENTS (I) A
"REGULAR INTEREST" IN A "REAL ESTATE MORTGAGE INVESTMENT CONDUIT", AS THOSE
TERMS ARE DEFINED, RESPECTIVELY, IN SECTIONS 860G AND 860D OF THE INTERNAL
REVENUE CODE OF 1986, AS AMENDED AND (II) RIGHTS TO PAYMENTS UNDER CERTAIN
INTEREST RATE CAP AGREEMENTS.

THIS CERTIFICATE DOES NOT REPRESENT AN OBLIGATION OF OR INTEREST IN MERRILL
LYNCH MORTGAGE INVESTORS, INC. ("MLMI"), THE TRUSTEE, OR ANY SERVICER REFERRED
TO BELOW OR ANY OF THEIR AFFILIATES. NEITHER THIS CERTIFICATE, THE REMIC REGULAR
INTEREST REPRESENTED HEREBY NOR THE UNDERLYING MORTGAGE LOANS ARE GUARANTEED OR
INSURED BY MLMI, THE TRUSTEE, ANY SERVICER OR BY ANY OF THEIR AFFILIATES OR BY
ANY GOVERNMENTAL AGENCY OR INSTRUMENTALITY.

THIS CERTIFICATE HAS NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS
AMENDED (THE "ACT"), THE INVESTMENT COMPANY ACT OF 1940, AS AMENDED (THE "1940
ACT") OR ANY STATE SECURITIES OR "BLUE SKY" LAWS, AND MAY NOT, DIRECTLY OR
INDIRECTLY, BE SOLD OR OTHERWISE TRANSFERRED, OR OFFERED FOR SALE, UNLESS SUCH
TRANSFER IS NOT SUBJECT TO REGISTRATION UNDER THE ACT, THE 1940 ACT AND ANY
APPLICABLE STATE SECURITIES LAWS AND SUCH TRANSFER ALSO COMPLIES WITH THE OTHER
PROVISIONS OF SECTION 5.02 OF THE POOLING AND SERVICING AGREEMENT. IF THE
CERTIFICATE IS A DEFINITIVE CERTIFICATE, NO TRANSFER OF THIS CERTIFICATE SHALL
BE MADE UNLESS THE TRUSTEE SHALL HAVE RECEIVED, IN FORM AND SUBSTANCE
SATISFACTORY TO THE TRUSTEE (A) AN INVESTMENT LETTER FROM THE PROSPECTIVE
INVESTOR; AND (B) REPRESENTATIONS FROM THE TRANSFEROR REGARDING THE OFFERING AND
SALE OF THE CERTIFICATES.

UNTIL THE TERMINATION OF THE SWAP AGREEMENT, EACH TRANSFEREE OF THIS CERTIFICATE
SHALL BE DEEMED TO REPRESENT (OR IN THE CASE OF A DEFINITIVE CERTIFICATE, SHALL
REPRESENT) TO THE TRUSTEE THAT (A) SUCH TRANSFEREE IS NOT, AND IS NOT ACTING
FOR, ON BEHALF OF OR WITH ANY ASSETS OF, ANY EMPLOYEE BENEFIT PLAN OR OTHER
ARRANGEMENT SUBJECT TO TITLE I OF THE EMPLOYEE RETIREMENT INCOME SECURITY ACT OF
1974, AS AMENDED ("ERISA"), OR ANY PLAN SUBJECT TO SECTION 4975 OF THE INTERNAL
REVENUE CODE OF 1986, AS AMENDED (THE "CODE"), OR (B) THE TRANSFEREE'S
ACQUISITION AND HOLDING OF THIS CERTIFICATE IS COVERED BY AND EXEMPT UNDER ANY
OF SECTION 408(B)(17) OF ERISA OR SECTION 4975(D)(20) OF THE CODE, PROHIBITED
TRANSACTION CLASS EXEMPTION ("PTCE") 84-14, PTCE 90-1, PTCE 91-38, PTCE 95-60,
PTCE 96-23, EACH AS AMENDED.

THE HOLDER OF THIS CERTIFICATE BY ITS ACCEPTANCE HEREOF AGREES (A) THAT, UNTIL
THE EXPIRATION OF THE APPLICABLE "DISTRIBUTION COMPLIANCE PERIOD" WITHIN THE
MEANING OF REGULATION S, ANY OFFER, SALE, PLEDGE OR OTHER TRANSFER OF THIS
CERTIFICATE SHALL NOT BE MADE


                                      A-33

<PAGE>

IN THE UNITED STATES OR TO, OR FOR THE ACCOUNT OR BENEFIT OF, ANY U.S. PERSON
(EACH AS DEFINED IN REGULATION S) AND (B) TO OFFER, SELL, PLEDGE OR OTHERWISE
TRANSFER THIS CERTIFICATE WITHIN THE UNITED STATES OR TO, OR FOR THE ACCOUNT OR
BENEFIT OF, A U.S. PERSON (EACH AS DEFINED IN REGULATION S) ONLY (1) PURSUANT TO
A REGISTRATION STATEMENT WHICH HAS BEEN DECLARED EFFECTIVE UNDER THE 1933 ACT OR
(2) TO A PERSON IT REASONABLY BELIEVES IS A "QUALIFIED INSTITUTIONAL BUYER" AS
DEFINED IN RULE 144A UNDER THE 1933 ACT THAT PURCHASES FOR ITS OWN ACCOUNT OR
FOR THE ACCOUNT OF A QUALIFIED INSTITUTIONAL BUYER TO WHOM NOTICE IS GIVEN THAT
THE TRANSFER IS BEING MADE IN RELIANCE ON RULE 144A, SUBJECT TO THE TRUSTEE'S
RIGHT PRIOR TO ANY SUCH OFFER, SALE OR TRANSFER TO REQUIRE THE DELIVERY OF A
CERTIFICATE OF TRANSFER IN THE FORM APPEARING IN THE POOLING AND SERVICING
AGREEMENT.

FOLLOWING THE INITIAL ISSUANCE OF THE CERTIFICATES, THE PRINCIPAL BALANCE OF
THIS CERTIFICATE MAY BE DIFFERENT FROM THE ORIGINAL DENOMINATION SHOWN BELOW.
ANYONE ACQUIRING THIS CERTIFICATE MAY ASCERTAIN ITS CURRENT PRINCIPAL BALANCE BY
INQUIRY OF THE TRUSTEE.


                                      A-34

<PAGE>

                          CLASS [B-2][B-3] CERTIFICATE

                                 (REGULATION S)

<TABLE>
<S>                              <C>
Number:                          Original Denomination: $0
06-FF1-[B-2][B-3]-[_____]

Cut-off Date: December 1, 2006   Last Scheduled Distribution Date:
                                 August 25, 2036

First Distribution Date:         Aggregate Initial Certificate Balance of all
January 25, 2007                 Class [B-2][B-3] Certificates: $[_____]

Pass-Through Rate: Variable(5)   CUSIP: [_____]
</TABLE>

----------
(5)  Subject to a cap as described in the Agreement.


                                      A-35


<PAGE>

                     MERRILL LYNCH MORTGAGE INVESTORS TRUST
                    MORTGAGE LOAN ASSET-BACKED CERTIFICATES,
                                 Series 2006-FF1

evidencing an ownership interest in distributions allocable to the Class
[B-2][B-3] Certificates with respect to a pool of conventional, sub-prime
mortgage loans formed and sold by

                     MERRILL LYNCH MORTGAGE INVESTORS, INC.

     Unless this Certificate is presented by an authorized representative of the
Depository Trust Company, a New York corporation ("DTC"), to the Trustee for
registration of transfer, exchange or payment, and any certificate issued is
registered in the name of Cede & Co. or in such other name as is requested by an
authorized representative of DTC (and any payment is made to Cede & Co. or to
such other entity as is requested by an authorized representative of DTC), ANY
TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON
IS WRONGFUL inasmuch as the registered owner hereof, Cede & Co. has an interest
herein.

     This certifies that CEDE & CO. is the registered owner of the ownership
interest (the "Ownership Interest") evidenced by this Certificate (obtained by
dividing the Original Denomination of this Certificate by the aggregate Initial
Certificate Balance of all Class [B-2][B-3] Certificates) in certain
distributions with respect to a pool of conventional, sub-prime mortgage loans
(the "Mortgage Loans") formed and sold by Merrill Lynch Mortgage Investors, Inc.
(hereinafter called the "Depositor"), and certain other property held in trust
for the benefit of Certificateholders (collectively, the "Trust Fund"). The
Mortgage Loans are serviced by National City Home Loan Services, Inc. (the
"Servicer") and are secured by first-lien mortgages on Mortgaged Properties. The
Trust Fund was created pursuant to a pooling and servicing agreement (the
"Agreement"), dated as of December 1, 2006, between the Depositor, the Servicer
and LaSalle Bank National Association, as trustee (the "Trustee"), a summary of
certain of the pertinent provisions of which is set forth hereafter. To the
extent not defined herein, the capitalized terms used herein have the meanings
assigned in the Agreement.

     This Certificate is one of a duly authorized issue of Certificates,
designated as Merrill Lynch Mortgage Investors, Inc., Mortgage Loan Asset-Backed
Certificates, Series 2006-FF1, Class [B-2][B-3] (the "Class [B-2][B-3]
Certificates") and is issued under and is subject to the terms, provisions and
conditions of the Agreement, to which Agreement the Holder of this Certificate
by virtue of the acceptance hereof assents and by which Agreement such Holder is
bound.

     The Class A Certificates, the Class M Certificates, the Class B
Certificates, the Class P Certificates, the Class C Certificates, and the Class
R Certificate are collectively referred to herein as the "Certificates."

     Pursuant to the terms of the Agreement, the Trustee will distribute from
funds in the Certificate Account the amounts described in the Agreement on the
25th day of each month or, if such 25th day is not a Business Day, the Business
Day immediately following (the "Distribution Date"), commencing in January 2007.
Such distributions will be made to the Person in whose


                                      A-36

<PAGE>

name this Certificate is registered at the close of business on the last
Business Day of the month preceding the month in which such payment is made, if
such last day is not a Business Day, the Business Day immediately preceding such
last day.

     Distributions on this Certificate will be made either by wire transfer in
immediately available funds to the account of such certificateholder at a bank
or other depository institution having appropriate wire transfer facilities or,
in the case of any certificateholder that has so notified the Trustee in writing
in accordance with the Agreement, by check mailed to the address of the person
entitled to distributions as it appears on the Certificate Register; provided,
however, that the final distribution in retirement of the certificates will be
made only upon presentation and surrender of this Certificate at the office of
the Trustee or such other address designated in writing by the Trustee. On each
Distribution Date, a holder of this Certificate will receive such holder's
Percentage Interest of the amounts required to be distributed with respect to
the applicable Class of Certificates.

     The Trustee will maintain or cause to be maintained a Certificate Register
in which, subject to such reasonable regulations as it may prescribe, the
Trustee will provide for the registration of Certificates and of transfers and
exchanges of Certificates. Upon surrender for registration of transfer of any
Certificate at any office or agency of the Trustee, or, if an Authenticating
Agent has been appointed under the Agreement, the Authenticating Agent,
maintained for such purpose, the Trustee, will, subject to the limitations set
forth in the Agreement, authenticate and deliver, in the name of the designated
transferee or transferees, a Certificate of a like class and dated the date of
authentication by the Authenticating Agent. Notwithstanding the above, the final
distribution on this Certificate will be made after due notice by the Trustee,
of the pendency of such distribution and only upon presentation and surrender of
this Certificate at the office or agency appointed by the Trustee, for that
purpose and specified in such notice of final distribution.

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

     Unless the certificate of authentication has been executed by the
Authenticating Agent, by manual signature, this Certificate shall not be
entitled to any benefit under the Agreement or be valid for any purpose.


                                      A-37

<PAGE>

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

Dated: [_____________]                  LASALLE BANK NATIONAL ASSOCIATION,
                                        as Trustee


                                        By:
                                            ------------------------------------
                                            Authorized Officer

CERTIFICATE OF AUTHENTICATION

This is one of the Certificates
referred to in the within-mentioned
Agreement.

LASALLE BANK NATIONAL ASSOCIATION,
as Authenticating Agent


By:
    ---------------------------------
    Authorized Signatory


                                      A-38

<PAGE>

                             REVERSE OF CERTIFICATE

              SPECIALTY UNDERWRITING AND RESIDENTIAL FINANCE TRUST
                    MORTGAGE LOAN ASSET-BACKED CERTIFICATES,
                                 SERIES 2006-FF1

     This Certificate is one of a duly authorized issue of Certificates,
designated as Specialty Underwriting and Residential Finance Trust Mortgage Loan
Asset-Backed Certificates, Series 2006-FF1, issued in one or more Classes of
Class A Certificates, Class M, Class B Certificates, Class P Certificates, and
Class C Certificates, each evidencing an interest in certain distributions with
respect to a pool of conventional, sub-prime Mortgage Loans formed and sold by
the Depositor and certain other property conveyed by the Depositor to the
Trustee.

     Following the initial issuance of the Certificates, the principal balance
of this Certificate will be different from the Original Denomination shown
above. Anyone acquiring this Certificate may ascertain its current principal
balance by inquiry of the Trustee.

     The Holder, by its acceptance of this Certificate, agrees that it will look
solely to the Trust Fund and certain amounts resulting from credit enhancements
for payment hereunder and that the Trustee is not liable to the Holders for any
amount payable under this Certificate or the Agreement or, except as expressly
provided in the Agreement, subject to any liability under the Agreement.

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

     No service charge will be made to the Holder for any transfer or exchange
of the Certificate, but the Trustee may require payment of a sum sufficient to
cover any tax or governmental charge that may be imposed in connection with any
transfer or exchange of the Certificate. Prior to due presentation of a
Certificate for registration of transfer, the Depositor and the Trustee may
treat the person in whose name any Certificate is registered as the owner of
such Certificate and the Percentage Interest in the Trust Fund evidenced thereby
for the purpose of receiving distributions pursuant to the Agreement and for all
other purposes whatsoever, and neither the Depositor nor the Trustee will be
affected by notice to the contrary.

     The Agreement may be amended from time to time by the Depositor, the
Servicer and the Trustee, without the consent of any of the Certificateholders,
to cure any ambiguity, to correct or supplement any provisions therein which may
be inconsistent with the other provisions therein, to ensure continuing
treatment of each REMIC included in the Trust Fund as a REMIC, or to make any
other provisions with respect to matters or questions arising under the
Agreement which are not materially inconsistent with the provisions of the
Agreement, provided that such action does not, as evidenced by an Opinion of
Counsel, adversely affect in any material respect the interests of any
Certificateholder.

     The Agreement may also be amended from time to time by the Depositor, the
Servicer and the Trustee with the consent of the Holders of Certificates
evidencing in the aggregate not


                                      A-39

<PAGE>

less than 66 2/3% of the Percentage Interests of each Class of Certificates
affected thereby for the purpose of adding any provisions to or changing in any
manner or eliminating any of the provisions of the Agreement or of modifying in
any manner the rights of the Holders of Certificates of such Class; provided,
however, that no such amendment may (i) reduce in any manner the amount of, or
delay the timing of, payments received on Mortgage Loans which are required to
be distributed on any Certificate without the consent of the Holder of such
Certificate, (ii) adversely affect in any material respect the interests of the
Holders of any Class of Certificates in a manner other than as described in
clause (i), without the consent of the Holders of Certificates of such Class
evidencing 66 2/3% or more of the Voting Rights of such Class or (iii) change
the percentage specified in clause (ii) of the third paragraph of Section 10.01
of the Agreement, without the consent of the Holders of all Certificates of such
Class then outstanding.

     The Class A (other than the Class R Certificates), Class M, and Class B
Certificates are issuable only in registerable form, in minimum denominations of
$25,000 in initial Certificate Principal Amount and in integral multiples of $1
in excess thereof, registered in the name of the nominee of the Clearing Agency,
which shall maintain such Certificates through its book-entry facilities. The
Class R Certificates are issuable in minimum denominations of $100 and shall be
maintained in physical, fully registered form. The Class P Certificates are
issuable in minimum denominations of 100% and shall be maintained in physical,
fully registered form. The Class C Certificates are issuable in minimum
denominations of 25% and shall be maintained in physical, fully registered form.

     For federal income tax purposes, the Trust Fund will include multiple "real
estate mortgage investment conduits" (each, a "REMIC") in a tiered REMIC
structure. The REMIC Regular Interests will represent "regular interests" in one
of the REMICs included in the Trust Fund. The Class R Certificate will represent
the sole class of "residual interest" in each of the REMICs.

     The obligations and responsibilities of the Depositor, the Servicer and the
Trustee under the Agreement shall terminate upon the earlier of (a) the exercise
by the Trustee of an Optional Termination; and (b) the later of (i) the maturity
or other liquidation (or any Advance with respect thereto) of the last Mortgage
Loan remaining in the Trust Fund and the disposition of all REO Property and
(ii) the distribution to Certificateholders of all amounts required to be
distributed to them pursuant to this Agreement, as applicable. In no event shall
the trusts created hereby continue beyond the earlier of (i) the expiration of
21 years from the death of the last survivor of the descendants of Joseph P.
Kennedy, the late Ambassador of the United States to the Court of St. James's,
living on the date hereof and (ii) the Latest Possible Maturity Date.


                                      A-40

<PAGE>

                              [FORM OF ASSIGNMENT]
  FOR VALUE RECEIVED, the undersigned hereby sells, assigns and transfers unto

(PLEASE INSERT SOCIAL SECURITY* OR TAXPAYER IDENTIFICATION NUMBER OF ASSIGNEE)

________________________________________________________________________________
(Please Print or Type Name and Address of Assignee)

________________________________________________________________________________
the within Certificate, and all rights thereunder, and hereby does irrevocably
constitute and appoint

________________________________________________ Attorney to transfer the within
Certificate on the books kept for the registration thereof, with full power of
substitution in the premises.

Dated:
       ------------------------------


(Signature guaranty)                    ----------------------------------------
                                        NOTICE: The signature to this assignment
                                        must correspond with the name as it
                                        appears upon the face of the within
                                        Certificate in every particular, without
                                        alteration or enlargement or any change
                                        whatever.

(*This information, which is voluntary, is being requested to ensure that the
assignee will not be subject to backup withholding under Section 3406 of the
Code.)


                                      A-41

<PAGE>

                           FORM OF CLASS C CERTIFICATE

SOLELY FOR FEDERAL INCOME TAX PURPOSES, THIS CERTIFICATE REPRESENTS AN INTEREST
IN A GRANTOR TRUST THAT HOLDS A "REGULAR INTEREST" IN A "REAL ESTATE MORTGAGE
INVESTMENT CONDUIT," AS THOSE TERMS ARE DEFINED, RESPECTIVELY, IN SECTIONS 860G
AND 860D OF THE INTERNAL REVENUE CODE OF 1986, AS AMENDED (THE "CODE") AND IS
TREATED AS HAVING ENTERED INTO CERTAIN NOTIONAL PRINCIPAL CONTRACTS.

THIS CERTIFICATE DOES NOT REPRESENT AN OBLIGATION OF OR INTEREST IN THE
DEPOSITOR, THE TRUSTEE OR THE SERVICER REFERRED TO BELOW OR ANY OF THEIR
AFFILIATES. NEITHER THIS CERTIFICATE, THE REMIC REGULAR INTEREST REPRESENTED
HEREBY NOR THE UNDERLYING MORTGAGE LOANS ARE GUARANTEED OR INSURED BY THE
DEPOSITOR, THE TRUSTEE, THE SERVICER OR BY ANY OF THEIR AFFILIATES OR BY ANY
GOVERNMENTAL AGENCY OR INSTRUMENTALITY.

THIS CLASS C CERTIFICATE HAS NOT BEEN AND WILL NOT BE REGISTERED UNDER THE
SECURITIES ACT OF 1933, AS AMENDED, OR THE SECURITIES LAWS OF ANY STATE AND MAY
NOT BE RESOLD OR TRANSFERRED UNLESS IT IS SOLD OR TRANSFERRED IN TRANSACTIONS
WHICH ARE EXEMPT FROM REGISTRATION UNDER SUCH ACT OR UNDER APPLICABLE STATE LAW
AND IS TRANSFERRED IN ACCORDANCE WITH THE PROVISIONS OF SECTION 5.02 OF THE
POOLING AND SERVICING AGREEMENT REFERRED TO HEREIN.

NO TRANSFER OF THIS CERTIFICATE SHALL BE REGISTERED UNLESS THE PROSPECTIVE
TRANSFEREE PROVIDES THE TRUSTEE AND THE DEPOSITOR WITH (A) A REPRESENTATION THAT
SUCH TRANSFEREE IS NOT AN EMPLOYEE BENEFIT PLAN SUBJECT TO TITLE I OF THE
EMPLOYEE RETIREMENT INCOME SECURITY ACT OF 1974, AS AMENDED ("ERISA"), A PLAN
SUBJECT TO SECTION 4975 OF THE CODE OR A PLAN SUBJECT TO ANY STATE, LOCAL,
FEDERAL, NON-U.S. OR OTHER LAW SUBSTANTIVELY SIMILAR TO THE FOREGOING PROVISIONS
OF ERISA OR THE CODE ("SIMILAR LAW"), AND IS NOT DIRECTLY OR INDIRECTLY
ACQUIRING THIS CERTIFICATE FOR, ON BEHALF OF, OR WITH ANY ASSETS OF ANY SUCH
PLAN, (B) IF THE CERTIFICATE HAS BEEN THE SUBJECT OF AN ERISA-QUALIFYING
UNDERWRITING, A REPRESENTATION THAT SUCH TRANSFEREE IS AN INSURANCE COMPANY THAT
IS ACQUIRING THE CERTIFICATE WITH ASSETS OF AN "INSURANCE COMPANY GENERAL
ACCOUNT" AS DEFINED IN SECTION V(E) OF PROHIBITED TRANSACTION CLASS EXEMPTION
("PTCE") 95-60 AND THE ACQUISITION AND HOLDING OF THE CERTIFICATE ARE COVERED
AND EXEMPT UNDER SECTIONS I AND III OF PTCE 95-60 OR (C) SOLELY IN THE CASE OF A
DEFINITIVE CERTIFICATE, AN OPINION OF COUNSEL SATISFACTORY TO THE TRUSTEE, AND
UPON WHICH THE TRUSTEE SHALL BE ENTITLED TO RELY, TO THE EFFECT THAT THE
ACQUISITION AND HOLDING OF SUCH CERTIFICATE BY THE PROSPECTIVE TRANSFEREE WILL
NOT CONSTITUTE OR RESULT IN A NONEXEMPT PROHIBITED TRANSACTION UNDER ERISA OR
THE CODE OR A VIOLATION OF SIMILAR LAW AND WILL NOT SUBJECT THE NIMS INSURER,
THE TRUSTEE, THE SERVICER OR THE DEPOSITOR TO ANY OBLIGATION IN ADDITION TO
THOSE UNDERTAKEN BY SUCH ENTITIES IN THE POOLING AND SERVICING AGREEMENT, WHICH
OPINION OF COUNSEL SHALL NOT BE AN EXPENSE OF THE NIMS INSURER, THE TRUSTEE, THE
SERVICER OR THE DEPOSITOR.

FOLLOWING THE INITIAL ISSUANCE OF THE CERTIFICATES, THE PRINCIPAL BALANCE OF
THIS CERTIFICATE MAY BE DIFFERENT FROM THE ORIGINAL DENOMINATION SHOWN


                                      A-42

<PAGE>

BELOW. ANYONE ACQUIRING THIS CERTIFICATE MAY ASCERTAIN ITS CURRENT PRINCIPAL
BALANCE BY INQUIRY OF THE TRUSTEE.

                               CLASS C CERTIFICATE

<TABLE>
<S>                              <C>
Number: 06-FF1-C-[_____]         Percentage Interest: 100%

Cut-off Date: December 1, 2006

First Distribution Date:
January 25, 2007

Pass-Through Rate: Variable      CUSIP: 59023W AM 0
</TABLE>


                                      A-43

<PAGE>

                     MERRILL LYNCH MORTGAGE INVESTORS TRUST
                    MORTGAGE LOAN ASSET-BACKED CERTIFICATES,
                                 SERIES 2006-FF1

evidencing an ownership interest in distributions allocable to the Class C
Certificates with respect to a pool of conventional, sub-prime mortgage loans
formed and sold by

                     MERRILL LYNCH MORTGAGE INVESTORS, INC.

     This certifies that MERRILL LYNCH, PIERCE, FENNER & SMITH INCORPORATED, as
nominee for Merrill Lynch Funding Corp, is the registered owner of the ownership
interest (the "Ownership Interest") evidenced by this Certificate (obtained by
dividing the Original Denomination of this Certificate by the aggregate Initial
Certificate Balance of all Class C Certificates) in certain distributions with
respect to a pool of conventional, sub-prime mortgage loans (the "Mortgage
Loans") formed and sold by Merrill Lynch Mortgage Investors, Inc. (hereinafter
called the "Depositor"), and certain other property held in trust for the
benefit of Certificateholders (collectively, the "Trust Fund"). The Mortgage
Loans are serviced by National City Home Loan Services, Inc. (the "Servicer")
and are secured by first-lien mortgages on the Mortgaged Properties. The Trust
Fund was created pursuant to a pooling and servicing agreement (the
"Agreement"), dated as of December 1, 2006, among the Depositor, the Servicer
and Lasalle Bank National Association ("LB"), as trustee (the "Trustee"), a
summary of certain of the pertinent provisions of which is set forth hereafter.
To the extent not defined herein, the capitalized terms used herein have the
meanings assigned in the Agreement.

     This Certificate is one of a duly authorized issue of Certificates,
designated as Merrill Lynch Mortgage Investors Trust Mortgage Loan Asset-Backed
Certificates, Series 2006-FF1, Class C (the "Class C Certificates") and is
issued under and is subject to the terms, provisions and conditions of the
Agreement, to which Agreement the Holder of this Certificate by virtue of the
acceptance hereof assents and by which Agreement such Holder is bound.

     The Class A Certificates, the Class M Certificates, the Class B
Certificates, the Class P Certificates and the Class C Certificates are
collectively referred to herein as the "Certificates."

     Pursuant to the terms of the Agreement, the Trustee will distribute from
funds in the Certificate Account the amounts described in the Agreement on the
25th day of each month or, if such 25th day is not a Business Day, the Business
Day immediately following (the "Distribution Date"), commencing in January 2007.
Such distributions will be made to the Person in whose name this Certificate is
registered at the close of business on the last Business Day of the month
preceding the month in which such payment is made.

     Distributions on this Certificate will be made either by wire transfer in
immediately available funds to the account of such certificateholder at a bank
or other depository institution having appropriate wire transfer facilities or,
in the case of any certificateholder that has so notified the Trustee in writing
in accordance with the Agreement, by check mailed to the address of the person
entitled to distributions as it appears on the Certificate Register; provided,
however, that the final distribution in retirement of the certificates will be
made only upon presentation and surrender of this Certificate at the office of
the Trustee or such other address designated in writing by the Trustee. On each
Distribution Date, a holder of this Certificate will receive such holder's
Percentage Interest of the amounts required to be distributed with respect to
the applicable Class of Certificates.

     The Trustee will maintain or cause to be maintained a Certificate Register
in which, subject to such reasonable regulations as it may prescribe, the
Trustee will provide for the registration of Certificates


                                      A-44

<PAGE>

and of transfers and exchanges of Certificates. Upon surrender for registration
of transfer of any Certificate at any office or agency of the Trustee, or, if an
Authenticating Agent has been appointed under the Agreement, the Authenticating
Agent, maintained for such purpose, the Trustee, will, subject to the
limitations set forth in the Agreement, authenticate and deliver, in the name of
the designated transferee or transferees, a Certificate of a like class and
dated the date of authentication by the Authenticating Agent. Notwithstanding
the above, the final distribution on this Certificate will be made after due
notice by the Trustee, of the pendency of such distribution and only upon
presentation and surrender of this Certificate at the office or agency appointed
by the Trustee, for that purpose and specified in such notice of final
distribution.

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

     Unless the certificate of authentication has been executed by the
Authenticating Agent, by manual signature, this Certificate shall not be
entitled to any benefit under the Agreement or be valid for any purpose.


                                      A-45

<PAGE>

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

Dated: [_____________]                  LASALLE BANK NATIONAL ASSOCIATION,
                                        as Trustee


                                        By:
                                            ------------------------------------
                                            Authorized Officer

CERTIFICATE OF AUTHENTICATION

This is one of the Certificates
referred to in the within-mentioned
Agreement.

LASALLE BANK NATIONAL ASSOCIATION,
as Authenticating Agent


By:
    ---------------------------------
    Authorized Signatory


                                      A-46
<PAGE>

                             REVERSE OF CERTIFICATE

                     MERRILL LYNCH MORTGAGE INVESTORS TRUST
                    MORTGAGE LOAN ASSET-BACKED CERTIFICATES,
                                 Series 2006-FF1

     This Certificate is one of a duly authorized issue of Certificates,
designated as Merrill Lynch Mortgage Investors Trust Mortgage Loan Asset-Backed
Certificates, Series 2006-FF1, issued in one or more Classes of Class A
Certificates, Class M Certificates, Class B Certificates, Class P Certificates
and Class C Certificates, each evidencing an interest in certain distributions
with respect to a pool of conventional, sub-prime Mortgage Loans formed and sold
by the Depositor and certain other property conveyed by the Depositor to the
Trustee.

     Following the initial issuance of the Certificates, the principal balance
of this Certificate will be different from the Original Denomination shown
above. Anyone acquiring this Certificate may ascertain its current principal
balance by inquiry of the Trustee.

     The Holder, by its acceptance of this Certificate, agrees that it will look
solely to the Trust Fund and certain amounts resulting from credit enhancements
for payment hereunder and that the Trustee is not liable to the Holders for any
amount payable under this Certificate or the Agreement or, except as expressly
provided in the Agreement, subject to any liability under the Agreement.

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

     No service charge will be made to the Holder for any transfer or exchange
of the Certificate, but the Trustee may require payment of a sum sufficient to
cover any tax or governmental charge that may be imposed in connection with any
transfer or exchange of the Certificate. Prior to due presentation of a
Certificate for registration of transfer, the Depositor and the Trustee may
treat the person in whose name any Certificate is registered as the owner of
such Certificate and the Percentage Interest in the Trust Fund evidenced thereby
for the purpose of receiving distributions pursuant to the Agreement and for all
other purposes whatsoever, and neither the Depositor nor the Trustee will be
affected by notice to the contrary.

     The Agreement may be amended from time to time by the Depositor, the
Servicer and the Trustee, without the consent of any of the Certificateholders,
to cure any ambiguity, to correct or supplement any provisions therein which may
be inconsistent with the other provisions therein, to ensure continuing
treatment of each REMIC included in the Trust Fund as a REMIC, or to make any
other provisions with respect to matters or questions arising under the
Agreement which are not materially inconsistent with the provisions of the
Agreement, provided that such action does not, as evidenced by an Opinion of
Counsel, adversely affect in any material respect the interests of any
Certificateholder.

     The Agreement may also be amended from time to time by the Depositor, the
Servicer and the Trustee, with the consent of the Holders of Certificates
evidencing in the aggregate not less than 66 2/3% of the Percentage Interests of
each Class of Certificates affected thereby, for the purpose of adding any
provisions to or changing in any manner or eliminating any of the provisions of
the Agreement or of modifying in any manner the rights of the Holders of
Certificates of such Class; provided, however, that no such amendment may (i)
reduce in any manner the amount of, or delay the timing of, payments received on
Mortgage Loans which are required to be distributed on any Certificate without
the consent of the Holder of such Certificate, (ii) adversely affect in any
material respect the interests of the Holders of any Class of Certificates in a
manner other than as described in clause (i), without the consent of the


                                      A-47

<PAGE>

Holders of Certificates of such Class evidencing 66 2/3% or more of the Voting
Rights of such Class or (iii) change the percentage specified in clause (ii) of
the third paragraph of Section 10.01 of the Agreement, without the consent of
the Holders of all Certificates of such Class then outstanding.

     The Class A (other than the Class R Certificates), Class M, and Class B
Certificates are issuable only in registerable form, in minimum denominations of
$25,000 in initial Certificate Principal Amount and in integral multiples of $1
in excess thereof, registered in the name of the nominee of the Clearing Agency,
which shall maintain such Certificates through its book-entry facilities. The
Class R Certificates are issuable in minimum denominations of $100 and shall be
maintained in physical, fully registered form. The Class P Certificates are
issuable in minimum denominations of 100% and shall be maintained in physical,
fully registered form. The Class C Certificates are issuable in minimum
denominations of 25% and shall be maintained in physical, fully registered form.

     For federal income tax purposes, the Trust Fund will include multiple "real
estate mortgage investment conduits" (each, a "REMIC"). The REMIC Regular
Interests will represent "regular interests" in one of the REMICs included in
the Trust Fund. The Class R Certificate will represent the sole class of
"residual interest" in each of the REMICs.

     The obligations and responsibilities of the Depositor, the Servicer and the
Trustee under the Agreement shall terminate upon the earlier of (a) the exercise
by the Trustee of an Optional Termination; and (b) the later of (i) the maturity
or other liquidation (or any Advance with respect thereto) of the last Mortgage
Loan remaining in the Trust Fund and the disposition of all REO Property and
(ii) the distribution to Certificateholders of all amounts required to be
distributed to them pursuant to this Agreement, as applicable. In no event shall
the trusts created under the Agreement continue beyond the earlier of (i) the
expiration of 21 years from the death of the last survivor of the descendants of
Joseph P. Kennedy, the late Ambassador of the United States to the Court of St.
James's, living on the date hereof and (ii) the Latest Possible Maturity Date.


                                      A-48

<PAGE>

                                   ASSIGNMENT
  FOR VALUE RECEIVED, the undersigned hereby sells, assigns and transfers unto

(PLEASE INSERT SOCIAL SECURITY* OR TAXPAYER IDENTIFICATION NUMBER OF ASSIGNEE)

________________________________________________________________________________
(Please Print or Type Name and Address of Assignee)

________________________________________________________________________________
the within Certificate, and all rights thereunder, and hereby does irrevocably
constitute and appoint

________________________________________________ Attorney to transfer the within
Certificate on the books kept for the registration thereof, with full power of
substitution in the premises.

Dated:
       ------------------------------


(Signature guaranty)                    ----------------------------------------
                                        NOTICE: The signature to this assignment
                                        must correspond with the name as it
                                        appears upon the face of the within
                                        Certificate in every particular, without
                                        alteration or enlargement or any change
                                        whatever.

(*This information, which is voluntary, is being requested to ensure that the
assignee will not be subject to backup withholding under Section 3406 of the
Code.)


                                      A-49

<PAGE>

                           FORM OF CLASS P CERTIFICATE

THIS CERTIFICATE DOES NOT REPRESENT AN OBLIGATION OF OR INTEREST IN THE
DEPOSITOR, THE TRUSTEE OR THE SERVICER REFERRED TO BELOW OR ANY OF THEIR
AFFILIATES. NEITHER THIS CERTIFICATE NOR THE UNDERLYING MORTGAGE LOANS ARE
GUARANTEED OR INSURED BY THE DEPOSITOR, THE TRUSTEE, THE SERVICER OR BY ANY OF
THEIR AFFILIATES OR BY ANY GOVERNMENTAL AGENCY OR INSTRUMENTALITY.

THIS CLASS P CERTIFICATE HAS NOT BEEN AND WILL NOT BE REGISTERED UNDER THE
SECURITIES ACT OF 1933, AS AMENDED, OR THE SECURITIES LAWS OF ANY STATE AND MAY
NOT BE RESOLD OR TRANSFERRED UNLESS IT IS SOLD OR TRANSFERRED IN TRANSACTIONS
WHICH ARE EXEMPT FROM REGISTRATION UNDER SUCH ACT OR UNDER APPLICABLE STATE LAW
AND IS TRANSFERRED IN ACCORDANCE WITH THE PROVISIONS OF SECTION 5.02 OF THE
POOLING AND SERVICING AGREEMENT REFERRED TO HEREIN.

NO TRANSFER OF THIS CERTIFICATE SHALL BE REGISTERED UNLESS THE PROSPECTIVE
TRANSFEREE PROVIDES THE TRUSTEE AND THE DEPOSITOR WITH (A) A REPRESENTATION THAT
SUCH TRANSFEREE IS NOT AN EMPLOYEE BENEFIT PLAN SUBJECT TO TITLE I OF THE
EMPLOYEE RETIREMENT INCOME SECURITY ACT OF 1974, AS AMENDED ("ERISA"), A PLAN
SUBJECT TO SECTION 4975 OF THE CODE OR A PLAN SUBJECT TO ANY STATE, LOCAL,
FEDERAL, NON-U.S. OR OTHER LAW SUBSTANTIVELY SIMILAR TO THE FOREGOING PROVISIONS
OF ERISA OR THE CODE ("SIMILAR LAW"), AND IS NOT DIRECTLY OR INDIRECTLY
ACQUIRING THIS CERTIFICATE FOR, ON BEHALF OF, OR WITH ANY ASSETS OF ANY SUCH
PLAN, (B) IF THE CERTIFICATE HAS BEEN THE SUBJECT OF AN ERISA-QUALIFYING
UNDERWRITING, A REPRESENTATION THAT SUCH TRANSFEREE IS AN INSURANCE COMPANY THAT
IS ACQUIRING THE CERTIFICATE WITH ASSETS OF AN "INSURANCE COMPANY GENERAL
ACCOUNT" AS DEFINED IN SECTION V(E) OF PROHIBITED TRANSACTION CLASS EXEMPTION
("PTCE") 95-60 AND THE ACQUISITION AND HOLDING OF THE CERTIFICATE ARE COVERED
AND EXEMPT UNDER SECTIONS I AND III OF PTCE 95-60 OR (C) SOLELY IN THE CASE OF A
DEFINITIVE CERTIFICATE, AN OPINION OF COUNSEL SATISFACTORY TO THE TRUSTEE, AND
UPON WHICH THE TRUSTEE SHALL BE ENTITLED TO RELY, TO THE EFFECT THAT THE
ACQUISITION AND HOLDING OF SUCH CERTIFICATE BY THE PROSPECTIVE TRANSFEREE WILL
NOT CONSTITUTE OR RESULT IN A NONEXEMPT PROHIBITED TRANSACTION UNDER ERISA OR
THE CODE OR A VIOLATION OF SIMILAR LAW AND WILL NOT SUBJECT THE NIMS INSURER,
THE TRUSTEE, THE SERVICER OR THE DEPOSITOR TO ANY OBLIGATION IN ADDITION TO
THOSE UNDERTAKEN BY SUCH ENTITIES IN THE POOLING AND SERVICING AGREEMENT, WHICH
OPINION OF COUNSEL SHALL NOT BE AN EXPENSE OF THE NIMS INSURER, THE TRUSTEE, THE
SERVICER OR THE DEPOSITOR.


                                      A-50

<PAGE>

                               CLASS P CERTIFICATE

<TABLE>
<S>                              <C>
Number: 06-FF1-P-[_____]         Percentage Interest: 100%

Cut-off Date: December 1, 2006

First Distribution Date:         CUSIP: 59023W AN 8
January 25, 2007
</TABLE>


                                      A-51

<PAGE>

                     MERRILL LYNCH MORTGAGE INVESTORS TRUST
                    MORTGAGE LOAN ASSET-BACKED CERTIFICATES,
                                 SERIES 2006-FF1

evidencing an ownership interest in distributions allocable to the Class P
Certificates with respect to a pool of conventional, sub-prime mortgage loans
formed and sold by

                     MERRILL LYNCH MORTGAGE INVESTORS, INC.

     This certifies that MERRILL LYNCH, PIERCE, FENNER & SMITH INCORPORATED, as
nominee for Merrill Lynch Funding Corp, is the registered owner of the ownership
interest (the "Ownership Interest") evidenced by this Certificate (obtained by
dividing the Original Denomination of this Certificate by the aggregate Initial
Certificate Balance of all Class P Certificates) in certain distributions with
respect to a pool of conventional, sub-prime mortgage loans (the "Mortgage
Loans") formed and sold by Merrill Lynch Mortgage Investors, Inc. (hereinafter
called the "Depositor"), and certain other property held in trust for the
benefit of Certificateholders (collectively, the "Trust Fund"). The Mortgage
Loans are serviced by National City Home Loan Services, Inc. (the "Servicer")
and are secured by first-lien mortgages on the Mortgaged Properties. The Trust
Fund was created pursuant to a pooling and servicing agreement (the
"Agreement"), dated as of December 1, 2006, among the Depositor, the Servicer
and LaSalle Bank National Association ("LB"), as trustee (the "Trustee"), a
summary of certain of the pertinent provisions of which is set forth hereafter.
To the extent not defined herein, the capitalized terms used herein have the
meanings assigned in the Agreement.

     This Certificate is one of a duly authorized issue of Certificates,
designated as Merrill Lynch Mortgage Investors Trust, Mortgage Loan Asset-Backed
Certificates, Series 2006-FF1, Class P (the "Class P Certificates") and is
issued under and is subject to the terms, provisions and conditions of the
Agreement, to which Agreement the Holder of this Certificate by virtue of the
acceptance hereof assents and by which Agreement such Holder is bound.

     The Class A Certificates, the Class M Certificates, the Class B
Certificates, the Class P Certificates, the Class C Certificates and the Class R
Certificate are collectively referred to herein as the "Certificates."

     Pursuant to the terms of the Agreement, the Trustee will distribute from
funds in the Certificate Account the amounts described in the Agreement on the
25th day of each month or, if such 25th day is not a Business Day, the Business
Day immediately following (the "Distribution Date"), commencing in January 2007.
Such distributions will be made to the Person in whose name this Certificate is
registered at the close of business on the last Business Day of the month
preceding the month in which such payment is made, if such last day is not a
Business Day, the Business Day immediately preceding such last day.

     Distributions on this Certificate will be made either by wire transfer in
immediately available funds to the account of such certificateholder at a bank
or other depository institution having appropriate wire transfer facilities or,
in the case of any certificateholder that has so notified the Trustee in writing
in accordance with the Agreement, by check mailed to the address of the person
entitled to distributions as it appears on the Certificate Register; provided,
however, that the final distribution in retirement of the certificates will be
made only upon presentation and surrender of this Certificate at the office of
the Trustee or such other address designated in writing by the Trustee. On each
Distribution Date, a holder of this Certificate will receive such holder's
Percentage Interest of the amounts required to be distributed with respect to
the applicable Class of Certificates.


                                      A-52

<PAGE>

     The Trustee will maintain or cause to be maintained a Certificate Register
in which, subject to such reasonable regulations as it may prescribe, the
Trustee will provide for the registration of Certificates and of transfers and
exchanges of Certificates. Upon surrender for registration of transfer of any
Certificate at any office or agency of the Trustee, or, if an Authenticating
Agent has been appointed under the Agreement, the Authenticating Agent,
maintained for such purpose, the Trustee, will, subject to the limitations set
forth in the Agreement, authenticate and deliver, in the name of the designated
transferee or transferees, a Certificate of a like class and dated the date of
authentication by the Authenticating Agent. Notwithstanding the above, the final
distribution on this Certificate will be made after due notice by the Trustee,
of the pendency of such distribution and only upon presentation and surrender of
this Certificate at the office or agency appointed by the Trustee, for that
purpose and specified in such notice of final distribution.

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

     Unless the certificate of authentication has been executed by the
Authenticating Agent, by manual signature, this Certificate shall not be
entitled to any benefit under the Agreement or be valid for any purpose.


                                      A-53

<PAGE>

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

Dated: [_________________]              LASALLE BANK NATIONAL ASSOCIATION,
                                        as Trustee


                                        By:
                                            ------------------------------------
                                            Authorized Officer


CERTIFICATE OF AUTHENTICATION

This is one of the Certificates
referred to in the within-mentioned
Agreement.

LASALLE BANK NATIONAL ASSOCIATION,
as Authenticating Agent


By:
    ---------------------------------
    Authorized Signatory


                                      A-54

<PAGE>

                             REVERSE OF CERTIFICATE

                     MERRILL LYNCH MORTGAGE INVESTORS TRUST
                    MORTGAGE LOAN ASSET-BACKED CERTIFICATES,
                                 Series 2006-FF1

     This Certificate is one of a duly authorized issue of Certificates,
designated as Merrill Lynch Mortgage Investors Trust Mortgage Loan Asset-Backed
Certificates, Series 2006-FF1, issued in one or more Classes of Class A
Certificates, Class M Certificates, Class B Certificates, Class P Certificates
and Class C Certificates, each evidencing an interest in certain distributions
with respect to a pool of conventional, sub-prime Mortgage Loans formed and sold
by the Depositor and certain other property conveyed by the Depositor to the
Trustee.

     The Holder, by its acceptance of this Certificate, agrees that it will look
solely to the Trust Fund and certain amounts resulting from credit enhancements
for payment hereunder and that the Trustee is not liable to the Holders for any
amount payable under this Certificate or the Agreement or, except as expressly
provided in the Agreement, subject to any liability under the Agreement.

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

     No service charge will be made to the Holder for any transfer or exchange
of the Certificate, but the Trustee may require payment of a sum sufficient to
cover any tax or governmental charge that may be imposed in connection with any
transfer or exchange of the Certificate. Prior to due presentation of a
Certificate for registration of transfer, the Depositor and the Trustee may
treat the person in whose name any Certificate is registered as the owner of
such Certificate and the Percentage Interest in the Trust Fund evidenced thereby
for the purpose of receiving distributions pursuant to the Agreement and for all
other purposes whatsoever, and neither the Depositor nor the Trustee will be
affected by notice to the contrary.

     The Agreement may be amended from time to time by the Depositor, the
Servicer and the Trustee, without the consent of any of the Certificateholders,
to cure any ambiguity, to correct or supplement any provisions therein which may
be inconsistent with the other provisions therein, to ensure continuing
treatment of each REMIC included in the Trust Fund as a REMIC, or to make any
other provisions with respect to matters or questions arising under the
Agreement which are not materially inconsistent with the provisions of the
Agreement, provided that such action does not, as evidenced by an Opinion of
Counsel, adversely affect in any material respect the interests of any
Certificateholder.

     The Agreement may also be amended from time to time by the Depositor, the
Servicer the Trustee, with the consent of the Holders of Certificates evidencing
in the aggregate not less than 66 2/3% of the Percentage Interests of each Class
of Certificates affected thereby, for the purpose of adding any provisions to or
changing in any manner or eliminating any of the provisions of the Agreement or
of modifying in any manner the rights of the Holders of Certificates of such
Class; provided, however, that no such amendment may (i) reduce in any manner
the amount of, or delay the timing of, payments received on Mortgage Loans which
are required to be distributed on any Certificate without the consent of the
Holder of such Certificate, (ii) adversely affect in any material respect the
interests of the Holders of any Class of Certificates in a manner other than as
described in clause (i), without the consent of the Holders of Certificates of
such Class evidencing 66 2/3% or more of the Voting Rights of such Class or
(iii) change the percentage specified in clause (ii) of the third paragraph of
Section 10.01 of the Agreement, without the consent of the Holders of all
Certificates of such Class then outstanding.


                                      A-55

<PAGE>

     The Class A (other than the Class R Certificates), Class M, and Class B
Certificates are issuable only in registerable form, in minimum denominations of
$25,000 in initial Certificate Principal Amount and in integral multiples of $1
in excess thereof, registered in the name of the nominee of the Clearing Agency,
which shall maintain such Certificates through its book-entry facilities. The
Class R Certificates are issuable in minimum denominations of $100 and shall be
maintained in physical, fully registered form. The Class P Certificates are
issuable in minimum denominations of 100% and shall be maintained in physical,
fully registered form. The Class C Certificates are issuable in minimum
denominations of 25% and shall be maintained in physical, fully registered form.

     For federal income tax purposes, the Trust Fund will include multiple "real
estate mortgage investment conduits" (each, a "REMIC"). The REMIC Regular
Interests will represent "regular interests" in one of the REMICs included in
the Trust Fund. The Class R Certificate will represent the sole class of
"residual interest" in each of the REMICs.

     The obligations and responsibilities of the Depositor, the Servicer and the
Trustee under the Agreement shall terminate upon the earlier of (a) the exercise
by the Trustee of an Optional Termination; and (b) the later of (i) the maturity
or other liquidation (or any Advance with respect thereto) of the last Mortgage
Loan remaining in the Trust Fund and the disposition of all REO Property and
(ii) the distribution to Certificateholders of all amounts required to be
distributed to them pursuant to this Agreement, as applicable. In no event shall
the trusts created under the Agreement continue beyond the earlier of (i) the
expiration of 21 years from the death of the last survivor of the descendants of
Joseph P. Kennedy, the late Ambassador of the United States to the Court of St.
James's, living on the date hereof and (ii) the Latest Possible Maturity Date.


                                      A-56

<PAGE>

                                   ASSIGNMENT
  FOR VALUE RECEIVED, the undersigned hereby sells, assigns and transfers unto

(PLEASE INSERT SOCIAL SECURITY* OR TAXPAYER IDENTIFICATION NUMBER OF ASSIGNEE)

________________________________________________________________________________
(Please Print or Type Name and Address of Assignee)

________________________________________________________________________________
the within Certificate, and all rights thereunder, and hereby does irrevocably
constitute and appoint

____________________________________, Attorney to transfer the within
Certificate on the books kept for the registration thereof, with full power of
substitution in the premises.

Dated:
       ------------------------------


(Signature guaranty)                    ----------------------------------------
                                        NOTICE: The signature to this assignment
                                        must correspond with the name as it
                                        appears upon the face of the within
                                        Certificate in every particular, without
                                        alteration or enlargement or any change
                                        whatever.

(*This information, which is voluntary, is being requested to ensure that the
assignee will not be subject to backup withholding under Section 3406 of the
Code.)


                                      A-57

<PAGE>

                           FORM OF CLASS R CERTIFICATE

SOLELY FOR FEDERAL INCOME TAX PURPOSES, THIS CERTIFICATE REPRESENTS (I) A
"RESIDUAL INTEREST" IN ONE OR MORE "REAL ESTATE MORTGAGE INVESTMENT CONDUITS",
AS THOSE TERMS ARE DEFINED, RESPECTIVELY, IN SECTIONS 860G AND 860D OF THE
INTERNAL REVENUE CODE OF 1986, AS AMENDED (THE "CODE") AND (II) AN INTEREST IN
NOTIONAL PRINCIPAL CONTRACTS.

THIS CERTIFICATE DOES NOT REPRESENT AN OBLIGATION OF OR INTEREST IN THE
DEPOSITOR, THE TRUSTEE OR THE SERVICER REFERRED TO BELOW OR ANY OF THEIR
AFFILIATES. NEITHER THIS CERTIFICATE, THE REMIC RESIDUAL INTERESTS REPRESENTED
HEREBY NOR THE UNDERLYING MORTGAGE LOANS ARE GUARANTEED OR INSURED BY THE
DEPOSITOR, THE TRUSTEE, THE SERVICER OR BY ANY OF THEIR AFFILIATES OR BY ANY
GOVERNMENTAL AGENCY OR INSTRUMENTALITY.

NO TRANSFER OF THIS CERTIFICATE SHALL BE REGISTERED UNLESS THE PROSPECTIVE
TRANSFEREE PROVIDES THE TRUSTEE AND THE DEPOSITOR WITH A REPRESENTATION THAT
SUCH TRANSFEREE IS NOT AN EMPLOYEE BENEFIT PLAN SUBJECT TO TITLE I OF THE
EMPLOYEE RETIREMENT INCOME SECURITY ACT OF 1974, AS AMENDED ("ERISA"), A PLAN
SUBJECT TO SECTION 4975 OF THE CODE OR A PLAN SUBJECT TO ANY FEDERAL, STATE,
LOCAL, NON-U.S. OR OTHER LAWS OR REGULATIONS THAT ARE SUBSTANTIVELY SIMILAR TO
THE FOREGOING PROVISIONS OF ERISA OR THE CODE, AND IS NOT DIRECTLY OR INDIRECTLY
ACQUIRING THIS CERTIFICATE FOR, ON BEHALF OF, OR WITH ANY ASSETS OF ANY SUCH
PLAN.

                               CLASS R CERTIFICATE

<TABLE>
<S>                              <C>
Number: 06-FF1-R-[______]        Principal Balance: $100.00

Cut-off Date: December 1, 2006   Pass-Through Rate: Variable(6)

First Distribution Date:         CUSIP: 59023W AP 3
January 25, 2007
</TABLE>

----------
(6)  Subject to a cap as described in the Agreement.


                                      A-58

<PAGE>

                     MERRILL LYNCH MORTGAGE INVESTORS TRUST
                    MORTGAGE LOAN ASSET-BACKED CERTIFICATES,
                                 SERIES 2006-FF1

evidencing an ownership interest in distributions allocable to the Class R
Certificates with respect to a pool of conventional, sub-prime mortgage loans
formed and sold by

                     MERRILL LYNCH MORTGAGE INVESTORS, INC.

     This certifies that MERRILL LYNCH, PIERCE, FENNER & SMITH INCORPORATED, as
nominee for Merrill Lynch Funding Corporation, is the registered owner of the
ownership interest (the "Ownership Interest") evidenced by this Certificate
(obtained by dividing the Original Denomination of this Certificate by the
aggregate Initial Certificate Balance of all Class R Certificates) in certain
distributions with respect to a pool of conventional, sub-prime mortgage loans
(the "Mortgage Loans") formed and sold by Merrill Lynch Mortgage Investors, Inc.
(hereinafter called the "Depositor"), and certain other property held in trust
for the benefit of Certificateholders (collectively, the "Trust Fund"). The
Mortgage Loans are serviced by National City Home Loan Services, Inc. (the
"Servicer") and are secured by first-lien mortgages on the Mortgaged Properties.
The Trust Fund was created pursuant to a pooling and servicing agreement (the
"Agreement"), dated as of December 1, 2006, among the Depositor, the Servicer
and LaSalle Bank National Association ("LB"), as as trustee (the "Trustee"), a
summary of certain of the pertinent provisions of which is set forth hereafter.
To the extent not defined herein, the capitalized terms used herein have the
meanings assigned in the Agreement.

     This Certificate is one of a duly authorized issue of Certificates,
designated as Merrill Lynch Mortgage Investors Trust Mortgage Loan Asset-Backed
Certificates, Series 2006-FF1, Class R (the "Class R Certificate") and is issued
under and is subject to the terms, provisions and conditions of the Agreement,
to which Agreement the Holder of this Certificate by virtue of the acceptance
hereof assents and by which Agreement such Holder is bound.

     The Class A Certificates, the Class M Certificates, the Class B
Certificates, the Class P Certificates and the Class C Certificates are
collectively referred to herein as the "Certificates."

     Pursuant to the terms of the Agreement, the Trustee will distribute from
funds in the Certificate Account the amounts described in the Agreement on the
25th day of each month or, if such 25th day is not a Business Day, the Business
Day immediately following (the "Distribution Date"), commencing in January 2007.
Such distributions will be made to the Person in whose name this Certificate is
registered at the close of business on the last Business Day of the month
preceding the month in which such payment is made.

     Distributions on this Certificate will be made either by wire transfer in
immediately available funds to the account of such certificateholder at a bank
or other depository institution having appropriate wire transfer facilities or,
in the case of any certificateholder that has so notified the Trustee in writing
in accordance with the Agreement, by check mailed to the address of the person
entitled to distributions as it appears on the Certificate Register; provided,
however, that the final distribution in retirement of the certificates will be
made only upon presentation and surrender of this Certificate at the office of
the Trustee or such other address designated in writing by the Trustee. On each
Distribution Date, a holder of


                                      A-59

<PAGE>

this Certificate will receive such holder's Percentage Interest of the amounts
required to be distributed with respect to the applicable Class of Certificates.

     The Trustee will maintain or cause to be maintained a Certificate Register
in which, subject to such reasonable regulations as it may prescribe, the
Trustee will provide for the registration of Certificates and of transfers and
exchanges of Certificates. Upon surrender for registration of transfer of any
Certificate at any office or agency of the Trustee, or, if an Authenticating
Agent has been appointed under the Agreement, the Authenticating Agent,
maintained for such purpose, the Trustee, will, subject to the limitations set
forth in the Agreement, authenticate and deliver, in the name of the designated
transferee or transferees, a Certificate of a like class and dated the date of
authentication by the Authenticating Agent. Notwithstanding the above, the final
distribution on this Certificate will be made after due notice by the Trustee,
of the pendency of such distribution and only upon presentation and surrender of
this Certificate at the office or agency appointed by the Trustee, for that
purpose and specified in such notice of final distribution.

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

     Unless the certificate of authentication has been executed by the
Authenticating Agent, by manual signature, this Certificate shall not be
entitled to any benefit under the Agreement or be valid for any purpose.


                                      A-60

<PAGE>

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

Dated: [_________________]              LASALLE BANK NATIONAL ASSOCIATION,
                                        as Trustee


                                        By:
                                            ------------------------------------
                                            Authorized Officer


CERTIFICATE OF AUTHENTICATION

This is one of the Certificates
referred to in the within-mentioned
Agreement.

LASALLE BANK NATIONAL ASSOCIATION,
as Authenticating Agent


By:
    ---------------------------------
    Authorized Signatory


                                      A-61

<PAGE>

                             REVERSE OF CERTIFICATE

                     MERRILL LYNCH MORTGAGE INVESTORS TRUST
                    MORTGAGE LOAN ASSET-BACKED CERTIFICATES,
                                 Series 2006-FF1

     This Certificate is one of a duly authorized issue of Certificates,
designated as Merrill Lynch Mortgage Investors Trust Mortgage Loan Asset-Backed
Certificates, Series 2006-FF1, issued in one or more Classes of Class A
Certificates, Class M Certificates, Class B Certificates, Class P Certificates
and Class C Certificates, each evidencing an interest in certain distributions
with respect to a pool of conventional, sub-prime Mortgage Loans formed and sold
by the Depositor and certain other property conveyed by the Depositor to the
Trustee.

     Following the initial issuance of the Certificates, the principal balance
of this Certificate will be different from the Original Denomination shown
above. Anyone acquiring this Certificate may ascertain its current principal
balance by inquiry of the Trustee.

     The Holder, by its acceptance of this Certificate, agrees that it will look
solely to the Trust Fund and certain amounts resulting from credit enhancements
for payment hereunder and that the Trustee is not liable to the Holders for any
amount payable under this Certificate or the Agreement or, except as expressly
provided in the Agreement, subject to any liability under the Agreement.

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

     No service charge will be made to the Holder for any transfer or exchange
of the Certificate, but the Trustee may require payment of a sum sufficient to
cover any tax or governmental charge that may be imposed in connection with any
transfer or exchange of the Certificate. Prior to due presentation of a
Certificate for registration of transfer, the Depositor and the Trustee may
treat the person in whose name any Certificate is registered as the owner of
such Certificate and the Percentage Interest in the Trust Fund evidenced thereby
for the purpose of receiving distributions pursuant to the Agreement and for all
other purposes whatsoever, and neither the Depositor nor the Trustee will be
affected by notice to the contrary.

     The Agreement may be amended from time to time by the Depositor, the
Servicer and the Trustee, without the consent of any of the Certificateholders,
to cure any ambiguity, to correct or supplement any provisions therein which may
be inconsistent with the other provisions therein, to ensure continuing
treatment of each REMIC included in the Trust Fund as a REMIC, or to make any
other provisions with respect to matters or questions arising under the
Agreement which are not materially inconsistent with the provisions of the
Agreement, provided that such action does not, as evidenced by an Opinion of
Counsel, adversely affect in any material respect the interests of any
Certificateholder.

     The Agreement may also be amended from time to time by the Depositor, the
Servicer and the Trustee, with the consent of the Holders of Certificates
evidencing in the aggregate not less than 66 2/3% of the Percentage Interests of
each Class of Certificates affected thereby, for the purpose of adding any
provisions to or changing in any manner or eliminating any of the provisions of
the Agreement or of modifying in any manner the rights of the Holders of
Certificates of such Class; provided, however, that no such amendment may (i)
reduce in any manner the amount of, or delay the timing of, payments received on
Mortgage Loans which are required to be distributed on any Certificate without
the consent of the Holder of such Certificate, (ii) adversely affect in any
material respect the interests of the Holders of


                                      A-62

<PAGE>

any Class of Certificates in a manner other than as described in clause (i),
without the consent of the Holders of Certificates of such Class evidencing 66
2/3% or more of the Voting Rights of such Class or (iii) change the percentage
specified in clause (ii) of the third paragraph of Section 10.01 of the
Agreement, without the consent of the Holders of all Certificates of such Class
then outstanding.

     The Class A (other than the Class R Certificates), Class M, and Class B
Certificates are issuable only in registerable form, in minimum denominations of
$25,000 in initial Certificate Principal Amount and in integral multiples of $1
in excess thereof, registered in the name of the nominee of the Clearing Agency,
which shall maintain such Certificates through its book-entry facilities. The
Class R Certificates are issuable in minimum denominations of $100 and shall be
maintained in physical, fully registered form. The Class P Certificates are
issuable in minimum denominations of 100% and shall be maintained in physical,
fully registered form. The Class C Certificates are issuable in minimum
denominations of 25% and shall be maintained in physical, fully registered form.

     For federal income tax purposes, the Trust Fund will include multiple "real
estate mortgage investment conduits" (each, a "REMIC"). The REMIC Regular
Interests will represent "regular interests" in one of the REMICs included in
the Trust Fund. The Class R Certificate will represent the sole class of
"residual interest" in each of the REMICs.

     The obligations and responsibilities of the Depositor, the Servicer and the
Trustee under the Agreement shall terminate upon the earlier of (a) the exercise
by the Trustee of an Optional Termination; and (b) the later of (i) the maturity
or other liquidation (or any Advance with respect thereto) of the last Mortgage
Loan remaining in the Trust Fund and the disposition of all REO Property and
(ii) the distribution to Certificateholders of all amounts required to be
distributed to them pursuant to this Agreement, as applicable. In no event shall
the trusts created under the Agreement continue beyond the earlier of (i) the
expiration of 21 years from the death of the last survivor of the descendants of
Joseph P. Kennedy, the late Ambassador of the United States to the Court of St.
James's, living on the date hereof and (ii) the Latest Possible Maturity Date.


                                      A-63

<PAGE>

                              [FORM OF ASSIGNMENT]
  FOR VALUE RECEIVED, the undersigned hereby sells, assigns and transfers unto

(PLEASE INSERT SOCIAL SECURITY* OR TAXPAYER IDENTIFICATION NUMBER OF ASSIGNEE)

________________________________________________________________________________
(Please Print or Type Name and Address of Assignee)

________________________________________________________________________________
the within Certificate, and all rights thereunder, and hereby does irrevocably
constitute and appoint

__________________________________________ Attorney to transfer the within
Certificate on the books kept for the registration thereof, with full power of
substitution in the premises.

Dated:
       ------------------------------


(Signature guaranty)                    ----------------------------------------
                                        NOTICE: The signature to this assignment
                                        must correspond with the name as it
                                        appears upon the face of the within
                                        Certificate in every particular, without
                                        alteration or enlargement or any change
                                        whatever.

(*This information, which is voluntary, is being requested to ensure that the
assignee will not be subject to backup withholding under Section 3406 of the
Code.)


                                      A-64
<PAGE>

                                    EXHIBIT B

                             MORTGAGE LOAN SCHEDULE

                             [INTENTIONALLY OMITTED]


                                       B-1

<PAGE>

                                    EXHIBIT C

                                   [RESERVED]


                                       C-1

<PAGE>

                                    EXHIBIT D

                          FORM OF TRUSTEE CERTIFICATION

                                     [DATE]

Merrill Lynch Mortgage Investors, Inc.
250 Vesey Street
4 World Financial Center, 10th Floor
New York, New York 10080

National City Home Loan Services, Inc.
150 Allegheny Center Mall
Pittsburgh, Pennsylvania 15212

LaSalle Bank National Association
135 South LaSalle Street
Suite 1511
Chicago, Illinois 60603

Re: Merrill Lynch Mortgage Investors Trust, Mortgage Loan Asset-Backed
    Certificates, Series 2006-FF1

Ladies and Gentlemen:

          In accordance with Section 2.02 of the Pooling and Servicing
Agreement, dated as of December 1, 2006, among Merrill Lynch Mortgage Investors,
Inc., as depositor, LaSalle Bank National Association, as trustee, National City
Home Loan Services, Inc., as servicer (the "Pooling and Servicing Agreement"),
the undersigned, as Trustee, hereby certifies that [, except as set forth in
Schedule A hereto,] as to each Mortgage Loan listed in the Mortgage Loan
Schedule attached hereto (other than any Mortgage Loan paid in full or listed on
the attachment hereto) it has reviewed the Mortgage File and the Mortgage Loan
Schedule and has determined that:

     1. All documents in the Mortgage File required to be delivered to the
Trustee pursuant to Section 2.01 (A)-(B), (C) (if applicable), (D) and (E) and
the documents if actually received by it under Section 2.01(F) of the Pooling
and Servicing Agreement are in its possession;

     2. In connection with each Mortgage Loan or Assignment thereof as to which
documentary evidence of recording was not received on the Closing Date, it has
received evidence of such recording; and

     3. Such documents have been reviewed by it and appear regular on their face
and relate to such Mortgage Loan.

          The Trustee has made no independent examination of any documents
contained in each Mortgage File beyond confirming (i) that the Mortgage Loan
number, the name of the Mortgagor, the street address (excluding zip code), the
mortgage interest rate at origination, the gross margin (if


                                       D-1

<PAGE>

applicable), the lifetime rate cap (if applicable), the periodic rate cap (if
applicable), the original principal balance, the first payment due date and the
original maturity date in each Mortgage File conform to the respective Mortgage
Loan number and name listed on the Mortgage Loan Schedule and (ii) the existence
in each Mortgage File of each of the documents listed in subparagraphs (i)(A)
through (E), as applicable, inclusive, of Section 2.01 in the Agreement. The
Trustee makes no representations or warranties as to the validity, legality,
recordability, sufficiency, enforceability, due authorization or genuineness of
any of the documents contained in each Mortgage Loan or the collectability,
insurability, effectiveness, priority, perfection or suitability of any such
Mortgage Loan.

          Capitalized words and phrases used herein shall have the respective
meanings assigned to them in the above-referenced Pooling and Servicing
Agreement.

LASALLE BANK NATIONAL ASSOCIATION,
as Trustee


By:
    ---------------------------------
Name:
      -------------------------------
Title:
       ------------------------------


                                       D-2

<PAGE>

                                   EXHIBIT E-1

                    FORM OF TRANSFEREE'S LETTER AND AFFIDAVIT

                                     [DATE]

LaSalle Bank National Association
135 South LaSalle Street
Suite 1511
Chicago, Illinois 60603

Attention: Global Securities and Trust Services - Merrill Lynch Mortgage
           Investors Trust, Series 2006-FF1

Ladies and Gentlemen:

          We propose to purchase Merrill Lynch Mortgage Investors Trust,
Mortgage Loan Asset-Backed Certificates, Series 2006-FF1, Class R, described in
the Prospectus Supplement, dated December 21, 2006, and the Prospectus, dated
September 8, 2006.

     4. We certify that (a) we are not a disqualified organization and (b) we
are not purchasing such Class R Certificate on behalf of a disqualified
organization; for this purpose the term "disqualified organization" means the
United States, any state or political subdivision thereof, any foreign
government, any international organization, any agency or instrumentality of any
of the foregoing (except any entity treated as other than an instrumentality of
the foregoing for purposes of Section 168(h)(2)(D) of the Internal Revenue Code
of 1986, as amended (the "Code")), any organization (other than a cooperative
described in Section 521 of the Code) that is exempt from taxation under the
Code (unless such organization is subject to tax on excess inclusions) and any
organization that is described in Section 1381(a)(2)(C) of the Code. We
understand that any breach by us of this certification may cause us to be liable
for an excise tax imposed upon transfers to disqualified organizations.

     5. We certify that (a) we have historically paid our debts as they became
due, (b) we intend, and believe that we will be able, to continue to pay our
debts as they become due in the future, (c) we understand that, as beneficial
owner of the Class R Certificate, we may incur tax liabilities in excess of any
cash flows generated by the Class R Certificate, and (d) we intend to pay any
taxes associated with holding the Class R Certificate as they become due and (e)
we will not cause income from the Class R Certificate to be attributable to a
foreign permanent establishment or fixed base (within the meaning of an
applicable income tax treaty) of ours or another U.S. taxpayer.


                                      E-1-1

<PAGE>

     6. We acknowledge that we will be the beneficial owner of the Class R
Certificate and: (7)

     ___________ The Class R Certificate will be registered in our name.
     ___________ The Class R Certificate will be held in the name of our
     nominee, _________________, which is not a disqualified organization.

     7. We certify that we are not an employee benefit plan subject to Title I
of the Employee Retirement Income Security Act of 1974, as amended ("ERISA"), a
plan subject to Section 4975 of the Code or a plan subject to federal, state,
local, non-U.S. or other law substantively similar to the foregoing provisions
of ERISA or the Code (each, a "Plan"), and are not directly or indirectly
acquiring the Class R Certificate on behalf of or with any assets of a Plan.

     8. We certify that (i) we are a U.S. person or (ii) we will hold the Class
R Certificate in connection with the conduct of a trade or business within the
United States and have furnished the transferor and the Trustee with a duly
completed and effective Internal Revenue Service Form W-8ECI or successor form
at the time and in the manner required by the Code; for this purpose the term
"U.S. person" means a citizen or resident of the United States, a corporation,
or partnership (unless, in the case of a partnership, Treasury regulations are
adopted that provide otherwise) created or organized in or under the laws of the
United States, any State thereof or the District of Columbia, including an
entity treated as a corporation or partnership for federal income tax purposes,
an estate whose income is subject to United States federal income tax regardless
of the source of its income, or a trust if a court within the United States is
able to exercise primary supervision over the administration of the trust and
one or more such U.S. persons have the authority to control all substantial
decisions of the trust (or, to the extent provided in applicable Treasury
regulations, certain trusts in existence on August 20, 1996 which are eligible
to elect to be treated as U.S. Persons). We agree that any breach by us of this
certification shall render the transfer of any interest in the Class R
Certificate to us absolutely null and void and shall cause no rights in the
Class R Certificate to vest in us.

     9. We agree that in the event that at some future time we wish to transfer
any interest in the Class R Certificate, we will transfer such interest in the
Class R Certificate only (a) to a transferee that (i) is not a disqualified
organization and is not purchasing such interest in the Class R Certificate on
behalf of a disqualified organization, (ii) is a U.S. person or will hold the
Class R Certificate in connection with the conduct of a trade or business within
the United States and will furnish us and the Trustee with a duly completed and
effective Internal Revenue Service Form W-8ECI or successor form at the time and
in the manner required by the Code and (iii) has delivered to the Trustee a
letter in the form of this letter (including the affidavit appended hereto) and,
we will provide the Trustee a written statement substantially in the form of
Exhibit E-2 to the Pooling and Servicing Agreement.

     10. We hereby designate _______________________ as our fiduciary to act as
the tax matters person for each of the REMICs provided for in the Pooling and
Servicing Agreement.

Very truly yours,

[PURCHASER]


By:
    ---------------------------------
Name:
      -------------------------------
Title:
       ------------------------------

----------
(7)  Check appropriate box and if necessary fill in the name of the Transferee's
     nominee.


                                      E-1-2

<PAGE>

Accepted as of ____________ __, 200_

MERRILL LYNCH MORTGAGE INVESTORS, INC.


By:
    ---------------------------------
Name:
      -------------------------------
Title:
       ------------------------------


                                      E-1-3

<PAGE>

                                   APPENDIX A

                                   Affidavit pursuant to (i) Section 860E(e)(4)
                                   of the Internal Revenue Code of 1986, as
                                   amended, and (ii) certain provisions of the
                                   Pooling and Servicing Agreement

Under penalties of perjury, the undersigned declares that the following is true:

     1. He or she is an officer of _________________________ (the "Transferee"),

     11. the Transferee's Employer Identification number is __________,

     12. the Transferee is not a "disqualified organization" (as defined below),
has no plan or intention of becoming a disqualified organization, and is not
acquiring any of its interest in the Merrill Lynch Mortgage Investors Trust,
Mortgage Loan Asset-Backed Certificates, Series 2006-FF1, Class R Certificate on
behalf of a disqualified organization or any other entity,

     13. unless Merrill Lynch Mortgage Investors, Inc.("MLMI") has consented to
the transfer to the Transferee by executing the form of Consent affixed as
Appendix B to the Transferee's Letter to which this Certificate is affixed as
Appendix A, the Transferee is a "U.S. person" (as defined below),

     14. that no purpose of the transfer is to avoid or impede the assessment or
collection of tax,

     15. the Transferee has historically paid its debts as they became due,

     16. the Transferee intends, and believes that it will be able, to continue
to pay its debts as they become due in the future,

     17. the Transferee understands that, as beneficial owner of the Class R
Certificate, it may incur tax liabilities in excess of any cash flows generated
by the Class R Certificate,

     18. the Transferee intends to pay any taxes associated with holding the
Class R Certificate as they become due,

     19. the Transferee consents to any amendment of the Pooling and Servicing
Agreement that shall be deemed necessary by Merrill Lynch Mortgage Investors,
Inc. (upon advice of counsel) to constitute a reasonable arrangement to ensure
that the Class R Certificate will not be owned directly or indirectly by a
disqualified organization, and

     20. IF BRACKETED, THE FOLLOWING CERTIFICATIONS ARE INAPPLICABLE [the
transfer is not a direct or indirect transfer of the Class R Certificate to a
foreign permanent establishment or fixed base (within the meaning of an
applicable income tax treaty) of the Transferee, and as to each of the residual
interests represented by the Class R Certificate, the present value of the
anticipated tax liabilities associated with holding such residual interest does
not exceed the sum of:

     A. the present value of any consideration given to the Transferee to
acquire such residual interest;


                                      E-1-4

<PAGE>

     B. the present value of the expected future distributions on such residual
interest; and

     C. the present value of the anticipated tax savings associated with holding
such residual interest as the related REMIC generates losses.

For purposes of this declaration, (i) the Transferee is assumed to pay tax at a
rate equal to the highest rate of tax specified in Section 11(b)(1) of the Code,
but the tax rate specified in Section 55(b)(1)(B) of the Code may be used in
lieu of the highest rate specified in Section 11(b)(1) of the Code if the
Transferee has been subject to the alternative minimum tax under Section 55 of
the Code in the preceding two years and will compute its taxable income in the
current taxable year using the alternative minimum tax rate, and (ii) present
values are computed using a discount rate equal to the Federal short-term rate
prescribed by Section 1274(d) of the Code for the month of the transfer and the
compounding period used by the Transferee;]

[11. (A) at the time of the transfer, and at the close of each of the
     Transferee's two fiscal years preceding the Transferee's fiscal year of
     transfer, the Transferee's gross assets for financial reporting purposes
     exceed $100 million and its net assets for financial reporting purposes
     exceed $10 million; and

     (B)  the Transferee is an eligible corporation as defined in Treasury
          regulations Section 1.860E-1(c)(6)(i) and has agreed in writing that
          any subsequent transfer of the Class R Certificate will be to another
          eligible corporation in a transaction that satisfies Treasury
          regulation Sections 1.860E-1(c)(4)(i), 1.860E-1(c)(4)(ii),
          1.860E-1(c)(4)(iii) and 1.860E-1(c)(5) and such transfer will not be a
          direct or indirect transfer to a foreign permanent establishment
          (within the meaning of an applicable income tax treaty) of a domestic
          corporation.

For purposes of this declaration, the gross and net assets of the Transferee do
not include any obligation of any related person as defined in Treasury
regulation Section 1.860E-1(c)(6)(ii) or any other asset if a principal purpose
for holding or acquiring the other asset is to permit the Transferee to make
this declaration or to satisfy the requirements of Treasury regulation Section
1.860E-1(c)(5)(i).]

12. The Transferee will not cause income from the Class R Certificate to be
attributable to a foreign permanent establishment or fixed base (within the
meaning of an applicable income tax treaty) of the Transferee or another U.S.
taxpayer.

For purpose of this affidavit, the term "disqualified organization" means the
United States, any state or political subdivision thereof, any foreign
government, any international organization, any agency or instrumentality of any
of the foregoing (except any entity treated as other than an instrumentality of
the foregoing for purposes of Section 168(h)(2)(D) of the Internal Revenue Code
of 1986, as amended (the "Code")), any organization (other than a cooperative
described in Section 521 of the Code) that is exempt from taxation under the
Code (unless such organization is subject to tax on excess inclusions) and any
organization that is described in Section 1381(a)(2)(C) of the Code and the term
"U.S. Person" means a citizen or resident of the United States, a corporation or
partnership (unless, in the case of a partnership, Treasury regulations are
adopted that provide otherwise) created or organized in or under the laws of the
United States, any state thereof or the District of Columbia, including an
entity treated as a corporation or partnership for federal income tax purposes,
an estate whose income is subject to Unites States federal income tax regardless
of its source, or a trust if a court within the United States is able to
exercise primary


                                      E-1-5

<PAGE>

supervision over the administration of such trust, and one or more such U.S.
Persons have the authority to control all substantial decisions of such trust,
(or, to the extent provided in applicable Treasury regulations, certain trusts
in existence on August 20, 1996 which are eligible to elect to be treated as
U.S. Persons).


By:
    ---------------------------------

Address of Investor for receipt of
distribution: _______________________
_____________________________________

Address of Investor for receipt
of tax information: _________________
_____________________________________

(Corporate Seal)

Attest: _____________________________
__________________________, Secretary


                                      E-1-6

<PAGE>

Personally appeared before me the above-named ______________, known or proved to
me to be the same person who executed the foregoing instrument and to be the
_______ of the Investor, and acknowledged to me that he executed the same as his
free act and deed and the free act and deed of the Investor.

Subscribed and sworn before me this day of ______, 200_.

Notary Public

County of ___________________________
State of ____________________________
My commission expires the ___________ day of ______________


                                        By:
                                            ------------------------------------
                                        Name:
                                              ----------------------------------
                                        Title:
                                               ---------------------------------

Dated: ________________


                                      E-1-7
<PAGE>

                                   EXHIBIT E-2

                         FORM OF TRANSFEROR'S AFFIDAVIT

                                     [DATE]

LaSalle Bank National Association
135 South LaSalle Street
Suite 1511
Chicago, Illinois 60603

Attention: Global Securities and Trust Services - Merrill Lynch Mortgage
           Investors Trust, Series 2006-FF1

Re: Merrill Lynch Mortgage Investors Trust, Mortgage Loan Asset-Backed
    Certificates, Series 2006-FF1

          _______________________ (the "Transferor") has reviewed the attached
affidavit of _____________________________ (the "Transferee"), and has no actual
knowledge that such affidavit is not true, and has no reason to believe that the
Transferee has the intention to impede the assessment or collection of any
federal, state or local taxes legally required to be paid with respect to the
Class R Certificate referred to in the attached affidavit. In addition, the
Transferor has conducted a reasonable investigation at the time of the transfer
and found that the Transferee had historically paid its debts as they came due
and found no significant evidence to indicate that the Transferee will not
continue to pay its debts as they become due.

Very truly yours,


-------------------------------------
Name:
      -------------------------------
Title:
       ------------------------------


                                      E-2-1

<PAGE>

                                    EXHIBIT F

                         FORM OF TRANSFEROR CERTIFICATE

                                     [DATE]

LaSalle Bank National Association
135 South LaSalle Street
Suite 1511
Chicago, Illinois 60603

Attention: Global Securities and Trust Services - Merrill Lynch Mortgage
           Investors Trust, Series 2006-FF1

RE: Merrill Lynch Mortgage Investors Trust, Mortgage Loan Asset-Backed
    Certificates, Series 2006-FF1

Ladies and Gentlemen:

          In connection with our disposition of the Class [____] Certificate, we
certify that (a) we understand that the Certificates have not been registered
under the Securities Act of 1933, as amended (the "Act"), and are being disposed
by us in a transaction that is exempt from the registration requirements of the
Act and (b) we have not offered or sold any Certificates to, or solicited offers
to buy any Certificates from, any person, or otherwise approached or negotiated
with any person with respect thereto, in a manner that would be deemed, or taken
any other action that would result in, a violation of Section 5 of the Act. All
capitalized terms used herein but not defined herein shall have the meanings
assigned to them in the Pooling and Servicing Agreement, dated as of December 1,
2006, among Merrill Lynch Mortgage Investors, Inc., as depositor, LaSalle Bank
National Association, as trustee, and National City Home Loan Services, Inc., as
servicer.

Very truly yours,

-------------------------------------
Name of Transferor


By:
    ---------------------------------
Name:
      -------------------------------
Title:
       ------------------------------


                                       F-1

<PAGE>

                                    EXHIBIT G

                            FORM OF INVESTMENT LETTER
                              (ACCREDITED INVESTOR)

                                     [DATE]

LaSalle Bank National Association
135 South LaSalle Street
Suite 1511
Chicago, Illinois 60603

Attention: Global Securities and Trust Services - Merrill Lynch Mortgage
           Investors Trust, Series 2006-FF1

Re: Merrill Lynch Mortgage Investors Trust, Mortgage Loan Asset-Backed
    Certificates, Series 2006-FF1

Ladies and Gentlemen:

          ______________ (the "Purchaser") intends to purchase from
________________ (the "Transferor") $_______ by original principal balance (the
"Transferred Certificates") of Merrill Lynch Mortgage Investors Trust, Mortgage
Loan Asset-Backed Certificates, Series 2006-FF1, Class [____] (the
"Certificates"), issued pursuant to a Pooling and Servicing Agreement, dated as
of December 1, 2006 (the "Pooling and Servicing Agreement"), among Merrill Lynch
Mortgage Investors, Inc., as depositor (the "Depositor"), LaSalle Bank National
Association, as trustee (the "Trustee"), National City Home Loan Services, Inc.,
as servicer (the "Servicer"). [The Purchaser intends to register the Transferred
Certificate in the name of ____________________, as nominee for
_________________.] All terms used and not otherwise defined herein shall have
the meanings set forth in the Pooling and Servicing Agreement.

          For good and valuable consideration, the receipt and sufficiency of
which is hereby acknowledged, the Purchaser certifies, represents and warrants
to, and covenants with, the Depositor and the Trustee that:

     2. The Purchaser understands that (a) the Certificates have not been
registered or qualified under the Securities Act of 1933, as amended (the
"Securities Act"), or the securities laws of any state, (b) neither the
Depositor nor the Trustee is required, and neither of them intends, to so
register or qualify the Certificates, (c) the Certificates cannot be resold
unless (i) they are registered and qualified under the Securities Act and the
applicable state securities laws or (ii) an exemption from registration and
qualification is available and (d) the Pooling and Servicing Agreement contains
restrictions regarding the transfer of the Certificates.

     21. All Certificates other than ERISA Restricted Certificates and Class R
Certificates will bear a legend to the following effect:

          UNTIL THE TERMINATION OF THE SWAP AGREEMENT, EACH TRANSFEREE OF THIS
CERTIFICATE SHALL BE DEEMED TO REPRESENT (OR IN THE CASE OF A DEFINITIVE
CERTIFICATE, SHALL REPRESENT) TO THE TRUSTEE THAT (A) SUCH TRANSFEREE IS NOT,
AND IS NOT ACTING FOR, ON BEHALF OF OR WITH ANY ASSETS OF, ANY EMPLOYEE BENEFIT
PLAN OR OTHER ARRANGEMENT SUBJECT TO TITLE I OF THE


                                       G-1

<PAGE>

EMPLOYEE RETIREMENT INCOME SECURITY ACT OF 1974, AS AMENDED ("ERISA"), OR ANY
PLAN SUBJECT TO SECTION 4975 OF THE INTERNAL REVENUE CODE OF 1986, AS AMENDED
(THE "CODE"), OR (B) THE TRANSFEREE'S ACQUISITION AND HOLDING OF THIS
CERTIFICATE IS COVERED BY AND EXEMPT UNDER ANY OF SECTION 408(B)(17) OF ERISA OR
SECTION 4975(D)(20) OF THE CODE, PROHIBITED TRANSACTION CLASS EXEMPTION ("PTCE")
84-14, PTCE 90-1, PTCE 91-38, PTCE 95-60, PTCE 96-23, EACH AS AMENDED.

     22. The Certificates (other than the Class R Certificate) will bear a
legend to the following effect:

     THIS CERTIFICATE HAS NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933,
     AS AMENDED (THE "ACT"), THE INVESTMENT COMPANY ACT OF 1940, AS AMENDED (THE
     "1940 ACT") OR ANY STATE SECURITIES OR "BLUE SKY" LAWS, AND MAY NOT,
     DIRECTLY OR INDIRECTLY, BE SOLD OR OTHERWISE TRANSFERRED, OR OFFERED FOR
     SALE, UNLESS SUCH TRANSFER IS NOT SUBJECT TO REGISTRATION UNDER THE ACT,
     THE 1940 ACT AND ANY APPLICABLE STATE SECURITIES LAWS AND SUCH TRANSFER
     ALSO COMPLIES WITH THE OTHER PROVISIONS OF SECTION 5.02 OF THE POOLING AND
     SERVICING AGREEMENT. IF THE CERTIFICATE IS A DEFINITIVE CERTIFICATE, NO
     TRANSFER OF THIS CERTIFICATE SHALL BE MADE UNLESS THE TRUSTEE SHALL HAVE
     RECEIVED, IN FORM AND SUBSTANCE SATISFACTORY TO THE TRUSTEE (A) AN
     INVESTMENT LETTER FROM THE PROSPECTIVE INVESTOR; AND (B) REPRESENTATIONS
     FROM THE TRANSFEROR REGARDING THE OFFERING AND SALE OF THE CERTIFICATES.

     23. The ERISA Restricted Certificates will bear a legend to the following
effect:

NO TRANSFER OF THIS CERTIFICATE SHALL BE MADE UNLESS THE TRUSTEE HAS RECEIVED
(A) A REPRESENTATION THAT SUCH TRANSFEREE IS NOT AN EMPLOYEE BENEFIT PLAN
SUBJECT TO TITLE I OF THE EMPLOYEE RETIREMENT INCOME SECURITY ACT OF 1974, AS
AMENDED ("ERISA"), A PLAN SUBJECT TO SECTION 4975 OF THE INTERNAL REVENUE CODE
OF 1986, AS AMENDED (THE "CODE") OR A PLAN SUBJECT ANY TO STATE, LOCAL, FEDERAL,
NON-U.S. OR OTHER LAW SUBSTANTIVELY SIMILAR TO THE FOREGOING PROVISIONS OF ERISA
OR THE CODE ("SIMILAR LAW") (COLLECTIVELY, A "PLAN"), AND IS NOT DIRECTLY OR
INDIRECTLY ACQUIRING THIS CERTIFICATE BY, ON BEHALF OF, OR WITH ANY ASSETS OF
ANY SUCH PLAN, (B) IF THE CERTIFICATE HAS BEEN THE SUBJECT OF AN
ERISA-QUALIFYING UNDERWRITING, A REPRESENTATION THAT SUCH TRANSFEREE IS AN
INSURANCE COMPANY THAT IS ACQUIRING THE CERTIFICATE WITH ASSETS OF AN "INSURANCE
COMPANY GENERAL ACCOUNT" AS DEFINED IN SECTION V(E) OF PROHIBITED TRANSACTION
CLASS EXEMPTION ("PTCE") 95-60 AND THE ACQUISITION AND HOLDING OF THE
CERTIFICATE ARE COVERED AND EXEMPT UNDER SECTIONS I AND III OF PTCE 95-60, OR
(C) SOLELY IN THE EVENT THE CERTIFICATE IS A DEFINITIVE CERTIFICATE, AN OPINION
OF COUNSEL SATISFACTORY TO THE TRUSTEE, AND UPON WHICH THE TRUSTEE SHALL BE
ENTITLED TO RELY, TO THE EFFECT THAT THE ACQUISITION AND HOLDING OF SUCH
CERTIFICATE BY THE PROSPECTIVE TRANSFEREE WILL NOT CONSTITUTE OR RESULT IN A
NONEXEMPT PROHIBITED TRANSACTION UNDER TITLE I OF ERISA OR SECTION 4975 OF THE
CODE OR A VIOLATION OF SIMILAR LAW AND WILL NOT SUBJECT THE TRUSTEE,


                                       G-2

<PAGE>

THE SERVICER OR THE DEPOSITOR TO ANY OBLIGATION IN ADDITION TO THOSE UNDERTAKEN
BY SUCH ENTITIES IN THE POOLING AND SERVICING AGREEMENT, WHICH OPINION OF
COUNSEL SHALL NOT BE AN EXPENSE OF THE TRUSTEE, THE SERVICER OR THE DEPOSITOR.
IF THE CERTIFICATE IS NOT A DEFINITIVE CERTIFICATE, THE TRANSFEREE IS DEEMED TO
HAVE MADE THE REPRESENTATION IN (A) OR (B) ABOVE.

     24. The Class R Certificate will bear a legend to the following effect:

     THIS CLASS R CERTIFICATE MAY NOT BE TRANSFERRED, EXCEPT IN ACCORDANCE WITH
     SECTION 5.02 OF THE POOLING AND SERVICING AGREEMENT AND THE HOLDER OF THIS
     CERTIFICATE BY ITS ACCEPTANCE HEREOF AGREES TO OFFER, SELL OR OTHERWISE
     TRANSFER SUCH CERTIFICATE ONLY IN ACCORDANCE WITH SECTION 5.02 OF THE
     POOLING AND SERVICING AGREEMENT. NO TRANSFER OF THIS CERTIFICATE SHALL BE
     MADE UNLESS THE TRUSTEE SHALL HAVE RECEIVED, IN FORM AND SUBSTANCE
     SATISFACTORY TO THE TRUSTEE (A) A TRANSFER AFFIDAVIT FROM THE PROSPECTIVE
     INVESTOR; AND (B) AN AFFIDAVIT FROM THE TRANSFEROR REGARDING THE OFFERING
     AND SALE OF THE CERTIFICATE.

     NO TRANSFER OF THIS CERTIFICATE SHALL BE REGISTERED UNLESS THE PROSPECTIVE
     TRANSFEREE PROVIDES THE TRUSTEE WITH A REPRESENTATION THAT SUCH TRANSFEREE
     IS NOT AN EMPLOYEE BENEFIT PLAN SUBJECT TO TITLE I OF THE EMPLOYEE
     RETIREMENT INCOME SECURITY ACT OF 1974, AS AMENDED ("ERISA"), A PLAN
     SUBJECT TO SECTION 4975 OF THE CODE OR A PLAN SUBJECT TO STATE, LOCAL,
     FEDERAL, NON-U.S. OR OTHER LAW SUBSTANTIVELY SIMILAR TO THE FOREGOING
     PROVISIONS OF ERISA OR THE CODE ("SIMILAR LAW"), AND IS NOT DIRECTLY OR
     INDIRECTLY ACQUIRING THIS CERTIFICATE BY, ON BEHALF OF, OR WITH ANY ASSETS
     OF ANY SUCH PLAN.

     25. The Purchaser is acquiring the Transferred Certificates for its own
account [FOR INVESTMENT ONLY] * and not with a view to or for sale or other
transfer in connection with any distribution of the Transferred Certificates in
any manner that would violate the Securities Act or any applicable state
securities laws, subject, nevertheless, to the understanding that disposition of
the Purchaser's property shall at all times be and remain within its control.

     26. The Purchaser (a) is a substantial, sophisticated institutional
investor having such knowledge and experience in financial and business matters,
and in particular in such matters related to securities similar to the
Certificates, such that it is capable of evaluating the merits and risks of
investment in the Certificates, (b) is able to bear the economic risks of such
an investment and (c) is an "accredited investor" within the meaning of Rule
501(a) promulgated pursuant to the Securities Act.

     27. The Purchaser will not nor has it authorized nor will it authorize any
person to (a) offer, pledge, sell, dispose of or otherwise transfer any
Certificate, any interest in any Certificate or any other similar security to
any person in any manner, (b) solicit any offer to buy or to accept a pledge,
disposition or other transfer of any Certificate, any interest in any
Certificate or any other similar security from any person in any manner, (c)
otherwise approach or negotiate with respect to any Certificate, any interest in

----------
*    Not required of a broker/dealer purchaser.


                                       G-3

<PAGE>

any Certificate or any other similar security with any person in any manner, (d)
make any general solicitation by means of general advertising or in any other
manner, or (e) take any other action, that would constitute a distribution of
any Certificate under the Securities Act or the Investment Company Act of 1940,
as amended (the "1940 Act"), that would render the disposition of any
Certificate a violation of Section 5 of the Securities Act or any state
securities law, or that would require registration or qualification pursuant
thereto. Neither the Purchaser nor anyone acting on its behalf has offered the
Certificates for sale or made any general solicitation by means of general
advertising or in any other manner with respect to the Certificates. The
Purchaser will not sell or otherwise transfer any of the Certificates, except in
compliance with the provisions of the Pooling and Servicing Agreement.

     28. Either (i) the Purchaser of a Certificate that is neither an ERISA
Restricted Certificate nor a Class R Certificate is not, and is not acting for,
on behalf of or with any assets of, an employee benefit plan or other
arrangement subject to Title I of the Employee Retirement Income Security Act of
1974, as amended ("ERISA") or plan subject to Section 4975 of the Code, or (ii)
until the termination of the Swap Agreement, such Purchaser's acquisition and
holding of such Certificates are eligible for exemptive relief under any of
Section 408(b)(17) of ERISA or Section 4975(d)(20) of the Code, Prohibited
Transaction Class Exemption ("PTCE") 84-14, PTCE 90-1, PTCE 91-38, PTCE 95-60 or
PTCE 96-23.

     29. The Purchaser of an ERISA Restricted Certificate (A) is not an employee
benefit plan subject to Title I of ERISA, a plan subject to Section 4975 of the
Code, a plan subject to any state, local, federal, non-U.S. or other law
substantively similar to the foregoing provisions of ERISA or the Code ("Similar
Law") and is not directly or indirectly acquiring such Certificates by, on
behalf of, or with any assets of any such plan, or (B) if the Certificate has
been the subject of an ERISA-Qualifying Underwriting, is an insurance company
that is acquiring the Certificate with assets of an "insurance company general
account," as defined in Section V(e) of Prohibited Transaction Class Exemption
("PTCE") 95-60, and the acquisition and holding of the Certificate are covered
and exempt under Sections I and III of PTCE 95-60, or (C) solely in the event
the Certificate is a Definitive Certificate, herewith delivers an Opinion of
Counsel satisfactory to the Trustee, and upon which the Trustee shall be
entitled to rely, to the effect that the acquisition and holding of the
Certificate will not constitute or result in a nonexempt prohibited transaction
under Title I of ERISA or Section 4975 of the Code, or a violation of Similar
Law, and will not subject the Trustee, the Servicer or the Depositor to any
obligation in addition to those expressly undertaken in the Pooling and
Servicing Agreement, which Opinion of Counsel shall not be an expense of the
Trustee, the Servicer or the Depositor.

     30. The Purchaser of a Class R Certificate is not an employee benefit plan
subject to Title I of ERISA, a plan subject to Section 4975 of the Code, a plan
subject to any state, local, federal, non-U.S. or other law substantively
similar to the foregoing provisions of ERISA or the Code ("Similar Law"), or a
Person directly or indirectly acquiring such Certificate by, on behalf of, or
with any assets of any such plan.

     31. Prior to the sale or transfer by the Purchaser of any of the
Certificates, the Purchaser will obtain from any subsequent purchaser
substantially the same certifications, representations, warranties and covenants
contained in the foregoing paragraphs and in this letter or a letter
substantially in the form of Exhibit H to the Pooling and Servicing Agreement.


                                       G-4

<PAGE>

     32. The Purchaser agrees to indemnify the Trustee, the Servicer and the
Depositor against any liability that may result from any misrepresentation made
herein.

                                        Very truly yours,

                                        [PURCHASER]


                                        By:
                                            ------------------------------------
                                        Name:
                                              ----------------------------------
                                        Title:
                                               ---------------------------------


                                       G-5

<PAGE>

                                    EXHIBIT H

                       FORM OF RULE 144A INVESTMENT LETTER
                         (QUALIFIED INSTITUTIONAL BUYER)

                                     [DATE]

LaSalle Bank National Association
135 South LaSalle Street
Suite 1511
Chicago, Illinois 60603

Attention: Global Securities and Trust Services - Merrill Lynch Mortgage
           Investors Trust, Series 2006-FF1

Re: Merrill Lynch Mortgage Investors Trust, Mortgage Loan Asset-Backed
    Certificates, Series 2006-FF1

Ladies and Gentlemen:

          ______________ (the "Purchaser") intends to purchase from
________________ (the "Transferor") $_______ by original principal balance (the
"Transferred Certificates") of Merrill Lynch Mortgage Investors Trust, Mortgage
Loan Asset-Backed Certificates, Series 2006-FF1, Class [____] (the
"Certificates"), issued pursuant to a Pooling and Servicing Agreement, dated as
of December 1, 2006 (the "Pooling and Servicing Agreement"), among Merrill Lynch
Mortgage Investors, Inc., as depositor (the "Depositor"), LaSalle Bank National
Association, as trustee (the "Trustee"), National City Home Loan Services, Inc.,
as servicer (the "Servicer"). [THE PURCHASER INTENDS TO REGISTER THE TRANSFERRED
CERTIFICATE IN THE NAME OF ____________________, AS NOMINEE FOR
_________________.] All terms used and not otherwise defined herein shall have
the meanings set forth in the Pooling and Servicing Agreement.

          For good and valuable consideration, the receipt and sufficiency of
which is hereby acknowledged, the Purchaser certifies, represents and warrants
to, and covenants with, the Depositor and the Trustee that:

          In connection with our acquisition of the above Transferred
Certificates we certify that (a) we understand that the Certificates are not
being registered under the Securities Act of 1933, as amended (the "Act"), or
any state securities laws and are being transferred to us in a transaction that
is exempt from the registration requirements of the Act and any such laws, (b)
we have such knowledge and experience in financial and business matters that we
are capable of evaluating the merits and risks of investments in the
Certificates, (c) we have had the opportunity to ask questions of and receive
answers from the Depositor concerning the purchase of the Transferred
Certificates and all matters relating thereto or any additional information
deemed necessary to our decision to purchase the Transferred Certificates, (d)
solely in the case of a Certificate other than an ERISA Restricted Certificate
or Class R Certificate, either (i) we are not, and are not acquiring the
Certificate for, on behalf of or with any assets of, any employee benefit plan
or other arrangement subject to Title I of ERISA or any plan subject to Section
4975 of the Code, or (ii) until the termination of the Swap Agreement, our
acquisition and holding of the Certificate is covered by and exempt under any of
Section 408(b)(17) of ERISA or Section 4975(d)(20) of


                                       H-1

<PAGE>

the Code, Prohibited Transaction Class Exemption ("PTCE") 84-14, PTCE 90-1, PTCE
91-38, PTCE 95-60, or PTCE 96-23, (e)solely with respect to ERISA Restricted
Certificates, (A) we are not an employee benefit plan subject to Title I of the
Employee Retirement Income Security Act of 1974, as amended ("ERISA"), a plan
subject to Section 4975 of the Internal Revenue Code of 1986, as amended (the
"Code"), a plan subject to any state, local, federal, non-U.S. or other law
substantively similar to the foregoing provisions of ERISA or the Code ("Similar
Law"), or Persons directly or indirectly acting on behalf of or using any assets
of any such plan, or (B), if the Certificate has been the subject of an
ERISA-Qualifying Underwriting, we are an insurance company that is acquiring the
Certificate with assets of an "insurance company general account," as defined in
Section V(e) of Prohibited Transaction Class Exemption ("PTCE") 95-60, and the
acquisition and holding of the Certificate are covered and exempt under Sections
I and III of PTCE 95-60, or (C) solely in the event the Certificate is a
Definitive Certificate, we will herewith deliver an Opinion of Counsel
satisfactory to the Trustee, and upon which the Trustee shall be entitled to
rely, to the effect that the acquisition and holding of the Certificate will not
constitute or result in a nonexempt prohibited transaction under Title I of
ERISA or Section 4975 of the Code, or a violation of Similar Law, and will not
subject the Trustee, the Servicer or the Depositor to any obligation in addition
to those expressly undertaken in the Pooling and Servicing Agreement, which
Opinion of Counsel shall not be an expense of the Trustee, the Servicer or the
Depositor, (f) we have not, nor has anyone acting on our behalf offered,
transferred, pledged, sold or otherwise disposed of the Certificates, any
interest in the Certificates or any other similar security to, or solicited any
offer to buy or accept a transfer, pledge or other disposition of the
Certificates, any interest in the Certificates or any other similar security
from, or otherwise approached or negotiated with respect to the Certificates,
any interest in the Certificates or any other similar security with, any person
in any manner, or made any general solicitation by means of general advertising
or in any other manner, or taken any other action, that would constitute a
distribution of the Certificates under the Securities Act or that would render
the disposition of the Certificates a violation of Section 5 of the Securities
Act or require registration pursuant thereto, nor will act, nor has authorized
or will authorize any person to act, in such manner with respect to the
Certificates, and (g) we are a "qualified institutional buyer" as that term is
defined in Rule 144A under the Securities Act and have completed one of the
forms of certification to that effect attached hereto as Annex 1 or Annex 2. We
are aware that the sale of the Transferred Certificates to us is being made in
reliance on Rule 144A. We are acquiring the Transferred Certificates for our own
account or for resale pursuant to Rule 144A and further understand that such
Certificates may be resold, pledged or transferred only (i) to a person
reasonably believed by us, based upon certifications of such purchaser or
information we have in our possession, to be a qualified institutional buyer
that purchases for its own account or for the account of a qualified
institutional buyer to whom notice is given that the resale, pledge or transfer
is being made in reliance on Rule 144A, or (ii) pursuant to another exemption
from registration under the Securities Act.


                                       H-2

<PAGE>

          We agree to indemnify the Trustee, the Servicer and the Depositor
against any liability that may result from any misrepresentation made herein.

Very truly yours,

[PURCHASER]


By:
    ---------------------------------
Name:
      -------------------------------
Title:
       ------------------------------


                                       H-3
<PAGE>

                                                                         ANNEX 1

            QUALIFIED INSTITUTIONAL BUYER STATUS UNDER SEC RULE 144A

          [FOR TRANSFEREES OTHER THAN REGISTERED INVESTMENT COMPANIES]

          The undersigned (the "Buyer") hereby certifies as follows to the
parties listed in the Rule 144A Transferee Certificate to which this
certification relates with respect to the Certificates described therein:

     3. As indicated below, the undersigned is the President, Chief Financial
Officer, Senior Vice President or other executive officer of the Buyer.

     33. In connection with the purchases by the Buyer, the Buyer is a
"qualified institutional buyer" as that term is defined in Rule 144A under the
Securities Act of 1933, as amended ("Rule 144A") because (i) the Buyer owned
and/or invested on a discretionary basis $____________ * in securities (except
for the excluded securities referred to below) as of the end of the Buyer's most
recent fiscal year (such amount being calculated in accordance with Rule 144A)
and (ii) the Buyer satisfies the criteria in the category marked below.

          [ ]  Corporation, etc. The Buyer is a corporation (other than a bank,
               savings and loan association or similar institution),
               Massachusetts or similar business trust, partnership, or
               charitable organization described in Section 501(c)(3) of the
               Internal Revenue Code of 1986, as amended.

          [ ]  Bank. The Buyer (a) is a national bank or banking institution
               organized under the laws of any State, territory or the District
               of Columbia, the business of which is substantially confined to
               banking and is supervised by Federal, State or territorial
               banking commission or similar official or is a foreign bank or
               equivalent institution, and (b) has an audited net worth of at
               least $25,000,000 as demonstrated in its latest annual financial
               statements, a copy of which is attached hereto.

          [ ]  Savings and Loan. The Buyer (a) is a savings and loan
               association, building and loan association, cooperative bank,
               homestead association or similar institution, which is supervised
               and examined by a State or Federal authority having supervision
               over such institution or is a foreign savings and loan
               association or equivalent institution and (b) has an audited net
               worth of at least $25,000,000 as demonstrated in its latest
               annual financial statements, a copy of which is attached hereto.

          [ ]  Broker-dealer. The Buyer is a dealer registered pursuant to
               Section 15 of

----------
*    Buyer must own and/or invest on a discretionary basis at least $100,000,000
     in securities unless Buyer is a dealer, and, in that case, Buyer must own
     and/or invest on a discretionary basis at least $10,000,000 in securities.


                                       H-4

<PAGE>

               the Securities Exchange Act of 1934, as amended.

          [ ]  Insurance Company. The Buyer is an insurance company whose
               primary and predominant business activity is the writing of
               insurance or the reinsuring of risks underwritten by insurance
               companies and which is subject to supervision by the insurance
               commissioner or a similar official or agency of the State,
               territory or the District of Columbia.

          [ ]  State or Local Plan. The Buyer is a plan established and
               maintained by a State, its political subdivisions, or any agency
               or instrumentality of the State or its political subdivisions,
               for the benefit of its employees.

          [ ]  ERISA Plan. The Buyer is an employee benefit plan subject to
               Title I of the Employee Retirement Income Security Act of 1974,
               as amended.

          [ ]  Investment Advisor. The Buyer is an investment advisor registered
               under the Investment Advisors Act of 1940, as amended.

          [ ]  Small Business Investment Company. Buyer is a small business
               investment company licensed by the U.S. Small Business
               Administration under Section 301(c) or (d) of the Small Business
               Investment Act of 1958, as amended.

          [ ]  Business Development Company. Buyer is a business development
               company as defined in Section 202(a)(22) of the Investment
               Advisors Act of 1940, as amended.

     34. The term "securities" as used for purposes of the calculation of the
dollar amount in paragraph 2 excludes: (i) securities of issuers that are
affiliated with the Buyer, (ii) securities that are part of an unsold allotment
to or subscription by the Buyer, if the Buyer is a dealer, (iii) securities
issued or guaranteed by the U.S. or any instrumentality thereof, (iv) bank
deposit notes and certificates of deposit, (v) loan participations, (vi)
repurchase agreements, (vii) securities owned but subject to a repurchase
agreement and (viii) currency, interest rate and commodity swaps.

     35. For purposes of determining the aggregate amount of securities owned
and/or invested on a discretionary basis by the Buyer, the Buyer used the cost
of such securities to the Buyer and did not include any of the securities
referred to in the preceding paragraph, except (i) where the Buyer reports its
securities holdings in its financial statements on the basis of their market
value, and (ii) no current information with respect to the cost of those
securities has been published. If clause (ii) in the preceding sentence applies,
the securities may be valued at market. Further, in determining such aggregate
amount, the Buyer may have included securities owned by subsidiaries of the
Buyer, but only if such subsidiaries are consolidated with the Buyer in its
financial statements prepared in accordance with generally accepted accounting
principles and if the investments of such subsidiaries are managed under the
Buyer's direction. However, such securities were not included if the Buyer is a
majority-owned, consolidated subsidiary of another enterprise and the Buyer is
not itself a reporting company under the Securities Exchange Act of 1934, as
amended.


                                       H-5

<PAGE>

     36. The Buyer acknowledges that it is familiar with Rule 144A and
understands that the seller to it and other parties related to the Certificates
are relying and will continue to rely on the statements made herein because one
or more sales to the Buyer may be in reliance on Rule 144A.

     37. Until the date of purchase of the Rule 144A Securities, the Buyer will
notify each of the parties to which this certification is made of any changes in
the information and conclusions herein. Until such notice is given, the Buyer's
purchase of the Certificates will constitute a reaffirmation of this
certification as of the date of such purchase. In addition, if the Buyer is a
bank or savings and loan as provided above, the Buyer agrees that it will
furnish to such parties updated annual financial statements promptly after they
become available.


                                        By:
                                            ------------------------------------
                                        Name:
                                              ----------------------------------
                                        Title:
                                               ---------------------------------
                                        Date:
                                              ----------------------------------


                                       H-6

<PAGE>

                                                                         ANNEX 2

            QUALIFIED INSTITUTIONAL BUYER STATUS UNDER SEC RULE 144A

           [FOR TRANSFEREES THAT ARE REGISTERED INVESTMENT COMPANIES]

          The undersigned (the "Buyer") hereby certifies as follows to the
parties listed in the Rule 144A Transferee Certificate to which this
certification relates with respect to the Certificates described therein:

     4. As indicated below, the undersigned is the President, Chief Financial
Officer or Senior Vice President of the Buyer or, if the Buyer is a "qualified
institutional buyer" as that term is defined in Rule 144A under the Securities
Act of 1933, as amended ("Rule 144A"), because Buyer is part of a Family of
Investment Companies (as defined below), is such an officer of the Adviser.

     38. In connection with purchases by Buyer, the Buyer is a "qualified
institutional buyer" as defined in Rule 144A because (i) the Buyer is an
investment company registered under the Investment Company Act of 1940, as
amended and (ii) as marked below, the Buyer alone, or the Buyer's Family of
Investment Companies, owned at least $100,000,000 in securities (other than the
excluded securities referred to below) as of the end of the Buyer's most recent
fiscal year. For purposes of determining the amount of securities owned by the
Buyer or the Buyer's Family of Investment Companies, the cost of such securities
was used, except (i) where the Buyer or the Buyer's Family of Investment
Companies reports its securities holdings in its financial statements on the
basis of their market value, and (ii) no current information with respect to the
cost of those securities has been published. If clause (ii) in the preceding
sentence applies, the securities may be valued at market.

          [ ]  The Buyer owned $___________ in securities (other than the
               excluded securities referred to below) as of the end of the
               Buyer's most recent fiscal year (such amount being calculated in
               accordance with Rule 144A).

          [ ]  The Buyer is part of a Family of Investment Companies which owned
               in the aggregate $__________ in securities (other than the
               excluded securities referred to below) as of the end of the
               Buyer's most recent fiscal year (such amount being calculated in
               accordance with Rule 144A).

     39. The term "Family of Investment Companies" as used herein means two or
more registered investment companies (or series thereof) that have the same
investment adviser or investment advisers that are affiliated (by virtue of
being majority owned subsidiaries of the same parent or because one investment
adviser is a majority owned subsidiary of the other).

     40. The term "securities" as used herein does not include (i) securities of
issuers that are affiliated with the Buyer or are part of the Buyer's Family of
Investment Companies, (ii) securities issued or guaranteed by the U.S. or any
instrumentality thereof, (iii) bank deposit notes and certificates of deposit,
(iv) loan participations, (v) repurchase agreements, (vi) securities owned but
subject to a repurchase agreement and (vii) currency, interest rate and
commodity swaps.


                                       H-7

<PAGE>

     41. The Buyer is familiar with Rule 144A and understands that the parties
listed in the Rule 144A Transferee Certificate to which this certification
relates are relying and will continue to rely on the statements made herein
because one or more sales to the Buyer will be in reliance on Rule 144A. In
addition, the Buyer will only purchase for the Buyer's own account.

     42. Until the date of purchase of the Certificates, the undersigned will
notify the parties listed in the Rule 144A Transferee Certificate to which this
certification relates of any changes in the information and conclusions herein.
Until such notice is given, the Buyer's purchase of the Certificates will
constitute a reaffirmation of this certification by the undersigned as of the
date of such purchase.


                                        By:
                                            ------------------------------------
                                        Name:
                                              ----------------------------------
                                        Title:
                                               ---------------------------------


                                        IF AN ADVISER:

                                        ----------------------------------------
                                        Print Name of Buyer

                                        Date:
                                              ----------------------------------


                                       H-8

<PAGE>

                                    EXHIBIT I

                           FORM OF REQUEST FOR RELEASE

                                     [DATE]

To: LaSalle Bank National Association
    135 South LaSalle Street
    Suite 1511
    Chicago, Illinois 60603

Attention: Account Manager--MLMI 2006-FF1

Re: Merrill Lynch Mortgage Investors Trust, Mortgage Loan Asset-Backed
    Certificates, Series 2006-FF1

          In connection with the administration of the Mortgage Loans held by
you, as Trustee, pursuant to the Pooling and Servicing Agreement, dated as of
December 1, 2006, among Merrill Lynch Mortgage Investors, Inc., as depositor,
LaSalle Bank National Association, as Trustee, National City Home Loan Services,
Inc., as servicer (the "Pooling and Servicing Agreement"), we request the
release, and hereby acknowledge receipt, of the Mortgage File for the Mortgage
Loan described below, for the reason indicated.

Mortgage Loan Number: __________________________

Mortgagor Name, Address & Zip Code: ___________________________

Reason for Requesting Documents (check one):

[ ]  1.   Mortgage Paid in Full

[ ]  2.   Foreclosure

[ ]  3.   Substitution

[ ]  4.   Other Liquidation (Repurchases, etc.)

[ ]  5.   Nonliquidation

[ ]  6.   Other Reason:

Address to which the Trustee should deliver the Mortgage File:


                                        By:
                                            ------------------------------------
                                            (authorized signer)
                                        Address:
                                                 -------------------------------
                                        Date:
                                              ----------------------------------


                                       I-1

<PAGE>

If box 1 or 2 above is checked, and if all or part of the Mortgage File was
previously released to us, please release to us our previous receipt on file
with you, as well as any additional documents in your possession relating to the
above specified Mortgage Loan.

If box 3, 4, 5 or 6 above is checked, upon our return of all of the above
documents to you as Trustee, please acknowledge your receipt by signing in the
space indicated below, and returning this form.

Please acknowledge the execution of the above request by your signature and date
below:

LASALLE BANK NATIONAL ASSOCIATION
as Trustee


By:
    ---------------------------------   ----------------------------------------
    Signature                           Date


Documents returned to Trustee:


By:
    ---------------------------------   ----------------------------------------
    Signature                           Date


                                       I-2

<PAGE>

                                    EXHIBIT J

                                   [RESERVED]


                                       J-1

<PAGE>

                                    EXHIBIT K

                    FORM OF BACK-UP CERTIFICATION OF TRUSTEE

                                     [DATE]

Merrill Lynch Mortgage Investors, Inc.
250 Vesey Street
4 World Financial Center, 10th Floor
New York, New York 10080

National City Home Loan Services, Inc.
150 Allegheny Center Mall
Pittsburgh, Pennsylvania 15212

Re: Pooling and Servicing Agreement (the "Agreement"), dated as of December 1,
    2006, among Merrill Lynch Mortgage Investors, Inc., as depositor, National
    City Home Loan Services, Inc., as servicer, and LaSalle Bank National
    Association, as trustee, relating to Merrill Lynch Mortgage Investors
    Trust, Mortgage Loan Asset-Backed Certificates, Series 2006-FF1

          The Trustee hereby certifies to the Depositor, the Servicer and their
officers, directors and affiliates, and with the knowledge and intent that they
will rely upon this certification, that:

          (1) I have reviewed the annual report on Form 10-K for the fiscal year
[2006] (the "Annual Report"), and all reports on Form 8-K (if any) and on Form
10-D required to be filed in respect of the period covered by the Annual Report
(collectively with the Annual Report, the "Reports"), of the Issuing Entity;

          (2) To the best of my knowledge, and assuming the accuracy of the
statements required to be made or data required to be delivered by the Servicer
and Depositor (to the extent that such statements or data were received by the
Trustee and are relevant to the statements made by the Trustee in this Back-Up
Certification), the information in the Reports relating to the trustee, taken as
a whole, does not contain any untrue statement of a material fact or omit to
state a material fact necessary to make the statements made, in light of the
circumstances under which such statements were made, not misleading with respect
to the period covered by the Annual Report;

          (3) To the best of my knowledge, and assuming the accuracy of the
statements required to be made or data required to be delivered by the Servicer,
the Special Servicer and Depositor (to the extent that such statements or data
were received by the Trustee and are relevant to the statements made by the
Trustee in this Back-Up Certification), the distribution and any other
information required to be provided by the Trustee (other than information
provided by or on behalf of the Servicer, the Depositor or other third party) to
the Depositor and each Servicer under the Pooling and Servicing Agreement for
inclusion in the Reports is included in the Reports; and


                                       K-1

<PAGE>

          (4) The report on assessment of compliance with servicing criteria for
asset-backed securities of the Trustee and its related attestation report on
assessment of compliance with servicing criteria required to be included in the
Annual Report in accordance with Item 1122 of Regulation AB and Exchange Act
Rules 13a-18 and 15d-18 has been included as an exhibit to the Annual Report.
Any material instances of non-compliance are described in such report and have
been disclosed in the Annual Report.

LaSalle Bank National Association,
as Trustee


By:
    ---------------------------------
Name:
      -------------------------------
Title:
       ------------------------------


                                       K-2

<PAGE>

                                    EXHIBIT L

                    FORM OF OFFICER'S CERTIFICATE OF SERVICER

                                     [DATE]

Merrill Lynch Mortgage Investors, Inc.
250 Vesey Street
4 World Financial Center, 10th Floor
New York, New York 10080

Re: Merrill Lynch Mortgage Investors Trust, Mortgage Loan Asset-Backed
    Certificates, Series 2006-FF1

          National City Home Loan Services, Inc. (the "Servicer") certifies to
the Depositor and the Trustee, and their officers, directors and affiliates, and
with the knowledge and intent that they will rely upon this certification, that:

          (1) I am responsible for reviewing the activities performed by the
Servicer under the Pooling and Servicing Agreement and I have reviewed, or
persons under my supervision have reviewed, the servicer compliance statement of
the Servicer and the compliance statements of each Subservicer, if any, engaged
by the Servicer provided to the Depositor and the Trustee for the Issuing
Entity's fiscal year [___] in accordance with Item 1123 of Regulation AB (each a
"Compliance Statement"), the report on assessment of the Servicer's compliance
with the servicing criteria set forth in Item 1122(d) of Regulation AB (the
"Servicing Criteria") and reports on assessment of compliance with servicing
criteria for asset-backed securities of the Servicer and of each Subservicer
[or Subcontractor], if any, engaged or utilized by the Servicer provided to the
Depositor and the Trustee for the Issuing Entity's fiscal year [___] in
accordance with Rules 13a-18 and 15d-18 under Securities Exchange Act of 1934,
as amended (the "Exchange Act") and Item 1122 of Regulation AB (each a
"Servicing Assessment"), the registered public accounting firm's attestation
report provided in accordance with Rules 13a-18 and 15d-18 under the Exchange
Act and Section 1122(b) of Regulation AB related to each Servicing Assessment
(each a "Attestation Report"), and all servicing reports, officer's certificates
and other information relating to the servicing of the Mortgage Loans by the
Servicer during 200[_] that were delivered or caused to be delivered by the
Servicer pursuant to the Agreement (collectively, the "Servicing Information");

          (2) Based on my knowledge, and assuming the accuracy of the
information provided to the Servicer by third parties in connection with the
performance of the Servicer's duties under the Pooling and Servicing Agreement,
the Servicing Information, taken as a whole, does not contain any untrue
statement of a material fact or omit to state a material fact necessary to make
the statements made, in the light of the circumstances under which such
statements were made, not misleading with respect to the period of time covered
by the Servicing Information;

          (3) Based on my knowledge, the servicing information required to be
provided to the Trustee by the Servicer pursuant to the Pooling and Servicing
Agreement has been provided to the Trustee;

          (4) Based on my knowledge and the compliance review conducted in
preparing each Compliance Statement of the Servicer and, if applicable,
reviewing each Compliance Statement of each Subservicer, if any, engaged by the
Servicer, and except as disclosed in such Compliance Statement[(s)],


                                       L-1

<PAGE>

the Servicer [(directly and through its Subservicers, if any)] has fulfilled
its obligations under the Pooling and Servicing Agreement in all material
respects.

          (5) Each Servicing Assessment of the Servicer and of each Subservicer
[or Subcontractor], if any, engaged or utilized by the Servicer and its related
Attestation Report required to be included in the Annual Report in accordance
with Item 1122 of Regulation AB and Exchange Act Rules 13a-18 and 15d-18 has
been provided to the Depositor and the Trustee. Any material instances of
non-compliance are described in any such Servicing Assessment or Attestation
Report.

Date:
      -------------------------------

National City Home Loan Services, Inc.,
as Servicer


By:
    ---------------------------------
Name:
      -------------------------------
Title:
       ------------------------------


                                       L-2
<PAGE>

                                   EXHIBIT M-1

                         FORM OF CLASS A-1 CAP CONTRACT

                                                 (THE BANK OF NEW YORK(TM) LOGO)

                                                        Dated: December 27, 2006

                              RATE CAP TRANSACTION

                           RE: BNY REFERENCE NO. 38700

Ladies and Gentlemen:

     The purpose of this letter agreement ("AGREEMENT") is to confirm the terms
and conditions of the rate Cap Transaction entered into on the Trade Date
specified below (the "TRANSACTION") between The Bank of New York ("BNY"), a
trust company duly organized and existing under the laws of the State of New
York, and Merrill Lynch Mortgage Investors Trust, Series 2006-FF1 (the
"COUNTERPARTY"), as represented by LaSalle Bank National Association, not in its
individual capacity, but solely as Trustee under the Pooling and Servicing
Agreement, dated and effective December 1, 2006, among Merrill Lynch Mortgage
Investors, Inc., as Depositor, National City Home Loan Services, Inc., as
Servicer, and LaSalle Bank National Association,, as Trustee (the "POOLING AND
SERVICING AGREEMENT"). This Agreement, which evidences a complete and binding
agreement between you and us to enter into the Transaction on the terms set
forth below, constitutes a "CONFIRMATION" as referred to in the "ISDA FORM
MASTER AGREEMENT" (as defined below), as well as a "Schedule" as referred to in
the ISDA Form Master Agreement.

     1. FORM OF AGREEMENT. This Agreement is subject to the 2000 ISDA
Definitions (the "DEFINITIONS"), as published by the International Swaps and
Derivatives Association, Inc. ("ISDA"). Any reference to a "Swap Transaction" in
the Definitions is deemed to be a reference to a "Transaction" for purposes of
this Agreement, and any reference to a "Transaction" in this Agreement is deemed
to be a reference to a "Swap Transaction" for purposes of the Definitions. You
and we have agreed to enter into this Agreement in lieu of negotiating a
Schedule to the 1992 ISDA Master Agreement (Multicurrency--Cross Border) form
(the "ISDA FORM MASTER AGREEMENT"). An ISDA Form Master Agreement, as modified
by the Schedule terms in Paragraph 4 of this Confirmation (the "MASTER
AGREEMENT"), shall be deemed to have been executed by you and us on the date we
entered into the Transaction. For the avoidance of doubt, the Transaction
described herein shall be the sole Transaction governed by such ISDA Form Master
Agreement. Except as otherwise specified, references herein to Sections shall be
to Sections of the Master Agreement, and references to Paragraphs shall be to
paragraphs of this Agreement. Each party hereto agrees that the Master Agreement
deemed to have been executed by the parties hereto shall be the same Master
Agreement referred to in the agreement setting forth the terms of transaction
reference numbers 38701 and 38702. In the event of any inconsistency between the
provisions of this Agreement and the Definitions or the Master Agreement, this
Agreement shall prevail for purposes of the Transaction. Capitalized terms not
otherwise defined herein or in the Definitions or the Master Agreement shall
have the meaning defined for such term in the Pooling and Servicing Agreement.

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

<TABLE>
<S>                               <C>
     Type of Transaction:         Rate Cap

     Notional Amount:             With respect to any Calculation Period, the
                                  lesser of: (i) the amount set forth on
                                  Schedule I attached hereto for such
</TABLE>


                                      M-1-1

<PAGE>

<TABLE>
<S>                               <C>
                                  Calculation Period and (ii) the Class
                                  Certificate Principal Balance of the Class A-1
                                  Certificates (as defined in the Pooling and
                                  Servicing Agreement) for such Floating Rate
                                  Payer Payment Date.

                                  The Trustee under the Pooling and Servicing
                                  Agreement shall provide at least five (5)
                                  business days notice prior to each Floating
                                  Rate Payer Payment Date for each Calculation
                                  Period to The Bank of New York if the Class
                                  Certificate Principal Balance of the Class A-1
                                  Certificates is less than the Schedule I
                                  attached hereto.

     Trade Date:                  December 21, 2006

     Effective Date:              December 27, 2006

     Termination Date:            June 25, 2007, subject to adjustment in
                                  accordance with the Modified Following
                                  Business Day Convention

FLOATING AMOUNTS
     Floating Rate Payer:         BNY

     Cap Rate:                    For each Calculation Period, as set forth for
                                  such period on Schedule I attached hereto.

     Floating Rate for initial    To be determined
     Calculation Period:

     Floating Rate Day Count      Actual/360
     Fraction:

     Floating Rate Option:        USD-LIBOR-BBA, provided, however, if the
                                  Floating Rate Option for a Calculation Period
                                  is greater than 10.895% then the Floating Rate
                                  Option for such Calculation Period shall be
                                  deemed equal to 10.895%.

     Designated Maturity:         One month

     Spread:                      Inapplicable

     Floating Rate Payer          The 25th day of each month, beginning on
     Period End Dates:            January 25, 2007 and ending on the Termination
                                  Date, subject to adjustment in accordance with
                                  the Modified Following Business Day
                                  Convention.

     Floating Rate Payer          Early Payment shall be applicable. The
     Payment Dates:               Floating Rate Payer Payment Date shall be one
                                  (1) Business Day preceding each Floating Rate
                                  Payer Period End Date.

     Reset Dates:                 The first day of each Calculation Period

     Compounding:                 Inapplicable

     Business Days for Payments   New York and Illinois
     By both parties:

     Calculation Agent:           BNY
</TABLE>


                                      M-1-2

<PAGE>

     3. ADDITIONAL PROVISIONS:

     1) RELIANCE. Each party hereto is hereby advised and acknowledges that the
other party has engaged in (or refrained from engaging in) substantial financial
transactions and has taken (or refrained from taking) other material actions in
reliance upon the entry by the parties into the Transaction being entered into
on the terms and conditions set forth herein.

     2) TRANSFER, AMENDMENT AND ASSIGNMENT. No transfer, amendment, waiver,
supplement, assignment or other modification of this Transaction shall be
permitted by either party unless each of Standard & Poor's Ratings Service, a
division of The McGraw-Hill Companies, Inc ("S&P") and Moody's Investors
Service, Inc. ("MOODY'S"), has been provided notice of the same and confirms in
writing (including by facsimile transmission) that it will not downgrade,
qualify, withdraw or otherwise modify its then-current ratings on the Class A-1
Certificates issued under the Pooling and Servicing Agreement (the
"CERTIFICATES").

     4. PROVISIONS DEEMED INCORPORATED IN A SCHEDULE TO THE MASTER AGREEMENT:

     1) NO PAYMENT NETTING AMONG TRANSACTIONS. The parties agree that
subparagraph (ii) of Section 2(c) of the ISDA Form Master Agreement will apply
to this Transaction.

     2) TERMINATION PROVISIONS. Subject to the provisions of Paragraph 4(12),
for purposes of the Master Agreement:

     (a) "SPECIFIED ENTITY" in relation to BNY or the Counterparty shall mean:
     none.

     (b) "SPECIFIED TRANSACTION" will have the meaning specified in Section 14.

     (c) APPLICABILITY. The following provisions apply or do not apply to the
     parties as specified below:

          (i)  Section 5(a)(i) (FAILURE TO PAY OR DELIVER):

               (A)  will apply to BNY; and

               (B)  will apply to the Counterparty.

          (ii) Section 5(a)(ii) (BREACH OF AGREEMENT):

               (A)  will apply to BNY; and

               (B)  will not apply to the Counterparty.

          (iii) Section 5(a)(iii) (CREDIT SUPPORT DEFAULT):

               (A)  will apply to BNY; and

               (B)  will not apply to the Counterparty.

          (iv) Section 5(a)(iv) (MISREPRESENTATION):

               (A)  will apply to BNY; and

               (B)  will not apply to the Counterparty.

          (v)  Section 5(a)(v) (DEFAULT UNDER SPECIFIED TRANSACTION):

               (A)  will not apply to BNY; and

               (B)  will not apply to the Counterparty.

          (vi) Section 5(a)(vi) (CROSS DEFAULT):


                                      M-1-3

<PAGE>

               (A)  will apply to BNY; and

               (B)  will not apply to the Counterparty.

               For the purposes of Section 5(a)(vi):

               "SPECIFIED INDEBTEDNESS" will have the meaning specified in
               Section 14 of this Agreement, except that it shall not include
               indebtedness in respect of deposits received.

               "THRESHOLD AMOUNT" means, 3% of consolidated shareholders equity
               of BNY and its subsidiaries determined in accordance with
               generally accepted accounting principles of the United States
               consistently applied as of the last day of the fiscal quarter
               ended immediately prior to the occurrence or existence of an
               event for which a Threshold Amount is applicable under Section
               5(a)(vi) of this Agreement.

          (vii) Section 5(a)(vii) (BANKRUPTCY):

               (A)  will apply to BNY; and

               (B)  (1) subclauses (2), (4) (but only if the proceeding or
                    petition is instituted or presented by the Counterparty or
                    its affiliates), (7) and (8) (but only with respect to
                    clauses (2), (4) and (7) to the extent of disapplication
                    herein) of Section 5(a)(vii) will not apply to the
                    Counterparty, and the remaining provisions of Section
                    5(a)(vii) will apply to the Counterparty; and (2) the words
                    "trustee" and "custodian" in subclause (6) will not include
                    the Trustee; and (3) events described in Section 5(a)(vii)
                    occurring with respect to the Trust or the Supplemental
                    Interest Trust are deemed to occur to the Counterparty.

          (viii) Section 5(a)(viii) (MERGER WITHOUT ASSUMPTION):

               (A)  will apply to BNY; and

               (B)  will apply to the Counterparty.

          (ix) Section 5(b)(i) (ILLEGALITY):

               (A)  will apply to BNY; and

               (B)  will apply to the Counterparty.

          (x)  Section 5(b)(ii) (TAX EVENT):

               (A)  will apply to BNY; provided that the words "(x) any action
                    taken by a taxing authority, or brought in a court of
                    competent jurisdiction, on or after the date on which a
                    Transaction is entered into (regardless of whether such
                    action is taken or brought with respect to a party to this
                    Agreement) or (y)" shall be deleted; and

               (B)  will not apply to the Counterparty.

          (xi) Section 5(b)(iii) (TAX EVENT UPON MERGER):

               (A)  will apply to BNY, provided, that BNY shall not be entitled
                    to designate an Early Termination Date by reason of a Tax
                    Event upon Merger in respect of which it is the Affected
                    Party; and

               (B)  will apply to the Counterparty.

          (xii) Section 5(b)(iv) (CREDIT EVENT UPON MERGER):


                                      M-1-4

<PAGE>

               (A)  will not apply to BNY; and

               (B)  will not apply to the Counterparty.

          (xiii) Section 5(b)(v) (ADDITIONAL TERMINATION EVENT):

               (A)  will apply to BNY with respect to Paragraph 4(2)(g)(iii) and
                    (iv); and

               (B)  will apply to the Counterparty with respect to Paragraph
                    (2)(g)(i), and (ii).

     (d) The "AUTOMATIC EARLY TERMINATION" provision of Section 6(a):

               (A)  will not apply to BNY; and

               (B)  will not apply to the Counterparty.

     (e) PAYMENTS ON EARLY TERMINATION. For the purpose of Section 6(e), the
     Second Method and Market Quotation will apply. For such purpose, for so
     long as the Certificates are rated by Moody's, if BNY is the Affected Party
     in respect of an Additional Termination Event or a Tax Event Upon Merger or
     the Defaulting Party in respect of any Event of Default (but not, in any
     case, in respect of a Termination Event arising from an Illegality or Tax
     Event), the following provisions shall apply:

          (i) The definitions of "Market Quotation" and "Settlement Amount" are
          amended in their entirety to read as follows:

               "MARKET QUOTATION" means, with respect to one or more Terminated
               Transactions, an offer capable of becoming legally binding upon
               acceptance made by a Reference Market-maker with ratings that
               meet the Collateralization Requirement or the Ratings
               Requirement, as the case may be, for an amount that would be paid
               to the Counterparty (expressed as a negative number) or by the
               Counterparty (expressed as a positive number) in consideration of
               an agreement between the Counterparty and such Reference
               Market-maker to enter into a transaction (the "REPLACEMENT
               TRANSACTION"), with commercial terms substantially the same as
               those of this Agreement (save for the exclusion of provisions
               relating to Transactions that are not Terminated Transactions)
               (which shall be determined by the Counterparty, acting in a
               commercially reasonable manner), that would have the effect of
               preserving the economic equivalent for the Counterparty of any
               payment or delivery (whether the underlying obligation was
               absolute or contingent and assuming the satisfaction of each
               applicable condition precedent) by the parties under Section
               2(a)(i) in respect of such Terminated Transactions or group of
               Terminated Transactions that would, but for the occurrence of the
               relevant Early Termination Date, have been required after that
               Date. For this purpose, Unpaid Amounts in respect of the
               Terminated Transaction or group of Transactions are to be
               excluded but, without limitation, any payment or delivery that
               would, but for the relevant Early Termination Date, have been
               required (assuming satisfaction of each applicable condition
               precedent) after that Early Termination Date is to be included.

               "SETTLEMENT AMOUNT" means, with respect to any Early Termination
               Date: --

               (a) the Termination Currency Equivalent of the Market Quotation
               (whether positive or negative) for each Terminated Transaction or
               group of Terminated Transactions for which a Market Quotation is
               accepted by the Counterparty so as to become legally binding on
               or before the day falling ten (10) Local Business Days after the
               day on which the Early Termination Date is designated (or such


                                      M-1-5

<PAGE>

               later day not be later than the Early Termination Date as the
               Counterparty may specify in writing to BNY); or (if there is no
               such accepted Market Quotation)

               (b) the Counterparty's Loss (whether positive or negative and
               without reference to any Unpaid amounts) for the relevant
               Terminated Transaction or group of Terminated Transactions.

          (ii) the Counterparty and, if request is made in writing within two
          Local Business Days after the day on which the Early Termination Date
          is designated, BNY, shall use reasonable efforts to obtain one or more
          Market Quotations before the date determined pursuant to clause (a) of
          the definition of "Settlement Amount".

          (iii) Notwithstanding anything to the contrary in Section 6(e)(i)(3)
          or Part 5(g), if the Settlement Amount is a negative number, the
          Unpaid Amounts of BNY and the Counterparty shall be subject to netting
          in accordance with Section 2(c).

     (f) "TERMINATION CURRENCY" means United States Dollars.

     (g) "ADDITIONAL TERMINATION EVENT" will apply. The following shall
     constitute Additional Termination Events, and the party specified shall be
     the Affected Party with respect thereto:--

          (i) TERMINATION OF TRUST FUND. The Trust, Supplemental Interest Trust
          or Trust Fund shall be terminated pursuant to any provision of the
          Pooling and Servicing Agreement (including, without limitation, by
          exercise of the option to purchase and giving of notice under Sections
          10.01 of the Pooling and Servicing Agreement). The Early Termination
          Date with respect to such Additional Termination Event shall be the
          Distribution Date upon which the Trust and the Supplemental Interest
          Trust or Trust Fund is terminated and final payment is made in respect
          of the Certificates. Each of BNY and the Counterparty may designate an
          Early Termination Date in respect of this Additional Termination
          Event. The Counterparty shall be the sole Affected Party.

          (ii) AMENDMENT OF POOLING AND SERVICING AGREEMENT. The amendment of
          the Pooling and Servicing Agreement in a manner which could have a
          material adverse affect on BNY without first obtaining the prior
          written consent of BNY (such consent not to be unreasonably withheld),
          where such consent is required under the Pooling and Servicing
          Agreement. The Counterparty shall be the sole Affected Party.

          (iii) COLLATERALIZATION OR RATINGS EVENT. A Collateralization Event or
          Ratings Event (as defined in Paragraph 4(8)(a) has occurred and is
          continuing and BNY fails to comply with the provisions of Paragraph
          4(8)(b) within the time periods set out therein, and, with respect to
          a Ratings Event, at least one substitute counterparty has made an
          offer which remains capable of becoming legally binding upon
          acceptance to be the Transferee of an assignment, transfer or
          replacement in accordance with Paragraph 4(8)(b)(2)(A) hereof). BNY
          shall be the sole Affected Party.

          (iv) REGULATION AB. BNY shall fail to comply with the provisions of
          Paragraph 4(9) hereof within the time provided for therein. BNY shall
          be the sole Affected Party.


                                      M-1-6

<PAGE>

     (h) "GROSS UP". Section 2(d)(i)(4) shall not apply to Counterparty as X,
     and Section 2(d)(ii) shall not apply to Counterparty as Y, such that
     Counterparty shall not be required to pay any additional amounts referred
     to therein.

     3) TAX REPRESENTATIONS.

     (a) PAYER REPRESENTATIONS. For the purpose of Section 3(e), BNY and the
     Counterparty make the following representations:

                    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)) 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);

          (ii) the satisfaction of the agreement contained in Section 4 (a)(i)
               or 4(a)(iii) and the accuracy and effectiveness of any document
               provided by the other party pursuant to Section 4 (a)(i) or
               4(a)(iii); and

          (iii) the satisfaction of the agreement of the other party contained
               in Section 4(d), 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) by reason of material prejudice of its legal or
               commercial position.

     (b) PAYEE REPRESENTATIONS. For the purpose of Section 3(f), BNY and the
     Counterparty make the following representations.

          (i)  The following representation will apply to BNY:

               (x) It is a "U.S. person" (as that term is used in section
               1.1441-4(a)(3)(ii) of the United States Treasury Regulations) for
               United States federal income tax purposes, (y) it is a trust
               company duly organized and existing under the laws of the State
               of New York, and (y) its U.S. taxpayer identification number is
               135160382.

          (ii) The following representation will apply to the Counterparty:

               It is a "U.S. person" (as that term is used in section
               1.1441-4(a)(3)(ii) of United States Treasury Regulations) for
               United States federal income tax purposes.

     4) DOCUMENTS TO BE DELIVERED. FOR THE PURPOSE OF SECTION 4(A):

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

<TABLE>
<CAPTION>
                                                                                               COVERED BY
PARTY REQUIRED TO                                                                             SECTION 3(D)
DELIVER DOCUMENT            FORM/DOCUMENT/ CERTIFICATE       DATE BY WHICH TO BE DELIVERED   REPRESENTATION
-----------------           --------------------------       -----------------------------   --------------
<S>                    <C>                                   <C>                             <C>
BNY and Counterparty   Any document required or reasonably   Promptly after the earlier of         Yes
                       requested to allow the other party    (i) reasonable demand by
                       to make payments under this           either party or (ii) learning
                       Agreement without any deduction or    that such form or document is
                       withholding for or on the account     required
                       of any tax.
</TABLE>


                                           M-1-7

<PAGE>

     (b) Other documents to be delivered are:

<TABLE>
<CAPTION>
                                                                                               COVERED BY
PARTY REQUIRED TO                                                                             SECTION 3(D)
DELIVER DOCUMENT            FORM/DOCUMENT/ CERTIFICATE       DATE BY WHICH TO BE DELIVERED   REPRESENTATION
-----------------           --------------------------       -----------------------------   --------------
<S>                    <C>                                   <C>                             <C>
BNY                    A certificate of an authorized        Upon the execution and                Yes
                       officer of the party, as to the       delivery of this Agreement
                       incumbency and authority of the
                       respective officers of the party
                       signing this Agreement, any
                       relevant Credit Support Document,
                       or any Confirmation, as the case
                       may be.

Counterparty           (i) a copy of the executed Pooling    Upon the later of, receipt by         Yes
                       and Servicing Agreement, and (ii)     such party, or within 30 days
                       an incumbency certificate verifying   after the date of this
                       the true signatures and authority     Agreement
                       of the person or persons signing
                       this letter agreement on behalf of
                       the Counterparty.

BNY                    A copy of the annual balance sheet    Promptly after request by the         Yes
                       from the most recent publicly         Counterparty (if available on
                       available regulatory call report.     http://www.fdic.gov, such
                                                             delivery is not required)

BNY                    Legal Opinion as to enforceability    Upon the execution and                Yes
                       of this Agreement.                    delivery of this Agreement.

Counterparty           Certified copy of the Board of        Upon the execution and                Yes
                       Directors resolution (or equivalent   delivery of this Agreement.
                       authorizing documentation) which
                       sets forth the authority of each
                       signatory to the Confirmation
                       signing on its behalf and the
                       authority of such party to enter
                       into Transactions contemplated and
                       performance of its obligations
                       hereunder.
</TABLE>


                                           M-1-8

<PAGE>

     5) MISCELLANEOUS.

     (a)  ADDRESS FOR NOTICES: For the purposes of Section 12(a):

          ADDRESS FOR NOTICES OR COMMUNICATIONS TO BNY:

               The Bank of New York
               Swaps and Derivative Products Group
               Global Market Division
               32 Old Slip 15th Floor
               New York, New York 10286
               Attention: Steve Lawler

          with a copy to:

               The Bank of New York
               Swaps and Derivative Products Group
               32 Old Slip 16th Floor
               New York, New York 10286
               Attention: Andrew Schwartz
               Tele: 212-804-5103
               Fax: 212-804-5818/5837

               (For all purposes)

          A copy of any notice or other communication with respect to Sections 5
          or 6 should also be sent to the addresses set out below:

               The Bank of New York
               Legal Department
               One Wall Street - 10th Floor
               New York, New York 10286
               Attention: General Counsel

          ADDRESS FOR NOTICES OR COMMUNICATIONS TO THE COUNTERPARTY:

               LaSalle Bank National Association, not in its individual
               capacity, but solely as Trustee for Merrill Lynch Mortgage
               Investors Trust, Series 2006-FF1
               Global Securities and Trust Services
               135 S. LaSalle Street, Ste 1511
               Chicago, Illinois 60603
               Attention: John Chozen
               Telephone: 312-992-1816
               Facsimile: 312-904-1368

               With a copy to:

               Merrill Lynch Mortgage Lending, Inc.
               4 World Financial Center
               250 Vesey Street
               NY, NY 10080
               Attention: Alan Chan
               Phone: 212.449.1441
               Facsimile: 212.738-1110

     (b) PROCESS AGENT. For the purpose of Section 13(c):


                                      M-1-9

<PAGE>

     BNY appoints as its Process Agent: Not Applicable

     The Counterparty appoints as its Process Agent: Not Applicable

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

     (d) MULTIBRANCH PARTY. For the purpose of Section 10(c):

     BNY is a Multibranch Party and will enter into each Transaction only
     through the following Office:-- New York (for all Transactions).

     The Counterparty is not a Multibranch Party.

     (e) CALCULATION AGENT. The Calculation Agent is BNY.

     (f) "CREDIT SUPPORT DOCUMENT" means in relation to:--

     BNY: the Credit Support Annex attached as Exhibit A hereto.

     The Counterparty: Not applicable.

     (g) "CREDIT SUPPORT PROVIDER" means in relation to:--

     BNY: Not Applicable (except with respect to credit support furnished
     pursuant to Paragraph 4(8) or 4(9).

     Counterparty: Not Applicable

     (h) GOVERNING LAW. The parties to this Agreement hereby agree that the law
     of the State of New York shall govern their rights and duties in whole,
     without regard to conflict of law provisions thereof other than New York
     General Obligations Law Sections 5-1401 and 5-1402.

     (i) 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. 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.

     (j) RECORDING OF CONVERSATIONS. Each party (i) consents to the recording of
     telephone conversations between the trading, marketing and other relevant
     personnel of the parties in connection with this Agreement or any potential
     Transaction, (ii) agrees to obtain any necessary consent of, and give any
     necessary notice of such recording to, its relevant personnel and (iii)
     agrees, to the extent permitted by applicable law, that recordings may be
     submitted in evidence in any Proceedings.

     (k) WAIVER OF JURY TRIAL. Each party waives any right it may have to a
     trial by jury in respect of any Proceedings relating to this Agreement or
     any Credit Support Document.


                                     M-1-10

<PAGE>

     (l) NON-RECOURSE. Notwithstanding any provision herein or in the Master
     Agreement to the contrary, the obligations of the Counterparty hereunder
     are limited recourse obligations of the Counterparty, payable solely from
     the Swap Account and the proceeds thereof to satisfy the Counterparty's
     obligations hereunder. In the event that the Swap Account and proceeds
     thereof should be insufficient to satisfy all claims outstanding and
     following the realization of the Swap Account and the distribution of the
     proceeds thereof in accordance with the Pooling and Servicing Agreement,
     any claims against or obligations of the Counterparty under the Master
     Agreement or any other confirmation thereunder, still outstanding shall be
     extinguished and thereafter not revive. This provision shall survive the
     expiration of this Agreement.

     (m) LIMITATION ON INSTITUTION OF BANKRUPTCY PROCEEDINGS. BNY shall not
     institute against or cause any other person to institute against, or join
     any other person in instituting against the Counterparty, the supplemental
     interest trust or the trust created pursuant to the Pooling and Servicing
     Agreement any bankruptcy, reorganization, arrangement, insolvency or
     liquidation proceedings, under any federal or state bankruptcy or similar
     law or bankruptcy or similar laws of any other jurisdiction, for a period
     of one year and one day (or, if longer, the applicable preference period)
     following indefeasible payment in full of the Certificates. This provision
     shall survive the expiration of this Agreement.

     (n) REMEDY OF FAILURE TO PAY OR DELIVER. The ISDA Form Master Agreement is
     hereby amended by replacing the word "third" in the third line of Section
     5(a)(i) by the word "second".

     (o) "AFFILIATE" will have the meaning specified in Section 14 of the ISDA
     Form Master Agreement, provided that the Counterparty shall be deemed not
     to have any Affiliates for purposes of this Agreement, including for
     purposes of Section 6(b)(ii).

     (p) TRUSTEE'S CAPACITY. It is expressly understood and agreed by the
     parties hereto that insofar as this Confirmation is executed by the Trustee
     (i) this Confirmation is executed and delivered by LaSalle Bank National
     Association, not in its individual capacity but solely as Trustee pursuant
     to the Pooling and Servicing Agreement in the exercise of the powers and
     authority conferred and vested in it thereunder and pursuant to instruction
     set forth therein, (ii) each of the representations, undertakings and
     agreements herein made on behalf of the trust is made and intended not as a
     personal representation, undertaking or agreement of the Trustee but is
     made and intended for the purpose of binding only the trust, (iii) nothing
     contained herein shall be construed as creating any liability of LaSalle
     Bank National Association, individually or personally, to perform any
     covenants either express 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 will LaSalle Bank National Association, in its individual
     capacity be personally liable for the payment of any indebtedness or
     expenses or be personally liable for the breach or failure of any
     obligation, representation, warranty or covenant made or undertaken under
     this Confirmation. Nothing herein contained shall be construed as creating
     any liability on LaSalle Bank National Association, individually or
     personally, to perform any covenant either expressed or implied contained
     herein, all such liability, if any, being expressly waived by the parties
     who are signatories to this letter agreement and by any person claiming by,
     through or under such parties.

     (q) TRUSTEE'S REPRESENTATION. LaSalle Bank National Association, as
     Trustee, represents and warrants that:

          It has been directed under the Pooling and Servicing Agreement to
          enter into this letter agreement as Trustee on behalf of the
          Counterparty.

     6) ADDITIONAL REPRESENTATIONS. Section 3 is hereby amended by adding, at
the end thereof, the following Sections 3(g), 3(h) and 3(i):


                                     M-1-11

<PAGE>

     "(g) RELATIONSHIP BETWEEN PARTIES.

          (1) NONRELIANCE. It is not relying on any statement or representation
          of the other party regarding the Transaction (whether written or
          oral), other than the representations expressly made in this Agreement
          or the Confirmation in respect of that Transaction.

          (2) EVALUATION AND UNDERSTANDING.

               (i) Each Party acknowledges that LaSalle Bank National
               Association, has been directed under the Pooling and Servicing
               Agreement to enter into this Transaction as Trustee on behalf of
               the Counterparty.

               (ii) It is acting for its own account and has the capacity to
               evaluate (internally or through independent professional advice)
               the Transaction and has made its own decision to enter into the
               Transaction; it is not relying on any communication (written or
               oral) of the other party as investment advice or as a
               recommendation to enter into such transaction; it being
               understood that information and explanations related to the terms
               and conditions of such transaction shall not be considered
               investment advice or a recommendation to enter into such
               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 the transaction; and(iii) It understands
               the terms, conditions and risks of the Transaction and is willing
               and able to accept those terms and conditions and to assume (and
               does, in fact assume) those risks, financially and otherwise.

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

     (h) EXCLUSION FROM COMMODITIES EXCHANGE ACT. (A) It is an "eligible
     contract participant" within the meaning of Section 1a(12) of the Commodity
     Exchange Act, as amended; (B) this Agreement and each Transaction is
     subject to individual negotiation by such party; and (C) neither this
     Agreement nor any Transaction will be executed or traded on a "trading
     facility" within the meaning of Section 1a(33) of the Commodity Exchange
     Act, as amended.

     (i) SWAP AGREEMENT. Each Transaction is a "swap agreement" as defined in 12
     U.S.C. Section 1821(e)(8)(D)(vi) and a "covered swap agreement" as defined
     in the Commodity Exchange Act (7 U.S.C. Section 27(d)(1))."

     7) SET-OFF. Notwithstanding any provision of this Agreement or any other
existing or future agreement (but without limiting the provisions of Section
2(c) and Section 6, except as provided in the next sentence), each party
irrevocably waives any and all rights it may have to set off, net, recoup or
otherwise withhold or suspend or condition payment or performance of any
obligation between it and the other party hereunder against any obligation
between it and the other party under any other agreements. The last sentence of
the first paragraph of Section 6(e) shall not apply for purposes of this
Transaction.

     8) RATINGS DOWNGRADE. For purposes of each Transaction:

     (a) DEFINITIONS. (1) "RATING AGENCY CONDITION" means, with respect to any
     action taken or to be taken hereunder, a condition that is satisfied when
     each of Moody's Investors Service, Inc. ("MOODY'S") and Standard & Poor's
     Ratings Services, a division of The McGraw Hill Companies, Inc. ("S&P")
     (each a "RATING AGENCY", and the rating condition with respect to it, the
     "MOODY'S RATING CONDITION" and "S&P RATING CONDITION", respectively) has
     confirmed in writing to the


                                     M-1-12

<PAGE>

     Trustee that such action will not result in withdrawal, reduction or other
     adverse action with respect to any then-current rating by such Rating
     Agency of the Certificates; (2) "QUALIFYING RATINGS" means, with respect to
     the debt of any assignee or guarantor hereunder, (A) a short-term unsecured
     and unsubordinated debt rating of "P-1" (not on watch for downgrade), and a
     long-term unsecured and unsubordinated debt of "A1" (not on watch for
     downgrade) (or, if it has no short-term unsecured and unsubordinated debt
     rating, a long term rating of "Aa3" (not on watch for downgrade) by
     Moody's, and (B) a short-term unsecured and unsubordinated debt rating of
     "A-1", or if it does not have a short-term rating, a long-term unsecured
     and unsubordinated debt rating of "A+" by S & P; (3) a "COLLATERALIZATION
     EVENT" shall occur with respect to BNY (or any applicable credit support
     provider) if: (A) its short-term unsecured and unsubordinated debt rating
     is reduced to "P-2" or below, and its long-term unsecured and
     unsubordinated debt is reduced to "A3" or below, or, if it has no
     short-term unsecured and unsubordinated debt rating, its long term rating
     is reduced to "A2" or below, by Moody's (a "MOODY'S COLLATERALIZATION
     EVENT"), or (B) its short-term unsecured and unsubordinated debt rating is
     reduced to "A-2" or below, or, if it does not have a short-term rating, its
     long-term unsecured and unsubordinated debt rating is reduced to "A" or
     below by S&P (an "S&P COLLATERALIZATION EVENT"); and (4) a "RATINGS EVENT"
     shall occur with respect to BNY (or any applicable credit support provider)
     if: (A) its short-term unsecured and unsubordinated debt rating is
     withdrawn or reduced to "P-3" or below and its long-term unsecured and
     unsubordinated debt is reduced to "Baa1" or below, or, if it has no
     short-term unsecured and unsubordinated debt rating, its long term rating
     is reduced to "Baa1" or below, by Moody's (a "MOODY'S RATINGS EVENT"), or
     (B) its long-term unsecured and unsubordinated debt rating is withdrawn or
     reduced to "BB+" or below by S&P (an "S&P RATINGS EVENT").

     (b) ACTIONS TO BE TAKEN. Subject, in each case to satisfaction of the
     Rating Agency Condition: (1) if a Collateralization Event occurs with
     respect to BNY (or any applicable credit support provider), then BNY shall,
     at its own expense, within thirty (30) days of such Collateralization
     Ratings Event: (A) post collateral in accordance with the Credit Support
     Annex; or (B) on terms substantially similar to this Agreement assign or
     transfer the Transactions to or replace the Transactions with transactions
     with a third party approved by the Counterparty (such approval not to be
     unreasonably withheld) the ratings of which (or of the guarantor of which)
     meet or exceed the Qualifying Ratings; or (C) obtain a guaranty of or a
     contingent agreement to honor BNY's obligations under this Agreement by a
     third party approved by the Counterparty (such approval not to be
     unreasonably withheld) the ratings of which (or of the guarantor of which)
     meet or exceed the Qualifying Ratings; or (D) establish any other
     arrangement approved by the Counterparty (such approval not to be
     unreasonably withheld) that satisfies the Rating Condition; and (2) if a
     Ratings Event occurs with respect to BNY (or any applicable Credit Support
     Provider), then BNY shall, at its own expense, within ten (10) Business
     Days of such Ratings Event: (A) on terms substantially similar to this
     Agreement assign or transfer the Transactions to or replace the
     Transactions with transactions with a third party approved by the
     Counterparty (such approval not to be unreasonably withheld) the ratings of
     which (or of the guarantor of which) meet or exceed the Qualifying Ratings,
     or (B) obtain a guaranty of or a contingent agreement to honor BNY's
     obligations under this Agreement by a third party approved by the
     Counterparty (such approval not to be unreasonably withheld) the ratings of
     which (or of the guarantor of which) meet or exceed the Qualifying Ratings;
     or (C) establish any other arrangement approved by the Counterparty (such
     approval not to be unreasonably withheld) that satisfies the Rating
     Condition.

     9) COMPLIANCE WITH REGULATION AB.

     If the Depositor under the Pooling and Servicing Agreement still has a
     reporting obligation with respect to this Transaction pursuant to
     Regulation AB under the Securities Act of 1933, as amended, and the
     Securities Exchange Act of 1934, as amended ("REGULATION AB") and BNY has
     not, within 30


                                     M-1-13

<PAGE>

     days after receipt of a Swap Disclosure Request complied with the
     provisions set forth below in this Paragraph 4(9) (provided that if the
     significance percentage reaches 10% after a Swap Disclosure Request has
     been made to BNY, BNY must comply with the provisions set forth below in
     this Section 4(9) within 10 calendar days of BNY being informed of the
     significance percentage reaching 10%), then an Additional Termination Event
     shall have occurred with respect to BNY and BNY shall be the sole Affected
     Party with respect to such Additional Termination Event.

     BNY acknowledges that for so long as there are reporting obligations with
     respect to this Transaction under Regulation AB, the Depositor is required
     under Regulation AB to disclose certain information set forth in Regulation
     AB regarding BNY or its group of affiliated entities, if applicable,
     depending on the aggregate "significance percentage" of this Agreement and
     any other derivative contracts between BNY or its group of affiliated
     entities, if applicable, and the Counterparty, as calculated from time to
     time in accordance with Item 1115 of Regulation AB.

     If the Depositor determines, reasonably and in good faith, that the
     significance percentage of this Agreement has increased to nine (9)
     percent, then the Depositor may request on a Business Day after the date of
     such determination from BNY the same information set forth in Item 1115(b)
     of Regulation AB that would have been required if the significance
     percentage had in fact increased to ten (10) percent (such request, a "SWAP
     DISCLOSURE REQUEST" and such requested information, subject to the last
     sentence of this paragraph, is the "SWAP FINANCIAL DISCLOSURE"). The
     Counterparty or the Depositor shall provide BNY with the calculations and
     any other information reasonably requested by BNY with respect to the
     Depositor's determination that led to the Swap Disclosure Request. The
     parties hereto further agree that the Swap Financial Disclosure provided to
     meet the Swap Disclosure Request may be, solely at BNY's option, either the
     information set forth in Item 1115(b)(1) or Item 1115(b)(2) of Regulation
     AB.

     Upon the occurrence of a Swap Disclosure Request, BNY, at its own expense,
     shall (x) provide the Depositor with the Swap Financial Disclosure in an
     Edgar-compatible format, or (y) subject to Rating Agency Confirmation,
     secure another entity to replace BNY as party to this Agreement on terms
     substantially similar to this Agreement which entity is able to provide the
     Swap Financial Disclosure. If permitted by Regulation AB, any required Swap
     Financial Disclosure may be provided by incorporation by reference from
     reports filed pursuant to the Securities Exchange Act.

     10) BNY PAYMENTS TO BE MADE TO TRUSTEE. BNY will, unless otherwise directed
by the Trustee, make all payments hereunder to the Trustee. Payment made to the
Trustee at the account specified herein or to another account specified in
writing by the Trustee shall satisfy the payment obligations of BNY hereunder to
the extent of such payment.

     11) RETURN OF AMOUNTS RECEIVED BY MLML OR ITS AFFILIATES. Merrill Lynch
Mortgage Lending, Inc. ("MLML") agrees and acknowledges that amounts paid
hereunder are not intended to benefit the holder of any class of Certificates
rated by any Rating Agency if such holder is MLML or any of its affiliates. If
MLML or any of its affiliates receives any such amounts, it will promptly remit
(or, if such amounts are received by an affiliate of MLML, MLML hereby agrees
that it will cause such affiliate to promptly remit) such amounts to the
Trustee, whereupon such Trustee will promptly remit such amounts to BNY. MLML
further agrees to provide notice to BNY upon any remittance to the Trustee.

     12) ADDITIONAL PROVISIONS. Notwithstanding the terms of Sections 5 and 6 of
the ISDA Form Master Agreement, if the Counterparty has satisfied its payment
obligations under Section 2(a)(i) of the ISDA Form Master Agreement, and shall,
at the time, have no future payment or delivery obligation, whether absolute or
contingent, then unless BNY is required pursuant to appropriate proceedings to
return to the Counterparty or otherwise returns to the Counterparty upon demand
of the Counterparty any portion of such payment, (a) the occurrence of an event
described in Section 5(a) of the ISDA Form Master Agreement with respect to the
Counterparty


                                     M-1-14

<PAGE>

shall not constitute an Event of Default or Potential Event of Default with
respect to the Counterparty as the Defaulting Party and (b) BNY shall be
entitled to designate an Early Termination Date pursuant to Section 6 of the
ISDA Form Master Agreement only as a result of a Termination Event set forth in
either Section 5(b)(i) or Section 5(b)(ii) of the ISDA Form Master Agreement
with respect to BNY as the Affected Party or Section 5(b)(iii) of the ISDA Form
Master Agreement with respect to BNY as the Burdened Party.

     5. ACCOUNT DETAILS AND SETTLEMENT INFORMATION:

     PAYMENTS TO BNY:

          The Bank of New York
          Derivative Products Support Department
          32 Old Slip, 16th Floor
          New York, New York 10286
          Attention: Renee Etheart
          ABA #021000018
          Account #890-0068-175
          Reference: Interest Rate Cap

     PAYMENTS TO COUNTERPARTY:

          LaSalle Bank N.A.
          ABA 071000505
          LaSalle CHGO/CTR/BNF:/LASALLE TRUST

          (i) Ref Trust AC# 724367.3

          Acct Name: MLMI 2006-FF1

     6. COUNTERPARTS. This Agreement may be executed in several counterparts,
each of which shall be deemed an original but all of which together shall
constitute one and the same instrument.

     Please confirm that the foregoing correctly sets forth the terms of our
agreement by executing this agreement and returning it via facsimile to
Derivative Products Support Dept., Attn: Kenny Au-Yeung at 212-804-5818/5837.
Once we receive this we will send you two original confirmations for execution.


                                     M-1-15

<PAGE>

     We are very pleased to have executed this Transaction with you and we look
forward to completing other transactions with you in the near future.

Very truly yours,

THE BANK OF NEW YORK


B.BY:
      -------------------------------
Name:
      -------------------------------
Title:
       ------------------------------


                                     M-1-16

<PAGE>

     The Counterparty, acting through its duly authorized signatory, hereby
agrees to, accepts and confirms the terms of the foregoing as of the Trade Date.

LASALLE BANK NATIONAL ASSOCIATION, NOT IN ITS INDIVIDUAL CAPACITY, BUT SOLELY AS
TRUSTEE FOR THE MERRILL LYNCH MORTGAGE INVESTORS TRUST, SERIES 2006-FF1


C.BY:
      -------------------------------
Name:
      -------------------------------
Title:
       ------------------------------


Solely with respect to Paragraph
4(11) II. MERRILL LYNCH MORTGAGE
LENDING, INC.


By:
    ---------------------------------
Name:
      -------------------------------
Title:
       ------------------------------


                                     M-1-17

<PAGE>

                                   SCHEDULE I

All dates subject to adjustment in accordance with the Modified Following
Business Day Convention.

<TABLE>
<CAPTION>
ACCRUAL START DATE   ACCRUAL END DATE   NOTIONAL AMOUNT (IN USD)   CAP RATE (%)
------------------   ----------------   ------------------------   -------------
<S>                  <C>                <C>                        <C>
    12/27/2006           1/25/2007           1,098,020,000             6.668
     1/25/2007           2/25/2007           1,061,056,017             6.254
     2/25/2007           3/25/2007           1,025,240,470             6.946
     3/25/2007           4/25/2007             990,502,763             6.299
     4/25/2007           5/25/2007             954,288,847             6.665
     5/25/2007           6/25/2007             914,988,342             6.675
</TABLE>


                                     M-1-18

<PAGE>

Exhibit A to Confirmation No. 38700

                   [Credit Support Annex to follow this page]


                                     M-1-19
<PAGE>

(BILATERAL FORM)                  (ISDA AGREEMENTS SUBJECT TO NEW YORK LAW ONLY)

                                 (ISDA(R) LOGO)
              International Swaps and Derivatives Association, Inc.

                              CREDIT SUPPORT ANNEX
                             to the Schedule to the

                              ISDA MASTER AGREEMENT

                                   ----------

                          Dated as of December 27, 2006

                                     between

         THE BANK OF NEW YORK          and   LASALLE BANK NATIONAL ASSOCIATION,
                                             not in its individual capacity, but
                                             solely as Trustee with respect to
                                             the Merrill Lynch Mortgage
                                             Investors Trust, Series 2006-FF1

established as a banking                     The Trust is a common law trust
organization under the laws of the           established under the laws of the
State of New York.                           State of New York

             ("PARTY A")                                 ("PARTY B")

This Annex supplements, forms part of, and is subject to, the Master Agreement
specified in the Confirmation between Party A and Party B (BNY Ref. No. 38700,
38701 and 38702) (the "AGREEMENT"), dated even date herewith, is part of the
Schedule deemed incorporated therein and is a Credit Support Document under the
Master Agreement with respect to Party A.

Accordingly, the parties agree as follows:--

PARAGRAPHS 1 - 12. INCORPORATION. Paragraphs 1 through 12 inclusive of the ISDA
Credit Support Annex (Bilateral Form) (ISDA Agreements Subject to New York Law
Only) published in 1994 by the International Swaps and Derivatives Association,
Inc. are incorporated herein by reference and made a part hereof, except that
Paragraph 1(b) is hereby amended in its entirety to read as follows:

"(b) SECURED PARTY AND PLEDGOR. Notwithstanding anything contained in this Annex
to the contrary, (a) the term "Secured Party" as used in this Annex means only
Party B, (b) the term "Pledgor" as used in this Annex means only Party A, (c)
only Party A makes the pledge and grant in Paragraph 2, the acknowledgment in
the final sentence of Paragraph 8(a) and the representations in Paragraph 9, and
(d) only Party A will be required to make Transfers of Eligible Credit Support
hereunder."


                                     M-1-20

<PAGE>

PARAGRAPH 13.

CERTAIN DEFINITIONS. As used herein, "MOODY'S", "S&P", "RATING AGENCY",
"COLLATERALIZATION EVENT", "MOODY'S COLLATERALIZATION EVENT", "S&P
COLLATERALIZATION EVENT"; "RATINGS EVENT", "MOODY'S RATINGS EVENT", and "S&P
RATINGS EVENT" have the meanings assigned in the Schedule.

(a) SECURITY INTEREST FOR "OBLIGATIONS." The term "OBLIGATIONS" as used in this
Annex includes the following additional obligations: Not applicable.

(b) CREDIT SUPPORT OBLIGATIONS.

     (i) DELIVERY AMOUNT, RETURN AMOUNT AND CREDIT SUPPORT AMOUNT.

          (A) "DELIVERY AMOUNT" has the meaning specified in Paragraph 3(a)
          except that the words "upon a demand made by the Transferee on or
          promptly following a Valuation Date" shall be deleted and replaced by
          the words "on each Valuation Date on which the Threshold for BNY is
          Zero, commencing no later than the Valuation Date falling, in the case
          of a Moody's Collateralization Event or Moody's Ratings Event on the
          30th Local Business Day thereafter, and in the case of an S&P
          Collateralization Event, the thirtieth (30th) day thereafter or the
          next day that is a Local Business Day and, in the case of an S&P
          Ratings Event, commencing promptly after publication by S&P of the
          applicable change in rating, but no later than the tenth (10th)
          Business Days thereafter."

          (B) "RETURN AMOUNT" has the meaning specified in Paragraph 3(b).

          (C) "CREDIT SUPPORT AMOUNT" in Paragraph 3(b), shall be amended in its
          entirety to read as follows:

               "'CREDIT SUPPORT AMOUNT' means, unless otherwise specified in
               Paragraph 13, for any Valuation Date after and during the
               continuance of a Collateralization Event or Ratings Event, (i)
               the Secured Party's Exposure for that Valuation Date, plus (ii)
               the aggregate Independent Amounts applicable to the Pledgor (with
               respect to all Affected Transactions), if any, minus (iii) the
               Pledgor's Threshold; provided, however, that the Credit Support
               Amount will be deemed to be zero whenever the calculation of the
               Credit Support Amount yields a number less than zero; and,
               provided further, that, if a Moody's Rating Event has occurred
               and continued for at least thirty (30) Business Days, the Credit
               Support Amount will not be less than the aggregate amount of all
               next scheduled Payments in respect of the Affected Transactions
               to be made by the Pledgor less any payments due to be made by the
               Secured Party under Section 2(a) on such Payment Dates (in each
               case, after giving effect to any applicable netting under Section
               2(c)).

     (ii) ELIGIBLE COLLATERAL. The items set forth in Schedule 1 will qualify as
     "ELIGIBLE COLLATERAL" for Party A.

     (iii) OTHER ELIGIBLE SUPPORT. The following items will qualify as "OTHER
     ELIGIBLE SUPPORT" for the party specified: Not Applicable.

     (iv) THRESHOLDS.

          (A) "INDEPENDENT AMOUNT" means with respect to Party B: Zero; and,
          with respect to Party A, an amount, as of the date of determination,
          equal to the product of the aggregate Notional Amount outstanding at
          the beginning of the related Calculation Period under the applicable
          Affected Transactions, and the greater of:

               (1) in respect of a Moody's Collateralization Event or a Moody's
               Ratings Event, the percentage set forth in Schedule 2A, Schedule
               2B or Schedule 2C, as applicable ("MOODY'S INDEPENDENT AMOUNT');
               and


                                     M-1-21

<PAGE>

               (2) in respect of an S&P Collateralization Event or an S&P
               Ratings Event, (x) with respect to basis risk swaps, the product
               of the S&P Volatility Buffer determined using the table set forth
               in Schedule 3 and .10, and (y) with respect to all other
               Transactions, the S&P Volatility Buffer determined using the
               table set forth in Schedule 3 ("S&P INDEPENDENT AMOUNT)".

          (B) "THRESHOLD" means for each party: An infinite number; provided,
          that the Threshold for Party A shall be zero upon the occurrence and
          during the continuance of an Event of Default, Termination Event,
          Additional Termination Event, or Specified Condition with respect to
          such party and, with respect to Party A, at any time that Party A
          elects or is required to post Collateral pursuant to the occurrence of
          a Collateralization Event or Ratings Event.

          (C) "MINIMUM TRANSFER AMOUNT" means with respect to Party A and Party
          B: $100,000; provided, that the Minimum Transfer Amount for such party
          shall be $50,000 in respect of an S&P Collateralization Event if the
          aggregated principal balance of the Certificates is less than
          $50,000,000 on the applicable Valuation Date, and shall be zero upon
          the occurrence and during the continuance of an Event of Default,
          Termination Event, Additional Termination Event, or Specified
          Condition with respect to such party.

          (D) ROUNDING. The Delivery Amount and the Return Amount will be
          rounded up and down respectively to the nearest integral multiple of
          $1,000.

     (v) CONFLICTING VALUATION PERCENTAGE. Notwithstanding the definition of
     "Valuation Percentage" in Paragraph 10, the Valuation Percentage for any
     item of Eligible Collateral shall be the lowest of the applicable
     percentages specified for such item by any Rating Agency then rating the
     Certificates.

(c) VALUATION AND TIMING.

     (i) "VALUATION AGENT" means, Party A, provided, that if any Event of
     Default with respect to Party A has occurred and is continuing, then any
     designated third party mutually agreed to by the parties shall be the
     Valuation Agent until such time as Party A is no longer a Defaulting Party.

     (ii) "VALUATION DATE" means:

          [X]  each Local Business Day, or

          [ ]  any Local Business Day in each calendar week, which shall be the
               same calendar day each week to the extent practicable, on a
               reasonably consistent basis.

     If not selected above, the Valuation Date shall be selected by Party A upon
     the first to occur of a Collateralization Event or Ratings Event and shall
     not be changed thereafter.

     (iii) "VALUATION TIME" means:

          [ ]  the close of business in the city of the Valuation Agent on the
               Valuation Date or date of calculation, as applicable;

          [X]  the close of business on the Local Business Day before the
               Valuation Date or date of calculation, as applicable;

     provided, that the calculations of Value and Exposure will be made as of
     approximately the same time on the same date.

     (iv) "NOTIFICATION TIME" means 1:00 p.m., New York time, on a Local
     Business Day.

(d) CONDITIONS PRECEDENT AND SECURED PARTY'S RIGHTS AND REMEDIES. (i) Illegality
and (ii) Additional Termination Events will be a "SPECIFIED CONDITION" for Party
A (as the Affected Party) (but not for purposes of Paragraph 8(d)), and (iii)
Tax Event and (iv) Tax Event Upon Merger will not be a "SPECIFIED CONDITION for
Party A.


                                     M-1-22

<PAGE>

(e) SUBSTITUTION.

     (i) "SUBSTITUTION DATE" has the meaning specified in Paragraph 4(d)(ii).

     (ii) CONSENT. If specified here as applicable, then the Pledgor must obtain
     the Secured Party's consent for any substitution pursuant to Paragraph
     4(d): Applicable.

(f) DISPUTE RESOLUTION.

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

     (ii) VALUE. For the purpose of Paragraphs 5(i)(C) and 5(ii), the Value of
     Posted Credit Support will be calculated as follows: as set forth for other
     purposes in Paragraph 12.

     (iii) ALTERNATIVE. The provisions of Paragraph 5 will apply, except to the
     following extent: (A) pending the resolution of a dispute, Transfer of the
     undisputed Value of Eligible Credit Support or Posted Credit Support
     involved in the relevant demand will be due as provided in Paragraph 5 if
     the demand is given by the Notification Time, but will be due on the second
     Local Business Day after the demand if the demand is given after the
     Notification Time; and (B) the Disputing Party need not comply with the
     provisions of Paragraph 5(II)(2) if the amount to be Transferred does not
     exceed the Disputing Party's Minimum Transfer Amount.

(g) HOLDING AND USING POSTED COLLATERAL.

     (i) ELIGIBILITY TO HOLD POSTED COLLATERAL; CUSTODIANS. The Secured Party
     will not be entitled to hold Posted Collateral itself. The Secured Party
     will be entitled to hold Posted Collateral through a Custodian (which may
     be the Trustee and which shall at all times be a financial institution as
     specified under the Pooling and Servicing Agreement, or, if not so
     specified, which shall be a commercial bank or trust company which is
     unaffiliated with Party B organized under the laws of the United States or
     any state thereof, having assets of at least $10 billion and a long term
     debt or a deposit rating of at least (i) Baa2 from Moody's and (ii) BBB
     from S&P, in an identifiable segregated account (provided that, so long as
     the Certificates are rated by S&P, the Custodian must have a short-term
     debt or deposit rating of at least A-1 from S&P).

     Initially, the Custodian for Party B is: LaSalle Bank National Association

     (ii) USE OF POSTED COLLATERAL. The provisions of Paragraph 6(c) will apply
     to the Secured Party; therefore, Party B will not have any of the rights
     specified in Paragraph 6(c)(i) or 6 (c)(ii).

(h) DISTRIBUTIONS AND INTEREST AMOUNT.

     (i) INTEREST RATE. The "INTEREST RATE", with respect to Eligible Collateral
     in the form of Cash will be, if the Custodian or Trustee is instructed to
     invest Cash Posted Collateral as provided in Paragraph 13(l)(vii), the rate
     actually earned on the Cash Posted Collateral or, if the Pledgor instructs
     that the Cash Posted Collateral not be invested, an amount equal to the
     contractual rate of interest entitled to be received on such amounts from
     the Swap Collateral Account (as hereinbelow defined), as applicable;
     provided, that, if the Swap Collateral Account does not pay interest and
     the Custodian or Trustee is not obligated to invest Cash Posted Collateral
     under the Pooling and Servicing Agreement, the "Interest Rate" will be, for
     any day, the rate opposite the caption "Federal Funds (Effective)" for such
     day as published for such day in Federal Reserve Publication H.15(519) or
     any successor publication as published by the Board of Governors of the
     Federal Reserve System or such other rate as agreed by Party A and Party B.

     (ii) TRANSFER OF INTEREST AMOUNT. The Transfer of the Interest Amount will
     be made (x) with respect to earnings from Eligible Investments pursuant to
     Part 13(l)(vii) or from the interest on the Swap Collateral Account
     pursuant to Part 13(h)(i), on such date as accrued and received (or if so
     agreed, on the first Local Business Day of each calendar


                                     M-1-23

<PAGE>

     month) and on any Local Business Day that Posted Collateral in the form of
     Cash is Transferred to the Pledgor pursuant to Paragraph 3(b), and (y) with
     respect to any other Interest Amount, subject to the availability of
     interest and earnings on the Mortgage Loans therefor, on the first Local
     Business Day of each calendar month and on any Local Business Day that
     Posted Collateral in the form of Cash is Transferred to the Pledgor
     pursuant to Paragraph 3(b).

     (iii) ALTERNATIVE TO INTEREST AMOUNT. The provisions of Paragraph 6(d)(ii)
     will apply.

(i) OTHER ELIGIBLE SUPPORT AND OTHER POSTED SUPPORT.

     (i) "VALUE" with respect to Other Eligible Support and Other Posted Support
     means: Inapplicable.

     (ii) "TRANSFER" with respect to Other Eligible Support and Other Posted
     Support means: Inapplicable.

(j) DEMANDS AND NOTICES. All demands, specifications and notices under this
Annex will be made pursuant to the Notices Section of this Agreement, unless
otherwise specified here:

     (i) Party A: to be specified in each notice.

     (ii) Party B: to be specified in the Notice Section of this Agreement.

(k) ADDRESSES FOR TRANSFERS.

     Party A: For Cash: To be provided

              For Eligible Collateral: To be provided

     Party B: To be provided

(l) OTHER PROVISIONS.

     (i) ADDITIONAL DEFINITIONS. As used in this Annex:--

          "EQUIVALENT COLLATERAL" means, with respect to any security
          constituting Posted Collateral, a security of the same issuer and, as
          applicable, representing or having the same class, series, maturity,
          interest rate, principal amount or liquidation value and such other
          provisions as are necessary for that security and the security
          constituting Posted Collateral to be treated as equivalent in the
          market for such securities;

          "LOCAL BUSINESS DAY" means: (i) any day on which commercial banks are
          open for business (including dealings in foreign exchange and foreign
          currency deposits) in New York, and (ii) in relation to a Transfer of
          Eligible Collateral, a day on which the clearance system agreed
          between the parties for the delivery of Eligible Collateral is open
          for acceptance and execution of settlement instructions (or in the
          case of a Transfer of Cash or other Eligible Collateral for which
          delivery is contemplated by other means, a day on which commercial
          banks are open for business (including dealings for foreign exchange
          and foreign currency deposits) in New York and such other places as
          the parties shall agree);

     (ii) TRANSFER TIMING.

          (A) Paragraph 4(b) shall be deleted and replaced in its entirety by
          the following paragraph: "Subject to Paragraphs 4(a) and 5 and unless
          otherwise specified, if a demand for the Transfer of Eligible Credit
          Support or Posted Credit Support is made by the Notification Time,
          then the relevant Transfer will be made not later than the close of
          business on the second Local Business Day thereafter; if a demand is
          made after the Notification Time then the relevant Transfer will be
          made not later than the close of business on the third Local Business
          Day thereafter."

          (B) Paragraph 6(d)(1) shall be amended so that the reference therein
          to "the following Local Business Day" shall be replaced by reference
          to "the second Local Business Day thereafter".


                                     M-1-24

<PAGE>

     (iii) EVENTS OF DEFAULT. Paragraph 7 shall be deleted and replaced in its
     entirety by the following paragraph:

          "For the purposes of Section 5(a)(i) of this Agreement, an Event of
          Default will exist with respect to a party if that party fails (or
          fails to cause its Custodian) to make, when due, any Transfer of
          Eligible Credit Support, Posted Credit Support or the Interest Amount,
          as applicable, required to be made by it and that failure continues
          for two Local Business Day after the notice of that failure is given
          to that party; provided, that, with respect to a failure to Transfer
          Eligible Credit Support, at least (x) 30 Local Business Days have
          elapsed after a Ratings Event has occurred, and (y) 10 Business Days
          have elapsed after an S&P Ratings Event, and such failure is not
          remedied on or before the third Local Business Day after notice of
          such failure is given to Party A".

     (iv) RETURN OF FUNGIBLE SECURITIES. In lieu of returning to the Pledgor
     pursuant to Paragraphs 3(b), 4(d), 5 and 8(d) any Posted Collateral
     comprising securities the Secured Party may return Equivalent Collateral.

     (v) NO COUNTERCLAIM. A party's rights to demand and receive the Transfer of
     Eligible Collateral as provided hereunder and its rights as Secured Party
     against the Posted Collateral or otherwise shall be absolute and subject to
     no counterclaim, set-off, deduction or defense in favor of the Pledgor
     except as contemplated in Sections 2 and 6 of the Agreement and Paragraph 8
     of this Annex.

     (vi) HOLDING COLLATERAL. The Secured Party shall cause any Custodian
     appointed hereunder to open and maintain a segregated account (the "SWAP
     COLLATERAL ACCOUNT") and to hold, record and identify all the Posted
     Collateral therein and, subject to Paragraphs 6(c) and 8(a), such Posted
     Collateral shall at all times be and remain the property of the Pledgor and
     shall at no time constitute the property of, or be commingled with the
     property of, the Secured Party or the Custodian.

     (vii) INVESTMENT OF CASH POSTED COLLATERAL. Cash Posted Collateral shall be
     invested in Permitted Investments as directed by Party A, with gains and
     losses incurred in respect of such investments to be for the account of
     Party A, subject to the following parameters: the Cash Posted Collateral
     shall be invested in such overnight (or redeemable within two Local
     Business Days of demand) investments rated at least A-1+ by S&P and Prime
     -1 by Moody's or AAAm or AAAmG by S&P and Aaa by Moody's as directed by
     Party A (provided, that such investment shall be held uninvested or
     invested at the direction of Party B if an Event of Default or an
     Additional Termination Event has occurred with respect to which Party A is
     the defaulting or sole Affected Party and Party B has designated an Early
     Termination Date with respect thereto). Such instructions may be delivered
     as standing instructions.

     (viii) RETURN OF POSTED COLLATERAL. If a Collateralization Event occurs and
     thereafter ceases to be continuing (and provided that no Event of Default
     or Potential Event of Default exists with respect to Party A) or Party A
     has made a Permitted Transfer under this Agreement, then Party A's
     obligations to transfer Eligible Collateral under this Annex will
     immediately cease with respect to that Collateralization Event, and Party B
     will, upon demand by Party A, return to Party A, or cause its Custodian to
     return, all Posted Collateral held under this Annex. The Secured Party is
     authorized to liquidate any Posted Collateral pursuant to written
     instructions from Party A.

     (ix) EXTERNAL VERIFICATION OF MARK-TO-MARKET VALUATIONS. If the long term
     senior unsecured debt of Party A is rated BBB or lower by S&P, once every
     month after an S&P Ratings Event occurs and during its continuance, Party A
     will at its own expense verify its determination of Exposure of the
     Transaction on the next Valuation Date by seeking quotations from two (2)
     Reference Market-makers (provided, that a Reference Market-maker may not be
     used more than four times within each 12 month period) for their
     determination of Exposure of the Transaction on such Valuation Date and the
     Valuation Agent will use the greater of either (a) its own determination or
     (b) the high quotation for a Reference Market-maker, if applicable for the
     next Valuation Date. Party A shall provide the quotations of such Reference
     Market-makers to S&P.


                                     M-1-25

<PAGE>

     (x) EXPENSES. Notwithstanding Paragraph 10, the Pledgor will be responsible
     for, and will reimburse the Secured Party for, all transfer and other taxes
     and other costs involved in the transfer of Eligible Collateral.

     (xi) LIMIT ON SECURED PARTY'S LIABILITY. The Secured Party will not be
     liable for any losses or damages that the Pledgor may suffer as a result of
     any failure by the Secured Party to perform, or any delay by it in
     performing, any of its obligations under this Annex if the failure or delay
     results from circumstances beyond the reasonable control of the Secured
     Party or its Custodian, such as interruption or loss of computer or
     communication services, labor disturbance, natural disaster or local or
     national emergency.

                      [Signature page immediately follows]


                                     M-1-26

<PAGE>

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

THE BANK OF NEW YORK                    LASALLE BANK NATIONAL ASSOCIATION,
                                        not in its individual capacity, but
                                        solely as Trustee with respect to the
                                        Merrill Lynch Mortgage Investors Trust,
                                        Series 2006-FF1


By:                                     By:
    ---------------------------------       ------------------------------------
Name:                                   Name:
      -------------------------------         ----------------------------------
Title:                                  Title:
       ------------------------------          ---------------------------------
Date:                                   Date:
      -------------------------------         ----------------------------------


                                     M-1-27
<PAGE>

SCHEDULE 1

                               ELIGIBLE COLLATERAL

Certificates: Class A, Class M and Class B Certificates

Highest Rating of Certificates: Class A rated "Aaa" by Moody's, and "AAA" by
                                S&P.

Scheduled Date Certificates will fall below $50,000,000: November 25, 2017.

Last Scheduled Payment Date of Transactions: June 25, 2007

Valuation Date (and Valuation Percentage column): Daily

     Moody's Valuation Percentage columns:

     *    Column A sets out the percentage applicable when a Moody's Rating
          Event has not occurred and been continuing for at least 30 Local
          Business Days

     *    Column B sets out the percentage applicable when a Moody's Rating
          Event has occurred and been continuing for at least 30 Local Business
          Days

                   ELIGIBLE COLLATERAL & VALUATION PERCENTAGES
                                 MOODY'S AND S&P

<TABLE>
<CAPTION>
                                                       VALUATION      VALUATION
                                                      PERCENTAGE     PERCENTAGE
                                                        MOODY'S          S&P
                                                      ----   ---   -----   ------
                                                        A     B    DAILY   WEEKLY
                                                       ---   ---   -----   ------
<S>   <C>                                             <C>    <C>   <C>     <C>
(A)   Cash: U.S. Dollars in depositary account form    100   100     100      100

(B)   U.S. Treasury Securities: negotiable debt        100   100    98.9     98.6
      obligations issued by the U.S. Treasury
      Department after July 18, 1984 ("Treasuries")
      having a remaining maturity of up to and not
      more than 1 year.

(C)   Treasuries having a remaining maturity of        100    99      98     97.3
      greater than 1 year but not more than 2
      years.

(D)   Treasuries having a remaining maturity of        100    98    97.4     95.8
      greater than 2 years but not more than 3
      years.

(E)   Treasuries having a remaining maturity of        100    97    95.5     93.8
      greater than 3 years but not more than 5
      years.

(F)   Treasuries having a remaining maturity of        100    95    93.7     91.4
      greater than 5 years but not more than 7
      years.

(G)   Treasuries having a remaining maturity of        100    94    92.5     90.3
      greater than 7 years but not more than 10
      years.

(H)   Treasuries having a remaining maturity of        100    89    91.1     87.9
      greater than 10 years but not more than 20
      years.

(I)   Treasuries having a remaining maturity of        100    87    88.6     84.6
      greater than 20 years but not more than 30
      years.
</TABLE>


                                     M-1-28

<PAGE>

<TABLE>
<S>   <C>                                             <C>    <C>   <C>     <C>
(J)   Agency Securities: negotiable debt               100    99    98.5       98
      obligations of the Federal National Mortgage
      Association (FNMA), Federal Home Loan
      Mortgage Corporation (FHLMC), Federal Home
      Loan Banks (FHLB), Federal Farm Credit Banks
      (FFCB), Tennessee Valley Authority (TVA)
      (collectively, "AGENCY SECURITIES") issued
      after July 18, 1984 and having a remaining
      maturity of not more than 1 year.

(K)   Agency Securities having a remaining maturity    100    98    97.7     96.8
      of greater than 1 year but not more than
      2 years.

(L)   Agency Securities having a remaining maturity    100    97    97.3     96.3
      of greater than 2 years but not more than 3
      years.

(M)   Agency Securities having a remaining maturity    100    96    94.5     94.5
      of greater than 3 years but not more than 5
      years.

(N)   Agency Securities having a remaining maturity    100    94    93.1     90.3
      of greater than 5 years but not more than 7
      years.

(O)   Agency Securities having a remaining maturity    100    93    90.7     86.9
      of greater than 7 years but not more than 10
      years.

(P)   Agency Securities having a remaining maturity    100    88    87.7     82.6
      of greater than 10 years but not more than 20
      years.

(Q)   Agency Securities having a remaining maturity    100    86    84.4     77.9
      of greater than 20 years but not more than 30
      years.

(R)   FHLMC Certificates. Mortgage participation         *     *   91.50    86.40
      certificates issued by FHLMC evidencing
      undivided interests or participations in
      pools of first lien conventional or FHA/VA
      residential mortgages or deeds of trust,
      guaranteed by FHLMC, issued after July 18,
      1984 and having a remaining maturity of not
      more than 30 years.

(S)   FNMA Certificates. Mortgage-backed                 *     *)  91.50    86.40
      pass-through certificates issued by FNMA
      evidencing undivided interests in pools of
      first lien mortgages or deeds of trust on
      residential properties, guaranteed by FNMA,
      issued after July 18, 1984 and having a
      remaining maturity of not more than 30
      years.
</TABLE>


                                     M-1-29

<PAGE>

<TABLE>
<S>   <C>                                             <C>    <C>   <C>     <C>
(T)   GNMA Certificates. Mortgage-backed                 *     *   91.50    86.40
      pass-through certificates issued by private
      entities, evidencing undivided interests in
      pools of first lien mortgages or deeds of
      trust on single family residences,
      guaranteed by the Government National
      Mortgage Association (GNMA) with the full
      faith and credit of the United States,
      issued after July 18, 1984 and having a
      remaining maturity of not more than 30
      years.

(U)   Commercial Mortgage-Backed Securities.             *     *    96.2     95.1
      Floating rate commercial mortgage-backed
      securities rated AAA by two major rating
      agencies (including S&P if S&P is a Rating
      Agency hereunder) with a minimum par or
      face amount of $250 million (excluding
      securities issued under Rule 144A)
      ("Commercial Mortgage-Backed Securities")
      having a remaining maturity of not more
      than 5 years.

(V)   Commercial Mortgage-Backed Securities having       *     *    92.9     90.9
      a remaining maturity of more than 5 years and
      not more than 10 years.

(W)   Commercial Mortgage-Backed Securities having                  91.0     88.6
      a remaining maturity of more than 10 years.

(X)   Commercial Paper. Commercial Paper with a          *     *      99       99
      rating of at least P-1 by Moody's and at
      least A-1+ by S&P and having a remaining
      maturity of not more than 30 days.

(Y)   Other Items of Credit Support approved by          *     *       *        *
      the Rating Agencies to the extent any
      [Certificates] are rated.
</TABLE>

*    percentage to be determined percentage to be determined when such other
     Item of Credit Support (including, without limitation, Agency Securities,
     FHLMC Certificates, FNMA Certificates, GNMA Certificates, Commercial
     Mortgage-Backed Securities and Commercial Paper) has been approved by
     Moody's or S&P as the case may be.


                                     M-1-30

<PAGE>

SCHEDULE 2A

                   MOODY'S INDEPENDENT AMOUNT (FIRST TRIGGER)

Certificates: Class A, Class M and Class B Certificates

Last Scheduled Payment Date of Transactions: June 25, 2007

Valuation Date (and Valuation Percentage column): Daily

The following percentages shall be used in the calculation of the Moody's
Independent Amount when the Pledgor elects or is required to post collateral
following the occurrence and continuance of a Collateralization Event for thirty
(30 Business Days.

<TABLE>
<CAPTION>
     Weighted Average Life of         Valuation      Valuation
       Transaction in Years         Date (Daily)   Date (Weekly)
---------------------------------   ------------   -------------
<S>                                 <C>            <C>
            1 or less                   0.15%          0.25%
 More than 1 but not more than 2        0.30%          0.50%
 More than 2 but not more than 3        0.40%          0.70%
 More than 3 but not more than 4        0.60%          1.00%
 More than 4 but not more than 5        0.70%          1.20%
 More than 5 but not more than 6        0.80%          1.40%
 More than 6 but not more than 7        1.00%          1.60%
 More than 7 but not more than 8        1.10%          1.80%
 More than 8 but not more than 9        1.20%          2.00%
 More than 9 but not more than 10       1.30%          2.20%
More than 10 but not more than 11       1.40%          2.30%
More than 11 but not more than 12       1.50%          2.50%
More than 12 but not more than 13       1.60%          2.70%
More than 13 but not more than 14       1.70%          2.80%
More than 14 but not more than 15       1.80%          3.00%
More than 15 but not more than 16       1.90%          3.20%
More than 16 but not more than 17       2.00%          3.30%
More than 17 but not more than 18       2.00%          3.50%
More than 18 but not more than 19       2.00%          3.60%
More than 20 but not more than 21       2.00%          3.70%
More than 21 but not more than 22       2.00%          3.90%
           More than 22                 2.00%          4.00%
</TABLE>


                                     M-1-31

<PAGE>

                                   SCHEDULE 2B
                   MOODY'S INDEPENDENT AMOUNT (SECOND TRIGGER)
                          (TRANSACTION SPECIFIC HEDGES)

Certificates: Class A, Class M and Class B Certificates

Last Scheduled Payment Date of Transactions: June 25, 2007

Valuation Date (and Valuation Percentage column): Daily

The following percentages shall be used in the calculation of the Moody's
Independent Amount when the Pledgor is required to post collateral following the
occurrence and continuance of a Moody's Rating Event for thirty (30) Business
Days with respect to any Transaction that is an interest rate cap, interest rate
floor or interest rate swaption, or that is an interest rate swap the notional
amount of which is "balance guaranteed" or, for any Calculation Period,
otherwise is not a specific dollar amount that is fixed at the inception of the
Transaction (a "TRANSACTION-SPECIFIC HEDGE").

<TABLE>
<CAPTION>
     Weighted Average Life of         Valuation      Valuation
       Transaction in Years         Date (Daily)   Date (Weekly)
---------------------------------   ------------   -------------
<S>                                 <C>            <C>
            1 or less                   0.50%          0.60%
 More than 1 but not more than 2        1.00%          1.20%
 More than 2 but not more than 3        1.50%          1.70%
 More than 3 but not more than 4        1.90%          2.30%
 More than 4 but not more than 5        2.40%          2.80%
 More than 5 but not more than 6        2.80%          3.30%
 More than 6 but not more than 7        3.20%          3.80%
 More than 7 but not more than 8        3.60%          4.30%
 More than 8 but not more than 9        4.00%          4.80%
 More than 9 but not more than 10       4.40%          5.30%
More than 10 but not more than 11       4.70%          5.60%
More than 11 but not more than 12       5.00%          6.00%
More than 12 but not more than 13       5.40%          6.40%
More than 13 but not more than 14       5.70%          6.80%
More than 14 but not more than 15       6.00%          7.20%
More than 15 but not more than 16       6.30%          7.60%
More than 16 but not more than 17       6.60%          7.90%
More than 17 but not more than 18       6.90%          8.30%
More than 18 but not more than 19       7.20%          8.60%
More than 20 but not more than 21       7.50%          9.00%
More than 21 but not more than 22       7.80%          9.00%
          More than 22                  8.00%          9.00%
</TABLE>


                                     M-1-32

<PAGE>

SCHEDULE 2C

                   MOODY'S INDEPENDENT AMOUNT (SECOND TRIGGER)
                        (NON-TRANSACTION SPECIFIC HEDGES)

Certificates: Class A, Class M and Class B Certificates

Last Scheduled Payment Date of Transactions: June 25, 2007

Valuation Date (and Valuation Percentage column): Daily

The following percentages shall be used in the calculation of the Moody's
Independent Amount when the Pledgor is required to post collateral following the
occurrence and continuance of a Moody's Rating Event for thirty (30) Business
Days with respect to any Transaction that is not a Transaction-Specific Hedge.

<TABLE>
<CAPTION>
     Weighted Average Life of         Valuation      Valuation
       Transaction in Years         Date (Daily)   Date (Weekly)
---------------------------------   ------------   -------------
<S>                                 <C>            <C>
            1 or less                   0.65%           0.75%
 More than 1 but not more than 2        1.30%           1.50%
 More than 2 but not more than 3        1.90%           2.20%
 More than 3 but not more than 4        2.50%           2.90%
 More than 4 but not more than 5        3.10%           3.60%
 More than 5 but not more than 6        3.60%           4.20%
 More than 6 but not more than 7        4.20%           4.80%
 More than 7 but not more than 8        4.70%           5.40%
 More than 8 but not more than 9        5.20%           6.00%
 More than 9 but not more than 10       5.70%           6.60%
More than 10 but not more than 11       6.10%           7.00%
More than 11 but not more than 12       6.50%           7.50%
More than 12 but not more than 13       7.00%           8.00%
More than 13 but not more than 14       7.40%           8.50%
More than 14 but not more than 15       7.80%           9.00%
More than 15 but not more than 16       8.20%           9.50%
More than 16 but not more than 17       8.60%           9.90%
More than 17 but not more than 18       9.00%          10.40%
More than 18 but not more than 19       9.40%          10.80%
More than 20 but not more than 21       9.70%          11.00%
More than 21 but not more than 22      10.00%          11.00%
           More than 22                10.00%          11.00%
</TABLE>


                                     M-1-33

<PAGE>

SCHEDULE 3

S&P VOLATILITY BUFFER

Certificates: Class A, Class M and Class B Certificates

Highest Rating of Certificates: Class A rated "Aaa" by Moody's, and "AAA" by
S&P.

Scheduled Date Certificates will fall below $50,000,000: November 25, 2017.

Last Scheduled Payment Date of Transactions: June 25, 2007

Valuation Date (and Valuation Percentage column): Daily

     The S&P Volatility Buffer will be determined using the following table:

                              S&P VOLATILITY BUFFER

<TABLE>
<CAPTION>
                        REMAINING YEARS TO MATURITY OF TRANSACTION
                  -----------------------------------------------------
PARTY A RATING*   (Up to 5 years)   (Up to 10 years)   (Up to 30 years)
---------------   ---------------   ----------------   ----------------
<S>               <C>               <C>                <C>
If, on the related Valuation Date, the highest rated Certificates are
rated "AA-" or higher by S&P, the S&P Volatility Buffer is:

A-2                    3.25%              4.00%              4.75%
A-3                    4.00%              5.00%              6.25%
BB+ or lower           4.50%              6.75%              7.50%

If, on the related Valuation Date, the highest rated Certificates are
rated "A" or "A+" by S&P, the S&P Volatility Buffer is:

BBB+/BBB               3.25%              4.00%              4.50%
A-2                    3.25%              4.00%              4.50%
A-3/BBB-               3.50%              4.50%              6.00%
BB+ or lower           4.00%              5.25%              7.00%
</TABLE>

*    This rating shall be the higher of the rating by S&P on the related
     Valuation Date of the long-term debt and short-term debt of Party A or its
     guarantor or other Credit Support Provider.


                                     M-1-34
<PAGE>

                                   EXHIBIT M-2

                         FORM OF CLASS A-2 CAP CONTRACT

                                                 (THE BANK OF NEW YORK(TM) LOGO)

                                                        Dated: December 27, 2006

                              RATE CAP TRANSACTION

                           RE: BNY REFERENCE NO. 38701

Ladies and Gentlemen:

     The purpose of this letter agreement ("AGREEMENT") is to confirm the terms
and conditions of the rate Cap Transaction entered into on the Trade Date
specified below (the "TRANSACTION") between The Bank of New York ("BNY"), a
trust company duly organized and existing under the laws of the State of New
York, and Merrill Lynch Mortgage Investors Trust, Series 2006-FF1 (the
"COUNTERPARTY"), as represented by LaSalle Bank National Association,, not in
its individual capacity, but solely as Trustee under the Pooling and Servicing
Agreement, dated and effective December 1, 2006, among Merrill Lynch Mortgage
Investors, Inc., as Depositor, National City Home Loan Services, Inc., as
Servicer, and LaSalle Bank National Association, as Trustee (the "POOLING AND
SERVICING AGREEMENT"). This Agreement, which evidences a complete and binding
agreement between you and us to enter into the Transaction on the terms set
forth below, constitutes a "CONFIRMATION" as referred to in the "ISDA FORM
MASTER AGREEMENT" (as defined below), as well as a "Schedule" as referred to in
the ISDA Form Master Agreement.

     1. FORM OF AGREEMENT. This Agreement is subject to the 2000 ISDA
Definitions (the "DEFINITIONS"), as published by the International Swaps and
Derivatives Association, Inc. ("ISDA"). Any reference to a "Swap Transaction" in
the Definitions is deemed to be a reference to a "Transaction" for purposes of
this Agreement, and any reference to a "Transaction" in this Agreement is deemed
to be a reference to a "Swap Transaction" for purposes of the Definitions. You
and we have agreed to enter into this Agreement in lieu of negotiating a
Schedule to the 1992 ISDA Master Agreement (Multicurrency--Cross Border) form
(the "ISDA FORM MASTER AGREEMENT"). An ISDA Form Master Agreement, as modified
by the Schedule terms in Paragraph 4 of this Confirmation (the "MASTER
AGREEMENT"), shall be deemed to have been executed by you and us on the date we
entered into the Transaction. For the avoidance of doubt, the Transaction
described herein shall be the sole Transaction governed by such ISDA Form Master
Agreement. Except as otherwise specified, references herein to Sections shall be
to Sections of the Master Agreement, and references to Paragraphs shall be to
paragraphs of this Agreement. Each party hereto agrees that the Master Agreement
deemed to have been executed by the parties hereto shall be the same Master
Agreement referred to in the agreement setting forth the terms of transaction
reference numbers 38700 and 38702. In the event of any inconsistency between the
provisions of this Agreement and the Definitions or the Master Agreement, this
Agreement shall prevail for purposes of the Transaction. Capitalized terms not
otherwise defined herein or in the Definitions or the Master Agreement shall
have the meaning defined for such term in the Pooling and Servicing Agreement.

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

<TABLE>
<S>                               <C>
     Type of Transaction:         Rate Cap

     Notional Amount:             With respect to any Calculation Period,
                                  the lesser of: (i) the
</TABLE>


                                     M-2-1

<PAGE>

<TABLE>
<S>                               <C>
                                  amount set forth on Schedule I attached hereto
                                  for such Calculation Period and (ii) the Class
                                  Certificate Principal Balance of the Class A-2
                                  Certificates (as defined in the Pooling and
                                  Servicing Agreement) for such Floating Rate
                                  Payer Payment Date.

                                  The Trustee under the Pooling and Servicing
                                  Agreement shall provide at least five (5)
                                  business days notice prior to each Floating
                                  Rate Payer Payment Date for each Calculation
                                  Period to The Bank of New York if the Class
                                  Certificate Principal Balance of the Class A-2
                                  Certificates is less than the Schedule I
                                  attached hereto.

     Trade Date:                  December 21, 2006

     Effective Date:              December 27, 2006

     Termination Date:            June 25, 2007, subject to adjustment in
                                  accordance with the Modified Following
                                  Business Day Convention

FLOATING AMOUNTS

     Floating Rate Payer:         BNY

     Cap Rate:                    For each Calculation Period, as set forth for
                                  such period on Schedule I attached hereto.

     Floating Rate for initial    To be determined
     Calculation Period:

     Floating Rate Day Count      Actual/360
     Fraction:

     Floating Rate Option:        USD-LIBOR-BBA, provided, however, if the
                                  Floating Rate Option for a Calculation Period
                                  is greater than 10.360% then the Floating Rate
                                  Option for such Calculation Period shall be
                                  deemed equal to 10.360%.

     Designated Maturity:         One month

     Spread:                      Inapplicable

     Floating Rate Payer          The 25th day of each month, beginning on
     Period End Dates:            January 25, 2007 and ending on the Termination
                                  Date, subject to adjustment in accordance with
                                  the Modified Following Business Day
                                  Convention.

     Floating Rate Payer          Early Payment shall be applicable. The
     Payment Dates:               Floating Rate Payer Payment Date shall be one
                                  (1) Business Day preceding each Floating Rate
                                  Payer Period End Date.

     Reset Dates:                 The first day of each Calculation Period

     Compounding:                 Inapplicable

     Business Days for Payments   New York and Illinois
     By both parties:

     Calculation Agent:           BNY
</TABLE>


                                     M-2-2

<PAGE>

     3. ADDITIONAL PROVISIONS:

     1) RELIANCE. Each party hereto is hereby advised and acknowledges that the
other party has engaged in (or refrained from engaging in) substantial financial
transactions and has taken (or refrained from taking) other material actions in
reliance upon the entry by the parties into the Transaction being entered into
on the terms and conditions set forth herein.

     2) TRANSFER, AMENDMENT AND ASSIGNMENT. No transfer, amendment, waiver,
supplement, assignment or other modification of this Transaction shall be
permitted by either party unless each of Standard & Poor's Ratings Service, a
division of The McGraw-Hill Companies, Inc ("S&P") and Moody's Investors
Service, Inc. ("MOODY'S"), has been provided notice of the same and confirms in
writing (including by facsimile transmission) that it will not downgrade,
qualify, withdraw or otherwise modify its then-current ratings on the Class A-2
Certificates issued under the Pooling and Servicing Agreement (the
"CERTIFICATES").

     4. PROVISIONS DEEMED INCORPORATED IN A SCHEDULE TO THE MASTER AGREEMENT:

     1) NO PAYMENT NETTING AMONG TRANSACTIONS. The parties agree that
subparagraph (ii) of Section 2(c) of the ISDA Form Master Agreement will apply
to this Transaction.

     2) TERMINATION PROVISIONS. Subject to the provisions of Paragraph 4(12),
for purposes of the Master Agreement:

     (a) "SPECIFIED ENTITY" in relation to BNY or the Counterparty shall mean:
     none.

     (b) "SPECIFIED TRANSACTION" will have the meaning specified in Section 14.

     (c) APPLICABILITY. The following provisions apply or do not apply to the
     parties as specified below:

          (i)  Section 5(a)(i) (FAILURE TO PAY OR DELIVER):

               (A)  will apply to BNY; and

               (B)  will apply to the Counterparty.

          (ii) Section 5(a)(ii) (BREACH OF AGREEMENT):

               (A)  will apply to BNY; and

               (B)  will not apply to the Counterparty.

          (iii) Section 5(a)(iii) (CREDIT SUPPORT DEFAULT):

               (A)  will apply to BNY; and

               (B)  will not apply to the Counterparty.

          (iv) Section 5(a)(iv) (MISREPRESENTATION):

               (A)  will apply to BNY; and

               (B)  will not apply to the Counterparty.

          (v)  Section 5(a)(v) (DEFAULT UNDER SPECIFIED TRANSACTION):

               (A)  will not apply to BNY; and

               (B)  will not apply to the Counterparty.


                                     M-2-3

<PAGE>

          (vi) Section 5(a)(vi) (CROSS DEFAULT):

               (A)  will apply to BNY; and

               (B)  will not apply to the Counterparty.

               For the purposes of Section 5(a)(vi):

               "SPECIFIED INDEBTEDNESS" will have the meaning specified in
               Section 14 of this Agreement, except that it shall not include
               indebtedness in respect of deposits received.

               "THRESHOLD AMOUNT" means, 3% of consolidated shareholders equity
               of BNY and its subsidiaries determined in accordance with
               generally accepted accounting principles of the United States
               consistently applied as of the last day of the fiscal quarter
               ended immediately prior to the occurrence or existence of an
               event for which a Threshold Amount is applicable under Section
               5(a)(vi) of this Agreement.

          (vii) Section 5(a)(vii) (BANKRUPTCY):

               (A)  will apply to BNY; and

               (B)  (1) subclauses (2), (4) (but only if the proceeding or
                    petition is instituted or presented by the Counterparty or
                    its affiliates), (7) and (8) (but only with respect to
                    clauses (2), (4) and (7) to the extent of disapplication
                    herein) of Section 5(a)(vii) will not apply to the
                    Counterparty, and the remaining provisions of Section
                    5(a)(vii) will apply to the Counterparty; and (2) the words
                    "trustee" and "custodian" in subclause (6) will not include
                    the Trustee; and (3) events described in Section 5(a)(vii)
                    occurring with respect to the Trust or the Supplemental
                    Interest Trust are deemed to occur to the Counterparty.

          (viii) Section 5(a)(viii) (MERGER WITHOUT ASSUMPTION):

               (A)  will apply to BNY; and

               (B)  will apply to the Counterparty.

          (ix) Section 5(b)(i) (ILLEGALITY):

               (A)  will apply to BNY; and

               (B)  will apply to the Counterparty.

          (x)  Section 5(b)(ii) (TAX EVENT):

               (A)  will apply to BNY; provided that the words "(x) any action
                    taken by a taxing authority, or brought in a court of
                    competent jurisdiction, on or after the date on which a
                    Transaction is entered into (regardless of whether such
                    action is taken or brought with respect to a party to this
                    Agreement) or (y)" shall be deleted; and

               (B)  will not apply to the Counterparty.

          (xi) Section 5(b)(iii) (TAX EVENT UPON MERGER):

               (A)  will apply to BNY, provided, that BNY shall not be entitled
                    to designate an Early Termination Date by reason of a Tax
                    Event upon Merger in respect of which it is the Affected
                    Party; and

               (B)  will apply to the Counterparty.


                                     M-2-4

<PAGE>

          (xii) Section 5(b)(iv) (CREDIT EVENT UPON MERGER):

               (A)  will not apply to BNY; and

               (B)  will not apply to the Counterparty.

          (xiii) Section 5(b)(v) (ADDITIONAL TERMINATION EVENT):

               (A)  will apply to BNY with respect to Paragraph 4(2)(g)(iii) and
                    (iv); and

               (B)  will apply to the Counterparty with respect to Paragraph
                    (2)(g)(i), and (ii).

     (d) The "AUTOMATIC EARLY TERMINATION" provision of Section 6(a):

               (A)  will not apply to BNY; and

               (B)  will not apply to the Counterparty.

     (e) PAYMENTS ON EARLY TERMINATION. For the purpose of Section 6(e), the
     Second Method and Market Quotation will apply. For such purpose, for so
     long as the Certificates are rated by Moody's, if BNY is the Affected Party
     in respect of an Additional Termination Event or a Tax Event Upon Merger or
     the Defaulting Party in respect of any Event of Default (but not, in any
     case, in respect of a Termination Event arising from an Illegality or Tax
     Event), the following provisions shall apply:

          (i) The definitions of "Market Quotation" and "Settlement Amount" are
          amended in their entirety to read as follows:

               "MARKET QUOTATION" means, with respect to one or more Terminated
               Transactions, an offer capable of becoming legally binding upon
               acceptance made by a Reference Market-maker with ratings that
               meet the Collateralization Requirement or the Ratings
               Requirement, as the case may be, for an amount that would be paid
               to the Counterparty (expressed as a negative number) or by the
               Counterparty (expressed as a positive number) in consideration of
               an agreement between the Counterparty and such Reference
               Market-maker to enter into a transaction (the "REPLACEMENT
               TRANSACTION"), with commercial terms substantially the same as
               those of this Agreement (save for the exclusion of provisions
               relating to Transactions that are not Terminated Transactions)
               (which shall be determined by the Counterparty, acting in a
               commercially reasonable manner), that would have the effect of
               preserving the economic equivalent for the Counterparty of any
               payment or delivery (whether the underlying obligation was
               absolute or contingent and assuming the satisfaction of each
               applicable condition precedent) by the parties under Section
               2(a)(i) in respect of such Terminated Transactions or group of
               Terminated Transactions that would, but for the occurrence of the
               relevant Early Termination Date, have been required after that
               Date. For this purpose, Unpaid Amounts in respect of the
               Terminated Transaction or group of Transactions are to be
               excluded but, without limitation, any payment or delivery that
               would, but for the relevant Early Termination Date, have been
               required (assuming satisfaction of each applicable condition
               precedent) after that Early Termination Date is to be included.

               "SETTLEMENT AMOUNT" means, with respect to any Early Termination
               Date: --

               (a) the Termination Currency Equivalent of the Market Quotation
               (whether positive or negative) for each Terminated Transaction or
               group of Terminated Transactions for which a Market Quotation is
               accepted by the Counterparty so as to become legally binding on
               or before the day falling ten (10) Local Business


                                     M-2-5

<PAGE>

               Days after the day on which the Early Termination Date is
               designated (or such later day not be later than the Early
               Termination Date as the Counterparty may specify in writing to
               BNY); or (if there is no such accepted Market Quotation)

               (b) the Counterparty's Loss (whether positive or negative and
               without reference to any Unpaid amounts) for the relevant
               Terminated Transaction or group of Terminated Transactions.

          (ii) the Counterparty and, if request is made in writing within two
          Local Business Days after the day on which the Early Termination Date
          is designated, BNY, shall use reasonable efforts to obtain one or more
          Market Quotations before the date determined pursuant to clause (a) of
          the definition of "Settlement Amount".

          (iii) Notwithstanding anything to the contrary in Section 6(e)(i)(3)
          or Part 5(g), if the Settlement Amount is a negative number, the
          Unpaid Amounts of BNY and the Counterparty shall be subject to netting
          in accordance with Section 2(c).

     (f) "TERMINATION CURRENCY" means United States Dollars.

     (g) "ADDITIONAL TERMINATION EVENT" will apply. The following shall
     constitute Additional Termination Events, and the party specified shall be
     the Affected Party with respect thereto:--

          (i) TERMINATION OF TRUST FUND. The Trust, Supplemental Interest Trust
          or Trust Fund shall be terminated pursuant to any provision of the
          Pooling and Servicing Agreement (including, without limitation, by
          exercise of the option to purchase and giving of notice under Sections
          10.01 of the Pooling and Servicing Agreement). The Early Termination
          Date with respect to such Additional Termination Event shall be the
          Distribution Date upon which the Trust and the Supplemental Interest
          Trust or Trust Fund is terminated and final payment is made in respect
          of the Certificates. Each of BNY and the Counterparty may designate an
          Early Termination Date in respect of this Additional Termination
          Event. The Counterparty shall be the sole Affected Party.

          (ii) AMENDMENT OF POOLING AND SERVICING AGREEMENT. The amendment of
          the Pooling and Servicing Agreement in a manner which could have a
          material adverse affect on BNY without first obtaining the prior
          written consent of BNY (such consent not to be unreasonably withheld),
          where such consent is required under the Pooling and Servicing
          Agreement. The Counterparty shall be the sole Affected Party.

          (iii) COLLATERALIZATION OR RATINGS EVENT. A Collateralization Event or
          Ratings Event (as defined in Paragraph 4(8)(a) has occurred and is
          continuing and BNY fails to comply with the provisions of Paragraph
          4(8)(b) within the time periods set out therein, and, with respect to
          a Ratings Event, at least one substitute counterparty has made an
          offer which remains capable of becoming legally binding upon
          acceptance to be the Transferee of an assignment, transfer or
          replacement in accordance with Paragraph 4(8)(b)(2)(A) hereof). BNY
          shall be the sole Affected Party.

          (iv) REGULATION AB. BNY shall fail to comply with the provisions of
          Paragraph 4(9) hereof within the time provided for therein. BNY shall
          be the sole Affected Party.


                                     M-2-6

<PAGE>

     (h) "GROSS UP". Section 2(d)(i)(4) shall not apply to Counterparty as X,
     and Section 2(d)(ii) shall not apply to Counterparty as Y, such that
     Counterparty shall not be required to pay any additional amounts referred
     to therein.

     3) TAX REPRESENTATIONS.

     (a) PAYER REPRESENTATIONS. For the purpose of Section 3(e), BNY and the
     Counterparty make the following representations:

                    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)) 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);

          (ii) the satisfaction of the agreement contained in Section 4 (a)(i)
               or 4(a)(iii) and the accuracy and effectiveness of any document
               provided by the other party pursuant to Section 4 (a)(i) or
               4(a)(iii); and

          (iii) the satisfaction of the agreement of the other party contained
               in Section 4(d), 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) by reason of material prejudice of its legal or
               commercial position.

     (b) PAYEE REPRESENTATIONS. For the purpose of Section 3(f), BNY and the
     Counterparty make the following representations.

          (i)  The following representation will apply to BNY:

               (x) It is a "U.S. person" (as that term is used in section
               1.1441-4(a)(3)(ii) of the United States Treasury Regulations) for
               United States federal income tax purposes, (y) it is a trust
               company duly organized and existing under the laws of the State
               of New York, and (y) its U.S. taxpayer identification number is
               135160382.

          (ii) The following representation will apply to the Counterparty:

               It is a "U.S. person" (as that term is used in section
               1.1441-4(a)(3)(ii) of United States Treasury Regulations) for
               United States federal income tax purposes.

     4) DOCUMENTS TO BE DELIVERED. FOR THE PURPOSE OF SECTION 4(A):

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

<TABLE>
<CAPTION>
  PARTY REQUIRED TO                                                                                            COVERED BY SECTION
   DELIVER DOCUMENT               FORM/DOCUMENT/ CERTIFICATE                DATE BY WHICH TO BE DELIVERED     3(D) REPRESENTATION
  ----------------     ------------------------------------------------   ---------------------------------   -------------------
<S>                    <C>                                                <C>                                 <C>
BNY and Counterparty   Any document required or reasonably requested to   Promptly after the earlier of (i)   Yes
                       allow the other party to make payments under       reasonable demand by either party
                       this Agreement without any deduction or            or (ii) learning that such form
                       withholding for or on the account of any tax.      or document is required
</TABLE>


                                     M-2-7

<PAGE>

     (b) Other documents to be delivered are:

<TABLE>
<CAPTION>
  PARTY REQUIRED TO                                                                                            COVERED BY SECTION
   DELIVER DOCUMENT               FORM/DOCUMENT/ CERTIFICATE                DATE BY WHICH TO BE DELIVERED     3(D) REPRESENTATION
  ----------------     ------------------------------------------------   ---------------------------------   -------------------
<S>                    <C>                                                <C>                                 <C>
BNY                    A certificate of an authorized officer of the      Upon the execution and delivery     Yes
                       party, as to the incumbency and authority of the   of this Agreement
                       respective officers of the party signing this
                       Agreement, any relevant Credit Support Document,
                       or any Confirmation, as the case may be.

Counterparty           (i) a copy of the executed Pooling and Servicing   Upon the later of, receipt by       Yes
                       Agreement, and (ii) an incumbency certificate      such party, or within 30 days
                       verifying the true signatures and authority of     after the date of this Agreement
                       the person or persons signing this letter
                       agreement on behalf of the Counterparty.

BNY                    A copy of the annual balance sheet from the most   Promptly after request by the       Yes
                       recent publicly available regulatory call report.  Counterparty (if available on
                                                                          http://www.fdic.gov, such
                                                                          delivery is not required)

BNY                    Legal Opinion as to enforceability of this         Upon the execution and delivery     Yes
                       Agreement.                                         of this Agreement.

Counterparty           Certified copy of the Board of Directors           Upon the execution and delivery     Yes
                       resolution (or equivalent authorizing              of this Agreement.
                       documentation) which sets forth the authority of
                       each signatory to the Confirmation signing on
                       its behalf and the authority of such party to
                       enter into Transactions contemplated and
                       performance of its obligations hereunder.
</TABLE>


                                     M-2-8

<PAGE>

     5) MISCELLANEOUS.

     (a)  ADDRESS FOR NOTICES: For the purposes of Section 12(a):

          ADDRESS FOR NOTICES OR COMMUNICATIONS TO BNY:

               The Bank of New York
               Swaps and Derivative Products Group
               Global Market Division
               32 Old Slip 15th Floor
               New York, New York 10286
               Attention: Steve Lawler

          with a copy to:

               The Bank of New York
               Swaps and Derivative Products Group
               32 Old Slip 16th Floor
               New York, New York 10286
               Attention: Andrew Schwartz
               Tele: 212-804-5103
               Fax: 212-804-5818/5837

               (For all purposes)

          A copy of any notice or other communication with respect to Sections 5
          or 6 should also be sent to the addresses set out below:

               The Bank of New York
               Legal Department
               One Wall Street - 10th Floor
               New York, New York 10286
               Attention: General Counsel

          ADDRESS FOR NOTICES OR COMMUNICATIONS TO THE COUNTERPARTY:

               LaSalle Bank National Association, not in its individual
               capacity, but solely as Trustee for Merrill Lynch Mortgage
               Investors Trust, Series 2006-FF1
               Global Securities and Trust Services
               135 S. LaSalle Street, Ste 1511
               Chicago, Illinois 60603
               Attention: John Chozen
               Telephone: 312-992-1816
               Facsimile: 312-904-1368

               With a copy to:

               Merrill Lynch Mortgage Lending, Inc.
               4 World Financial Center
               250 Vesey Street
               NY, NY 10080
               Attention: Alan Chan
               Phone: 212.449.1441
               Facsimile: 212.738-1110

     (b) PROCESS AGENT. For the purpose of Section 13(c):


                                      M-2-9

<PAGE>

     BNY appoints as its Process Agent: Not Applicable

     The Counterparty appoints as its Process Agent: Not Applicable

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

     (d) MULTIBRANCH PARTY. For the purpose of Section 10(c):

     BNY is a Multibranch Party and will enter into each Transaction only
     through the following Office:-- New York (for all Transactions).

     The Counterparty is not a Multibranch Party.

     (e) CALCULATION AGENT. The Calculation Agent is BNY.

     (f) "CREDIT SUPPORT DOCUMENT" means in relation to:--

     BNY: the Credit Support Annex attached as Exhibit A hereto.

     The Counterparty: Not applicable.

     (g) "CREDIT SUPPORT PROVIDER" means in relation to:--

     BNY: Not Applicable (except with respect to credit support furnished
     pursuant to Paragraph 4(8) or 4(9).

     Counterparty: Not Applicable

     (h) GOVERNING LAW. The parties to this Agreement hereby agree that the law
     of the State of New York shall govern their rights and duties in whole,
     without regard to conflict of law provisions thereof other than New York
     General Obligations Law Sections 5-1401 and 5-1402.

     (i) 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. 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.

     (j) RECORDING OF CONVERSATIONS. Each party (i) consents to the recording of
     telephone conversations between the trading, marketing and other relevant
     personnel of the parties in connection with this Agreement or any potential
     Transaction, (ii) agrees to obtain any necessary consent of, and give any
     necessary notice of such recording to, its relevant personnel and (iii)
     agrees, to the extent permitted by applicable law, that recordings may be
     submitted in evidence in any Proceedings.

     (k) WAIVER OF JURY TRIAL. Each party waives any right it may have to a
     trial by jury in respect of any Proceedings relating to this Agreement or
     any Credit Support Document.


                                     M-2-10

<PAGE>

     (l) NON-RECOURSE. Notwithstanding any provision herein or in the Master
     Agreement to the contrary, the obligations of the Counterparty hereunder
     are limited recourse obligations of the Counterparty, payable solely from
     the Swap Account and the proceeds thereof to satisfy the Counterparty's
     obligations hereunder. In the event that the Swap Account and proceeds
     thereof should be insufficient to satisfy all claims outstanding and
     following the realization of the Swap Account and the distribution of the
     proceeds thereof in accordance with the Pooling and Servicing Agreement,
     any claims against or obligations of the Counterparty under the Master
     Agreement or any other confirmation thereunder, still outstanding shall be
     extinguished and thereafter not revive. This provision shall survive the
     expiration of this Agreement.

     (m) LIMITATION ON INSTITUTION OF BANKRUPTCY PROCEEDINGS. BNY shall not
     institute against or cause any other person to institute against, or join
     any other person in instituting against the Counterparty, the supplemental
     interest trust or the trust created pursuant to the Pooling and Servicing
     Agreement any bankruptcy, reorganization, arrangement, insolvency or
     liquidation proceedings, under any federal or state bankruptcy or similar
     law or bankruptcy or similar laws of any other jurisdiction, for a period
     of one year and one day (or, if longer, the applicable preference period)
     following indefeasible payment in full of the Certificates. This provision
     shall survive the expiration of this Agreement.

     (n) REMEDY OF FAILURE TO PAY OR DELIVER. The ISDA Form Master Agreement is
     hereby amended by replacing the word "third" in the third line of Section
     5(a)(i) by the word "second".

     (o) "AFFILIATE" will have the meaning specified in Section 14 of the ISDA
     Form Master Agreement, provided that the Counterparty shall be deemed not
     to have any Affiliates for purposes of this Agreement, including for
     purposes of Section 6(b)(ii).

     (p) TRUSTEE'S CAPACITY. It is expressly understood and agreed by the
     parties hereto that insofar as this Confirmation is executed by the Trustee
     (i) this Confirmation is executed and delivered by LaSalle Bank National
     Association, not in its individual capacity but solely as Trustee pursuant
     to the Pooling and Servicing Agreement in the exercise of the powers and
     authority conferred and vested in it thereunder and pursuant to instruction
     set forth therein, (ii) each of the representations, undertakings and
     agreements herein made on behalf of the trust is made and intended not as a
     personal representation, undertaking or agreement of the Trustee but is
     made and intended for the purpose of binding only the trust, (iii) nothing
     contained herein shall be construed as creating any liability of LaSalle
     Bank National Association, individually or personally, to perform any
     covenants either express 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 will LaSalle Bank National Association, in its individual
     capacity be personally liable for the payment of any indebtedness or
     expenses or be personally liable for the breach or failure of any
     obligation, representation, warranty or covenant made or undertaken under
     this Confirmation. Nothing herein contained shall be construed as creating
     any liability on LaSalle Bank National Association, individually or
     personally, to perform any covenant either expressed or implied contained
     herein, all such liability, if any, being expressly waived by the parties
     who are signatories to this letter agreement and by any person claiming by,
     through or under such parties.

     (q) TRUSTEE'S REPRESENTATION. LaSalle Bank National Association, as
     Trustee, represents and warrants that:

          It has been directed under the Pooling and Servicing Agreement to
          enter into this letter agreement as Trustee on behalf of the
          Counterparty.

     6) ADDITIONAL REPRESENTATIONS. Section 3 is hereby amended by adding, at
the end thereof, the following Sections 3(g),3(h) and 3(i):


                                     M-2-11

<PAGE>

     "(g) RELATIONSHIP BETWEEN PARTIES.

          (1) NONRELIANCE. It is not relying on any statement or representation
          of the other party regarding the Transaction (whether written or
          oral), other than the representations expressly made in this Agreement
          or the Confirmation in respect of that Transaction.

          (2) EVALUATION AND UNDERSTANDING.

               (i) Each Party acknowledges that LaSalle Bank National
               Association, has been directed under the Pooling and Servicing
               Agreement to enter into this Transaction as Trustee on behalf of
               the Counterparty.

               (ii) It is acting for its own account and has the capacity to
               evaluate (internally or through independent professional advice)
               the Transaction and has made its own decision to enter into the
               Transaction; it is not relying on any communication (written or
               oral) of the other party as investment advice or as a
               recommendation to enter into such transaction; it being
               understood that information and explanations related to the terms
               and conditions of such transaction shall not be considered
               investment advice or a recommendation to enter into such
               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 the transaction; and(iii) It understands
               the terms, conditions and risks of the Transaction and is willing
               and able to accept those terms and conditions and to assume (and
               does, in fact assume) those risks, financially and otherwise.

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

     (h) EXCLUSION FROM COMMODITIES EXCHANGE ACT. (A) It is an "eligible
     contract participant" within the meaning of Section 1a(12) of the Commodity
     Exchange Act, as amended; (B) this Agreement and each Transaction is
     subject to individual negotiation by such party; and (C) neither this
     Agreement nor any Transaction will be executed or traded on a "trading
     facility" within the meaning of Section 1a(33) of the Commodity Exchange
     Act, as amended.

     (i) SWAP AGREEMENT. Each Transaction is a "swap agreement" as defined in 12
     U.S.C. Section 1821(e)(8)(D)(vi) and a "covered swap agreement" as defined
     in the Commodity Exchange Act (7 U.S.C. Section 27(d)(1))."

     7) SET-OFF. Notwithstanding any provision of this Agreement or any other
existing or future agreement (but without limiting the provisions of Section
2(c) and Section 6, except as provided in the next sentence), each party
irrevocably waives any and all rights it may have to set off, net, recoup or
otherwise withhold or suspend or condition payment or performance of any
obligation between it and the other party hereunder against any obligation
between it and the other party under any other agreements. The last sentence of
the first paragraph of Section 6(e) shall not apply for purposes of this
Transaction.

     8) RATINGS DOWNGRADE. For purposes of each Transaction:

     (a) DEFINITIONS. (1) "RATING AGENCY CONDITION" means, with respect to any
     action taken or to be taken hereunder, a condition that is satisfied when
     each of Moody's Investors Service, Inc. ("MOODY'S") and Standard & Poor's
     Ratings Services, a division of The McGraw Hill Companies, Inc. ("S&P")
     (each a "RATING AGENCY", and the rating condition with respect to it, the
     "MOODY'S RATING CONDITION" and "S&P RATING CONDITION", respectively) has
     confirmed in writing to the


                                     M-2-12

<PAGE>

     Trustee that such action will not result in withdrawal, reduction or other
     adverse action with respect to any then-current rating by such Rating
     Agency of the Certificates; (2) "QUALIFYING RATINGS" means, with respect to
     the debt of any assignee or guarantor hereunder, (A) a short-term unsecured
     and unsubordinated debt rating of "P-1" (not on watch for downgrade), and a
     long-term unsecured and unsubordinated debt of "A1" (not on watch for
     downgrade) (or, if it has no short-term unsecured and unsubordinated debt
     rating, a long term rating of "Aa3" (not on watch for downgrade) by
     Moody's, and (B) a short-term unsecured and unsubordinated debt rating of
     "A-1", or if it does not have a short-term rating, a long-term unsecured
     and unsubordinated debt rating of "A+" by S & P; (3) a "COLLATERALIZATION
     EVENT" shall occur with respect to BNY (or any applicable credit support
     provider) if: (A) its short-term unsecured and unsubordinated debt rating
     is reduced to "P-2" or below, and its long-term unsecured and
     unsubordinated debt is reduced to "A3" or below, or, if it has no
     short-term unsecured and unsubordinated debt rating, its long term rating
     is reduced to "A2" or below, by Moody's (a "MOODY'S COLLATERALIZATION
     EVENT"), or (B) its short-term unsecured and unsubordinated debt rating is
     reduced to "A-2" or below, or, if it does not have a short-term rating, its
     long-term unsecured and unsubordinated debt rating is reduced to "A" or
     below by S&P (an "S&P COLLATERALIZATION EVENT"); and (4) a "RATINGS EVENT"
     shall occur with respect to BNY (or any applicable credit support provider)
     if: (A) its short-term unsecured and unsubordinated debt rating is
     withdrawn or reduced to "P-3" or below and its long-term unsecured and
     unsubordinated debt is reduced to "Baa1" or below, or, if it has no
     short-term unsecured and unsubordinated debt rating, its long term rating
     is reduced to "Baa1" or below, by Moody's (a "MOODY'S RATINGS EVENT"), or
     (B) its long-term unsecured and unsubordinated debt rating is withdrawn or
     reduced to "BB+" or below by S&P (an "S&P RATINGS EVENT").

     (b) ACTIONS TO BE TAKEN. Subject, in each case to satisfaction of the
     Rating Agency Condition: (1) if a Collateralization Event occurs with
     respect to BNY (or any applicable credit support provider), then BNY shall,
     at its own expense, within thirty (30) days of such Collateralization
     Ratings Event: (A) post collateral in accordance with the Credit Support
     Annex; or (B) on terms substantially similar to this Agreement assign or
     transfer the Transactions to or replace the Transactions with transactions
     with a third party approved by the Counterparty (such approval not to be
     unreasonably withheld) the ratings of which (or of the guarantor of which)
     meet or exceed the Qualifying Ratings; or (C) obtain a guaranty of or a
     contingent agreement to honor BNY's obligations under this Agreement by a
     third party approved by the Counterparty (such approval not to be
     unreasonably withheld) the ratings of which (or of the guarantor of which)
     meet or exceed the Qualifying Ratings; or (D) establish any other
     arrangement approved by the Counterparty (such approval not to be
     unreasonably withheld) that satisfies the Rating Condition; and (2) if a
     Ratings Event occurs with respect to BNY (or any applicable Credit Support
     Provider), then BNY shall, at its own expense, within ten (10) Business
     Days of such Ratings Event: (A) on terms substantially similar to this
     Agreement assign or transfer the Transactions to or replace the
     Transactions with transactions with a third party approved by the
     Counterparty (such approval not to be unreasonably withheld) the ratings of
     which (or of the guarantor of which) meet or exceed the Qualifying Ratings,
     or (B) obtain a guaranty of or a contingent agreement to honor BNY's
     obligations under this Agreement by a third party approved by the
     Counterparty (such approval not to be unreasonably withheld) the ratings of
     which (or of the guarantor of which) meet or exceed the Qualifying Ratings;
     or (C) establish any other arrangement approved by the Counterparty (such
     approval not to be unreasonably withheld) that satisfies the Rating
     Condition.

     9) COMPLIANCE WITH REGULATION AB.

     If the Depositor under the Pooling and Servicing Agreement still has a
     reporting obligation with respect to this Transaction pursuant to
     Regulation AB under the Securities Act of 1933, as amended, and the
     Securities Exchange Act of 1934, as amended ("REGULATION AB") and BNY has
     not, within 30


                                     M-2-13

<PAGE>

     days after receipt of a Swap Disclosure Request complied with the
     provisions set forth below in this Paragraph 4(9) (provided that if the
     significance percentage reaches 10% after a Swap Disclosure Request has
     been made to BNY, BNY must comply with the provisions set forth below in
     this Section 4(9) within 10 calendar days of BNY being informed of the
     significance percentage reaching 10%), then an Additional Termination Event
     shall have occurred with respect to BNY and BNY shall be the sole Affected
     Party with respect to such Additional Termination Event.

     BNY acknowledges that for so long as there are reporting obligations with
     respect to this Transaction under Regulation AB, the Depositor is required
     under Regulation AB to disclose certain information set forth in Regulation
     AB regarding BNY or its group of affiliated entities, if applicable,
     depending on the aggregate "significance percentage" of this Agreement and
     any other derivative contracts between BNY or its group of affiliated
     entities, if applicable, and the Counterparty, as calculated from time to
     time in accordance with Item 1115 of Regulation AB.

     If the Depositor determines, reasonably and in good faith, that the
     significance percentage of this Agreement has increased to nine (9)
     percent, then the Depositor may request on a Business Day after the date of
     such determination from BNY the same information set forth in Item 1115(b)
     of Regulation AB that would have been required if the significance
     percentage had in fact increased to ten (10) percent (such request, a "SWAP
     DISCLOSURE REQUEST" and such requested information, subject to the last
     sentence of this paragraph, is the "SWAP FINANCIAL DISCLOSURE"). The
     Counterparty or the Depositor shall provide BNY with the calculations and
     any other information reasonably requested by BNY with respect to the
     Depositor's determination that led to the Swap Disclosure Request. The
     parties hereto further agree that the Swap Financial Disclosure provided to
     meet the Swap Disclosure Request may be, solely at BNY's option, either the
     information set forth in Item 1115(b)(1) or Item 1115(b)(2) of Regulation
     AB.

     Upon the occurrence of a Swap Disclosure Request, BNY, at its own expense,
     shall (x) provide the Depositor with the Swap Financial Disclosure in an
     Edgar-compatible format, or (y) subject to Rating Agency Confirmation,
     secure another entity to replace BNY as party to this Agreement on terms
     substantially similar to this Agreement which entity is able to provide the
     Swap Financial Disclosure. If permitted by Regulation AB, any required Swap
     Financial Disclosure may be provided by incorporation by reference from
     reports filed pursuant to the Securities Exchange Act.

     10) BNY PAYMENTS TO BE MADE TO TRUSTEE. BNY will, unless otherwise directed
by the Trustee, make all payments hereunder to the Trustee. Payment made to the
Trustee at the account specified herein or to another account specified in
writing by the Trustee shall satisfy the payment obligations of BNY hereunder to
the extent of such payment.

     11) RETURN OF AMOUNTS RECEIVED BY MLML OR ITS AFFILIATES. Merrill Lynch
Mortgage Lending, Inc. ("MLML") agrees and acknowledges that amounts paid
hereunder are not intended to benefit the holder of any class of Certificates
rated by any Rating Agency if such holder is MLML or any of its affiliates. If
MLML or any of its affiliates receives any such amounts, it will promptly remit
(or, if such amounts are received by an affiliate of MLML, MLML hereby agrees
that it will cause such affiliate to promptly remit) such amounts to the
Trustee, whereupon such Trustee will promptly remit such amounts to BNY. MLML
further agrees to provide notice to BNY upon any remittance to the Trustee.

     12) ADDITIONAL PROVISIONS. Notwithstanding the terms of Sections 5 and 6 of
the ISDA Form Master Agreement, if the Counterparty has satisfied its payment
obligations under Section 2(a)(i) of the ISDA Form Master Agreement, and shall,
at the time, have no future payment or delivery obligation, whether absolute or
contingent, then unless BNY is required pursuant to appropriate proceedings to
return to the Counterparty or otherwise returns to the Counterparty upon demand
of the Counterparty any portion of such payment, (a) the occurrence of an event
described in Section 5(a) of the ISDA Form Master Agreement with respect to the
Counterparty


                                     M-2-14

<PAGE>

     shall not constitute an Event of Default or Potential Event of Default with
     respect to the Counterparty as the Defaulting Party and (b) BNY shall be
     entitled to designate an Early Termination Date pursuant to Section 6 of
     the ISDA Form Master Agreement only as a result of a Termination Event set
     forth in either Section 5(b)(i) or Section 5(b)(ii) of the ISDA Form Master
     Agreement with respect to BNY as the Affected Party or Section 5(b)(iii) of
     the ISDA Form Master Agreement with respect to BNY as the Burdened Party.

     5. ACCOUNT DETAILS AND SETTLEMENT INFORMATION:

     PAYMENTS TO BNY:

          The Bank of New York
          Derivative Products Support Department
          32 Old Slip, 16th Floor
          New York, New York 10286
          Attention: Renee Etheart
          ABA #021000018
          Account #890-0068-175
          Reference: Interest Rate Cap

     PAYMENTS TO COUNTERPARTY:

          LaSalle Bank N.A.
          ABA 071000505
          LaSalle CHGO/CTR/BNF:/LASALLE TRUST

          (i) Ref Trust AC# 724367.3

          Acct Name: MLMI 2006-FF1

     6. COUNTERPARTS. This Agreement may be executed in several counterparts,
each of which shall be deemed an original but all of which together shall
constitute one and the same instrument.

     Please confirm that the foregoing correctly sets forth the terms of our
agreement by executing this agreement and returning it via facsimile to
Derivative Products Support Dept., Attn: Kenny Au-Yeung at 212-804-5818/5837.
Once we receive this we will send you two original confirmations for execution.


                                     M-2-15

<PAGE>

     We are very pleased to have executed this Transaction with you and we look
forward to completing other transactions with you in the near future.

Very truly yours,

THE BANK OF NEW YORK


B.BY:
      -------------------------------
Name:
      -------------------------------
Title:
       ------------------------------


                                     M-2-16

<PAGE>


     The Counterparty, acting through its duly authorized signatory, hereby
agrees to, accepts and confirms the terms of the foregoing as of the Trade Date.

LASALLE BANK NATIONAL ASSOCIATION, NOT IN ITS INDIVIDUAL CAPACITY, BUT SOLELY AS
TRUSTEE FOR THE MERRILL LYNCH MORTGAGE INVESTORS TRUST, SERIES 2006-FF1


C.BY:
       ------------------------------
Name:
      -------------------------------
Title:
       ------------------------------


Solely with respect to Paragraph
4(11)
III. MERRILL LYNCH MORTGAGE LENDING,
INC.


By:
    ---------------------------------
Name:
      -------------------------------
Title:
       ------------------------------


                                     M-2-17

<PAGE>

                                   SCHEDULE I

   All dates subject to adjustment in accordance with the Modified Following
                            Business Day Convention.

<TABLE>
<CAPTION>
ACCRUAL START DATE   ACCRUAL END DATE   NOTIONAL AMOUNT (IN USD)   CAP RATE (%)
------------------   ----------------   ------------------------   ------------
<S>                  <C>                <C>                        <C>
    12/27/2006           1/25/2007             950,015,000              6.03
     1/25/2007           2/25/2007             919,106,817             5.651
     2/25/2007           3/25/2007             889,153,373             6.276
     3/25/2007           4/25/2007             860,124,421             5.695
     4/25/2007           5/25/2007             828,811,967             5.952
     5/25/2007           6/25/2007             795,178,989             6.019
</TABLE>


                                     M-2-18

<PAGE>

Exhibit A to Confirmation No. 38701

            [See Exhibit A to Confirmation No. 38700 in Exhibit M-1]


                                     M-2-19
<PAGE>

                                   EXHIBIT M-3

                  FORM OF SUBORDINATE CERTIFICATE CAP CONTRACT

                                                 (THE BANK OF NEW YORK(TM) LOGO)

                                                        Dated: December 27, 2006

                              RATE CAP TRANSACTION

                           RE: BNY REFERENCE NO. 38702

Ladies and Gentlemen:

     The purpose of this letter agreement ("AGREEMENT") is to confirm the terms
and conditions of the rate Cap Transaction entered into on the Trade Date
specified below (the "TRANSACTION") between The Bank of New York ("BNY"), a
trust company duly organized and existing under the laws of the State of New
York, and Merrill Lynch Mortgage Investors Trust, Series 2006-FF1 (the
"COUNTERPARTY"), as represented by LaSalle Bank National Association, not in its
individual capacity, but solely as Trustee under the Pooling and Servicing
Agreement, dated and effective December 1, 2006, among Merrill Lynch Mortgage
Investors, Inc., as Depositor, National City Home Loan Services, Inc., as
Servicer, and LaSalle Bank National Association, as Trustee (the "POOLING AND
SERVICING AGREEMENT"). This Agreement, which evidences a complete and binding
agreement between you and us to enter into the Transaction on the terms set
forth below, constitutes a "CONFIRMATION" as referred to in the "ISDA FORM
MASTER AGREEMENT" (as defined below), as well as a "Schedule" as referred to in
the ISDA Form Master Agreement.

     1. FORM OF AGREEMENT. This Agreement is subject to the 2000 ISDA
Definitions (the "DEFINITIONS"), as published by the International Swaps and
Derivatives Association, Inc. ("ISDA"). Any reference to a "Swap Transaction" in
the Definitions is deemed to be a reference to a "Transaction" for purposes of
this Agreement, and any reference to a "Transaction" in this Agreement is deemed
to be a reference to a "Swap Transaction" for purposes of the Definitions. You
and we have agreed to enter into this Agreement in lieu of negotiating a
Schedule to the 1992 ISDA Master Agreement (Multicurrency--Cross Border) form
(the "ISDA FORM MASTER AGREEMENT"). An ISDA Form Master Agreement, as modified
by the Schedule terms in Paragraph 4 of this Confirmation (the "MASTER
AGREEMENT"), shall be deemed to have been executed by you and us on the date we
entered into the Transaction. For the avoidance of doubt, the Transaction
described herein shall be the sole Transaction governed by such ISDA Form Master
Agreement. Except as otherwise specified, references herein to Sections shall be
to Sections of the Master Agreement, and references to Paragraphs shall be to
paragraphs of this Agreement. Each party hereto agrees that the Master Agreement
deemed to have been executed by the parties hereto shall be the same Master
Agreement referred to in the agreement setting forth the terms of transaction
reference numbers 38700 and 38701. In the event of any inconsistency between the
provisions of this Agreement and the Definitions or the Master Agreement, this
Agreement shall prevail for purposes of the Transaction. Capitalized terms not
otherwise defined herein or in the Definitions or the Master Agreement shall
have the meaning defined for such term in the Pooling and Servicing Agreement.

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

<TABLE>
<S>                               <C>
     Type of Transaction:         Rate Cap

     Notional Amount:             With respect to any Calculation Period, the
                                  lesser of: (i) the amount set forth on
                                  Schedule I attached hereto for such
</TABLE>


                                      M-3-1

<PAGE>

<TABLE>
<S>                               <C>
                                  Calculation Period and (ii) the Class
                                  Certificate Principal Balance of the Class M
                                  and Class B Certificates (as defined in the
                                  Pooling and Servicing Agreement) for such
                                  Floating Rate Payer Payment Date.

                                  The Trustee under the Pooling and Servicing
                                  Agreement shall provide at least five (5)
                                  business days notice prior to each Floating
                                  Rate Payer Payment Date for each Calculation
                                  Period to The Bank of New York if the Class
                                  Certificate Principal Balance of the Class M
                                  and Class B Certificates is less than the
                                  Schedule I attached hereto.

     Trade Date:                  December 21, 2006

     Effective Date:              December 27, 2006

     Termination Date:            June 25, 2007, subject to adjustment in
                                  accordance with the Modified Following
                                  Business Day Convention

FLOATING AMOUNTS

     Floating Rate Payer:         BNY

     Cap Rate:                    For each Calculation Period, as set forth for
                                  such period on Schedule I attached hereto.

     Floating Rate for initial    To be determined
     Calculation Period:

     Floating Rate Day Count      Actual/360
     Fraction:

     Floating Rate Option:        USD-LIBOR-BBA, provided, however, if the
                                  Floating Rate Option for a Calculation Period
                                  is greater than 9.090% then the Floating Rate
                                  Option for such Calculation Period shall be
                                  deemed equal to 9.090%.

     Designated Maturity:         One month

     Spread:                      Inapplicable

     Floating Rate Payer          The 25th day of each month, beginning on
     Period End Dates:            January 25, 2007 and ending on the Termination
                                  Date, subject to adjustment in accordance with
                                  the Modified Following Business Day
                                  Convention.

     Floating Rate Payer          Early Payment shall be applicable. The
     Payment Dates:               Floating Rate Payer Payment Date shall be one
                                  (1) Business Day preceding each Floating Rate
                                  Payer Period End Date.

     Reset Dates:                 The first day of each Calculation Period

     Compounding:                 Inapplicable

     Business Days for Payments   New York and Illinois
     By both parties:

     Calculation Agent:           BNY
</TABLE>


                                      M-3-2

<PAGE>

     3. ADDITIONAL PROVISIONS:

     1) RELIANCE. Each party hereto is hereby advised and acknowledges that the
other party has engaged in (or refrained from engaging in) substantial financial
transactions and has taken (or refrained from taking) other material actions in
reliance upon the entry by the parties into the Transaction being entered into
on the terms and conditions set forth herein.

     2) TRANSFER, AMENDMENT AND ASSIGNMENT. No transfer, amendment, waiver,
supplement, assignment or other modification of this Transaction shall be
permitted by either party unless each of Standard & Poor's Ratings Service, a
division of The McGraw-Hill Companies, Inc ("S&P") and Moody's Investors
Service, Inc. ("MOODY'S"), has been provided notice of the same and confirms in
writing (including by facsimile transmission) that it will not downgrade,
qualify, withdraw or otherwise modify its then-current ratings on the Class M
and Class B Certificates issued under the Pooling and Servicing Agreement (the
"CERTIFICATES").

     4. PROVISIONS DEEMED INCORPORATED IN A SCHEDULE TO THE MASTER AGREEMENT:

     1) NO PAYMENT NETTING AMONG TRANSACTIONS. The parties agree that
subparagraph (ii) of Section 2(c) of the ISDA Form Master Agreement will apply
to this Transaction.

     2) TERMINATION PROVISIONS. Subject to the provisions of Paragraph 4(12),
for purposes of the Master Agreement:

     (a) "SPECIFIED ENTITY" in relation to BNY or the Counterparty shall mean:
     none.

     (b) "SPECIFIED TRANSACTION" will have the meaning specified in Section 14.

     (c) APPLICABILITY. The following provisions apply or do not apply to the
     parties as specified below:

          (i)  Section 5(a)(i) (FAILURE TO PAY OR DELIVER):

               (A)  will apply to BNY; and

               (B)  will apply to the Counterparty.

          (ii) Section 5(a)(ii) (BREACH OF AGREEMENT):

               (A)  will apply to BNY; and

               (B)  will not apply to the Counterparty.

          (iii) Section 5(a)(iii) (CREDIT SUPPORT DEFAULT):

               (A)  will apply to BNY; and

               (B)  will not apply to the Counterparty.

          (iv) Section 5(a)(iv) (MISREPRESENTATION):

               (A)  will apply to BNY; and

               (B)  will not apply to the Counterparty.

          (v)  Section 5(a)(v) (DEFAULT UNDER SPECIFIED TRANSACTION):

               (A)  will not apply to BNY; and

               (B)  will not apply to the Counterparty.

          (vi) Section 5(a)(vi) (CROSS DEFAULT):


                                      M-3-3

<PAGE>

               (A)  will apply to BNY; and

               (B)  will not apply to the Counterparty.

               For the purposes of Section 5(a)(vi):

               "SPECIFIED INDEBTEDNESS" will have the meaning specified in
               Section 14 of this Agreement, except that it shall not include
               indebtedness in respect of deposits received.

               "THRESHOLD AMOUNT" means, 3% of consolidated shareholders equity
               of BNY and its subsidiaries determined in accordance with
               generally accepted accounting principles of the United States
               consistently applied as of the last day of the fiscal quarter
               ended immediately prior to the occurrence or existence of an
               event for which a Threshold Amount is applicable under Section
               5(a)(vi) of this Agreement.

          (vii) Section 5(a)(vii) (BANKRUPTCY):

               (A)  will apply to BNY; and

               (B)  (1) subclauses (2), (4) (but only if the proceeding or
                    petition is instituted or presented by the Counterparty or
                    its affiliates), (7) and (8) (but only with respect to
                    clauses (2), (4) and (7) to the extent of disapplication
                    herein) of Section 5(a)(vii) will not apply to the
                    Counterparty, and the remaining provisions of Section
                    5(a)(vii) will apply to the Counterparty; and (2) the words
                    "trustee" and "custodian" in subclause (6) will not include
                    the Trustee; and (3) events described in Section 5(a)(vii)
                    occurring with respect to the Trust or the Supplemental
                    Interest Trust are deemed to occur to the Counterparty.

          (viii) Section 5(a)(viii) (MERGER WITHOUT ASSUMPTION):

               (A)  will apply to BNY; and

               (B)  will apply to the Counterparty.

          (ix) Section 5(b)(i) (ILLEGALITY):

               (A)  will apply to BNY; and

               (B)  will apply to the Counterparty.

          (x)  Section 5(b)(ii) (TAX EVENT):

               (A)  will apply to BNY; provided that the words "(x) any action
                    taken by a taxing authority, or brought in a court of
                    competent jurisdiction, on or after the date on which a
                    Transaction is entered into (regardless of whether such
                    action is taken or brought with respect to a party to this
                    Agreement) or (y)" shall be deleted; and

               (B)  will not apply to the Counterparty.

          (xi) Section 5(b)(iii) (TAX EVENT UPON MERGER):

               (A)  will apply to BNY, provided, that BNY shall not be entitled
                    to designate an Early Termination Date by reason of a Tax
                    Event upon Merger in respect of which it is the Affected
                    Party; and

               (B)  will apply to the Counterparty.

          (xii) Section 5(b)(iv) (CREDIT EVENT UPON MERGER):


                                     M-3-4

<PAGE>

               (A)  will not apply to BNY; and

               (B)  will not apply to the Counterparty.

          (xiii) Section 5(b)(v) (ADDITIONAL TERMINATION EVENT):

               (A)  will apply to BNY with respect to Paragraph 4(2)(g)(iii) and
                    (iv); and

               (B)  will apply to the Counterparty with respect to Paragraph
                    (2)(g)(i), and (ii).

     (d) The "AUTOMATIC EARLY TERMINATION" provision of Section 6(a):

               (A)  will not apply to BNY; and

               (B)  will not apply to the Counterparty.

     (e) PAYMENTS ON EARLY TERMINATION. For the purpose of Section 6(e), the
     Second Method and Market Quotation will apply. For such purpose, for so
     long as the Certificates are rated by Moody's, if BNY is the Affected Party
     in respect of an Additional Termination Event or a Tax Event Upon Merger or
     the Defaulting Party in respect of any Event of Default (but not, in any
     case, in respect of a Termination Event arising from an Illegality or Tax
     Event), the following provisions shall apply:

          (i) The definitions of "Market Quotation" and "Settlement Amount" are
          amended in their entirety to read as follows:

               "MARKET QUOTATION" means, with respect to one or more Terminated
               Transactions, an offer capable of becoming legally binding upon
               acceptance made by a Reference Market-maker with ratings that
               meet the Collateralization Requirement or the Ratings
               Requirement, as the case may be, for an amount that would be paid
               to the Counterparty (expressed as a negative number) or by the
               Counterparty (expressed as a positive number) in consideration of
               an agreement between the Counterparty and such Reference
               Market-maker to enter into a transaction (the "REPLACEMENT
               TRANSACTION"), with commercial terms substantially the same as
               those of this Agreement (save for the exclusion of provisions
               relating to Transactions that are not Terminated Transactions)
               (which shall be determined by the Counterparty, acting in a
               commercially reasonable manner), that would have the effect of
               preserving the economic equivalent for the Counterparty of any
               payment or delivery (whether the underlying obligation was
               absolute or contingent and assuming the satisfaction of each
               applicable condition precedent) by the parties under Section
               2(a)(i) in respect of such Terminated Transactions or group of
               Terminated Transactions that would, but for the occurrence of the
               relevant Early Termination Date, have been required after that
               Date. For this purpose, Unpaid Amounts in respect of the
               Terminated Transaction or group of Transactions are to be
               excluded but, without limitation, any payment or delivery that
               would, but for the relevant Early Termination Date, have been
               required (assuming satisfaction of each applicable condition
               precedent) after that Early Termination Date is to be included.

               "SETTLEMENT AMOUNT" means, with respect to any Early Termination
               Date:--

               (a) the Termination Currency Equivalent of the Market Quotation
               (whether positive or negative) for each Terminated Transaction or
               group of Terminated Transactions for which a Market Quotation is
               accepted by the Counterparty so as to become legally binding on
               or before the day falling ten (10) Local Business Days after the
               day on which the Early Termination Date is designated (or such


                                     M-3-5

<PAGE>

               later day not be later than the Early Termination Date as the
               Counterparty may specify in writing to BNY); or (if there is no
               such accepted Market Quotation)

               (b) the Counterparty's Loss (whether positive or negative and
               without reference to any Unpaid amounts) for the relevant
               Terminated Transaction or group of Terminated Transactions.

          (ii) the Counterparty and, if request is made in writing within two
          Local Business Days after the day on which the Early Termination Date
          is designated, BNY, shall use reasonable efforts to obtain one or more
          Market Quotations before the date determined pursuant to clause (a) of
          the definition of "Settlement Amount".

          (iii) Notwithstanding anything to the contrary in Section 6(e)(i)(3)
          or Part 5(g), if the Settlement Amount is a negative number, the
          Unpaid Amounts of BNY and the Counterparty shall be subject to netting
          in accordance with Section 2(c).

     (f) "TERMINATION CURRENCY" means United States Dollars.

     (g) "ADDITIONAL TERMINATION EVENT" will apply. The following shall
     constitute Additional Termination Events, and the party specified shall be
     the Affected Party with respect thereto:--

          (i) TERMINATION OF TRUST FUND. The Trust, Supplemental Interest Trust
          or Trust Fund shall be terminated pursuant to any provision of the
          Pooling and Servicing Agreement (including, without limitation, by
          exercise of the option to purchase and giving of notice under Sections
          10.01 of the Pooling and Servicing Agreement). The Early Termination
          Date with respect to such Additional Termination Event shall be the
          Distribution Date upon which the Trust and the Supplemental Interest
          Trust or Trust Fund is terminated and final payment is made in respect
          of the Certificates. Each of BNY and the Counterparty may designate an
          Early Termination Date in respect of this Additional Termination
          Event. The Counterparty shall be the sole Affected Party.

          (ii) AMENDMENT OF POOLING AND SERVICING AGREEMENT. The amendment of
          the Pooling and Servicing Agreement in a manner which could have a
          material adverse affect on BNY without first obtaining the prior
          written consent of BNY (such consent not to be unreasonably withheld),
          where such consent is required under the Pooling and Servicing
          Agreement. The Counterparty shall be the sole Affected Party.

          (iii) COLLATERALIZATION OR RATINGS EVENT. A Collateralization Event or
          Ratings Event (as defined in Paragraph 4(8)(a) has occurred and is
          continuing and BNY fails to comply with the provisions of Paragraph
          4(8)(b) within the time periods set out therein, and, with respect to
          a Ratings Event, at least one substitute counterparty has made an
          offer which remains capable of becoming legally binding upon
          acceptance to be the Transferee of an assignment, transfer or
          replacement in accordance with Paragraph 4(8)(b)(2)(A) hereof). BNY
          shall be the sole Affected Party.

          (iv) REGULATION AB. BNY shall fail to comply with the provisions of
          Paragraph 4(9) hereof within the time provided for therein. BNY shall
          be the sole Affected Party.


                                     M-3-6

<PAGE>

     (h) "GROSS UP". Section 2(d)(i)(4) shall not apply to Counterparty as X,
     and Section 2(d)(ii) shall not apply to Counterparty as Y, such that
     Counterparty shall not be required to pay any additional amounts referred
     to therein.

     3) TAX REPRESENTATIONS.

     (a) PAYER REPRESENTATIONS. For the purpose of Section 3(e), BNY and the
     Counterparty make the following representations:

                    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)) 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);

          (ii) the satisfaction of the agreement contained in Section 4 (a)(i)
               or 4(a)(iii) and the accuracy and effectiveness of any document
               provided by the other party pursuant to Section 4 (a)(i) or
               4(a)(iii); and

          (iii) the satisfaction of the agreement of the other party contained
               in Section 4(d), 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) by reason of material prejudice of its legal or
               commercial position.

     (b) PAYEE REPRESENTATIONS. For the purpose of Section 3(f), BNY and the
     Counterparty make the following representations.

          (i)  The following representation will apply to BNY:

               (x) It is a "U.S. person" (as that term is used in section
               1.1441-4(a)(3)(ii) of the United States Treasury Regulations) for
               United States federal income tax purposes, (y) it is a trust
               company duly organized and existing under the laws of the State
               of New York, and (y) its U.S. taxpayer identification number is
               135160382.

          (ii) The following representation will apply to the Counterparty:

               It is a "U.S. person" (as that term is used in section
               1.1441-4(a)(3)(ii) of United States Treasury Regulations) for
               United States federal income tax purposes.

     4) DOCUMENTS TO BE DELIVERED. FOR THE PURPOSE OF SECTION 4(A):

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

<TABLE>
<CAPTION>
PARTY REQUIRED TO                                                                                  COVERED BY SECTION
DELIVER DOCUMENT               FORM/DOCUMENT/CERTIFICATE          DATE BY WHICH TO BE DELIVERED   3(D) REPRESENTATION
-----------------      ----------------------------------------   -----------------------------   -------------------
<S>                    <C>                                        <C>                             <C>
BNY and Counterparty   Any document required or reasonably        Promptly after the earlier of   Yes
                       requested to allow the other party to      (i) reasonable demand by
                       make payments under this Agreement         either party or (ii) learning
                       without any deduction or withholding for   that such form or document is
                       or on the account of any tax.              required
</TABLE>


                                     M-3-7

<PAGE>

     (b) Other documents to be delivered are:

<TABLE>
<CAPTION>
PARTY REQUIRED TO                                                                                  COVERED BY SECTION
DELIVER DOCUMENT               FORM/DOCUMENT/CERTIFICATE          DATE BY WHICH TO BE DELIVERED   3(D) REPRESENTATION
-----------------      ----------------------------------------   -----------------------------   -------------------
<S>                    <C>                                        <C>                             <C>
BNY                    A certificate of an authorized officer     Upon the execution and          Yes
                       of the party, as to the incumbency and     delivery of this Agreement
                       authority of the respective officers of
                       the party signing this Agreement, any
                       relevant Credit Support Document, or any
                       Confirmation, as the case may be.

Counterparty           (i) a copy of the executed Pooling and     Upon the later of, receipt by   Yes
                       Servicing Agreement, and (ii) an           such party, or within 30 days
                       incumbency certificate verifying the       after the date of this
                       true signatures and authority of the       Agreement
                       person or persons signing this letter
                       agreement on behalf of the Counterparty.

BNY                    A copy of the annual balance sheet from    Promptly after request by       Yes
                       the most recent publicly available         the Counterparty (if
                       regulatory call report.                    available on
                                                                  http://www.fdic.gov, such
                                                                  delivery is not required)

BNY                    Legal Opinion as to enforceability of      Upon the execution and          Yes
                       this Agreement.                            delivery of this Agreement.

Counterparty           Certified copy of the Board of Directors   Upon the execution and          Yes
                       resolution (or equivalent authorizing      delivery of this Agreement.
                       documentation) which sets forth the
                       authority of each signatory to the
                       Confirmation signing on its behalf and
                       the authority of such party to enter into
                       Transactions contemplated and performance
                       of its obligations hereunder.
</TABLE>


                                     M-3-8

<PAGE>

     5) MISCELLANEOUS.

     (a) ADDRESS FOR NOTICES: For the purposes of Section 12(a):

          ADDRESS FOR NOTICES OR COMMUNICATIONS TO BNY:

               The Bank of New York
               Swaps and Derivative Products Group
               Global Market Division
               32 Old Slip 15th Floor
               New York, New York 10286
               Attention: Steve Lawler

          with a copy to:

               The Bank of New York
               Swaps and Derivative Products Group
               32 Old Slip 16th Floor
               New York, New York 10286
               Attention: Andrew Schwartz
               Tele: 212-804-5103
               Fax: 212-804-5818/5837

               (For all purposes)

          A copy of any notice or other communication with respect to Sections 5
          or 6 should also be sent to the addresses set out below:

               The Bank of New York
               Legal Department
               One Wall Street - 10th Floor
               New York, New York 10286
               Attention: General Counsel

          ADDRESS FOR NOTICES OR COMMUNICATIONS TO THE COUNTERPARTY:

               LaSalle Bank National Association, not in its individual
               capacity, but solely as Trustee for Merrill Lynch Mortgage
               Investors Trust, Series 2006-FF1
               Global Securities and Trust Services
               135 S. LaSalle Street, Ste 1511
               Chicago, Illinois 60603
               Attention: John Chozen
               Telephone: 312-992-1816
               Facsimile: 312-904-1368

          With a copy to:

               Merrill Lynch Mortgage Lending, Inc.
               4 World Financial Center
               250 Vesey Street
               NY, NY 10080
               Attention: Alan Chan
               Phone: 212.449.1441
               Facsimile: 212.738-1110

     (b) PROCESS AGENT. For the purpose of Section 13(c):


                                     M-3-9

<PAGE>

     BNY appoints as its Process Agent: Not Applicable

     The Counterparty appoints as its Process Agent: Not Applicable

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

     (d) MULTIBRANCH PARTY. For the purpose of Section 10(c):

     BNY is a Multibranch Party and will enter into each Transaction only
     through the following Office:-- New York (for all Transactions).

     The Counterparty is not a Multibranch Party.

     (e) CALCULATION AGENT. The Calculation Agent is BNY.

     (f) "CREDIT SUPPORT DOCUMENT" means in relation to:--

     BNY: the Credit Support Annex attached as Exhibit A hereto.

     The Counterparty: Not applicable.

     (g) "CREDIT SUPPORT PROVIDER" means in relation to:--

     BNY: Not Applicable (except with respect to credit support furnished
     pursuant to Paragraph 4(8) or 4(9).

     Counterparty: Not Applicable

     (h) GOVERNING LAW. The parties to this Agreement hereby agree that the law
     of the State of New York shall govern their rights and duties in whole,
     without regard to conflict of law provisions thereof other than New York
     General Obligations Law Sections 5-1401 and 5-1402.

     (i) 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. 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.

     (j) RECORDING OF CONVERSATIONS. Each party (i) consents to the recording of
     telephone conversations between the trading, marketing and other relevant
     personnel of the parties in connection with this Agreement or any potential
     Transaction, (ii) agrees to obtain any necessary consent of, and give any
     necessary notice of such recording to, its relevant personnel and (iii)
     agrees, to the extent permitted by applicable law, that recordings may be
     submitted in evidence in any Proceedings.

     (k) WAIVER OF JURY TRIAL. Each party waives any right it may have to a
     trial by jury in respect of any Proceedings relating to this Agreement or
     any Credit Support Document.


                                     M-3-10

<PAGE>

     (l) NON-RECOURSE. Notwithstanding any provision herein or in the Master
     Agreement to the contrary, the obligations of the Counterparty hereunder
     are limited recourse obligations of the Counterparty, payable solely from
     the Swap Account and the proceeds thereof to satisfy the Counterparty's
     obligations hereunder. In the event that the Swap Account and proceeds
     thereof should be insufficient to satisfy all claims outstanding and
     following the realization of the Swap Account and the distribution of the
     proceeds thereof in accordance with the Pooling and Servicing Agreement,
     any claims against or obligations of the Counterparty under the Master
     Agreement or any other confirmation thereunder, still outstanding shall be
     extinguished and thereafter not revive. This provision shall survive the
     expiration of this Agreement.

     (m) LIMITATION ON INSTITUTION OF BANKRUPTCY PROCEEDINGS. BNY shall not
     institute against or cause any other person to institute against, or join
     any other person in instituting against the Counterparty, the supplemental
     interest trust or the trust created pursuant to the Pooling and Servicing
     Agreement any bankruptcy, reorganization, arrangement, insolvency or
     liquidation proceedings, under any federal or state bankruptcy or similar
     law or bankruptcy or similar laws of any other jurisdiction, for a period
     of one year and one day (or, if longer, the applicable preference period)
     following indefeasible payment in full of the Certificates. This provision
     shall survive the expiration of this Agreement.

     (n) REMEDY OF FAILURE TO PAY OR DELIVER. The ISDA Form Master Agreement is
     hereby amended by replacing the word "third" in the third line of Section
     5(a)(i) by the word "second".

     (o) "AFFILIATE" will have the meaning specified in Section 14 of the ISDA
     Form Master Agreement, provided that the Counterparty shall be deemed not
     to have any Affiliates for purposes of this Agreement, including for
     purposes of Section 6(b)(ii).

     (p) TRUSTEE'S CAPACITY. It is expressly understood and agreed by the
     parties hereto that insofar as this Confirmation is executed by the Trustee
     (i) this Confirmation is executed and delivered by LaSalle Bank National
     Association, not in its individual capacity but solely as Trustee pursuant
     to the Pooling and Servicing Agreement in the exercise of the powers and
     authority conferred and vested in it thereunder and pursuant to instruction
     set forth therein, (ii) each of the representations, undertakings and
     agreements herein made on behalf of the trust is made and intended not as a
     personal representation, undertaking or agreement of the Trustee but is
     made and intended for the purpose of binding only the trust, (iii) nothing
     contained herein shall be construed as creating any liability of LaSalle
     Bank National Association, individually or personally, to perform any
     covenants either express 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 will LaSalle Bank National Association, in its individual
     capacity be personally liable for the payment of any indebtedness or
     expenses or be personally liable for the breach or failure of any
     obligation, representation, warranty or covenant made or undertaken under
     this Confirmation. Nothing herein contained shall be construed as creating
     any liability on LaSalle Bank National Association, individually or
     personally, to perform any covenant either expressed or implied contained
     herein, all such liability, if any, being expressly waived by the parties
     who are signatories to this letter agreement and by any person claiming by,
     through or under such parties.

     (q) TRUSTEE'S REPRESENTATION. LaSalle Bank National Association, as
     Trustee, represents and warrants that:

          It has been directed under the Pooling and Servicing Agreement to
          enter into this letter agreement as Trustee on behalf of the
          Counterparty.

     6) ADDITIONAL REPRESENTATIONS. Section 3 is hereby amended by adding, at
the end thereof, the following Sections 3(g),3(h) and 3(i):


                                     M-3-11

<PAGE>

     "(g) RELATIONSHIP BETWEEN PARTIES.

          (1) NONRELIANCE. It is not relying on any statement or representation
          of the other party regarding the Transaction (whether written or
          oral), other than the representations expressly made in this Agreement
          or the Confirmation in respect of that Transaction.

          (2) EVALUATION AND UNDERSTANDING.

               (i) Each Party acknowledges that LaSalle Bank National
               Association, has been directed under the Pooling and Servicing
               Agreement to enter into this Transaction as Trustee on behalf of
               the Counterparty.

               (ii) It is acting for its own account and has the capacity to
               evaluate (internally or through independent professional advice)
               the Transaction and has made its own decision to enter into the
               Transaction; it is not relying on any communication (written or
               oral) of the other party as investment advice or as a
               recommendation to enter into such transaction; it being
               understood that information and explanations related to the terms
               and conditions of such transaction shall not be considered
               investment advice or a recommendation to enter into such
               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 the transaction; and(iii) It understands
               the terms, conditions and risks of the Transaction and is willing
               and able to accept those terms and conditions and to assume (and
               does, in fact assume) those risks, financially and otherwise.

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

     (h) EXCLUSION FROM COMMODITIES EXCHANGE ACT. (A) It is an "eligible
     contract participant" within the meaning of Section 1a(12) of the Commodity
     Exchange Act, as amended; (B) this Agreement and each Transaction is
     subject to individual negotiation by such party; and (C) neither this
     Agreement nor any Transaction will be executed or traded on a "trading
     facility" within the meaning of Section 1a(33) of the Commodity Exchange
     Act, as amended.

     (i) SWAP AGREEMENT. Each Transaction is a "swap agreement" as defined in 12
     U.S.C. Section 1821(e)(8)(D)(vi) and a "covered swap agreement" as defined
     in the Commodity Exchange Act (7 U.S.C. Section 27(d)(1))."

     7) SET-OFF. Notwithstanding any provision of this Agreement or any other
existing or future agreement (but without limiting the provisions of Section
2(c) and Section 6, except as provided in the next sentence), each party
irrevocably waives any and all rights it may have to set off, net, recoup or
otherwise withhold or suspend or condition payment or performance of any
obligation between it and the other party hereunder against any obligation
between it and the other party under any other agreements. The last sentence of
the first paragraph of Section 6(e) shall not apply for purposes of this
Transaction.

     8) RATINGS DOWNGRADE. For purposes of each Transaction:

     (a) DEFINITIONS. (1) "RATING AGENCY CONDITION" means, with respect to any
     action taken or to be taken hereunder, a condition that is satisfied when
     each of Moody's Investors Service, Inc. ("MOODY'S") and Standard & Poor's
     Ratings Services, a division of The McGraw Hill Companies, Inc. ("S&P")
     (each a "RATING AGENCY", and the rating condition with respect to it, the
     "MOODY'S RATING CONDITION" and "S&P RATING CONDITION", respectively) has
     confirmed in writing to the


                                     M-3-12

<PAGE>

     Trustee that such action will not result in withdrawal, reduction or other
     adverse action with respect to any then-current rating by such Rating
     Agency of the Certificates; (2) "QUALIFYING RATINGS" means, with respect to
     the debt of any assignee or guarantor hereunder, (A) a short-term unsecured
     and unsubordinated debt rating of "P-1" (not on watch for downgrade), and a
     long-term unsecured and unsubordinated debt of "A1" (not on watch for
     downgrade) (or, if it has no short-term unsecured and unsubordinated debt
     rating, a long term rating of "Aa3" (not on watch for downgrade) by
     Moody's, and (B) a short-term unsecured and unsubordinated debt rating of
     "A-1", or if it does not have a short-term rating, a long-term unsecured
     and unsubordinated debt rating of "A+" by S & P; (3) a "COLLATERALIZATION
     EVENT" shall occur with respect to BNY (or any applicable credit support
     provider) if: (A) its short-term unsecured and unsubordinated debt rating
     is reduced to "P-2" or below, and its long-term unsecured and
     unsubordinated debt is reduced to "A3" or below, or, if it has no
     short-term unsecured and unsubordinated debt rating, its long term rating
     is reduced to "A2" or below, by Moody's (a "MOODY'S COLLATERALIZATION
     EVENT"), or (B) its short-term unsecured and unsubordinated debt rating is
     reduced to "A-2" or below, or, if it does not have a short-term rating, its
     long-term unsecured and unsubordinated debt rating is reduced to "A" or
     below by S&P (an "S&P COLLATERALIZATION EVENT"); and (4) a "RATINGS EVENT"
     shall occur with respect to BNY (or any applicable credit support provider)
     if: (A) its short-term unsecured and unsubordinated debt rating is
     withdrawn or reduced to "P-3" or below and its long-term unsecured and
     unsubordinated debt is reduced to "Baa1" or below, or, if it has no
     short-term unsecured and unsubordinated debt rating, its long term rating
     is reduced to "Baa1" or below, by Moody's (a "MOODY'S RATINGS EVENT"), or
     (B) its long-term unsecured and unsubordinated debt rating is withdrawn or
     reduced to "BB+" or below by S&P (an "S&P RATINGS EVENT").

     (b) ACTIONS TO BE TAKEN. Subject, in each case to satisfaction of the
     Rating Agency Condition: (1) if a Collateralization Event occurs with
     respect to BNY (or any applicable credit support provider), then BNY shall,
     at its own expense, within thirty (30) days of such Collateralization
     Ratings Event: (A) post collateral in accordance with the Credit Support
     Annex; or (B) on terms substantially similar to this Agreement assign or
     transfer the Transactions to or replace the Transactions with transactions
     with a third party approved by the Counterparty (such approval not to be
     unreasonably withheld) the ratings of which (or of the guarantor of which)
     meet or exceed the Qualifying Ratings; or (C) obtain a guaranty of or a
     contingent agreement to honor BNY's obligations under this Agreement by a
     third party approved by the Counterparty (such approval not to be
     unreasonably withheld) the ratings of which (or of the guarantor of which)
     meet or exceed the Qualifying Ratings; or (D) establish any other
     arrangement approved by the Counterparty (such approval not to be
     unreasonably withheld) that satisfies the Rating Condition; and (2) if a
     Ratings Event occurs with respect to BNY (or any applicable Credit Support
     Provider), then BNY shall, at its own expense, within ten (10) Business
     Days of such Ratings Event: (A) on terms substantially similar to this
     Agreement assign or transfer the Transactions to or replace the
     Transactions with transactions with a third party approved by the
     Counterparty (such approval not to be unreasonably withheld) the ratings of
     which (or of the guarantor of which) meet or exceed the Qualifying Ratings,
     or (B) obtain a guaranty of or a contingent agreement to honor BNY's
     obligations under this Agreement by a third party approved by the
     Counterparty (such approval not to be unreasonably withheld) the ratings of
     which (or of the guarantor of which) meet or exceed the Qualifying Ratings;
     or (C) establish any other arrangement approved by the Counterparty (such
     approval not to be unreasonably withheld) that satisfies the Rating
     Condition.

     9) COMPLIANCE WITH REGULATION AB.

     If the Depositor under the Pooling and Servicing Agreement still has a
     reporting obligation with respect to this Transaction pursuant to
     Regulation AB under the Securities Act of 1933, as amended, and the
     Securities Exchange Act of 1934, as amended ("REGULATION AB") and BNY has
     not, within 30


                                     M-3-13

<PAGE>

     days after receipt of a Swap Disclosure Request complied with the
     provisions set forth below in this Paragraph 4(9) (provided that if the
     significance percentage reaches 10% after a Swap Disclosure Request has
     been made to BNY, BNY must comply with the provisions set forth below in
     this Section 4(9) within 10 calendar days of BNY being informed of the
     significance percentage reaching 10%), then an Additional Termination Event
     shall have occurred with respect to BNY and BNY shall be the sole Affected
     Party with respect to such Additional Termination Event.

     BNY acknowledges that for so long as there are reporting obligations with
     respect to this Transaction under Regulation AB, the Depositor is required
     under Regulation AB to disclose certain information set forth in Regulation
     AB regarding BNY or its group of affiliated entities, if applicable,
     depending on the aggregate "significance percentage" of this Agreement and
     any other derivative contracts between BNY or its group of affiliated
     entities, if applicable, and the Counterparty, as calculated from time to
     time in accordance with Item 1115 of Regulation AB.

     If the Depositor determines, reasonably and in good faith, that the
     significance percentage of this Agreement has increased to nine (9)
     percent, then the Depositor may request on a Business Day after the date of
     such determination from BNY the same information set forth in Item 1115(b)
     of Regulation AB that would have been required if the significance
     percentage had in fact increased to ten (10) percent (such request, a "SWAP
     DISCLOSURE REQUEST" and such requested information, subject to the last
     sentence of this paragraph, is the "SWAP FINANCIAL DISCLOSURE"). The
     Counterparty or the Depositor shall provide BNY with the calculations and
     any other information reasonably requested by BNY with respect to the
     Depositor's determination that led to the Swap Disclosure Request. The
     parties hereto further agree that the Swap Financial Disclosure provided to
     meet the Swap Disclosure Request may be, solely at BNY's option, either the
     information set forth in Item 1115(b)(1) or Item 1115(b)(2) of Regulation
     AB.

     Upon the occurrence of a Swap Disclosure Request, BNY, at its own expense,
     shall (x) provide the Depositor with the Swap Financial Disclosure in an
     Edgar-compatible format, or (y) subject to Rating Agency Confirmation,
     secure another entity to replace BNY as party to this Agreement on terms
     substantially similar to this Agreement which entity is able to provide the
     Swap Financial Disclosure. If permitted by Regulation AB, any required Swap
     Financial Disclosure may be provided by incorporation by reference from
     reports filed pursuant to the Securities Exchange Act.

     10) BNY PAYMENTS TO BE MADE TO TRUSTEE. BNY will, unless otherwise directed
by the Trustee, make all payments hereunder to the Trustee. Payment made to the
Trustee at the account specified herein or to another account specified in
writing by the Trustee shall satisfy the payment obligations of BNY hereunder to
the extent of such payment.

     11) RETURN OF AMOUNTS RECEIVED BY MLML OR ITS AFFILIATES. Merrill Lynch
Mortgage Lending, Inc. ("MLML") agrees and acknowledges that amounts paid
hereunder are not intended to benefit the holder of any class of Certificates
rated by any Rating Agency if such holder is MLML or any of its affiliates. If
MLML or any of its affiliates receives any such amounts, it will promptly remit
(or, if such amounts are received by an affiliate of MLML, MLML hereby agrees
that it will cause such affiliate to promptly remit) such amounts to the
Trustee, whereupon such Trustee will promptly remit such amounts to BNY. MLML
further agrees to provide notice to BNY upon any remittance to the Trustee.

     12) ADDITIONAL PROVISIONS. Notwithstanding the terms of Sections 5 and 6 of
the ISDA Form Master Agreement, if the Counterparty has satisfied its payment
obligations under Section 2(a)(i) of the ISDA Form Master Agreement, and shall,
at the time, have no future payment or delivery obligation, whether absolute or
contingent, then unless BNY is required pursuant to appropriate proceedings to
return to the Counterparty or otherwise returns to the Counterparty upon demand
of the Counterparty any portion of such payment, (a) the occurrence of an event
described in Section 5(a) of the ISDA Form Master Agreement with respect to the
Counterparty


                                     M-3-14

<PAGE>

shall not constitute an Event of Default or Potential Event of Default with
respect to the Counterparty as the Defaulting Party and (b) BNY shall be
entitled to designate an Early Termination Date pursuant to Section 6 of the
ISDA Form Master Agreement only as a result of a Termination Event set forth in
either Section 5(b)(i) or Section 5(b)(ii) of the ISDA Form Master Agreement
with respect to BNY as the Affected Party or Section 5(b)(iii) of the ISDA Form
Master Agreement with respect to BNY as the Burdened Party.

     5.   ACCOUNT DETAILS AND SETTLEMENT INFORMATION:

          PAYMENTS TO BNY:

               The Bank of New York
               Derivative Products Support Department
               32 Old Slip, 16th Floor
               New York, New York 10286
               Attention: Renee Etheart
               ABA #021000018
               Account #890-0068-175
               Reference: Interest Rate Cap

          PAYMENTS TO COUNTERPARTY:

               LaSalle Bank N.A.
               ABA 071000505
               LaSalle CHGO/CTR/BNF:/LASALLE TRUST

               (i) Ref Trust AC# 724367.3

               Acct Name: MLMI 2006-FF1


                                     M-3-15

<PAGE>

     6. COUNTERPARTS. This Agreement may be executed in several counterparts,
each of which shall be deemed an original but all of which together shall
constitute one and the same instrument.

     Please confirm that the foregoing correctly sets forth the terms of our
agreement by executing this agreement and returning it via facsimile to
Derivative Products Support Dept., Attn: Kenny Au-Yeung at 212-804-5818/5837.
Once we receive this we will send you two original confirmations for execution.


                                     M-3-16
<PAGE>

     We are very pleased to have executed this Transaction with you and we look
forward to completing other transactions with you in the near future.

Very truly yours,

THE BANK OF NEW YORK


B.BY:
      ----------------------------------
Name:
      ----------------------------------
Title:
       ---------------------------------


                                     M-3-17

<PAGE>

     The Counterparty, acting through its duly authorized signatory, hereby
agrees to, accepts and confirms the terms of the foregoing as of the Trade Date.

LASALLE BANK NATIONAL ASSOCIATION, NOT IN ITS INDIVIDUAL CAPACITY, BUT SOLELY AS
TRUSTEE FOR THE MERRILL LYNCH MORTGAGE INVESTORS TRUST, SERIES 2006-FF1


C.BY:
      ----------------------------------
Name:
      ----------------------------------
Title:
       ---------------------------------


Solely with respect to Paragraph 4(11)
IV. MERRILL LYNCH MORTGAGE LENDING, INC.


By:
    ------------------------------------
Name:
      ----------------------------------
Title:
       ---------------------------------


                                     M-3-18

<PAGE>

                                   SCHEDULE I

    All dates subject to adjustment in accordance with the Modified Following
                            Business Day Convention.

<TABLE>
<CAPTION>
ACCRUAL START DATE   ACCRUAL END DATE   NOTIONAL AMOUNT (IN USD)   CAP RATE (%)
------------------   ----------------   ------------------------   ------------
<S>                  <C>                <C>                        <C>
    12/27/2006           1/25/2007             268,475,000             6.083
     1/25/2007           2/25/2007             268,475,000             5.686
     2/25/2007           3/25/2007             268,475,000             6.347
     3/25/2007           4/25/2007             268,475,000              5.73
     4/25/2007           5/25/2007             268,475,000             6.045
     5/25/2007           6/25/2007             268,475,000             6.082
</TABLE>


                                     M-3-19

<PAGE>

Exhibit A to Confirmation No. 38702

            [See Exhibit A to Confirmation No. 38700 in Exhibit M-1]


                                     M-3-20

<PAGE>

                                    EXHIBIT N

                                   [RESERVED]


                                       N-1

<PAGE>

                                    EXHIBIT O

                    FORM OF TRANSFEROR REPRESENTATION LETTER
               FOR TRANSFER TO REGULATION S BOOK-ENTRY CERTIFICATE
        FROM A HOLDER OF A RULE 144A BOOK-ENTRY CERTIFICATE OR DEFINITIVE
                                   CERTIFICATE

                                     [DATE]

LaSalle Bank National Association
135 South LaSalle Street
Suite 1511
Chicago, Illinois 60603
Attention: Global Securities and Trust Services - Merrill Lynch Mortgage
Investors Trust, Series 2006-FF1

RE:  Merrill Lynch Mortgage Investors Trust, Mortgage Loan Asset-Backed
     Certificates, Series 2006-FF1

Ladies and Gentlemen:

               In connection with our disposition of the Class ___ Certificates
          which are held in the form of Definitive Certificates or in the form
          of a beneficial interest in a Rule 144A Book-Entry Certificate and to
          effect the transfer pursuant to Regulation S under the Securities Act
          of 1933, as amended ("Regulation S") of the above Certificates in
          exchange for an equivalent beneficial interest in a Regulation S
          Book-Entry Certificate, we hereby certify that such transfer has been
          effected in accordance with (i) the transfer restrictions set forth in
          the Pooling and Servicing Agreement, dated as of December 1, 2006,
          among Merrill Lynch Mortgage Investors, Inc., as Depositor, LaSalle
          Bank National Association, as Trustee, National City Home Loan
          Services, Inc., as Servicer, and in the Certificates and (ii) in
          accordance with Regulation S, and that:

               a. the offer of the Certificates was not made to a person in the
          United States;

               b. at the time the buy order was originated, the transferee was
          outside the United States or we and any person acting on our behalf
          reasonably believed that the transferee was outside the United States;

               c. no directed selling efforts have been made in contravention of
          the requirements of Rule 903 or 904 of Regulation S, as applicable;

               d. the transaction is not part of a plan or scheme to evade the
          registration requirements of the United States Securities Act of 1933,
          as amended; and

               e. the transferee is not a U.S. Person (as defined by Regulation
          S).


                                       O-1

<PAGE>

               You are entitled to rely upon this letter and are irrevocably
          authorized to produce this letter or a copy hereof to any interested
          party in any administrative or legal Proceedings or official inquiry
          with respect to the matters covered hereby. Terms used in this
          certificate have the meanings set forth in Regulation S.

Very truly yours,

-------------------------------------
Print Name of Transferor


By
   ----------------------------------
   Authorized Officer


                                       O-2

<PAGE>

                                    EXHIBIT P

                    FORM OF TRANSFEROR REPRESENTATION LETTER
               FOR TRANSFER PURSUANT TO RULE 144A FROM A HOLDER OF
         A REGULATION S BOOK-ENTRY CERTIFICATE OR DEFINITIVE CERTIFICATE

                                     [DATE]

LaSalle Bank National Association
135 South LaSalle Street
Suite 1511
Chicago, Illinois 60603
Attention: Global Securities and Trust Services - Merrill Lynch Mortgage
Investors Trust, Series 2006-FF1

RE:  Merrill Lynch Mortgage Investors Trust, Mortgage Loan Asset-Backed
     Certificates, Series 2006-FF1

Ladies and Gentlemen:

               In connection with our disposition of the Class __ Certificates
          which are held in the form of Definitive Certificates or in the form
          of a beneficial interest in a Regulation S Book-Entry Certificate and
          to effect the transfer pursuant to Rule 144A under the Securities Act
          of 1933, as amended ("Rule 144A") of the above Certificates in
          exchange for an equivalent beneficial interest in a Rule 144A
          Book-Entry Certificate or a Definitive Note, we hereby certify that
          such Certificates are being transferred in accordance with (i) the
          transfer restrictions set forth in the Pooling and Servicing
          Agreement, dated as of December 1, 2006, among Merrill Lynch Mortgage
          Investors, Inc., as Depositor, La Salle Bank National Association, as
          Trustee, National City Home Loan Services, Inc., as Servicer, and in
          the Certificates and (ii) Rule 144A under the Securities Act of 1933,
          as amended, to a transferee that we reasonably believe is purchasing
          the Certificates for its own account or an account with respect to
          which the transferee exercises sole investment discretion, the
          transferee and any such account is a "qualified institutional buyer"
          within the meaning of Rule 144A, in a transaction meeting the
          requirements of Rule 144A and in accordance with any applicable
          securities laws of any state of the United States or any other
          jurisdiction.

               You are entitled to rely upon this letter and are irrevocably
          authorized to produce this letter or a copy hereof to any interested
          party in any administrative or legal Proceedings or official inquiry
          with respect to the matters covered hereby.


                                       P-1

<PAGE>

Very truly yours,

------------------------------------
Print Name of Transferor


By:
    ---------------------------------
    Authorized Officer


                                       P-2
<PAGE>

                                    EXHIBIT Q

                             FORM OF SWAP AGREEMENT

                                                        Dated: December 27, 2006

                              RATE SWAP TRANSACTION

                           RE: BNY REFERENCE NO. 38699

Ladies and Gentlemen:

     The purpose of this letter agreement ("AGREEMENT") is to confirm the terms
and conditions of the rate Swap Transaction entered into on the Trade Date
specified below (the "TRANSACTION") between The Bank of New York ("BNY"), a
trust company duly organized and existing under the laws of the State of New
York, and the Supplemental Interest Trust relating to the Merrill Lynch Mortgage
Investors Trust, Series 2006-FF1 (the "COUNTERPARTY"), as represented by LaSalle
Bank National Association, not in its individual capacity, but solely as
Supplemental Interest Trust Trustee under the Pooling and Servicing Agreement,
dated and effective December 1, 2006, among Merrill Lynch Mortgage Investors,
Inc., as Depositor, National City Home Loan Services, Inc., as Servicer and
LaSalle Bank National Association, as Trustee (the "POOLING AND SERVICING
AGREEMENT"). This Agreement, which evidences a complete and binding agreement
between you and us to enter into the Transaction on the terms set forth below,
constitutes a "CONFIRMATION" as referred to in the "ISDA FORM MASTER AGREEMENT"
(as defined below), as well as a "Schedule" as referred to in the ISDA Form
Master Agreement.

     1. FORM OF AGREEMENT. This Agreement is subject to the 2000 ISDA
Definitions (the "DEFINITIONS"), as published by the International Swaps and
Derivatives Association, Inc. ("ISDA"). Any reference to a "Swap Transaction" in
the Definitions is deemed to be a reference to a "Transaction" for purposes of
this Agreement, and any reference to a "Transaction" in this Agreement is deemed
to be a reference to a "Swap Transaction" for purposes of the Definitions. You
and we have agreed to enter into this Agreement in lieu of negotiating a
Schedule to the 1992 ISDA Master Agreement (Multicurrency--Cross Border) form
(the "ISDA FORM MASTER AGREEMENT"). An ISDA Form Master Agreement, as modified
by the Schedule terms in Paragraph 4 of this Confirmation (the "MASTER
AGREEMENT"), shall be deemed to have been executed by you and us on the date we
entered into the Transaction. For the avoidance of doubt, the Transaction
described herein shall be the sole Transaction governed by such ISDA Form Master
Agreement. Except as otherwise specified, references herein to Sections shall be
to Sections of the Master Agreement, and references to Paragraphs shall be to
paragraphs of this Agreement. In the event of any inconsistency between the
provisions of this Agreement and the Definitions or the Master Agreement, this
Agreement shall prevail for purposes of the Transaction. Capitalized terms not
otherwise defined herein or in the Definitions or the Master Agreement shall
have the meaning defined for such term in the Pooling and Servicing Agreement.

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

<TABLE>
<S>                              <C>
     Type of Transaction:        Rate Swap

     Notional Amount:            With respect to any Calculation Period the
                                 amount set forth for such period on Schedule I
                                 attached hereto.

     Trade Date:                 December 21, 2006

     Effective Date:             June 25, 2007
</TABLE>

Ref No. 38699


                                       Q-1

<PAGE>

<TABLE>
<S>                              <C>
     Termination Date:           December 25, 2010, subject to adjustment in
                                 accordance with the Following Business Day
                                 Convention

FIXED AMOUNTS

     Fixed Rate Payer:           Counterparty

     Fixed Rate:                 4.850%

     Fixed Rate Day Count        30/360
     Fraction:

     Fixed Rate Payer            The 25th day of each month, beginning on July
     Period End Dates:           25, 2007 and ending on the Termination Date,
                                 with No Adjustment.

     Fixed Rate Payer            Early Payment shall be applicable. The Fixed
     Payment Dates:              Rate Payer Payment Date shall be one (1)
                                 Business Day preceding each Fixed Rate Payer
                                 Period End Date.

     FLOATING AMOUNTS

     Floating Rate Payer:        BNY

     Floating Rate for initial   To be determined
     Calculation Period:

     Floating Rate Day Count     Actual/360
     Fraction:

     Floating Rate Option:       USD-LIBOR-BBA

     Designated Maturity:        One month

     Spread:                     Inapplicable

     Floating Rate Payer         The 25th day of each month, beginning on July
     Period End Dates:           25, 2007 and ending on the Termination Date,
                                 subject to adjustment in accordance with the
                                 Following Business Day Convention.

     Floating Rate Payer         Early Payment shall be applicable. The Floating
     Payment Dates:              Rate Payer Payment Date shall be one (1)
                                 Business Day preceding each Floating Rate Payer
                                 Period End Date.

     Reset Dates:                The first day of each Calculation Period

     Compounding:                Inapplicable

     Business Days for           New York and Illinois
     Payments By both parties:

     Calculation Agent:          BNY

     Additional Payment:         Counterparty shall pay BNY USD 1,405,000 on
                                 December 27, 2006.
</TABLE>

     3. ADDITIONAL PROVISIONS:

     1) RELIANCE. Each party hereto is hereby advised and acknowledges that the
other party has engaged in (or refrained from engaging in) substantial financial
transactions and has taken (or refrained

Ref No. 38699


                                       Q-2

<PAGE>

from taking) other material actions in reliance upon the entry by the parties
into the Transaction being entered into on the terms and conditions set forth
herein.

     2) TRANSFER, AMENDMENT AND ASSIGNMENT. No transfer, amendment, waiver,
supplement, assignment or other modification of this Transaction shall be
permitted by either party unless each of Standard & Poor's Ratings Service, a
division of The McGraw-Hill Companies, Inc ("S&P") and Moody's Investors
Service, Inc. ("MOODY'S"), has been provided notice of the same and confirms in
writing (including by facsimile transmission) that it will not downgrade,
qualify, withdraw or otherwise modify its then-current ratings on the Class A,
Class M and Class B Certificates issued under the Pooling and Servicing
Agreement (the "CERTIFICATES").

     4. PROVISIONS DEEMED INCORPORATED IN A SCHEDULE TO THE MASTER AGREEMENT:

     1) NO PAYMENT NETTING AMONG TRANSACTIONS. The parties agree that
subparagraph (ii) of Section 2(c) of the ISDA Form Master Agreement will apply
to this Transaction.

     2) TERMINATION PROVISIONS. For purposes of the Master Agreement:

     (a) "SPECIFIED ENTITY" in relation to BNY or the Counterparty shall mean:
     none.

     (b) "SPECIFIED TRANSACTION" will have the meaning specified in Section 14.

     (c) APPLICABILITY. The following provisions apply or do not apply to the
     parties as specified below:

          (i)  Section 5(a)(i) (FAILURE TO PAY OR DELIVER):

               (A)  will apply to BNY; and

               (B)  will apply to the Counterparty.

          (ii) Section 5(a)(ii) (BREACH OF AGREEMENT):

               (A)  will apply to BNY; and

               (B)  will not apply to the Counterparty.

          (iii) Section 5(a)(iii) (CREDIT SUPPORT DEFAULT):

               (A)  will apply to BNY; and

               (B)  will not apply to the Counterparty.

          (iv) Section 5(a)(iv) (MISREPRESENTATION):

               (A)  will apply to BNY; and

               (B)  will not apply to the Counterparty.

          (v)  Section 5(a)(v) (DEFAULT UNDER SPECIFIED TRANSACTION):

               (A)  will not apply to BNY; and

               (B)  will not apply to the Counterparty.

          (vi) Section 5(a)(vi) (CROSS DEFAULT):

               (A)  will apply to BNY; and

               (B)  will not apply to the Counterparty.

               For the purposes of Section 5(a)(vi):

Ref No. 38699


                                       Q-3

<PAGE>

               "SPECIFIED INDEBTEDNESS" will have the meaning specified in
               Section 14 of this Agreement, except that it shall not include
               indebtedness in respect of deposits received.

               "THRESHOLD AMOUNT" means, 3% of consolidated shareholders equity
               of BNY and its subsidiaries determined in accordance with
               generally accepted accounting principles of the United States
               consistently applied as of the last day of the fiscal quarter
               ended immediately prior to the occurrence or existence of an
               event for which a Threshold Amount is applicable under Section
               5(a)(vi) of this Agreement.

          (vii) Section 5(a)(vii) (BANKRUPTCY):

               (A)  will apply to BNY; and

               (B)  (1) subclauses (2), (4) (but only if the proceeding or
                    petition is instituted or presented by the Counterparty or
                    its affiliates), (7) and (8) (but only with respect to
                    clauses (2), (4) and (7) to the extent of disapplication
                    herein) of Section 5(a)(vii) will not apply to the
                    Counterparty, and the remaining provisions of Section
                    5(a)(vii) will apply to the Counterparty; and (2) the words
                    "trustee" and "custodian" in subclause (6) will not include
                    the Trustee; and (3) events described in Section 5(a)(vii)
                    occurring with respect to the Trust or the Supplemental
                    Interest Trust are deemed to occur to the Counterparty.

          (viii) Section 5(a)(viii) (MERGER WITHOUT ASSUMPTION):

               (A)  will apply to BNY; and

               (B)  will apply to the Counterparty.

          (ix) Section 5(b)(i) (ILLEGALITY):

               (A)  will apply to BNY; and

               (B)  will apply to the Counterparty.

          (x)  Section 5(b)(ii) (TAX EVENT):

               (A)  will apply to BNY; provided that the words "(x) any action
                    taken by a taxing authority, or brought in a court of
                    competent jurisdiction, on or after the date on which a
                    Transaction is entered into (regardless of whether such
                    action is taken or brought with respect to a party to this
                    Agreement) or (y)" shall be deleted; and

               (B)  will not apply to the Counterparty.

          (xi) Section 5(b)(iii) (TAX EVENT UPON MERGER):

               (A)  will apply to BNY, provided, that BNY shall not be entitled
                    to designate an Early Termination Date by reason of a Tax
                    Event upon Merger in respect of which it is the Affected
                    Party; and

               (B)  will apply to the Counterparty.

          (xii) Section 5(b)(iv) (CREDIT EVENT UPON MERGER):

               (A)  will not apply to BNY; and

               (B)  will not apply to the Counterparty.

          (xiii) Section 5(b)(v) (ADDITIONAL TERMINATION EVENT):

               (A)  will apply to BNY with respect to Paragraph 4(2)(g)(iii) and
                    (iv); and

Ref No. 38699


                                      Q-4

<PAGE>

               (B)  will apply to the Counterparty with respect to Paragraph
                    (2)(g)(i) and(ii).

     (d) The "AUTOMATIC EARLY TERMINATION" provision of Section 6(a):

               (A)  will not apply to BNY; and

               (B)  will not apply to the Counterparty.

     (e) PAYMENTS ON EARLY TERMINATION. For the purpose of Section 6(e), the
     Second Method and Market Quotation will apply. For such purpose, for so
     long as the Certificates are rated by Moody's, if BNY is the Affected Party
     in respect of an Additional Termination Event or a Tax Event Upon Merger or
     the Defaulting Party in respect of any Event of Default (but not, in any
     case, in respect of a Termination Event arising from an Illegality or Tax
     Event), the following provisions shall apply:

          (i) The definitions of "Market Quotation" and "Settlement Amount" are
          amended in their entirety to read as follows:

               "MARKET QUOTATION" means, with respect to one or more Terminated
               Transactions, an offer capable of becoming legally binding upon
               acceptance made by a Reference Market-maker with ratings that
               meet the Collateralization Requirement or the Ratings
               Requirement, as the case may be, for an amount that would be paid
               to the Counterparty (expressed as a negative number) or by the
               Counterparty (expressed as a positive number) in consideration of
               an agreement between the Counterparty and such Reference
               Market-maker to enter into a transaction (the "REPLACEMENT
               TRANSACTION"), with commercial terms substantially the same as
               those of this Agreement (save for the exclusion of provisions
               relating to Transactions that are not Terminated Transactions)
               (which shall be determined by the Counterparty, acting in a
               commercially reasonable manner), that would have the effect of
               preserving the economic equivalent for the Counterparty of any
               payment or delivery (whether the underlying obligation was
               absolute or contingent and assuming the satisfaction of each
               applicable condition precedent) by the parties under Section
               2(a)(i) in respect of such Terminated Transactions or group of
               Terminated Transactions that would, but for the occurrence of the
               relevant Early Termination Date, have been required after that
               Date. For this purpose, Unpaid Amounts in respect of the
               Terminated Transaction or group of Transactions are to be
               excluded but, without limitation, any payment or delivery that
               would, but for the relevant Early Termination Date, have been
               required (assuming satisfaction of each applicable condition
               precedent) after that Early Termination Date is to be included.

               "SETTLEMENT AMOUNT" means, with respect to any Early Termination
               Date:--

               (a) the Termination Currency Equivalent of the Market Quotation
               (whether positive or negative) for each Terminated Transaction or
               group of Terminated Transactions for which a Market Quotation is
               accepted by the Counterparty so as to become legally binding on
               or before the day falling ten (10) Local Business Days after the
               day on which the Early Termination Date is designated (or such
               later day not be later than the Early Termination Date as the
               Counterparty may specify in writing to BNY); or (if there is no
               such accepted Market Quotation)

               (b) the Counterparty's Loss (whether positive or negative and
               without reference to any Unpaid amounts) for the relevant
               Terminated Transaction or group of Terminated Transactions.

Ref No. 38699


                                      Q-5

<PAGE>

          (ii) the Counterparty and, if request is made in writing within two
          Local Business Days after the day on which the Early Termination Date
          is designated, BNY, shall use reasonable efforts to obtain one or more
          Market Quotations before the date determined pursuant to clause (a) of
          the definition of "Settlement Amount".

          (iii) Notwithstanding anything to the contrary in Section 6(e)(i)(3)
          or Part 5(g), if the Settlement Amount is a negative number, the
          Unpaid Amounts of BNY and the Counterparty shall be subject to netting
          in accordance with Section 2(c).

     (f) "TERMINATION CURRENCY" means United States Dollars.

     (g) "ADDITIONAL TERMINATION EVENT" will apply. The following shall
     constitute Additional Termination Events, and the party specified shall be
     the Affected Party with respect thereto:--

          (i) TERMINATION OF TRUST FUND. The Trust, Supplemental Interest Trust
          or Trust Fund shall be terminated pursuant to any provision of the
          Pooling and Servicing Agreement (including, without limitation, by
          completion of a successful auction termination or by exercise of the
          option to purchase and giving of notice under Sections 10.01 of the
          Pooling and Servicing Agreement). The Early Termination Date with
          respect to such Additional Termination Event shall be the Distribution
          Date upon which the Trust and the Supplemental Interest Trust or Trust
          Fund is terminated and final payment is made in respect of the
          Certificates. Each of BNY and the Counterparty may designate an Early
          Termination Date in respect of this Additional Termination Event. The
          Counterparty shall be the sole Affected Party.

          (ii) AMENDMENT OF POOLING AND SERVICING AGREEMENT. The amendment of
          the Pooling and Servicing Agreement in a manner which could have a
          material adverse affect on BNY without first obtaining the prior
          written consent of BNY (such consent not to be unreasonably withheld),
          where such consent is required under the Pooling and Servicing
          Agreement. The Counterparty shall be the sole Affected Party.

          (iii) COLLATERALIZATION OR RATINGS EVENT. A Collateralization Event or
          Ratings Event (as defined in Paragraph 4(8)(a) has occurred and is
          continuing and BNY fails to comply with the provisions of Paragraph
          4(8)(b) within the time periods set out therein, and, with respect to
          a Ratings Event, at least one substitute counterparty has made an
          offer which remains capable of becoming legally binding upon
          acceptance to be the Transferee of an assignment, transfer or
          replacement in accordance with Paragraph 4(8)(b)(2)(A) hereof). BNY
          shall be the sole Affected Party.

          (iv) REGULATION AB. BNY shall fail to comply with the provisions of
          Paragraph 4(9) hereof within the time provided for therein. BNY shall
          be the sole Affected Party.

     (h) "GROSS UP". Section 2(d)(i)(4) shall not apply to Counterparty as X,
     and Section 2(d)(ii) shall not apply to Counterparty as Y, such that
     Counterparty shall not be required to pay any additional amounts referred
     to therein.

     3) TAX REPRESENTATIONS.

Ref No. 38699


                                      Q-6

<PAGE>

     (a) PAYER REPRESENTATIONS. For the purpose of Section 3(e), BNY and the
     Counterparty make the following representations:

               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)) 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);

          (ii) the satisfaction of the agreement contained in Section 4 (a)(i)
          or 4(a)(iii) and the accuracy and effectiveness of any document
          provided by the other party pursuant to Section 4 (a)(i) or 4(a)(iii);
          and

          (iii) the satisfaction of the agreement of the other party contained
          in Section 4(d), 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) by
          reason of material prejudice of its legal or commercial position.

     (b) PAYEE REPRESENTATIONS. For the purpose of Section 3(f), BNY and the
     Counterparty make the following representations.

          (i) The following representation will apply to BNY:

               (x) It is a "U.S. person" (as that term is used in section
               1.1441-4(a)(3)(ii) of the United States Treasury Regulations) for
               United States federal income tax purposes, (y) it is a trust
               company duly organized and existing under the laws of the State
               of New York, and (y) its U.S. taxpayer identification number is
               135160382.

          (ii) The following representation will apply to the Counterparty:

               It is a "U.S. person" (as that term is used in section
               1.1441-4(a)(3)(ii) of United States Treasury Regulations) for
               United States federal income tax purposes.

     4) DOCUMENTS TO BE DELIVERED. FOR THE PURPOSE OF SECTION 4(A):

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

<TABLE>
<CAPTION>
    PARTY
 REQUIRED TO                                                                        COVERED BY
   DELIVER                                                DATE BY WHICH TO BE      SECTION 3(D)
   DOCUMENT         FORM/DOCUMENT/ CERTIFICATE                DELIVERED           REPRESENTATION
 -----------   -----------------------------------   --------------------------   --------------
<S>            <C>                                   <C>                          <C>
BNY and        Any document required or reasonably   Promptly after the earlier   Yes
Counterparty   requested to allow the                of (i) reasonable demand
               other party to make payments under    by either party or (ii)
               this Agreement without any            learning that such form or
               deduction or withholding for or       document is required
               on the account of any tax.
</TABLE>

Ref No. 38699


                                      Q-7

<PAGE>

     (b) Other documents to be delivered are:


<TABLE>
<CAPTION>
    PARTY
 REQUIRED TO                                                                        COVERED BY
   DELIVER                                                DATE BY WHICH TO BE      SECTION 3(D)
   DOCUMENT         FORM/DOCUMENT/ CERTIFICATE                DELIVERED           REPRESENTATION
 -----------   -----------------------------------   --------------------------   --------------
<S>            <C>                                   <C>                          <C>
BNY            A certificate of an authorized        Upon the execution and       Yes
               officer of the party, as to the       delivery of this Agreement
               incumbency and authority of the
               respective officers of the party
               signing this Agreement, any
               relevant Credit Support Document,
               or any Confirmation, as the case
               may be.

Counterparty   (i) a copy of the executed Pooling    Upon the later of, receipt   Yes
               and Servicing Agreement, and (ii)     by such party, or within
               an incumbency certificate verifying   30 days after the date of
               the true signatures and authority     this Agreement
               of the person or persons signing
               this letter agreement on behalf of
               the Counterparty.


BNY            A copy of the annual balance sheet    Promptly after request by    Yes
               from the most recent publicly         the Counterparty (if
               available regulatory call report.     available on
                                                     http://www.fdic.gov, such
                                                     delivery is not required)

BNY            Legal Opinion as to enforceability    Upon the execution and       Yes
               of this Agreement.                    delivery of this
                                                     Agreement.

Counterparty   Certified copy of the Board of        Upon the execution and       Yes
               Directors resolution (or equivalent   delivery of this
               authorizing documentation) which      Agreement.
               sets forth the authority of each
               signatory to the Confirmation
               signing on its behalf and the
               authority of such party to enter
               into Transactions contemplated and
               performance of its obligations
               hereunder.
</TABLE>


     5) MISCELLANEOUS.

     (a) ADDRESS FOR NOTICES: For the purposes of Section 12(a):

          ADDRESS FOR NOTICES OR COMMUNICATIONS TO BNY:

               The Bank of New York
               Swaps and Derivative Products Group
               Global Market Division
               32 Old Slip 15th Floor
               New York, New York 10286
               Attention: Steve Lawler

          with a copy to:

Ref No. 38699


                                      Q-8

<PAGE>

               The Bank of New York
               Swaps and Derivative Products Group
               32 Old Slip 16th Floor
               New York, New York 10286
               Attention: Andrew Schwartz
               Tele: 212-804-5103
               Fax: 212-804-5818/5837

               (For all purposes)

          A copy of any notice or other communication with respect to Sections 5
          or 6 should also be sent to the addresses set out below:

               The Bank of New York
               Legal Department
               One Wall Street - 10th Floor
               New York, New York 10286
               Attention: General Counsel

          ADDRESS FOR NOTICES OR COMMUNICATIONS TO THE COUNTERPARTY:

               LaSalle Bank National Association, not in its individual
               capacity, but solely as Trustee for Merrill Lynch Mortgage
               Investors Trust, Series 2006-FF1
               Global Securities and Trust Services
               135 S. LaSalle Street, Ste 1511
               Chicago, Illinois 60603
               Attention: John Chozen
               Telephone: 312-992-1816
               Facsimile: 312-904-1368

               With a copy to:

               Merrill Lynch Mortgage Lending, Inc.
               4 World Financial Center
               250 Vesey Street
               NY, NY 10080
               Attention: Alan Chan
               Phone: 212.449.1441
               Facsimile: 212.738-1110

     (b) PROCESS AGENT. For the purpose of Section 13(c):

     BNY appoints as its Process Agent: Not Applicable

     The Counterparty appoints as its Process Agent: Not Applicable

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

     (d) MULTIBRANCH PARTY. For the purpose of Section 10(c):

     BNY is a Multibranch Party and will enter into each Transaction only
     through the following Office:- New York (for all Transactions).

     The Counterparty is not a Multibranch Party.

     (e) CALCULATION AGENT. The Calculation Agent is BNY.

Ref No. 38699


                                      Q-9

<PAGE>

     (f) "CREDIT SUPPORT DOCUMENT" means in relation to:--

     BNY: the Credit Support Annex attached as Exhibit A hereto.

     The Counterparty: Not applicable.

     (g) "CREDIT SUPPORT PROVIDER" means in relation to:--

     BNY: Not Applicable (except with respect to credit support furnished
     pursuant to Paragraph 4(8) or 4(9).

     Counterparty: Not Applicable

     (h) GOVERNING LAW. The parties to this Agreement hereby agree that the law
     of the State of New York shall govern their rights and duties in whole,
     without regard to conflict of law provisions thereof other than New York
     General Obligations Law Sections 5-1401 and 5-1402.

     (i) 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. 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.

     (j) RECORDING OF CONVERSATIONS. Each party (i) consents to the recording of
     telephone conversations between the trading, marketing and other relevant
     personnel of the parties in connection with this Agreement or any potential
     Transaction, (ii) agrees to obtain any necessary consent of, and give any
     necessary notice of such recording to, its relevant personnel and (iii)
     agrees, to the extent permitted by applicable law, that recordings may be
     submitted in evidence in any Proceedings.

     (k) WAIVER OF JURY TRIAL. Each party waives any right it may have to a
     trial by jury in respect of any Proceedings relating to this Agreement or
     any Credit Support Document.

     (l) NON-RECOURSE. Notwithstanding any provision herein or in the Master
     Agreement to the contrary, the obligations of the Counterparty hereunder
     are limited recourse obligations of the Counterparty, payable solely from
     amounts on deposit in the Swap Account created by the Supplemental Interest
     Trust Trustee and the proceeds thereof to satisfy the Counterparty's
     obligations hereunder. In the event that the Swap Account and proceeds
     thereof should be insufficient to satisfy all claims outstanding and
     following the realization of the Swap Account and the distribution of the
     proceeds thereof in accordance with the Pooling and Servicing Agreement,
     any claims against or obligations of the Counterparty under the Master
     Agreement or any other confirmation thereunder, still outstanding shall be
     extinguished and thereafter not revive. This provision shall survive the
     expiration of this Agreement.

     (m) LIMITATION ON INSTITUTION OF BANKRUPTCY PROCEEDINGS. BNY shall not
     institute against or cause any other person to institute against, or join
     any other person in instituting against the Counterparty, the Supplemental
     Interest Trust or the trust created pursuant to the Pooling and

Ref No. 38699


                                      Q-10

<PAGE>

     Servicing Agreement any bankruptcy, reorganization, arrangement, insolvency
     or liquidation proceedings, under any federal or state bankruptcy or
     similar law or bankruptcy or similar laws of any other jurisdiction, for a
     period of one year and one day (or, if longer, the applicable preference
     period) following indefeasible payment in full of the Certificates. This
     provision shall survive the expiration of this Agreement.

     (n) REMEDY OF FAILURE TO PAY OR DELIVER. The ISDA Form Master Agreement is
     hereby amended by replacing the word "third" in the third line of Section
     5(a)(i) by the word "second".

     (o) "AFFILIATE" will have the meaning specified in Section 14 of the ISDA
     Form Master Agreement, provided that the Counterparty shall be deemed not
     to have any Affiliates for purposes of this Agreement, including for
     purposes of Section 6(b)(ii).

     (p) TRUSTEE'S CAPACITY. It is expressly understood and agreed by the
     parties hereto that insofar as this Confirmation is executed by the Trustee
     (i) this Confirmation is executed and delivered by LaSalle Bank National
     Association, not in its individual capacity but solely as Supplemental
     Interest Trust Trustee pursuant to the Pooling and Servicing Agreement in
     the exercise of the powers and authority conferred and vested in it
     thereunder and pursuant to instruction set forth therein, (ii) each of the
     representations, undertakings and agreements herein made on behalf of the
     trust is made and intended not as a personal representation, undertaking or
     agreement of the Supplemental Interest Trust Trustee but is made and
     intended for the purpose of binding only the Counterparty, (iii) nothing
     contained herein shall be construed as creating any liability of LaSalle
     Bank National Association, individually or personally, to perform any
     covenants either express 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 will LaSalle Bank National Association, in its individual
     capacity be personally liable for the payment of any indebtedness or
     expenses or be personally liable for the breach or failure of any
     obligation, representation, warranty or covenant made or undertaken under
     this Confirmation. Nothing herein contained shall be construed as creating
     any liability on LaSalle Bank National Association, individually or
     personally, to perform any covenant either expressed or implied contained
     herein, all such liability, if any, being expressly waived by the parties
     who are signatories to this letter agreement and by any person claiming by,
     through or under such parties.

     (q) TRUSTEE'S REPRESENTATION. LaSalle Bank National Association, as
     Supplemental Interest Trust Trustee, represents and warrants that:

          It has been directed under the Pooling and Servicing Agreement to
          enter into this letter agreement as Supplemental Interest Trust
          Trustee on behalf of the Counterparty.

     6) ADDITIONAL REPRESENTATIONS. Section 3 is hereby amended by adding, at
the end thereof, the following Sections 3(g),3(h) and 3(i):

     "(g) RELATIONSHIP BETWEEN PARTIES.

          (1) NONRELIANCE. It is not relying on any statement or representation
          of the other party regarding the Transaction (whether written or
          oral), other than the representations expressly made in this Agreement
          or the Confirmation in respect of that Transaction.

          (2) EVALUATION AND UNDERSTANDING.

               (i) Each Party acknowledges that LaSalle Bank National
               Association, has been directed under the Pooling and Servicing
               Agreement to enter into this Transaction as Supplemental Interest
               Trust Trustee on behalf of the Counterparty.

               (ii) It is acting for its own account and has the capacity to
               evaluate (internally or through independent professional advice)
               the Transaction and has made its own

Ref No. 38699


                                      Q-11

<PAGE>

               decision to enter into the Transaction; it is not relying on any
               communication (written or oral) of the other party as investment
               advice or as a recommendation to enter into such transaction; it
               being understood that information and explanations related to the
               terms and conditions of such transaction shall not be considered
               investment advice or a recommendation to enter into such
               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 the transaction; and

               (iii) It understands the terms, conditions and risks of the
               Transaction and is willing and able to accept those terms and
               conditions and to assume (and does, in fact assume) those risks,
               financially and otherwise.

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

          (h) EXCLUSION FROM COMMODITIES EXCHANGE ACT. (A) It is an "eligible
          contract participant" within the meaning of Section 1a(12) of the
          Commodity Exchange Act, as amended; (B) this Agreement and each
          Transaction is subject to individual negotiation by such party; and
          (C) neither this Agreement nor any Transaction will be executed or
          traded on a "trading facility" within the meaning of Section 1a(33) of
          the Commodity Exchange Act, as amended.

          (i) SWAP AGREEMENT. Each Transaction is a "swap agreement" as defined
          in 12 U.S.C. Section 1821(e)(8)(D)(vi) and a "covered swap agreement"
          as defined in the Commodity Exchange Act (7 U.S.C. Section 27(d)(1))."

     7) SET-OFF. Notwithstanding any provision of this Agreement or any other
existing or future agreement (but without limiting the provisions of Section
2(c) and Section 6, except as provided in the next sentence), each party
irrevocably waives any and all rights it may have to set off, net, recoup or
otherwise withhold or suspend or condition payment or performance of any
obligation between it and the other party hereunder against any obligation
between it and the other party under any other agreements. The last sentence of
the first paragraph of Section 6(e) shall not apply for purposes of this
Transaction.

     8) RATINGS DOWNGRADE. For purposes of each Transaction:

     (a) DEFINITIONS. (1) "RATING AGENCY CONDITION" means, with respect to any
     action taken or to be taken hereunder, a condition that is satisfied when
     each of Moody's and S&P (each a "RATING AGENCY", and the rating condition
     with respect to it, the "MOODY'S RATING CONDITION" and "S&P RATING
     CONDITION", respectively) has confirmed in writing to the Supplemental
     Interest Trust Trustee that such action will not result in withdrawal,
     reduction or other adverse action with respect to any then-current rating
     by such Rating Agency of the Certificates; (2) "QUALIFYING RATINGS" means,
     with respect to the debt of any assignee or guarantor hereunder, (A) a
     short-term unsecured and unsubordinated debt rating of "P-1" (not on watch
     for downgrade), and a long-term unsecured and unsubordinated debt of "A1"
     (not on watch for downgrade) (or, if it has no short-term unsecured and
     unsubordinated debt rating, a long term rating of "Aa3" (not on watch for
     downgrade) by Moody's, and (B) a short-term unsecured and unsubordinated
     debt rating of "A-1", or if it does not have a short-term rating, a
     long-term unsecured and unsubordinated debt rating of "A+" by S&P; (3) a
     "COLLATERALIZATION EVENT" shall occur with respect to BNY (or any
     applicable credit support provider) if: (A) its short-term unsecured and
     unsubordinated debt rating is reduced to "P-2" or below, and its long-term
     unsecured and unsubordinated debt is reduced to "A3" or below, or, if it
     has no short-term unsecured and unsubordinated debt rating, its long term
     rating is reduced to "A2" or below, by Moody's (a "MOODY'S
     COLLATERALIZATION EVENT"), or (B) its short-term unsecured and
     unsubordinated debt rating is reduced to "A-2" or below, or, if it does not
     have a

Ref No. 38699


                                      Q-12

<PAGE>

     short-term rating, its long-term unsecured and unsubordinated debt rating
     is reduced to "A" or below by S&P (an "S&P COLLATERALIZATION EVENT"); and
     (4) a "RATINGS EVENT" shall occur with respect to BNY (or any applicable
     credit support provider) if: (A) its short-term unsecured and
     unsubordinated debt rating is withdrawn or reduced to "P-3" or below and
     its long-term unsecured and unsubordinated debt is reduced to "Baa1" or
     below, or, if it has no short-term unsecured and unsubordinated debt
     rating, its long term rating is reduced to "Baa1" or below, by Moody's (a
     "MOODY'S RATINGS EVENT"), or (B) its long-term unsecured and unsubordinated
     debt rating is withdrawn or reduced to "BB+" or below by S&P (an "S&P
     RATINGS EVENT").

     (b) ACTIONS TO BE TAKEN. Subject, in each case to satisfaction of the
     Rating Agency Condition: (1) if a Collateralization Event occurs with
     respect to BNY (or any applicable credit support provider), then BNY shall,
     at its own expense, within thirty (30) days of such Collateralization
     Ratings Event: (A) post collateral in accordance with the Credit Support
     Annex; or (B) on terms substantially similar to this Agreement assign or
     transfer the Transactions to or replace the Transactions with transactions
     with a third party approved by the Counterparty (such approval not to be
     unreasonably withheld) the ratings of which (or of the guarantor of which)
     meet or exceed the Qualifying Ratings; or (C) obtain a guaranty of or a
     contingent agreement to honor BNY's obligations under this Agreement by a
     third party approved by the Counterparty (such approval not to be
     unreasonably withheld) the ratings of which (or of the guarantor of which)
     meet or exceed the Qualifying Ratings; or (D) establish any other
     arrangement approved by the Counterparty (such approval not to be
     unreasonably withheld) that satisfies the Rating Condition; and (2) if a
     Ratings Event occurs with respect to BNY (or any applicable Credit Support
     Provider), then BNY shall, at its own expense, within ten (10) Business
     Days of such Ratings Event: (A) on terms substantially similar to this
     Agreement assign or transfer the Transactions to or replace the
     Transactions with transactions with a third party approved by the
     Counterparty (such approval not to be unreasonably withheld) the ratings of
     which (or of the guarantor of which) meet or exceed the Qualifying Ratings,
     or (B) obtain a guaranty of or a contingent agreement to honor BNY's
     obligations under this Agreement by a third party approved by the
     Counterparty (such approval not to be unreasonably withheld) the ratings of
     which (or of the guarantor of which) meet or exceed the Qualifying Ratings;
     or (C) establish any other arrangement approved by the Counterparty (such
     approval not to be unreasonably withheld) that satisfies the Rating
     Condition.

     9) COMPLIANCE WITH REGULATION AB.

     If the Depositor under the Pooling and Servicing Agreement still has a
     reporting obligation with respect to this Transaction pursuant to
     Regulation AB under the Securities Act of 1933, as amended, and the
     Securities Exchange Act of 1934, as amended ("REGULATION AB") and BNY has
     not, within 30 days after receipt of a Swap Disclosure Request complied
     with the provisions set forth below in this Paragraph 4(9) (provided that
     if the significance percentage reaches 10% after a Swap Disclosure Request
     has been made to BNY, BNY must comply with the provisions set forth below
     in this Section 4(9) within 10 calendar days of BNY being informed of the
     significance percentage reaching 10%), then an Additional Termination Event
     shall have occurred with respect to BNY and BNY shall be the sole Affected
     Party with respect to such Additional Termination Event.

     BNY acknowledges that for so long as there are reporting obligations with
     respect to this Transaction under Regulation AB, the Depositor is required
     under Regulation AB to disclose certain information set forth in Regulation
     AB regarding BNY or its group of affiliated entities, if applicable,
     depending on the aggregate "significance percentage" of this Agreement and
     any other derivative contracts between BNY or its group of affiliated
     entities, if applicable, and the Counterparty, as calculated from time to
     time in accordance with Item 1115 of Regulation AB.

     If the Depositor determines, reasonably and in good faith, that the
     significance percentage of this Agreement has increased to nine (9)
     percent, then the Depositor may request on a Business Day after the

Ref No. 38699


                                      Q-13

<PAGE>

     date of such determination from BNY the same information set forth in Item
     1115(b) of Regulation AB that would have been required if the significance
     percentage had in fact increased to ten (10) percent (such request, a "SWAP
     DISCLOSURE REQUEST" and such requested information, subject to the last
     sentence of this paragraph, is the "SWAP FINANCIAL DISCLOSURE"). The
     Counterparty or the Depositor shall provide BNY with the calculations and
     any other information reasonably requested by BNY with respect to the
     Depositor's determination that led to the Swap Disclosure Request. The
     parties hereto further agree that the Swap Financial Disclosure provided to
     meet the Swap Disclosure Request may be, solely at BNY's option, either the
     information set forth in Item 1115(b)(1) or Item 1115(b)(2) of Regulation
     AB.

     Upon the occurrence of a Swap Disclosure Request, BNY, at its own expense,
     shall (x) provide the Depositor with the Swap Financial Disclosure in an
     Edgar-compatible format, or (y) subject to Rating Agency Confirmation,
     secure another entity to replace BNY as party to this Agreement on terms
     substantially similar to this Agreement which entity is able to provide the
     Swap Financial Disclosure. If permitted by Regulation AB, any required Swap
     Financial Disclosure may be provided by incorporation by reference from
     reports filed pursuant to the Securities Exchange Act.

     10) BNY PAYMENTS TO BE MADE TO SUPPLEMENTAL INTEREST TRUST TRUSTEE. BNY
will, unless otherwise directed by the Supplemental Interest Trust Trustee, make
all payments hereunder to the Supplemental Interest Trust Trustee. Payment made
to the Supplemental Interest Trust Trustee at the account specified herein or to
another account specified in writing by the Supplemental Interest Trust Trustee
shall satisfy the payment obligations of BNY hereunder to the extent of such
payment.

     11) RETURN OF AMOUNTS RECEIVED BY MLML OR ITS AFFILIATES. Merrill Lynch
Mortgage Lending, Inc. ("MLML") agrees and acknowledges that amounts paid
hereunder are not intended to benefit the holder of any class of Certificates
rated by any Rating Agency if such holder is MLML or any of its affiliates. If
MLML or any of its affiliates receives any such amounts, it will promptly remit
(or, if such amounts are received by an affiliate of MLML, MLML hereby agrees
that it will cause such affiliate to promptly remit) such amounts to the
Supplemental Interest Trust Trustee, whereupon such Supplemental Interest Trust
Trustee will promptly remit such amounts to BNY. MLML further agrees to provide
notice to BNY upon any remittance to the Supplemental Interest Trust Trustee.

5.   ACCOUNT DETAILS AND SETTLEMENT INFORMATION:

     PAYMENTS TO BNY:

          The Bank of New York
          Derivative Products Support Department
          32 Old Slip, 16th Floor
          New York, New York 10286
          Attention: Renee Etheart
          ABA #021000018
          Account #890-0068-175
          Reference: Interest Rate Swap

     PAYMENTS TO COUNTERPARTY:

          LaSalle Bank N.A.
          ABA 071000505
          LaSalle CHGO/CTR/BNF:/LASALLE TRUST
          Ref Trust AC# 724367.2
          Acct Name: MLMI 2006-FF1

Ref No. 38699


                                      Q-14

<PAGE>

     6. COUNTERPARTS. This Agreement may be executed in several counterparts,
each of which shall be deemed an original but all of which together shall
constitute one and the same instrument.

     Please confirm that the foregoing correctly sets forth the terms of our
agreement by executing this agreement and returning it via facsimile to
Derivative Products Support Dept., Attn: Kenny Au-Yeung at 212-804-5818/5837.
Once we receive this we will send you two original confirmations for execution.

Ref No. 38699


                                      Q-15

<PAGE>

     We are very pleased to have executed this Transaction with you and we look
forward to completing other transactions with you in the near future.

Very truly yours,

THE BANK OF NEW YORK


A.BY:
      -------------------------------
Name:
      -------------------------------
Title:
       ------------------------------

Ref No. 38699


                                      Q-16

<PAGE>

     The Counterparty, acting through its duly authorized signatory, hereby
agrees to, accepts and confirms the terms of the foregoing as of the Trade Date.

LASALLE BANK NATIONAL ASSOCIATION, NOT IN ITS INDIVIDUAL CAPACITY, BUT SOLELY AS
SUPPLEMENTAL INTEREST TRUST TRUSTEE FOR THE SUPPLEMENTAL INTEREST TRUST RELATING
TO THE MERRILL LYNCH MORTGAGE INVESTORS TRUST, SERIES 2006-FF1


B.BY:
      -------------------------------
Name:
      -------------------------------
Title:
       ------------------------------


Solely with respect to Paragraph 4(11)
V. MERRILL LYNCH MORTGAGE LENDING, INC.


By:
    ---------------------------------
Name:
      -------------------------------
Title:
       ------------------------------

Ref No. 38699


                                      Q-17
<PAGE>

                                   SCHEDULE I

(With respect to each Fixed Rate Payer Period End Date, all such dates are with
No Adjustment, and with respect to each Floating Rate Payer Period End Date, all
such dates are subject to adjustment in accordance with the Following Business
Day Convention)

<TABLE>
<CAPTION>
ACCRUAL START DATE   ACCRUAL END DATE   NOTIONAL AMOUNT (IN USD)
------------------   ----------------   ------------------------
<S>                  <C>                <C>
     6/25/2007           7/25/2007            1,706,310,205
     7/25/2007           8/25/2007            1,561,143,013
     8/25/2007           9/25/2007            1,446,565,367
     9/25/2007          10/25/2007            1,353,947,174
    10/25/2007          11/25/2007            1,273,491,520
    11/25/2007          12/25/2007            1,201,745,066
    12/25/2007           1/25/2008            1,138,597,692
     1/25/2008           2/25/2008            1,081,235,352
     2/25/2008           3/25/2008            1,028,400,745
     3/25/2008           4/25/2008              979,570,138
     4/25/2008           5/25/2008              931,381,977
     5/25/2008           6/25/2008              879,668,660
     6/25/2008           7/25/2008              823,075,745
     7/25/2008           8/25/2008              767,686,308
     8/25/2008           9/25/2008              719,972,464
     9/25/2008          10/25/2008              678,545,000
    10/25/2008          11/25/2008              641,999,468
    11/25/2008          12/25/2008              608,363,042
    12/25/2008           1/25/2009              576,831,669
     1/25/2009           2/25/2009              547,306,543
     2/25/2009           3/25/2009              519,764,640
     3/25/2009           4/25/2009              494,005,547
     4/25/2009           5/25/2009              469,487,336
     5/25/2009           6/25/2009              446,208,160
     6/25/2009           7/25/2009              423,806,111
     7/25/2009           8/25/2009              402,562,236
     8/25/2009           9/25/2009              382,406,292
     9/25/2009          10/25/2009              363,426,870
    10/25/2009          11/25/2009              345,393,240
    11/25/2009          12/25/2009              328,166,915
    12/25/2009           1/25/2010              311,586,060
     1/25/2010           2/25/2010              311,586,060
     2/25/2010           3/25/2010              311,586,060
     3/25/2010           4/25/2010              311,586,060
     4/25/2010           5/25/2010              311,586,060
     5/25/2010           6/25/2010              307,271,143
     6/25/2010           7/25/2010              295,376,652
     7/25/2010           8/25/2010              284,004,945
     8/25/2010           9/25/2010              273,185,828
     9/25/2010          10/25/2010              262,868,357
</TABLE>

Ref No. 38699


                                      Q-18

<PAGE>

<TABLE>
<S>                  <C>                <C>
    10/25/2010          11/25/2010              252,999,996
    11/25/2010          12/25/2010              243,514,433
</TABLE>

Ref No. 38699


                                      Q-19

<PAGE>

Exhibit A to Confirmation No. 38699

                  [Credit Support Annex to follow on next page]


                                      Q-20

<PAGE>

(BILATERAL FORM)                  (ISDA AGREEMENTS SUBJECT TO NEW YORK LAW ONLY)

                                 (ISDA(R) LOGO)
              International Swaps and Derivatives Association, Inc.

                              CREDIT SUPPORT ANNEX
                             to the Schedule to the

                              ISDA MASTER AGREEMENT

                                   ----------

                          Dated as of December 27, 2006

                                     between

        THE BANK OF NEW YORK           and   LASALLE BANK NATIONAL ASSOCIATION,
                                             not in its individual capacity, but
                                             solely as Supplemental Interest
                                             Trust Trustee with respect to the
                                             Supplemental Interest Trust
                                             relating to the Merrill Lynch
                                             Mortgage Investors Trust, Series
                                             2006-FF1

established as a banking                     The Supplemental Interest Trust is
organization under the laws of the           a common law trust established
State of New York                            under the laws of the State of New
                                             York.

             ("PARTY A")                                 ("PARTY B")

This Annex supplements, forms part of, and is subject to, the Master Agreement
specified in the Confirmation between Party A and Party B (BNY Ref. No. 38699)
(the "AGREEMENT"), dated even date herewith, is part of the Schedule deemed
incorporated therein and is a Credit Support Document under the Master Agreement
with respect to Party A.

Accordingly, the parties agree as follows:--

PARAGRAPHS 1 - 12. INCORPORATION. Paragraphs 1 through 12 inclusive of the ISDA
Credit Support Annex (Bilateral Form) (ISDA Agreements Subject to New York Law
Only) published in 1994 by the International Swaps and Derivatives Association,
Inc. are incorporated herein by reference and made a part hereof, except that
Paragraph 1(b) is hereby amended in its entirety to read as follows:

"(b) SECURED PARTY AND PLEDGOR. Notwithstanding anything contained in this Annex
to the contrary, (a) the term "Secured Party" as used in this Annex means only
Party B, (b) the term "Pledgor" as used in this Annex means only Party A, (c)
only Party A makes the pledge and grant in Paragraph 2, the acknowledgment in
the final sentence of Paragraph 8(a) and the representations in Paragraph 9, and
(d) only Party A will be required to make Transfers of Eligible Credit Support
hereunder."


                                      Q-21

<PAGE>

PARAGRAPH 13.

CERTAIN DEFINITIONS. As used herein, "MOODY'S", "S&P", "RATING AGENCY",
"COLLATERALIZATION EVENT", "MOODY'S COLLATERALIZATION EVENT", "S&P
COLLATERALIZATION EVENT"; "RATINGS EVENT", "MOODY'S RATINGS EVENT", and "S&P
RATINGS EVENT" have the meanings assigned in the Schedule.

(a) SECURITY INTEREST FOR "OBLIGATIONS." The term "OBLIGATIONS" as used in this
Annex includes the following additional obligations: Not applicable.

(b) CREDIT SUPPORT OBLIGATIONS.

     (i) DELIVERY AMOUNT, RETURN AMOUNT AND CREDIT SUPPORT AMOUNT.

          (A) "DELIVERY AMOUNT" has the meaning specified in Paragraph 3(a)
          except that the words "upon a demand made by the Transferee on or
          promptly following a Valuation Date" shall be deleted and replaced by
          the words "on each Valuation Date on which the Threshold for BNY is
          Zero, commencing no later than the Valuation Date falling, in the case
          of a Moody's Collateralization Event or Moody's Ratings Event on the
          30th Local Business Day thereafter, and in the case of an S&P
          Collateralization Event, the thirtieth (30th) day thereafter or the
          next day that is a Local Business Day and, in the case of an S&P
          Ratings Event, commencing promptly after publication by S&P of the
          applicable change in rating, but no later than the tenth (10th)
          Business Days thereafter."

          (B) "RETURN AMOUNT" has the meaning specified in Paragraph 3(b).

          (C) "CREDIT SUPPORT AMOUNT" in Paragraph 3(b), shall be amended in its
          entirety to read as follows:

               "'CREDIT SUPPORT AMOUNT' means, unless otherwise specified in
               Paragraph 13, for any Valuation Date after and during the
               continuance of a Collateralization Event or Ratings Event, (i)
               the Secured Party's Exposure for that Valuation Date, plus (ii)
               the aggregate Independent Amounts applicable to the Pledgor (with
               respect to all Affected Transactions), if any, minus (iii) the
               Pledgor's Threshold; provided, however, that the Credit Support
               Amount will be deemed to be zero whenever the calculation of the
               Credit Support Amount yields a number less than zero; and,
               provided further, that, if a Moody's Rating Event has occurred
               and continued for at least thirty (30) Business Days, the Credit
               Support Amount will not be less than the aggregate amount of all
               next scheduled Payments in respect of the Affected Transactions
               to be made by the Pledgor less any payments due to be made by the
               Secured Party under Section 2(a) on such Payment Dates (in each
               case, after giving effect to any applicable netting under Section
               2(c)).

     (ii) ELIGIBLE COLLATERAL. The items set forth in Schedule 1 will qualify as
     "ELIGIBLE COLLATERAL" for Party A.

     (iii) OTHER ELIGIBLE SUPPORT. The following items will qualify as "OTHER
     ELIGIBLE SUPPORT" for the party specified: Not Applicable.

     (iv) THRESHOLDS.

          (A) "INDEPENDENT AMOUNT" means with respect to Party B: Zero; and,
          with respect to Party A, an amount, as of the date of determination,
          equal to the product of the aggregate Notional Amount outstanding at
          the beginning of the related Calculation Period under the applicable
          Affected Transactions, and the greater of:

               (1) in respect of a Moody's Collateralization Event or a Moody's
               Ratings Event, the percentage set forth in Schedule 2A, Schedule
               2B or Schedule 2C, as applicable ("MOODY'S INDEPENDENT AMOUNT');
               and


                                      Q-22

<PAGE>

               (2) in respect of an S&P Collateralization Event or an S&P
               Ratings Event, (x) with respect to basis risk swaps, the product
               of the S&P Volatility Buffer determined using the table set forth
               in Schedule 3 and .10, and (y) with respect to all other
               Transactions, the S&P Volatility Buffer determined using the
               table set forth in Schedule 3 ("S&P INDEPENDENT AMOUNT)".

          (B) "THRESHOLD" means for each party: An infinite number; provided,
          that the Threshold for Party A shall be zero upon the occurrence and
          during the continuance of an Event of Default, Termination Event,
          Additional Termination Event, or Specified Condition with respect to
          such party and, with respect to Party A, at any time that Party A
          elects or is required to post Collateral pursuant to the occurrence of
          a Collateralization Event or Ratings Event.

          (C) "MINIMUM TRANSFER AMOUNT" means with respect to Party A and Party
          B: $100,000; provided, that the Minimum Transfer Amount for such party
          shall be $50,000 in respect of an S&P Collateralization Event if the
          aggregated principal balance of the Certificates is less than
          $50,000,000 on the applicable Valuation Date, and shall be zero upon
          the occurrence and during the continuance of an Event of Default,
          Termination Event, Additional Termination Event, or Specified
          Condition with respect to such party.

          (D) ROUNDING. The Delivery Amount and the Return Amount will be
          rounded up and down respectively to the nearest integral multiple of
          $1,000.

     (v) CONFLICTING VALUATION PERCENTAGE. Notwithstanding the definition of
     "Valuation Percentage" in Paragraph 10, the Valuation Percentage for any
     item of Eligible Collateral shall be the lowest of the applicable
     percentages specified for such item by any Rating Agency then rating the
     Certificates.

(c) VALUATION AND TIMING.

     (i) "VALUATION AGENT" means, Party A, provided, that if any Event of
     Default with respect to Party A has occurred and is continuing, then any
     designated third party mutually agreed to by the parties shall be the
     Valuation Agent until such time as Party A is no longer a Defaulting Party.

     (ii) "VALUATION DATE" means:

          [X]  each Local Business Day, or

          [ ]  any Local Business Day in each calendar week, which shall be the
               same calendar day each week to the extent practicable, on a
               reasonably consistent basis.

     If not selected above, the Valuation Date shall be selected by Party A upon
     the first to occur of a Collateralization Event or Ratings Event and shall
     not be changed thereafter.

     (iii) "VALUATION TIME" means:

          [ ]  the close of business in the city of the Valuation Agent on the
               Valuation Date or date of calculation, as applicable;

          [X]  the close of business on the Local Business Day before the
               Valuation Date or date of calculation, as applicable;

     provided, that the calculations of Value and Exposure will be made as of
     approximately the same time on the same date.

     (iv) "NOTIFICATION TIME" means 1:00 p.m., New York time, on a Local
     Business Day.

(d) CONDITIONS PRECEDENT AND SECURED PARTY'S RIGHTS AND REMEDIES. (i) Illegality
and (ii) Additional Termination Events will be a "SPECIFIED CONDITION" for Party
A (as the Affected Party) (but not for purposes of Paragraph 8(d)), and (iii)
Tax Event and (iv) Tax Event Upon Merger will not be a "SPECIFIED CONDITION for
Party A.


                                      Q-23

<PAGE>

(e) SUBSTITUTION.

     (i) "SUBSTITUTION DATE" has the meaning specified in Paragraph 4(d)(ii).

     (ii) CONSENT. If specified here as applicable, then the Pledgor must obtain
     the Secured Party's consent for any substitution pursuant to Paragraph
     4(d): Applicable.

(f) DISPUTE RESOLUTION.

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

     (ii) VALUE. For the purpose of Paragraphs 5(i)(C) and 5(ii), the Value of
     Posted Credit Support will be calculated as follows: as set forth for other
     purposes in Paragraph 12.

     (iii) ALTERNATIVE. The provisions of Paragraph 5 will apply, except to the
     following extent: (A) pending the resolution of a dispute, Transfer of the
     undisputed Value of Eligible Credit Support or Posted Credit Support
     involved in the relevant demand will be due as provided in Paragraph 5 if
     the demand is given by the Notification Time, but will be due on the second
     Local Business Day after the demand if the demand is given after the
     Notification Time; and (B) the Disputing Party need not comply with the
     provisions of Paragraph 5(II)(2) if the amount to be Transferred does not
     exceed the Disputing Party's Minimum Transfer Amount.

(g) HOLDING AND USING POSTED COLLATERAL.

     (i) ELIGIBILITY TO HOLD POSTED COLLATERAL; CUSTODIANS. The Secured Party
     will not be entitled to hold Posted Collateral itself. The Secured Party
     will be entitled to hold Posted Collateral through a Custodian (which may
     be the Supplemental Interest Trust Trustee and which shall at all times be
     a financial institution as specified under the Pooling and Servicing
     Agreement, or, if not so specified, which shall be a commercial bank or
     trust company which is unaffiliated with Party B organized under the laws
     of the United States or any state thereof, having assets of at least $10
     billion and a long term debt or a deposit rating of at least (i) Baa2 from
     Moody's and (ii) BBB from S&P, in an identifiable segregated account
     (provided that, so long as the Certificates are rated by S&P, the Custodian
     must have a short-term debt or deposit rating of at least A-1 from S&P).

     Initially, the Custodian for Party B is: The Supplemental Interest Trust
     Trustee under the Pooling and Servicing Agreement or any successor trustee
     thereto.

     (ii) USE OF POSTED COLLATERAL. The provisions of Paragraph 6(c) will apply
     to the Secured Party; therefore, Party B will not have any of the rights
     specified in Paragraph 6(c)(i) or 6 (c)(ii).

(h) DISTRIBUTIONS AND INTEREST AMOUNT.

     (i) INTEREST RATE. The "INTEREST RATE", with respect to Eligible Collateral
     in the form of Cash will be, if the Custodian or Supplemental Interest
     Trust Trustee is instructed to invest Cash Posted Collateral as provided in
     Paragraph 13(l)(vii), the rate actually earned on the Cash Posted
     Collateral or, if the Pledgor instructs that the Cash Posted Collateral not
     be invested, an amount equal to the contractual rate of interest entitled
     to be received on such amounts from the Swap Collateral Account (as
     hereinbelow defined), as applicable; provided, that, if the Swap Collateral
     Account does not pay interest and the Custodian or Supplemental Interest
     Trust Trustee is not obligated to invest Cash Posted Collateral under the
     Pooling and Servicing Agreement, the "Interest Rate" will be, for any day,
     the rate opposite the caption "Federal Funds (Effective)" for such day as
     published for such day in Federal Reserve Publication H.15(519) or any
     successor publication as published by the Board of Governors of the Federal
     Reserve System or such other rate as agreed by Party A and Party B.

     (ii) TRANSFER OF INTEREST AMOUNT. The Transfer of the Interest Amount will
     be made (x) with respect to earnings from Eligible Investments pursuant to
     Part 13(l)(vii) or from


                                      Q-24

<PAGE>

     the interest on the Swap Collateral Account pursuant to Part 13(h)(i), on
     such date as accrued and received (or if so agreed, on the first Local
     Business Day of each calendar month) and on any Local Business Day that
     Posted Collateral in the form of Cash is Transferred to the Pledgor
     pursuant to Paragraph 3(b), and (y) with respect to any other Interest
     Amount, subject to the availability of interest and earnings on the
     Mortgage Loans therefor, on the first Local Business Day of each calendar
     month and on any Local Business Day that Posted Collateral in the form of
     Cash is Transferred to the Pledgor pursuant to Paragraph 3(b).

     (iii) ALTERNATIVE TO INTEREST AMOUNT. The provisions of Paragraph 6(d)(ii)
     will apply.

(i) OTHER ELIGIBLE SUPPORT AND OTHER POSTED SUPPORT.

     (i) "VALUE" with respect to Other Eligible Support and Other Posted Support
     means: Inapplicable.

     (ii) "TRANSFER" with respect to Other Eligible Support and Other Posted
     Support means: Inapplicable.

(j) DEMANDS AND NOTICES. All demands, specifications and notices under this
Annex will be made pursuant to the Notices Section of this Agreement, unless
otherwise specified here:

     (i) Party A: to be specified in each notice.

     (ii) Party B: to be specified in the Notice Section of this Agreement.

(k) ADDRESSES FOR TRANSFERS.

     Party A: For Cash: To be provided
              For Eligible Collateral: To be provided

     Party B: To be provided

(l) OTHER PROVISIONS.

     (i) ADDITIONAL DEFINITIONS. As used in this Annex:--

          "EQUIVALENT COLLATERAL" means, with respect to any security
          constituting Posted Collateral, a security of the same issuer and, as
          applicable, representing or having the same class, series, maturity,
          interest rate, principal amount or liquidation value and such other
          provisions as are necessary for that security and the security
          constituting Posted Collateral to be treated as equivalent in the
          market for such securities;

          "LOCAL BUSINESS DAY" means: (i) any day on which commercial banks are
          open for business (including dealings in foreign exchange and foreign
          currency deposits) in New York, and (ii) in relation to a Transfer of
          Eligible Collateral, a day on which the clearance system agreed
          between the parties for the delivery of Eligible Collateral is open
          for acceptance and execution of settlement instructions (or in the
          case of a Transfer of Cash or other Eligible Collateral for which
          delivery is contemplated by other means, a day on which commercial
          banks are open for business (including dealings for foreign exchange
          and foreign currency deposits) in New York and such other places as
          the parties shall agree);


                                      Q-25

<PAGE>

     (ii) TRANSFER TIMING.

          (A) Paragraph 4(b) shall be deleted and replaced in its entirety by
          the following paragraph: "Subject to Paragraphs 4(a) and 5 and unless
          otherwise specified, if a demand for the Transfer of Eligible Credit
          Support or Posted Credit Support is made by the Notification Time,
          then the relevant Transfer will be made not later than the close of
          business on the second Local Business Day thereafter; if a demand is
          made after the Notification Time then the relevant Transfer will be
          made not later than the close of business on the third Local Business
          Day thereafter."

          (B) Paragraph 6(d)(1) shall be amended so that the reference therein
          to "the following Local Business Day" shall be replaced by reference
          to "the second Local Business Day thereafter".

     (iii) EVENTS OF DEFAULT. Paragraph 7 shall be deleted and replaced in its
     entirety by the following paragraph:

          "For the purposes of Section 5(a)(i) of this Agreement, an Event of
          Default will exist with respect to a party if that party fails (or
          fails to cause its Custodian) to make, when due, any Transfer of
          Eligible Credit Support, Posted Credit Support or the Interest Amount,
          as applicable, required to be made by it and that failure continues
          for two Local Business Day after the notice of that failure is given
          to that party; provided, that, with respect to a failure to Transfer
          Eligible Credit Support, at least (x) 30 Local Business Days have
          elapsed after a Ratings Event has occurred, and (y) 10 Business Days
          have elapsed after an S&P Ratings Event, and such failure is not
          remedied on or before the third Local Business Day after notice of
          such failure is given to Party A".

     (iv) RETURN OF FUNGIBLE SECURITIES. In lieu of returning to the Pledgor
     pursuant to Paragraphs 3(b), 4(d), 5 and 8(d) any Posted Collateral
     comprising securities the Secured Party may return Equivalent Collateral.

     (v) NO COUNTERCLAIM. A party's rights to demand and receive the Transfer of
     Eligible Collateral as provided hereunder and its rights as Secured Party
     against the Posted Collateral or otherwise shall be absolute and subject to
     no counterclaim, set-off, deduction or defense in favor of the Pledgor
     except as contemplated in Sections 2 and 6 of the Agreement and Paragraph 8
     of this Annex.

     (vi) HOLDING COLLATERAL. The Secured Party shall cause any Custodian
     appointed hereunder to open and maintain a segregated account (the "SWAP
     COLLATERAL ACCOUNT") and to hold, record and identify all the Posted
     Collateral therein and, subject to Paragraphs 6(c) and 8(a), such Posted
     Collateral shall at all times be and remain the property of the Pledgor and
     shall at no time constitute the property of, or be commingled with the
     property of, the Secured Party or the Custodian.

     (vii) INVESTMENT OF CASH POSTED COLLATERAL. Cash Posted Collateral shall be
     invested in Permitted Investments as directed by Party A, with gains and
     losses incurred in respect of such investments to be for the account of
     Party A, subject to the following parameters: the Cash Posted Collateral
     shall be invested in such overnight (or redeemable within two Local
     Business Days of demand) investments rated at least A-1+ by S&P and Prime
     -1 by Moody's or AAAm or AAAmG by S&P and Aaa by Moody's as directed by
     Party A (provided, that such investment shall be held uninvested or
     invested at the direction of Party B if an Event of Default or an
     Additional Termination Event has occurred with respect to which Party A is
     the defaulting or sole Affected Party and Party B has designated an Early
     Termination Date with respect thereto). Such instructions may be delivered
     as standing instructions.

     (viii) RETURN OF POSTED COLLATERAL. If a Collateralization Event occurs and
     thereafter ceases to be continuing (and provided that no Event of Default
     or Potential Event of Default exists with respect to Party A) or Party A
     has made a Permitted Transfer under this Agreement, then Party A's
     obligations to transfer Eligible Collateral under this


                                      Q-26

<PAGE>

     Annex will immediately cease with respect to that Collateralization Event,
     and Party B will, upon demand by Party A, return to Party A, or cause its
     Custodian to return, all Posted Collateral held under this Annex. The
     Secured Party is authorized to liquidate any Posted Collateral pursuant to
     written instructions from Party A.

     (ix) EXTERNAL VERIFICATION OF MARK-TO-MARKET VALUATIONS. If the long term
     senior unsecured debt of Party A is rated BBB or lower by S&P, once every
     month after an S&P Ratings Event occurs and during its continuance, Party A
     will at its own expense verify its determination of Exposure of the
     Transaction on the next Valuation Date by seeking quotations from two (2)
     Reference Market-makers (provided, that a Reference Market-maker may not be
     used more than four times within each 12 month period) for their
     determination of Exposure of the Transaction on such Valuation Date and the
     Valuation Agent will use the greater of either (a) its own determination or
     (b) the high quotation for a Reference Market-maker, if applicable for the
     next Valuation Date. Party A shall provide the quotations of such Reference
     Market-makers to S&P.

     (x) EXPENSES. Notwithstanding Paragraph 10, the Pledgor will be responsible
     for, and will reimburse the Secured Party for, all transfer and other taxes
     and other costs involved in the transfer of Eligible Collateral.

     (xi) LIMIT ON SECURED PARTY'S LIABILITY. The Secured Party will not be
     liable for any losses or damages that the Pledgor may suffer as a result of
     any failure by the Secured Party to perform, or any delay by it in
     performing, any of its obligations under this Annex if the failure or delay
     results from circumstances beyond the reasonable control of the Secured
     Party or its Custodian, such as interruption or loss of computer or
     communication services, labor disturbance, natural disaster or local or
     national emergency.

                      [Signature page immediately follows]


                                      Q-27

<PAGE>

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

THE BANK OF NEW YORK                    LASALLE BANK NATIONAL ASSOCIATION,
                                        not in its individual capacity, but
                                        solely Supplemental Interest Trust
                                        Trustee with respect to the Supplemental
                                        Interest Trust relating to the Merrill
                                        Lynch Mortgage Investors Trust, Series
                                        2006-FF1


By:                                     By:
    ---------------------------------       ------------------------------------
Name:                                   Name:
      -------------------------------         ----------------------------------
Title:                                  Title:
       ------------------------------          ---------------------------------
Date:                                   Date:
      -------------------------------         ----------------------------------


                                      Q-28
<PAGE>

                                   SCHEDULE 1
                               ELIGIBLE COLLATERAL

Certificates: Class A, Class M and Class B Certificates

Highest Rating of Certificates: Class A rated "Aaa" by Moody's, and "AAA" by
                                S&P.

Scheduled Date Certificates will fall below $50,000,000: November 25, 2017.

Last Scheduled Payment Date of Transactions: December 25, 2010

Valuation Date (and Valuation Percentage column): Daily

     Moody's Valuation Percentage columns:

     *    Column A sets out the percentage applicable when a Moody's Rating
          Event has not occurred and been continuing for at least 30 Local
          Business Days

     *    Column B sets out the percentage applicable when a Moody's Rating
          Event has occurred and been continuing for at least 30 Local Business
          Days

                   ELIGIBLE COLLATERAL & VALUATION PERCENTAGES
                                 MOODY'S AND S&P

<TABLE>
<CAPTION>
                                                     VALUATION PERCENTAGE   VALUATION PERCENTAGE
                                                           MOODY'S                   S&P
                                                     --------------------   --------------------
                                                            A     B            DAILY   WEEKLY
                                                           ---   ---           -----   ------
<S>                                                  <C>         <C>        <C>        <C>
(A)  Cash: U.S. Dollars in depositary account form         100   100             100      100

(B)  U.S. Treasury Securities: negotiable debt             100   100            98.9     98.6
     obligations issued by the U.S. Treasury
     Department after July 18, 1984 ("TREASURIES")
     HAVING a remaining maturity of up to and not
     more than 1 year.

(C)  Treasuries having a remaining maturity of             100    99              98     97.3
     greater than 1 year but not more than 2
     years.

(D)  Treasuries having a remaining maturity of             100    98            97.4     95.8
     greater than 2 years but not more than 3
     years.

(E)  Treasuries having a remaining maturity of             100    97            95.5     93.8
     greater than 3 years but not more than 5
     years.

(F)  Treasuries having a remaining maturity of             100    95            93.7     91.4
     greater than 5 years but not more than 7
     years.

(G)  Treasuries having a remaining maturity of             100    94            92.5     90.3
     greater than 7 years but not more than 10
     years.

(H)  Treasuries having a remaining maturity of             100    89            91.1     87.9
     greater than 10 years but not more than 20
     years.

(I)  Treasuries having a remaining maturity of             100    87            88.6     84.6
     greater than 20 years but not more than 30
     years.
</TABLE>


                                      Q-29

<PAGE>

<TABLE>
<S>                                                  <C>         <C>           <C>     <C>
(J)  Agency Securities: negotiable debt                    100    99            98.5       98
     obligations of the Federal National Mortgage
     Association (FNMA), Federal Home Loan
     Mortgage Corporation (FHLMC), Federal Home
     Loan Banks (FHLB), Federal Farm Credit Banks
     (FFCB), Tennessee Valley Authority (TVA)
     (collectively, "AGENCY SECURITIES") issued
     after July 18, 1984 and having a remaining
     maturity of not more than 1 year.

(K)  Agency Securities having a remaining maturity         100    98            97.7     96.8
     of greater than 1 year but not more than 2
     years.

(L)  Agency Securities having a remaining maturity         100    97            97.3     96.3
     of greater than 2 years but not more than 3
     years.

(M)  Agency Securities having a remaining maturity         100    96            94.5     94.5
     of greater than 3 years but not more than 5
     years.

(N)  Agency Securities having a remaining maturity         100    94            93.1     90.3
     of greater than 5 years but not more than 7
     years.

(O)  Agency Securities having a remaining maturity         100    93            90.7     86.9
     of greater than 7 years but not more than 10
     years.

(P)  Agency Securities having a remaining maturity         100    88            87.7     82.6
     of greater than 10 years but not more than 20
     years.

(Q)  Agency Securities having a remaining maturity         100    86            84.4     77.9
     of greater than 20 years but not more than 30
     years.

(R)  FHLMC Certificates. Mortgage participation             *     *            91.50    86.40
     certificates issued by FHLMC evidencing
     undivided interests or participations in
     pools of first lien conventional or FHA/VA
     residential mortgages or deeds of trust,
     guaranteed by FHLMC, issued after July 18,
     1984 and having a remaining maturity of not
     more than 30 years.

(S)  FNMA Certificates. Mortgage-backed                     *     *            91.50    86.40
     pass-through certificates issued by FNMA
     evidencing undivided interests in pools of
     first lien mortgages or deeds of trust on
     residential properties, guaranteed by FNMA,
     issued after July 18, 1984 and having a
     remaining maturity of not more than 30 years.
</TABLE>


                                      Q-30

<PAGE>

<TABLE>
<S>                                                  <C>         <C>           <C>     <C>
(T)  GNMA Certificates. Mortgage-backed                     *     *            91.50    86.40
     pass-through certificates issued by private
     entities, evidencing undivided interests in
     pools of first lien mortgages or deeds of
     trust on single family residences, guaranteed
     by the Government National Mortgage
     Association (GNMA) with the full faith and
     credit of the United States, issued after
     July 18, 1984 and having a remaining maturity
     of not more than 30 years.

(U)  Commercial Mortgage-Backed Securities.                 *     *             96.2     95.1
     Floating rate commercial mortgage-backed
     securities rated AAA by two major rating
     agencies (including S&P if S&P is a Rating
     Agency hereunder) with a minimum par or face
     amount of $250 million (excluding securities
     issued under Rule 144A) ("Commercial
     Mortgage-Backed Securities") having a
     remaining maturity of not more than 5 years.

                                                            *     *             92.9     90.9
(V)  Commercial Mortgage-Backed Securities having
     a remaining maturity of more than 5 years and
     not more than 10 years.

(W)  Commercial Mortgage-Backed Securities having
     a remaining maturity of more than 10 years.                                91.0     88.6

(X)  Commercial Paper. Commercial Paper with a
     rating of at least P-1 by Moody's and at
     least A-1+ by S&P and having a remaining               *     *               99       99
     maturity of not more than 30 days.

(Y)  Other Items of Credit Support approved by the
     Rating Agencies to the extent any
     [Certificates] are rated.                              *     *              *        *
</TABLE>

*    percentage to be determined percentage to be determined when such other
     Item of Credit Support (including, without limitation, Agency Securities,
     FHLMC Certificates, FNMA Certificates, GNMA Certificates, Commercial
     Mortgage-Backed Securities and Commercial Paper) has been approved by
     Moody's or S&P as the case may be.


                                      Q-31

<PAGE>

                                   SCHEDULE 2A
                   MOODY'S INDEPENDENT AMOUNT (FIRST TRIGGER)

Certificates: Class A, Class M and Class B Certificates
Last Scheduled Payment Date of Transactions: December 25, 2010
Valuation Date (and Valuation Percentage column): Daily

The following percentages shall be used in the calculation of the Moody's
Independent Amount when the Pledgor elects or is required to post collateral
following the occurrence and continuance of a Collateralization Event for thirty
(30 Business Days).

<TABLE>
<CAPTION>
      Weighted Average Life           Valuation    Valuation Date
     of Transaction in Years        Date (Daily)      (Weekly)
     -----------------------        ------------   --------------
<S>                                 <C>            <C>
            1 or less                   0.15%           0.25%
 More than 1 but not more than 2        0.30%           0.50%
 More than 2 but not more than 3        0.40%           0.70%
 More than 3 but not more than 4        0.60%           1.00%
 More than 4 but not more than 5        0.70%           1.20%
 More than 5 but not more than 6        0.80%           1.40%
 More than 6 but not more than 7        1.00%           1.60%
 More than 7 but not more than 8        1.10%           1.80%
 More than 8 but not more than 9        1.20%           2.00%
 More than 9 but not more than 10       1.30%           2.20%
More than 10 but not more than 11       1.40%           2.30%
More than 11 but not more than 12       1.50%           2.50%
More than 12 but not more than 13       1.60%           2.70%
More than 13 but not more than 14       1.70%           2.80%
More than 14 but not more than 15       1.80%           3.00%
More than 15 but not more than 16       1.90%           3.20%
More than 16 but not more than 17       2.00%           3.30%
More than 17 but not more than 18       2.00%           3.50%
More than 18 but not more than 19       2.00%           3.60%
More than 20 but not more than 21       2.00%           3.70%
More than 21 but not more than 22       2.00%           3.90%
           More than 22                 2.00%           4.00%
</TABLE>


                                      Q-32

<PAGE>

                                   SCHEDULE 2B
                   MOODY'S INDEPENDENT AMOUNT (SECOND TRIGGER)
                          (TRANSACTION SPECIFIC HEDGES)

Certificates: Class A, Class M and Class B Certificates
Last Scheduled Payment Date of Transactions: December 25, 2010
Valuation Date (and Valuation Percentage column): Daily

The following percentages shall be used in the calculation of the Moody's
Independent Amount when the Pledgor is required to post collateral following the
occurrence and continuance of a Moody's Rating Event for thirty (30) Business
Days with respect to any Transaction that is an interest rate cap, interest rate
floor or interest rate swaption, or that is an interest rate swap the notional
amount of which is "balance guaranteed" or, for any Calculation Period,
otherwise is not a specific dollar amount that is fixed at the inception of the
Transaction (a "TRANSACTION-SPECIFIC HEDGE").

<TABLE>
<CAPTION>
      Weighted Average Life           Valuation    Valuation Date
     of Transaction in Years        Date (Daily)      (Weekly)
     -----------------------        ------------   --------------
<S>                                 <C>            <C>
            1 or less                   0.50%           0.60%
 More than 1 but not more than 2        1.00%           1.20%
 More than 2 but not more than 3        1.50%           1.70%
 More than 3 but not more than 4        1.90%           2.30%
 More than 4 but not more than 5        2.40%           2.80%
 More than 5 but not more than 6        2.80%           3.30%
 More than 6 but not more than 7        3.20%           3.80%
 More than 7 but not more than 8        3.60%           4.30%
 More than 8 but not more than 9        4.00%           4.80%
 More than 9 but not more than 10       4.40%           5.30%
More than 10 but not more than 11       4.70%           5.60%
More than 11 but not more than 12       5.00%           6.00%
More than 12 but not more than 13       5.40%           6.40%
More than 13 but not more than 14       5.70%           6.80%
More than 14 but not more than 15       6.00%           7.20%
More than 15 but not more than 16       6.30%           7.60%
More than 16 but not more than 17       6.60%           7.90%
More than 17 but not more than 18       6.90%           8.30%
More than 18 but not more than 19       7.20%           8.60%
More than 20 but not more than 21       7.50%           9.00%
More than 21 but not more than 22       7.80%           9.00%
          More than 22                  8.00%           9.00%
</TABLE>


                                      Q-33

<PAGE>

                                   SCHEDULE 2C
                   MOODY'S INDEPENDENT AMOUNT (SECOND TRIGGER)
                        (NON-TRANSACTION SPECIFIC HEDGES)

Certificates: Class A, Class M and Class B Certificates
Last Scheduled Payment Date of Transactions: December 25, 2010
Valuation Date (and Valuation Percentage column): Daily

The following percentages shall be used in the calculation of the Moody's
Independent Amount when the Pledgor is required to post collateral following the
occurrence and continuance of a Moody's Rating Event for thirty (30) Business
Days with respect to any Transaction that is not a Transaction-Specific Hedge.

<TABLE>
<CAPTION>
      Weighted Average Life           Valuation    Valuation Date
     of Transaction in Years        Date (Daily)      (Weekly)
     -----------------------        ------------   --------------
<S>                                 <C>            <C>
            1 or less                   0.65%           0.75%
 More than 1 but not more than 2        1.30%           1.50%
 More than 2 but not more than 3        1.90%           2.20%
 More than 3 but not more than 4        2.50%           2.90%
 More than 4 but not more than 5        3.10%           3.60%
 More than 5 but not more than 6        3.60%           4.20%
 More than 6 but not more than 7        4.20%           4.80%
 More than 7 but not more than 8        4.70%           5.40%
 More than 8 but not more than 9        5.20%           6.00%
 More than 9 but not more than 10       5.70%           6.60%
More than 10 but not more than 11       6.10%           7.00%
More than 11 but not more than 12       6.50%           7.50%
More than 12 but not more than 13       7.00%           8.00%
More than 13 but not more than 14       7.40%           8.50%
More than 14 but not more than 15       7.80%           9.00%
More than 15 but not more than 16       8.20%           9.50%
More than 16 but not more than 17       8.60%           9.90%
More than 17 but not more than 18       9.00%          10.40%
More than 18 but not more than 19       9.40%          10.80%
More than 20 but not more than 21       9.70%          11.00%
More than 21 but not more than 22      10.00%          11.00%
           More than 22                10.00%          11.00%
</TABLE>


                                      Q-34

<PAGE>

                                   SCHEDULE 3
                              S&P VOLATILITY BUFFER

Certificates: Class A, Class M and Class B Certificates

Highest Rating of Certificates: Class A rated "Aaa" by Moody's, and "AAA" by
                                S&P.

Scheduled Date Certificates will fall below $50,000,000: November 25, 2017.

Last Scheduled Payment Date of Transactions: December 25, 2010

Valuation Date (and Valuation Percentage column): Daily

     The S&P Volatility Buffer will be determined using the following table:

                              S&P VOLATILITY BUFFER

<TABLE>
<CAPTION>
                        REMAINING YEARS TO MATURITY OF TRANSACTION
                  -----------------------------------------------------
PARTY A RATING*   (Up to 5 years)   (Up to 10 years)   (Up to 30 years)
---------------   ---------------   ----------------   ----------------
<S>               <C>               <C>                <C>
If, on the related Valuation Date, the highest rated Certificates are
rated "AA-" or higher by S&P, the S&P Volatility Buffer is:

A-2                    3.25%              4.00%              4.75%
A-3                    4.00%              5.00%              6.25%
BB+ or lower           4.50%              6.75%              7.50%

If, on the related Valuation Date, the highest rated Certificates are
rated "A" or "A+" by S&P, the S&P Volatility Buffer is:

BBB+/BBB               3.25%              4.00%              4.50%
A-2                    3.25%              4.00%              4.50%
A-3/BBB-               3.50%              4.50%              6.00%
BB+ or lower           4.00%              5.25%              7.00%
</TABLE>

*    This rating shall be the higher of the rating by S&P on the related
     Valuation Date of the long-term debt and short-term debt of Party A or its
     guarantor or other Credit Support Provider.


                                      Q-35

<PAGE>

                                    EXHIBIT R

                        FORM OF ASSESSMENT OF COMPLIANCE

                                     [DATE]

Merrill Lynch Mortgage Investors, Inc.
250 Vesey Street
4 World Financial Center, 10th Floor
New York, New York 10080

LaSalle Bank National Association
135 South LaSalle Street
Suite 1511
Chicago, Illinois 60603

Attention: Global Securities and Trust Services - Merrill Lynch Mortgage
           Investors Trust, Series 2006-FF1

National City Home Loan Services, Inc.
150 Allegheny Center Mall
Pittsburgh, Pennsylvania 15212

Moody's Investors Service, Inc.
99 Church Street, 4th Floor
New York, New York 10007

Standard & Poor's, a division of
The McGraw-Hill Companies, Inc.
25 Broadway, 12th Floor
New York, New York 10004

     Re: Pooling and Servicing Agreement (the "Agreement"), dated as of
         December 1, 2006, among Merrill Lynch Mortgage Investors, Inc., as
         depositor, National City Home Loan Services, Inc., as servicer, and
         LaSalle Bank National Association, as trustee, relating to Merrill
         Lynch Mortgage Investors Trust, Mortgage Loan Asset-Backed
         Certificates, Series 2006-FF1 (the "Trust")

          For the calendar year ending December 31, [2006] or portion thereof,
[LaSalle Bank National Association, as Trustee] [National City Home Loan
Services, Inc., as Servicer] for the Trust has complied in all material respects
with the relevant Servicing Criteria in Exhibit S of the Agreement.


                                       R-1

<PAGE>

          All capitalized terms used herein but not defined herein shall have
the meanings assigned to them in the Agreement.

Date:
      -------------------------------


                                        By:
                                            ------------------------------------
                                        Name:
                                              ----------------------------------
                                        Title:
                                               ---------------------------------


                                       R-2
<PAGE>


                                    EXHIBIT S

                       SERVICING CRITERIA TO BE ADDRESSED
                           IN ASSESSMENT OF COMPLIANCE
                          (RMBS unless otherwise noted)

DEFINITIONS                             KEY: _________________

PRIMARY SERVICER - transaction party having borrower contact X - obligation
TRUSTEE - fiduciary of the transaction and safe keeper of certain pool assets
CUSTODIAN - safe keeper of certain pool assets

WHERE THERE ARE MULTIPLE CHECKS FOR CRITERIA THE ATTESTING PARTY WILL IDENTIFY
IN THEIR MANAGEMENT ASSERTION THAT THEY ARE ATTESTING ONLY TO THE PORTION OF THE
DISTRIBUTION CHAIN THEY ARE RESPONSIBLE FOR IN THE RELATED TRANSACTION
AGREEMENTS.

<TABLE>
<CAPTION>
                                                          NATIONAL
                                                         CITY HOME
                                                            LOAN
                                                         SERVICES,       LASALLE
  REGULATION AB                                             INC.          BANK            ADDITIONAL
    REFERENCE              SERVICING CRITERIA            (SERVICER)     (TRUSTEE)         INFORMATION
  -------------            ------------------            ----------     ---------         -----------
<S>                <C>                                  <C>            <C>           <C>
                   GENERAL SERVICING CONSIDERATIONS

1122(d)(1)(i)      Policies and procedures are               X              X        Servicer and
                   instituted to monitor any                                         Trustee each
                   performance or other triggers and                                 responsible only to
                   events of default in accordance                                   the extent that
                   with the transaction agreements.                                  each party, as
                                                                                     applicable, has
                                                                                     actual knowledge or
                                                                                     written notice with
                                                                                     respect to parties
                                                                                     other than itself.

1122(d)(1)(ii)     If any material servicing                IF             IF
                   activities are outsourced to third   APPLICABLE     APPLICABLE
                   parties, policies and procedures        FOR A          FOR A
                   are instituted to monitor the        TRANSACTION    TRANSACTION
                   third party's performance and        PARTICIPANT    PARTICIPANT
                   compliance with such servicing
                   activities.

1122(d)(1)(iii)    Any requirements in the                  N/A            N/A
                   transaction agreements to maintain
                   a back-up servicer for the Pool
                   Assets are maintained.

1122(d)(1)(iv)     A fidelity bond and errors and            X
                   omissions policy is in effect on
                   the party participating in the
                   servicing function throughout the
                   reporting period in the amount of
                   coverage required by and otherwise
                   in accordance with the terms of
                   the transaction agreements.

                   CASH COLLECTION AND ADMINISTRATION

1122(d)(2)(i)      Payments on pool assets are               X              X        Servicer and
                   deposited into the appropriate                                    Trustee each
                   custodial bank accounts and                                       responsible only
                   related bank clearing accounts no                                 for deposits into
                   more than two business days                                       the accounts held
                   following receipt, or such other                                  by it.
                   number of days specified in the
                   transaction agreements.
</TABLE>


                                       S-1

<PAGE>

<TABLE>
<CAPTION>
                                                          NATIONAL
                                                         CITY HOME
                                                            LOAN
                                                         SERVICES,       LASALLE
  REGULATION AB                                             INC.          BANK            ADDITIONAL
    REFERENCE              SERVICING CRITERIA            (SERVICER)     (TRUSTEE)         INFORMATION
  -------------            ------------------            ----------     ---------         -----------
<S>                <C>                                   <C>            <C>          <C>
1122(d)(2)(ii)     Disbursements made via wire               X              X        Servicer disburses
                   transfer on behalf of an obligor                                  funds to trustee.
                   or to an investor are made only by                                Trustee disburses
                   authorized personnel.                                             funds to
                                                                                     certificateholders.

1122(d)(2)(iii)    Advances of funds or guarantees           X
                   regarding collections, cash flows
                   or distributions, and any interest
                   or other fees charged for such
                   advances, are made, reviewed and
                   approved as specified in the
                   transaction agreements.

1122(d)(2)(iv)     The related accounts for the              X              X
                   transaction, such as cash reserve
                   accounts or accounts established
                   as a form of over
                   collateralization, are separately
                   maintained (e.g., with respect to
                   commingling of cash) as set forth
                   in the transaction agreements.

1122(d)(2)(v)      Each custodial account is                 X              X
                   maintained at a federally insured
                   depository institution as set
                   forth in the transaction
                   agreements. For purposes of this
                   criterion, "federally insured
                   depository institution" with
                   respect to a foreign financial
                   institution means a foreign
                   financial institution that meets
                   the requirements of Rule
                   13k-1(b)(1) of the Securities
                   Exchange Act.

1122(d)(2)(vi)     Unissued checks are safeguarded so        X              X
                   as to prevent unauthorized access.

1122(d)(2)(vii)    Reconciliations are prepared on a         X              X
                   monthly basis for all asset-backed
                   securities related bank accounts,
                   including custodial accounts and
                   related bank clearing accounts.
                   These reconciliations are (A)
                   mathematically accurate; (B)
                   prepared within 30 calendar days
                   after the bank statement cutoff
                   date, or such other number of days
                   specified in the transaction
                   agreements; (C) reviewed and
                   approved by someone other than the
                   person who prepared the
                   reconciliation; and (D) contain
                   explanations for reconciling
                   items. These reconciling items are
                   resolved within 90 calendar days
                   of their original identification,
                   or such other number of days
                   specified in the
</TABLE>


                                       S-2

<PAGE>

<TABLE>
<CAPTION>
                                                          NATIONAL
                                                         CITY HOME
                                                            LOAN
                                                         SERVICES,                    LASALLE
  REGULATION AB                                             INC.                        BANK           ADDITIONAL
    REFERENCE              SERVICING CRITERIA            (SERVICER)     (TRUSTEE)         INFORMATION
  -------------            ------------------            ----------     ---------         -----------
<S>                <C>                                  <C>            <C>           <C>
                   transaction agreements.

                   INVESTOR REMITTANCES AND REPORTING

1122(d)(3)(i)      Reports to investors, including           X              X
                   those to be filed with the
                   Commission, are maintained in
                   accordance with the transaction
                   agreements and applicable
                   Commission requirements.
                   Specifically, such reports (A) are
                   prepared in accordance with
                   timeframes and other terms set
                   forth in the transaction
                   agreements; (B) provide
                   information calculated in
                   accordance with the terms
                   specified in the transaction
                   agreements; (C) are filed with the
                   Commission as required by its
                   rules and regulations; and (D)
                   agree with investors' or the
                   trustee's records as to the total
                   unpaid principal balance and
                   number of Pool Assets serviced by
                   the Servicer.

1122(d)(3)(ii)     Amounts due to investors are              X              X        Servicer remits
                   allocated and remitted in                                         cash and loan level
                   accordance with timeframes,                                       data to Trustee
                   distribution priority and other                                   based on timelines
                   terms set forth in the transaction                                established in the
                   agreements.                                                       Pooling and
                                                                                     Servicing
                                                                                     Agreement. The
                                                                                     Trustee is
                                                                                     responsible for the
                                                                                     allocation of funds
                                                                                     to
                                                                                     Certificateholders
                                                                                     using the
                                                                                     appropriate
                                                                                     distribution
                                                                                     priority as
                                                                                     established by the
                                                                                     Pooling and
                                                                                     Servicing Agreement.

1122(d)(3)(iii)    Disbursements made to an investor                        X        Trustee disburses
                   are posted within two business                                    funds to
                   days to the Servicer's investor                                   Certificateholders.
                   records, or such other number of
                   days specified in the transaction
                   agreements.

1122(d)(3)(iv)     Amounts remitted to investors per         X              X        Servicer remits
                   the investor reports agree with                                   funds and provides
                   cancelled checks, or other form of                                certain investor
                   payment, or custodial bank                                        reports to Trustee
                   statements.                                                       within guidelines
                                                                                     and timeframes
                                                                                     established in
                                                                                     Pooling and
                                                                                     Servicing
                                                                                     Agreement.
                                                                                     Trustee disburses
                                                                                     funds to
                                                                                     certificateholders.

                   POOL ASSET ADMINISTRATION

1122(d)(4)(i)      Collateral or security on pool            X              X
                   assets is
</TABLE>


                                       S-3

<PAGE>

<TABLE>
<CAPTION>
                                                          NATIONAL
                                                         CITY HOME
                                                            LOAN
                                                         SERVICES,      LASALLE
  REGULATION AB                                             INC.          BANK           ADDITIONAL
    REFERENCE              SERVICING CRITERIA            (SERVICER)    (TRUSTEE)         INFORMATION
  -------------            ------------------            ----------    ---------         -----------
<S>                <C>                                  <C>           <C>           <C>
                   maintained as required by the
                   transaction agreements or related
                   pool asset documents.

1122(d)(4)(ii)     Pool assets and related documents         X             X
                   are safeguarded as required by the
                   transaction agreements.

1122(d)(4)(iii)    Any additions, removals or                X             X        Trustee shall only
                   substitutions to the asset pool                                  review, not
                   are made, reviewed and approved in                               approve, such
                   accordance with any conditions or                                additions, removals
                   requirements in the transaction                                  or substitutions in
                   agreements.                                                      accordance with the
                                                                                    transaction
                                                                                    agreements.

1122(d)(4)(iv)     Payments on pool assets, including        X
                   any payoffs, made in accordance
                   with the related pool asset
                   documents are posted to the
                   Servicer's obligor records
                   maintained no more than two
                   business days after receipt, or
                   such other number of days
                   specified in the transaction
                   agreements, and allocated to
                   principal, interest or other items
                   (e.g., escrow) in accordance with
                   the related pool asset documents.

1122(d)(4)(v)      The Servicer's records regarding          X
                   the pool assets agree with the
                   Servicer's records with respect to
                   an obligor's unpaid principal
                   balance.

1122(d)(4)(vi)     Changes with respect to the terms         X
                   or status of an obligor's pool
                   assets (e.g., loan modifications
                   or re-agings) are made, reviewed
                   and approved by authorized
                   personnel in accordance with the
                   transaction agreements and related
                   pool asset documents.

1122(d)(4)(vii)    Loss mitigation or recovery               X
                   actions (e.g., forbearance plans,
                   modifications and deeds in lieu of
                   foreclosure, foreclosures and
                   repossessions, as applicable) are
                   initiated, conducted and concluded
                   in accordance with the timeframes
                   or other requirements established
                   by the transaction agreements.

1122(d)(4)(viii)   Records documenting collection            X
                   efforts are maintained during the
                   period a pool asset is delinquent
                   in accordance with the transaction
                   agreements. Such records are
                   maintained on at least a monthly
                   basis, or such other period
                   specified in the transaction
                   agreements, and describe the
                   entity's activities in monitoring
</TABLE>


                                       S-4

<PAGE>

<TABLE>
<CAPTION>
                                                          NATIONAL
                                                         CITY HOME
                                                            LOAN
                                                         SERVICES,        LASALLE
  REGULATION AB                                             INC.            BANK           ADDITIONAL
    REFERENCE              SERVICING CRITERIA            (SERVICER)      (TRUSTEE)         INFORMATION
  -------------            ------------------            ----------      ---------         -----------
<S>                <C>                                  <C>             <C>           <C>
                   delinquent pool assets including,
                   for example, phone calls, letters
                   and payment rescheduling plans in
                   cases where delinquency is deemed
                   temporary (e.g., illness or
                   unemployment).

1122(d)(4)(ix)     Adjustments to interest rates or          X
                   rates of return for pool assets
                   with variable rates are computed
                   based on the related pool asset
                   documents.

1122(d)(4)(x)      Regarding any funds held in trust         X
                   for an obligor (such as escrow
                   accounts): (A) such funds are
                   analyzed, in accordance with the
                   obligor's pool asset documents, on
                   at least an annual basis, or such
                   other period specified in the
                   transaction agreements; (B)
                   interest on such funds is paid, or
                   credited, to obligors in
                   accordance with applicable pool
                   asset documents and state laws;
                   and (C) such funds are returned to
                   the obligor within 30 calendar
                   days of full repayment of the
                   related pool assets, or such other
                   number of days specified in the
                   transaction agreements.

1122(d)(4)(xi)     Payments made on behalf of an             X
                   obligor (such as tax or insurance
                   payments) are made on or before
                   the related penalty or expiration
                   dates, as indicated on the
                   appropriate bills or notices for
                   such payments, provided that such
                   support has been received by the
                   servicer at least 30 calendar days
                   prior to these dates, or such
                   other number of days specified in
                   the transaction agreements.

1122(d)(4)(xii)    Any late payment penalties in             X
                   connection with any payment to be
                   made on behalf of an obligor are
                   paid from the Servicer's funds and
                   not charged to the obligor, unless
                   the late payment was due to the
                   obligor's error or omission.

1122(d)(4)(xiii)   Disbursements made on behalf of an        X
                   obligor are posted within two
                   business days to the obligor's
                   records maintained by the
                   servicer, or such other number of
                   days specified in the transaction
                   agreements.

1122(d)(4)(xiv)    Delinquencies, charge-offs and            X
                   uncollectible accounts are
                   recognized and recorded in
                   accordance with the transaction
                   agreements.

1122(d)(4)(xv)     Any external enhancement or other                         X
                   support, identified in Item
                   1114(a)(1)
</TABLE>


                                       S-5

<PAGE>

<TABLE>
<CAPTION>
                                                          NATIONAL
                                                         CITY HOME
                                                            LOAN
                                                         SERVICES,       LASALLE
  REGULATION AB                                             INC.           BANK           ADDITIONAL
    REFERENCE              SERVICING CRITERIA            (SERVICER)     (TRUSTEE)         INFORMATION
  -------------            ------------------            ----------     ---------         -----------
<S>                <C>                                  <C>            <C>           <C>
                   through (3) or Item 1115 of
                   Regulation AB, is maintained as
                   set forth in the transaction
                   agreements.
</TABLE>


                                       S-6
<PAGE>

                                    EXHIBIT T

                          SARBANES-OXLEY CERTIFICATIONS

                                     [DATE]

Merrill Lynch Mortgage Investors, Inc.
250 Vesey Street
4 World Financial Center, 10th Floor
New York, New York 10080

National City Home Loan Services, Inc.
150 Allegheny Center Mall
Pittsburgh, Pennsylvania 15212

     Re:  Merrill Lynch Mortgage Investors Trust, Mortgage Loan Asset-Backed
          Certificates, Series 2006-FF1

          I, [identify the certifying individual], certify that:

     5. I have reviewed the report on Form 10-K and all reports on Form 10-D
required to be filed in respect of the period covered by this report on Form
10-K of [identify the issuing entity] (the "Exchange Act periodic reports");

     43. Based on my knowledge, the Exchange Act periodic reports, taken as a
whole, do not contain any untrue statement of a material fact or omit to state a
material fact necessary to make the statements made, in light of the
circumstances under which such statements were made, not misleading with respect
to the period covered by this report;

     44. Based on my knowledge, all of the distribution, servicing and other
information required to be provided under Form 10-D for the period covered by
this report is included in the Exchange Act periodic reports;

     45. [I am responsible for reviewing the activities performed by the
servicer(s) and based on my knowledge and the compliance review(s) conducted in
preparing the servicer compliance statement(s) required in this report under
Item 1123 of Regulation AB, and except as disclosed in the Exchange Act periodic
reports, the servicer(s) [has/have] fulfilled [its/their] obligations under the
servicing agreement(s); and]

     46. All of the reports on assessment of compliance with servicing criteria
for ABS and their related attestation reports on assessment of compliance with
servicing criteria for asset-backed securities required to be included in this
report in accordance with Item 1122 of Regulation AB and Exchange Act Rules
13a-18 and 15d-18 have been included as an exhibit to this report, except as
otherwise disclosed in this report. Any material instances of noncompliance
described in such reports have been disclosed in this report on Form 10-K.


                                       T-1

<PAGE>

          [In giving the certifications above, I have reasonably relied on
information provided to me by the following unaffiliated parties [name of
servicer, sub-servicer, co-servicer, depositor or trustee].]

Date:
      --------------------


----------------------------------------
[Signature]

----------------------------------------
[Title]


                                       T-2

<PAGE>

                                    EXHIBIT U

                   FORM OF ITEM 1123 CERTIFICATION OF SERVICER

                                     [DATE]

Merrill Lynch Mortgage Investors, Inc.
250 Vesey Street
4 World Financial Center, 10th Floor
New York, New York 10080

LaSalle Bank National Association
135 South LaSalle Street
Suite 1511
Chicago, Illinois 60603

Attention: Global Securities and Trust Services - Merrill Lynch Mortgage
           Investors Trust, Series 2006-FF1

Re:  Pooling and Servicing Agreement (the "Agreement"), dated as of December 1,
     2006, among Merrill Lynch Mortgage Investors, Inc., as depositor, National
     City Home Loan Services, Inc., as servicer, and LaSalle Bank National
     Association, as trustee, relating to Merrill Lynch Mortgage Investors
     Trust, Mortgage Loan Asset-Backed Certificates, Series 2006-FF1

I, [identify name of certifying individual], [title of certifying individual] of
National City Home Loan Services, Inc. (the "Servicer"), hereby certify that:

          (1) A review of the activities of the Servicer during the preceding
calendar year and of the performance of the Servicer under the Agreement has
been made under my supervision; and

          (2) To the best of my knowledge, based on such review, the Servicer
has fulfilled all its obligations under the Agreement in all material respects
throughout such year or a portion thereof[, or, if there has been a failure to
fulfill any such obligation in any material respect, I have specified below each
such failure known to me and the nature and status thereof].

Date:
      ---------------------

National City Home Loan Services, Inc.,
as Servicer


By:
    ------------------------------------
Name:
      ----------------------------------
Title:
       ---------------------------------


                                       U-1

<PAGE>

                                    EXHIBIT V

                                   [Reserved]

























                                       V-1

<PAGE>

                                    EXHIBIT W

                           FORM OF DELINQUENCY REPORT

STANDARD FILE LAYOUT - DELINQUENCY REPORTING

<TABLE>
<CAPTION>
                                                                              FORMAT
COLUMN/HEADER NAME                       DESCRIPTION              DECIMAL     COMMENT
------------------                       -----------              -------     -------
<S>                          <C>                                  <C>      <C>
SERVICER_LOAN_NBR            A unique number assigned to a loan
                             by the Servicer. This may be
                             different than the LOAN_NBR

LOAN_NBR                     A unique identifier assigned to
                             each loan by the originator.

CLIENT_NBR                   Servicer Client Number

SERV_INVESTOR_NBR            Contains a unique number as
                             assigned by an external servicer
                             to identify a group of loans in
                             their system.

BORROWER_FIRST_NAME          First Name of the Borrower.

BORROWER_LAST_NAME           Last name of the borrower.

PROP_ADDRESS                 Street Name and Number of Property

PROP_STATE                   The state where the property
                             located.

PROP_ZIP                     Zip code where the property is
                             located.

BORR_NEXT_PAY_DUE_DATE       The date that the borrower's next             MM/DD/YYYY
                             payment is due to the servicer at
                             the end of processing cycle, as
                             reported by Servicer.

LOAN_TYPE                    Loan Type (i.e. FHA, VA, Conv)

BANKRUPTCY_FILED_DATE        The date a particular bankruptcy              MM/DD/YYYY
                             claim was filed.

BANKRUPTCY_CHAPTER_CODE      The chapter under which the
                             bankruptcy was filed.

BANKRUPTCY_CASE_NBR          The case number assigned by the
                             court to the bankruptcy filing.

POST_PETITION_DUE_DATE       The payment due date once the                 MM/DD/YYYY
                             bankruptcy has been approved by
                             the courts

BANKRUPTCY_DCHRG_DISM_DATE   The Date The Loan Is Removed From             MM/DD/YYYY
                             Bankruptcy. Either by Dismissal,
                             Discharged and/or a Motion For
                             Relief Was Granted.

LOSS_MIT_APPR_DATE           The Date The Loss Mitigation Was              MM/DD/YYYY
                             Approved By The Servicer

LOSS_MIT_TYPE                The Type Of Loss Mitigation
                             Approved For A Loan Such As;

LOSS_MIT_EST_COMP_DATE       The Date The Loss Mitigation /Plan            MM/DD/YYYY
                             Is Scheduled To End/Close

LOSS_MIT_ACT_COMP_DATE       The Date The Loss Mitigation Is               MM/DD/YYYY
                             Actually Completed

FRCLSR_APPROVED_DATE         The date DA Admin sends a letter              MM/DD/YYYY
                             to the servicer with instructions
                             to begin foreclosure proceedings.

ATTORNEY_REFERRAL_DATE       Date File Was Referred To Attorney            MM/DD/YYYY
                             to Pursue Foreclosure
</TABLE>


                                              W-1

<PAGE>

<TABLE>
<S>                          <C>                                  <C>      <C>
FIRST_LEGAL_DATE             Notice of 1st legal filed by an               MM/DD/YYYY
                             Attorney in a Foreclosure Action

FRCLSR_SALE_EXPECTED_DATE    The date by which a foreclosure               MM/DD/YYYY
                             sale is expected to occur.

FRCLSR_SALE_DATE             The actual date of the foreclosure            MM/DD/YYYY
                             sale.

EVICTION_START_DATE          The date the servicer initiates               MM/DD/YYYY
                             eviction of the borrower.

EVICTION_COMPLETED_DATE      The date the court revokes legal              MM/DD/YYYY
                             possession of the property from
                             the borrower.

LIST_PRICE                   The price at which an REO property      2     No commas(,)
                             is marketed.                                  or dollar
                                                                           signs ($)

LIST_DATE                    The date an REO property is listed            MM/DD/YYYY
                             at a particular price.

OFFER_AMT                    The dollar value of an offer for an     2     No commas(,)
                             REO property.                                 or dollar
                                                                           signs ($)

OFFER_DATE_TIME              The date an offer is received by DA           MM/DD/YYYY
                             Admin or by the Servicer.

REO_CLOSING_DATE             The date the REO sale of the                  MM/DD/YYYY
                             property is scheduled to close.

REO_ACTUAL_CLOSING_DATE      Actual Date Of REO Sale                       MM/DD/YYYY

OCCUPANT_CODE                Classification of how the property
                             is occupied.

PROP_CONDITION_CODE          A code that indicates the condition
                             of the property.

PROP_INSPECTION_DATE         The date a property inspection is             MM/DD/YYYY
                             performed.

APPRAISAL_DATE               The date the appraisal was done.              MM/DD/YYYY

CURR_PROP_VAL                The current "as is" value of the        2
                             property based on brokers price
                             opinion or appraisal.

IF APPLICABLE:

DELINQ_STATUS_CODE           FNMA Code Describing Status of Loan

DELINQ_REASON_CODE           The circumstances which caused a
                             borrower to stop paying on a loan.
                             Code indicates the reason why the
                             loan is in default for this cycle.

MI_CLAIM_FILED_DATE          Date Mortgage Insurance Claim Was             MM/DD/YYYY
                             Filed With Mortgage Insurance
                             Company.

MI_CLAIM_AMT                 Amount of Mortgage Insurance Claim            No commas(,)
                             Filed                                         or dollar
                                                                           signs ($)

MI_CLAIM_PAID_DATE           Date Mortgage Insurance Company               MM/DD/YYYY
                             Disbursed Claim Payment

MI_CLAIM_AMT_PAID            Amount Mortgage Insurance Company       2     No commas(,)
                             Paid On Claim                                 or dollar
                                                                           signs ($)

POOL_CLAIM_FILED_DATE        Date Claim Was Filed With Pool                MM/DD/YYYY
                             Insurance Company
</TABLE>


                                              W-2

<PAGE>

<TABLE>
<S>                          <C>                                  <C>      <C>
POOL_CLAIM_AMT               Amount of Claim Filed With Pool         2     No commas(,)
                             Insurance Company                             or dollar
                                                                           signs ($)

POOL_CLAIM_PAID_DATE         Date Claim Was Settled and The                MM/DD/YYYY
                             Check Was Issued By The Pool
                             Insurer

POOL_CLAIM_AMT_PAID          Amount Paid On Claim By Pool            2     No commas(,)
                             Insurance Company                             or dollar
                                                                           signs ($)

FHA_PART_A_CLAIM_FILED_DATE  Date FHA Part A Claim Was Filed               MM/DD/YYYY
                             With HUD

FHA_PART_A_CLAIM_AMT         Amount of FHA Part A Claim Filed        2     No commas(,)
                                                                           or dollar
                                                                           signs ($)

FHA_PART_A_CLAIM_PAID_DATE   Date HUD Disbursed Part A Claim               MM/DD/YYYY
                             Payment

FHA_PART_A_CLAIM_PAID_AMT    Amount HUD Paid on Part A Claim         2     No commas(,)
                                                                           or dollar
                                                                           signs ($)

FHA_PART_B_CLAIM_FILED_DATE  Date FHA Part B Claim Was Filed               MM/DD/YYYY
                             With HUD

FHA_PART_B_CLAIM_AMT         Amount of FHA Part B Claim Filed        2     No commas(,)
                                                                           or dollar
                                                                           signs ($)

FHA_PART_B_CLAIM_PAID_DATE   Date HUD Disbursed Part B Claim               MM/DD/YYYY
                             Payment

FHA_PART_B_CLAIM_PAID_AMT    Amount HUD Paid on Part B Claim         2     No commas(,)
                                                                           or dollar
                                                                           signs ($)

VA_CLAIM_FILED_DATE          Date VA Claim Was Filed With the              MM/DD/YYYY
                             Veterans Admin

VA_CLAIM_PAID_DATE           Date Veterans Admin. Disbursed VA             MM/DD/YYYY
                             Claim Payment

VA_CLAIM_PAID_AMT            Amount Veterans Admin. Paid on VA       2     No commas(,)
                             Claim                                         or dollar
                                                                           signs ($)
</TABLE>


                                              W-3

<PAGE>

STANDARD FILE CODES - DELINQUENCY REPORTING

The LOSS MIT TYPE field should show the approved Loss Mitigation Code as
follows:

ASUM - Approved Assumption
BAP  - Borrower Assistance Program
CO   - Charge Off
DIL  - Deed-in-Lieu
FFA  - Formal Forbearance Agreement
MOD  - Loan Modification
PRE  - Pre-Sale
SS   - Short Sale
MISC - Anything else approved by the PMI or Pool Insurer

NOTE: LaSalle Bank National Association will accept alternative Loss Mitigation
Types to those above, provided that they are consistent with industry standards.
If Loss Mitigation Types other than those above are used, the Servicer must
supply LaSalle Bank National Association with a description of each of the Loss
Mitigation Types prior to sending the file.

The OCCUPANT CODE field should show the current status of the property code as
follows:

Mortgagor
Tenant
Unknown
Vacant

The PROPERTY CONDITION field should show the last reported condition of the
property as follows:

Damaged
Excellent
Fair
Gone
Good
Poor
Special Hazard
Unknown


                                       W-4

<PAGE>

                                   SCHEDULE X

<TABLE>
<CAPTION>
            Item on Form 8-K                         Party Responsible
            ----------------                         -----------------
<S>                                       <C>
*Item 1.01- Entry into a Material         All parties
Definitive Agreement

*Item 1.02- Termination of a Material     All parties
Definitive Agreement

Item 1.03- Bankruptcy or Receivership     Depositor

Item 2.04- Triggering Events that         Depositor
Accelerate or Increase a Direct
Financial Obligation or an Obligation
under an Off-Balance Sheet Arrangement

*Item 3.03- Material Modification to      Trustee
Rights of Security Holders

Item 5.03- Amendments of Articles of      Depositor
Incorporation or Bylaws; Change of
Fiscal Year

Item 6.01- ABS Informational and          Depositor
Computational Material

*Item 6.02- Change of Servicer or         Servicer/Trustee
Trustee

*Item 6.03- Change in Credit              Depositor/Trustee
Enhancement or External Support

*Item 6.04- Failure to Make a Required    Trustee
Distribution

Item 6.05- Securities Act Updating        Depositor
Disclosure

Item 7.01- Reg FD Disclosure              Depositor

Item 8.01                                 Depositor

Item 9.01                                 Depositor
</TABLE>


                                  Schedule X-1

<PAGE>

                                   SCHEDULE Y

<TABLE>
<CAPTION>
           Item on Form 10-D                         Party Responsible
           -----------------                         -----------------
<S>                                       <C>
Item 1: Distribution and Pool             Trustee and Servicer (with respect to
Performance Information                   underlying Mortgage Loan data)

Plus any information required by 1121     Servicer and Trustee (to the extent
which is NOT included on the monthly      required by Regulation AB)
statement to Certificateholders

Item 2: Legal Proceedings  per Item       All parties to the Pooling and
1117 of Regulation AB                     Servicing Agreement (as to
                                          themselves), the Depositor/Trustee/
                                          Servicer (to the extent known) as to
                                          the Issuing entity, the Sponsor,
                                          1106(b) originator, any 1100(d)(1)
                                          party

Item 3: Sale of Securities and Use of     Depositor
Proceeds

Item 4: Defaults Upon Senior Securities   Trustee

Item 5: Submission of Matters to a Vote   Trustee
of Security Holders

Item 6: Significant Obligors of Pool      Depositor/Sponsor/Mortgage Loan
Assets                                    Seller/Servicer

Item 7: Significant Enhancement           Depositor/Sponsor
Provider Information

Item 8:  Other Information                All parties to the Pooling and
                                          Servicing Agreement (as to themselves)
                                          responsible for disclosure items on
                                          Form 8-K

Item 9:  Exhibits                         Trustee
</TABLE>


                                  Schedule Y-1

<PAGE>

                                   SCHEDULE Z

<TABLE>
<CAPTION>
           Item on Form 10-K                         Party Responsible
           -----------------                         -----------------
<S>                                       <C>
Item 1B: Unresolved Staff Comments        Depositor

*Item 9B: Other Information               Trustee and any other party
                                          responsible for disclosure items on
                                          Form 8-K

*Item 15: Exhibits, Financial Statement   Trustee/Servicer/subservicers/
Schedules                                 Depositor

*Additional Item:                         All parties to the Pooling and
Disclosure per Item 1117 of               Servicing Agreement (as to
Regulation AB                             themselves), the Depositor/Trustee/
                                          Servicer (to the extent known) as to
                                          the Issuing Entity, the Sponsor,
                                          1106(b) originator, any 1100(d)(1)
                                          party

*Additional Item:                         All parties to the Pooling and
Disclosure per Item 1119 of               Servicing Agreement, the Sponsor,
Regulation AB                             originator, significant obligor,
                                          enhancement or support provider

Additional Item:                          Depositor/Sponsor/Mortgage Loan
Disclosure per Item 1112(b) of            Seller/Servicer
Regulation AB

Additional Item:                          Depositor/Sponsor
Disclosure per Items 1114(b) and
1115(b) of Regulation AB
</TABLE>


                                  Schedule Z-1