Document:

EX-10.1

 

EXHIBIT 10.1

NEW JERSEY RESOURCES CORPORATION

2007 STOCK AWARD AND INCENTIVE PLAN

As amended,

January 12, 2007

 

 

NEW JERSEY RESOURCES CORPORATION

2007 STOCK AWARD AND INCENTIVE PLAN

	 	 	 	 	 
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	1. Purpose 
	 	 	1	 
	 
	 	 	 	 
	2. Definitions 
	 	 	1	 
	 
	 	 	 	 
	3. Administration 
	 	 	3	 
	 
	 	 	 	 
	4. Stock Subject to Plan 
	 	 	4	 
	 
	 	 	 	 
	5. Eligibility; Per-Person Award Limitations 
	 	 	4	 
	 
	 	 	 	 
	6. Specific Terms of Awards 
	 	 	5	 
	 
	 	 	 	 
	7. Performance Awards
	 	 	9	 
	 
	 	 	 	 
	8. Certain Provisions Applicable to Awards 
	 	 	11	 
	 
	 	 	 	 
	9. Change in Control 
	 	 	12	 
	 
	 	 	 	 
	10. Additional Award Forfeiture Provisions 
	 	 	14	 
	 
	 	 	 	 
	11. General Provisions
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NEW JERSEY RESOURCES CORPORATION

2007 STOCK AWARD AND INCENTIVE PLAN

     1. Purpose. The purpose of this 2007 Stock Award and Incentive Plan (the “Plan”) is to aid
New Jersey Resources Corporation, a New Jersey corporation (together with its successors and
assigns, the “Company”), in attracting, retaining, motivating and rewarding employees, non-employee
directors, and other service providers of the Company or its subsidiaries or affiliates,
strengthening the Company’s capability to develop, maintain and direct a competent management team,
to provide for equitable and competitive compensation opportunities, to recognize individual
contributions and reward achievement of Company goals, and promote the creation of long-term value
for shareholders by closely aligning the interests of Participants with those of shareholders. The
Plan authorizes stock-based and cash-based incentives for Participants.

     2. Definitions. In addition to the terms defined in Section 1 above and elsewhere in the
Plan, the following capitalized terms used in the Plan have the respective meanings set forth in
this Section:

     (a) “Annual Limit” shall have the meaning specified in Section 5(b).

     (b) “Award” means any Option, SAR, Restricted Stock, Deferred Stock, Stock granted as a bonus
or in lieu of another award, Dividend Equivalent, Other Stock-Based Award, or Performance Award,
together with any related right or interest, granted to a Participant under the Plan.

     (c) “Beneficiary” means the legal representatives of the Participant’s estate entitled by will
or the laws of descent and distribution to receive the benefits under a Participant’s Award upon a
Participant’s death, provided that, if and to the extent authorized by the Committee, a Participant
may be permitted to designate a Beneficiary, in which case the “Beneficiary” instead will be the
person, persons, trust or trusts (if any are then surviving) which have been designated by the
Participant in his or her most recent written and duly filed beneficiary designation to receive the
benefits specified under the Participant’s Award upon such Participant’s death.

     (d) “Board” means the Company’s Board of Directors.

     (e) “Change in Control” and related terms have the meanings as defined in Section 9.

     (f) “Code” means the Internal Revenue Code of 1986, as amended. References to any provision
of the Code or regulation thereunder shall include any successor provisions and regulations, and
reference to regulations includes any applicable guidance or pronouncement of the Department of the
Treasury and Internal Revenue Service.

     (g) “Committee” means the Leadership Development and Compensation Committee of the Board (or a
designated successor to such committee), the composition and governance of which is established in
the Committee’s Charter as approved from time to time by the Board and subject to other corporate
governance documents of the Company. No action of the Committee shall be void or deemed to be
without authority due to the failure of any member, at the time the action was taken, to meet any
qualification standard set forth in the Committee Charter or this Plan. The full Board may perform
any function of the Committee hereunder (except to the extent limited under applicable New York
Stock Exchange rules), in which case the term “Committee” shall refer to the Board.

 

 

     (h) “Covered Employee” means an Eligible Person who is a Covered Employee as specified in
Section 11(j).

     (i) “Deferred Stock” means a right, granted under this Plan, to receive Stock or other Awards
or a combination thereof at the end of a specified deferral period.

     (j) “Dividend Equivalent” means a right, granted under this Plan, to receive cash, Stock,
other Awards or other property equal in value to all or a specified portion of the dividends paid
with respect to a specified number of shares of Stock.

     (k) “Effective Date” means the effective date specified in Section 11(p).

     (l) “Eligible Person” has the meaning specified in Section 5.

     (m) “Exchange Act” means the Securities Exchange Act of 1934, as amended. References to any
provision of the Exchange Act or rule (including a proposed rule) thereunder shall include any
successor provisions and rules.

     (n) “Fair Market Value” means the fair market value of Stock, Awards or other property as
determined in good faith by the Committee or under procedures established by the Committee. Unless
otherwise determined by the Committee, the Fair Market Value of Stock on a given day shall be, as
specified by the Committee, either (1) the average of the high and low sales prices of the Stock,
or (2) the closing price of the Stock, on the date on which it is to be valued hereunder as
reported for New York Stock Exchange — Composite Transactions. Fair Market Value relating to the
exercise price or base price of any Non-409A Option or SAR and relating to the market value of
Stock measured at the time of exercise shall conform to requirements under Code Section 409A.

     (o) “409A Awards” means Awards that constitute a deferral of compensation under Code Section
409A and regulations thereunder. “Non-409A Awards” means Awards other than 409A Awards. Although
the Committee retains authority under the Plan to grant Options, SARs and Restricted Stock on terms
that will qualify those Awards as 409A Awards, Options, SARs, and Restricted Stock are intended to
be Non-409A Awards unless otherwise expressly specified by the Committee.

     (p) “Incentive Stock Option” or “ISO” means any Option designated as an incentive stock option
within the meaning of Code Section 422 and qualifying thereunder.

     (q) “Option” means a right to purchase Stock granted under Section 6(b).

     (r) “Other Stock-Based Awards” means Awards granted to a Participant under Section 6(h).

     (s) “Participant” means a person who has been granted an Award under the Plan which remains
outstanding, including a person who is no longer an Eligible Person.

     (t) “Performance Award” means a conditional right, granted to a Participant under Sections
6(i) or 7, to receive cash, Stock or other Awards or payments.

     (u) “Preeexisting Plan” means the Employee and Outside Director Long-Term Incentive
Compensation Plan (effective January 23, 2002).

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     (v) “Restricted Stock” means Stock granted under this Plan which is subject to certain
restrictions and to a risk of forfeiture.

     (w) “Stock” means the Company’s Common Stock, par value $2.50 per share, and any other equity
securities of the Company that may be substituted or resubstituted for Stock pursuant to Section
11(c).

     (x) “Stock Appreciation Rights” or “SAR” means a right granted to a Participant under Section
6(c).

     3. Administration.

     (a) Authority of the Committee. The Plan shall be administered by the Committee, which shall
have full and final authority, in each case subject to and consistent with the provisions of the
Plan, to select Eligible Persons to become Participants; to grant Awards; to determine the type and
number of Awards, the dates on which Awards may be exercised and on which the risk of forfeiture or
deferral period relating to Awards shall lapse or terminate, the acceleration of any such dates,
the expiration date of any Award, whether, to what extent, and under what circumstances an Award
may be settled, or the exercise price of an Award may be paid, in cash, Stock, other Awards, or
other property, and other terms and conditions of, and all other matters relating to, Awards; to
prescribe documents evidencing or setting terms of Awards (such Award documents need not be
identical for each Participant or each Award), amendments thereto, and rules and regulations for
the administration of the Plan and amendments thereto; to construe and interpret the Plan and Award
documents and correct defects, supply omissions or reconcile inconsistencies therein; and to make
all other decisions and determinations as the Committee may deem necessary or advisable for the
administration of the Plan. Decisions of the Committee with respect to the administration and
interpretation of the Plan shall be final, conclusive, and binding upon all persons interested in
the Plan, including Participants, Beneficiaries, transferees under Section 11(b) and other persons
claiming rights from or through a Participant, and shareholders. The foregoing notwithstanding,
(i) the Board shall perform the functions of the Committee for purposes of granting Awards under
the Plan to non-employee directors (the functions of the Committee with respect to other aspects of
non-employee director awards is not exclusive to the Board, however); and (ii) Committee decisions
with regard to the grant of awards [to executive officers] will be subject to the ratification of
the Board of Directors, unless otherwise determined by the Board.

     (b) Manner of Exercise of Committee Authority. The express grant of any specific power to the
Committee, and the taking of any action by the Committee, shall not be construed as limiting any
power or authority of the Committee. The Committee may act through subcommittees, including for
purposes of perfecting exemptions under Rule 16b-3 or qualifying Awards under Code Section 162(m)
as performance-based compensation, in which case the subcommittee shall be subject to and have
authority under the charter applicable to the Committee, and the acts of the subcommittee shall be
deemed to be acts of the Committee hereunder. The Committee may delegate to officers or managers
of the Company or any subsidiary or affiliate, or committees thereof, the authority, subject to
such terms as the Committee shall determine, to perform such functions, including administrative
functions, as the Committee may determine, to the extent (i) that such delegation will not result
in the loss of an exemption under Rule 16b-3(d) for Awards granted to Participants subject to
Section 16 of the Exchange Act in respect of the Company and will not cause Awards intended to
qualify as “performance-based compensation” under Code Section 162(m) to fail to so qualify, and
(ii) permitted under applicable provisions of the New Jersey Business Corporation Act.

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     (c) Limitation of Liability. The Committee and each member thereof, and any person acting
pursuant to authority delegated by the Committee, shall be entitled, in good faith, to rely or act
upon any report or other information furnished by any executive officer, other officer or employee
of the Company or a subsidiary or affiliate, the Company’s independent auditors, consultants or any
other agents assisting in the administration of the Plan. Members of the Committee, any person
acting pursuant to authority delegated by the Committee, and any officer or employee of the Company
or a subsidiary or affiliate acting at the direction or on behalf of the Committee or a delegee
shall not be personally liable for any action or determination taken or made in good faith with
respect to the Plan, and shall, to the extent permitted by law, be fully indemnified and protected
by the Company with respect to any such action or determination.

     4. Stock Subject To Plan.

     (a) Overall Number of Shares Available for Delivery. The total number of shares of Stock
reserved and available for delivery in connection with Awards under the Plan shall be (i) 750,000
shares, plus (ii) the number of shares that, immediately prior to the Effective Date, remain
available for new awards under the Preexisting Plan plus (iii) the number of shares subject to
awards under the Preexisting Plan which become available in accordance with Section 4(b) after the
Effective Date; provided, however, that the total number of shares with respect to which ISOs may
be granted shall not exceed the number specified under clause (i) above. Any shares of Stock
delivered under the Plan shall consist of authorized and unissued shares or treasury shares.

     (b) Share Counting Rules. The Committee may adopt reasonable counting procedures to ensure
appropriate counting, avoid double counting (as, for example, in the case of tandem or substitute
awards) and make adjustments in accordance with this Section 4(b). Shares shall be counted against
those reserved to the extent such shares have been delivered and are no longer subject to a risk of
forfeiture. Accordingly, (i) to the extent that an Award under the Plan or an award under the
Pre-existing Plan is canceled, expired, forfeited, settled in cash, settled by delivery of fewer
shares than the number underlying the Award or award, or otherwise terminated without delivery of
shares to the participant, the shares retained by or returned to the Company will not be deemed to
have been delivered under the Plan; and (ii) shares that are withheld from such an Award or award
or separately surrendered by the participant in payment of the exercise price or taxes relating to
such an Award or award shall be deemed to constitute shares not delivered and will be available
under the Plan. The Committee may determine that Awards may be outstanding that relate to more
shares than the aggregate remaining available under the Plan so long as Awards will not in fact
result in delivery and vesting of shares in excess of the number then available under the Plan. In
addition, in the case of any Award granted in assumption of or in substitution for an award of a
company or business acquired by the Company or a subsidiary or affiliate or with which the Company
or a subsidiary or affiliate combines, shares delivered or deliverable in connection with such
assumed or substitute Award shall not be counted against the number of shares reserved under the
Plan.

     5. Eligibility; Per-Person Award Limitations.

     (a) Eligibility. Awards may be granted under the Plan only to Eligible Persons. For purposes
of the Plan, an “Eligible Person” means (i) an employee of the Company or any subsidiary or
affiliate, including any executive officer or employee director of the Company or a subsidiary or
affiliate, (ii) any person who has been offered employment by the Company or a subsidiary or
affiliate, provided that such prospective employee may not receive any payment or exercise any
right relating to an Award until such person has commenced employment with the Company or a
subsidiary or affiliate, (iii) any non-employee director of the Company, and (iv) any person who
provides substantial services to the Company or a subsidiary or affiliate. An employee on leave of
absence may be considered as still in the employ of the Company or a

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subsidiary or affiliate for purposes of eligibility for participation in the Plan. For purposes of
the Plan, a joint venture in which the Company or a subsidiary has a substantial direct or indirect
equity investment shall be deemed an affiliate, if so determined by the Committee. Holders of
awards granted by a company or business acquired by the Company or a subsidiary or affiliate, or
with which the Company or a subsidiary or affiliate combines, are eligible for grants of substitute
awards granted in assumption of or in substitution for such outstanding awards previously granted
under the Plan in connection with such acquisition or combination transaction.

     (b) Per-Person Award Limitations. In each calendar year during any part of which the Plan is
in effect, an Eligible Person may be granted Awards intended to qualify as “performance-based
compensation” under Code Section 162(m) under the Plan relating to up to his or her Annual Limit.
A Participant’s Annual Limit, in any year during any part of which the Participant is then eligible
under the Plan, shall equal 300,000 shares plus the amount of the Participant’s unused Annual Limit
relating to the same type of Award as of the close of the previous year, subject to adjustment as
provided in Section 11(c). In the case of an Award which is not valued in a way in which the
limitation set forth in the preceding sentence would operate as an effective limitation satisfying
applicable law (including Treasury Regulation 1.162-27(e)(4)), an Eligible Person may not be
granted Awards authorizing the earning during any calendar year of an amount that exceeds the
Eligible Person’s Annual Limit, which for this purpose shall equal $2.5 million plus the amount of
the Eligible Person’s unused cash Annual Limit as of the close of the previous year (this
limitation is separate and not affected by the number of Awards granted during such calendar year
subject to the limitation in the preceding sentence). For this purpose, (i) “earning” means
satisfying performance conditions so that an amount becomes payable, without regard to whether it
is to be paid currently or on a deferred basis or continues to be subject to any service
requirement or other non-performance condition, (ii) a Participant’s Annual Limit is used to the
extent an amount or number of shares may be potentially earned or paid under an Award, regardless
of whether such amount or shares are in fact earned or paid, and (iii) the Annual Limit applies to
Dividend Equivalents under Section 6(g) only if such Dividend Equivalents are granted separately
from and not as a feature of another Award.

6. Specific Terms Of Awards.

     (a) General. Awards may be granted on the terms and conditions set forth in this Section 6.
In addition, the Committee may impose on any Award or the exercise thereof, at the date of grant or
thereafter (subject to Sections 11(e) and 11(k)), such additional terms and conditions, not
inconsistent with the provisions of the Plan, as the Committee shall determine, including terms
requiring forfeiture of Awards in the event of termination of employment or service by the
Participant and terms permitting a Participant to make elections relating to his or her Award. The
Committee shall retain full power and discretion with respect to any term or condition of an Award
that is not mandatory under the Plan, subject to Section 11(k) and the terms of the Award
agreement. The Committee may require payment of consideration for an Award except as limited by
the Plan.

     (b) Options. The Committee is authorized to grant Options to Participants on the following
terms and conditions:

	 	(i)	 	Exercise Price. The exercise price per share of Stock purchasable under an
Option (including both ISOs and non-qualified Options) shall be determined by the
Committee, provided that such exercise price shall be not less than the Fair Market
Value of a share of Stock on the date of grant of such Option, subject to Section
8(a). Notwithstanding the foregoing, any substitute award granted in assumption of or
in substitution for an outstanding award granted by a company or business acquired by
the Company or a subsidiary or affiliate, or with which the Company or a subsidiary or
affiliate combines may be granted with an

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	 	 	 	exercise price per share of Stock other than as required above. No adjustment will
be made for a dividend or other right for which the record date is prior to the
date on which the stock is issued, except as provided in Section 11(c) of the Plan.

	 	(ii)	 	Option Term; Time and Method of Exercise. The Committee shall determine the
term of each Option, provided that in no event shall the term of any Option exceed a
period of ten years from the date of grant. The Committee shall determine the time or
times at which or the circumstances under which an Option may be exercised in whole or
in part (including based on achievement of performance goals and/or future service
requirements), the methods by which such exercise price may be paid or deemed to be
paid and the form of such payment (subject to Sections 11(k) and 11(l)), including,
without limitation, cash, Stock (including by withholding Stock deliverable upon
exercise), other Awards or awards granted under other plans of the Company or any
subsidiary or affiliate, or other property (including through broker-assisted
“cashless exercise” arrangements, to the extent permitted by applicable law), and the
methods by or forms in which Stock will be delivered or deemed to be delivered in
satisfaction of Options to Participants (including, in the case of 409A Awards,
deferred delivery of shares subject to the Option, as mandated by the Committee, with
such deferred shares subject to any vesting, forfeiture or other terms as the
Committee may specify).
	 
	 	(iii)	 	ISOs. The terms of any ISO granted under the Plan shall comply in all
respects with the provisions of Code Section 422.

     (c) Stock Appreciation Rights. The Committee is authorized to grant SARs to Participants on
the following terms and conditions:

	 	(i)	 	Right to Payment. An SAR shall confer on the Participant to whom it is
granted a right to receive, upon exercise thereof, the excess of (A) the Fair Market
Value of one share of Stock on the date of exercise over (B) the grant price of the
SAR as determined by the Committee.
	 
	 	(ii)	 	Other Terms. The Committee shall determine the term of each SAR, provided
that in no event shall the term of an SAR exceed a period of ten years from the date
of grant. The Committee shall determine at the date of grant or thereafter, the time
or times at which and the circumstances under which a SAR may be exercised in whole or
in part (including based on achievement of performance goals and/or future service
requirements), the method of exercise, method of settlement, form of consideration
payable in settlement, method by or forms in which Stock will be delivered or deemed
to be delivered to Participants, whether or not a SAR shall be free-standing or in
tandem or combination with any other Award, and whether or not the SAR will be a 409A
Award or Non-409A Award. Limited SARs that may only be exercised in connection with a
Change in Control or termination of service following a Change in Control as specified
by the Committee may be granted on such terms, not inconsistent with this Section
6(c), as the Committee may determine. The Committee may require that an outstanding
Option be exchanged for an SAR exercisable for Stock having vesting, expiration, and
other terms substantially the same as the Option, so long as such exchange will not
result in additional accounting expense to the Company.

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     (d) Restricted Stock. The Committee is authorized to grant Restricted Stock to Participants
on the following terms and conditions:

	 	(i)	 	Grant and Restrictions. Restricted Stock shall be subject to such
restrictions on transferability, risk of forfeiture and other restrictions, if any, as
the Committee may impose, which restrictions may lapse separately or in combination at
such times, under such circumstances (including based on achievement of performance
goals and/or future service requirements), in such installments or otherwise and under
such other circumstances as the Committee may determine at the date of grant or
thereafter. Except to the extent restricted under the terms of the Plan and any Award
document relating to the Restricted Stock, a Participant granted Restricted Stock
shall have all of the rights of a shareholder, including the right to vote the
Restricted Stock and the right to receive dividends thereon (subject to any mandatory
reinvestment or other requirement imposed by the Committee).
	 
	 	(ii)	 	Forfeiture. Except as otherwise determined by the Committee, upon
termination of employment or service during the applicable restriction period,
Restricted Stock that is at that time subject to restrictions shall be forfeited and
reacquired by the Company; provided that the Committee may provide, by rule or
regulation or in any Award document, or may determine in any individual case, that
restrictions or forfeiture conditions relating to Restricted Stock will lapse in whole
or in part, including in the event of terminations resulting from specified causes.
	 
	 	(iii)	 	Certificates for Stock. Restricted Stock granted under the Plan may be
evidenced in such manner as the Committee shall determine. If certificates
representing Restricted Stock are registered in the name of the Participant, the
Committee may require that such certificates bear an appropriate legend referring to
the terms, conditions and restrictions applicable to such Restricted Stock, that the
Company retain physical possession of the certificates, and that the Participant
deliver a stock power to the Company, endorsed in blank, relating to the Restricted
Stock.
	 
	 	(iv)	 	Dividends and Splits. As a condition to the grant of an Award of Restricted
Stock, the Committee may require that any dividends paid on a share of Restricted
Stock shall be either (A) paid with respect to such Restricted Stock at the dividend
payment date in cash, in kind, or in a number of shares of unrestricted Stock having a
Fair Market Value equal to the amount of such dividends, or (B) automatically
reinvested in additional Restricted Stock or held in kind, which shall be subject to
the same terms as applied to the original Restricted Stock to which it relates, or (C)
deferred as to payment, either as a cash deferral or with the amount or value thereof
automatically deemed reinvested in shares of Deferred Stock, other Awards or other
investment vehicles, subject to such terms as the Committee shall determine or permit
a Participant to elect. Unless otherwise determined by the Committee, Stock
distributed in connection with a Stock split or Stock dividend, and other property
distributed as a dividend, shall be subject to restrictions and a risk of forfeiture
to the same extent as the Restricted Stock with respect to which such Stock or other
property has been distributed.

     (e) Deferred Stock. The Committee is authorized to grant Deferred Stock to Participants,
subject to the following terms and conditions:

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	 	(i)	 	Award and Restrictions. Issuance of Stock will occur upon expiration of the
deferral period specified for an Award of Deferred Stock by the Committee (or, if
permitted by the Committee, as elected by the Participant). In addition, Deferred
Stock shall be subject to such restrictions on transferability, risk of forfeiture and
other restrictions, if any, as the Committee may impose, which restrictions may lapse
at the expiration of the deferral period or at earlier specified times (including
based on achievement of performance goals and/or future service requirements),
separately or in combination, in installments or otherwise, and under such other
circumstances as the Committee may determine at the date of grant or thereafter.
Deferred Stock may be satisfied by delivery of Stock, other Awards, or a combination
thereof (subject to Section 11(l)), as determined by the Committee at the date of
grant or thereafter.
	 
	 	(ii)	 	Forfeiture. Except as otherwise determined by the Committee, upon
termination of employment or service during the applicable deferral period or portion
thereof to which forfeiture conditions apply (as provided in the Award document
evidencing the Deferred Stock), all Deferred Stock that is at that time subject to
such forfeiture conditions shall be forfeited; provided that the Committee may
provide, by rule or regulation or in any Award document, or may determine in any
individual case, that restrictions or forfeiture conditions relating to Deferred Stock
will lapse in whole or in part, including in the event of terminations resulting from
specified causes. Deferred Stock subject to a risk of forfeiture may be called
“restricted stock units” or otherwise designated by the Committee.
	 
	 	(iii)	 	Dividend Equivalents. Unless otherwise determined by the Committee,
Dividend Equivalents on the specified number of shares of Stock covered by an Award of
Deferred Stock shall be either (A) paid with respect to such Deferred Stock at the
dividend payment date in cash or in shares of unrestricted Stock having a Fair Market
Value equal to the amount of such dividends, or (B) deferred with respect to such
Deferred Stock, either as a cash deferral or with the amount or value thereof
automatically deemed reinvested in additional Deferred Stock, other Awards or other
investment vehicles having a Fair Market Value equal to the amount of such dividends,
as the Committee shall determine or permit a Participant to elect.

     (f) Bonus Stock and Awards in Lieu of Obligations. The Committee is authorized to grant to
Participants Stock as a bonus, or to grant Stock or other Awards in lieu of obligations of the
Company or a subsidiary or affiliate to pay cash or deliver other property under the Plan or under
other plans or compensatory arrangements, subject to such terms as shall be determined by the
Committee.

     (g) Dividend Equivalents. The Committee is authorized to grant Dividend Equivalents to a
Participant, which may be awarded on a free-standing basis or in connection with another Award.
The Committee may provide that Dividend Equivalents shall be paid or distributed when accrued or
shall be deemed to have been reinvested in additional Stock, Awards, or other investment vehicles,
and subject to restrictions on transferability, risks of forfeiture and such other terms as the
Committee may specify.

     (h) Other Stock-Based Awards. The Committee is authorized, subject to limitations under
applicable law, to grant to Participants such other Awards that may be denominated or payable in,
valued in whole or in part by reference to, or otherwise based on, or related to, Stock or factors
that may influence the value of Stock, including, without limitation, convertible or exchangeable
debt securities, other rights convertible or exchangeable into Stock, purchase rights for Stock,
Awards with value and payment contingent upon performance of the

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Company or business units thereof or any other factors designated by the Committee, and Awards
valued by reference to the book value of Stock or the value of securities of or the performance of
specified subsidiaries or affiliates or other business units. The Committee shall determine the
terms and conditions of such Awards. Stock delivered pursuant to an Award in the nature of a
purchase right granted under this Section 6(h) shall be purchased for such consideration, paid for
at such times, by such methods, and in such forms, including, without limitation, cash, Stock,
other Awards, notes, or other property, as the Committee shall determine. Cash awards, as an
element of or supplement to any other Award under the Plan, may also be granted pursuant to this
Section 6(h).

     (i) Performance Awards. Performance Awards, denominated in cash or in Stock or other Awards,
may be granted by the Committee in accordance with Section 7.

     7. Performance Awards.

     (a) Performance Awards Generally. Performance Awards may be denominated as a cash amount,
number of shares of Stock, or specified number of other Awards (or a combination) which may be
earned upon achievement or satisfaction of performance conditions specified by the Committee. In
addition, the Committee may specify that any other Award shall constitute a Performance Award by
conditioning the right of a Participant to exercise the Award or have it settled, and the timing
thereof, upon achievement or satisfaction of such performance conditions as may be specified by the
Committee. The Committee may use such business criteria and other measures of performance as it
may deem appropriate in establishing any performance conditions, and may exercise its discretion to
reduce or increase the amounts payable under any Award subject to performance conditions, except as
limited under Sections 7(b) in the case of a Performance Award intended to qualify as
“performance-based compensation” under Code Section 162(m).

     (b) Performance Awards Granted to Covered Employees. If the Committee determines that a
Performance Award to be granted to an Eligible Person who is designated by the Committee as likely
to be a Covered Employee should qualify as “performance-based compensation” for purposes of Code
Section 162(m), the grant, exercise and/or settlement of such Performance Award shall be contingent
upon achievement of a preestablished performance goal and other terms set forth in this Section
7(b).

	 	(i)	 	Performance Goal Generally. The performance goal for such Performance Awards
shall consist of one or more business criteria and a targeted level or levels of
performance with respect to each of such criteria, as specified by the Committee
consistent with this Section 7(b). The performance goal shall be objective and shall
otherwise meet the requirements of Code Section 162(m) and regulations thereunder,
including the requirement that the level or levels of performance targeted by the
Committee result in the achievement of performance goals being “substantially
uncertain.” The Committee may determine that such Performance Awards shall be granted,
exercised and/or settled upon achievement of any one performance goal or that two or
more of the performance goals must be achieved as a condition to grant, exercise
and/or settlement of such Performance Awards. Performance goals may differ for
Performance Awards granted to any one Participant or to different Participants.
	 
	 	(ii)	 	Business Criteria. One or more of the following business criteria for the
Company, on a consolidated basis, and/or for specified subsidiaries or affiliates or
other business units of the Company shall be used by the Committee in establishing
performance goals for such Performance Awards:

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(1) Revenues;

(2) Expenses;

(3) Gross margin or gross profit;

(4) Any earnings or net income measure, including earnings from
operations, earnings before taxes, earnings before interest and/or taxes
and/or depreciation, statutory earnings before realized gains (losses), or
net income available to common shareholders;

(5) Operating margin or operating profit;

(6) Earnings or earnings per share (EPS), including or excluding
extraordinary items;

(7) Operating cash flow, free cash flow, cash flow return on investment,
or net cash provided by operations;

(8) Return on equity, assets, capital employed or investment;

(9) Economic profit or value created;

(10) Stock price or total shareholder return; and

(11) Strategic business criteria, consisting of one or more objectives
based on meeting specified market penetration, total market
capitalization, business retention, new product generation, rate increase
actions, geographic business expansion goals, cost targets (including cost
of capital), investment portfolio yield, customer satisfaction, employee
satisfaction, agency ratings, management of employment practices and
employee benefits, supervision of litigation and information technology,
and goals relating to acquisitions or divestitures of subsidiaries,
affiliates, joint ventures or lines of business.

	 	 	 	The targeted level or levels of performance with respect to such business criteria
may be established at such levels and in such terms as the Committee may determine,
in its discretion, including in absolute terms, as a goal relative to performance in
prior periods, or as a goal compared to the performance of one or more comparable
companies or an index covering multiple companies. Performance Goals may be
particular to a Participant, the Company or a division, subsidiary or other business
segment of the Company, or may be based on the performance of the Company as a
whole.
	 
	 	(iii)	 	Performance Period; Timing for Establishing Performance Goals. Achievement
of performance goals in respect of such Performance Awards shall be measured over a
performance period of up to one year or more than one year, as specified by the
Committee. A performance goal shall be established not later than the earlier of (A)
90 days after the beginning of any performance period applicable to such Performance
Award or (B) the time 25% of such performance period has elapsed.
	 
	 	(iv)	 	Performance Award Pool. The Committee may establish a Performance Award
pool, which shall be an unfunded pool, for purposes of measuring performance of

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	 	 	 	the Company in connection with Performance Awards. The amount of such Performance
Award pool shall be based upon the achievement of a performance goal or goals based
on one or more of the business criteria set forth in Section 7(b)(ii) during the
given performance period, as specified by the Committee in accordance with Section
7(b)(iv). The Committee may specify the amount of the Performance Award pool as a
percentage of any of such business criteria, a percentage thereof in excess of a
threshold amount, or as another amount which need not bear a strictly mathematical
relationship to such business criteria.

	 	(v)	 	Settlement of Performance Awards; Other Terms. Settlement of Performance
Awards shall be in cash, Stock, other Awards or other property, in the discretion of
the Committee. The Committee may, in its discretion, increase or reduce the amount of
a settlement otherwise to be made in connection with such Performance Awards, but may
not exercise discretion to increase any such amount payable to a Covered Employee in
respect of a Performance Award subject to this Section 7(b) beyond the level of
payment authorized for achievement of the performance goal specified under this
Section 7(b) based on the actual level of achievement of such goal. Any settlement
which changes the form of payment from that originally specified shall be implemented
in a manner such that the Performance Award and other related Awards do not, solely
for that reason, fail to qualify as “performance-based compensation” for purposes of
Code Section 162(m). The Committee shall specify the circumstances in which such
Performance Awards shall be paid or forfeited in the event of termination of
employment by the Participant or other event (including a Change in Control) prior to
the end of a performance period or settlement of such Performance Awards.

     (c) Written Determinations. Determinations by the Committee as to the establishment of
performance goals, the amount potentially payable in respect of Performance Awards, the level of
actual achievement of the specified performance goals relating to Performance Awards, and the
amount of any final Performance Award shall be recorded in writing in the case of Performance
Awards intended to qualify under Section 162(m). Specifically, the Committee shall certify in
writing, in a manner conforming to applicable regulations under Section 162(m), prior to settlement
of each such Award granted to a Covered Employee, that the performance objective relating to the
Performance Award and other material terms of the Award upon which settlement of the Award was
conditioned have been satisfied.

     8. Certain Provisions Applicable To Awards.

     (a) Stand-Alone, Additional, Tandem, and Substitute Awards. Awards granted under the Plan
may, in the discretion of the Committee, be granted either alone or in addition to, in tandem with,
or in substitution or exchange for, any other Award or any award granted under another plan of the
Company, any subsidiary or affiliate, or any business entity to be acquired by the Company or a
subsidiary or affiliate, or any other right of a Participant to receive payment from the Company or
any subsidiary or affiliate; provided, however, that a 409A Award may not be granted in tandem with
a Non-409A Award. Awards granted in addition to or in tandem with other Awards or awards may be
granted either as of the same time as or a different time from the grant of such other Awards or
awards. Subject to Sections 11(k) and (l) and subject to the restriction on repricing under
Section 11(e), the Committee may determine that, in granting a new Award, the in-the-money value or
fair value of any surrendered Award or award or the value of any other right to payment surrendered
by the Participant may be applied to the purchase of any other Award.

- 11 -

 

     (b) Term of Awards. The term of each Award shall be for such period as may be determined by
the Committee, subject to the express limitations set forth in Sections 6(b)(ii), 6(c)(ii) and 8 or
elsewhere in the Plan.

     (c) Form and Timing of Payment under Awards; Deferrals. Subject to the terms of the Plan
(including Sections 11(k) and (l)) and any applicable Award document, payments to be made by the
Company or a subsidiary or affiliate upon the exercise of an Option or other Award or settlement of
an Award may be made in such forms as the Committee shall determine, including, without limitation,
cash, Stock, other Awards or other property, and may be made in a single payment or transfer, in
installments, or on a deferred basis. The settlement of any Award may be accelerated, and cash
paid in lieu of Stock in connection with such settlement, in the discretion of the Committee or
upon occurrence of one or more specified events, subject to Sections 11(k) and (l). Subject to
Section 11(k), installment or deferred payments may be required by the Committee (subject to
Section 11(e)) or permitted at the election of the Participant on terms and conditions established
by the Committee. Payments may include, without limitation, provisions for the payment or
crediting of reasonable interest on installment or deferred payments or the grant or crediting of
Dividend Equivalents or other amounts in respect of installment or deferred payments denominated in
Stock. In the case of any 409A Award that is vested and no longer subject to a risk of forfeiture
(within the meaning of Code Section 83), such Award will be distributed to the Participant, upon
application of the Participant, if the Participant has had an unforeseeable emergency within the
meaning of Code Sections 409A(a)(2)(A)(vi) and 409A(a)(2)(B)(ii), in accordance with Section
409A(a)(2)(B)(ii).

9. Change in Control.

     (a) Effect of “Change in Control.” In the event of a “Change in Control,” the Committee may
provide that any of the following provisions shall apply in the Award document or otherwise:

	 	(i)	 	The lapse of forfeiture conditions and other restrictions applicable to
Awards granted under the Plan , and/or the payment of such Awards as of the time of
the Change in Control or other specified time without regard to vesting or other
conditions, except to the extent of any waiver by the Participant and subject to
applicable restrictions set forth in Section 11(a); and
	 
	 	(ii)	 	The vesting and exercisability of any Award carrying a right to exercise that
was not previously exercisable and vested as of the time of the Change in Control and,
upon any termination of employment or service by the Participant other than a
termination for cause within two years after the Change in Control, provision for such
Awards to remain outstanding and exercisable until the earlier of three years after
such termination or the stated expiration date of such Award, subject only to
applicable restrictions set forth in Section 11(a);
	 
	 	(iii)	 	The lapse of any deferral of settlement terms, forfeiture conditions and
other restrictions applicable to an unvested Award granted under the Plan and
provision for such Awards to be fully payable as of the time of the Change in Control
or other specified time without regard to deferral and vesting conditions, except to
the extent of any waiver by the Participant (if permitted under Section 409A) and
subject to applicable restrictions set forth in Section 11(a); and
	 
	 	(iv)	 	With respect to an outstanding Award subject to achievement of performance
goals and conditions, such performance goals and conditions may be deemed to be met or
exceeded.

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provided, however, that no distribution shall occur with respect to a 409A Award unless the Change
in Control also constitutes a 409A Ownership/Control Change.

     (b) Definition of “Change in Control.” “Change in Control” means the occurrence of any one of
the following events after the date of grant of any affected Award:

	 	(i)	 	Any Person (as defined below) has acquired Voting Securities (as defined
below) of the Company and, immediately thereafter, is the “beneficial owner” (within
the meaning of Rule 13d-3, as promulgated under Section 13(d) of the Securities
Exchange Act of 1934, as amended (the “Exchange Act”)) of Voting Securities of the
Company representing thirty-five (35%) percent or more of the combined Voting Power
(as defined below) of the Company’s securities;
	 
	 	(ii)	 	Within any 24-month period, the persons who were directors of the Company
immediately before the beginning of such period (the “Incumbent Directors”) shall
cease (for any reason other than death) to constitute at least a majority of the Board
or the board of directors of any successor to the Company, provided that any
director who was not a director at the beginning of such period shall be deemed to be
an Incumbent Director if such director (A) was elected to the Board by, or on
the recommendation of or with the approval of, at least two-thirds of the directors
who then qualified as Incumbent Directors either actually or by prior operation of
this Section 9(b)(ii) and (B) was not designated by a person who has entered
into an agreement with the Company to effect a Corporate Event, as described in
Section 9(b)(iii); or
	 
	 	(iii)	 	The stockholders of the Company have approved a merger, consolidation, share
exchange, division, sale or other disposition of all or substantially all of the
assets of the Company, or a complete liquidation of the Company (a “Corporate Event”),
and such Corporate Event has been consummated, except that a Corporate Event shall
not trigger a Change in Control under this clause (iii) if the shareholders of the
Company immediately prior to such Corporate Event shall hold, directly or indirectly
and without substantial change in the proportionate interest of each shareholder,
immediately following such Corporate Event a majority of the Voting Power of
(x) in the case of a merger or consolidation, the surviving or resulting
corporation, (y) in the case of a share exchange, the acquiring corporation or
(z) in the case of a division or a sale or other disposition of assets, each
surviving, resulting or acquiring corporation which, immediately following the
relevant Corporate Event, holds more than 10% of the consolidated assets of the
Company immediately prior to such Event.

For purposes of this Section 9(b), “Person” shall have the meaning ascribed to such term in Section
3(a)(9) of the Exchange Act, as supplemented by Section 13(d)(3) of the Exchange Act; provided,
however, that Person shall not include (i) the Company or any subsidiary of the Company or
(ii) any employee benefit plan sponsored by the Company or any subsidiary of the Company.
For purposes of this Section 9(b), a specified percentage of “Voting Power” of a company shall mean
such number of the Voting Securities as shall enable the holders thereof to cast such percentage of
all the votes which could be cast in an annual election of directors (without consideration of the
rights of any class of stock other than the common stock of the company to elect directors by a
separate class vote); and “Voting Securities” shall mean all securities of a company entitling the
holders thereof to vote in an annual election of directors (without consideration of the rights of
any class of stock other than the common stock of the company to elect directors by a separate
class vote).

- 13 -

 

     (c) Definition of “409A Ownership/Control Change.” A “409A Ownership/Control Change” shall be
deemed to have occurred if a Change in Control occurs which involves transactions which constitute
a change in the ownership or effective control of the Company, or in the ownership of a substantial
portion of the assets of the Company, within the meaning of Code Section 409A(a)(2)(A)(v).

     10. Additional Award Forfeiture Provisions.

     The Committee may condition a Participant’s right to receive a grant of an Award, to exercise
the Award, to retain cash, Stock, other Awards, or other property acquired in connection with an
Award, or to retain the profit or gain realized by a Participant in connection with an Award,
including cash or other proceeds received upon sale of Stock acquired in connection with an Award,
upon compliance by the Participant with specified conditions relating to non-competition,
confidentiality of information relating to or possessed by the Company, non-solicitation of
customers, suppliers, and employees of the Company, cooperation in litigation, non-disparagement of
the Company and its subsidiaries and affiliates and the officers, directors and affiliates of the
Company and its subsidiaries and affiliates, and other restrictions upon or covenants of the
Participant, including during specified periods following termination of employment or service to
the Company.

     11. General Provisions.

     (a) Compliance with Legal and Other Requirements. The Company may, to the extent deemed
necessary or advisable by the Committee and subject to Section 11(k), postpone the issuance or
delivery of Stock or payment of other benefits under any Award until completion of such
registration or qualification of such Stock or other required action under any federal or state
law, rule or regulation, listing or other required action with respect to any stock exchange or
automated quotation system upon which the Stock or other securities of the Company are listed or
quoted, or compliance with any other obligation of the Company, as the Committee may consider
appropriate, and may require any Participant to make such representations, furnish such information
and comply with or be subject to such other conditions as it may consider appropriate in connection
with the issuance or delivery of Stock or payment of other benefits in compliance with applicable
laws, rules, and regulations, listing requirements, or other obligations. The foregoing
notwithstanding, in connection with a Change in Control, the Company shall take or cause to be
taken no action, and shall undertake or permit to arise no legal or contractual obligation, that
results or would result in any postponement of the issuance or delivery of Stock or payment of
benefits under any Award or the imposition of any other conditions on such issuance, delivery or
payment, to the extent that such postponement or other condition would represent a greater burden
on a Participant than existed on the 90th day preceding the Change in Control.

     (b) Limits on Transferability; Beneficiaries. No Award or other right or interest of a
Participant under the Plan shall be pledged, hypothecated or otherwise encumbered or subject to any
lien, obligation or liability of such Participant to any party (other than the Company or a
subsidiary or affiliate thereof), or assigned or transferred by such Participant otherwise than by
will or the laws of descent and distribution or to a Beneficiary upon the death of a Participant,
and such Awards or rights that may be exercisable shall be exercised during the lifetime of the
Participant only by the Participant or his or her guardian or legal representative, except that
Awards and other rights (other than ISOs and SARs in tandem therewith) may be transferred to one or
more transferees during the lifetime of the Participant for purposes of estate-planning, and may be
exercised by such transferees in accordance with the terms of such Award, but only if and to the
extent such transfers are permitted by the Committee and the Committee has determined that there
will be no transfer of the Award to a third party for value, and subject to any terms and
conditions which the Committee may impose thereon (which may include limitations the Committee may
deem appropriate in order that offers and sales under the Plan will meet

- 14 -

 

applicable requirements of registration forms under the Securities Act of 1933 specified by the
Securities and Exchange Commission). A Beneficiary, transferee, or other person claiming any
rights under the Plan from or through any Participant shall be subject to all terms and conditions
of the Plan and any Award document applicable to such Participant, except as otherwise determined
by the Committee, and to any additional terms and conditions deemed necessary or appropriate by the
Committee.

     (c) Adjustments. In the event that any large, non-recurring dividend or other distribution
(whether in the form of cash or property other than Stock), recapitalization, forward or reverse
split, Stock dividend, reorganization, merger, consolidation, spinoff, combination, repurchase,
share exchange, liquidation, dissolution, equity restructuring as defined under FAS 123R, or other
similar corporate transaction or event affects the Stock such that an adjustment is determined by
the Committee to be appropriate or, in the case of any outstanding Award, which is necessary in
order to prevent dilution or enlargement of the rights of the Participant, then the Committee
shall, in an equitable manner as determined by the Committee, adjust any or all of (i) the number
and kind of shares of Stock which may be delivered in connection with Awards granted thereafter,
including the number of shares available under Section 4, (ii) the number and kind of shares of
Stock by which annual per-person Award limitations are measured under Section 5, (iii) the number
and kind of shares of Stock subject to or deliverable in respect of outstanding Awards, (iv) the
exercise price, grant price or purchase price relating to any Award or, if deemed appropriate, the
Committee may make provision for a payment of cash or property to the holder of an outstanding
Option (subject to Section 11(l)), and (v) the performance goals or conditions of outstanding
Awards that are based on share prices. In addition, the Committee is authorized to make
adjustments in the terms and conditions of, and the criteria included in, Awards (including
Performance Awards and performance goals and any hypothetical funding pool relating thereto) in
recognition of unusual or nonrecurring events (including, without limitation, events described in
the preceding sentence, as well as acquisitions and dispositions of businesses and assets)
affecting the Company, any subsidiary or affiliate or other business unit, or the financial
statements of the Company or any subsidiary or affiliate, or in response to changes in applicable
laws, regulations, accounting principles, tax rates and regulations or business conditions or in
view of the Committee’s assessment of the business strategy of the Company, any subsidiary or
affiliate or business unit thereof, performance of comparable organizations, economic and business
conditions, personal performance of a Participant, and any other circumstances deemed relevant;
provided that no such adjustment shall be authorized or made if and to the extent that the
existence of such authority (i) would cause Options, SARs, or Performance Awards granted under the
Plan to Participants designated by the Committee as Covered Employees and intended to qualify as
“performance-based compensation” under Code Section 162(m) and regulations thereunder to otherwise
fail to qualify as “performance-based compensation” under Code Section 162(m) and regulations
thereunder, or (ii) would cause the Committee to be deemed to have authority to change the targets,
within the meaning of Treasury Regulation 1.162-27(e)(4)(vi), under the performance goals relating
to Options or SARs granted to Covered Employees and intended to qualify as “performance-based
compensation” under Code Section 162(m) and regulations thereunder.

     (d) Tax Provisions.

	 	(i)	 	Withholding. The Company and any subsidiary or affiliate is authorized to
withhold from any Award granted, any payment relating to an Award under the Plan,
including from a distribution of Stock, or any payroll or other payment to a
Participant, amounts of withholding and other taxes due or potentially payable in
connection with any transaction involving an Award, and to take such other action as
the Committee may deem advisable to enable the Company and Participants to satisfy
obligations for the payment of withholding taxes and other tax obligations relating to
any Award. This authority shall include authority to

- 15 -

 

	 	 	 	withhold or receive Stock or other property and to make cash payments in respect
thereof in satisfaction of a Participant’s withholding obligations, either on a
mandatory or elective basis in the discretion of the Committee, or in satisfaction
of other tax obligations. Other provisions of the Plan notwithstanding, only the
minimum amount of Stock deliverable in connection with an Award necessary to
satisfy statutory withholding requirements will be withheld, unless withholding of
any additional amount of Stock will not result in additional accounting expense to
the Company.

	 	(ii)	 	Required Consent to and Notification of Code Section 83(b) Election. No
election under Section 83(b) of the Code (to include in gross income in the year of
transfer the amounts specified in Code Section 83(b)) or under a similar provision of
the laws of a jurisdiction outside the United States may be made unless expressly
permitted by the terms of the Award document or by action of the Committee in writing
prior to the making of such election. In any case in which a Participant is permitted
to make such an election in connection with an Award, the Participant shall notify the
Company of such election within ten days of filing notice of the election with the
Internal Revenue Service or other governmental authority, in addition to any filing
and notification required pursuant to regulations issued under Code Section 83(b) or
other applicable provision.
	 
	 	(iii)	 	Requirement of Notification Upon Disqualifying Disposition Under Code
Section 421(b). If any Participant shall make any disposition of shares of Stock
delivered pursuant to the exercise of an ISO under the circumstances described in Code
Section 421(b) (i.e., a disqualifying disposition), such Participant shall notify the
Company of such disposition within ten days thereof.

     (e) Changes to the Plan. The Board may amend, suspend or terminate the Plan or the
Committee’s authority to grant Awards under the Plan without the consent of shareholders or
Participants; provided, however, that any amendment to the Plan shall be submitted to the Company’s
shareholders for approval not later than the earliest annual meeting for which the record date is
at or after the date of such Board action if such shareholder approval is required by any federal
or state law or regulation or the rules of the New York Stock Exchange , or if such amendment would
materially increase the number of shares reserved for issuance and delivery under the Plan, and the
Board may otherwise, in its discretion, determine to submit other amendments to the Plan to
shareholders for approval. The Committee is authorized to amend outstanding awards, except as
limited by the Plan. The Board and Committee may not amend outstanding Awards (including by means
of an amendment to the Plan) without the consent of an affected Participant if such an amendment
would materially and adversely affect the rights of such Participant with respect to the
outstanding Award (for this purpose, actions that alter the timing of federal income taxation of a
Participant will not be deemed material unless such action results in an income tax penalty on the
Participant, and any discretion that is reserved by the Board or Committee with respect to an Award
is unaffected by this provision). Without the approval of shareholders, the Committee will not
amend or replace previously granted Options or SARs in a transaction that constitutes a
“repricing,” which for this purpose means any of the following or any other action that has the
same effect:

	 	•	 	Lowering the exercise price of an option or SAR after it is granted;
	 
	 	•	 	Any other action that is treated as a repricing under generally accepted accounting
principles;
	 
	 	•	 	Canceling an option or SAR at a time when its exercise price exceeds the fair market
value of the underlying Stock, in exchange for another option or SAR, restricted stock,
other equity, cash or other property; this shareholder approval requirement will apply to

- 16 -

 

	 	 	 	any repurchase or buyout of such an option or SAR authorized under any other provision of
the Plan;

provided, however, that the foregoing transactions shall not be deemed a repricing if pursuant to
an adjustment authorized under Section 11(c). With regard to other terms of Awards, the Committee
shall have no authority to waive or modify any such Award term after the Award has been granted to
the extent the waived or modified term would be mandatory under the Plan for any Award newly
granted at the date of the waiver or modification. A cancellation and exchange described in clause
(iii) of the preceding sentence will be considered a repricing regardless of whether the Option,
Restricted Stock or other equity is delivered simultaneously with the cancellation, regardless of
whether it is treated as a repricing under generally accepted accounting principles, and regardless
of whether it is voluntary on the part of the Participant.

     (f) Right of Setoff. The Company or any subsidiary or affiliate may, to the extent permitted
by applicable law, deduct from and set off against any amounts the Company or a subsidiary or
affiliate may owe to the Participant from time to time, including amounts payable in connection
with any Award, owed as wages, fringe benefits, or other compensation owed to the Participant, such
amounts as may be owed by the Participant to the Company, including but not limited to amounts owed
under Section 10(a), although the Participant shall remain liable for any part of the Participant’s
payment obligation not satisfied through such deduction and setoff. By accepting any Award granted
hereunder, the Participant agrees to any deduction or setoff under this Section 11(f).

     (g) Unfunded Status of Awards; Creation of Trusts. The Plan is intended to constitute an
“unfunded” plan for incentive and deferred compensation. With respect to any payments not yet made
to a Participant or obligation to deliver Stock pursuant to an Award, nothing contained in the Plan
or any Award shall give any such Participant any rights that are greater than those of a general
creditor of the Company; provided that the Committee may authorize the creation of trusts and
deposit therein cash, Stock, other Awards or other property, or make other arrangements to meet the
Company’s obligations under the Plan. Such trusts or other arrangements shall be consistent with
the “unfunded” status of the Plan unless the Committee otherwise determines with the consent of
each affected Participant.

     (h) Nonexclusivity of the Plan. Neither the adoption of the Plan by the Board nor its
submission to the shareholders of the Company for approval shall be construed as creating any
limitations on the power of the Board or a committee thereof to adopt such other incentive
arrangements, apart from the Plan, as it may deem desirable, including incentive arrangements and
awards which do not qualify under Code Section 162(m), and such other arrangements may be either
applicable generally or only in specific cases.

     (i) Payments in the Event of Forfeitures; Fractional Shares. Unless otherwise determined by
the Committee, in the event of a forfeiture of an Award with respect to which a Participant paid
cash consideration, the Participant shall be repaid the amount of such cash consideration. No
fractional shares of Stock shall be issued or delivered pursuant to the Plan or any Award. The
Committee shall determine whether cash, other Awards or other property shall be issued or paid in
lieu of such fractional shares or whether such fractional shares or any rights thereto shall be
forfeited or otherwise eliminated.

     (j) Compliance with Code Section 162(m). It is the intent of the Company that Options and
SARs granted to Covered Employees and other Awards designated as Awards to Covered Employees
subject to Section 7 shall constitute qualified “performance-based compensation” within the meaning
of Code Section 162(m) and regulations thereunder, unless otherwise determined by the Committee at
the time of allocation of an Award. Accordingly, the

- 17 -

 

terms of Sections 7(b) and (c), including the definitions of Covered Employee and other terms used
therein, shall be interpreted in a manner consistent with Code Section 162(m) and regulations
thereunder. The foregoing notwithstanding, because the Committee cannot determine with certainty
whether a given Participant will be a Covered Employee with respect to a fiscal year that has not
yet been completed, the term Covered Employee as used herein shall mean only a person designated by
the Committee as likely to be a Covered Employee with respect to a specified fiscal year. If any
provision of the Plan or any Award document relating to a Performance Award that is designated as
intended to comply with Code Section 162(m) does not comply or is inconsistent with the
requirements of Code Section 162(m) or regulations thereunder, such provision shall be construed or
deemed amended to the extent necessary to conform to such requirements, and no provision shall be
deemed to confer upon the Committee or any other person discretion to increase the amount of
compensation otherwise payable in connection with any such Award upon attainment of the applicable
performance objectives.

(k) Certain Limitations on Awards to Ensure Compliance with Section 409A.

	 	(i)	 	409A Awards and Deferrals. Other provisions of the Plan notwithstanding,
the terms of any 409A Award (which for this purpose means only such an Award held by
an employee subject to United States federal income tax), including any authority of
the Company and rights of the Participant with respect to the 409A Award, shall be
limited to those terms permitted under Section 409A, and any terms not permitted under
Section 409A shall be automatically modified and limited to the extent necessary to
conform with Section 409A. The following rules will apply to 409A Awards:

	 	(A)	 	If a Participant is permitted to elect to defer an Award or
any payment under an Award, such election will be permitted only at times in
compliance with Section 409A (including transition rules thereunder);
	 
	 	(B)	 	The Committee may, in its discretion, require or permit on an
elective basis a change in the distribution terms applicable to 409A Awards
(and Non-409A Awards that qualify for the short-term deferral exemption under
Section 409A) during 2007] in accordance with, and to the fullest extent
permitted by, Proposed Treasury Regulation § 1.409A (including Preamble §
XI.C) and IRS Notice 2005-1 and IRS Notice 2006-79, and at any other time in
accordance with Section 409A and guidance thereunder. The Director of Human
Resources of the Company is authorized to modify any such outstanding Awards
to permit election of different deferral periods provided that any such
modifications may not otherwise increase the benefits to Participants or the
costs of such Awards to the Company;
	 
	 	(C)	 	The Company shall have no authority to accelerate
distributions relating to 409A Awards in excess of the authority permitted
under Section 409A;
	 
	 	(D)	 	Any distribution of a 409A Award triggered by a Participant’s
termination of employment and intended to qualify under Section
409A(a)(2)(A)(i) shall be made only at the time that the Participant has had a
“separation from service” within the meaning of Section 409A(a)(2)(A)(i) (or
earlier at such time, after a termination of employment, that there occurs
another event triggering a distribution under the Plan or the applicable Award
agreement in compliance with Section 409A);

- 18 -

 

	 	(E)	 	Any distribution of a 409A Award subject to Section
409A(a)(2)(A)(i) that would be made within six months following a separation
from service of a “Specified Employee” (or “key employee”) as defined under
Section 409A(a)(2)(B)(i) shall instead occur at the expiration of the
six-month period under Section 409A(a)(2)(B)(i). In the case of installments,
this delay shall not affect the timing of any installment otherwise payable
after the six-month delay period;
	 
	 	(F)	 	In the case of any distribution of a 409A Award, if the
timing of such distribution is not otherwise specified in the Plan or an Award
agreement or other governing document, the distribution shall be made not
later than 75 days after the date at which the settlement of the Award is
specified to occur;
	 
	 	(G)	 	If any portion of an Award that is scheduled to vest at a
single specified date (a vesting “tranche”) is partly deemed a 409A Award and
partly deemed exempt from Section 409A (as a short-term deferral or
otherwise), the time of settlement of the entire tranche will be governed by
the distribution rules applicable to the 409A Award [(except to the extent
that this rule cannot apply to a distribution that would otherwise occur in
2007; and
	 
	 	(H)	 	The rules applicable to 409A Awards under this Section
11(k)(i) constitute further restrictions on terms of Awards set forth
elsewhere in this Plan. Thus, for example, a 409A Option/SAR shall be subject
to restrictions, including restrictions on rights otherwise specified in
Section 6(b) or 6(c), in order that such Award shall not result in
constructive receipt of income before exercise or tax penalties under Section
409A.

	 	(ii)	 	Rules Applicable to Non-409A Options/SARs. With respect to Non-409A Options/
SARs, in applying Code Sections 1563(a)(1), (2) and (3) for purposes of determining a
controlled group of corporations under Code Section 414(b), the language “at least 20
percent” shall be used instead of “at least 80 percent” at each place it appears in
Sections 1563(a)(1), (2) and (3), and in applying Treasury Regulation § 1.414(c)-2 (or
any successor provision) for purposes of determining trades or businesses (whether or
not incorporated) that are under common control for purposes of Section 414(c), the
language “at least 20 percent” shall be used instead of “at least 80 percent” at each
place it appears in Treasury Regulation §1.414(c)-2.
	 
	 	(iii)	 	Distributions Upon Vesting. In the case of any Award providing for a
distribution upon the lapse of a risk of forfeiture, if the timing of such
distribution is not otherwise specified in the Plan or an Award agreement or other
governing document, the distribution shall be made not later than March 15 of the year
following the year in which the risk of forfeiture lapsed.
	 
	 	(iv)	 	Scope and Application of this Provision. For purposes of this Section 11(k),
references to a term or event (including any authority or right of the Company or a
Participant) being “permitted” under Section 409A mean that the term or event will not
cause the Participant to be deemed to be in constructive receipt of compensation
relating to the 409A Award prior to the distribution of cash, shares or other property
or to be liable for payment of interest or a tax penalty under Section 409A.

- 19 -

 

     (l) Governing Law. The validity, construction, and effect of the Plan, any rules and
regulations relating to the Plan and any Award document shall be determined in accordance with the
laws of the State of New Jersey, without giving effect to principles of conflicts of laws, and
applicable provisions of federal law.

     (m) Awards to Participants Outside the United States. The Committee may modify the terms of
any Award under the Plan made to or held by a Participant who is then resident or primarily
employed outside of the United States, or establish one or more sub-plans for such participants, in
any manner deemed by the Committee to be necessary or appropriate in order that such Award shall
conform to laws, regulations, and customs of the country in which the Participant is then resident
or primarily employed, or so that the value and other benefits of the Award to the Participant, as
affected by foreign tax laws and other restrictions applicable as a result of the Participant’s
residence or employment abroad shall be comparable to the value of such an Award to a Participant
who is resident or primarily employed in the United States. An Award may be modified under this
Section 11(m) in a manner that is inconsistent with the express terms of the Plan, so long as such
modifications will not contravene any applicable law or regulation or result in actual liability
under Section 16(b) for the Participant whose Award is modified.

     (n) Limitation on Rights Conferred under Plan. Neither the Plan nor any action taken
hereunder shall be construed as (i) giving any Eligible Person or Participant the right to continue
as an Eligible Person or Participant or in the employ or service of the Company or a subsidiary or
affiliate, (ii) interfering in any way with the right of the Company or a subsidiary or affiliate
to terminate any Eligible Person’s or Participant’s employment or service at any time (subject to
the terms and provisions of any separate written agreements), (iii) giving an Eligible Person or
Participant any claim to be granted any Award under the Plan or to be treated uniformly with other
Participants and employees, or (iv) conferring on a Participant any of the rights of a shareholder
of the Company unless and until the Participant is duly issued or transferred shares of Stock in
accordance with the terms of an Award or an Option is duly exercised. Except as expressly provided
in the Plan and an Award document, neither the Plan nor any Award document shall confer on any
person other than the Company and the Participant any rights or remedies thereunder. Any Award
shall not be deemed compensation for purposes of computing benefits under any retirement plan of
the Company or any subsidiary or affiliate and shall not affect any benefits under any other
benefit plan at any time in effect und which the availability or amount of benefits is related to
the level of compensation (unless required by any such other plan or arrangement with specific
reference to Awards under this Plan).

     (o) Severability. If any of the provisions of this Plan or any Award document is finally held
to be invalid, illegal or unenforceable (whether in whole or in part), such provision shall be
deemed modified to the extent, but only to the extent, of such invalidity, illegality or
unenforceability, and the remaining provisions shall not be affected thereby; provided, that, if
any of such provisions is finally held to be invalid, illegal, or unenforceable because it exceeds
the maximum scope determined to be acceptable to permit such provision to be enforceable, such
provision shall be deemed to be modified to the minimum extent necessary to modify such scope in
order to make such provision enforceable hereunder. The Plan and any Award documents contain the
entire agreement of the parties with respect to the subject matter thereof and supersede all prior
agreements, promises, covenants, arrangements, communications, representations and warranties
between them, whether written or oral with respect to the subject matter thereof. No rule of
strict construction shall be applied against the Company, the Committee, or any other person in the
interpretation of any terms of the Plan, Award, or agreement or other document relating thereto.

     (p) Plan Effective Date and Termination. The Plan shall become effective if, and at such time
as, the shareholders of the Company have approved it by a majority of the votes

- 20 -

 

cast at a meeting of shareholders by the holders of shares entitled to vote thereon, provided that
the total vote cast on the proposal represents over 50% in interest of all securities entitled to
vote on the proposal. The date of such shareholder approval shall be the Effective Date. Upon
such approval of the Plan by the shareholders of the Company, no further awards shall be granted
under the Employee and Outside Director Long-Term Incentive Compensation Plan, but any outstanding
awards under that plan shall continue in accordance with their terms. Unless earlier terminated by
action of the Board of Directors, the authority to make new grants under the Plan shall terminate
on the date that is ten years after the latest date upon which shareholders of the Company have
approved the Plan, and the Plan will remain in effect until such time as no Stock remains available
for delivery under the Plan and the Company has no further rights or obligations under the Plan
with respect to outstanding Awards under the Plan.

- 21 -<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

                                   ----------

                       FIRST FRANKLIN MORTGAGE LOAN TRUST,
            MORTGAGE LOAN ASSET-BACKED CERTIFICATES, SERIES 2006-FF18

<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...................     82
   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......................................     88
   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]...........................................     91
   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....................    100
   SECTION 3.18.    Annual Independent Public Accountants' Servicing
                    Statement; Financial Statements......................    100
   SECTION 3.19.    Subordination of Liens...............................    103
   SECTION 3.20.    Periodic Filings.....................................    103
   SECTION 3.21.    Indemnification by Trustee...........................    107
   SECTION 3.22.    Indemnification by Servicer..........................    107
   SECTION 3.23.    Prepayment Charge Reporting Requirements.............    108
   SECTION 3.24.    Information to the Trustee...........................    108
   SECTION 3.25.    Indemnification......................................    108
   SECTION 3.26.    Solicitation.........................................    109
   SECTION 3.27.    High Cost Mortgage Loans.............................    109

ARTICLE IV DISTRIBUTIONS.................................................    109
   SECTION 4.01.    Advances.............................................    109
   SECTION 4.02.    Reduction of Servicing Compensation in Connection
                    with Prepayment Interest Shortfalls..................    110
   SECTION 4.03.    Distributions on the REMIC Interests.................    111
   SECTION 4.04.    Distributions........................................    111
   SECTION 4.05.    Monthly Statements to Certificateholders.............    121

ARTICLE V THE CERTIFICATES...............................................    126
   SECTION 5.01.    The Certificates.....................................    126
   SECTION 5.02.    Certificate Register; Registration of Transfer and
                    Exchange of Certificates.............................    127
   SECTION 5.03.    Mutilated, Destroyed, Lost or Stolen Certificates....    132
   SECTION 5.04.    Persons Deemed Owners................................    132
   SECTION 5.05.    Access to List of Certificateholders' Names and
                    Addresses............................................    132
   SECTION 5.06.    Book-Entry Certificates..............................    132
</TABLE>

                                      -ii-

<PAGE>

                                TABLE OF CONTENTS
                                   (continued)

<TABLE>
<CAPTION>
                                                                            PAGE
                                                                            ----
<S>                                                                         <C>
   SECTION 5.07.    Notices to Depository................................    133
   SECTION 5.08.    Definitive Certificates..............................    133
   SECTION 5.09.    Maintenance of Office or Agency......................    134
   SECTION 5.10.    Authenticating Agents................................    134

ARTICLE VI THE DEPOSITOR AND THE SERVICER................................    135
   SECTION 6.01.    Respective Liabilities of the Depositor and the
                    Servicer.............................................    135
   SECTION 6.02.    Merger or Consolidation of the Depositor or the
                    Servicer.............................................    135
   SECTION 6.03.    Limitation on Liability of the Depositor, the
                    Servicer and Others..................................    136
   SECTION 6.04.    Limitation on Resignation of Servicer................    136
   SECTION 6.05.    Errors and Omissions Insurance; Fidelity Bonds.......    137

ARTICLE VII DEFAULT; TERMINATION OF SERVICER.............................    137
   SECTION 7.01.    Events of Default....................................    137
   SECTION 7.02.    Trustee to Act; Appointment of Successor.............    139
   SECTION 7.03.    Notification to Certificateholders...................    140

ARTICLE VIII CONCERNING THE TRUSTEE......................................    140
   SECTION 8.01.    Duties of the Trustee................................    140
   SECTION 8.02.    Certain Matters Affecting the Trustee................    141
   SECTION 8.03.    Trustee Not Liable for Certificates or Mortgage
                    Loans................................................    143
   SECTION 8.04.    Trustee May Own Certificates.........................    143
   SECTION 8.05.    Trustee's Fees and Expenses..........................    143
   SECTION 8.06.    Indemnification and Expenses of Trustee..............    143
   SECTION 8.07.    Eligibility Requirements for Trustee.................    144
   SECTION 8.08.    Resignation and Removal of Trustee...................    145
   SECTION 8.09.    Successor Trustee....................................    145
   SECTION 8.10.    Merger or Consolidation of Trustee...................    146
   SECTION 8.11.    Appointment of Co-Trustee or Separate Trustee........    146
   SECTION 8.12.    Tax Matters..........................................    147

ARTICLE IX TERMINATION...................................................    150
   SECTION 9.01.    Termination upon Liquidation or Repurchase of all
                    Mortgage Loans.......................................    150
   SECTION 9.02.    Final Distribution on the Certificates...............    151
   SECTION 9.03.    Additional Termination Requirements..................    152

ARTICLE X MISCELLANEOUS PROVISIONS.......................................    153
</TABLE>

                                      -iii-

<PAGE>

                                TABLE OF CONTENTS
                                   (continued)

<TABLE>
<CAPTION>
                                                                            PAGE
                                                                            ----
<S>                                                                         <C>
   SECTION 10.01.   Amendment............................................    153
   SECTION 10.02.   Counterparts.........................................    155
   SECTION 10.03.   Governing Law........................................    155
   SECTION 10.04.   Intention of Parties.................................    155
   SECTION 10.05.   Notices..............................................    156
   SECTION 10.06.   Severability of Provisions...........................    157
   SECTION 10.07.   Assignment; Sales; Advance Facilities................    157
   SECTION 10.08.   Limitation on Rights of Certificateholders...........    158
   SECTION 10.09.   Inspection and Audit Rights..........................    159
   SECTION 10.10.   Certificates Nonassessable and Fully Paid............    159
   SECTION 10.11.   Compliance with Regulation AB........................    159
   SECTION 10.12.   Third Party Rights...................................    159
</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     FORM OF NOVATION AND RELATED CORRIDOR CONTRACTS
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 NOVATION AND RELATED SWAP AGREEMENT AND CAP
              CONTRACT
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     FORM OF DELINQUENCY REPORT
EXHIBIT W     [RESERVED]
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 Corridor Contract and the
Corridor 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 and the Cap Contract. 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 Sale 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>
Class     Initial Principal Balance   Interest Rate
-----     -------------------------   -------------
<S>       <C>                         <C>
1-SW1          $ 92,448,519.710            (1)
1-SW1A         $  7,690,162.247            (2)
1-SW1B         $  7,690,162.247            (3)
1-SW2A         $  8,058,487.042            (2)
1-SW2B         $  8,058,487.042            (3)
1-SW3A         $  8,692,327.390            (2)
1-SW3B         $  8,692,327.390            (3)
1-SW4A         $ 10,965,996.807            (2)
1-SW4B         $ 10,965,996.807            (3)
1-SW5A         $ 12,477,466.563            (2)
</TABLE>

<PAGE>

<TABLE>
<S>       <C>                         <C>
1-SW5B         $ 12,477,466.563            (3)
1-SW6A         $ 13,074,789.218            (2)
1-SW6B         $ 13,074,789.218            (3)
1-SW7A         $ 11,783,731.740            (2)
1-SW7B         $ 11,783,731.740            (3)
1-SW8A         $ 10,836,638.708            (2)
1-SW8B         $ 10,836,638.708            (3)
1-SW9A         $ 10,094,183.015            (2)
1-SW9B         $ 10,094,183.015            (3)
1-SW10A        $  9,439,281.166            (2)
1-SW10B        $  9,439,281.166            (3)
1-SW11A        $  8,871,905.316            (2)
1-SW11B        $  8,871,905.316            (3)
1-SW12A        $  8,343,422.282            (2)
1-SW12B        $  8,343,422.282            (3)
1-SW13A        $  7,885,061.465            (2)
1-SW13B        $  7,885,061.465            (3)
1-SW14A        $  7,422,748.395            (2)
1-SW14B        $  7,422,748.395            (3)
1-SW15A        $  7,190,472.268            (2)
1-SW15B        $  7,190,472.268            (3)
1-SW16A        $ 24,673,246.579            (2)
1-SW16B        $ 24,673,246.579            (3)
1-SW17A        $ 23,038,648.900            (2)
1-SW17B        $ 23,038,648.900            (3)
1-SW18A        $ 19,210,219.140            (2)
1-SW18B        $ 19,210,219.140            (3)
1-SW19A        $ 14,800,355.465            (2)
1-SW19B        $ 14,800,355.465            (3)
1-SW20A        $  9,037,408.055            (2)
1-SW20B        $  9,037,408.055            (3)
1-SW21A        $  7,572,652.604            (2)
1-SW21B        $  7,572,652.604            (3)
1-SW22A        $  6,321,179.568            (2)
1-SW22B        $  6,321,179.568            (3)
1-SW23A        $  5,963,165.012            (2)
1-SW23B        $  5,963,165.012            (3)
1-SW24A        $  5,568,332.349            (2)
1-SW24B        $  5,568,332.349            (3)
1-SW25A        $  5,143,583.146            (2)
1-SW25B        $  5,143,583.146            (3)
1-SW26A        $  4,746,935.373            (2)
1-SW26B        $  4,746,935.373            (3)
1-SW27A        $  4,395,592.362            (2)
1-SW27B        $  4,395,592.362            (3)
1-SW28A        $  6,790,958.195            (2)
</TABLE>

                                       -2-

<PAGE>

<TABLE>
<S>       <C>                         <C>
1-SW28B        $  6,790,958.195            (3)
1-SW29A        $  8,985,351.327            (2)
1-SW29B        $  8,985,351.327            (3)
1-SW30A        $  7,418,809.632            (2)
1-SW30B        $  7,418,809.632            (3)
1-SW31A        $  1,683,289.147            (2)
1-SW31B        $  1,683,289.147            (3)
1-SW32A        $  3,494,820.866            (2)
1-SW32B        $  3,494,820.866            (3)
1-SW33A        $  3,248,797.984            (2)
1-SW33B        $  3,248,797.984            (3)
1-SW34A        $  2,950,918.996            (2)
1-SW34B        $  2,950,918.996            (3)
1-SW35A        $  2,702,983.807            (2)
1-SW35B        $  2,702,983.807            (3)
1-SW36A        $  2,525,750.217            (2)
1-SW36B        $  2,525,750.217            (3)
1-SW37A        $  2,384,137.229            (2)
1-SW37B        $  2,384,137.229            (3)
1-SW38A        $  2,307,304.381            (2)
1-SW38B        $  2,307,304.381            (3)
1-SW39A        $  2,248,087.350            (2)
1-SW39B        $  2,248,087.350            (3)
1-SW40A        $  2,145,249.053            (2)
1-SW40B        $  2,145,249.053            (3)
1-SW41A        $  2,013,416.559            (2)
1-SW41B        $  2,013,416.559            (3)
1-SW42A        $  1,843,055.309            (2)
1-SW42B        $  1,843,055.309            (3)
1-SW43A        $  1,745,071.025            (2)
1-SW43B        $  1,745,071.025            (3)
1-SW44A        $  1,654,516.326            (2)
1-SW44B        $  1,654,516.326            (3)
1-SW45A        $  1,568,631.622            (2)
1-SW45B        $  1,568,631.622            (3)
1-SW46A        $  1,488,874.016            (2)
1-SW46B        $  1,488,874.016            (3)
1-SW47A        $  1,415,244.373            (2)
1-SW47B        $  1,415,244.373            (3)
1-SW48A        $  1,346,416.687            (2)
1-SW48B        $  1,346,416.687            (3)
1-SW49A        $  1,282,455.120            (2)
1-SW49B        $  1,282,455.120            (3)
1-SW50A        $  1,281,908.598            (2)
1-SW50B        $  1,281,908.598            (3)
1-SW51A        $  1,229,500.954            (2)
</TABLE>

                                       -3-

<PAGE>

<TABLE>
<S>       <C>                         <C>
1-SW51B        $  1,229,500.954            (3)
1-SW52A        $ 30,270,519.164            (2)
1-SW52B        $ 30,270,519.164            (3)
2-SW2          $174,821,033.700            (4)
2-SW1A         $ 14,542,170.253            (5)
2-SW1B         $ 14,542,170.253            (6)
2-SW2A         $ 15,238,675.958            (5)
2-SW2B         $ 15,238,675.958            (6)
2-SW3A         $ 16,437,274.110            (5)
2-SW3B         $ 16,437,274.110            (6)
2-SW4A         $ 20,736,804.693            (5)
2-SW4B         $ 20,736,804.693            (6)
2-SW5A         $ 23,595,008.437            (5)
2-SW5B         $ 23,595,008.437            (6)
2-SW6A         $ 24,724,551.282            (5)
2-SW6B         $ 24,724,551.282            (6)
2-SW7A         $ 22,283,149.260            (5)
2-SW7B         $ 22,283,149.260            (6)
2-SW8A         $ 20,492,187.292            (5)
2-SW8B         $ 20,492,187.292            (6)
2-SW9A         $ 19,088,196.485            (5)
2-SW9B         $ 19,088,196.485            (6)
2-SW10A        $ 17,849,770.834            (5)
2-SW10B        $ 17,849,770.834            (6)
2-SW11A        $ 16,776,857.684            (5)
2-SW11B        $ 16,776,857.684            (6)
2-SW12A        $ 15,777,491.218            (5)
2-SW12B        $ 15,777,491.218            (6)
2-SW13A        $ 14,910,726.535            (5)
2-SW13B        $ 14,910,726.535            (6)
2-SW14A        $ 14,036,488.105            (5)
2-SW14B        $ 14,036,488.105            (6)
2-SW15A        $ 13,597,251.732            (5)
2-SW15B        $ 13,597,251.732            (6)
2-SW16A        $ 46,657,344.921            (5)
2-SW16B        $ 46,657,344.921            (6)
2-SW17A        $ 43,566,305.100            (5)
2-SW17B        $ 43,566,305.100            (6)
2-SW18A        $ 36,326,707.860            (5)
2-SW18B        $ 36,326,707.860            (6)
2-SW19A        $ 27,987,613.535            (5)
2-SW19B        $ 27,987,613.535            (6)
2-SW20A        $ 17,089,824.945            (5)
2-SW20B        $ 17,089,824.945            (6)
2-SW21A        $ 14,319,958.396            (5)
2-SW21B        $ 14,319,958.396            (6)
</TABLE>

                                       -4-

<PAGE>

<TABLE>
<S>       <C>                         <C>
2-SW22A        $ 11,953,410.932            (5)
2-SW22B        $ 11,953,410.932            (6)
2-SW23A        $ 11,276,401.988            (5)
2-SW23B        $ 11,276,401.988            (6)
2-SW24A        $ 10,529,769.651            (5)
2-SW24B        $ 10,529,769.651            (6)
2-SW25A        $  9,726,564.854            (5)
2-SW25B        $  9,726,564.854            (6)
2-SW26A        $  8,976,500.127            (5)
2-SW26B        $  8,976,500.127            (6)
2-SW27A        $  8,312,107.138            (5)
2-SW27B        $  8,312,107.138            (6)
2-SW28A        $ 12,841,766.805            (5)
2-SW28B        $ 12,841,766.805            (6)
2-SW29A        $ 16,991,385.173            (5)
2-SW29B        $ 16,991,385.173            (6)
2-SW30A        $ 14,029,039.868            (5)
2-SW30B        $ 14,029,039.868            (6)
2-SW31A        $  3,183,115.853            (5)
2-SW31B        $  3,183,115.853            (6)
2-SW32A        $  6,608,739.634            (5)
2-SW32B        $  6,608,739.634            (6)
2-SW33A        $  6,143,508.016            (5)
2-SW33B        $  6,143,508.016            (6)
2-SW34A        $  5,580,216.004            (5)
2-SW34B        $  5,580,216.004            (6)
2-SW35A        $  5,111,368.193            (5)
2-SW35B        $  5,111,368.193            (6)
2-SW36A        $  4,776,217.783            (5)
2-SW36B        $  4,776,217.783            (6)
2-SW37A        $  4,508,426.271            (5)
2-SW37B        $  4,508,426.271            (6)
2-SW38A        $  4,363,134.619            (5)
2-SW38B        $  4,363,134.619            (6)
2-SW39A        $  4,251,154.650            (5)
2-SW39B        $  4,251,154.650            (6)
2-SW40A        $  4,056,686.447            (5)
2-SW40B        $  4,056,686.447            (6)
2-SW41A        $  3,807,389.941            (5)
2-SW41B        $  3,807,389.941            (6)
2-SW42A        $  3,485,235.191            (5)
2-SW42B        $  3,485,235.191            (6)
2-SW43A        $  3,299,945.975            (5)
2-SW43B        $  3,299,945.975            (6)
2-SW44A        $  3,128,706.174            (5)
2-SW44B        $  3,128,706.174            (6)
</TABLE>

                                       -5-

<PAGE>

<TABLE>
<S>       <C>                         <C>
2-SW45A        $  2,966,297.378            (5)
2-SW45B        $  2,966,297.378            (6)
2-SW46A        $  2,815,474.984            (5)
2-SW46B        $  2,815,474.984            (6)
2-SW47A        $  2,676,240.627            (5)
2-SW47B        $  2,676,240.627            (6)
2-SW48A        $  2,546,086.813            (5)
2-SW48B        $  2,546,086.813            (6)
2-SW49A        $  2,425,134.880            (5)
2-SW49B        $  2,425,134.880            (6)
2-SW50A        $  2,424,101.402            (5)
2-SW50B        $  2,424,101.402            (6)
2-SW51A        $  2,324,998.046            (5)
2-SW51B        $  2,324,998.046            (6)
2-SW52A        $ 57,241,840.836            (5)
2-SW52B        $ 57,241,840.836            (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:

                                       -6-
<PAGE>

<TABLE>
<CAPTION>
                                             Class(es) of Corresponding
         Initial Principal                     Certificates or Related
 Class        Balance        Interest 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
LTA-2D           (1)               (8)                  A-2D
LTM-1            (1)               (8)                   M-1
LTM-2            (1)               (8)                   M-2
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-

<PAGE>

(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.

(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>
                       SWAP REMIC
Distribution 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
</TABLE>

                                       -8-

<PAGE>

<TABLE>
<S>                 <C>
      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
                    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
      7-39          Class 1-SW31A
                    Class 2-SW31A
      7-40          Class 1-SW32A
                    Class 2-SW32A
      7-41          Class 1-SW33A
</TABLE>

                                       -9-

<PAGE>

<TABLE>
<S>                 <C>
                    Class 2-SW33A
      7-42          Class 1-SW34A
                    Class 2-SW34A
      7-43          Class 1-SW35A
                    Class 2-SW35A
      7-44          Class 1-SW36A
                    Class 2-SW36A
      7-45          Class 1-SW37A
                    Class 2-SW37A
      7-46          Class 1-SW38A
                    Class 2-SW38A
      7-47          Class 1-SW39A
                    Class 2-SW39A
      7-48          Class 1-SW40A
                    Class 2-SW40A
      7-49          Class 1-SW41A
                    Class 2-SW41A
      7-50          Class 1-SW42A
                    Class 2-SW42A
      7-51          Class 1-SW43A
                    Class 2-SW43A
      7-52          Class 1-SW44A
                    Class 2-SW44A
      7-53          Class 1-SW45A
                    Class 2-SW45A
      7-54          Class 1-SW46A
                    Class 2-SW46A
      7-55          Class 1-SW47A
                    Class 2-SW47A
      7-56          Class 1-SW48A
                    Class 2-SW48A
      7-57          Class 1-SW49A
                    Class 2-SW49A
      7-58          Class 1-SW50A
                    Class 2-SW50A
      7-59          Class 1-SW51A
                    Class 2-SW51A
      7-60          Class 1-SW52A
                    Class 2-SW52A
</TABLE>

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

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 Principal          Class of Related
Class                                  Balance        Rate     Certificates
-----                             -----------------   ----   ----------------
<S>                               <C>                 <C>    <C>
UTA-1                                    (1)           (2)   A-1
UTA-2A                                   (1)           (2)   A-2A
</TABLE>

                                      -10-

<PAGE>

<TABLE>
<S>                               <C>                 <C>    <C>
UTA-2B                                   (1)           (2)   A-2B
UTA-2C                                   (1)           (2)   A-2C
UTA-2D                                   (1)           (2)   A-2D
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.

<TABLE>
<CAPTION>
          Initial Class
Class   Principal Amount   Interest Rate
-----   ----------------   -------------
<S>     <C>                <C>
A-1           (1)              (2)
A-2A          (1)              (2)
A-2B          (1)              (2)
A-2C          (1)              (2)
A-2D          (1)              (2)
M-1           (1)              (2)
M-2           (1)              (2)
M-3           (1)              (2)
</TABLE>

                                      -11-

<PAGE>

<TABLE>
<S>     <C>                <C>
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:

                                      -12-
<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

                                      -13-

<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 A-2D 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.

                                      -14-

<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 or 30 years which provides for level monthly payments of
principal and interest based on a 30-, 40- or 50-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: The confirmation and agreement, including the schedule
thereto and the related credit support annex, between the Cap Contract
Counterparty and the Supplemental Interest Trust Trustee for the benefit of the
Certificateholders (in the form of Exhibit B of Exhibit Q attached hereto) or
any other cap or swap agreement (including any related schedules) held by the
Supplemental Interest Trust pursuant to Section 4.04(l) hereof.

     Cap Contract 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 Trust
Fund and designated "LaSalle Bank National Association, as trustee, in trust for
registered holders of First Franklin Mortgage Loan Trust, Mortgage Loan
Asset-Backed Certificates, Series 2006-FF18." 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: Bear Stearns Financial Products Inc., and any
successor thereto.

     Cap Contract Notional Balance: With respect to any Distribution Date, the
cap contract notional balance for such Distribution Date set forth on Schedule I
of the Cap Contract.

     Cap Payments: For each Distribution Date, the cap payment that the Cap
Counterparty is obligated to pay to the Supplemental Interest Trust if LIBOR (as
defined in the Cap Contract) is greater than 5.350%. The Cap Payment is based on
the lesser of (a) the Cap Contract Notional Balance for the Distribution Date
and (b) the excess if any, of (A) the beginning aggregate Certificate Principal
Balance over (B) the Swap Agreement Notional Balance for such Distribution Date,
if LIBOR exceeds 5.350%.

                                      -15-

<PAGE>

     Cap Posted Collateral Account: The segregated Eligible Account created and
maintained by the Trustee pursuant to Section 4.04(l) 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 First Franklin
Mortgage Loan Trust, Mortgage Loan Asset-Backed Certificates, Series 2006-FF18."
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.

     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 First Franklin
Mortgage Loan Trust, Mortgage Loan Asset-Backed Certificates, Series 2006-FF18."
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 or Cap Contract, 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

                                      -16-

<PAGE>

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 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, Class A-2D 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) 65.90% 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

                                      -17-

<PAGE>

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 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 Corridor 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
attached as Exhibit B to Exhibit M hereto), with respect to the Class A-1
Certificates.

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

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

     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, 0.110% per annum and, as of any Distribution
Date after the Initial Optional Termination Date, 0.220% 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

                                      -18-

<PAGE>

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, 5.4600% 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.

     Class A-1 Upper Collar: With respect to each Distribution Date with respect
to which payments are received on the Class A-1 Corridor Contract, a rate equal
to the lesser of One-Month LIBOR and 10.890% 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 Corridor 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
attached as Exhibit C of Exhibit M hereto), with respect to the Class A-2
Certificates.

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

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

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

                                      -19-

<PAGE>

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 Corridor Contract, a rate equal
to the lesser of One-Month LIBOR and 10.345% 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.

     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, 5.4200% 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

                                      -20-

<PAGE>

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.

     Class A-2B Margin: As of any Distribution Date up to and including the
Initial Optional Termination Date, 0.1100% per annum and, as of any Distribution
Date after the Initial Optional Termination Date, 0.2200% per annum.

     Class A-2B Pass-Through Rate: For the first Distribution Date, 5.4600% 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, 0.1600% per annum and, as of any Distribution
Date after the Initial Optional Termination Date, 0.3200% per annum.

                                      -21-

<PAGE>

     Class A-2C Pass-Through Rate: For the first Distribution Date, 5.5100% 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 A-2D Certificate: Any Certificate designated as a "Class A-2D
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-2D Certificate Principal Balance: As of any date of determination,
the aggregate Certificate Principal Balance of the Class A-2D Certificates.

     Class A-2D Current Interest: As of any Distribution Date, the interest
accrued during the related Accrual Period at the Class A-2D Pass-Through Rate on
the Class A-2D Certificate Principal Balance as of such Distribution Date plus
the portion of any previous distributions on such Class in respect of Class A-2D
Current Interest or a Class A-2D 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-2D
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-2D Interest Carry Forward Amount: As of any Distribution Date, the
sum of (1) the excess of (A) the Class A-2D Current Interest with respect to
prior Distribution Dates over (B) the amount actually distributed to the Class
A-2D 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-2D Pass-Through Rate for the
related Accrual Period.

     Class A-2D Margin: As of any Distribution Date up to and including the
Initial Optional Termination Date, 0.2100% per annum and, as of any Distribution
Date after the Initial Optional Termination Date, 0.4200% per annum.

     Class A-2D Pass-Through Rate: For the first Distribution Date, 5.5600% per
annum. As of any Distribution Date thereafter, the least of (1) One-Month LIBOR
plus the Class A-2D 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.

     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.

                                      -22-

<PAGE>

     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, 0.8500% per annum and, as of any Distribution
Date after the Initial Optional Termination Date, 1.2750% per annum.

     Class B-1 Pass-Through Rate: For the first Distribution Date, 6.2000% 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) 91.80% 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 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

                                      -23-

<PAGE>

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, 1.0500% per annum and, as of any Distribution
Date after the Initial Optional Termination Date, 1.5750% per annum.

     Class B-2 Pass-Through Rate: For the first Distribution Date, 6.4000% 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 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

                                      -24-

<PAGE>

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)
93.30% 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.

     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.

                                      -25-

<PAGE>

     Class B-3 Margin: As of any Distribution Date up to and including the
Initial Optional Termination Date, 1.7500% per annum and, as of any Distribution
Date after the Initial Optional Termination Date, 2.6250% per annum.

     Class B-3 Pass-Through Rate: For the first Distribution Date, 7.1000% 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) 95.30% 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 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.

                                      -26-

<PAGE>

     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 or
Cap Contract).

     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 or Cap Contract.

     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.

     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.

                                      -27-

<PAGE>

     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 LTA-2D 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.

                                      -28-

<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.

                                      -29-

<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, 0.2300% per annum and, as of any Distribution
Date after the Initial Optional Termination Date, 0.3450% per annum.

     Class M-1 Pass-Through Rate: For the first Distribution Date, 5.5800% 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) 81.20% 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

                                      -30-

<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, 5.6400% 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.

                                      -31-

<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, 0.3300% per annum and, as of any Distribution
Date after the Initial Optional Termination Date, 0.4950% per annum.

     Class M-3 Pass-Through Rate: For the first Distribution Date, 5.6800% 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

                                      -32-

<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, 5.7200% 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) 84.30% 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."

                                      -33-
<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, 5.7400% 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) 87.20% 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

                                      -34-

<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, 0.4500% per annum and, as of any Distribution
Date after the Initial Optional Termination Date, 0.6750% per annum.

     Class M-6 Pass-Through Rate: For the first Distribution Date, 5.8000% 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.

                                      -35-

<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) 89.60% 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

                                      -36-

<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, 0.1100% per annum and, as of any
Distribution Date after the Initial Optional Termination Date, 0.2200% per
annum.

     Class R Pass-Through Rate: For the first Distribution Date, 5.4600% 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 28, 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 First Franklin Mortgage Loan Trust,
Mortgage Loan Asset-Backed Certificates, Series 2006-FF18". 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

                                      -37-

<PAGE>

to the Class LTA-2C Interest, the Class A-2C Certificates. With respect to the
Class LTA-2D Interest, the Class A-2D Certificates. With respect to the Class
LTM-1 Interest, the Class M-1 Certificates. With respect to 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.

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

     Corridor Contract Account: The separate Eligible Account created and
maintained by the Trustee pursuant to Section 4.04(k)(i) 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 First
Franklin Mortgage Loan Trust, Mortgage Loan Asset-Backed Certificates, Series
2006-FF18." Funds in the Corridor Contract Account shall be held in trust for
the Issuing Entity for the uses and purposes set forth in this Agreement.

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

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

     Corridor 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 First
Franklin Mortgage Loan Trust, Mortgage Loan Asset-Backed Certificates, Series
2006-FF18." Funds in the Corridor Posted Collateral Account shall be held in
trust for the Issuing Entity for the uses and purposes set forth in the Corridor
Contracts.

     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 A-2D 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

                                      -38-

<PAGE>

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."

     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.

                                      -39-

<PAGE>

     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 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.

                                      -40-

<PAGE>

     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.

     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.

     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)
$56,463,646 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) 4.70% 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.

                                      -41-

<PAGE>

     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 Corridor
Contract with respect to such Distribution Date by (II) the aggregate
Certificate Principal Balance of each of the Classes of Certificates to which
such Corridor Contract relates for such Distribution Date and (y) the quotient
obtained by dividing (I) an amount equal to the sum of (xx) any Net Swap
Payments owed by the Swap Counterparty for such Distribution Date and (yy) any
Cap Payment owed by the Cap Contract 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
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.

                                      -42-

<PAGE>

     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 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.

                                      -43-

<PAGE>

     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.

     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
A-2D 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 22, 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

                                      -44-

<PAGE>

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: First Franklin Mortgage Loan Trust, Series 2006-FF18.

     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.

     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
LTA-2D 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.

                                      -45-

<PAGE>

     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.

     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.

                                      -46-

<PAGE>

     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;

          (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;

                                      -47-

<PAGE>

               (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.

     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.

                                      -48-

<PAGE>

     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.

     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 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

                                      -49-

<PAGE>

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.

     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.

                                      -50-

<PAGE>

     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 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 Corridor Contracts,
               Corridor Contract Account and the Supplemental Interest Trust
               subtrust, which in turn holds the Swap Agreement and the Cap
               Contract, 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;

                                      -51-

<PAGE>

          (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, the Swap Agreement and the Cap
               Contract 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;

          (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;

                                      -52-

<PAGE>

          (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 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

                                      -53-

<PAGE>

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, the Cap Contract or
the Corridor 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.

     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.

                                      -54-
<PAGE>

     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.

     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 22, 2006,
relating to the public offering of the Offered Certificates.

     PUD: A Planned Unit Development.

     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.

                                      -55-

<PAGE>

     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 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.

                                      -56-

<PAGE>

     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.

     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

                                      -57-

<PAGE>

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.

     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.

                                      -58-

<PAGE>

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

     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, (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.

                                      -59-

<PAGE>

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

     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

                                      -60-

<PAGE>

Funds amount for such Distribution Date) is less than or equal to (B) 65.90% 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     1.15% with respect to January 2009, plus an
                                 additional 1/12th of 1.45% for each month
                                 thereafter

January 2010 - December 2011     2.60% with respect to January 2010, plus an
                                 additional 1/12th of 1.55% for each month
                                 thereafter

January 2011 - December 2011     4.15% with respect to January 2011, plus an
                                 additional 1/12th of 1.25% for each month
                                 thereafter

January 2012 - December 2012     5.40% with respect to January 2012, plus an
                                 additional 1/12th of 0.75% for each month
                                 thereafter

January 2013 and thereafter      6.15%
</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) 43.22%
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 Corridor 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 attached as Exhibit A of Exhibit M hereto), with respect to the
Subordinate Certificates.

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<PAGE>

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

     Subordinate Certificate Corridor 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
Corridor Contract, a rate equal to the lesser of One-Month LIBOR and 10.002% per
annum.

     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.

     Sub-Servicer: 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.

     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 Cap Contract and the Swap Agreement will be held, certain
distributions to Certificateholders will be made, any Swap Termination Payments
or Net Swap Payments received from the Swap Counterparty will be deposited and
any Cap Payments received from the Cap Contract 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

                                      -62-

<PAGE>

for the benefit of the Supplemental Interest Trust and designated "LaSalle Bank
National Association, as trustee, in trust for registered holders of First
Franklin Mortgage Loan Trust, Mortgage Loan Asset-Backed Certificates, Series
2006-FF18." 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 of Exhibit A of Exhibit Q attached hereto) or
any other swap agreement (including any related schedules) held by the
Supplemental Interest Trust pursuant to Section 4.04(l) hereof.

     Swap Counterparty: Bear Stearns Financial Products Inc., 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 First Franklin
Mortgage Loan Trust, Mortgage Loan Asset-Backed Certificates, Series 2006-FF18."
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.

     Transfer Agreement: Master Mortgage Loan Purchase and Interim Servicing
Agreement, dated as of April 1, 2005, as amended for Regulation AB by Amendment
No. 1, dated as of November 1, 2006, each by and between Merrill Lynch Mortgage
Lending, Inc. and First Franklin Financial Corporation.

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<PAGE>

     Transferor: First Franklin Financial Corporation.

     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 Corridor Contracts and the Corridor Contract
Account; and (vii) the Supplemental Interest Trust, which in turn holds the Swap
Agreement and the Cap Contract.

     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 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, Class UTA-2C and Class UTA-2D 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

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<PAGE>

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,
Class A-2C and Class A-2D 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,
Class A-2C and Class A-2D Certificates, in the case of Group Two) of the Class
A-1 Maximum Rate Cap and the Class A-2 Maximum Rate Cap.

                                      -65-

<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 First Franklin
     Mortgage Loan Trust, Mortgage Loan Asset-Backed Certificates, Series
     2006-FF18, 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 First Franklin Mortgage Loan Trust,
     Mortgage Loan Asset-Backed Certificates, Series 2006-FF18."

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<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, 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 a conveyance
of Mortgage Loans from the Sponsor to the Depositor is characterized as a pledge
and not a

                                      -67-

<PAGE>

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 Sale
Agreement, including the Depositor's right, title and interest in the
representations and warranties contained in the Sale Agreement, the rights in
the Transfer Agreements described therein, and the benefit of the repurchase
obligations and the obligation of the Sponsor contained in the Sale 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 Sale 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 Corridor Contracts (forms of
which are attached hereto as Exhibits M-1, M-2 and M-3), the Transfer Agreement
and the Sale Agreement.

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

                                      -68-

<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 Certificateholders, the
Depositor or the Trustee pursuant to the Sale Agreement or the Transfer
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;

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<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 Sale
     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 Sale Agreement and has
     duly authorized, by all necessary corporate action on its part, the
     execution, delivery and performance of this Agreement and the Sale
     Agreement; and this Agreement and the Sale 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 Sale
     Agreement by the Depositor, the consummation of the transactions
     contemplated by this Agreement and the Sale 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 court,

                                      -70-

<PAGE>

     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 Sale Agreement or the ability of the Depositor to perform
     its obligations under this Agreement and the Sale 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 Sale 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 Transferor with respect
to the Mortgage Loans in the Transfer Agreement, which have been assigned to the
Trustee hereunder, were made as of the date specified in the Transfer Agreement.
The representations and warranties of the Sponsor with respect to the Mortgage
Loans contained in the Sale 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
Sale Agreement, the obligations of the Sponsor under the Sale Agreement shall be
enforced against the Sponsor, as set forth in the Sale 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.

     In addition, with respect to each Mortgage Loan, the Transferor made
certain additional covenants regarding such Mortgage Loan, as set forth in the
Transfer Agreement. With respect to any breach of such additional covenants that
materially and adversely affects the interests of the Certificateholders in such
Mortgage Loan, the Sponsor shall repurchase such Mortgage Loan in accordance
with this Section 2.03.

          (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 Sale Agreement for the benefit of Certificateholders. If a
breach of the representations and warranties set forth in the Purchase Agreement
hereof exists solely due to the unenforceability of a

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<PAGE>

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 Sale 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 Sale 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 Sale 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 Sale 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 Sale 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

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<PAGE>

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.

     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 Sale
Agreement, including all applicable representations and warranties thereof
included in the Sale 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, (ii) of the Sponsor and
the Depositor set forth in the Sale Agreement and assigned to the Trustee by the
Depositor hereunder and (iii) of the Transferor, assigned by the Sponsor to the
Depositor pursuant to the Sale 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.

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<PAGE>

          (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:

          (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

                                      -74-

<PAGE>

     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.

          (vii) The Servicer will fully furnish (for the period it services 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.

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<PAGE>

          (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 the SWAP REMIC and the interests
issued by the Lower Tier REMIC, (iii) the grantor trusts described in Section
2.07 hereof, (iv) each Corridor Contract and the Corridor Contract Account, (v)
the Swap Agreement, the Cap Contract 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

                                      -76-

<PAGE>

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 Corridor
Contracts, the Cap Contract or the Swap Agreement, 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
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 Corridor Contract Account, the Corridor Contracts, the
Supplemental Interest Trust which holds the Swap Agreement and the Cap Contract,
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,

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<PAGE>

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 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.

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<PAGE>

     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 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.

                                      -79-

<PAGE>

     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 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

                                      -80-

<PAGE>

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

     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 Corridor 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 Corridor 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 Cap Contract and 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 Cap Contract and 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

                                      -81-

<PAGE>

     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, (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. 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.

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<PAGE>

     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.

     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
Sub-Servicer, when the Servicer or the Sub-Servicer, 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

                                      -83-

<PAGE>

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.

          (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.

     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 agreement in accordance with
the terms thereof; provided, however, that the Trustee (or any other

                                      -84-

<PAGE>

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.

          (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

                                      -85-

<PAGE>

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;

          (v) all Compensating Interest;

                                      -86-

<PAGE>

          (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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          (iv) the Optional Termination Amount paid by the winning bidder at the
     Auction or by the 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

                                      -88-

<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.

     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 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;

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<PAGE>

          (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 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; and

                                      -90-

<PAGE>

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

     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;

          (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

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<PAGE>

     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
insuring against hazard losses on all of the Mortgage Loans, it shall
conclusively be deemed to have satisfied its 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

                                      -92-

<PAGE>

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 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

                                      -93-

<PAGE>

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. 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 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

                                      -94-

<PAGE>

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 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.

                                      -95-
<PAGE>

     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.

     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

                                      -96-

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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 must charge off the related Mortgage Loan at the
time it becomes 180 days delinquent. 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 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

                                      -97-

<PAGE>

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 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.

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<PAGE>

     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.

     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.

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<PAGE>

     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.

     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 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) 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

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<PAGE>

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) 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.

          (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

                                     -101-

<PAGE>

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 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.

     SECTION 3.19. Subordination of Liens.

                                     -102-

<PAGE>

     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 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

                                     -103-

<PAGE>

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. 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

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<PAGE>

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.

     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

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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 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,

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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
Sub-Servicer 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.

     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;

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          (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 (1) the Remittance Report pursuant to Section 4.04(j) and (ii) a
delinquency report in the form attached hereto as Exhibit V 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,
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

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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.

                                   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

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future distribution has been used by the Servicer in discharge of its obligation
to make any such Advance 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

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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.

     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 Sale Agreement or the
     Transfer 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;

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<PAGE>

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

          (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:

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<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; then to the Class
          A-2C Certificates until the Certificate Principal Balance thereof has
          been reduced to zero and then to the Class A-2D 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, Class A-2C and
          Class A-2D 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);

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<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;

                                     -114-

<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;

                                     -115-

<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.

          (k) The Trustee is hereby directed by the Depositor to execute the
Corridor 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
Corridor Contracts, including, without limitation, the representations and
warranties contained therein. Any funds payable by the Trustee under the
Corridor Contracts at closing shall be paid by the Depositor. Notwithstanding
anything to the contrary contained herein or in any Corridor Contract, except as
set forth in Section 2 of each Corridor Contract, the Trust shall not be
required to make any payments to the counterparty under any Corridor Contract.
Any payments received under the terms of the related Corridor 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 Corridor 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 Corridor 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 Corridor Contract will only be available to make payments on the Class
A-1 Certificates, amounts received on the Class A-2 Corridor Contract will only
be available to make payments on the Class A-2 Certificates, amounts received on
the Subordinate Certificate Corridor Contract will only be available to make
payments on the Subordinate Certificates.

                                     -116-

<PAGE>

          (i) The Trustee shall establish and maintain, for the benefit of the
     Issuing Entity and the Certificateholders, the Corridor Contract Account.
     On or prior to the related Corridor Contract Termination Date, amounts, if
     any, received by the Trustee for the benefit of the Issuing Entity in
     respect of the related Corridor Contract shall be deposited by the Trustee
     into the Corridor 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
     Corridor Contract Termination Date, the amount, if any, payable by the Cap
     Contract Counterparty under the related Corridor 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 Corridor 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 Corridor Contract, (ii) an
     amount equal to the lesser of (x) the related Corridor 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 Corridor 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(b) hereof.

          (ii) Amounts on deposit in the Corridor Contract Account will remain
     uninvested pending distribution to Certificateholders.

          (iii) Each Corridor Contract is scheduled to remain in effect until
     the related Corridor 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 Corridor Contract, after notice of such failure is received
     by the Cap Contract Counterparty) to make a payment due under the related
     Corridor 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 Corridor
     Contract, the termination of the Trust Fund and the related Corridor
     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
     Corridor 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 Corridor
     Contracts.

               Pursuant to and in accordance with the terms and provisions of
     the Corridor Contracts, the Cap Contract Counterparty may be required to
     post additional collateral in connection with its obligations under the
     Corridor Contracts. In connection with the foregoing, the Trustee shall
     establish a Corridor Posted Collateral Account on the Closing Date.

               To the extent that the Cap Contract Counterparty remits any
     Posted Collateral to the Trustee under the Corridor Contracts, the Trustee
     shall, upon receipt of the Posted Collateral,

                                     -117-

<PAGE>

     deposit the Posted Collateral into the Corridor Posted Collateral Account
     and shall hold, release and disburse such collateral in accordance with the
     terms and provisions of the Corridor Contracts. Where a termination event
     occurs with respect to the Cap Contract Counterparty under the Corridor
     Contracts, or where the Cap Contract Counterparty fulfills certain
     obligations to the Issuing Entity such as finding a replacement cap
     contract counterparty or a guarantor that meets the criteria described in
     the Corridor Contracts, the Trustee shall make payments from the Corridor
     Posted Collateral Account in accordance with the provisions of the Corridor
     Contract. Amounts held in the Corridor 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 Corridor
     Contract Account pursuant to the Corridor Contracts. Any funds held in the
     Corridor 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 Corridor 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 and the Cap Contract 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 and Cap Contract,
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 or Cap Contract 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 2011, 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 each of the Swap Agreement and the Cap Contract. 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 or the Cap Contract Counterparty, as applicable, pursuant to
the terms of the Swap Agreement or the Cap Contract, respectively. If, on any
succeeding Distribution Date through and

                                     -118-

<PAGE>

including the Distribution Date in December 2011, 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 or Cap
Contract Counterparty, as applicable, in Edgar-compatible format for inclusion
in the Form 10-D relating to such Distribution Date.

     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, 2011.

     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 and any Net Swap Payments or
Swap Termination Payments received from the Swap Counterparty will be deposited
into the Swap Account and any Cap Payments received from the Cap Contract
Counterparty will be deposited into the Cap Contract Account (each account
within the Supplemental Interest Trust). The Supplemental Interest Trust will
not be an asset of any REMIC. Funds in the Swap Account and the Cap Contract
Account within the Supplemental Interest Trust shall be distributed in the
following order of priority by the Trustee (provided, however, amounts relarting
to Cap Payments on deposit in the Cap Contract Account will not be used to make
any portion of the payments in paragraphs (i), (ii) and (ix) below):

          (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

                                     -119-

<PAGE>

     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;

          (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.

                                     -120-

<PAGE>

     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 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.

     On the Closing Date, the Cap Contract 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 Cap Contract, which annex is intended to protect the Supplemental Interest
Trust from certain ratings downgrades that might hinder the ability of the Cap
Contract Counterparty to continue its obligations under the Cap Contract.

     Pursuant to and in accordance with the terms and provisions of the Cap
Contract, the Cap Contract Counterparty may be required to post additional
collateral in connection with its obligations under the Swap Agreement. In
connection with the foregoing, the Supplemental Interest Trust 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 Supplemental Interest Trust Trustee under the Cap Contract,
the Supplemental Interest Trust 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 Contract. Where a termination event occurs with
respect to the Cap Contract Counterparty under the Cap Contract, or where the
Cap Contract Counterparty fulfills certain obligations to the Supplemental
Interest Trust such as finding a replacement cap contract counterparty or a
guarantor that meets established criteria of the Rating Agencies, the
Supplemental Interest Trust Trustee shall make payments from the Cap Posted
Collateral Account to the Cap Contract Counterparty in accordance with the
provisions of the Cap Contract. 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 distributed to the
Cap Contract Account pursuant to the Cap Contract. 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 Contract. The Trustee shall not be responsible for any
losses.

                                     -121-

<PAGE>

Absent receipt by the Trustee of written instructions from the Cap Contract
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;

          (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;

                                     -122-

<PAGE>

          (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);

          (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 Corridor Contract
     as described in Section 4.04(k) and the amount

                                     -123-

<PAGE>

     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 Cap Contract
     as described in Section 4.04(l) and the amount thereof to be paid to the
     Certificates;

          (xxiii) 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;

          (xxiv) 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;

          (xxv) 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;

          (xxvi) with respect to each Class of Certificates, the amount of any
     Non-Supported Interest Shortfalls on such Distribution Date;

          (xxvii) the number and amount of pool assets at the beginning and
     ending of each period, and updated pool composition information;

          (xxviii) any material changes to methodology regarding calculations of
     delinquencies and charge-offs;

          (xxix) information on the amount of Servicing Advances made or
     reimbursed during the period;

          (xxx) 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;

          (xxxi) material breaches of pool asset representations or warranties
     or transaction covenants;

          (xxxii) 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

          (xxxiii) 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

                                     -124-

<PAGE>

     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) 992-1102.
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 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 of the information or data provided to the Trustee
by the Servicer, 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;

          (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;

                                     -125-

<PAGE>

          (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               $689,394,000
A-2A     $25,000.00            $1.00               $538,588,000
A-2B     $25,000.00            $1.00               $248,854,000
A-2C     $25,000.00            $1.00               $349,845,000
A-2D     $25,000.00            $1.00               $166,365,000
M-1      $25,000.00            $1.00               $ 76,887,000
M-2      $25,000.00            $1.00               $ 64,873,000
M-3      $25,000.00            $1.00               $ 42,047,000
M-4      $25,000.00            $1.00               $ 37,241,000
M-5      $25,000.00            $1.00               $ 34,839,000
M-6      $25,000.00            $1.00               $ 28,832,000
B-1      $25,000.00            $1.00               $ 26,429,000
</TABLE>

                                     -126-

<PAGE>

<TABLE>
<CAPTION>
           Minimum     Integral Multiples in   Original Certificate
Class   Denomination     Excess of Minimum       Principal Balance
-----   ------------   ---------------------   --------------------
<S>     <C>            <C>                     <C>
B-2      $25,000.00            $1.00               $ 18,020,000
B-3      $25,000.00            $1.00               $ 24,027,000
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 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.

                                     -127-

<PAGE>

     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 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

                                     -128-

<PAGE>

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
and the Cap Contract, 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 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

                                     -129-

<PAGE>

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 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

                                     -130-

<PAGE>

     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 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

                                     -131-

<PAGE>

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

     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

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<PAGE>

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.

     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

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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: FFML 2006-FF18 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.

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     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.

     SECTION 6.02. Merger or Consolidation of the Depositor or the Servicer

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     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 or the Servicer and any director, officer,
employee or agent of the Depositor 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 or the Servicer and any
director, officer, employee or agent of the Depositor 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 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 either of the
Depositor 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 and the Servicer shall be
entitled to be reimbursed therefor out of the Collection Account as provided by
Section 3.08 hereof.

          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

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<PAGE>

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 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.

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<PAGE>

                                   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.

     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,

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<PAGE>

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 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

                                     -139-

<PAGE>

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 , the Cap Contract 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.

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<PAGE>

     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 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

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<PAGE>

          (iv) the Trustee shall not be responsible for the acts or omissions of
     any Servicer or any Subservicer, 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 or the Swap
     Agreement (other than as issuer of the investment security);

          (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;

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          (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
     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 in connection with
     such power of attorney and the Trustee shall be indemnified by the Servicer
     for all liabilities, costs and expenses incurred by the Trustee in
     connection with the Servicer's use or 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

     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.

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     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.

          (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

                                     -144-

<PAGE>

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 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.

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     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 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

                                     -146-

<PAGE>

(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.

     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

                                     -147-

<PAGE>

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, 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

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<PAGE>

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 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 Corridor Contract or amounts
received by the Supplemental Interest Trust as payments on the Swap Agreement or
Cap

                                     -149-

<PAGE>

Contract) 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 Corridor Contract or amounts
received by the Supplemental Interest Trust as payments on the Swap Agreement or
Cap Contract) 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"). 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 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

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Trustee shall determine the Optional Termination Price based upon information
provided by (a) the 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 Servicer (or an affiliate
of the 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 Servicer (or an affiliate of the 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 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.

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     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 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

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<PAGE>

     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 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.

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<PAGE>

                                    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.

     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

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<PAGE>

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.

     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.

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<PAGE>

     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;

          (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

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<PAGE>

          (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--FFML 2006-FF18, 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
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.

                                     -157-

<PAGE>

     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 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

                                     -158-

<PAGE>

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, 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

                                     -159-

<PAGE>

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 or Swap Counterparty, respectively, so
long as any of the Corridor Contracts, the Cap Contract or the Swap Agreement,
as applicable, remains in effect.

                                     -160-

<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>

                                    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 AND THE INTEREST RATE CAP 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-FF18-A-[_____]        Original Denomination: $[_____]

Cut-off Date: December 1, 2006   Last Scheduled Distribution Date:
                                 December 26, 2037

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>

                       FIRST FRANKLIN MORTGAGE LOAN TRUST
                    MORTGAGE LOAN ASSET-BACKED CERTIFICATES,
                                Series 2006-FF18

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 First Franklin Mortgage Loan Trust Mortgage Loan Asset-Backed
Certificates, Series 2006-FF18, 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

                       FIRST FRANKLIN MORTGAGE LOAN TRUST
                    MORTGAGE LOAN ASSET-BACKED CERTIFICATES,
                                Series 2006-FF18

     This Certificate is one of a duly authorized issue of Certificates,
designated as First Franklin Mortgage Loan Trust Mortgage Loan Asset-Backed
Certificates, Series 2006-FF18, 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 CERTIFICATES

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 AND THE INTEREST RATE CAP 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-10

<PAGE>

                           CLASS M-[_____] CERTIFICATE

<TABLE>
<S>                              <C>
Number: 06-FF18-M-[_____]        Original Denomination: $[_____]

Cut-off Date: December 1, 2006   Last Scheduled Distribution Date:
                                 December 26, 2037

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-11

<PAGE>

                       FIRST FRANKLIN MORTGAGE LOAN TRUST
                    MORTGAGE LOAN ASSET-BACKED CERTIFICATES,
                                Series 2006-FF18

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 First Franklin Mortgage Loan Trust Mortgage Loan Asset-Backed
Certificates, Series 2006-FF18, 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-12

<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-13

<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-14
<PAGE>

                             REVERSE OF CERTIFICATE

                       FIRST FRANKLIN MORTGAGE LOAN TRUST
                    MORTGAGE LOAN ASSET-BACKED CERTIFICATES,
                                Series 2006-FF18

     This Certificate is one of a duly authorized issue of Certificates,
designated as First Franklin Mortgage Loan Trust Mortgage Loan Asset-Backed
Certificates, Series 2006-FF18, 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-15

<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-16

<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-17

<PAGE>

                           FORM OF CLASS B 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 AND THE INTEREST RATE CAP CONTRACT,
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-18

<PAGE>

                          CLASS B-[_____] CERTIFICATE
<TABLE>
<S>                              <C>
Number: 06-FF18-B-[_____]        Original Denomination: $[_____]

Cut-off Date: December 1, 2006   Last Scheduled Distribution Date:
                                 December 26, 2037

First Distribution Date:         Aggregate Initial Certificate Balance of all
January 25, 2007                 Class B-[_____] Certificates: $[_____]

Pass-Through Rate: Variable(3)   CUSIP: 32029A AM 9
</TABLE>

----------
(3)  Subject to a cap as described in the Agreement.

                                      A-19

<PAGE>

                       FIRST FRANKLIN MORTGAGE LOAN TRUST
                    MORTGAGE LOAN ASSET-BACKED CERTIFICATES,
                                Series 2006-FF18

evidencing an ownership interest in distributions allocable to the Class
B-[_____] 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-[_____] 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 First Franklin Mortgage Loan Trust, Mortgage Loan Asset-Backed
Certificates, Series 2006-FF18, Class B-[_____] (the "Class B-[_____]
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-20

<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-21

<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-22

<PAGE>

                             REVERSE OF CERTIFICATE

                       FIRST FRANKLIN MORTGAGE LOAN TRUST
                    MORTGAGE LOAN ASSET-BACKED CERTIFICATES,
                                SERIES 2006-FF18

     This Certificate is one of a duly authorized issue of Certificates,
designated as First Franklin Mortgage Loan Trust Mortgage Loan Asset-Backed
Certificates, Series 2006-FF18, 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-23

<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-24

<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-25

<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-26

<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-FF18-C-[_____]        Percentage Interest: 100%

Cut-off Date: December 1, 2006

First Distribution Date:
January 25, 2007

Pass-Through Rate: Variable      CUSIP: 32029A AQ 0

</TABLE>

                                      A-27

<PAGE>

                       FIRST FRANKLIN MORTGAGE LOAN TRUST
                    MORTGAGE LOAN ASSET-BACKED CERTIFICATES,
                                SERIES 2006-FF18

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 First Franklin Mortgage Loan Trust Mortgage Loan Asset-Backed
Certificates, Series 2006-FF18, 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 October 2006.
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-28

<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-29

<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-30
<PAGE>

                             REVERSE OF CERTIFICATE

                       FIRST FRANKLIN MORTGAGE LOAN TRUST
                    MORTGAGE LOAN ASSET-BACKED CERTIFICATES,
                                Series 2006-FF18

     This Certificate is one of a duly authorized issue of Certificates,
designated as First Franklin Mortgage Loan Trust Mortgage Loan Asset-Backed
Certificates, Series 2006-FF18, 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-31

<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-32

<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-33
<PAGE>

                          FORM OF CLASS P CERTIFICATES

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-34

<PAGE>

                               CLASS P CERTIFICATE

<TABLE>
<S>                              <C>
Number: 06-FF18-P-[_____]        Percentage Interest: 100%

Cut-off Date: December 1, 2006

First Distribution Date:
January 25, 2007                 CUSIP: 32029A AR 8
</TABLE>

                                      A-35

<PAGE>

                       FIRST FRANKLIN MORTGAGE LOAN TRUST
                    MORTGAGE LOAN ASSET-BACKED CERTIFICATES,
                                SERIES 2006-FF18

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 First Franklin Mortgage Loan Trust, Mortgage Loan Asset-Backed
Certificates, Series 2006-FF18, 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-36

<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-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

                       FIRST FRANKLIN MORTGAGE LOAN TRUST
                    MORTGAGE LOAN ASSET-BACKED CERTIFICATES,
                                Series 2006-FF18

     This Certificate is one of a duly authorized issue of Certificates,
designated as First Franklin Mortgage Loan Trust Mortgage Loan Asset-Backed
Certificates, Series 2006-FF18, 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-39

<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-40

<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-41
<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-FF18-R-[_____]        Principal Balance: $100.00

Cut-off Date: December 1, 2006   Pass-Through Rate: Variable(4)

First Distribution Date:
January 25, 2007                 CUSIP: 32029A AS 6
</TABLE>

----------
(4)  Subject to a cap as described in the Agreement.

                                      A-42

<PAGE>

                       FIRST FRANKLIN MORTGAGE LOAN TRUST
                    MORTGAGE LOAN ASSET-BACKED CERTIFICATES,
                                SERIES 2006-FF18

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 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 First Franklin Mortgage Loan Trust Mortgage Loan Asset-Backed
Certificates, Series 2006-FF18, 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-43

<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-44

<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-45

<PAGE>

                             REVERSE OF CERTIFICATE

                       FIRST FRANKLIN MORTGAGE LOAN TRUST
                    MORTGAGE LOAN ASSET-BACKED CERTIFICATES,
                                Series 2006-FF18

     This Certificate is one of a duly authorized issue of Certificates,
designated as First Franklin Mortgage Loan Trust Mortgage Loan Asset-Backed
Certificates, Series 2006-FF18, 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-46

<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-47

<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-48
<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: First Franklin Mortgage Loan Trust, Mortgage Loan Asset-Backed Certificates,
    Series 2006-FF18

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

                                       D-1

<PAGE>

street address (excluding zip code), the mortgage interest rate at origination,
the gross margin (if 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 - First Franklin Mortgage Loan
           Trust, Series 2006-FF18

Ladies and Gentlemen:

          We propose to purchase First Franklin Mortgage Loan Trust, Mortgage
Loan Asset-Backed Certificates, Series 2006-FF18, 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:(5)

     [ ]  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:
       ------------------------------

----------
(5)  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 First Franklin Mortgage Loan Trust,
Mortgage Loan Asset-Backed Certificates, Series 2006-FF18, 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 - First Franklin Mortgage Loan
           Trust, Series 2006-FF18

     Re: First Franklin Mortgage Loan Trust, Mortgage Loan Asset-Backed
         Certificates, Series 2006-FF18

     _______________________ (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 - First Franklin Mortgage Loan
           Trust, Series 2006-FF18

     RE: First Franklin Mortgage Loan Trust, Mortgage Loan Asset-Backed
         Certificates, Series 2006-FF18

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 - First Franklin Mortgage Loan
           Trust, Series 2006-FF18

     Re: First Franklin Mortgage Loan Trust, Mortgage Loan Asset-Backed
         Certificates, Series 2006-FF18

Ladies and Gentlemen:

          ______________ (the "Purchaser") intends to purchase from
________________ (the "Transferor") $_______ by original principal balance (the
"Transferred Certificates") of First Franklin Mortgage Loan Trust, Mortgage Loan
Asset-Backed Certificates, Series 2006-FF18, 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:

     1. 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,

                                       G-1

<PAGE>

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.

     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

                                       G-2

<PAGE>

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 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

----------
*    Not required of a broker/dealer purchaser.

                                       G-3

<PAGE>

person in any manner, (c) otherwise approach or negotiate with respect to any
Certificate, any interest in 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 - First Franklin Mortgage Loan
           Trust, Series 2006-FF18

     Re: First Franklin Mortgage Loan Trust, Mortgage Loan Asset-Backed
         Certificates, Series 2006-FF18

Ladies and Gentlemen:

          ______________ (the "Purchaser") intends to purchase from
________________ (the "Transferor") $_______ by original principal balance (the
"Transferred Certificates") of First Franklin Mortgage Loan Trust, Mortgage Loan
Asset-Backed Certificates, Series 2006-FF18, 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

                                       H-1

<PAGE>

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, 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:

     1. 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 the Securities Exchange Act of 1934, as amended.

----------
*    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>

          [ ]  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:

     1. 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--FFML 2006-FF18

Re: First Franklin Mortgage Loan Trust, Mortgage Loan Asset-Backed
    Certificates, Series 2006-FF18

          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 First Franklin Mortgage Loan Trust,
    Mortgage Loan Asset-Backed Certificates, Series 2006-FF18

          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
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: First Franklin Mortgage Loan Trust, Mortgage Loan Asset-Backed
    Certificates, Series 2006-FF18

          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 Sub-Servicer, 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 Sub-Servicer
[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 Sub-Servicer, if any, engaged by the
Servicer, and except as disclosed in such Compliance Statement[(s)],

                                       L-1

<PAGE>

the Servicer [(directly and through its Sub-Servicers, 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 Sub-Servicer
[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

                 FORM OF NOVATION AND RELATED CORRIDOR CONTRACTS

                                       M-1
<PAGE>

(BEAR STEARNS LOGO)

                                            BEAR STEARNS FINANCIAL PRODUCTS INC.
                                                              383 MADISON AVENUE
                                                        NEW YORK, NEW YORK 10179
                                                                    212-272-4009

DATE:                  December 28, 2006

TO:                    LaSalle Bank National Association, not in its individual
                       capacity, but solely as Trustee on behalf of First
                       Franklin Mortgage Loan Trust, Series 2006-FF18

ATTENTION:             Dimitrios Kostopoulos

TELEPHONE:             312-992-2834

FACSIMILE:             312-904-1368

TO:                    Merrill Lynch Mortgage Lending, Inc.

ATTENTION:             Angie Gioia

TELEPHONE:             212-449-5842

FACSIMILE:             212-449-7722

FROM:                  Derivatives Documentation

TELEPHONE:             212-272-2711

FACSIMILE:             212-272-9857

RE:                    NOVATION CONFIRMATION

REFERENCE NUMBER(S):   FXNEC9074-CXNE211263
                       FXNEC9075-CXNE211271
                       FXNEC9076-CXNE211272

          The purpose of this letter is to confirm the terms and conditions of
the Novation Transactions entered into between the parties and effective from
the Novation Date specified below. This Novation Confirmation constitutes a
"Confirmation" as referred to in the New Agreements specified below.

1.   The definitions and provisions contained in the 2004 ISDA Novation
     Definitions (the "Definitions") and the terms and provisions of the 2000
     ISDA Definitions, as published by the International Swaps and Derivatives
     Association, Inc. and amended from time to time, are incorporated in this
     Novation Confirmation. In the event of any inconsistency between (i) the
     Definitions, (ii) the 2000 ISDA Definitions and/or (iii) the Novation
     Agreement and this Novation Confirmation, this Novation Confirmation will
     govern.

2.   The terms of the Novation Transactions to which this Novation Confirmation
     relates are as follows:

<TABLE>
<S>                               <C>
Novation Trade Date:              December 28, 2006

Novation Date:                    December 28, 2006

Novated Amount:                   The Notional Amount set forth in each New
                                  Confirmation.

Transferor 1:                     Merrill Lynch Mortgage Lending, Inc.
</TABLE>

                                       M-2

<PAGE>

<TABLE>
<S>                               <C>
Transferor 2:                     Bear Stearns Capital Markets Inc.

Transferee 1:                     LaSalle Bank National Association, not in its
                                  individual capacity, but solely as Trustee on
                                  behalf of First Franklin Mortgage Loan Trust,
                                  Series 2006-FF18

Transferee 2:                     Bear Stearns Financial Products Inc.

New Agreement (between            The Master Agreement as defined in the New
Transferee 1 and Transferee 2):   Confirmation
</TABLE>

3.   The terms of the Old Transactions to which this Novation Confirmation
     relates, for identification purposes, are as follows:

<TABLE>
<S>                               <C>
Reference Number of Old
Transactions:                     CXNE211263, CXNE211271 and CXNE211272

Trade Date of Old Transactions:   December 22, 2006

Effective Date of Old
Transactions:                     December 28, 2006.

Termination Date of Old
Transactions:                     June 25, 2007.
</TABLE>

4.   The terms of each New Transaction to which this Novation Confirmation
     relates shall be as specified in the New Confirmations attached hereto as
     Exhibits A through C including the Credit Support Annex attached to each
     New Confirmation as an Annex A.

Full First Calculation Period:    Applicable

5.   Offices:

<TABLE>
<S>                               <C>
Transferor 1:                     Not Applicable
Transferor 2:                     Not Applicable
Transferee 1:                     Not Applicable
Transferee 2:                     Not Applicable
</TABLE>

                                       M-3

<PAGE>

The parties confirm their acceptance to be bound by this Novation Confirmation
as of the Novation Date by executing a copy of this Novation Confirmation and
returning a facsimile of the fully-executed Novation Confirmation to
212-272-9857. The Transferor 1 and Transferor 2, by their respective execution
of a copy of this Novation Confirmation, each agrees to the terms of the
Novation Confirmation as it relates to each Old Transaction. The Transferee 1
and Transferee 2, by their respective execution of a copy of this Novation
Confirmation, agrees to the terms of the Novation Confirmation as it relates to
each New Transaction. For inquiries regarding U.S. Transaction, please contact
DERIVATIVES DOCUMENTATION by telephone at 212-272-2711. For all other inquiries
please contact DERIVATIVES DOCUMENTATION by telephone at 353-1-402-6223.

BEAR STEARNS FINANCIAL PRODUCTS INC.    MERRILL LYNCH MORTGAGE LENDING, INC.

By:                                     By:
    ---------------------------------       ------------------------------------
Name:                                       As authorized agent or officer for
      -------------------------------       Merrill Lynch Mortgage Lending, Inc.
Title:                                  Name:
       ------------------------------         ----------------------------------
Date:                                   Title:
      -------------------------------          ---------------------------------
                                        Date:
                                              ----------------------------------

LASALLE BANK NATIONAL ASSOCIATION,      BEAR STEARNS CAPITAL MARKETS INC.
NOT IN ITS INDIVIDUAL CAPACITY, BUT
SOLELY AS TRUSTEE ON BEHALF OF FIRST
FRANKLIN MORTGAGE LOAN TRUST, SERIES    By:
2006-FF18                                   ------------------------------------
                                        Name:
                                              ----------------------------------
By:                                     Title:
    ---------------------------------          ---------------------------------
Name:                                   Date:
      -------------------------------         ----------------------------------
Title:
       ------------------------------
Date:
      -------------------------------

lm

                                       M-4

<PAGE>

(BEAR STEARNS LOGO)

                                            BEAR STEARNS FINANCIAL PRODUCTS INC.
                                                              383 MADISON AVENUE
                                                        NEW YORK, NEW YORK 10179
                                                                    212-272-4009

                                    EXHIBIT A

DATE:               December 28, 2006

TO:                 LaSalle Bank National Association,  not in its individual
                    capacity, but solely as Trustee on behalf of First Franklin
                    Mortgage Loan Trust, Series 2006-FF18

ATTENTION:          Patrick Kubik

TELEPHONE:          312-992-1102

FACSIMILE:          312-904-1368

FROM:               Derivatives Documentation

TELEPHONE:          212-272-2711

FACSIMILE:          212-272-9857

SUBJECT:            Fixed Income Derivatives Confirmation and Agreement

REFERENCE NUMBER:   FXNEC9074

The purpose of this letter agreement ("Agreement") is to confirm the terms and
conditions of the Transaction entered into on the Trade Date specified below
(the " Transaction") between Bear Stearns Financial Products Inc. ("Bear
Stearns") and LaSalle Bank National Association, not in its individual capacity,
but solely as Trustee on behalf of First Franklin Mortgage Loan Trust, Series
2006-FF18 ("Counterparty") under the Pooling and Servicing Agreement Agreement,
dated as of December 1, 2006, among National City Home Loan Services, Inc., as
servicer ("Servicer"), Merrill Lynch Mortgage Investors, Inc., as depositor
("Depositor") and LaSalle Bank National Association, as trustee ("Trustee") (the
"Pooling and Servicing Agreement"). This letter agreement constitutes the sole
and complete "Confirmation," as referred to in the "ISDA Master Agreement" (as
defined below), as well as a "Schedule" as referred to in the ISDA Master
Agreement.

(1)  This Confirmation 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. This Confirmation shall supplement, form a part of, and be
     subject to an agreement in the form of the ISDA Master Agreement
     (Multicurrency - Cross Border) as published and copyrighted in 1992 by the
     International Swaps and Derivatives Association, Inc. (the "ISDA MASTER
     AGREEMENT"), as if Bear Stearns and Counterparty had executed an agreement
     in such form on the date hereof, with a Schedule as set forth in Item 3 of
     this Confirmation (the "SCHEDULE"), and an ISDA Credit Support Annex
     (Bilateral Form - ISDA Agreements Subject to New York Law Only version) as
     published and copyrighted in 1994 by the International Swaps and
     Derivatives Association, Inc., with Paragraph 13 thereof as set forth in
     Annex A hereto (the "CREDIT SUPPORT ANNEX"). For the avoidance of doubt,
     the Transaction described herein shall be the sole Transaction governed by
     such ISDA Master Agreement. In the event of any inconsistency among any of
     the following documents, the relevant document first listed

                                      M-5

<PAGE>

     shall govern: (i) this Confirmation, exclusive of the provisions set forth
     in Item 3 hereof and Annex A hereto; (ii) the Schedule; (iii) the Credit
     Support Annex; (iv) the Definitions; and (v) the ISDA Master Agreement.
     Terms capitalized but not defined herein shall have the meanings attributed
     to them in the Pooling and Servicing Agreement.

     Each reference herein to a "Section" (unless specifically referencing the
     Pooling and Servicing Agreement or to a "Section" of this Agreement will be
     construed as a reference to a Section of the ISDA Master Agreement; each
     herein reference to a "Part" will be construed as a reference to Schedule;
     each reference herein to a "Paragraph" will be construed as a reference to
     a Paragraph of the Credit Support Annex.

(2)  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 for such
                                 period on Schedule I attached hereto and (ii)
                                 the aggregate unpaid balance of the Subordinate
                                 Certificates as of the beginning of the
                                 Calculation Period.

Trade Date:                      December 28, 2006

Effective Date:                  December 28, 2006

Termination Date:                June 25, 2007, subject to adjustment in
                                 accordance with the Business Day Convention.

FIXED AMOUNT (PREMIUM):          Inapplicable. The Fixed Amounts for this
                                 Transaction and for the Transactions with the
                                 Bear Stearns Reference Numbers FXNCC9072,
                                 FXNEC9075 and FXNEC9076 are embedded in the
                                 determination of the Additional Amount
                                 specified in the Confirmation identified by
                                 Bear Stearns Capital Markets Inc. Reference
                                 Number CXNS211267.

FLOATING AMOUNTS:

   Floating Rate Payer:          Bear Stearns

   Cap Rate:                     With respect to any Calculation Period, the
                                 rate set forth for such period as detailed in
                                 Schedule I attached hereto.

   Floating Rate Payer Period
      End Dates:                 The 25th calendar day of each month during the
                                 Term of this Transaction, commencing January
                                 25, 2007 and ending on the Termination Date,
                                 subject to adjustment in accordance with the
                                 Business Day Convention.

   Floating Rate Payer Payment
      Dates:                     Early Payment shall be applicable. The Floating
                                 Rate Payer Payment Date shall be one Business
                                 Day prior to each Floating Rate Payer Period
                                 End Date.
</TABLE>

                                      M-6

<PAGE>

<TABLE>
<S>                              <C>
   Floating Rate for initial
      Calculation Period:        To be determined.

   Floating Rate Option:         USD-LIBOR-BBA; provided, however, that if the
                                 Floating Rate Option for any Calculation Period
                                 is greater than 10.00200% then the Floating
                                 Rate Option for such Calculation Period shall
                                 be deemed to be 10.00200%.

   Designated Maturity:          One month

   Floating Rate Day Count
      Fraction:                  Actual/360

   Reset Dates:                  The first day of each Calculation Period.

   Compounding:                  Inapplicable

   Business Days:                New York and Illinois

   Business Day Convention:      Modified Following

   Calculation Agent:            Bear Stearns
</TABLE>

(3)  Provisions Deemed Incorporated in a Schedule to the ISDA Master Agreement:

Part 1. Termination Provisions.

For purposes of the ISDA Master Agreement:

(a)  "SPECIFIED ENTITY" will not apply to Bear Stearns or Counterparty for any
     purpose.

(b)  "SPECIFIED TRANSACTIONS" will not apply to Bear Stearns or Counterparty for
     any purpose.

(c)  The "FAILURE TO PAY OR DELIVER" provisions of Section 5(a)(i) will apply to
     Bear Stearns and will apply to Counterparty; provided that notwithstanding
     anything to the contrary in Section 5(a)(i) or Paragraph 7 of the Credit
     Support Annex, any failure by Bear Stearns to comply with or perform any
     obligation to be complied with or performed by Bear Stearns under the
     Credit Support Annex shall not constitute an Event of Default under Section
     5(a)(i) unless (A) a Moody's Second Level Downgrade has occurred and been
     continuing for 30 or more Local Business Days and (B) such failure is not
     remedied on or before the third Local Business Day after notice of such
     failure is given to Bear Stearns.

(d)  The "BREACH OF AGREEMENT" provisions of Section 5(a)(ii) will apply to Bear
     Stearns and will not apply to Counterparty.

(e)  The "CREDIT SUPPORT DEFAULT" provisions of Section 5(a)(iii) will apply to
     (x) Bear Stearns; provided that notwithstanding anything to the contrary in
     Section 5(a)(iii)(1), any failure by Bear Stearns to comply with or perform
     any obligation to be complied with or performed by Bear Stearns under the
     Credit Support Annex shall not constitute an Event of Default under Section
     5(a)(iii) unless (A) a Moody's Second Level Downgrade has occurred and been
     continuing for 30 or more Local Business Days and (B) such failure is not
     remedied on or before the third Local Business Day after

                                      M-7

<PAGE>

     notice of such failure is given to Bear Stearns and (y) Counterparty solely
     in respect of Counterparty's obligations under Paragraph 3(b) of the Credit
     Support Annex.

(f)  The "MISREPRESENTATION" provisions of Section 5(a)(iv) will apply to Bear
     Stearns and will not apply to Counterparty.

(g)  The "DEFAULT UNDER SPECIFIED TRANSACTION" provisions of Section 5(a)(v)
     will not apply to Bear Stearns or Counterparty.

(h)  The "CROSS DEFAULT" provisions of Section 5(a)(vi) will apply to Bear
     Stearns and will not apply to Counterparty.

          "SPECIFIED INDEBTEDNESS" will have the meaning specified in Section
14.

          "THRESHOLD AMOUNT" means USD100,000,000.

(i)  The "BANKRUPTCY" provisions of Section 5(a)(vii) will apply to Bear Stearns
     and will apply to Counterparty except that the provisions of Section
     5(a)(vii)(2), (6) (to the extent that such provisions refer to any
     appointment contemplated or effected by the Pooling and Servicing Agreement
     or any appointment to which Counterparty has not become subject to), (7)
     and (9) will not apply to Counterparty; provided that, with respect to
     Counterparty only, Section 5(a)(vii)(4) is hereby amended by adding after
     the words "against it" the words "(excluding any proceeding or petition
     instituted or presented by Bear Stearns)", and Section 5(a)(vii)(8) is
     hereby amended by deleting the words "to (7) inclusive" and inserting lieu
     thereof ", (3), (4) as amended, (5) or (6) as amended".

(j)  The "TAX EVENT UPON MERGER" provisions of Section 5(b)(iii) will apply to
     Bear Stearns and will apply to Counterparty; provided that Bear Stearns
     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.

(k)  The "CREDIT EVENT UPON MERGER" provisions of Section 5(b)(iv) will not
     apply to Bear Stearns or Counterparty.

(l)  The "AUTOMATIC EARLY TERMINATION" provision of Section 6(a) will not apply
     to Bear Stearns or to Counterparty.

(m)  Payments on Early Termination. For the purpose of Section 6(e) of the ISDA
     Master Agreement:

          (1)  Market Quotation will apply; and

          (2)  the Second Method will apply;

          provided that if Bear Stearns is the Defaulting Party or the sole
          Affected Party, the following provisions will apply:

               (A) Section 6(e) of the ISDA Master Agreement will be amended by
               inserting on the first line "or is effectively designated" after
               "If an Early Termination Date occurs";

               (B) The definition of Market Quotation in Section 14 shall be
               deleted in its entirety and replaced with the following:

                    "MARKET QUOTATION" means, with respect to one or more
                    Terminated Transactions, and a party making the
                    determination, an amount determined

                                      M-8

<PAGE>

                    on the basis of Firm Offers from Reference Market-makers
                    that are Eligible Replacements. Each Firm Offer will be (1)
                    for an amount that would be paid to Counterparty (expressed
                    as a negative number) or by Counterparty (expressed as a
                    positive number) in consideration of an agreement between
                    Counterparty and such Reference Market-maker to enter into a
                    Replacement Transaction and (2) made on the basis that
                    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. The party making the determination (or its agent)
                    will request each Reference Market-maker to provide its Firm
                    Offer to the extent reasonably practicable as of the same
                    day and time (without regard to different time zones) on or
                    as soon as reasonably practicable after the designation of
                    the relevant Early Termination Date. The day and time as of
                    which those Firm Offers are to be obtained will be selected
                    in good faith by the party obliged to make a determination
                    under Section 6(e), and, if each party is so obliged, after
                    consultation with the other. The Market Quotation shall be
                    the Firm Offer actually accepted by Counterparty no later
                    than the Business Day preceding the Early Termination Date.
                    If no Firm Offers are provided by the Business Day preceding
                    the Early Termination Date, it will be deemed that the
                    Market Quotation in respect of such Terminated Transaction
                    or group of Transactions cannot be determined.

               (C) Counterparty shall use best efforts to accept a Firm Offer
               that would determine the Market Quotation. If more than one Firm
               Offer (which, if accepted, would determine the Market Quotation)
               is provided, Counterparty shall use commercially reasonable
               efforts to accept the Firm Offer (among such Firm Offers) which
               would require either (x) the lowest payment by the Counterparty
               to the Reference Market-maker, to the extent Counterparty would
               be required to make a payment to the Reference Market-maker or
               (y) the highest payment from the Reference Market-maker to
               Counterparty, to the extent the Reference Market-maker would be
               required to make a payment to the Counterparty. If only one Firm
               Offer (which, if accepted, would determine the Market Quotation)
               is provided, Counterparty shall use commercially reasonable
               efforts to accept such Firm Offer.

               (D) Upon the written request by Counterparty to Bear Stearns,
               Bear Stearns shall obtain the Market Quotations on behalf of
               Counterparty.

               (E) If the Settlement Amount is a negative number, Section
               6(e)(i)(3) of the ISDA Master Agreement shall be deleted in its
               entirety and replaced with the following:

                    "(3) Second Method and Market Quotation. If the Second
                    Method and Market Quotation apply, (I) Counterparty shall
                    pay to Bear Stearns an amount equal to the absolute value of
                    the Settlement Amount in respect of the Terminated
                    Transactions, (II) Counterparty shall pay to Bear Stearns
                    the Termination Currency Equivalent of the Unpaid Amounts
                    owing to Bear Stearns and (III) Bear Stearns shall pay to
                    Counterparty the Termination Currency Equivalent of the
                    Unpaid Amounts owing to Counterparty; provided, however,
                    that (x) the amounts payable under the immediately preceding
                    clauses (II) and (III) shall be subject to netting in
                    accordance with Section 2(c) of this Agreement and (y)
                    notwithstanding any other provision

                                      M-9

<PAGE>

                    of this Agreement, any amount payable by Bear Stearns under
                    the immediately preceding clause (III) shall not be
                    netted-off against any amount payable by Counterparty under
                    the immediately preceding clause (I)."

(n)  "TERMINATION CURRENCY" means United States Dollars.

(o)  ADDITIONAL TERMINATION EVENTS. Additional Termination Events will apply:

     (i)  If, upon the occurrence of a Cap Disclosure Event (as defined in Part
          5(l)(ii) below) Bear Stearns has not, within ten (10) calendar days
          after such Cap Disclosure Event complied with any of the provisions
          set forth in Part 5 (l) below, then an Additional Termination Event
          shall have occurred with respect to Bear Stearns, Bear Stearns shall
          be the sole Affected Party and all Transactions hereunder shall be
          Affected Transaction.

     (ii) If, without the prior written consent of Bear Stearns where such
          consent is required under the Pooling and Servicing Agreement, an
          amendment or supplemental agreement is made to the Pooling and
          Servicing Agreement which amendment or supplemental agreement could
          reasonably be expected to have a material adverse effect on the
          interests of Bear Stearns under this Agreement, an Additional
          Termination Event shall have occurred with respect to Counterparty,
          Counterparty shall be the sole Affected Party and all Transactions
          hereunder shall be Affected Transaction.

     (iii) (A) If a S&P First Level Downgrade has occurred and is continuing and
               Bear Stearns fails to take any action described under Part
               (5)(f)(i)(1), within the time period specified therein, then an
               Additional Termination Event shall have occurred with respect to
               Bear Stearns, Bear Stearns shall be the sole Affected Party with
               respect to such Additional Termination Event and all Transactions
               hereunder shall be Affected Transaction.

          (B)  If a S&P Second Level Downgrade has occurred and is continuing
               and Bear Stearns fails to take any action described under Part
               (5)(f)(i)(2) within the time period specified therein, then an
               Additional Termination Event shall have occurred with respect to
               Bear Stearns, Bear Stearns shall be the sole Affected Party with
               respect to such Additional Termination Event and all Transactions
               hereunder shall be Affected Transaction.

          (C)  If (A) a Moody's Second Level Downgrade has not occurred and been
               continuing for 30 or more Local Business Days and (B) Bear
               Stearns has failed to comply with or perform any obligation to be
               complied with or performed by Bear Stearns in accordance with the
               Credit Support Annex, then an Additional Termination Event shall
               have occurred with respect to Bear Stearns and Bear Stearns shall
               be the sole Affected Party with respect to such Additional
               Termination Event.

          (D)  If (A) a Moody's Second Level Downgrade has occurred and been
               continuing for 30 or more Local Business Days and (B) either (i)
               at least one Eligible Replacement has made a Firm Offer to be the
               transferee or (ii) at least one entity that satisfies the Moody's
               Approved Ratings Threshold has made a Firm Offer to provide an
               Eligible Guaranty in respect of all of Bear Stearns' present and
               future obligations under this Agreement, then an Additional
               Termination Event shall have occurred with respect to Bear
               Stearns, Bear Stearns shall be the sole Affected Party with
               respect to such

                                      M-10

<PAGE>

               Additional Termination Event and all Transactions hereunder shall
               be Affected Transaction.

(p)  LIMITATION ON EVENTS OF DEFAULT. Notwithstanding the terms of Sections 5
     and 6 of the ISDA Form Master Agreement, if at any time and so long as the
     Counterparty has satisfied in full all its payment obligations under
     Section 2(a)(i) of the ISDA Form Master Agreement and has at the time no
     future payment obligations, whether absolute or contingent, under such
     Section, then unless Bear Stearns 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 any such
     payment, (a) the occurrence of an event described in Section 5(a) of the
     ISDA Form Master Agreement with respect to the Counterparty shall not
     constitute an Event of Default or Potential Event of Default with respect
     to the Counterparty as Defaulting Party and (b) Bear Stearns shall be
     entitled to designate an Early Termination Date pursuant to Section 6 of
     the ISDA Form Master Agreement only as a result of the occurrence of a
     Termination Event set forth in either Section 5(b)(i) or 5(b)(ii) of the
     ISDA Form Master Agreement with respect to Bear Stearns as the Affected
     Party, or Section 5(b)(iii) with respect to Bear Stearns as the Burdened
     Party.

Part 2. Tax Matters.

(a)  Tax Representations.

     (i) Payer Representations. For the purpose of Section 3(e) of the ISDA
     Master Agreement, each of Bear Stearns and the Counterparty will 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) of the
     ISDA Master Agreement) to be made by it to the other party under this
     Agreement. In making this representation, it may rely on:

          (1) the accuracy of any representations made by the other party
          pursuant to Section 3(f) of the ISDA Master Agreement;

          (2) the satisfaction of the agreement contained in Sections 4(a)(i)
          and 4(a)(iii) of the ISDA Master Agreement and the accuracy and
          effectiveness of any document provided by the other party pursuant to
          Sections 4(a)(i) and 4(a)(iii) of the ISDA Master Agreement; and

          (3) the satisfaction of the agreement of the other party contained in
          Section 4(d) of the ISDA Master Agreement, provided that it shall not
          be a breach of this representation where reliance is placed on clause
          (ii) and the other party does not deliver a form or document under
          Section 4(a)(iii) of the ISDA Master Agreement by reason of material
          prejudice to its legal or commercial position.

     (ii) Payee Representations. For the purpose of Section 3(f) of the ISDA
     Master Agreement, each of Bear Stearns and the Counterparty make the
     following representations.

     The following representation will apply to Bear Stearns:

          Bear Stearns is a corporation organized under the laws of the State of
          Delaware and its U.S. taxpayer identification number is 13-3866307.

     The following representation will apply to the Counterparty:

                                      M-11

<PAGE>

          LaSalle Bank National Association represents that it is the Trustee
          under the Pooling and Servicing Agreement.

(b)  Tax Provisions.

     Notwithstanding the definition of "Indemnifiable Tax" in Section 14 of this
     Agreement, all Taxes in relation to payments by Bear Stearns shall be
     Indemnifiable Taxes (including any Tax imposed in respect of a Credit
     Support Document) unless (i) such Taxes are assessed directly against
     Counterparty and not by deduction or withholding by Bear Stearns or (ii)
     arise as a result of a Change in Tax Law (in which case such Tax shall be
     an Indemnifiable Tax only if such Tax satisfies the definition of
     Indemnifiable Tax provided in Section 14). In relation to payments by
     Counterparty, no Tax shall be an Indemnifiable Tax.

Part 3. AGREEMENT TO DELIVER DOCUMENTS. For the purpose of Section 4(a) of the
ISDA Master Agreement:

     (i) Tax forms, documents, or certificates to be delivered are:

<TABLE>
<CAPTION>
PARTY REQUIRED TO
DELIVER DOCUMENT         FORM/DOCUMENT/CERTIFICATE               DATE BY WHICH TO BE DELIVERED
-----------------   -----------------------------------   ------------------------------------------
<S>                 <C>                                   <C>
Bear Stearns        An original properly completed and    (i) upon execution of this Agreement, (ii)
                    executed United States Internal       on or before the first payment date under
                    Revenue Service Form W-9 (or any      this Agreement, including any Credit
                    successor thereto) with respect to    Support Document, (iii) promptly upon the
                    any payments received or to be        reasonable demand by Counterparty, (iv)
                    received by Bear Stearns, that        prior to the expiration or obsolescence of
                    eliminates U.S. federal withholding   any previously delivered form, and (v)
                    and backup withholding Tax on         promptly upon the information on any such
                    payments to Bear Stearns under this   previously delivered form becoming
                    Agreement.                            inaccurate or incorrect.

Counterparty        An original properly completed and    (i) upon execution of this Agreement, (ii)
                    executed United States Internal       on or before the first payment date under
                    Revenue Service Form W-9 (or any      this Agreement, including any Credit
                    successor thereto) with respect to    Support Document, (iii) promptly upon the
                    any payments received or to be        reasonable demand by Bear Stearns, (iv)
                    received by Counterparty.             prior to the expiration or obsolescence of
                                                          any previously delivered form, and (v)
                                                          promptly upon the information on any such
                                                          previously delivered form becoming
                                                          inaccurate or incorrect.
</TABLE>

     (ii) Other documents to be delivered are:

                                      M-12

<PAGE>

<TABLE>
<CAPTION>
PARTY REQUIRED TO                                                                                      COVERED BY SECTION 3(D)
DELIVER DOCUMENT         FORM/DOCUMENT/CERTIFICATE               DATE BY WHICH TO BE DELIVERED              REPRESENTATION
-----------------   -----------------------------------   ------------------------------------------   -----------------------
<S>                 <C>                                   <C>                                          <C>
Bear Stearns and    Any documents required by the         Upon the execution and delivery of this      Yes
the Counterparty    receiving party to evidence the       Agreement and such Confirmation
                    authority of the delivering party
                    or its Credit Support Provider, if
                    any, for it to execute and deliver
                    this Agreement, any Confirmation,
                    and any Credit Support Documents to
                    which it is a party, and to
                    evidence the authority of the
                    delivering party or its Credit
                    Support Provider to perform its
                    obligations under this Agreement,
                    such Confirmation and/or Credit
                    Support Document, as the case may
                    be

Bear Stearns and    A certificate of an authorized        Upon the execution and delivery of this      Yes
the Counterparty    officer of the party, as to the       Agreement and such Confirmation
                    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

Bear Stearns and    An opinion of counsel of such party   Upon the execution and delivery of this      No
the Counterparty    regarding the enforceability of       Agreement
                    this Agreement in a form reasonably
                    satisfactory to the other party.

Counterparty        An executed copy of the Pooling and   Within 30 days after receipt of such         No
                    Servicing Agreement                   agreement by the counterparty
</TABLE>

Part 4 Miscellaneous.

(a)  ADDRESS FOR NOTICES: For the purposes of Section 12(a) of the ISDA Master
     Agreement:

          Address for notices or communications to Bear Stearns:

               Address:   383 Madison Avenue, New York, New York 10179

                                      M-13

<PAGE>

               Attention: DPC Manager
               Facsimile: (212) 272-5823

          with a copy to:

               Address:   One Metrotech Center North, Brooklyn, New York 11201
               Attention: Derivative Operations - 7th Floor
               Facsimile: (212) 272-1634

          (For all purposes)

          Address for notices or communications to the Counterparty:

               Address:   LaSalle Bank National Association
                          135 South LaSalle Street, Suite 1511
                          Chicago, IL 60603
               Attention: Patrick Kubik
               Facsimile: 312-904-1368
               Phone:     312-992-1102

          with a copy to:

               Address:   Merrill Lynch Mortgage Lending, Inc.
                          4 World Financial Center
                          250 Vesey Street
                          New York, NY 10080
               Attention: Alan Chan
               Facsimile: 212-738-1110
               Phone:     212-449-1441

          (For all purposes)

(b)  Account Details and Settlement Information:

     PAYMENTS TO BEAR STEARNS:
          Citibank, N.A., New York
          ABA Number: 021-0000-89, for the account of
          Bear, Stearns Securities Corp.
          Account Number: 0925-3186, for further credit to
          Bear Stearns Financial Products Inc.
          Sub-account Number: 102-04654-1-3
          Attention: Derivatives Department

     PAYMENTS TO COUNTERPARTY:
          LaSalle Bank National Association
          ABA Number: 071000505
          Account Number: 724372.2
          Account Name: LaSalle CHGO/CTR/BNF:/LaSalle Trust
          Ref: FFMLT 2006-FF18 (FXNEC9075)
          Attn: Patrick Kubik

                                      M-14

<PAGE>

(c)  PROCESS AGENT. For the purpose of Section 13(c) of the ISDA Master
     Agreement:

               Bear Stearns appoints as its
               Process Agent: Not Applicable

               The Counterparty appoints as its
               Process Agent: Not Applicable

(d)  OFFICES. The provisions of Section 10(a) of the ISDA Master Agreement will
     not apply to this Agreement; neither Bear Stearns nor the Counterparty have
     any Offices other than as set forth in the Notices Section.

(e)  MULTIBRANCH PARTY. For the purpose of Section 10(c) of the ISDA Master
     Agreement:

          Bear Stearns is not a Multibranch Party.

          The Counterparty is not a Multibranch Party.

(f)  CREDIT SUPPORT DOCUMENT.

          Bear Stearns: The Credit Support Annex and any guaranty in support of
          Bear Stearns' obligations under this Agreement.

          Counterparty: The Credit Support Annex.

(g)  CREDIT SUPPORT PROVIDER.

          Bear Stearns: The guarantor under any guaranty in support of Bear
          Stearns' obligations under this Agreement.

          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 the conflict of law provisions thereof other than New
     York General Obligations Law Sections 5-1401 and 5-1402.

(i)  JURISDICTION. Section 13(b) is hereby amended by: (i) deleting in the
     second line of subparagraph (i) thereof the word "non-", (ii) deleting ";
     and" from the end of subparagraph 1 and inserting "." in lieu thereof, and
     (iii) deleting the final paragraph thereof.

(j)  "AFFILIATE": Bear Stearns and Counterparty shall be deemed not to have any
     Affiliates for purposes of this Agreement, including for purposes of
     Section 6(b)(ii) of the ISDA Master Agreement.

(k)  NETTING OF PAYMENTS. The parties agree that subparagraph (ii) of Section
     2(c) of the ISDA Master Agreement will apply to each Transaction.

Part 5. OTHER PROVISIONS.

                                      M-15

<PAGE>

(a) Section 3 of the ISDA Master Agreement is hereby amended by adding at the
end thereof the following subsection (g):

     "(g) Relationship Between Parties.

          Each party represents to the other party on each date when it enters
          into a Transaction that:

     (1)  Nonreliance. (i) It is acting for its own account, (ii) 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 and (iii) it has consulted with its own
          legal, regulatory, tax, business, investment, financial and accounting
          advisors to the extent it has deemed necessary, (iv) it has made its
          own investment, hedging and trading decisions based upon its own
          judgment and upon any advice from such advisors as it has deemed
          necessary and not upon any view expressed by the other party, (v) it
          has made its own independent decisions to enter into the Transaction
          and as to whether the Transaction is appropriate or proper for it
          based upon its own judgment and upon advice from such advisors as it
          has deemed necessary, (vi) it is not relying on any communication
          (written or oral) of the other party as investment advice or as a
          recommendation to enter into this Transaction; it being understood
          that information and explanations related to the terms and conditions
          of this Transaction shall not be considered investment advice or a
          recommendation to enter into this Transaction and (vii) it has not
          received from the other party any assurance or guaranty as to the
          expected results of this Transaction.

     (2)  Evaluation and Understanding.

               (i)  It has the capacity to evaluate (internally or through
                    independent professional advice) the Transaction and has
                    made its own decision to enter into the Transaction; and

               (ii) It understands the terms, conditions and risks of the
                    Transaction and is willing and able to accept those terms
                    and conditions and to assume those risks, financially and
                    otherwise.

     (3)  Purpose. It is entering into the Transaction for the purposes of
          managing its borrowings or investments, hedging its underlying assets
          or liabilities or in connection with a line of business.

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

     (5)  Eligible Contract Participant. It constitutes an "eligible contract
          participant" as such term is defined in Section 1(a)12 of the
          Commodity Exchange Act, as amended.

     (6)  Line of Business. It has entered into this Agreement (including each
          Transaction governed hereby) in conjunction with its line of business
          or the financing of its business."

(b) NON-RECOURSE. Notwithstanding any provision herein or in the ISDA Master
Agreement to the contrary, the obligations of Counterparty hereunder are limited
recourse obligations of Counterparty, payable solely from the Corridor Contract
Account and the proceeds thereof, in accordance with the terms of the Pooling
and Servicing Agreement. In the event that the Corridor Contract Account and
proceeds thereof

                                      M-16

<PAGE>

should be insufficient to satisfy all claims outstanding and following the
realization of the Corridor Contract Account and the proceeds thereof, any
claims against or obligations of Counterparty under the ISDA Master Agreement or
any other confirmation thereunder still outstanding shall be extinguished and
thereafter not revive. The Trustee shall not have liability for any failure or
delay in making a payment hereunder to Bear Stearns due to any failure or delay
in receiving amounts in the Corridor Contract Account from the Trust created
pursuant to the Pooling and Servicing Agreement.

(c) 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.

(d) CONSENT TO RECORDING. Each party hereto consents to the monitoring or
recording, at any time and from time to time, by the other party of any and all
communications between officers or employees of the parties, waives any further
notice of such monitoring or recording, and agrees to notify its officers and
employees of such monitoring or recording.

(e) 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.

(f) RATING AGENCY DOWNGRADE.

     (i)  S&P Downgrade:

          (1)  In the event that a S&P First Level Downgrade occurs and is
               continuing, then within 30 days after such rating downgrade, Bear
               Stearns shall, subject to the Rating Agency Condition with
               respect to S&P, at its own expense, either (i) procure a
               Permitted Transfer, (ii) obtain an Eligible Guaranty or (iii)
               post collateral in accordance with the Credit Support Annex.

          (2)  In the event that a S&P Second Level Downgrade occurs and is
               continuing, then within 10 Local Business Days after such rating
               withdrawal or downgrade, Bear Stearns shall, subject to the
               Rating Agency Condition with respect to S&P, at its own expense,
               either (i) procure a Permitted Transfer or (ii) obtain an
               Eligible Guaranty.

     (ii) Moody's Downgrade.

          (1)  In the event that a Moody's Second Level Downgrade occurs and is
               continuing, Bear Stearns shall as soon as reasonably practicable
               thereafter, at its own expense and using commercially reasonable
               efforts, either (i) procure a Permitted Transfer or (ii) obtain
               an Eligible Guaranty.

(g) PAYMENT INSTRUCTIONS. Bear Stearns hereby agrees that, unless notified in
writing by the Swap Administrator of other payment instructions, any and all
amounts payable by Bear Stearns to the Counterparty under this Agreement shall
be paid to the Trustee at the account specified herein.

                                      M-17

<PAGE>

(h) AMENDMENT.. No amendment, waiver, supplement or other modification of this
Transaction shall be permitted by either party unless (i) each of S&P and
Moody's have been provided notice of the same and (ii) such amendment, waiver,
supplement, assignment or other modification satisfies the Rating Agency
Condition.

(i) TRANSFER.

     (i)  The first paragraph of Section 7 is hereby amended in its entirety as
          follows:

          "Subject to Section 6(b)(ii), Part 5(f) and Part 5(j), neither this
          Agreement nor any interest or obligation in or under this Agreement
          may be transferred (whether by way of security or otherwise) without
          (a) the prior written consent of the other party (which consent shall
          be deemed given by Counterparty if the transfer, novation or
          assignment is to an Eligible Replacement) and (b) satisfaction of the
          Rating Agency Condition with respect to S&P, except that:"

     (ii) If an entity has made a Firm Offer (which remains an offer that will
          become legally binding upon acceptance by Counterparty) to be the
          transferee of a transfer, Counterparty shall, at Bear Stearns' written
          request and at Bear Stearns' expense, take any reasonable steps
          required to be taken by Counterparty to effect such transfer.

(j) TRANSFER TO AVOID TERMINATION EVENT. Section 6(b)(ii) is hereby amended by
(i) deleting the words "or if a Tax Event Upon Merger occurs and the Burdened
Party is the Affected Party," and (ii) deleting the last paragraph thereof and
inserting the following:

     "Notwithstanding anything to the contrary in Section 7 (as amended herein)
     and Part 5(i), any transfer by Bear Stearns under this Section 6(b)(ii)
     shall not require the consent of Party B; provided that:

     (i)  the transferee (the "Transferee") is an Eligible Replacement;

     (ii) if the Transferee is domiciled in a different country or political
          subdivision thereof from both Bear Stearns and Party B, such transfer
          satisfies the Rating Agency Condition;

     (iii) the Transferee will not, as a result of such transfer, be required on
          the next succeeding Scheduled Payment Date to withhold or deduct on
          account of any Tax (except in respect of default interest) amounts in
          excess of that which Bear Stearns would, on the next succeeding
          Scheduled Payment Date have been required to so withhold or deduct
          unless the Transferee would be required to make additional payments
          pursuant to Section 2(d) (i)(4) corresponding to such excess;

     (iv) a Termination Event or Event of Default does not occur as a result of
          such transfer; and

     (v)  the Transferee confirms in writing that it will accept all of the
          interests and obligations in and under this Agreement which are to be
          transferred to it in accordance with the terms of this provision.

     On and from the effective date of any such transfer to the Transferee, Bear
     Stearns will be fully released from any and all obligations hereunder."

(k) PROCEEDINGS. Bear Stearns shall not institute against or cause any other
person to institute against, or join any other person in instituting against,
the Depositor or the trust or the supplemental interest trust created pursuant
to the Pooling and Servicing Agreement, any bankruptcy, reorganization,
arrangement, insolvency or

                                      M-18

<PAGE>

liquidation proceedings, or other proceedings under any federal or state
bankruptcy, dissolution or similar law, for a period of one year and one day
(or, if longer, the applicable preference period) following indefeasible payment
in full of the First Franklin Mortgage Loan Trust Mortgage Loan Asset-Backed
Certificates, Series 2006-FF18 (the "Certificates").

(l) COMPLIANCE WITH REGULATION AB.

     (i)  Bear Stearns agrees and acknowledges that Merrill Lynch Mortgage
          Investors, Inc. (the "DEPOSITOR") is required under Regulation AB as
          defined under the Pooling and Servicing Agreement, to disclose certain
          financial information regarding Bear Stearns or its group of
          affiliated entities, if applicable, depending on the aggregate
          "significance percentage" of this Agreement and any other derivative
          contracts between Bear Stearns or its group of affiliated entities, if
          applicable, and Counterparty, as calculated from time to time in
          accordance with Item 1115 of Regulation AB.

     (ii) It shall be a cap disclosure event ("CAP DISCLOSURE EVENT") if, on any
          Business Day after the date hereof, the Depositor requests from Bear
          Stearns the applicable financial information described in Item 1115 of
          Regulation AB (such request to be based on a reasonable determination
          by Depositor, in good faith, that such information is required under
          Regulation AB) (the "CAP FINANCIAL DISCLOSURE").

     (iii) Upon the occurrence of a Cap Disclosure Event, Bear Stearns, within
          10 calendar days, at its own expense, shall (1)(a) either (i) provide
          to Depositor the current Cap Financial Disclosure in an
          EDGAR-compatible format (for example, such information may be provided
          in Microsoft Word(R) or Microsoft Excel(R) format but not in .pdf
          format) or (ii) provide written consent to Depositor to incorporation
          by reference of such current Cap Financial Disclosure that are filed
          with the Securities and Exchange Commission in the reports of the
          Trust filed pursuant to the Exchange Act, (b) if applicable, cause its
          outside accounting firm to provide its consent to filing or
          incorporation by reference of such accounting firm's report relating
          to their audits of such current Cap Financial Disclosure in the
          Exchange Act Reports of the Depositor, and (c) provide to the
          Depositor any updated Cap Financial Disclosure with respect to Bear
          Stearns or any entity that consolidates Bear Stearns within five days
          of the release of any such updated Cap Financial Disclosure; (2)
          secure another entity to replace Bear Stearns as party to this
          Agreement on terms substantially similar to this Agreement, which
          entity (or a guarantor therefor) meets or exceeds the Moody's Approved
          Ratings Thresholds and S&P Approved Ratings Threshold and which
          satisfies the Rating Agency Condition and which entity is able to
          comply with the requirements of Item 1115 of Regulation AB, or (3)
          obtain a guaranty of Bear Stearns' obligations under this Agreement
          from an affiliate of Bear Stearns that is able to comply with the
          financial information disclosure requirements of Item 1115 of
          Regulation AB, and cause such affiliate to provide Cap Financial
          Disclosure and any future Cap Financial Disclosure, such that
          disclosure provided in respect of such affiliate will satisfy any
          disclosure requirements applicable to the Cap Provider.

     (iv) Bear Stearns agrees that, in the event that Bear Stearns provides Cap
          Financial Disclosure to Depositor in accordance with Part 5(l)(iii)(1)
          or causes its affiliate to provide Cap Financial Disclosure to
          Depositor in accordance with clause Part 5(l)(iii)(3), it will
          indemnify and hold harmless Depositor, its respective directors or
          officers and any person controlling Depositor, from and against any
          and all losses, claims, damages and liabilities caused by any untrue
          statement or alleged untrue statement of a material fact contained in
          such Cap Financial Disclosure or caused by any omission or alleged
          omission to state in such Cap Financial Disclosure a material fact
          required to be stated therein or necessary to make the statements
          therein, in light of the circumstances under which they were made, not
          misleading.

     (v)  If Trustee and Depositor reasonably requests, Bear Stearns shall
          provide such other information as may be necessary for Depositor to
          comply with Item 1115 of Regulation AB.

                                      M-19

<PAGE>

     (vi) Each of the Trustee and Depositor shall be an express third party
          beneficiary of this Agreement as if a party hereto to the extent of
          the Trustee's and the Depositor's rights explicitly specified in this
          Part 5(l).

(m) TRUSTEE LIABILITY LIMITATIONS. It is expressly understood and agreed by the
parties hereto that:

     (i)  this Agreement is executed and delivered by LaSalle Bank National
          Association ("LaSalle"), not individually or personally but solely as
          Trustee on behalf of First Franklin Mortgage Loan Trust, Series
          2006-FF18.

     (ii) each of the representations, undertakings and agreements herein made
          on the part of the Counterparty is made and intended not as a personal
          representation, undertaking or agreement of LaSalle but is made and
          intended for the purpose of binding only the Counterparty;

     (iii) nothing herein contained shall be construed as imposing any liability
          upon LaSalle, individually or personally, to perform any covenant
          either expressed or implied contained herein, all such liability, if
          any, being expressly waived by the parties hereto and by any Person
          claiming by, through or under the parties hereto; provided that
          nothing in this paragraph shall relieve LaSalle from performing its
          duties and obligations under the Pooling and Servicing Agreement in
          accordance with the standard of care set forth therein;

     (iv) under no circumstances shall LaSalle be personally liable for the
          payment of any indebtedness or expenses of the Counterparty or be
          liable for the breach or failure of any obligation, representation,
          warranty or covenant made or undertaken by the Counterparty under this
          Agreement or any other related documents, other than due to its
          negligence or willful misconduct in performing the obligations of the
          Trustee under the Pooling and Servicing Agreement;

     (v)  any resignation or removal of LaSalle as trustee on behalf of the
          First Franklin Mortgage Loan Trust, Series 2006-FF18 shall require the
          assignment of this agreement to a trustee replacement;

     (vi) LaSalle in its capacity as Trustee has been directed, pursuant to the
          Pooling and Servicing Agreement, to enter into this Agreement and to
          perform its obligations hereunder.

(n) SUBSTANTIAL FINANCIAL TRANSACTION. 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 and
in the Confirmation relating to such Transaction, as applicable. This paragraph
shall be deemed repeated on the trade date of each Transaction.

(o) SET-OFF. Except as expressly provided for in Section 2(c), Section 6 or Part
1(m)(E) hereof, and notwithstanding any other provision of this Agreement or any
other existing or future agreement, 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. Section 6(e) shall be amended by deleting the following
sentence: "The amount, if any, payable in respect of an Early Termination Date
and determined pursuant to this Section will be subject to any Set-off."

(p) 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.

(q) ADDITIONAL DEFINED TERMS.

                                      M-20

<PAGE>

     (i)  Capitalized terms used but nor defined herein shall have the meanings
          ascribed to such terms in the Pooling and Servicing Agreement.

     (ii) Additional Definitions:

          "ELIGIBLE GUARANTY" means an unconditional and irrevocable guaranty of
     all present and future payment obligations and obligations to post
     collateral of Bear Stearns or an Eligible Replacement to Counterparty under
     this Agreement that is provided by an Eligible Guarantor as principal
     debtor rather than surety and that is directly enforceable by Counterparty,
     the form and substance of which guaranty are subject to the Rating Agency
     Condition with respect to S&P.

          "ELIGIBLE GUARANTOR" means an entity that has credit ratings at least
     equal to the Moody's Required Ratings Threshold and S&P Approved Ratings
     Threshold.

          "ELIGIBLE REPLACEMENT" means an entity that either (i) satisfies the
     S&P Approved Ratings Threshold and the Moody's Required Ratings Threshold
     or (ii) provides an Eligible Guaranty from an Eligible Guarantor.

          "FIRM OFFER" means an offer which, when made, is capable of becoming
     legally binding upon acceptance.

          "MOODY'S" means Moody's Investors Service, Inc., or any successor.

          "MOODY'S APPROVED RATINGS THRESHOLD" means, with respect to (i) Bear
     Stearns, a Moody's counterparty rating of "A1" or above and (ii) with
     respect to any other entity (or its guarantor), (x) if such entity has both
     a long-term unsecured and unsubordinated debt rating or counterparty rating
     from Moody's and a short-term unsecured and unsubordinated debt rating from
     Moody's, a long-term unsecured and unsubordinated debt rating or
     counterparty rating from Moody's

                                      M-21

<PAGE>

     of "A2" or above and a short-term unsecured and unsubordinated debt rating
     from Moody's of "Prime-1" or above, or (y) if such entity has only a
     long-term unsecured and unsubordinated debt rating or counterparty rating
     from Moody's, a long-term unsecured and unsubordinated debt rating or
     counterparty rating from Moody's of "A1" or above.

          "MOODY'S FIRST LEVEL DOWNGRADE" means that no Relevant Entity
     satisfies the Moody's Approved Rating Threshold.

          "MOODY'S REQUIRED RATINGS THRESHOLD" means, with respect to (i) Bear
     Stearns, a counterparty rating of "A3" or above and (ii) with respect to
     any other entity (or its guarantor), (x) if such entity has both a
     long-term unsecured and unsubordinated debt rating or counterparty rating
     from Moody's and a short-term unsecured and unsubordinated debt rating from
     Moody's, a long-term unsecured and unsubordinated debt rating or
     counterparty rating from Moody's of "A3" or above or a short-term unsecured
     and unsubordinated debt rating from Moody's of "Prime-2" or above, or (y)
     if such entity has only a long-term unsecured and unsubordinated debt
     rating or counterparty rating from Moody's, a long-term unsecured and
     unsubordinated debt rating or counterparty rating from Moody's of "A3" or
     above.

          "MOODY'S SECOND LEVEL DOWNGRADE" means that no Relevant Entity
     satisfies the Moody's Required Ratings Threshold.

          "PERMITTED TRANSFER" means a transfer by novation by Bear Stearns to
     an entity (the "TRANSFEREE") of all, but not less than all, of Bear
     Stearns' rights, liabilities, duties and obligations under this Agreement,
     with respect to which transfer each of the following conditions is
     satisfied: (a) the Transferee is an Eligible Replacement that is a
     recognized dealer in interest rate swaps organized under the laws of the
     United States of America or a jurisdiction located in the United States of
     America (or another jurisdiction reasonably acceptable to Counterparty),
     (b) an Event of Default or Termination Event would not occur as a result of
     such transfer, (c) pursuant to a written instrument (the "TRANSFER
     AGREEMENT"), the Transferee acquires and assumes all rights and obligations
     of Bear Stearns under the Agreement and the relevant Transaction, (d) Bear
     Stearns will be responsible for any costs or expenses incurred in
     connection with such transfer (including any replacement cost of entering
     into a replacement transaction); (e) either (A) Moody's has been given
     prior written notice of such transfer and the Rating Agency Condition is
     satisfied with respect to S&P or (B) each Rating Agency has been given
     prior written notice of such transfer and such transfer is in connection
     with the assignment and assumption of this Agreement without modification
     of its terms, other than party names, dates relevant to the effective date
     of such transfer, tax representations and any other representations
     regarding the status of the substitute counterparty, notice information and
     account details and other similar provisions; and (f) such transfer
     otherwise complies with the terms of the Pooling and Servicing Agreement.

                                      M-22

<PAGE>

          "RATING AGENCY" means each of Moody's and S&P.

          "RATING AGENCY CONDITION" means, with respect to any particular
     proposed act or omission to act hereunder that the party acting or failing
     to act must consult with each Rating Agency then providing a rating of the
     Certificates and receive from each such Rating Agency a prior written
     confirmation that the proposed action or inaction would not cause a
     downgrade or withdrawal of its then-current rating of the Certificates.

          "RELEVANT ENTITY" means Bear Stearns and any Eligible Guarantor under
     an Eligible Guaranty with respect to Bear Stearns.

          "REPLACEMENT TRANSACTION" means, with respect to any Terminated
     Transaction or group of Terminated Transactions, a transaction or group of
     transactions that (i) would have the effect of preserving for Counterparty
     the economic equivalent 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 Transaction or group of Terminated Transactions
     that would, but for the occurrence of the relevant Early Termination Date,
     have been required after that Date, and (ii) has terms which are
     substantially the same as this Agreement, including, without limitation,
     rating triggers, Regulation AB compliance, and credit support
     documentation, as determined by Counterparty in its sole discretion, acting
     in a commercially reasonable manner.

          "S&P" means Standard & Poor's, a division of The McGraw-Hill
     Companies, Inc.

          "S&P APPROVED RATINGS THRESHOLD" means with respect to (i) Bear
     Stearns, a counterparty rating of "A+" or above and (ii) with respect to
     any other entity (or its guarantor), a short-term unsecured and
     unsubordinated debt rating from S&P of "A-1" or above, or, if such entity
     does not have a short-term unsecured and unsubordinated debt rating from
     S&P, a long-term unsecured and unsubordinated debt rating from S&P of "A+
     or above.

          "S&P FIRST LEVEL DOWNGRADE" means that no Relevant Entity satisfies
     the S&P Approved Rating Threshold.

          "S&P REQUIRED RATINGS THRESHOLD" means with respect to (i) Bear
     Stearns, a counterparty rating of "BBB" or above and (ii) with respect to
     any other entity (or its guarantor), a long-term unsecured and
     unsubordinated debt rating from S&P of "BBB-" or above.

          "S&P SECOND LEVEL DOWNGRADE" means that no Relevant Entity satisfies
     the S&P Required Rating Thresholds.

                                      M-23

<PAGE>

(r) RATING AGENCY NOTIFICATIONS. Except as otherwise provided herein, no Early
Termination Date shall be effectively designated hereunder shall be made by
either party unless each Rating Agency has been given prior written notice of
such designation.

                                      M-24

<PAGE>

     NEITHER THE BEAR STEARNS COMPANIES INC. NOR ANY SUBSIDIARY OR AFFILIATE OF
     THE BEAR STEARNS COMPANIES INC. OTHER THAN BEAR STEARNS IS AN OBLIGOR OR A
     CREDIT SUPPORT PROVIDER ON THIS AGREEMENT.

                                      M-25

<PAGE>

                                   SCHEDULE I
   (all such dates subject to adjustment in accordance with the Business Day
                                  Convention)

<TABLE>
<CAPTION>
                                        NOTIONAL AMOUNT
FROM AND INCLUDING   TO BUT EXCLUDING        (USD)        CAP RATE
------------------   ----------------   ---------------   --------
<S>                  <C>                <C>               <C>
  Effective Date        25-Jan-2007       353,195,000      7.380%
    25-Jan-2007         26-Feb-2007       353,195,000      6.617%
    26-Feb-2007         26-Mar-2007       353,195,000      7.380%
    26-Mar-2007         25-Apr-2007       353,195,000      6.618%
    25-Apr-2007         25-May-2007       353,195,000      6.855%
    25-May-2007      Termination Date     353,195,000      6.619%
</TABLE>

                                      M-26
<PAGE>

                                                                      I. ANNEX A

II. UNILATERAL CSA SCHEDULE(6)

Pledgor: BEAR STEARNS FINANCIAL PRODUCTS INC. (the "Pledgor")
Secured Party: LASALLE BANK NATIONAL ASSOCIATION, NOT IN ITS INDIVIDUAL
CAPACITY, BUT SOLELY AS TRUSTEE ON BEHALF OF FIRST FRANKLIN MORTGAGE LOAN TRUST,
SERIES 2006-FF18 (the "Secured Party")

PARAGRAPH 13. ELECTIONS AND VARIABLES

(a)  SECURITY INTEREST FOR "OBLIGATIONS". The term "Obligations" as used in this
     Annex includes no "additional obligations" within the meaning of Paragraph
     12.

(b)  CREDIT SUPPORT OBLIGATIONS.

     (i)  DELIVERY AMOUNT, RETURN AMOUNT AND CREDIT SUPPORT AMOUNT.

          (1) DELIVERY AMOUNT. Paragraph 3(a) shall be amended by replacing the
          words "upon a demand made by the Secured Party on or promptly
          following a Valuation Date" with the words "on each Valuation Date".
          The "DELIVERY AMOUNT" with respect to Pledgor for any Valuation Date
          shall equal the greatest of:

               (A) the amount by which the S&P Collateral Amount exceeds the S&P
               Value on such Valuation Date of all Posted Credit Support held by
               the Secured Party;

               (B) the amount by which the Moody's First Level Collateral Amount
               exceeds the Moody's First Level Value on such Valuation Date of
               all Posted Credit Support held by the Secured Party.

               (C) the amount by which the Moody's Second Level Collateral
               Amount exceeds the Moody's Second Level Value on such Valuation
               Date of all Posted Credit Support held by the Secured Party.

          (2) "RETURN AMOUNT" applicable to Secured Party for any Valuation Date
          shall equal the least of:

               (A) the amount by which the S&P Value on such Valuation Date of
               all Posted Credit Support held by the Secured Party exceeds the
               S&P Collateral Amount;

               (B) the amount by which the Moody's First Level Value on such
               Valuation Date of all Posted Credit Support held by the Secured
               Party exceeds the Moody's First Level Collateral Amount.

                                      M-27

<PAGE>

               (C) the amount by which the Moody's Second Level Value on such
               Valuation Date of all Posted Credit Support held by the Secured
               Party exceeds the Moody's Second Level Collateral Amount.

          (3) "CREDIT SUPPORT AMOUNT" shall be deleted in its entirety.

     (ii) ELIGIBLE COLLATERAL. The items set forth on the Collateral Schedule
          attached as Schedule A hereto will qualify as "ELIGIBLE COLLATERAL"
          for the party specified.

     (iii) OTHER ELIGIBLE SUPPORT. None

     (iv) THRESHOLDS.

          (A)  "INDEPENDENT AMOUNT" means:
               Pledgor: Not applicable.
               Secured Party: Not applicable.

          (B)  "THRESHOLD" means:
               Pledgor: Not applicable.
               Secured Party: Not applicable.

          (C)  "MINIMUM TRANSFER AMOUNT" means USD100,000; provided, that if the
               aggregate Certificate Principal Balance of Certificates rated by
               S&P is less than USD 50,000,000, the "Minimum Transfer Amount"
               shall mean USD 50,000.

          (D)  ROUNDING. The Delivery Amount will be rounded up and the Return
               Amount will be rounded down to the nearest integral multiple of
               USD10,000.

(c)  VALUATION AND TIMING.

(i)  "VALUATION AGENT" means Pledgor.

(ii) "VALUATION DATE" means each Local Business Day(7).

(iii) "VALUATION TIME" means the close of business on the Local Business Day in
     the city where the Valuation Agent is located immediately preceding 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 11:00 A.M. (New York time).

(v)  TRANSFER TIMING AND CALCULATIONS. Paragraphs 4(b) and 4(c) are hereby
     amended and restated in entirety as set forth below.

               "(b) TRANSFER TIMING. 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 Valuation Date; if a
               demand is

----------
(7)  If not daily valuations, changes are required in the collateral amounts and
     valuation percentages

                                      M-28

<PAGE>

               made after the Notification Time, then the relevant Transfer will
               be made not later than the close of business on the next Local
               Business Day thereafter.

               (c) CALCULATIONS. All calculations of Value and Exposure for
               purposes of Paragraphs 3 and 6(d) will be made by the Valuation
               Agent as of the Valuation Time. The Valuation Agent will notify
               each party (or the other party, if the Valuation Agent is a
               party) of its calculations not later than the Notification Time
               on the applicable Valuation Date (or in the case of Paragraph
               6(d), the Local Business Day following the day on which such
               relevant calculations are performed)."

(d)  CONDITIONS PRECEDENT. There shall be no "Specified Condition" with respect
     to either party for purposes of this Annex.

(e)  SUBSTITUTION

     (i)  "SUBSTITUTION DATE" means (A) the Local Business Day on which the
          Secured Party receives the Substitute Credit Support, if notice of
          substitution is received by the Notification Time on such date, and
          (B) the Local Business Day following the date on which the Secured
          Party receives the Substitute Credit Support, if notice of
          substitution is received after the Notification Time.

     (ii) CONSENT OF SECURED PARTY FOR SUBSTITUTION. Inapplicable.

     (iii) AMENDMENT OF PARAGRAPH 4(D)(II). Paragraph 4(d)(ii) is amended and
          restated in its entirety as set forth below:

               "(ii) subject to Paragraph 4(a) of this Annex, the Secured Party
               will Transfer the items of Posted Credit Support specified by the
               Pledgor in its notice not later than the close of business on the
               Substitution Date, provided, however, that if the Secured Party
               shall not have received the Substitute Credit Support prior to
               1:00 P.M. (New York time) on the Substitution Date, then the
               Secured Party shall Transfer the applicable items of Posted
               Credit Support not later than the close of business on the Local
               Business Day immediately following the day on which the Secured
               Party receives the Substitute Credit Support. Notwithstanding the
               foregoing, the Secured Party will only be obligated to Transfer
               Posted Credit Support with a Value as of the Substitution Date
               equal to the Value of the Substitute Credit Support delivered by
               the Pledgor in exchange therefor."

(f)  DISPUTE RESOLUTION.

(i)  "RESOLUTION TIME" means 12:00 noon, New York time, on the Local Business
     Day for both parties following the date the Disputing Party gives notice of
     a dispute pursuant to Paragraph 5.

(ii) VALUE. For the purpose of Paragraphs 5(i)(C) and 5(ii), disputes over the
     Value of Posted Credit Support will be resolved by the Valuation Agent
     seeking bid-side quotations as of the relevant Recalculation Date or date
     of Transfer, as applicable, from three parties that regularly act as
     dealers in the securities in question. The Value will be the arithmetic
     mean of the quotations obtained by the Valuation Agent, multiplied by the
     applicable Valuation Percentage, if any. If no quotations are available for
     a particular security, then the Valuation

                                      M-29

<PAGE>

     Agent's original calculation of Value thereof will be used for that
     security.

(iii) ALTERNATIVE. Subject to item (iv) below, the provisions of Paragraph 5
     will apply.

(iv) MODIFICATION OF PARAGRAPH 5. The introductory paragraph of Paragraph 5
     shall be amended and restated to read in its entirety as follows:

               "If a party (a 'Disputing Party') disputes (I) the Valuation
               Agent's calculation of a Delivery Amount or a Return Amount or
               (II) the Value of any Transfer of Eligible Credit Support or
               Posted Credit Support, then:

               (A) the Disputing Party will (x) notify the other party and, if
               applicable, the Valuation Agent of the amount it is disputing,
               (y) indicate what it believes the correct amount to be and (z)
               provide a statement showing, in reasonable detail, how it arrived
               at such amount and the appropriate party will deliver the
               undisputed amount to the other party not later than (i) (a) the
               close of business on the Valuation Date, if the demand made under
               Paragraph 3 in the case of (I) above is made by the Notification
               Time, or (b) the close of business of the Local Business Day
               following the date on which the demand is made under Paragraph 3
               in the case of (I) above, if such demand is made after the
               Notification Time, or (ii) the close of business of the date of
               Transfer, in the case of (II) above;

               (B) the parties will consult with each other and provide such
               information as the other party shall reasonably request in an
               attempt to resolve the dispute; and

               (C) if they fail to resolve the dispute by the Resolution Time,
               then:"

(g)  HOLDING AND USING POSTED COLLATERAL.

(i)  ELIGIBILITY TO HOLD POSTED COLLATERAL; CUSTODIANS. The Secured Party and
     its Custodian (if any) will be entitled to hold Posted Collateral pursuant
     to Paragraph 6(b), provided that the following conditions applicable to it
     are satisfied:

     (1)  it is not a Defaulting Party;

     (2)  Posted Collateral consisting of Cash or certificated securities that
          cannot be paid or delivered by book-entry may be held only in any
          state of the United States which has adopted the Uniform Commercial
          Code;

     (3)  the short-term rating of any Custodian shall be at least "A-1" by S&P

     There shall be no Custodian for Pledgor.

(ii) USE OF POSTED COLLATERAL. The provisions of Paragraph 6(c) will not apply
     to Secured Party and Secured Party will not have any right to use the
     Posted Collateral or take any action specified in Paragraph 6(c).

(h)  DISTRIBUTIONS AND INTEREST AMOUNT.

                                      M-30

<PAGE>

(i)  INTEREST RATE. The "INTEREST RATE" will be the "Federal Funds (Effective)"
     rate as such rate is displayed on Telerate page 118 for such day under the
     caption "Effective".

(ii) AMENDMENT OF PARAGRAPH 6(D)(I) - DISTRIBUTIONS. Clause (d)(i) of Paragraph
     6 shall be amended and restated to read in its entirety as follows:

     "(i) DISTRIBUTIONS. If the Secured Party receives Distributions on a Local
     Business Day, it will credit to Pledgor not later than the following Local
     Business Day any Distributions it receives, and such Distributions will
     constitute Posted Collateral and will be subject to the security interest
     granted under Paragraph 2."

(iii) AMENDMENT OF PARAGRAPH 6(D)(II) - INTEREST AMOUNT. Clause (d)(ii) of
     Paragraph 6 shall be amended and restated to read in its entirety as
     follows:

     "(ii) INTEREST AMOUNT. In lieu of any interest, dividends or other amounts
     paid with respect to Posted Collateral in the form of cash (all of which
     may be retained by the Secured Party), the Secured Party will credit to
     Pledgor on the 20th day of each calendar month (or if such day is not a
     Local Business Day, the next Local Business Day) the Interest Amount. The
     Interest Amount will constitute Posted Collateral and will be subject to
     the security interest granted under Paragraph 2. For purposes of
     calculating the Interest Amount the amount of interest calculated for each
     day of the interest period shall be compounded monthly." Secured Party
     shall not be obliged to credit any Interest Amount unless and until it has
     received such amount.

(i)  DEMANDS AND NOTICES.

     All demands, specifications and notices under this Annex will be made
     pursuant to the Notices Section of this Agreement.

(j)  ADDRESSES FOR TRANSFERS.

     Pledgor: To be provided in writing by Pledgor to Secured Party.

     Secured Party: To be provided in writing by Secured Party to Pledgor.

(k)  OTHER PROVISION(S).

     (i)  AMENDMENT OF PARAGRAPH 7 - EVENTS OF DEFAULT. Clause (iii) of
          Paragraph 7 shall not apply to Secured Party.

     (ii) NON-RELIANCE. Notwithstanding the obligations of the Secured Party
          under Paragraph 6(a), and without limiting the generality of the final
          sentence of Paragraph 6(a), each party, as Pledgor, acknowledges that
          it has the means to monitor all matters relating to all valuations,
          payments, defaults and rights with respect to Posted Collateral
          without the need to rely on the other party, in its capacity as
          Secured Party, and that, given the provisions of this Annex on
          substitution, responsibility for the preservation of the rights of the
          Pledgor with respect to all such matters is reasonably allocated
          hereby to the Pledgor.

     (iii) AGREEMENT AS TO SINGLE SECURED PARTY AND PLEDGOR. Each of Pledgor and
          Secured Party

                                      M-31

<PAGE>

          agree that, notwithstanding anything to the contrary in the recital to
          this Annex, Paragraph 1(b) or Paragraph 2 or the definitions in
          Paragraph 12, (a) the term "Secured Party" as used in this Annex means
          only Secured Party, (b) the term "Pledgor" as used in this Annex means
          only Pledgor, (c) only Pledgor makes the pledge and grant in Paragraph
          2, the acknowledgement in the final sentence of Paragraph 8(a) and the
          representations in Paragraph 9 and (d) only Pledgor will be required
          to make Transfers of Eligible Credit Support hereunder.

     (iv) TRUSTEE. The Trustee is hereby authorized to (i) make demands on
          behalf of the Secured Party pursuant to Paragraph 3 hereunder and (ii)
          provide notice on behalf of the Secured Party pursuant to Paragraph 7
          hereunder.

     (v)  COLLATERAL ACCOUNT. Secured Party shall at all times maintain all
          Posted Collateral in a segregated trust account.

     (vi) EXTERNAL CALCULATIONS. At any time at which Pledgor (or, to the extent
          applicable, its Credit Support Provider) does not have a long-term
          unsubordinated and unsecured debt rating of at least "BBB+" from S&P,
          the Valuation Agent shall (at its own expense) obtain external
          calculations of the Secured Party's Exposure from at least two
          Reference Market-makers on the last Local Business Day of each
          calendar month. Any determination of the S&P Collateral Amount shall
          be based on the greatest of the Secured Party's Exposure determined by
          the Valuation Agent and such Reference Market-makers. Such external
          calculation may not be obtained from the same Reference Market-maker
          more than four times in any 12-month period.

     (vii) NOTICE TO S&P. At any time at which Pledgor (or, to the extent
          applicable, its Credit Support Provider) does not have a long-term
          unsubordinated and unsecured debt rating of at least "BBB+" from S&P,
          the Valuation Agent shall provide to S&P not later than the
          Notification Time on the Local Business Day following each Valuation
          Date its calculations of the Secured Party's Exposure and the Value of
          any Eligible Credit Support or Posted Credit Support for that
          Valuation Date. The Valuation Agent shall also provide to S&P any
          external marks of the Secured Party's Exposure.

     (viii) EXPENSES. Pledgor shall be responsible for all reasonable costs and
          expenses incurred by Secured Party in connection with the Transfer of
          any Eligible Collateral under this Annex.

     (ix) ADDITIONAL DEFINED TERMS.

          "DV01" means, with respect to a Transaction and any date of
          determination, the sum of the estimated change in the Secured Party's
          Exposure with respect to such Transaction that would result from a one
          basis point change in the relevant swap curve on such date, as
          determined by the Valuation Agent in good faith and in a commercially
          reasonable manner. The Valuation Agent shall, upon request of Secured
          Party, provide to Secured Party a statement showing in reasonable
          detail such calculation.

          "MOODY'S FIRST LEVEL ADDITIONAL COLLATERALIZED AMOUNT" means, with
          respect to any Transaction, the lesser of (x) the product of 15 and
          DV01 for such Transaction and such Valuation Date and (y) the product
          of 2% and the Notional Amount for such Transaction for the Calculation
          Period which includes such Valuation Date.

          "MOODY'S FIRST LEVEL COLLATERAL AMOUNT" means, (A) for any Valuation
          Date on which (I)

                                      M-32

<PAGE>

          a Moody's First Level Downgrade has occurred and has been continuing
          (x) for at least 30 Local Business Days or (y) since this Annex was
          executed and (II) it is not the case that a Moody's Second Level
          Downgrade has occurred and been continuing for at least 30 Local
          Business Days, an amount equal to the greater of (a) zero and (b) the
          sum of the Secured Party's aggregate Exposure for all Transactions and
          the aggregate of Moody's First Level Additional Collateralized Amounts
          for each Transaction and (B)for any other Valuation Date, zero.

          "MOODY'S FIRST LEVEL VALUE" means, for any date that the Moody's First
          Level Collateral Amount is determined and the Value of any Eligible
          Collateral or Posted Collateral that is a security, the bid price for
          such security obtained by the Valuation Agent multiplied by the
          Moody's First Level Valuation Percentage for such security set forth
          on Schedule A hereto.

          "MOODY'S SECOND LEVEL ADDITIONAL COLLATERALIZED AMOUNT" means, with
          respect to any Transaction,

               (1) if such Transaction is not a Transaction-Specific Hedge, the
               lesser of (i) the product of the 50 and DV01 for such Transaction
               and such Valuation Date and (ii) the product of 8% and the
               Notional Amount for such Transaction for the Calculation Period
               (as defined in the related Transaction) which includes such
               Valuation Date; or

               (2) if such Transaction is a Transaction-Specific Hedge, the
               lesser of (i) the product of the 65 and DV01 for such Transaction
               and such Valuation Date and (ii) the product of 10% and the
               Notional Amount for such Transaction for the Calculation Period
               (as defined in the related Transaction) which includes such
               Valuation Date.

          "MOODY'S SECOND LEVEL COLLATERAL AMOUNT" means, (A) for any Valuation
          Date on which it is the case that a Moody's Second Level Downgrade has
          occurred and been continuing for at least 30 Local Business Days, an
          amount equal to the greatest of (a) zero, (b) the aggregate amount of
          the Next Payments for all Next Payment Dates and (c) the sum of the
          Secured Party's aggregate Exposure and the aggregate of Moody's Second
          Level Additional Collateralized Amounts for each Transaction and (B)
          for any other Valuation Date, zero.

          "MOODY'S SECOND LEVEL VALUE" means, for any date that the Moody's
          Second Level Collateral Amount is determined and the Value of any
          Eligible Collateral or Posted Collateral that is a security, the bid
          price for such security obtained by the Valuation Agent multiplied by
          the Moody's Second Level Valuation Percentage for such security set
          forth on Schedule A hereto.

          "NEXT PAYMENT" means, in respect of each Next Payment Date, the
          greater of (i) the amount of any payments due to be made by the
          Pledgor pursuant to Section 2(a) on such Next Payment Date less any
          payments due to be made by the Secured Party under Section 2(a) on
          such Next Payment Date (in each case, after giving effect to any
          applicable netting under Section 2(c)) and (ii) zero.

          "NEXT PAYMENT DATE" means the next scheduled payment date under any
          Transaction.

          "REMAINING WEIGHTED AVERAGE MATURITY" means, with respect to a
          Transaction, the expected weighted average maturity for such
          Transaction as determined by the Valuation Agent.

                                      M-33

<PAGE>

          "S&P COLLATERAL AMOUNT" means, (A) for any Valuation Date on which a
          S&P First Level Downgrade has occurred and been continuing for at
          least 30 days or on which a S&P Second Level Downgrade has occurred
          and is continuing, an amount equal to the sum of (1) 100.0% of the
          Secured Party's Exposure for such Valuation Date and (2) the product
          of the Volatility Buffer for each Transaction and the Notional Amount
          of such Transaction for the Calculation Period (as defined in the
          related Transaction) of such Transaction which includes such Valuation
          Date, or (B) for any other Valuation Date, zero.

          "S&P VALUE" means, for any date that the S&P Collateral Amount is
          determined and the Value of any Eligible Collateral or Posted
          Collateral that is a security, the bid price for such security
          obtained by the Valuation Agent multiplied by the S&P Valuation
          Percentage for such security set forth on Schedule A hereto.

          "TRANSACTION-SPECIFIC HEDGE" means any Transaction that is a cap,
          floor or swaption or a Transaction in respect of which (x) the
          notional amount of the interest rate swap is "balance guaranteed" or
          (y) the notional amount of the interest rate swap for any Calculation
          Period otherwise is not a specific dollar amount that is fixed at the
          inception of the Transaction.

          "VOLATILITY BUFFER" means, for any Transaction, the related percentage
          set forth in the following table:

<TABLE>
<CAPTION>
   The higher of the S&P        Remaining
short-term credit rating of      Weighted         Remaining                               Remaining
  (i) Pledgor and (ii) the       Average          Weighted       Remaining Weighted   Weighted Average
 Credit Support Provider of       Maturity    Average Maturity    Average Maturity        Maturity
   Pledgor, if applicable     up to 3 years     up to 5 years      up to 10 years      up to 30 years
---------------------------   -------------   ----------------   ------------------   ----------------
<S>                           <C>             <C>                <C>                  <C>
"A-2" or higher                   2.75%             3.25%               4.00%               4.75%
"A-3"                             3.25%             4.00%               5.00%               6.25%
"BB+" or lower                    3.50%             4.50%               6.75%               7.50%
</TABLE>

                                      M-34

<PAGE>

                                                                      SCHEDULE A

                               COLLATERAL SCHEDULE

THE MOODY'S FIRST LEVEL VALUATION PERCENTAGES SHALL BE USED IN DETERMINING THE
MOODY'S FIRST LEVEL COLLATERAL AMOUNT.

THE MOODY'S SECOND LEVEL VALUATION PERCENTAGES SHALL BE USED IN DETERMINING THE
MOODY'S SECOND LEVEL COLLATERAL AMOUNT.

THE S&P VALUATION PERCENTAGES SHALL BE USED IN DETERMINING THE S&P COLLATERAL
AMOUNT.

<TABLE>
<CAPTION>
 ISDA COLLATERAL ASSET                         MOODY'S FIRST LEVEL   MOODY'S SECOND LEVEL             S&P
DEFINITION (ICAD) CODE   REMAINING MATURITY   VALUATION PERCENTAGE   VALUATION PERCENTAGE     VALUATION PERCENTAGE
----------------------   ------------------   --------------------   --------------------   -----------------------
<S>                      <C>                  <C>                    <C>                    <C>
US-CASH                              N/A              100%                   100%                     100%
EU-CASH                              N/A               98%                    94%                    92.5%
GB-CASH                              N/A               98%                    95%                    94.1%

US-TBILL                         < 1 Year             100%                   100%                    98.9%
US-TNOTE                     1 to 2 years             100%                    99%                    98.0%
US-TBOND                     2 to 3 years             100%                    98%                    97.4%
(fixed rate)                 3 to 5 years             100%                    97%                    95.5%
                             5 to 7 years             100%                    96%                    93.7%
                            7 to 10 years             100%                    94%                    92.5%
                           10 to 20 years             100%                    90%                    91.1%
                               > 20 years             100%                    88%                    88.6%

US-TBILL                   All Maturities             100%                    99%           Not Eligible Collateral
US-TNOTE
US-TBOND
(floating rate)

GA-US-AGENCY                     < 1 Year             100%                    99%                    98.5%
(fixed rate)                 1 to 2 years             100%                    99%                    97.7%
                             2 to 3 years             100%                    98%                    97.3%
                             3 to 5 years             100%                    96%                    94.5%
                             5 to 7 years             100%                    93%                    93.1%
                            7 to 10 years             100%                    93%                    90.7%
                           10 to 20 years             100%                    89%                    87.7%
                               > 20 years             100%                    87%                    84.4%

GA-US-AGENCY               All Maturities             100%                    98%           Not Eligible Collateral
(floating rate)

GA-EUROZONE-GOV                                Rated Aa3 or better    Rated Aa3 or better     Rated AAA or better
(other than EU-CASH)                               by Moody's             by Moody's                 by S&P
(fixed rate)                     < 1 Year              98%                    94%                    98.8%
                             1 to 2 years              98%                    93%                    97.9%
                             2 to 3 years              98%                    92%                    97.1%
                             3 to 5 years              98%                    90%                    91.2%
                             5 to 7 years              98%                    89%                    87.5%
                            7 to 10 years              98%                    88%                    83.8%
                           10 to 20 years              98%                    84%                    75.5%
                               > 20 years              98%                    82%           Not Eligible Collateral
</TABLE>

                                      M-35

<PAGE>

<TABLE>
<S>                      <C>                  <C>                    <C>                    <C>
GA-EUROZONE-GOV                                Rated Aa3 or better    Rated Aa3 or better     Rated AAA or better
(other than EU-CASH)                               by Moody's             by Moody's                 by S&P
(floating rate)            All Maturities              98%                    93%           Not Eligible Collateral

GA-GB-GOV                        < 1 Year              98%                    94%           Not Eligible Collateral
(other than GB-CASH)         1 to 2 years              98%                    93%           Not Eligible Collateral
(fixed rate)                 2 to 3 years              98%                    92%           Not Eligible Collateral
                             3 to 5 years              98%                    91%           Not Eligible Collateral
                             5 to 7 years              98%                    90%           Not Eligible Collateral
                            7 to 10 years              98%                    89%           Not Eligible Collateral
                           10 to 20 years              98%                    86%           Not Eligible Collateral
                               > 20 years              98%                    84%           Not Eligible Collateral

GA-GB-GOV                  All Maturities              98%                    94%           Not Eligible Collateral
(other than GB-CASH)
(floating rate)
</TABLE>

The ISDA Collateral Asset Definition (ICAD) Codes used in this Collateral
Schedule shall have the meanings set forth in the Collateral Asset Definitions
(First Edition - June 2003) as published and copyrighted in 2003 by the
International Swaps and Derivatives Association, Inc.

                                      M-36
<PAGE>

(BEAR STEARNS LOGO)

                                            BEAR STEARNS FINANCIAL PRODUCTS INC.
                                                              383 MADISON AVENUE
                                                        NEW YORK, NEW YORK 10179
                                                                    212-272-4009

                                    EXHIBIT B

DATE:               December 28, 2006

TO:                 LaSalle Bank National Association, not in its individual
                    capacity, but solely as Trustee on behalf of First Franklin
                    Mortgage Loan Trust, Series 2006-FF18

ATTENTION:          Patrick Kubik

TELEPHONE:          312-992-1102

FACSIMILE:          312-904-1368

FROM:               Derivatives Documentation

TELEPHONE:          212-272-2711

FACSIMILE:          212-272-9857

SUBJECT:            Fixed Income Derivatives Confirmation and Agreement

REFERENCE NUMBER:   FXNEC9075

The purpose of this letter agreement ("Agreement") is to confirm the terms and
conditions of the Transaction entered into on the Trade Date specified below
(the " Transaction") between Bear Stearns Financial Products Inc. ("Bear
Stearns") and LaSalle Bank National Association, not in its individual capacity,
but solely as Trustee on behalf of First Franklin Mortgage Loan Trust, Series
2006-FF18 ("Counterparty") under the Pooling and Servicing Agreement, dated as
of December 1, 2006, among National City Home Loan Services, Inc., as servicer
("Servicer"), Merrill Lynch Mortgage Investors, Inc., as depositor ("Depositor")
and LaSalle Bank National Association, as trustee ("Trustee") (the "Pooling and
Servicing Agreement"). This letter agreement constitutes the sole and complete
"Confirmation," as referred to in the "ISDA Master Agreement" (as defined
below), as well as a "Schedule" as referred to in the ISDA Master Agreement.

(1)  This Confirmation 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. This Confirmation shall supplement, form a part of, and be
     subject to an agreement in the form of the ISDA Master Agreement
     (Multicurrency - Cross Border) as published and copyrighted in 1992 by the
     International Swaps and Derivatives Association, Inc. (the "ISDA MASTER
     AGREEMENT"), as if Bear Stearns and Counterparty had executed an agreement
     in such form on the date hereof, with a Schedule as set forth in Item 3 of
     this Confirmation (the "SCHEDULE"), and an ISDA Credit Support Annex
     (Bilateral Form - ISDA Agreements Subject to New York Law Only version) as
     published and copyrighted in 1994 by the

                                      M-37

<PAGE>

     International Swaps and Derivatives Association, Inc., with Paragraph 13
     thereof as set forth in Annex A hereto (the "CREDIT SUPPORT ANNEX"). For
     the avoidance of doubt, the Transaction described herein shall be the sole
     Transaction governed by such ISDA Master Agreement. In the event of any
     inconsistency among any of the following documents, the relevant document
     first listed shall govern: (i) this Confirmation, exclusive of the
     provisions set forth in Item 3 hereof and Annex A hereto; (ii) the
     Schedule; (iii) the Credit Support Annex; (iv) the Definitions; and (v) the
     ISDA Master Agreement. Terms capitalized but not defined herein shall have
     the meanings attributed to them in the Pooling and Servicing Agreement.

     Each reference herein to a "Section" (unless specifically referencing the
     Pooling and Servicing Agreement or to a "Section" of this Agreement will be
     construed as a reference to a Section of the ISDA Master Agreement; each
     herein reference to a "Part" will be construed as a reference to Schedule;
     each reference herein to a "Paragraph" will be construed as a reference to
     a Paragraph of the Credit Support Annex.

(2)  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 for such
                                 period on Schedule I attached hereto and (ii)
                                 the aggregate unpaid balance of the Class A-1
                                 Certificates as of the beginning of the
                                 Calculation Period.

Trade Date:                      December 28, 2006

Effective Date:                  December 28, 2006

Termination Date:                June 25, 2007, subject to adjustment in
                                 accordance with the Business Day Convention.

FIXED AMOUNT (PREMIUM):          Inapplicable. The Fixed Amounts for this
                                 Transaction and for the Transactions with the
                                 Bear Stearns Reference Numbers FXNCC9072,
                                 FXNEC9074 and FXNEC9076are embedded in the
                                 determination of the Additional Amount
                                 specified in the Confirmation identified by
                                 Bear Stearns Capital Markets Inc. Reference
                                 Number CXNS211267.

FLOATING AMOUNTS:
   Floating Rate Payer:          Bear Stearns

   Cap Rate:                     With respect to any Calculation Period, the
                                 rate set forth for such period as detailed in
                                 Schedule I attached hereto.

   Floating Rate Payer Period    The 25th calendar day of each month during the
      End Dates:                 Term of this Transaction, commencing January
                                 25, 2007 and ending on the Termination Date,
                                 subject to adjustment in accordance with the
                                 Business Day Convention.
</TABLE>

                                      M-38

<PAGE>

<TABLE>
<S>                              <C>
   Floating Rate Payer Payment   Early Payment shall be applicable. The Floating
      Dates:                     Rate Payer Payment Date shall be one Business
                                 Day prior to each Floating Rate Payer Period
                                 End Date.

   Floating Rate for initial     To be determined.
      Calculation Period:

   Floating Rate Option:         USD-LIBOR-BBA; provided, however, that if the
                                 Floating Rate Option for any Calculation Period
                                 is greater than 10.89000% then the Floating
                                 Rate Option for such Calculation Period shall
                                 be deemed to be 10.89000%.

   Designated Maturity:          One month

   Floating Rate Day             Actual/360
      Count Fraction:

   Reset Dates:                  The first day of each Calculation Period.

   Compounding:                  Inapplicable

   Business Days:                New York and Illinois

   Business Day Convention:      Modified Following

   Calculation Agent:            Bear Stearns
</TABLE>

(3)  Provisions Deemed Incorporated in a Schedule to the ISDA Master Agreement:

Part 1. Termination Provisions.

For purposes of the ISDA Master Agreement:

(p)  "SPECIFIED ENTITY" will not apply to Bear Stearns or Counterparty for any
     purpose.

(q)  "SPECIFIED TRANSACTIONS" will not apply to Bear Stearns or Counterparty for
     any purpose.

(r)  The "FAILURE TO PAY OR DELIVER" provisions of Section 5(a)(i) will apply to
     Bear Stearns and will apply to Counterparty; provided that notwithstanding
     anything to the contrary in Section 5(a)(i) or Paragraph 7 of the Credit
     Support Annex, any failure by Bear Stearns to comply with or perform any
     obligation to be complied with or performed by Bear Stearns under the
     Credit Support Annex shall not constitute an Event of Default under Section
     5(a)(i) unless (A) a Moody's Second Level Downgrade has occurred and been
     continuing for 30 or more Local Business Days and (B) such failure is not
     remedied on or before the third Local Business Day after notice of such
     failure is given to Bear Stearns.

                                      M-39

<PAGE>

(s)  The "BREACH OF AGREEMENT" provisions of Section 5(a)(ii) will apply to Bear
     Stearns and will not apply to Counterparty.

(t)  The "CREDIT SUPPORT DEFAULT" provisions of Section 5(a)(iii) will apply to
     (x) Bear Stearns; provided that notwithstanding anything to the contrary in
     Section 5(a)(iii)(1), any failure by Bear Stearns to comply with or perform
     any obligation to be complied with or performed by Bear Stearns under the
     Credit Support Annex shall not constitute an Event of Default under Section
     5(a)(iii) unless (A) a Moody's Second Level Downgrade has occurred and been
     continuing for 30 or more Local Business Days and (B) such failure is not
     remedied on or before the third Local Business Day after notice of such
     failure is given to Bear Stearns and (y) Counterparty solely in respect of
     Counterparty's obligations under Paragraph 3(b) of the Credit Support
     Annex.

(u)  The "MISREPRESENTATION" provisions of Section 5(a)(iv) will apply to Bear
     Stearns and will not apply to Counterparty.

(v)  The "DEFAULT UNDER SPECIFIED TRANSACTION" provisions of Section 5(a)(v)
     will not apply to Bear Stearns or Counterparty.

(w)  The "CROSS DEFAULT" provisions of Section 5(a)(vi) will apply to Bear
     Stearns and will not apply to Counterparty.

          "SPECIFIED INDEBTEDNESS" will have the meaning specified in
          Section 14.

          "THRESHOLD AMOUNT" means USD 100,000,000.

(x)  The "BANKRUPTCY" provisions of Section 5(a)(vii) will apply to Bear Stearns
     and will apply to Counterparty except that the provisions of Section
     5(a)(vii)(2), (6) (to the extent that such provisions refer to any
     appointment contemplated or effected by the Pooling and Servicing Agreement
     or any appointment to which Counterparty has not become subject to), (7)
     and (9) will not apply to Counterparty; provided that, with respect to
     Counterparty only, Section 5(a)(vii)(4) is hereby amended by adding after
     the words "against it" the words "(excluding any proceeding or petition
     instituted or presented by Bear Stearns)", and Section 5(a)(vii)(8) is
     hereby amended by deleting the words "to (7) inclusive" and inserting lieu
     thereof ", (3), (4) as amended, (5) or (6) as amended".

(y)  The "TAX EVENT UPON MERGER" provisions of Section 5(b)(iii) will apply to
     Bear Stearns and will apply to Counterparty; provided that Bear Stearns
     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.

(z)  The "CREDIT EVENT UPON MERGER" provisions of Section 5(b)(iv) will not
     apply to Bear Stearns or Counterparty.

(aa) The "AUTOMATIC EARLY TERMINATION" provision of Section 6(a) will not apply
     to Bear Stearns or to Counterparty.

(bb) Payments on Early Termination. For the purpose of Section 6(e) of the ISDA
     Master Agreement:

          (1)  Market Quotation will apply; and

          (2)  the Second Method will apply;

                                      M-40

<PAGE>

          provided that if Bear Stearns is the Defaulting Party or the sole
          Affected Party, the following provisions will apply:

               (A) Section 6(e) of the ISDA Master Agreement will be amended by
               inserting on the first line "or is effectively designated" after
               "If an Early Termination Date occurs";

               (B) The definition of Market Quotation in Section 14 shall be
               deleted in its entirety and replaced with the following:

                    "MARKET QUOTATION" means, with respect to one or more
                    Terminated Transactions, and a party making the
                    determination, an amount determined on the basis of Firm
                    Offers from Reference Market-makers that are Eligible
                    Replacements. Each Firm Offer will be (1) for an amount that
                    would be paid to Counterparty (expressed as a negative
                    number) or by Counterparty (expressed as a positive number)
                    in consideration of an agreement between Counterparty and
                    such Reference Market-maker to enter into a Replacement
                    Transaction and (2) made on the basis that 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. The party making the
                    determination (or its agent) will request each Reference
                    Market-maker to provide its Firm Offer to the extent
                    reasonably practicable as of the same day and time (without
                    regard to different time zones) on or as soon as reasonably
                    practicable after the designation of the relevant Early
                    Termination Date. The day and time as of which those Firm
                    Offers are to be obtained will be selected in good faith by
                    the party obliged to make a determination under Section
                    6(e), and, if each party is so obliged, after consultation
                    with the other. The Market Quotation shall be the Firm Offer
                    actually accepted by Counterparty no later than the Business
                    Day preceding the Early Termination Date. If no Firm Offers
                    are provided by the Business Day preceding the Early
                    Termination Date, it will be deemed that the Market
                    Quotation in respect of such Terminated Transaction or group
                    of Transactions cannot be determined.

               (C) Counterparty shall use best efforts to accept a Firm Offer
               that would determine the Market Quotation. If more than one Firm
               Offer (which, if accepted, would determine the Market Quotation)
               is provided, Counterparty shall use commercially reasonable
               efforts to accept the Firm Offer (among such Firm Offers) which
               would require either (x) the lowest payment by the Counterparty
               to the Reference Market-maker, to the extent Counterparty would
               be required to make a payment to the Reference Market-maker or
               (y) the highest payment from the Reference Market-maker to
               Counterparty, to the extent the Reference Market-maker would be
               required to make a payment to the Counterparty. If only one Firm
               Offer (which, if accepted, would determine the Market Quotation)
               is provided, Counterparty shall use commercially reasonable
               efforts to accept such Firm Offer.

                                      M-41

<PAGE>

               (D) Upon the written request by Counterparty to Bear Stearns,
               Bear Stearns shall obtain the Market Quotations on behalf of
               Counterparty.

               (E) If the Settlement Amount is a negative number, Section
               6(e)(i)(3) of the ISDA Master Agreement shall be deleted in its
               entirety and replaced with the following:

                    "(3) Second Method and Market Quotation. If the Second
                    Method and Market Quotation apply, (I) Counterparty shall
                    pay to Bear Stearns an amount equal to the absolute value of
                    the Settlement Amount in respect of the Terminated
                    Transactions, (II) Counterparty shall pay to Bear Stearns
                    the Termination Currency Equivalent of the Unpaid Amounts
                    owing to Bear Stearns and (III) Bear Stearns shall pay to
                    Counterparty the Termination Currency Equivalent of the
                    Unpaid Amounts owing to Counterparty; provided, however,
                    that (x) the amounts payable under the immediately preceding
                    clauses (II) and (III) shall be subject to netting in
                    accordance with Section 2(c) of this Agreement and (y)
                    notwithstanding any other provision of this Agreement, any
                    amount payable by Bear Stearns under the immediately
                    preceding clause (III) shall not be netted-off against any
                    amount payable by Counterparty under the immediately
                    preceding clause (I)."

(cc) "TERMINATION CURRENCY" means United States Dollars.

(dd) ADDITIONAL TERMINATION EVENTS. Additional Termination Events will apply:

     (i)  If, upon the occurrence of a Cap Disclosure Event (as defined in Part
          5(l)(ii)] below) Bear Stearns has not, within ten (10) calendar days
          after such Cap Disclosure Event complied with any of the provisions
          set forth in Part 5 (l) below, then an Additional Termination Event
          shall have occurred with respect to Bear Stearns, Bear Stearns shall
          be the sole Affected Party and all Transactions hereunder shall be
          Affected Transaction.

     (ii) If, without the prior written consent of Bear Stearns where such
          consent is required under the Pooling and Servicing Agreement, an
          amendment or supplemental agreement is made to the Pooling and
          Servicing Agreement which amendment or supplemental agreement could
          reasonably be expected to have a material adverse effect on the
          interests of Bear Stearns under this Agreement, an Additional
          Termination Event shall have occurred with respect to Counterparty,
          Counterparty shall be the sole Affected Party and all Transactions
          hereunder shall be Affected Transaction.

     (iii) (A) If a S&P First Level Downgrade has occurred and is continuing and
               Bear Stearns fails to take any action described under Part
               (5)(f)(i)(1), within the time period specified therein, then an
               Additional Termination Event shall have occurred with respect to
               Bear Stearns, Bear Stearns shall be the sole Affected Party with
               respect to such Additional Termination Event and all Transactions
               hereunder shall be Affected Transaction.

          (B)  If a S&P Second Level Downgrade has occurred and is continuing
               and Bear Stearns fails to take any action described under Part
               (5)(f)(i)(2) within the time period specified therein, then an
               Additional Termination Event shall have occurred with respect to
               Bear Stearns, Bear Stearns shall be the sole

                                      M-42

<PAGE>

               Affected Party with respect to such Additional Termination Event
               and all Transactions hereunder shall be Affected Transaction.

          (C)  If (A) a Moody's Second Level Downgrade has not occurred and been
               continuing for 30 or more Local Business Days and (B) Bear
               Stearns has failed to comply with or perform any obligation to be
               complied with or performed by Bear Stearns in accordance with the
               Credit Support Annex, then an Additional Termination Event shall
               have occurred with respect to Bear Stearns and Bear Stearns shall
               be the sole Affected Party with respect to such Additional
               Termination Event.

          (D)  If (A) a Moody's Second Level Downgrade has occurred and been
               continuing for 30 or more Local Business Days and (B) either (i)
               at least one Eligible Replacement has made a Firm Offer to be the
               transferee or (ii) at least one entity that satisfies the Moody's
               Approved Ratings Threshold has made a Firm Offer to provide an
               Eligible Guaranty in respect of all of Bear Stearns' present and
               future obligations under this Agreement, then an Additional
               Termination Event shall have occurred with respect to Bear
               Stearns, Bear Stearns shall be the sole Affected Party with
               respect to such Additional Termination Event and all Transactions
               hereunder shall be Affected Transaction.

(p)  LIMITATION ON EVENTS OF DEFAULT. Notwithstanding the terms of Sections 5
     and 6 of the ISDA Form Master Agreement, if at any time and so long as the
     Counterparty has satisfied in full all its payment obligations under
     Section 2(a)(i) of the ISDA Form Master Agreement and has at the time no
     future payment obligations, whether absolute or contingent, under such
     Section, then unless Bear Stearns 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 any such
     payment, (a) the occurrence of an event described in Section 5(a) of the
     ISDA Form Master Agreement with respect to the Counterparty shall not
     constitute an Event of Default or Potential Event of Default with respect
     to the Counterparty as Defaulting Party and (b) Bear Stearns shall be
     entitled to designate an Early Termination Date pursuant to Section 6 of
     the ISDA Form Master Agreement only as a result of the occurrence of a
     Termination Event set forth in either Section 5(b)(i) or 5(b)(ii) of the
     ISDA Form Master Agreement with respect to Bear Stearns as the Affected
     Party, or Section 5(b)(iii) with respect to Bear Stearns as the Burdened
     Party.

Part 2. Tax Matters.

(c)  Tax Representations.

     (i) Payer Representations. For the purpose of Section 3(e) of the ISDA
     Master Agreement, each of Bear Stearns and the Counterparty will 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) of the
     ISDA Master Agreement) to be made by it to the other party under this
     Agreement. In making this representation, it may rely on:

          (1) the accuracy of any representations made by the other party
          pursuant to Section 3(f) of the ISDA Master Agreement;

                                      M-43

<PAGE>

          (2) the satisfaction of the agreement contained in Sections 4(a)(i)
          and 4(a)(iii) of the ISDA Master Agreement and the accuracy and
          effectiveness of any document provided by the other party pursuant to
          Sections 4(a)(i) and 4(a)(iii) of the ISDA Master Agreement; and

          (3) the satisfaction of the agreement of the other party contained in
          Section 4(d) of the ISDA Master Agreement, provided that it shall not
          be a breach of this representation where reliance is placed on clause
          (ii) and the other party does not deliver a form or document under
          Section 4(a)(iii) of the ISDA Master Agreement by reason of material
          prejudice to its legal or commercial position.

     (ii) Payee Representations. For the purpose of Section 3(f) of the ISDA
     Master Agreement, each of Bear Stearns and the Counterparty make the
     following representations.

     The following representation will apply to Bear Stearns:

          Bear Stearns is a corporation organized under the laws of the State of
          Delaware and its U.S. taxpayer identification number is 13-3866307.

     The following representation will apply to the Counterparty:

          LaSalle Bank National Association represents that it is the Trustee
          under the Pooling and Servicing Agreement.

(d)  Tax Provisions.

     Notwithstanding the definition of "Indemnifiable Tax" in Section 14 of this
     Agreement, all Taxes in relation to payments by Bear Stearns shall be
     Indemnifiable Taxes (including any Tax imposed in respect of a Credit
     Support Document) unless (i) such Taxes are assessed directly against
     Counterparty and not by deduction or withholding by Bear Stearns or (ii)
     arise as a result of a Change in Tax Law (in which case such Tax shall be
     an Indemnifiable Tax only if such Tax satisfies the definition of
     Indemnifiable Tax provided in Section 14). In relation to payments by
     Counterparty, no Tax shall be an Indemnifiable Tax.

Part 3. AGREEMENT TO DELIVER DOCUMENTS. For the purpose of Section 4(a) of the
ISDA Master Agreement:

     (i)  Tax forms, documents, or certificates to be delivered are:

                                      M-44

<PAGE>

<TABLE>
<CAPTION>
PARTY REQUIRED TO                                                  DATE BY WHICH TO
DELIVER DOCUMENT          FORM/DOCUMENT/CERTIFICATE                  BE DELIVERED
-----------------   -------------------------------------   ------------------------------
<S>                 <C>                                     <C>
Bear Stearns        An original properly completed and      (i) upon execution of this
                    executed United States Internal         Agreement, (ii) on or before
                    Revenue Service Form W-9 (or any        the first payment date under
                    successor thereto) with respect to      this Agreement, including any
                    any payments received or to be          Credit Support Document, (iii)
                    received by Bear Stearns, that          promptly upon the reasonable
                    eliminates U.S. federal withholding     demand by Counterparty, (iv)
                    and backup withholding Tax on           prior to the expiration or
                    payments to Bear Stearns under this     obsolescence of any previously
                    Agreement.                              delivered form, and (v)
                                                            promptly upon the information
                                                            on any such previously
                                                            delivered form becoming
                                                            inaccurate or incorrect.

Counterparty        An original properly completed and      (i) upon execution of this
                    executed United States Internal         Agreement, (ii) on or before
                    Revenue Service Form W-9 (or any        the first payment date under
                    successor thereto) with respect to      this Agreement, including any
                    any payments received or to be          Credit Support Document, (iii)
                    received by Counterparty.               promptly upon the reasonable
                                                            demand by Bear Stearns, (iv)
                                                            prior to the expiration or
                                                            obsolescence of any previously
                                                            delivered form, and (v)
                                                            promptly upon the information
                                                            on any such previously
                                                            delivered form becoming
                                                            inaccurate or incorrect.
</TABLE>

(ii) Other documents to be delivered are:

<TABLE>
<CAPTION>
PARTY REQUIRED TO                                                  DATE BY WHICH TO          COVERED BY SECTION 3(D)
DELIVER DOCUMENT          FORM/DOCUMENT/CERTIFICATE                  BE DELIVERED                 REPRESENTATION
-----------------   -------------------------------------   ------------------------------   -----------------------
<S>                 <C>                                     <C>                              <C>
Bear Stearns and    Any documents required by the           Upon the execution and           Yes
the Counterparty    receiving party to evidence the         delivery of this Agreement and
                    authority of the delivering party or    such Confirmation
                    its Credit Support Provider, if any,
                    for it to execute and deliver this
                    Agreement, any Confirmation, and any
                    Credit Support Documents to which it
                    is a party, and to evidence the
                    authority of the delivering party or
                    its Credit Support Provider to
                    perform its obligations under this
                    Agreement, such
</TABLE>

                                      M-45

<PAGE>

<TABLE>
<CAPTION>
PARTY REQUIRED TO                                                  DATE BY WHICH TO          COVERED BY SECTION 3(D)
DELIVER DOCUMENT          FORM/DOCUMENT/CERTIFICATE                  BE DELIVERED                 REPRESENTATION
-----------------   -------------------------------------   ------------------------------   -----------------------
<S>                 <C>                                     <C>                              <C>
                    Confirmation and/or Credit Support
                    Document, as the case may be

Bear Stearns and    A certificate of an authorized          Upon the execution and           Yes
the Counterparty    officer of the party, as to the         delivery of this Agreement and
                    incumbency and authority of the         such Confirmation
                    respective officers of the party
                    signing this Agreement, any relevant
                    Credit Support Document, or any
                    Confirmation, as the case may be

Bear Stearns and    An opinion of counsel of such party     Upon the execution and           No
the Counterparty    regarding the enforceability of this    delivery of this Agreement
                    Agreement in a form reasonably
                    satisfactory to the other party.

Counterparty        An executed copy of the Pooling and     Within 30 days after receipt     No
                    Servicing Agreement                     of such agreement by the
                                                            counterparty
</TABLE>

Part 4 Miscellaneous.

(a)  ADDRESS FOR NOTICES: For the purposes of Section 12(a) of the ISDA Master
     Agreement:

          Address for notices or communications to Bear Stearns:

               Address:   383 Madison Avenue, New York, New York 10179
               Attention: DPC Manager
               Facsimile: (212) 272-5823

          with a copy to:

               Address:   One Metrotech Center North, Brooklyn, New York 11201
               Attention: Derivative Operations - 7th Floor
               Facsimile: (212) 272-1634

          (For all purposes)

                                      M-46

<PAGE>

          Address for notices or communications to the Counterparty:

               Address:   LaSalle Bank National Association
                          135 South LaSalle Street, Suite 1511
                          Chicago, IL  60603
               Attention: Patrick Kubik
               Facsimile: 312-904-1368
               Phone:     312-992-1102

          with a copy to:

               Address:   Merrill Lynch Mortgage Lending, Inc.
                          4 World Financial Center
                          250 Vesey Street
                          New York, NY 10080
               Attention: Alan Chan
               Facsimile: 212-738-1110
               Phone:     212-449-1441

          (For all purposes)

(b)  Account Details and Settlement Information:

     PAYMENTS TO BEAR STEARNS:
          Citibank, N.A., New York
          ABA Number: 021-0000-89, for the account of
          Bear, Stearns Securities Corp.
          Account Number: 0925-3186, for further credit to
          Bear Stearns Financial Products Inc.
          Sub-account Number: 102-04654-1-3
          Attention: Derivatives Department

     PAYMENTS TO COUNTERPARTY:
          LaSalle Bank National Association
          ABA Number: 071000505
          Account Number: 724372.2
          Account Name: LaSalle CHGO/CTR/BNF:/LaSalle Trust
          Ref: FFMLT 2006-FF18 (FXNEC9075)
          Attn: Patrick Kubik

                                      M-47

<PAGE>

(c)  PROCESS AGENT. For the purpose of Section 13(c) of the ISDA Master
     Agreement:

               Bear Stearns appoints as its
               Process Agent: Not Applicable

               The Counterparty appoints as its
               Process Agent: Not Applicable

(d)  OFFICES. The provisions of Section 10(a) of the ISDA Master Agreement will
     not apply to this Agreement; neither Bear Stearns nor the Counterparty have
     any Offices other than as set forth in the Notices Section.

(e)  MULTIBRANCH PARTY. For the purpose of Section 10(c) of the ISDA Master
     Agreement:

          Bear Stearns is not a Multibranch Party.

          The Counterparty is not a Multibranch Party.

(f)  CREDIT SUPPORT DOCUMENT.

          Bear Stearns: The Credit Support Annex and any guaranty in support of
          Bear Stearns' obligations under this Agreement.

          Counterparty: The Credit Support Annex.

(g)  CREDIT SUPPORT PROVIDER.

          Bear Stearns: The guarantor under any guaranty in support of Bear
Stearns' obligations under this Agreement.

          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 the conflict of law provisions thereof other than New
     York General Obligations Law Sections 5-1401 and 5-1402.

(i)  JURISDICTION. Section 13(b) is hereby amended by: (i) deleting in the
     second line of subparagraph (i) thereof the word "non-", (ii) deleting ";
     and" from the end of subparagraph 1 and inserting "." in lieu thereof, and
     (iii) deleting the final paragraph thereof.

(j)  "AFFILIATE": Bear Stearns and Counterparty shall be deemed not to have any
     Affiliates for purposes of this Agreement, including for purposes of
     Section 6(b)(ii) of the ISDA Master Agreement.

(k)  NETTING OF PAYMENTS. The parties agree that subparagraph (ii) of Section
     2(c) of the ISDA Master Agreement will apply to each Transaction.

Part 5. OTHER PROVISIONS.

                                      M-48

<PAGE>

(a) Section 3 of the ISDA Master Agreement is hereby amended by adding at the
end thereof the following subsection (g):

     "(g) Relationship Between Parties.

          Each party represents to the other party on each date when it enters
          into a Transaction that:

     (1)  Nonreliance. (i) It is acting for its own account, (ii) 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 and (iii) it has consulted with its own
          legal, regulatory, tax, business, investment, financial and accounting
          advisors to the extent it has deemed necessary, (iv) it has made its
          own investment, hedging and trading decisions based upon its own
          judgment and upon any advice from such advisors as it has deemed
          necessary and not upon any view expressed by the other party, (v) it
          has made its own independent decisions to enter into the Transaction
          and as to whether the Transaction is appropriate or proper for it
          based upon its own judgment and upon advice from such advisors as it
          has deemed necessary, (vi) it is not relying on any communication
          (written or oral) of the other party as investment advice or as a
          recommendation to enter into this Transaction; it being understood
          that information and explanations related to the terms and conditions
          of this Transaction shall not be considered investment advice or a
          recommendation to enter into this Transaction and (vii) it has not
          received from the other party any assurance or guaranty as to the
          expected results of this Transaction.

     (2)  Evaluation and Understanding.

               (i)  It has the capacity to evaluate (internally or through
                    independent professional advice) the Transaction and has
                    made its own decision to enter into the Transaction; and

               (ii) It understands the terms, conditions and risks of the
                    Transaction and is willing and able to accept those terms
                    and conditions and to assume those risks, financially and
                    otherwise.

     (3)  Purpose. It is entering into the Transaction for the purposes of
          managing its borrowings or investments, hedging its underlying assets
          or liabilities or in connection with a line of business.

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

     (5)  Eligible Contract Participant. It constitutes an "eligible contract
          participant" as such term is defined in Section 1(a)12 of the
          Commodity Exchange Act, as amended.

     (6)  Line of Business. It has entered into this Agreement (including each
          Transaction governed hereby) in conjunction with its line of business
          or the financing of its business."

                                      M-49
<PAGE>

(b) NON-RECOURSE. Notwithstanding any provision herein or in the ISDA Master
Agreement to the contrary, the obligations of Counterparty hereunder are limited
recourse obligations of Counterparty, payable solely from the Corridor Contract
Account and the proceeds thereof, in accordance with the terms of the Pooling
and Servicing Agreement. In the event that the Corridor Contract Account and
proceeds thereof should be insufficient to satisfy all claims outstanding and
following the realization of the Corridor Contract Account and the proceeds
thereof, any claims against or obligations of Counterparty under the ISDA Master
Agreement or any other confirmation thereunder still outstanding shall be
extinguished and thereafter not revive. The Trustee shall not have liability for
any failure or delay in making a payment hereunder to Bear Stearns due to any
failure or delay in receiving amounts in the Corridor Contract Account from the
Trust created pursuant to the Pooling and Servicing Agreement.

(c) 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.

(d) CONSENT TO RECORDING. Each party hereto consents to the monitoring or
recording, at any time and from time to time, by the other party of any and all
communications between officers or employees of the parties, waives any further
notice of such monitoring or recording, and agrees to notify its officers and
employees of such monitoring or recording.

(e) 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.

(f) RATING AGENCY DOWNGRADE.

     (i)  S&P Downgrade:

          (1)  In the event that a S&P First Level Downgrade occurs and is
               continuing, then within 30 days after such rating downgrade, Bear
               Stearns shall, subject to the Rating Agency Condition with
               respect to S&P, at its own expense, either (i) procure a
               Permitted Transfer, (ii) obtain an Eligible Guaranty or (iii)
               post collateral in accordance with the Credit Support Annex.

          (2)  In the event that a S&P Second Level Downgrade occurs and is
               continuing, then within 10 Local Business Days after such rating
               withdrawal or downgrade, Bear Stearns shall, subject to the
               Rating Agency Condition with respect to S&P, at its own expense,
               either (i) procure a Permitted Transfer or (ii) obtain an
               Eligible Guaranty.

     (ii) Moody's Downgrade.

          (1)  In the event that a Moody's Second Level Downgrade occurs and is
               continuing, Bear Stearns shall as soon as reasonably practicable
               thereafter, at its own expense and using

                                      M-50

<PAGE>

               commercially reasonable efforts, either (i) procure a Permitted
               Transfer or (ii) obtain an Eligible Guaranty.

(g) PAYMENT INSTRUCTIONS. Bear Stearns hereby agrees that, unless notified in
writing by the Swap Administrator of other payment instructions, any and all
amounts payable by Bear Stearns to the Counterparty under this Agreement shall
be paid to the Trustee at the account specified herein.

(h) AMENDMENT. No amendment, waiver, supplement or other modification of this
Transaction shall be permitted by either party unless (i) each of S&P and
Moody's have been provided notice of the same and (ii) such amendment, waiver,
supplement, assignment or other modification satisfies the Rating Agency
Condition.

(i) TRANSFER.

     (i)  The first paragraph of Section 7 is hereby amended in its entirety as
          follows:

          "Subject to Section 6(b)(ii), Part 5(f) and Part 5(j), neither this
          Agreement nor any interest or obligation in or under this Agreement
          may be transferred (whether by way of security or otherwise) without
          (a) the prior written consent of the other party (which consent shall
          be deemed given by Counterparty if the transfer, novation or
          assignment is to an Eligible Replacement) and (b) satisfaction of the
          Rating Agency Condition with respect to S&P, except that:"

     (ii) If an entity has made a Firm Offer (which remains an offer that will
          become legally binding upon acceptance by Counterparty) to be the
          transferee of a transfer, Counterparty shall, at Bear Stearns' written
          request and at Bear Stearns' expense, take any reasonable steps
          required to be taken by Counterparty to effect such transfer.

(j) TRANSFER TO AVOID TERMINATION EVENT. Section 6(b)(ii) is hereby amended by
(i) deleting the words "or if a Tax Event Upon Merger occurs and the Burdened
Party is the Affected Party," and (ii) deleting the last paragraph thereof and
inserting the following:

     "Notwithstanding anything to the contrary in Section 7 (as amended herein)
     and Part 5(i), any transfer by Bear Stearns under this Section 6(b)(ii)
     shall not require the consent of Party B; provided that:

     (i)  the transferee (the "Transferee") is an Eligible Replacement;

     (ii) if the Transferee is domiciled in a different country or political
          subdivision thereof from both Bear Stearns and Party B, such transfer
          satisfies the Rating Agency Condition;

     (iii) the Transferee will not, as a result of such transfer, be required on
          the next succeeding Scheduled Payment Date to withhold or deduct on
          account of any Tax (except in respect of default interest) amounts in
          excess of that which Bear Stearns would, on the next succeeding
          Scheduled Payment Date have been required to so withhold or deduct
          unless the Transferee would be required to make additional payments
          pursuant to Section 2(d) (i)(4) corresponding to such excess;

     (iv) a Termination Event or Event of Default does not occur as a result of
          such transfer; and

                                      M-51

<PAGE>

     (v)  the Transferee confirms in writing that it will accept all of the
          interests and obligations in and under this Agreement which are to be
          transferred to it in accordance with the terms of this provision.

     On and from the effective date of any such transfer to the Transferee, Bear
     Stearns will be fully released from any and all obligations hereunder."

(k) PROCEEDINGS. Bear Stearns shall not institute against or cause any other
person to institute against, or join any other person in instituting against,
the Depositor or the trust or the supplemental interest trust created pursuant
to the Pooling and Servicing Agreement, any bankruptcy, reorganization,
arrangement, insolvency or liquidation proceedings, or other proceedings under
any federal or state bankruptcy, dissolution or similar law, for a period of one
year and one day (or, if longer, the applicable preference period) following
indefeasible payment in full of the First Franklin Mortgage Loan Trust Mortgage
Loan Asset-Backed Certificates, Series 2006-FF18 (the "Certificates").

(l) COMPLIANCE WITH REGULATION AB.

     (i)  Bear Stearns agrees and acknowledges that Merrill Lynch Mortgage
          Investors, Inc. (the "DEPOSITOR") is required under Regulation AB as
          defined under the Pooling and Servicing Agreement, to disclose certain
          financial information regarding Bear Stearns or its group of
          affiliated entities, if applicable, depending on the aggregate
          "significance percentage" of this Agreement and any other derivative
          contracts between Bear Stearns or its group of affiliated entities, if
          applicable, and Counterparty, as calculated from time to time in
          accordance with Item 1115 of Regulation AB.

     (ii) It shall be a cap disclosure event ("CAP DISCLOSURE EVENT") if, on any
          Business Day after the date hereof, the Depositor requests from Bear
          Stearns the applicable financial information described in Item 1115 of
          Regulation AB (such request to be based on a reasonable determination
          by Depositor, in good faith, that such information is required under
          Regulation AB) (the "CAP FINANCIAL DISCLOSURE").

     (iii) Upon the occurrence of a Cap Disclosure Event, Bear Stearns, within
          10 calendar days, at its own expense, shall (1)(a) either (i) provide
          to Depositor the current Cap Financial Disclosure in an
          EDGAR-compatible format (for example, such information may be provided
          in Microsoft Word(R) or Microsoft Excel(R) format but not in .pdf
          format) or (ii) provide written consent to Depositor to incorporation
          by reference of such current Cap Financial Disclosure that are filed
          with the Securities and Exchange Commission in the reports of the
          Trust filed pursuant to the Exchange Act, (b) if applicable, cause its
          outside accounting firm to provide its consent to filing or
          incorporation by reference of such accounting firm's report relating
          to their audits of such current Cap Financial Disclosure in the
          Exchange Act Reports of the Depositor, and (c) provide to the
          Depositor any updated Cap Financial Disclosure with respect to Bear
          Stearns or any entity that consolidates Bear Stearns within five days
          of the release of any such updated Cap Financial Disclosure; (2)
          secure another entity to replace Bear Stearns as party to this
          Agreement on terms substantially similar to this Agreement, which
          entity (or a guarantor therefor) meets or exceeds the Moody's Approved
          Ratings Thresholds and S&P Approved Ratings Threshold and which
          satisfies the Rating Agency Condition and which entity is able to
          comply with the requirements of Item 1115 of Regulation AB, or (3)
          obtain a guaranty of Bear Stearns' obligations under this Agreement
          from an affiliate of Bear Stearns that is able to comply with the
          financial information disclosure requirements of Item 1115 of
          Regulation AB, and cause such affiliate to provide Cap Financial
          Disclosure and any future Cap Financial Disclosure, such that
          disclosure provided in respect of such affiliate will satisfy any
          disclosure requirements applicable to the Cap Provider.

                                      M-52

<PAGE>

     (iv) Bear Stearns agrees that, in the event that Bear Stearns provides Cap
          Financial Disclosure to Depositor in accordance with Part 5(l)(iii)(1)
          or causes its affiliate to provide Cap Financial Disclosure to
          Depositor in accordance with clause Part 5(l)(iii)(3), it will
          indemnify and hold harmless Depositor, its respective directors or
          officers and any person controlling Depositor, from and against any
          and all losses, claims, damages and liabilities caused by any untrue
          statement or alleged untrue statement of a material fact contained in
          such Cap Financial Disclosure or caused by any omission or alleged
          omission to state in such Cap Financial Disclosure a material fact
          required to be stated therein or necessary to make the statements
          therein, in light of the circumstances under which they were made, not
          misleading.

     (v)  If Trustee and Depositor reasonably requests, Bear Stearns shall
          provide such other information as may be necessary for Depositor to
          comply with Item 1115 of Regulation AB.

     (vi) Each of the Trustee and Depositor shall be an express third party
          beneficiary of this Agreement as if a party hereto to the extent of
          the Trustee's and the Depositor's rights explicitly specified in this
          Part 5(l).

(m) TRUSTEE LIABILITY LIMITATIONS. It is expressly understood and agreed by the
parties hereto that:

     (i)  this Agreement is executed and delivered by LaSalle Bank National
          Association ("LaSalle"), not individually or personally but solely as
          Trustee on behalf of First Franklin Mortgage Loan Trust, Series
          2006-FF18.

     (ii) each of the representations, undertakings and agreements herein made
          on the part of the Counterparty is made and intended not as a personal
          representation, undertaking or agreement of LaSalle but is made and
          intended for the purpose of binding only the Counterparty;

     (iii) nothing herein contained shall be construed as imposing any liability
          upon LaSalle, individually or personally, to perform any covenant
          either expressed or implied contained herein, all such liability, if
          any, being expressly waived by the parties hereto and by any Person
          claiming by, through or under the parties hereto; provided that
          nothing in this paragraph shall relieve LaSallefrom performing its
          duties and obligations under the Pooling and Servicing Agreement in
          accordance with the standard of care set forth therein;

     (iv) under no circumstances shall LaSalle be personally liable for the
          payment of any indebtedness or expenses of the Counterparty or be
          liable for the breach or failure of any obligation, representation,
          warranty or covenant made or undertaken by the Counterparty under this
          Agreement or any other related documents, other than due to its
          negligence or willful misconduct in performing the obligations of the
          Trustee under the Pooling and Servicing Agreement;

     (v)  any resignation or removal of LaSalle as trustee on behalf of the
          First Franklin Mortgage Loan Trust, Series 2006-FF18 shall require the
          assignment of this agreement to a trustee replacement;

     (vi) LaSalle in its capacity as Trustee has been directed, pursuant to the
          Pooling and Servicing Agreement, to enter into this Agreement and to
          perform its obligations hereunder.

(n) SUBSTANTIAL FINANCIAL TRANSACTION. 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 and
in the Confirmation relating

                                      M-53

<PAGE>

to such Transaction, as applicable. This paragraph shall be deemed repeated on
the trade date of each Transaction.

(o) SET-OFF. Except as expressly provided for in Section 2(c), Section 6 or Part
1(m)(E) hereof, and notwithstanding any other provision of this Agreement or any
other existing or future agreement, 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. Section 6(e) shall be amended by deleting the following
sentence: "The amount, if any, payable in respect of an Early Termination Date
and determined pursuant to this Section will be subject to any Set-off."

(p) 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.

(q) ADDITIONAL DEFINED TERMS.

     (i)  Capitalized terms used but nor defined herein shall have the meanings
          ascribed to such terms in the Pooling and Servicing Agreement.

     (ii) Additional Definitions:

          "ELIGIBLE GUARANTY" means an unconditional and irrevocable guaranty of
     all present and future payment obligations and obligations to post
     collateral of Bear Stearns or an Eligible Replacement to Counterparty under
     this Agreement that is provided by an Eligible Guarantor as principal
     debtor rather than surety and that is directly enforceable by Counterparty,
     the form and substance of which guaranty are subject to the Rating Agency
     Condition with respect to S&P.

          "ELIGIBLE GUARANTOR" means an entity that has credit ratings at least
     equal to the Moody's Required Ratings Threshold and S&P Approved Ratings
     Threshold.

          "ELIGIBLE REPLACEMENT" means an entity that either (i) satisfies the
     S&P Approved Ratings Threshold and the Moody's Required Ratings Threshold
     or (ii) provides an Eligible Guaranty from an Eligible Guarantor.

                                      M-54

<PAGE>

          "FIRM OFFER" means an offer which, when made, is capable of becoming
     legally binding upon acceptance.

          "MOODY'S" means Moody's Investors Service, Inc., or any successor.

          "MOODY'S APPROVED RATINGS THRESHOLD" means, with respect to (i) Bear
     Stearns, a Moody's counterparty rating of "A1" or above and (ii) with
     respect to any other entity (or its guarantor), (x) if such entity has both
     a long-term unsecured and unsubordinated debt rating or counterparty rating
     from Moody's and a short-term unsecured and unsubordinated debt rating from
     Moody's, a long-term unsecured and unsubordinated debt rating or
     counterparty rating from Moody's of "A2" or above and a short-term
     unsecured and unsubordinated debt rating from Moody's of "Prime-1" or
     above, or (y) if such entity has only a long-term unsecured and
     unsubordinated debt rating or counterparty rating from Moody's, a long-term
     unsecured and unsubordinated debt rating or counterparty rating from
     Moody's of "A1" or above.

          "MOODY'S FIRST LEVEL DOWNGRADE" means that no Relevant Entity
     satisfies the Moody's Approved Rating Threshold.

          "MOODY'S REQUIRED RATINGS THRESHOLD" means, with respect to (i) Bear
     Stearns, a counterparty rating of "A3" or above and (ii) with respect to
     any other entity (or its guarantor), (x) if such entity has both a
     long-term unsecured and unsubordinated debt rating or counterparty rating
     from Moody's and a short-term unsecured and unsubordinated debt rating from
     Moody's, a long-term unsecured and unsubordinated debt rating or
     counterparty rating from Moody's of "A3" or above or a short-term unsecured
     and unsubordinated debt rating from Moody's of "Prime-2" or above, or (y)
     if such entity has only a long-term unsecured and unsubordinated debt
     rating or counterparty rating from Moody's, a long-term unsecured and
     unsubordinated debt rating or counterparty rating from Moody's of "A3" or
     above.

                                      M-55

<PAGE>

          "MOODY'S SECOND LEVEL DOWNGRADE" means that no Relevant Entity
     satisfies the Moody's Required Ratings Threshold.

          "PERMITTED TRANSFER" means a transfer by novation by Bear Stearns to
     an entity (the "TRANSFEREE") of all, but not less than all, of Bear
     Stearns' rights, liabilities, duties and obligations under this Agreement,
     with respect to which transfer each of the following conditions is
     satisfied: (a) the Transferee is an Eligible Replacement that is a
     recognized dealer in interest rate swaps organized under the laws of the
     United States of America or a jurisdiction located in the United States of
     America (or another jurisdiction reasonably acceptable to Counterparty),
     (b) an Event of Default or Termination Event would not occur as a result of
     such transfer, (c) pursuant to a written instrument (the "TRANSFER
     AGREEMENT"), the Transferee acquires and assumes all rights and obligations
     of Bear Stearns under the Agreement and the relevant Transaction, (d) Bear
     Stearns will be responsible for any costs or expenses incurred in
     connection with such transfer (including any replacement cost of entering
     into a replacement transaction); (e) either (A) Moody's has been given
     prior written notice of such transfer and the Rating Agency Condition is
     satisfied with respect to S&P or (B) each Rating Agency has been given
     prior written notice of such transfer and such transfer is in connection
     with the assignment and assumption of this Agreement without modification
     of its terms, other than party names, dates relevant to the effective date
     of such transfer, tax representations and any other representations
     regarding the status of the substitute counterparty, notice information and
     account details and other similar provisions; and (f) such transfer
     otherwise complies with the terms of the Pooling and Servicing Agreement.

          "RATING AGENCY" means each of Moody's and S&P.

          "RATING AGENCY CONDITION" means, with respect to any particular
     proposed act or omission to act hereunder that the party acting or failing
     to act must consult with each Rating Agency then providing a rating of the
     Certificates and receive from each such Rating Agency a prior written
     confirmation that the proposed action or inaction would not cause a
     downgrade or withdrawal of its then-current rating of the Certificates.

          "RELEVANT ENTITY" means Bear Stearns and any Eligible Guarantor under
     an Eligible Guaranty with respect to Bear Stearns.

          "REPLACEMENT TRANSACTION" means, with respect to any Terminated
     Transaction or group of Terminated Transactions, a transaction or group of
     transactions that (i) would have the effect of preserving for Counterparty
     the economic equivalent 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 Transaction or group of Terminated Transactions
     that would, but for the occurrence of the relevant Early Termination Date,
     have been required after that Date, and (ii) has terms which are
     substantially the same as this Agreement, including, without limitation,
     rating triggers, Regulation

                                      M-56

<PAGE>

     AB compliance, and credit support documentation, as determined by
     Counterparty in its sole discretion, acting in a commercially reasonable
     manner.

          "S&P" means Standard & Poor's, a division of The McGraw-Hill
     Companies, Inc.

          "S&P APPROVED RATINGS THRESHOLD" means with respect to (i) Bear
     Stearns, a counterparty rating of "A+" or above and (ii) with respect to
     any other entity (or its guarantor), a short-term unsecured and
     unsubordinated debt rating from S&P of "A-1" or above, or, if such entity
     does not have a short-term unsecured and unsubordinated debt rating from
     S&P, a long-term unsecured and unsubordinated debt rating from S&P of "A+
     or above.

          "S&P FIRST LEVEL DOWNGRADE" means that no Relevant Entity satisfies
     the S&P Approved Rating Threshold.

          "S&P REQUIRED RATINGS THRESHOLD" means with respect to (i) Bear
     Stearns, a counterparty rating of "BBB" or above and (ii) with respect to
     any other entity (or its guarantor), a long-term unsecured and
     unsubordinated debt rating from S&P of "BBB-" or above.

          "S&P SECOND LEVEL DOWNGRADE" means that no Relevant Entity satisfies
     the S&P Required Rating Thresholds.

(r) RATING AGENCY NOTIFICATIONS. Except as otherwise provided herein, no Early
Termination Date shall be effectively designated hereunder shall be made by
either party unless each Rating Agency has been given prior written notice of
such designation.

                                      M-57

<PAGE>

NEITHER THE BEAR STEARNS COMPANIES INC. NOR ANY SUBSIDIARY OR AFFILIATE OF THE
BEAR STEARNS COMPANIES INC. OTHER THAN BEAR STEARNS IS AN OBLIGOR OR A CREDIT
SUPPORT PROVIDER ON THIS AGREEMENT.

                                      M-58

<PAGE>

                                   SCHEDULE I
    (all such dates subject to adjustment in accordance with the Business Day
                                   Convention)

<TABLE>
<CAPTION>
                                        NOTIONAL AMOUNT
FROM AND INCLUDING   TO BUT EXCLUDING       (USD)         CAP RATE
------------------   ----------------   ---------------   --------
<S>                  <C>                <C>               <C>
Effective Date          25-Jan-2007       689,394,000      7.899%
   25-Jan-2007          26-Feb-2007       686,006,417      7.124%
   26-Feb-2007          26-Mar-2007       680,934,350      7.899%
   26-Mar-2007          25-Apr-2007       674,162,714      7.124%
   25-Apr-2007          25-May-2007       665,693,874      7.365%
   25-May-2007       Termination Date     655,530,954      7.125%
</TABLE>

                                      M-59
<PAGE>

                                                                    III. ANNEX A

IV. UNILATERAL CSA SCHEDULE(8)

Pledgor: BEAR STEARNS FINANCIAL PRODUCTS INC. (the "Pledgor")

Secured Party: LASALLE BANK NATIONAL ASSOCIATION, NOT IN ITS INDIVIDUAL
CAPACITY, BUT SOLELY AS TRUSTEE ON BEHALF OF FIRST FRANKLIN MORTGAGE LOAN TRUST,
SERIES 2006-FF18 (the "Secured Party")

PARAGRAPH 13. ELECTIONS AND VARIABLES

(a)  SECURITY INTEREST FOR "OBLIGATIONS". The term "Obligations" as used in this
     Annex includes no "additional obligations" within the meaning of Paragraph
     12.

(b)  CREDIT SUPPORT OBLIGATIONS.

     (i)  DELIVERY AMOUNT, RETURN AMOUNT AND CREDIT SUPPORT AMOUNT.

          (1) DELIVERY AMOUNT. Paragraph 3(a) shall be amended by replacing the
          words "upon a demand made by the Secured Party on or promptly
          following a Valuation Date" with the words "on each Valuation Date".
          The "DELIVERY AMOUNT" with respect to Pledgor for any Valuation Date
          shall equal the greatest of:

               (A) the amount by which the S&P Collateral Amount exceeds the S&P
               Value on such Valuation Date of all Posted Credit Support held by
               the Secured Party;

               (B) the amount by which the Moody's First Level Collateral Amount
               exceeds the Moody's First Level Value on such Valuation Date of
               all Posted Credit Support held by the Secured Party.

               (C) the amount by which the Moody's Second Level Collateral
               Amount exceeds the Moody's Second Level Value on such Valuation
               Date of all Posted Credit Support held by the Secured Party.

          (2) "RETURN AMOUNT" applicable to Secured Party for any Valuation Date
          shall equal the least of:

               (A) the amount by which the S&P Value on such Valuation Date of
               all Posted Credit Support held by the Secured Party exceeds the
               S&P Collateral Amount;

               (B) the amount by which the Moody's First Level Value on such
               Valuation Date of all Posted Credit Support held by the Secured
               Party exceeds the Moody's First Level Collateral Amount.

                                      M-60

<PAGE>

               (C) the amount by which the Moody's Second Level Value on such
               Valuation Date of all Posted Credit Support held by the Secured
               Party exceeds the Moody's Second Level Collateral Amount.

          (3) "CREDIT SUPPORT AMOUNT" shall be deleted in its entirety.

     (ii) ELIGIBLE COLLATERAL. The items set forth on the Collateral Schedule
          attached as Schedule A hereto will qualify as "ELIGIBLE COLLATERAL"
          for the party specified.

     (iii) OTHER ELIGIBLE SUPPORT. None

     (iv) THRESHOLDS.

          (E)  "INDEPENDENT AMOUNT" means:
               Pledgor: Not applicable.
               Secured Party: Not applicable.

          (F)  "THRESHOLD" means:
               Pledgor: Not applicable.
               Secured Party: Not applicable.

          (G)  "MINIMUM TRANSFER AMOUNT" means USD100,000; provided, that
               if the aggregate Certificate Principal Balance of
               Certificates rated by S&P is less than USD 50,000,000, the
               "Minimum Transfer Amount" shall mean USD 50,000.

          (H)  ROUNDING. The Delivery Amount will be rounded up and the Return
               Amount will be rounded down to the nearest integral multiple of
               USD10,000.

(c)  VALUATION AND TIMING.

     (i)  "VALUATION AGENT" means Pledgor.

     (ii) "VALUATION DATE" means each Local Business Day(9).

     (iii) "VALUATION TIME" means the close of business on the Local Business
          Day in the city where the Valuation Agent is located immediately
          preceding 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 11:00 A.M. (New York time).

     (v)  TRANSFER TIMING AND CALCULATIONS. Paragraphs 4(b) and 4(c) are hereby
          amended and restated in entirety as set forth below.

               "(b) TRANSFER TIMING. 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 Valuation Date; if a
               demand is

----------
(9)  If not daily valuations, changes are required in the collateral amounts and
     valuation percentages

                                      M-61

<PAGE>

               made after the Notification Time, then the relevant Transfer will
               be made not later than the close of business on the next Local
               Business Day thereafter.

               (c) CALCULATIONS. All calculations of Value and Exposure for
               purposes of Paragraphs 3 and 6(d) will be made by the Valuation
               Agent as of the Valuation Time. The Valuation Agent will notify
               each party (or the other party, if the Valuation Agent is a
               party) of its calculations not later than the Notification Time
               on the applicable Valuation Date (or in the case of Paragraph
               6(d), the Local Business Day following the day on which such
               relevant calculations are performed)."

(d)  CONDITIONS PRECEDENT. There shall be no "Specified Condition" with respect
     to either party for purposes of this Annex.

(e)  SUBSTITUTION

     (i)  "SUBSTITUTION DATE" means (A) the Local Business Day on which the
          Secured Party receives the Substitute Credit Support, if notice of
          substitution is received by the Notification Time on such date, and
          (B) the Local Business Day following the date on which the Secured
          Party receives the Substitute Credit Support, if notice of
          substitution is received after the Notification Time.

     (ii) CONSENT OF SECURED PARTY FOR SUBSTITUTION. Inapplicable.

     (iii) AMENDMENT OF PARAGRAPH 4(D)(II). Paragraph 4(d)(ii) is amended and
          restated in its entirety as set forth below:

               "(ii) subject to Paragraph 4(a) of this Annex, the Secured Party
               will Transfer the items of Posted Credit Support specified by the
               Pledgor in its notice not later than the close of business on the
               Substitution Date, provided, however, that if the Secured Party
               shall not have received the Substitute Credit Support prior to
               1:00 P.M. (New York time) on the Substitution Date, then the
               Secured Party shall Transfer the applicable items of Posted
               Credit Support not later than the close of business on the Local
               Business Day immediately following the day on which the Secured
               Party receives the Substitute Credit Support. Notwithstanding the
               foregoing, the Secured Party will only be obligated to Transfer
               Posted Credit Support with a Value as of the Substitution Date
               equal to the Value of the Substitute Credit Support delivered by
               the Pledgor in exchange therefor."

(f)  DISPUTE RESOLUTION.

     (i)  "RESOLUTION TIME" means 12:00 noon, New York time, on the Local
          Business Day for both parties following the date the Disputing Party
          gives notice of a dispute pursuant to Paragraph 5.

     (ii) VALUE. For the purpose of Paragraphs 5(i)(C) and 5(ii), disputes over
          the Value of Posted Credit Support will be resolved by the Valuation
          Agent seeking bid-side quotations as of the relevant Recalculation
          Date or date of Transfer, as applicable, from three parties that
          regularly act as dealers in the securities in question. The Value will
          be the arithmetic mean of the quotations obtained by the Valuation
          Agent, multiplied by the applicable Valuation Percentage, if any. If
          no quotations are available for a particular security, then the
          Valuation

                                      M-62

<PAGE>

          Agent's original calculation of Value thereof will be used for that
          security.

     (iii) ALTERNATIVE. Subject to item (iv) below, the provisions of Paragraph
          5 will apply.

     (iv) MODIFICATION OF PARAGRAPH 5. The introductory paragraph of Paragraph 5
          shall be amended and restated to read in its entirety as follows:

               "If a party (a 'Disputing Party') disputes (I) the Valuation
               Agent's calculation of a Delivery Amount or a Return Amount or
               (II) the Value of any Transfer of Eligible Credit Support or
               Posted Credit Support, then:

               (A) the Disputing Party will (x) notify the other party and, if
               applicable, the Valuation Agent of the amount it is disputing,
               (y) indicate what it believes the correct amount to be and (z)
               provide a statement showing, in reasonable detail, how it arrived
               at such amount and the appropriate party will deliver the
               undisputed amount to the other party not later than (i) (a) the
               close of business on the Valuation Date, if the demand made under
               Paragraph 3 in the case of (I) above is made by the Notification
               Time, or (b) the close of business of the Local Business Day
               following the date on which the demand is made under Paragraph 3
               in the case of (I) above, if such demand is made after the
               Notification Time, or (ii) the close of business of the date of
               Transfer, in the case of (II) above;

               (B) the parties will consult with each other and provide such
               information as the other party shall reasonably request in an
               attempt to resolve the dispute; and

               (C) if they fail to resolve the dispute by the Resolution Time,
               then:"

(g)  HOLDING AND USING POSTED COLLATERAL.

     (i)  ELIGIBILITY TO HOLD POSTED COLLATERAL; CUSTODIANS. The Secured Party
          and its Custodian (if any) will be entitled to hold Posted Collateral
          pursuant to Paragraph 6(b), provided that the following conditions
          applicable to it are satisfied:

          (1)  it is not a Defaulting Party;

          (2)  Posted Collateral consisting of Cash or certificated securities
               that cannot be paid or delivered by book-entry may be held only
               in any state of the United States which has adopted the Uniform
               Commercial Code;

          (3)  the short-term rating of any Custodian shall be at least "A-1" by
               S&P

          There shall be no Custodian for Pledgor.

     (ii) USE OF POSTED COLLATERAL. The provisions of Paragraph 6(c) will not
          apply to Secured Party and Secured Party will not have any right to
          use the Posted Collateral or take any action specified in Paragraph
          6(c).

(h)  DISTRIBUTIONS AND INTEREST AMOUNT.

                                      M-63

<PAGE>

     (i)  INTEREST RATE. The "INTEREST RATE" will be the "Federal Funds
          (Effective)" rate as such rate is displayed on Telerate page 118 for
          such day under the caption "Effective".

     (ii) AMENDMENT OF PARAGRAPH 6(D)(I) - DISTRIBUTIONS. Clause (d)(i) of
          Paragraph 6 shall be amended and restated to read in its entirety as
          follows:

          "(i) DISTRIBUTIONS. If the Secured Party receives Distributions on a
          Local Business Day, it will credit to Pledgor not later than the
          following Local Business Day any Distributions it receives, and such
          Distributions will constitute Posted Collateral and will be subject to
          the security interest granted under Paragraph 2."

     (iii) AMENDMENT OF PARAGRAPH 6(D)(II) - INTEREST AMOUNT. Clause (d)(ii) of
          Paragraph 6 shall be amended and restated to read in its entirety as
          follows:

          "(ii) INTEREST AMOUNT. In lieu of any interest, dividends or other
          amounts paid with respect to Posted Collateral in the form of cash
          (all of which may be retained by the Secured Party), the Secured Party
          will credit to Pledgor on the 20th day of each calendar month (or if
          such day is not a Local Business Day, the next Local Business Day) the
          Interest Amount. The Interest Amount will constitute Posted Collateral
          and will be subject to the security interest granted under Paragraph
          2. For purposes of calculating the Interest Amount the amount of
          interest calculated for each day of the interest period shall be
          compounded monthly." Secured Party shall not be obliged to credit any
          Interest Amount unless and until it has received such amount.

(i)  DEMANDS AND NOTICES.

     All demands, specifications and notices under this Annex will be made
     pursuant to the Notices Section of this Agreement.

(j)  ADDRESSES FOR TRANSFERS.

     Pledgor: To be provided in writing by Pledgor to Secured Party.

     Secured Party: To be provided in writing by Secured Party to Pledgor.

(k)  OTHER PROVISION(S).

     (i)  AMENDMENT OF PARAGRAPH 7 - EVENTS OF DEFAULT. Clause (iii) of
          Paragraph 7 shall not apply to Secured Party.

     (ii) NON-RELIANCE. Notwithstanding the obligations of the Secured Party
          under Paragraph 6(a), and without limiting the generality of the final
          sentence of Paragraph 6(a), each party, as Pledgor, acknowledges that
          it has the means to monitor all matters relating to all valuations,
          payments, defaults and rights with respect to Posted Collateral
          without the need to rely on the other party, in its capacity as
          Secured Party, and that, given the provisions of this Annex on
          substitution, responsibility for the preservation of the rights of the
          Pledgor with respect to all such matters is reasonably allocated
          hereby to the Pledgor.

     (x)  AGREEMENT AS TO SINGLE SECURED PARTY AND PLEDGOR. Each of Pledgor and
          Secured Party

                                      M-64

<PAGE>

          agree that, notwithstanding anything to the contrary in the recital to
          this Annex, Paragraph 1(b) or Paragraph 2 or the definitions in
          Paragraph 12, (a) the term "Secured Party" as used in this Annex means
          only Secured Party, (b) the term "Pledgor" as used in this Annex means
          only Pledgor, (c) only Pledgor makes the pledge and grant in Paragraph
          2, the acknowledgement in the final sentence of Paragraph 8(a) and the
          representations in Paragraph 9 and (d) only Pledgor will be required
          to make Transfers of Eligible Credit Support hereunder.

     (xi) TRUSTEE. The Trustee is hereby authorized to (i) make demands on
          behalf of the Secured Party pursuant to Paragraph 3 hereunder and (ii)
          provide notice on behalf of the Secured Party pursuant to Paragraph 7
          hereunder.

     (xii) COLLATERAL ACCOUNT. Secured Party shall at all times maintain all
          Posted Collateral in a segregated trust account.

     (xiii) EXTERNAL CALCULATIONS. At any time at which Pledgor (or, to the
          extent applicable, its Credit Support Provider) does not have a
          long-term unsubordinated and unsecured debt rating of at least "BBB+"
          from S&P, the Valuation Agent shall (at its own expense) obtain
          external calculations of the Secured Party's Exposure from at least
          two Reference Market-makers on the last Local Business Day of each
          calendar month. Any determination of the S&P Collateral Amount shall
          be based on the greatest of the Secured Party's Exposure determined by
          the Valuation Agent and such Reference Market-makers. Such external
          calculation may not be obtained from the same Reference Market-maker
          more than four times in any 12-month period.

     (xiv) NOTICE TO S&P. At any time at which Pledgor (or, to the extent
          applicable, its Credit Support Provider) does not have a long-term
          unsubordinated and unsecured debt rating of at least "BBB+" from S&P,
          the Valuation Agent shall provide to S&P not later than the
          Notification Time on the Local Business Day following each Valuation
          Date its calculations of the Secured Party's Exposure and the Value of
          any Eligible Credit Support or Posted Credit Support for that
          Valuation Date. The Valuation Agent shall also provide to S&P any
          external marks of the Secured Party's Exposure.

     (xv) EXPENSES. Pledgor shall be responsible for all reasonable costs and
          expenses incurred by Secured Party in connection with the Transfer of
          any Eligible Collateral under this Annex.

     (xvi) ADDITIONAL DEFINED TERMS.

          "DV01" means, with respect to a Transaction and any date of
          determination, the sum of the estimated change in the Secured Party's
          Exposure with respect to such Transaction that would result from a one
          basis point change in the relevant swap curve on such date, as
          determined by the Valuation Agent in good faith and in a commercially
          reasonable manner. The Valuation Agent shall, upon request of Secured
          Party, provide to Secured Party a statement showing in reasonable
          detail such calculation.

          "MOODY'S FIRST LEVEL ADDITIONAL COLLATERALIZED AMOUNT" means, with
          respect to any Transaction, the lesser of (x) the product of 15 and
          DV01 for such Transaction and such Valuation Date and (y) the product
          of 2% and the Notional Amount for such Transaction for the Calculation
          Period which includes such Valuation Date.

          "MOODY'S FIRST LEVEL COLLATERAL AMOUNT" means, (A) for any Valuation
          Date on which (I)

                                      M-65

<PAGE>

          a Moody's First Level Downgrade has occurred and has been continuing
          (x) for at least 30 Local Business Days or (y) since this Annex was
          executed and (II) it is not the case that a Moody's Second Level
          Downgrade has occurred and been continuing for at least 30 Local
          Business Days, an amount equal to the greater of (a) zero and (b) the
          sum of the Secured Party's aggregate Exposure for all Transactions and
          the aggregate of Moody's First Level Additional Collateralized Amounts
          for each Transaction and (B)for any other Valuation Date, zero.

          "MOODY'S FIRST LEVEL VALUE" means, for any date that the Moody's First
          Level Collateral Amount is determined and the Value of any Eligible
          Collateral or Posted Collateral that is a security, the bid price for
          such security obtained by the Valuation Agent multiplied by the
          Moody's First Level Valuation Percentage for such security set forth
          on Schedule A hereto.

          "MOODY'S SECOND LEVEL ADDITIONAL COLLATERALIZED AMOUNT" means, with
          respect to any Transaction,

               (1) if such Transaction is not a Transaction-Specific Hedge, the
               lesser of (i) the product of the 50 and DV01 for such Transaction
               and such Valuation Date and (ii) the product of 8% and the
               Notional Amount for such Transaction for the Calculation Period
               (as defined in the related Transaction) which includes such
               Valuation Date; or

               (2) if such Transaction is a Transaction-Specific Hedge, the
               lesser of (i) the product of the 65 and DV01 for such Transaction
               and such Valuation Date and (ii) the product of 10% and the
               Notional Amount for such Transaction for the Calculation Period
               (as defined in the related Transaction) which includes such
               Valuation Date.

          "MOODY'S SECOND LEVEL COLLATERAL AMOUNT" means, (A) for any Valuation
          Date on which it is the case that a Moody's Second Level Downgrade has
          occurred and been continuing for at least 30 Local Business Days, an
          amount equal to the greatest of (a) zero, (b) the aggregate amount of
          the Next Payments for all Next Payment Dates and (c) the sum of the
          Secured Party's aggregate Exposure and the aggregate of Moody's Second
          Level Additional Collateralized Amounts for each Transaction and (B)
          for any other Valuation Date, zero.

          "MOODY'S SECOND LEVEL VALUE" means, for any date that the Moody's
          Second Level Collateral Amount is determined and the Value of any
          Eligible Collateral or Posted Collateral that is a security, the bid
          price for such security obtained by the Valuation Agent multiplied by
          the Moody's Second Level Valuation Percentage for such security set
          forth on Schedule A hereto.

          "NEXT PAYMENT" means, in respect of each Next Payment Date, the
          greater of (i) the amount of any payments due to be made by the
          Pledgor pursuant to Section 2(a) on such Next Payment Date less any
          payments due to be made by the Secured Party under Section 2(a) on
          such Next Payment Date (in each case, after giving effect to any
          applicable netting under Section 2(c)) and (ii) zero.

          "NEXT PAYMENT DATE" means the next scheduled payment date under any
          Transaction.

          "REMAINING WEIGHTED AVERAGE MATURITY" means, with respect to a
          Transaction, the expected weighted average maturity for such
          Transaction as determined by the Valuation Agent.

                                      M-66

<PAGE>

          "S&P COLLATERAL AMOUNT" means, (A) for any Valuation Date on which a
          S&P First Level Downgrade has occurred and been continuing for at
          least 30 days or on which a S&P Second Level Downgrade has occurred
          and is continuing, an amount equal to the sum of (1) 100.0% of the
          Secured Party's Exposure for such Valuation Date and (2) the product
          of the Volatility Buffer for each Transaction and the Notional Amount
          of such Transaction for the Calculation Period (as defined in the
          related Transaction) of such Transaction which includes such Valuation
          Date, or (B) for any other Valuation Date, zero.

          "S&P VALUE" means, for any date that the S&P Collateral Amount is
          determined and the Value of any Eligible Collateral or Posted
          Collateral that is a security, the bid price for such security
          obtained by the Valuation Agent multiplied by the S&P Valuation
          Percentage for such security set forth on Schedule A hereto.

          "TRANSACTION-SPECIFIC HEDGE" means any Transaction that is a cap,
          floor or swaption or a Transaction in respect of which (x) the
          notional amount of the interest rate swap is "balance guaranteed" or
          (y) the notional amount of the interest rate swap for any Calculation
          Period otherwise is not a specific dollar amount that is fixed at the
          inception of the Transaction.

          "VOLATILITY BUFFER" means, for any Transaction, the related percentage
          set forth in the following table:

<TABLE>
<CAPTION>
The higher of the S&P           Remaining
short-term credit rating of      Weighted         Remaining                               Remaining
(i) Pledgor and (ii) the         Average          Weighted       Remaining Weighted   Weighted Average
Credit Support Provider of       Maturity     Average Maturity    Average Maturity        Maturity
Pledgor, if applicable        up to 3 years     up to 5 years      up to 10 years      up to 30 years
---------------------------   -------------   ----------------   ------------------   ----------------
<S>                           <C>             <C>                <C>                  <C>
"A-2" or higher                   2.75%             3.25%               4.00%               4.75%
"A-3"                             3.25%             4.00%               5.00%               6.25%
"BB+" or lower                    3.50%             4.50%               6.75%               7.50%
</TABLE>

                                      M-67

<PAGE>

                                                                      SCHEDULE A

                               COLLATERAL SCHEDULE

THE MOODY'S FIRST LEVEL VALUATION PERCENTAGES SHALL BE USED IN DETERMINING THE
MOODY'S FIRST LEVEL COLLATERAL AMOUNT.

THE MOODY'S SECOND LEVEL VALUATION PERCENTAGES SHALL BE USED IN DETERMINING THE
MOODY'S SECOND LEVEL COLLATERAL AMOUNT.

THE S&P VALUATION PERCENTAGES SHALL BE USED IN DETERMINING THE S&P COLLATERAL
AMOUNT.

<TABLE>
<CAPTION>
   ISDA COLLATERAL ASSET                            MOODY'S FIRST LEVEL   MOODY'S SECOND LEVEL             S&P
   DEFINITION (ICAD) CODE     REMAINING MATURITY   VALUATION PERCENTAGE   VALUATION PERCENTAGE     VALUATION PERCENTAGE
   ----------------------     ------------------   --------------------   --------------------   -----------------------
<S>                           <C>                  <C>                    <C>                    <C>
US-CASH                                    N/A             100%                   100%                     100%
EU-CASH                                    N/A              98%                    94%                    92.5%
GB-CASH                                    N/A              98%                    95%                    94.1%

US-TBILL                              < 1 Year             100%                   100%                    98.9%
US-TNOTE                          1 to 2 years             100%                    99%                    98.0%
US-TBOND                          2 to 3 years             100%                    98%                    97.4%
(fixed rate)                      3 to 5 years             100%                    97%                    95.5%
                                  5 to 7 years             100%                    96%                    93.7%
                                 7 to 10 years             100%                    94%                    92.5%
                                10 to 20 years             100%                    90%                    91.1%
                                    > 20 years             100%                    88%                    88.6%

US-TBILL                        All Maturities             100%                    99%           Not Eligible Collateral
US-TNOTE
US-TBOND
(floating rate)

GA-US-AGENCY                          < 1 Year             100%                    99%                    98.5%
(fixed rate)                      1 to 2 years             100%                    99%                    97.7%
                                  2 to 3 years             100%                    98%                    97.3%
                                  3 to 5 years             100%                    96%                    94.5%
                                  5 to 7 years             100%                    93%                    93.1%
                                 7 to 10 years             100%                    93%                    90.7%
                                10 to 20 years             100%                    89%                    87.7%
                                    > 20 years             100%                    87%                    84.4%

GA-US-AGENCY                    All Maturities             100%                    98%           Not Eligible Collateral
(floating rate)

GA-EUROZONE-GOV (other than                        Rated Aa3 or better     Rated Aa3 or better     Rated AAA or better
EU-CASH) (fixed rate)                                   by Moody's             by Moody's                 by S&P
                                      < 1 Year              98%                    94%                    98.8%
                                  1 to 2 years              98%                    93%                    97.9%
                                  2 to 3 years              98%                    92%                    97.1%
                                  3 to 5 years              98%                    90%                    91.2%
                                  5 to 7 years              98%                    89%                    87.5%
                                 7 to 10 years              98%                    88%                    83.8%
                                10 to 20 years              98%                    84%                    75.5%
                                    > 20 years              98%                    82%           Not Eligible Collateral
</TABLE>

                                      M-68

<PAGE>

<TABLE>
<S>                           <C>                  <C>                    <C>                    <C>
GA-EUROZONE-GOV (other than                        Rated Aa3 or better     Rated Aa3 or better     Rated AAA or better
EU-CASH) (floating rate)                                by Moody's             by Moody's                 by S&P
                                All Maturities              98%                    93%           Not Eligible Collateral

GA-GB-GOV                             < 1 Year              98%                    94%           Not Eligible Collateral
(other than GB-CASH)              1 to 2 years              98%                    93%           Not Eligible Collateral
(fixed rate)                      2 to 3 years              98%                    92%           Not Eligible Collateral
                                  3 to 5 years              98%                    91%           Not Eligible Collateral
                                  5 to 7 years              98%                    90%           Not Eligible Collateral
                                 7 to 10 years              98%                    89%           Not Eligible Collateral
                                10 to 20 years              98%                    86%           Not Eligible Collateral
                                    > 20 years              98%                    84%           Not Eligible Collateral

GA-GB-GOV                       All Maturities              98%                    94%           Not Eligible Collateral
(other than GB-CASH)
(floating rate)
</TABLE>

The ISDA Collateral Asset Definition (ICAD) Codes used in this Collateral
Schedule shall have the meanings set forth in the Collateral Asset Definitions
(First Edition - June 2003) as published and copyrighted in 2003 by the
International Swaps and Derivatives Association, Inc.

                                      M-69
<PAGE>

(BEAR STEARNS LOGO)

                                            BEAR STEARNS FINANCIAL PRODUCTS INC.
                                                              383 MADISON AVENUE
                                                        NEW YORK, NEW YORK 10179
                                                                    212-272-4009

                                    EXHIBIT C

DATE:               December 28, 2006

TO:                 LaSalle Bank National Association, not in its individual
                    capacity, but solely as Trustee on behalf of First Franklin
                    Mortgage Loan Trust, Series 2006-FF18

ATTENTION:          Patrick Kubik

TELEPHONE:          312-992-1102

FACSIMILE:          312-904-1368

FROM:               Derivatives Documentation

TELEPHONE:          212-272-2711

FACSIMILE:          212-272-9857

SUBJECT:            Fixed Income Derivatives Confirmation and Agreement

REFERENCE NUMBER:   FXNEC9076

The purpose of this letter agreement ("Agreement") is to confirm the terms and
conditions of the Transaction entered into on the Trade Date specified below
(the " Transaction") between Bear Stearns Financial Products Inc. ("Bear
Stearns") and LaSalle Bank National Association, not in its individual capacity,
but solely as Trustee on behalf of First Franklin Mortgage Loan Trust, Series
2006-FF18 ("Counterparty") under the Pooling and Servicing Agreement Agreement,
dated as of December 1, 2006, among National City Home Loan Services, Inc., as
servicer ("Servicer"), Merrill Lynch Mortgage Investors, Inc., as depositor
("Depositor") and LaSalle Bank National Association, as trustee ("Trustee") (the
"Pooling and Servicing Agreement").This letter agreement constitutes the sole
and complete "Confirmation," as referred to in the "ISDA Master Agreement" (as
defined below), as well as a "Schedule" as referred to in the ISDA Master
Agreement.

(1)  This Confirmation 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. This Confirmation shall supplement, form a part of, and be
     subject to an agreement in the form of the ISDA Master Agreement
     (Multicurrency - Cross Border) as published and copyrighted in 1992 by the
     International Swaps and Derivatives Association, Inc. (the "ISDA MASTER
     AGREEMENT"), as if Bear Stearns and Counterparty had executed an agreement
     in such form on the date hereof, with a Schedule as set forth in Item 3 of
     this Confirmation (the "SCHEDULE"), and an ISDA Credit Support Annex
     (Bilateral Form - ISDA Agreements Subject to New York Law Only version) as
     published and copyrighted in 1994 by the

                                      M-70

<PAGE>

     International Swaps and Derivatives Association, Inc., with Paragraph 13
     thereof as set forth in Annex A hereto (the "CREDIT SUPPORT ANNEX"). For
     the avoidance of doubt, the Transaction described herein shall be the sole
     Transaction governed by such ISDA Master Agreement. In the event of any
     inconsistency among any of the following documents, the relevant document
     first listed shall govern: (i) this Confirmation, exclusive of the
     provisions set forth in Item 3 hereof and Annex A hereto; (ii) the
     Schedule; (iii) the Credit Support Annex; (iv) the Definitions; and (v) the
     ISDA Master Agreement. Terms capitalized but not defined herein shall have
     the meanings attributed to them in the Pooling and Servicing Agreement.

     Each reference herein to a "Section" (unless specifically referencing the
     Pooling and Servicing Agreement or to a "Section" of this Agreement will be
     construed as a reference to a Section of the ISDA Master Agreement; each
     herein reference to a "Part" will be construed as a reference to Schedule;
     each reference herein to a "Paragraph" will be construed as a reference to
     a Paragraph of the Credit Support Annex.

(2)  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 for such
                                 period on Schedule I attached hereto and (ii)
                                 the aggregate unpaid balance of the Class A-2
                                 Certificates as of the beginning of the
                                 Calculation Period.

Trade Date:                      December 28, 2006

Effective Date:                  December 28, 2006

Termination Date:                June 25, 2007, subject to adjustment in
                                 accordance with the Business Day Convention.

FIXED AMOUNT (PREMIUM):          Inapplicable. The Fixed Amounts for this
                                 Transaction and for the Transactions with the
                                 Bear Stearns Reference Numbers FXNCC9072,
                                 FXNEC9074 and FXNEC9075 are embedded in the
                                 determination of the Additional Amount
                                 specified in the Confirmation identified by
                                 Bear Stearns Capital Markets Inc. Reference
                                 Number CXNS211267.

FLOATING AMOUNTS:

   Floating Rate Payer:          Bear Stearns

   Cap Rate:                     With respect to any Calculation Period, the
                                 rate set forth for such period as detailed in
                                 Schedule I attached hereto.

   Floating Rate Payer Period
      End Dates:                 The 25th calendar day of each month during the
                                 Term of this Transaction, commencing January
                                 25, 2007 and ending on the Termination Date,
                                 subject to adjustment in accordance with the
</TABLE>                         Business Day Convention.

                                      M-71

<PAGE>

<TABLE>
<S>                              <C>
   Floating Rate Payer Payment
      Dates:                     Early Payment shall be applicable. The Floating
                                 Rate Payer Payment Date shall be one Business
                                 Day prior to each Floating Rate Payer Period
                                 End Date.

   Floating Rate for initial
      Calculation Period:        To be determined.

   Floating Rate Option:         USD-LIBOR-BBA; provided, however, that if the
                                 Floating Rate Option for any Calculation Period
                                 is greater than 10.34500% then the Floating
                                 Rate Option for such Calculation Period shall
                                 be deemed to be 10.34500%.

   Designated Maturity:          One month

   Floating Rate Day Count
      Fraction:                  Actual/360

   Reset Dates:                  The first day of each Calculation Period.

   Compounding:                  Inapplicable

   Business Days:                New York and Illinois

   Business Day Convention:      Modified Following

   Calculation Agent:            Bear Stearns
</TABLE>

(3)  Provisions Deemed Incorporated in a Schedule to the ISDA Master Agreement:

Part 1. Termination Provisions.

For purposes of the ISDA Master Agreement:

(ee) "SPECIFIED ENTITY" will not apply to Bear Stearns or Counterparty for any
     purpose.

(ff) "SPECIFIED TRANSACTIONS" will not apply to Bear Stearns or Counterparty for
     any purpose.

(gg) The "FAILURE TO PAY OR DELIVER" provisions of Section 5(a)(i) will apply to
     Bear Stearns and will apply to Counterparty; provided that notwithstanding
     anything to the contrary in Section 5(a)(i) or Paragraph 7 of the Credit
     Support Annex, any failure by Bear Stearns to comply with or perform any
     obligation to be complied with or performed by Bear Stearns under the
     Credit Support Annex shall not constitute an Event of Default under Section
     5(a)(i) unless (A) a Moody's Second Level Downgrade has occurred and been
     continuing for 30 or more Local Business Days and (B) such failure is not
     remedied on or before the third Local Business Day after notice of such
     failure is given to Bear Stearns.

                                      M-72

<PAGE>

(hh) The "BREACH OF AGREEMENT" provisions of Section 5(a)(ii) will apply to Bear
     Stearns and will not apply to Counterparty.

(ii) The "CREDIT SUPPORT DEFAULT" provisions of Section 5(a)(iii) will apply to
     (x) Bear Stearns; provided that notwithstanding anything to the contrary in
     Section 5(a)(iii)(1), any failure by Bear Stearns to comply with or perform
     any obligation to be complied with or performed by Bear Stearns under the
     Credit Support Annex shall not constitute an Event of Default under Section
     5(a)(iii) unless (A) a Moody's Second Level Downgrade has occurred and been
     continuing for 30 or more Local Business Days and (B) such failure is not
     remedied on or before the third Local Business Day after notice of such
     failure is given to Bear Stearns and (y) Counterparty solely in respect of
     Counterparty's obligations under Paragraph 3(b) of the Credit Support
     Annex.

(jj) The "MISREPRESENTATION" provisions of Section 5(a)(iv) will apply to Bear
     Stearns and will not apply to Counterparty.

(kk) The "DEFAULT UNDER SPECIFIED TRANSACTION" provisions of Section 5(a)(v)
     will not apply to Bear Stearns or Counterparty.

(ll) The "CROSS DEFAULT" provisions of Section 5(a)(vi) will apply to Bear
     Stearns and will not apply to Counterparty.

          "SPECIFIED INDEBTEDNESS" will have the meaning specified in Section
          14.

          "THRESHOLD AMOUNT" means USD 100,000,000.

(mm) The "BANKRUPTCY" provisions of Section 5(a)(vii) will apply to Bear Stearns
     and will apply to Counterparty except that the provisions of Section
     5(a)(vii)(2), (6) (to the extent that such provisions refer to any
     appointment contemplated or effected by the Pooling and Servicing Agreement
     or any appointment to which Counterparty has not become subject to), (7)
     and (9) will not apply to Counterparty; provided that, with respect to
     Counterparty only, Section 5(a)(vii)(4) is hereby amended by adding after
     the words "against it" the words "(excluding any proceeding or petition
     instituted or presented by Bear Stearns)", and Section 5(a)(vii)(8) is
     hereby amended by deleting the words "to (7) inclusive" and inserting lieu
     thereof ", (3), (4) as amended, (5) or (6) as amended".

(nn) The "TAX EVENT UPON MERGER" provisions of Section 5(b)(iii) will apply to
     Bear Stearns and will apply to Counterparty; provided that Bear Stearns
     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.

(oo) The "CREDIT EVENT UPON MERGER" provisions of Section 5(b)(iv) will not
     apply to Bear Stearns or Counterparty.

(pp) The "AUTOMATIC EARLY TERMINATION" provision of Section 6(a) will not apply
     to Bear Stearns or to Counterparty.

(qq) Payments on Early Termination. For the purpose of Section 6(e) of the ISDA
     Master Agreement:

          (1)  Market Quotation will apply; and

          (2)  the Second Method will apply;

                                      M-73

<PAGE>

          provided that if Bear Stearns is the Defaulting Party or the sole
          Affected Party, the following provisions will apply:

               (A) Section 6(e) of the ISDA Master Agreement will be amended by
               inserting on the first line "or is effectively designated" after
               "If an Early Termination Date occurs";

               (B) The definition of Market Quotation in Section 14 shall be
               deleted in its entirety and replaced with the following:

                    "MARKET QUOTATION" means, with respect to one or more
                    Terminated Transactions, and a party making the
                    determination, an amount determined on the basis of Firm
                    Offers from Reference Market-makers that are Eligible
                    Replacements. Each Firm Offer will be (1) for an amount that
                    would be paid to Counterparty (expressed as a negative
                    number) or by Counterparty (expressed as a positive number)
                    in consideration of an agreement between Counterparty and
                    such Reference Market-maker to enter into a Replacement
                    Transaction and (2) made on the basis that 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. The party making the
                    determination (or its agent) will request each Reference
                    Market-maker to provide its Firm Offer to the extent
                    reasonably practicable as of the same day and time (without
                    regard to different time zones) on or as soon as reasonably
                    practicable after the designation of the relevant Early
                    Termination Date. The day and time as of which those Firm
                    Offers are to be obtained will be selected in good faith by
                    the party obliged to make a determination under Section
                    6(e), and, if each party is so obliged, after consultation
                    with the other. The Market Quotation shall be the Firm Offer
                    actually accepted by Counterparty no later than the Business
                    Day preceding the Early Termination Date. If no Firm Offers
                    are provided by the Business Day preceding the Early
                    Termination Date, it will be deemed that the Market
                    Quotation in respect of such Terminated Transaction or group
                    of Transactions cannot be determined.

               (C) Counterparty shall use best efforts to accept a Firm Offer
               that would determine the Market Quotation. If more than one Firm
               Offer (which, if accepted, would determine the Market Quotation)
               is provided, Counterparty shall use commercially reasonable
               efforts to accept the Firm Offer (among such Firm Offers) which
               would require either (x) the lowest payment by the Counterparty
               to the Reference Market-maker, to the extent Counterparty would
               be required to make a payment to the Reference Market-maker or
               (y) the highest payment from the Reference Market-maker to
               Counterparty, to the extent the Reference Market-maker would be
               required to make a payment to the Counterparty. If only one Firm
               Offer (which, if accepted, would determine the Market Quotation)
               is provided, Counterparty shall use commercially reasonable
               efforts to accept such Firm Offer.

                                      M-74

<PAGE>

               (D) Upon the written request by Counterparty to Bear Stearns,
               Bear Stearns shall obtain the Market Quotations on behalf of
               Counterparty.

               (E) If the Settlement Amount is a negative number, Section
               6(e)(i)(3) of the ISDA Master Agreement shall be deleted in its
               entirety and replaced with the following:

                    "(3) Second Method and Market Quotation. If the Second
                    Method and Market Quotation apply, (I) Counterparty shall
                    pay to Bear Stearns an amount equal to the absolute value of
                    the Settlement Amount in respect of the Terminated
                    Transactions, (II) Counterparty shall pay to Bear Stearns
                    the Termination Currency Equivalent of the Unpaid Amounts
                    owing to Bear Stearns and (III) Bear Stearns shall pay to
                    Counterparty the Termination Currency Equivalent of the
                    Unpaid Amounts owing to Counterparty; provided, however,
                    that (x) the amounts payable under the immediately preceding
                    clauses (II) and (III) shall be subject to netting in
                    accordance with Section 2(c) of this Agreement and (y)
                    notwithstanding any other provision of this Agreement, any
                    amount payable by Bear Stearns under the immediately
                    preceding clause (III) shall not be netted-off against any
                    amount payable by Counterparty under the immediately
                    preceding clause (I)."

(rr) "TERMINATION CURRENCY" means United States Dollars.

(ss) ADDITIONAL TERMINATION EVENTS. Additional Termination Events will apply:

          (i)  If, upon the occurrence of a Cap Disclosure Event (as defined in
               Part 5(l)(ii)] below) Bear Stearns has not, within ten (10)
               calendar days after such Cap Disclosure Event complied with any
               of the provisions set forth in Part 5 (l) below, then an
               Additional Termination Event shall have occurred with respect to
               Bear Stearns, Bear Stearns shall be the sole Affected Party and
               all Transactions hereunder shall be Affected Transaction.

          (ii) If, without the prior written consent of Bear Stearns where such
               consent is required under the Pooling and Servicing Agreement, an
               amendment or supplemental agreement is made to the Pooling and
               Servicing Agreement which amendment or supplemental agreement
               could reasonably be expected to have a material adverse effect on
               the interests of Bear Stearns under this Agreement, an Additional
               Termination Event shall have occurred with respect to
               Counterparty, Counterparty shall be the sole Affected Party and
               all Transactions hereunder shall be Affected Transaction.

          (iii)(A)  If a S&P First Level Downgrade has occurred and is
                    continuing and Bear Stearns fails to take any action
                    described under Part (5)(f)(i)(1), within the time period
                    specified therein, then an Additional Termination Event
                    shall have occurred with respect to Bear Stearns, Bear
                    Stearns shall be the sole Affected Party with respect to
                    such Additional Termination Event and all Transactions
                    hereunder shall be Affected Transaction.

               (B)  If a S&P Second Level Downgrade has occurred and is
                    continuing and Bear Stearns fails to take any action
                    described under Part (5)(f)(i)(2) within the time period
                    specified therein, then an Additional Termination Event
                    shall have occurred with respect to Bear Stearns, Bear
                    Stearns shall be the sole

                                      M-75

<PAGE>

                    Affected Party with respect to such Additional Termination
                    Event and all Transactions hereunder shall be Affected
                    Transaction.

               (C)  If (A) a Moody's Second Level Downgrade has not occurred and
                    been continuing for 30 or more Local Business Days and (B)
                    Bear Stearns has failed to comply with or perform any
                    obligation to be complied with or performed by Bear Stearns
                    in accordance with the Credit Support Annex, then an
                    Additional Termination Event shall have occurred with
                    respect to Bear Stearns and Bear Stearns shall be the sole
                    Affected Party with respect to such Additional Termination
                    Event.

               (D)  If (A) a Moody's Second Level Downgrade has occurred and
                    been continuing for 30 or more Local Business Days and (B)
                    either (i) at least one Eligible Replacement has made a Firm
                    Offer to be the transferee or (ii) at least one entity that
                    satisfies the Moody's Approved Ratings Threshold has made a
                    Firm Offer to provide an Eligible Guaranty in respect of all
                    of Bear Stearns' present and future obligations under this
                    Agreement, then an Additional Termination Event shall have
                    occurred with respect to Bear Stearns, Bear Stearns shall be
                    the sole Affected Party with respect to such Additional
                    Termination Event and all Transactions hereunder shall be
                    Affected Transaction.

(p) LIMITATION ON EVENTS OF DEFAULT. Notwithstanding the terms of Sections 5 and
6 of the ISDA Form Master Agreement, if at any time and so long as the
Counterparty has satisfied in full all its payment obligations under Section
2(a)(i) of the ISDA Form Master Agreement and has at the time no future payment
obligations, whether absolute or contingent, under such Section, then unless
Bear Stearns 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 any such payment, (a) the occurrence of an event
described in Section 5(a) of the ISDA Form Master Agreement with respect to the
Counterparty shall not constitute an Event of Default or Potential Event of
Default with respect to the Counterparty as Defaulting Party and (b) Bear
Stearns shall be entitled to designate an Early Termination Date pursuant to
Section 6 of the ISDA Form Master Agreement only as a result of the occurrence
of a Termination Event set forth in either Section 5(b)(i) or 5(b)(ii) of the
ISDA Form Master Agreement with respect to Bear Stearns as the Affected Party,
or Section 5(b)(iii) with respect to Bear Stearns as the Burdened Party.

Part 2. Tax Matters.

(e)  Tax Representations.

     (i) Payer Representations. For the purpose of Section 3(e) of the ISDA
     Master Agreement, each of Bear Stearns and the Counterparty will 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) of the
     ISDA Master Agreement) to be made by it to the other party under this
     Agreement. In making this representation, it may rely on:

          (1) the accuracy of any representations made by the other party
          pursuant to Section 3(f) of the ISDA Master Agreement;

                                      M-76

<PAGE>

          (2) the satisfaction of the agreement contained in Sections 4(a)(i)
          and 4(a)(iii) of the ISDA Master Agreement and the accuracy and
          effectiveness of any document provided by the other party pursuant to
          Sections 4(a)(i) and 4(a)(iii) of the ISDA Master Agreement; and

          (3) the satisfaction of the agreement of the other party contained in
          Section 4(d) of the ISDA Master Agreement, provided that it shall not
          be a breach of this representation where reliance is placed on clause
          (ii) and the other party does not deliver a form or document under
          Section 4(a)(iii) of the ISDA Master Agreement by reason of material
          prejudice to its legal or commercial position.

     (ii) Payee Representations. For the purpose of Section 3(f) of the ISDA
     Master Agreement, each of Bear Stearns and the Counterparty make the
     following representations.

     The following representation will apply to Bear Stearns:

          Bear Stearns is a corporation organized under the laws of the State of
          Delaware and its U.S. taxpayer identification number is 13-3866307.

     The following representation will apply to the Counterparty:

          LaSalle Bank National Association represents that it is the Trustee
          under the Pooling and Servicing Agreement.

(f)  Tax Provisions.

     Notwithstanding the definition of "Indemnifiable Tax" in Section 14 of this
     Agreement, all Taxes in relation to payments by Bear Stearns shall be
     Indemnifiable Taxes (including any Tax imposed in respect of a Credit
     Support Document) unless (i) such Taxes are assessed directly against
     Counterparty and not by deduction or withholding by Bear Stearns or (ii)
     arise as a result of a Change in Tax Law (in which case such Tax shall be
     an Indemnifiable Tax only if such Tax satisfies the definition of
     Indemnifiable Tax provided in Section 14). In relation to payments by
     Counterparty, no Tax shall be an Indemnifiable Tax.

Part 3. AGREEMENT TO DELIVER DOCUMENTS. For the purpose of Section 4(a) of the
ISDA Master Agreement:

     (i)  Tax forms, documents, or certificates to be delivered are:

                                      M-77

<PAGE>

<TABLE>
<CAPTION>
PARTY REQUIRED TO DELIVER
         DOCUMENT              FORM/DOCUMENT/CERTIFICATE             DATE BY WHICH TO BE DELIVERED
-------------------------   ------------------------------   --------------------------------------------
<S>                         <C>                              <C>
Bear Stearns                An original properly completed   (i) upon execution of this Agreement, (ii)
                            and executed United States       on or before the first payment date under
                            Internal Revenue Service Form    this Agreement, including any Credit Support
                            W-9 (or any successor thereto)   Document, (iii) promptly upon the reasonable
                            with respect to any payments     demand by Counterparty, (iv) prior to the
                            received or to be received by    expiration or obsolescence of any previously
                            Bear Stearns, that eliminates    delivered form, and (v) promptly upon the
                            U.S. federal withholding and     information on any such previously delivered
                            backup withholding Tax on        form becoming inaccurate or incorrect.
                            payments to Bear Stearns under
                            this Agreement.

Counterparty                An original properly completed   (i) upon execution of this Agreement, (ii)
                            and executed United States       on or before the first payment date under
                            Internal Revenue Service Form    this Agreement, including any Credit Support
                            W-9 (or any successor thereto)   Document, (iii) promptly upon the reasonable
                            with respect to any payments     demand by Bear Stearns, (iv) prior to the
                            received or to be received by    expiration or obsolescence of any previously
                            Counterparty.                    delivered form, and (vi) promptly upon the
                                                             information on any such previously delivered
                                                             form becoming inaccurate or incorrect.
</TABLE>

(ii) Other documents to be delivered are:

<TABLE>
<CAPTION>
PARTY REQUIRED TO DELIVER                                      DATE BY WHICH TO BE     COVERED BY SECTION
         DOCUMENT              FORM/DOCUMENT/CERTIFICATE            DELIVERED         3(D) REPRESENTATION
-------------------------   ------------------------------   ----------------------   -------------------
<S>                         <C>                              <C>                      <C>
Bear Stearns and            Any documents required by        Upon the execution and   Yes
the Counterparty            the receiving party to           delivery of this
                            evidence the authority of        Agreement and such
                            the delivering party or its      Confirmation
                            Credit Support Provider, if
                            any, for it to execute and
                            deliver this Agreement, any
                            Confirmation, and any
                            Credit Support Documents to
                            which it is a party, and to
                            evidence the authority of
                            the delivering party or its
                            Credit Support Provider to
                            perform its obligations
                            under this Agreement, such
</TABLE>

                                      M-78

<PAGE>

<TABLE>
<CAPTION>
PARTY REQUIRED TO DELIVER                                      DATE BY WHICH TO BE     COVERED BY SECTION
         DOCUMENT              FORM/DOCUMENT/CERTIFICATE            DELIVERED         3(D) REPRESENTATION
-------------------------   ------------------------------   ----------------------   -------------------
<S>                         <C>                              <C>                      <C>
                            Confirmation and/or Credit
                            Support Document, as the
                            case may be

Bear Stearns and            A certificate of an              Upon the execution and   Yes
the Counterparty            authorized officer of the        delivery of this
                            party, as to the incumbency      Agreement and such
                            and authority of the             Confirmation
                            respective officers of the
                            party signing this
                            Agreement, any relevant
                            Credit Support Document, or
                            any  Confirmation, as the
                            case may be

Bear Stearns and            An opinion of counsel of         Upon the execution and   No
the Counterparty            such party regarding the         delivery of this
                            enforceability of this           Agreement
                            Agreement in a form
                            reasonably satisfactory to
                            the other party.

Counterparty                An executed copy of the          Within 30 days after     No
                            Pooling and Servicing            receipt of such
                            Agreement                        agreement by the
                                                             counterparty
</TABLE>

Part 4 Miscellaneous.

(a)  ADDRESS FOR NOTICES: For the purposes of Section 12(a) of the ISDA Master
     Agreement:

          Address for notices or communications to Bear Stearns:

               Address:   383 Madison Avenue, New York, New York 10179
               Attention: DPC Manager
               Facsimile: (212) 272-5823

          with a copy to:

               Address:   One Metrotech Center North, Brooklyn, New York 11201
               Attention: Derivative Operations - 7th Floor
               Facsimile: (212) 272-1634

          (For all purposes)

                                      M-79

<PAGE>

          Address for notices or communications to the Counterparty:

               Address:   LaSalle Bank National Association
                          135 South LaSalle Street, Suite 1511
                          Chicago, IL 60603
               Attention: Patrick Kubik
               Facsimile: 312-904-1368
               Phone:     312-992-1102

          with a copy to:

               Address:   Merrill Lynch Mortgage Lending, Inc.
                          4 World Financial Center
                          250 Vesey Street
                          New York, NY 10080
               Attention: Alan Chan
               Facsimile: 212-738-1110
               Phone:     212-449-1441

          (For all purposes)

(b)  Account Details and Settlement Information:

     PAYMENTS TO BEAR STEARNS:
          Citibank, N.A., New York
          ABA Number: 021-0000-89, for the account of
          Bear, Stearns Securities Corp.
          Account Number: 0925-3186, for further credit to
          Bear Stearns Financial Products Inc.
          Sub-account Number: 102-04654-1-3
          Attention: Derivatives Department

      PAYMENTS TO COUNTERPARTY:
          LaSalle Bank National Association
          ABA Number: 071000505
          Account Number: 724372.2
          Account Name: LaSalle CHGO/CTR/BNF:/LaSalle Trust
          Ref: FFMLT 2006-FF18 (FXNEC9075)
          Attn: Patrick Kubik

                                      M-80

<PAGE>

(c)  PROCESS AGENT. For the purpose of Section 13(c) of the ISDA Master
     Agreement:

               Bear Stearns appoints as its
               Process Agent: Not Applicable

               The Counterparty appoints as its
               Process Agent: Not Applicable

(d)  OFFICES. The provisions of Section 10(a) of the ISDA Master Agreement will
     not apply to this Agreement; neither Bear Stearns nor the Counterparty have
     any Offices other than as set forth in the Notices Section.

(e)  MULTIBRANCH PARTY. For the purpose of Section 10(c) of the ISDA Master
     Agreement:

          Bear Stearns is not a Multibranch Party.

          The Counterparty is not a Multibranch Party.

(f)  CREDIT SUPPORT DOCUMENT.

          Bear Stearns: The Credit Support Annex and any guaranty in support of
          Bear Stearns' obligations under this Agreement.

          Counterparty: The Credit Support Annex.

(g)  CREDIT SUPPORT PROVIDER.

          Bear Stearns: The guarantor under any guaranty in support of Bear
          Stearns' obligations under this Agreement.

          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 the conflict of law provisions thereof other than New
     York General Obligations Law Sections 5-1401 and 5-1402.

(i)  JURISDICTION. Section 13(b) is hereby amended by: (i) deleting in the
     second line of subparagraph (i) thereof the word "non-", (ii) deleting ";
     and" from the end of subparagraph 1 and inserting "." in lieu thereof, and
     (iii) deleting the final paragraph thereof.

(j)  "AFFILIATE": Bear Stearns and Counterparty shall be deemed not to have any
     Affiliates for purposes of this Agreement, including for purposes of
     Section 6(b)(ii) of the ISDA Master Agreement.

(k)  NETTING OF PAYMENTS. The parties agree that subparagraph (ii) of Section
     2(c) of the ISDA Master Agreement will apply to each Transaction.

Part 5. OTHER PROVISIONS.

                                      M-81

<PAGE>

(a) Section 3 of the ISDA Master Agreement is hereby amended by adding at the
end thereof the following subsection (g):

     "(g) Relationship Between Parties.

          Each party represents to the other party on each date when it enters
          into a Transaction that:

     (1)  Nonreliance. (i) It is acting for its own account, (ii) 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 and (iii) it has consulted with its own
          legal, regulatory, tax, business, investment, financial and accounting
          advisors to the extent it has deemed necessary, (iv) it has made its
          own investment, hedging and trading decisions based upon its own
          judgment and upon any advice from such advisors as it has deemed
          necessary and not upon any view expressed by the other party, (v) it
          has made its own independent decisions to enter into the Transaction
          and as to whether the Transaction is appropriate or proper for it
          based upon its own judgment and upon advice from such advisors as it
          has deemed necessary, (vi) it is not relying on any communication
          (written or oral) of the other party as investment advice or as a
          recommendation to enter into this Transaction; it being understood
          that information and explanations related to the terms and conditions
          of this Transaction shall not be considered investment advice or a
          recommendation to enter into this Transaction and (vii) it has not
          received from the other party any assurance or guaranty as to the
          expected results of this Transaction.

     (2)  Evaluation and Understanding.

               (i)  It has the capacity to evaluate (internally or through
                    independent professional advice) the Transaction and has
                    made its own decision to enter into the Transaction; and

               (ii) It understands the terms, conditions and risks of the
                    Transaction and is willing and able to accept those terms
                    and conditions and to assume those risks, financially and
                    otherwise.

     (3)  Purpose. It is entering into the Transaction for the purposes of
          managing its borrowings or investments, hedging its underlying assets
          or liabilities or in connection with a line of business.

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

     (5)  Eligible Contract Participant. It constitutes an "eligible contract
          participant" as such term is defined in Section 1(a)12 of the
          Commodity Exchange Act, as amended.

     (6)  Line of Business. It has entered into this Agreement (including each
          Transaction governed hereby) in conjunction with its line of business
          or the financing of its business."

                                      M-82

<PAGE>

(b) NON-RECOURSE. Notwithstanding any provision herein or in the ISDA Master
Agreement to the contrary, the obligations of Counterparty hereunder are limited
recourse obligations of Counterparty, payable solely from the Corridor Contract
Account and the proceeds thereof, in accordance with the terms of the Pooling
and Servicing Agreement. In the event that the Corridor Contract Account and
proceeds thereof should be insufficient to satisfy all claims outstanding and
following the realization of the Corridor Contract Accountand the proceeds
thereof, any claims against or obligations of Counterparty under the ISDA Master
Agreement or any other confirmation thereunder still outstanding shall be
extinguished and thereafter not revive. The Trustee shall not have liability for
any failure or delay in making a payment hereunder to Bear Stearns due to any
failure or delay in receiving amounts in the Corridor Contract Accountfrom the
Trust created pursuant to the Pooling and Servicing Agreement.

(c) 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.

(d) CONSENT TO RECORDING. Each party hereto consents to the monitoring or
recording, at any time and from time to time, by the other party of any and all
communications between officers or employees of the parties, waives any further
notice of such monitoring or recording, and agrees to notify its officers and
employees of such monitoring or recording.

(e) 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.

(f) RATING AGENCY DOWNGRADE.

     (i) S&P Downgrade:

          (1)  In the event that a S&P First Level Downgrade occurs and is
               continuing, then within 30 days after such rating downgrade, Bear
               Stearns shall, subject to the Rating Agency Condition with
               respect to S&P, at its own expense, either (i) procure a
               Permitted Transfer, (ii) obtain an Eligible Guaranty or (iii)
               post collateral in accordance with the Credit Support Annex.

          (2)  In the event that a S&P Second Level Downgrade occurs and is
               continuing, then within 10 Local Business Days after such rating
               withdrawal or downgrade, Bear Stearns shall, subject to the
               Rating Agency Condition with respect to S&P, at its own expense,
               either (i) procure a Permitted Transfer or (ii) obtain an
               Eligible Guaranty.

     (ii) Moody's Downgrade.

          (1)  In the event that a Moody's Second Level Downgrade occurs and is
               continuing, Bear Stearns shall as soon as reasonably practicable
               thereafter, at its own expense and using

                                      M-83

<PAGE>

               commercially reasonable efforts, either (i) procure a Permitted
               Transfer or (ii) obtain an Eligible Guaranty.

(g) PAYMENT INSTRUCTIONS. Bear Stearns hereby agrees that, unless notified in
writing by the Swap Administrator of other payment instructions, any and all
amounts payable by Bear Stearns to the Counterparty under this Agreement shall
be paid to the Trustee at the account specified herein.

(h) AMENDMENT. No amendment, waiver, supplement or other modification of this
Transaction shall be permitted by either party unless (i) each of S&P and
Moody's have been provided notice of the same and (ii) such amendment, waiver,
supplement, assignment or other modification satisfies the Rating Agency
Condition.

(i) TRANSFER.

     (i)  The first paragraph of Section 7 is hereby amended in its entirety as
          follows:

          "Subject to Section 6(b)(ii), Part 5(f) and Part 5(j), neither this
          Agreement nor any interest or obligation in or under this Agreement
          may be transferred (whether by way of security or otherwise) without
          (a) the prior written consent of the other party (which consent shall
          be deemed given by Counterparty if the transfer, novation or
          assignment is to an Eligible Replacement) and (b) satisfaction of the
          Rating Agency Condition with respect to S&P, except that:"

     (ii) If an entity has made a Firm Offer (which remains an offer that will
          become legally binding upon acceptance by Counterparty) to be the
          transferee of a transfer, Counterparty shall, at Bear Stearns' written
          request and at Bear Stearns' expense, take any reasonable steps
          required to be taken by Counterparty to effect such transfer.

(j) TRANSFER TO AVOID TERMINATION EVENT. Section 6(b)(ii) is hereby amended by
(i) deleting the words "or if a Tax Event Upon Merger occurs and the Burdened
Party is the Affected Party," and (ii) deleting the last paragraph thereof and
inserting the following:

     "Notwithstanding anything to the contrary in Section 7 (as amended herein)
     and Part 5(i), any transfer by Bear Stearns under this Section 6(b)(ii)
     shall not require the consent of Party B; provided that:

     (i)  the transferee (the "Transferee") is an Eligible Replacement;

     (ii) if the Transferee is domiciled in a different country or political
          subdivision thereof from both Bear Stearns and Party B, such transfer
          satisfies the Rating Agency Condition;

     (iii) the Transferee will not, as a result of such transfer, be required on
          the next succeeding Scheduled Payment Date to withhold or deduct on
          account of any Tax (except in respect of default interest) amounts in
          excess of that which Bear Stearns would, on the next succeeding
          Scheduled Payment Date have been required to so withhold or deduct
          unless the Transferee would be required to make additional payments
          pursuant to Section 2(d) (i)(4) corresponding to such excess;

     (iv) a Termination Event or Event of Default does not occur as a result of
          such transfer; and

                                      M-84

<PAGE>

     (v)  the Transferee confirms in writing that it will accept all of the
          interests and obligations in and under this Agreement which are to be
          transferred to it in accordance with the terms of this provision.

     On and from the effective date of any such transfer to the Transferee, Bear
     Stearns will be fully released from any and all obligations hereunder."

(k) PROCEEDINGS. Bear Stearns shall not institute against or cause any other
person to institute against, or join any other person in instituting against,
the Depositor or the trust or the supplemental interest trust created pursuant
to the Pooling and Servicing Agreement, any bankruptcy, reorganization,
arrangement, insolvency or liquidation proceedings, or other proceedings under
any federal or state bankruptcy, dissolution or similar law, for a period of one
year and one day (or, if longer, the applicable preference period) following
indefeasible payment in full of the First Franklin Mortgage Loan Trust Mortgage
Loan Asset-Backed Certificates, Series 2006-FF18 (the "Certificates").

(l) COMPLIANCE WITH REGULATION AB.

     (i)  Bear Stearns agrees and acknowledges that Merrill Lynch Mortgage
          Investors, Inc. (the "DEPOSITOR") is required under Regulation AB as
          defined under the Pooling and Servicing Agreement, to disclose certain
          financial information regarding Bear Stearns or its group of
          affiliated entities, if applicable, depending on the aggregate
          "significance percentage" of this Agreement and any other derivative
          contracts between Bear Stearns or its group of affiliated entities, if
          applicable, and Counterparty, as calculated from time to time in
          accordance with Item 1115 of Regulation AB.

     (ii) It shall be a cap disclosure event ("CAP DISCLOSURE EVENT") if, on any
          Business Day after the date hereof, the Depositor requests from Bear
          Stearns the applicable financial information described in Item 1115 of
          Regulation AB (such request to be based on a reasonable determination
          by Depositor, in good faith, that such information is required under
          Regulation AB) (the "CAP FINANCIAL DISCLOSURE").

     (iii) Upon the occurrence of a Cap Disclosure Event, Bear Stearns, within
          10 calendar days, at its own expense, shall (1)(a) either (i) provide
          to Depositor the current Cap Financial Disclosure in an
          EDGAR-compatible format (for example, such information may be provided
          in Microsoft Word(R) or Microsoft Excel(R) format but not in.pdf
          format) or (ii) provide written consent to Depositor to incorporation
          by reference of such current Cap Financial Disclosure that are filed
          with the Securities and Exchange Commission in the reports of the
          Trust filed pursuant to the Exchange Act, (b) if applicable, cause its
          outside accounting firm to provide its consent to filing or
          incorporation by reference of such accounting firm's report relating
          to their audits of such current Cap Financial Disclosure in the
          Exchange Act Reports of the Depositor, and (c) provide to the
          Depositor any updated Cap Financial Disclosure with respect to Bear
          Stearns or any entity that consolidates Bear Stearns within five days
          of the release of any such updated Cap Financial Disclosure; (2)
          secure another entity to replace Bear Stearns as party to this
          Agreement on terms substantially similar to this Agreement, which
          entity (or a guarantor therefor) meets or exceeds the Moody's Approved
          Ratings Thresholds and S&P Approved Ratings Threshold and which
          satisfies the Rating Agency Condition and which entity is able to
          comply with the requirements of Item 1115 of Regulation AB, or (3)
          obtain a guaranty of Bear Stearns' obligations under this Agreement
          from an affiliate of Bear Stearns that is able to comply with the
          financial information disclosure requirements of Item 1115 of
          Regulation AB, and cause such affiliate to provide Cap Financial
          Disclosure and any future Cap Financial Disclosure, such that
          disclosure provided in respect of such affiliate will satisfy any
          disclosure requirements applicable to the Cap Provider.

                                      M-85

<PAGE>

     (iv) Bear Stearns agrees that, in the event that Bear Stearns provides Cap
          Financial Disclosure to Depositor in accordance with Part 5(l)(iii)(1)
          or causes its affiliate to provide Cap Financial Disclosure to
          Depositor in accordance with clause Part 5(l)(iii)(3), it will
          indemnify and hold harmless Depositor, its respective directors or
          officers and any person controlling Depositor, from and against any
          and all losses, claims, damages and liabilities caused by any untrue
          statement or alleged untrue statement of a material fact contained in
          such Cap Financial Disclosure or caused by any omission or alleged
          omission to state in such Cap Financial Disclosure a material fact
          required to be stated therein or necessary to make the statements
          therein, in light of the circumstances under which they were made, not
          misleading.

     (v)  If Trustee and Depositor reasonably requests, Bear Stearns shall
          provide such other information as may be necessary for Depositor to
          comply with Item 1115 of Regulation AB.

     (vi) Each of the Trustee and Depositor shall be an express third party
          beneficiary of this Agreement as if a party hereto to the extent of
          the Trustee's and the Depositor's rights explicitly specified in this
          Part 5(l).

(m) TRUSTEE LIABILITY LIMITATIONS. It is expressly understood and agreed by the
parties hereto that:

     (i)  this Agreement is executed and delivered by LaSalle Bank National
          Association ("LaSalle"), not individually or personally but solely as
          Trustee on behalf of First Franklin Mortgage Loan Trust, Series
          2006-FF18;

     (ii) each of the representations, undertakings and agreements herein made
          on the part of the Counterparty is made and intended not as a personal
          representation, undertaking or agreement of LaSalle but is made and
          intended for the purpose of binding only the Counterparty;

     (iii) nothing herein contained shall be construed as imposing any liability
          upon LaSalle, individually or personally, to perform any covenant
          either expressed or implied contained herein, all such liability, if
          any, being expressly waived by the parties hereto and by any Person
          claiming by, through or under the parties hereto; provided that
          nothing in this paragraph shall relieve LaSalle from performing its
          duties and obligations under the Pooling and Servicing Agreement in
          accordance with the standard of care set forth therein;

     (iv) under no circumstances shall LaSalle be personally liable for the
          payment of any indebtedness or expenses of the Counterparty or be
          liable for the breach or failure of any obligation, representation,
          warranty or covenant made or undertaken by the Counterparty under this
          Agreement or any other related documents, other than due to its
          negligence or willful misconduct in performing the obligations of the
          Trustee under the Pooling and Servicing Agreement;

     (v)  any resignation or removal of LaSalle as trustee on behalf of the
          First Franklin Mortgage Loan Trust, Series 2006-FF18 shall require the
          assignment of this agreement to a trustee replacement;

     (vi) LaSalle in its capacity as Trustee has been directed, pursuant to the
          Pooling and Servicing Agreement, to enter into this Agreement and to
          perform its obligations hereunder.

(n) SUBSTANTIAL FINANCIAL TRANSACTION. 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 and
in the Confirmation relating

                                      M-86

<PAGE>

to such Transaction, as applicable. This paragraph shall be deemed repeated on
the trade date of each Transaction.

(o) SET-OFF. Except as expressly provided for in Section 2(c), Section 6 or Part
1(m)(E) hereof, and notwithstanding any other provision of this Agreement or any
other existing or future agreement, 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. Section 6(e) shall be amended by deleting the following
sentence: "The amount, if any, payable in respect of an Early Termination Date
and determined pursuant to this Section will be subject to any Set-off."

(p) 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.

(q) ADDITIONAL DEFINED TERMS.

     (i)  Capitalized terms used but nor defined herein shall have the meanings
          ascribed to such terms in the Pooling and Servicing Agreement.

     (ii) Additional Definitions:

          "ELIGIBLE GUARANTY" means an unconditional and irrevocable guaranty of
     all present and future payment obligations and obligations to post
     collateral of Bear Stearns or an Eligible Replacement to Counterparty under
     this Agreement that is provided by an Eligible Guarantor as principal
     debtor rather than surety and that is directly enforceable by Counterparty,
     the form and substance of which guaranty are subject to the Rating Agency
     Condition with respect to S&P.

          "ELIGIBLE GUARANTOR" means an entity that has credit ratings at least
     equal to the Moody's Required Ratings Threshold and S&P Approved Ratings
     Threshold.

          "ELIGIBLE REPLACEMENT" means an entity that either (i) satisfies the
     S&P Approved Ratings Threshold and the Moody's Required Ratings Threshold
     or (ii) provides an Eligible Guaranty from an Eligible Guarantor.

                                      M-87

<PAGE>

          "FIRM OFFER" means an offer which, when made, is capable of becoming
     legally binding upon acceptance.

          "MOODY'S" means Moody's Investors Service, Inc., or any successor.

          "MOODY'S APPROVED RATINGS THRESHOLD" means, with respect to (i) Bear
     Stearns, a Moody's counterparty rating of "A1" or above and (ii) with
     respect to any other entity (or its guarantor), (x) if such entity has both
     a long-term unsecured and unsubordinated debt rating or counterparty rating
     from Moody's and a short-term unsecured and unsubordinated debt rating from
     Moody's, a long-term unsecured and unsubordinated debt rating or
     counterparty rating from Moody's of "A2" or above and a short-term
     unsecured and unsubordinated debt rating from Moody's of "Prime-1" or
     above, or (y) if such entity has only a long-term unsecured and
     unsubordinated debt rating or counterparty rating from Moody's, a long-term
     unsecured and unsubordinated debt rating or counterparty rating from
     Moody's of "A1" or above.

          "MOODY'S FIRST LEVEL DOWNGRADE" means that no Relevant Entity
     satisfies the Moody's Approved Rating Threshold.

          "MOODY'S REQUIRED RATINGS THRESHOLD" means, with respect to (i) Bear
     Stearns, a counterparty rating of "A3" or above and (ii) with respect to
     any other entity (or its guarantor), (x) if such entity has both a
     long-term unsecured and unsubordinated debt rating or counterparty rating
     from Moody's and a short-term unsecured and unsubordinated debt rating from
     Moody's, a long-term unsecured and unsubordinated debt rating or
     counterparty rating from Moody's of "A3" or above or a short-term unsecured
     and unsubordinated debt rating from Moody's of "Prime-2" or above, or (y)
     if such entity has only a long-term unsecured and unsubordinated debt
     rating or counterparty rating from Moody's, a long-term unsecured and
     unsubordinated debt rating or counterparty rating from Moody's of "A3" or
     above.

                                      M-88

<PAGE>

          "MOODY'S SECOND LEVEL DOWNGRADE" means that no Relevant Entity
     satisfies the Moody's Required Ratings Threshold.

          "PERMITTED TRANSFER" means a transfer by novation by Bear Stearns to
     an entity (the "TRANSFEREE") of all, but not less than all, of Bear
     Stearns' rights, liabilities, duties and obligations under this Agreement,
     with respect to which transfer each of the following conditions is
     satisfied: (a) the Transferee is an Eligible Replacement that is a
     recognized dealer in interest rate swaps organized under the laws of the
     United States of America or a jurisdiction located in the United States of
     America (or another jurisdiction reasonably acceptable to Counterparty),
     (b) an Event of Default or Termination Event would not occur as a result of
     such transfer, (c) pursuant to a written instrument (the "TRANSFER
     AGREEMENT"), the Transferee acquires and assumes all rights and obligations
     of Bear Stearns under the Agreement and the relevant Transaction, (d) Bear
     Stearns will be responsible for any costs or expenses incurred in
     connection with such transfer (including any replacement cost of entering
     into a replacement transaction); (e) either (A) Moody's has been given
     prior written notice of such transfer and the Rating Agency Condition is
     satisfied with respect to S&P or (B) each Rating Agency has been given
     prior written notice of such transfer and such transfer is in connection
     with the assignment and assumption of this Agreement without modification
     of its terms, other than party names, dates relevant to the effective date
     of such transfer, tax representations and any other representations
     regarding the status of the substitute counterparty, notice information and
     account details and other similar provisions; and (f) such transfer
     otherwise complies with the terms of the Pooling and Servicing Agreement.

          "RATING AGENCY" means each of Moody's and S&P.

          "RATING AGENCY CONDITION" means, with respect to any particular
     proposed act or omission to act hereunder that the party acting or failing
     to act must consult with each Rating Agency then providing a rating of the
     Certificates and receive from each such Rating Agency a prior written
     confirmation that the proposed action or inaction would not cause a
     downgrade or withdrawal of its then-current rating of the Certificates.

          "RELEVANT ENTITY" means Bear Stearns and any Eligible Guarantor under
     an Eligible Guaranty with respect to Bear Stearns.

          "REPLACEMENT TRANSACTION" means, with respect to any Terminated
     Transaction or group of Terminated Transactions, a transaction or group of
     transactions that (i) would have the effect of preserving for Counterparty
     the economic equivalent 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 Transaction or group of Terminated Transactions
     that would, but for the occurrence of the relevant Early Termination Date,
     have been required after that Date, and (ii) has terms which are
     substantially the same as this Agreement, including, without limitation,
     rating triggers, Regulation

                                      M-89

<PAGE>

     AB compliance, and credit support documentation, as determined by
     Counterparty in its sole discretion, acting in a commercially reasonable
     manner.

          "S&P" means Standard & Poor's, a division of The McGraw-Hill
     Companies, Inc.

          "S&P APPROVED RATINGS THRESHOLD" means with respect to (i) Bear
     Stearns, a counterparty rating of "A+" or above and (ii) with respect to
     any other entity (or its guarantor), a short-term unsecured and
     unsubordinated debt rating from S&P of "A-1" or above, or, if such entity
     does not have a short-term unsecured and unsubordinated debt rating from
     S&P, a long-term unsecured and unsubordinated debt rating from S&P of "A+
     or above.

          "S&P FIRST LEVEL DOWNGRADE" means that no Relevant Entity satisfies
     the S&P Approved Rating Threshold.

          "S&P REQUIRED RATINGS THRESHOLD" means with respect to (i) Bear
     Stearns, a counterparty rating of "BBB" or above and (ii) with respect to
     any other entity (or its guarantor), a long-term unsecured and
     unsubordinated debt rating from S&P of "BBB-" or above.

          "S&P SECOND LEVEL DOWNGRADE" means that no Relevant Entity satisfies
     the S&P Required Rating Thresholds.

(r) RATING AGENCY NOTIFICATIONS. Except as otherwise provided herein, no Early
Termination Date shall be effectively designated hereunder shall be made by
either party unless each Rating Agency has been given prior written notice of
such designation.

                                      M-90

<PAGE>

     NEITHER THE BEAR STEARNS COMPANIES INC. NOR ANY SUBSIDIARY OR AFFILIATE OF
     THE BEAR STEARNS COMPANIES INC. OTHER THAN BEAR STEARNS IS AN OBLIGOR OR A
     CREDIT SUPPORT PROVIDER ON THIS AGREEMENT.

                                      M-91

<PAGE>

                                   SCHEDULE I
    (all such dates subject to adjustment in accordance with the Business Day
                                   Convention)

<TABLE>
<CAPTION>
                                        NOTIONAL AMOUNT
FROM AND INCLUDING   TO BUT EXCLUDING        (USD)        CAP RATE
------------------   ----------------   ---------------   --------
<S>                  <C>                <C>               <C>
  Effective Date        25-Jan-2007      1,303,652,000     7.652%
   25-Jan-2007          26-Feb-2007      1,297,298,511     6.897%
   26-Feb-2007          26-Mar-2007      1,287,687,316     7.653%
   26-Mar-2007          25-Apr-2007      1,274,786,287     6.897%
   25-Apr-2007          25-May-2007      1,258,599,764     7.133%
   25-May-2007       Termination Date    1,239,131,550     6.899%
</TABLE>

                                      M-92
<PAGE>

                                                                      V. ANNEX A

VI. UNILATERAL CSA SCHEDULE(10)

Pledgor: BEAR STEARNS FINANCIAL PRODUCTS INC. (the "Pledgor")

Secured Party: LASALLE BANK NATIONAL ASSOCIATION, NOT IN ITS INDIVIDUAL
CAPACITY, BUT SOLELY AS TRUSTEE ON BEHALF OF FIRST FRANKLIN MORTGAGE LOAN TRUST,
SERIES 2006-FF18 (the "Secured Party")

PARAGRAPH 13. ELECTIONS AND VARIABLES

(a)  SECURITY INTEREST FOR "OBLIGATIONS". The term "Obligations" as used in this
     Annex includes no "additional obligations" within the meaning of Paragraph
     12.

(b)  CREDIT SUPPORT OBLIGATIONS.

     (i)  DELIVERY AMOUNT, RETURN AMOUNT AND CREDIT SUPPORT AMOUNT.

          (1) DELIVERY AMOUNT. Paragraph 3(a) shall be amended by replacing the
          words "upon a demand made by the Secured Party on or promptly
          following a Valuation Date" with the words "on each Valuation Date".
          The "DELIVERY AMOUNT" with respect to Pledgor for any Valuation Date
          shall equal the greatest of:

               (A) the amount by which the S&P Collateral Amount exceeds the S&P
               Value on such Valuation Date of all Posted Credit Support held by
               the Secured Party;

               (B) the amount by which the Moody's First Level Collateral Amount
               exceeds the Moody's First Level Value on such Valuation Date of
               all Posted Credit Support held by the Secured Party.

               (C) the amount by which the Moody's Second Level Collateral
               Amount exceeds the Moody's Second Level Value on such Valuation
               Date of all Posted Credit Support held by the Secured Party.

          (2) "RETURN AMOUNT" applicable to Secured Party for any Valuation Date
          shall equal the least of:

               (A) the amount by which the S&P Value on such Valuation Date of
               all Posted Credit Support held by the Secured Party exceeds the
               S&P Collateral Amount;

               (B) the amount by which the Moody's First Level Value on such
               Valuation Date of all Posted Credit Support held by the Secured
               Party exceeds the Moody's First Level Collateral Amount.

               (C) the amount by which the Moody's Second Level Value on such
               Valuation Date of all Posted Credit Support held by the Secured
               Party exceeds the Moody's Second Level Collateral Amount.

                                      M-93

<PAGE>

          (3) "CREDIT SUPPORT AMOUNT" shall be deleted in its entirety.

     (ii) ELIGIBLE COLLATERAL. The items set forth on the Collateral Schedule
          attached as Schedule A hereto will qualify as "ELIGIBLE COLLATERAL"
          for the party specified.

     (iii) OTHER ELIGIBLE SUPPORT. None

     (iv) THRESHOLDS.

          (I)  "INDEPENDENT AMOUNT" means:
               Pledgor: Not applicable.
               Secured Party: Not applicable.

          (J)  "THRESHOLD" means:
               Pledgor: Not applicable.
               Secured Party: Not applicable.

          (K)  "MINIMUM TRANSFER AMOUNT" means USD100,000; provided, that if the
               aggregate Certificate Principal Balance of Certificates rated by
               S&P is less than USD 50,000,000, the "Minimum Transfer Amount"
               shall mean USD 50,000.

          (L)  ROUNDING. The Delivery Amount will be rounded up and the Return
               Amount will be rounded down to the nearest integral multiple of
               USD10,000.

(c)  VALUATION AND TIMING.

(i)  "VALUATION AGENT" means Pledgor.

(ii) "VALUATION DATE" means each Local Business Day(11).

(iii) "VALUATION TIME" means the close of business on the Local Business Day in
     the city where the Valuation Agent is located immediately preceding 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 11:00 A.M. (New York time).

(v)  TRANSFER TIMING AND CALCULATIONS. Paragraphs 4(b) and 4(c) are hereby
     amended and restated in entirety as set forth below.

          "(b) TRANSFER TIMING. 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 Valuation Date; 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 next Local Business Day thereafter.

          (c) CALCULATIONS. All calculations of Value and Exposure for purposes
          of

----------
(11) If not daily valuations, changes are required in the collateral amounts and
     valuation percentages

                                      M-94

<PAGE>

          Paragraphs 3 and 6(d) will be made by the Valuation Agent as of the
          Valuation Time. The Valuation Agent will notify each party (or the
          other party, if the Valuation Agent is a party) of its calculations
          not later than the Notification Time on the applicable Valuation Date
          (or in the case of Paragraph 6(d), the Local Business Day following
          the day on which such relevant calculations are performed)."

(f)  CONDITIONS PRECEDENT. There shall be no "Specified Condition" with respect
     to either party for purposes of this Annex.

(e)  SUBSTITUTION

     (i)  "SUBSTITUTION DATE" means (A) the Local Business Day on which the
          Secured Party receives the Substitute Credit Support, if notice of
          substitution is received by the Notification Time on such date, and
          (B) the Local Business Day following the date on which the Secured
          Party receives the Substitute Credit Support, if notice of
          substitution is received after the Notification Time.

     (ii) CONSENT OF SECURED PARTY FOR SUBSTITUTION. Inapplicable.

     (iii) AMENDMENT OF PARAGRAPH 4(D)(II). Paragraph 4(d)(ii) is amended and
          restated in its entirety as set forth below:

          "(ii) subject to Paragraph 4(a) of this Annex, the Secured Party will
          Transfer the items of Posted Credit Support specified by the Pledgor
          in its notice not later than the close of business on the Substitution
          Date, provided, however, that if the Secured Party shall not have
          received the Substitute Credit Support prior to 1:00 P.M. (New York
          time) on the Substitution Date, then the Secured Party shall Transfer
          the applicable items of Posted Credit Support not later than the close
          of business on the Local Business Day immediately following the day on
          which the Secured Party receives the Substitute Credit Support.
          Notwithstanding the foregoing, the Secured Party will only be
          obligated to Transfer Posted Credit Support with a Value as of the
          Substitution Date equal to the Value of the Substitute Credit Support
          delivered by the Pledgor in exchange therefor."

(f)  DISPUTE RESOLUTION.

(i)  "RESOLUTION TIME" means 12:00 noon, New York time, on the Local Business
     Day for both parties following the date the Disputing Party gives notice of
     a dispute pursuant to Paragraph 5.

(ii) VALUE. For the purpose of Paragraphs 5(i)(C) and 5(ii), disputes over the
     Value of Posted Credit Support will be resolved by the Valuation Agent
     seeking bid-side quotations as of the relevant Recalculation Date or date
     of Transfer, as applicable, from three parties that regularly act as
     dealers in the securities in question. The Value will be the arithmetic
     mean of the quotations obtained by the Valuation Agent, multiplied by the
     applicable Valuation Percentage, if any. If no quotations are available for
     a particular security, then the Valuation Agent's original calculation of
     Value thereof will be used for that security.

(iii) ALTERNATIVE. Subject to item (iv) below, the provisions of Paragraph 5
     will apply.

                                      M-95

<PAGE>

(iv) MODIFICATION OF PARAGRAPH 5. The introductory paragraph of Paragraph 5
     shall be amended and restated to read in its entirety as follows:

          "If a party (a 'Disputing Party') disputes (I) the Valuation Agent's
          calculation of a Delivery Amount or a Return Amount or (II) the Value
          of any Transfer of Eligible Credit Support or Posted Credit Support,
          then:

          (A) the Disputing Party will (x) notify the other party and, if
          applicable, the Valuation Agent of the amount it is disputing, (y)
          indicate what it believes the correct amount to be and (z) provide a
          statement showing, in reasonable detail, how it arrived at such amount
          and the appropriate party will deliver the undisputed amount to the
          other party not later than (i) (a) the close of business on the
          Valuation Date, if the demand made under Paragraph 3 in the case of
          (I) above is made by the Notification Time, or (b) the close of
          business of the Local Business Day following the date on which the
          demand is made under Paragraph 3 in the case of (I) above, if such
          demand is made after the Notification Time, or (ii) the close of
          business of the date of Transfer, in the case of (II) above;

          (B) the parties will consult with each other and provide such
          information as the other party shall reasonably request in an attempt
          to resolve the dispute; and

          (C) if they fail to resolve the dispute by the Resolution Time, then:"

(g)  HOLDING AND USING POSTED COLLATERAL.

(i)  ELIGIBILITY TO HOLD POSTED COLLATERAL; CUSTODIANS. The Secured Party and
     its Custodian (if any) will be entitled to hold Posted Collateral pursuant
     to Paragraph 6(b), provided that the following conditions applicable to it
     are satisfied:

     (1)  it is not a Defaulting Party;

     (2)  Posted Collateral consisting of Cash or certificated securities that
          cannot be paid or delivered by book-entry may be held only in any
          state of the United States which has adopted the Uniform Commercial
          Code;

     (3)  the short-term rating of any Custodian shall be at least "A-1" by S&P

     There shall be no Custodian for Pledgor.

(ii) USE OF POSTED COLLATERAL. The provisions of Paragraph 6(c) will not apply
     to Secured Party and Secured Party will not have any right to use the
     Posted Collateral or take any action specified in Paragraph 6(c).

(h)  DISTRIBUTIONS AND INTEREST AMOUNT.

     (i)  INTEREST RATE. The "INTEREST RATE" will be the "Federal Funds
          (Effective)" rate as such rate is displayed on Telerate page 118 for
          such day under the caption "Effective".

     (ii) AMENDMENT OF PARAGRAPH 6(D)(I) - DISTRIBUTIONS. Clause (d)(i) of
          Paragraph 6 shall be

                                      M-96

<PAGE>

          amended and restated to read in its entirety as follows:

          "(i) DISTRIBUTIONS. If the Secured Party receives Distributions on a
          Local Business Day, it will credit to Pledgor not later than the
          following Local Business Day any Distributions it receives, and such
          Distributions will constitute Posted Collateral and will be subject to
          the security interest granted under Paragraph 2."

     (iii) AMENDMENT OF PARAGRAPH 6(D)(II) - INTEREST AMOUNT. Clause (d)(ii) of
          Paragraph 6 shall be amended and restated to read in its entirety as
          follows:

          "(ii) INTEREST AMOUNT. In lieu of any interest, dividends or other
          amounts paid with respect to Posted Collateral in the form of cash
          (all of which may be retained by the Secured Party), the Secured Party
          will credit to Pledgor on the 20th day of each calendar month (or if
          such day is not a Local Business Day, the next Local Business Day) the
          Interest Amount. The Interest Amount will constitute Posted Collateral
          and will be subject to the security interest granted under Paragraph
          2. For purposes of calculating the Interest Amount the amount of
          interest calculated for each day of the interest period shall be
          compounded monthly." Secured Party shall not be obliged to credit any
          Interest Amount unless and until it has received such amount.

(i)  DEMANDS AND NOTICES.

     All demands, specifications and notices under this Annex will be made
     pursuant to the Notices Section of this Agreement.

(j)  ADDRESSES FOR TRANSFERS.

     Pledgor: To be provided in writing by Pledgor to Secured Party.

     Secured Party: To be provided in writing by Secured Party to Pledgor.

(k)  OTHER PROVISION(S).

(i)  AMENDMENT OF PARAGRAPH 7 - EVENTS OF DEFAULT. Clause (iii) of Paragraph 7
     shall not apply to Secured Party.

(ii) NON-RELIANCE. Notwithstanding the obligations of the Secured Party under
     Paragraph 6(a), and without limiting the generality of the final sentence
     of Paragraph 6(a), each party, as Pledgor, acknowledges that it has the
     means to monitor all matters relating to all valuations, payments, defaults
     and rights with respect to Posted Collateral without the need to rely on
     the other party, in its capacity as Secured Party, and that, given the
     provisions of this Annex on substitution, responsibility for the
     preservation of the rights of the Pledgor with respect to all such matters
     is reasonably allocated hereby to the Pledgor.

     (xvii) AGREEMENT AS TO SINGLE SECURED PARTY AND PLEDGOR. Each of Pledgor
          and Secured Party agree that, notwithstanding anything to the contrary
          in the recital to this Annex, Paragraph 1(b) or Paragraph 2 or the
          definitions in Paragraph 12, (a) the term "Secured Party" as used in
          this Annex means only Secured Party, (b) the term "Pledgor" as used in
          this Annex means only Pledgor, (c) only Pledgor makes the pledge and
          grant in Paragraph 2, the

                                      M-97

<PAGE>

          acknowledgement in the final sentence of Paragraph 8(a) and the
          representations in Paragraph 9 and (d) only Pledgor will be required
          to make Transfers of Eligible Credit Support hereunder.

     (xviii) TRUSTEE. The Trustee is hereby authorized to (i) make demands on
          behalf of the Secured Party pursuant to Paragraph 3 hereunder and (ii)
          provide notice on behalf of the Secured Party pursuant to Paragraph 7
          hereunder.

     (xix) COLLATERAL ACCOUNT. Secured Party shall at all times maintain all
          Posted Collateral in a segregated trust account.

     (xx) EXTERNAL CALCULATIONS. At any time at which Pledgor (or, to the extent
          applicable, its Credit Support Provider) does not have a long-term
          unsubordinated and unsecured debt rating of at least "BBB+" from S&P,
          the Valuation Agent shall (at its own expense) obtain external
          calculations of the Secured Party's Exposure from at least two
          Reference Market-makers on the last Local Business Day of each
          calendar month. Any determination of the S&P Collateral Amount shall
          be based on the greatest of the Secured Party's Exposure determined by
          the Valuation Agent and such Reference Market-makers. Such external
          calculation may not be obtained from the same Reference Market-maker
          more than four times in any 12-month period.

     (xxi) NOTICE TO S&P. At any time at which Pledgor (or, to the extent
          applicable, its Credit Support Provider) does not have a long-term
          unsubordinated and unsecured debt rating of at least "BBB+" from S&P,
          the Valuation Agent shall provide to S&P not later than the
          Notification Time on the Local Business Day following each Valuation
          Date its calculations of the Secured Party's Exposure and the Value of
          any Eligible Credit Support or Posted Credit Support for that
          Valuation Date. The Valuation Agent shall also provide to S&P any
          external marks of the Secured Party's Exposure.

     (xxii) EXPENSES. Pledgor shall be responsible for all reasonable costs and
          expenses incurred by Secured Party in connection with the Transfer of
          any Eligible Collateral under this Annex.

     (xxiii) ADDITIONAL DEFINED TERMS.

          "DV01" means, with respect to a Transaction and any date of
          determination, the sum of the estimated change in the Secured Party's
          Exposure with respect to such Transaction that would result from a one
          basis point change in the relevant swap curve on such date, as
          determined by the Valuation Agent in good faith and in a commercially
          reasonable manner. The Valuation Agent shall, upon request of Secured
          Party, provide to Secured Party a statement showing in reasonable
          detail such calculation.

          "MOODY'S FIRST LEVEL ADDITIONAL COLLATERALIZED AMOUNT" means, with
          respect to any Transaction, the lesser of (x) the product of 15 and
          DV01 for such Transaction and such Valuation Date and (y) the product
          of 2% and the Notional Amount for such Transaction for the Calculation
          Period which includes such Valuation Date.

          "MOODY'S FIRST LEVEL COLLATERAL AMOUNT" means, (A) for any Valuation
          Date on which (I) a Moody's First Level Downgrade has occurred and has
          been continuing (x) for at least 30 Local Business Days or (y) since
          this Annex was executed and (II) it is not the case that a Moody's
          Second Level Downgrade has occurred and been continuing for at least
          30 Local Business Days, an amount equal to the greater of (a) zero and
          (b) the sum of the Secured

                                      M-98

<PAGE>

          Party's aggregate Exposure for all Transactions and the aggregate of
          Moody's First Level Additional Collateralized Amounts for each
          Transaction and (B)for any other Valuation Date, zero.

          "MOODY'S FIRST LEVEL VALUE" means, for any date that the Moody's First
          Level Collateral Amount is determined and the Value of any Eligible
          Collateral or Posted Collateral that is a security, the bid price for
          such security obtained by the Valuation Agent multiplied by the
          Moody's First Level Valuation Percentage for such security set forth
          on Schedule A hereto.

          "MOODY'S SECOND LEVEL ADDITIONAL COLLATERALIZED AMOUNT" means, with
          respect to any Transaction,

               (1) if such Transaction is not a Transaction-Specific Hedge, the
               lesser of (i) the product of the 50 and DV01 for such Transaction
               and such Valuation Date and (ii) the product of 8% and the
               Notional Amount for such Transaction for the Calculation Period
               (as defined in the related Transaction) which includes such
               Valuation Date; or

               (2) if such Transaction is a Transaction-Specific Hedge, the
               lesser of (i) the product of the 65 and DV01 for such Transaction
               and such Valuation Date and (ii) the product of 10% and the
               Notional Amount for such Transaction for the Calculation Period
               (as defined in the related Transaction) which includes such
               Valuation Date.

          "MOODY'S SECOND LEVEL COLLATERAL AMOUNT" means, (A) for any Valuation
          Date on which it is the case that a Moody's Second Level Downgrade has
          occurred and been continuing for at least 30 Local Business Days, an
          amount equal to the greatest of (a) zero, (b) the aggregate amount of
          the Next Payments for all Next Payment Dates and (c) the sum of the
          Secured Party's aggregate Exposure and the aggregate of Moody's Second
          Level Additional Collateralized Amounts for each Transaction and (B)
          for any other Valuation Date, zero.

          "MOODY'S SECOND LEVEL VALUE" means, for any date that the Moody's
          Second Level Collateral Amount is determined and the Value of any
          Eligible Collateral or Posted Collateral that is a security, the bid
          price for such security obtained by the Valuation Agent multiplied by
          the Moody's Second Level Valuation Percentage for such security set
          forth on Schedule A hereto.

          "NEXT PAYMENT" means, in respect of each Next Payment Date, the
          greater of (i) the amount of any payments due to be made by the
          Pledgor pursuant to Section 2(a) on such Next Payment Date less any
          payments due to be made by the Secured Party under Section 2(a) on
          such Next Payment Date (in each case, after giving effect to any
          applicable netting under Section 2(c)) and (ii) zero.

          "NEXT PAYMENT DATE" means the next scheduled payment date under any
          Transaction.

          "REMAINING WEIGHTED AVERAGE MATURITY" means, with respect to a
          Transaction, the expected weighted average maturity for such
          Transaction as determined by the Valuation Agent.

          "S&P COLLATERAL AMOUNT" means, (A) for any Valuation Date on which a
          S&P First Level Downgrade has occurred and been continuing for at
          least 30 days or on which a S&P Second Level Downgrade has occurred
          and is continuing, an amount equal to the sum of (1) 100.0% of the
          Secured Party's Exposure for such Valuation Date and (2) the product
          of the

                                      M-99

<PAGE>

          Volatility Buffer for each Transaction and the Notional Amount of such
          Transaction for the Calculation Period (as defined in the related
          Transaction) of such Transaction which includes such Valuation Date,
          or (B) for any other Valuation Date, zero.

          "S&P VALUE" means, for any date that the S&P Collateral Amount is
          determined and the Value of any Eligible Collateral or Posted
          Collateral that is a security, the bid price for such security
          obtained by the Valuation Agent multiplied by the S&P Valuation
          Percentage for such security set forth on Schedule A hereto.

          "TRANSACTION-SPECIFIC HEDGE" means any Transaction that is a cap,
          floor or swaption or a Transaction in respect of which (x) the
          notional amount of the interest rate swap is "balance guaranteed" or
          (y) the notional amount of the interest rate swap for any Calculation
          Period otherwise is not a specific dollar amount that is fixed at the
          inception of the Transaction.

          "VOLATILITY BUFFER" means, for any Transaction, the related percentage
          set forth in the following table:

<TABLE>
<CAPTION>
   The higher of the S&P        Remaining
short-term credit rating of      Weighted        Remaining                                Remaining
 (i) Pledgor and (ii) the        Average          Weighted       Remaining Weighted   Weighted Average
 Credit Support Provider of      Maturity     Average Maturity    Average Maturity        Maturity
   Pledgor, if applicable     up to 3 years     up to 5 years      up to 10 years      up to 30 years
---------------------------   -------------   ----------------   ------------------   ---------------
<S>                           <C>             <C>                <C>                  <C>
"A-2" or higher                   2.75%             3.25%               4.00%              4.75%
"A-3"                             3.25%             4.00%               5.00%              6.25%
"BB+" or lower                    3.50%             4.50%               6.75%              7.50%
</TABLE>

                                     M-100

<PAGE>

                                                                      SCHEDULE A

                               COLLATERAL SCHEDULE

THE MOODY'S FIRST LEVEL VALUATION PERCENTAGES SHALL BE USED IN DETERMINING THE
MOODY'S FIRST LEVEL COLLATERAL AMOUNT.

THE MOODY'S SECOND LEVEL VALUATION PERCENTAGES SHALL BE USED IN DETERMINING THE
MOODY'S SECOND LEVEL COLLATERAL AMOUNT.

THE S&P VALUATION PERCENTAGES SHALL BE USED IN DETERMINING THE S&P COLLATERAL
AMOUNT.

<TABLE>
<CAPTION>
 ISDA COLLATERAL ASSET                        MOODY'S FIRST LEVEL    MOODY'S SECOND LEVEL             S&P
DEFINITION (ICAD) CODE   REMAINING MATURITY   VALUATION PERCENTAGE   VALUATION PERCENTAGE     VALUATION PERCENTAGE
----------------------   ------------------   --------------------   --------------------   -----------------------
<S>                      <C>                  <C>                    <C>                    <C>
US-CASH                               N/A             100%                   100%                     100%
EU-CASH                               N/A              98%                    94%                    92.5%
GB-CASH                               N/A              98%                    95%                    94.1%

US-TBILL                         < 1 Year             100%                    100%                   98.9%
US-TNOTE                     1 to 2 years             100%                    99%                    98.0%
US-TBOND                     2 to 3 years             100%                    98%                    97.4%
(fixed rate)                 3 to 5 years             100%                    97%                    95.5%
                             5 to 7 years             100%                    96%                    93.7%
                            7 to 10 years             100%                    94%                    92.5%
                           10 to 20 years             100%                    90%                    91.1%
                               > 20 years             100%                    88%                    88.6%

US-TBILL                   All Maturities             100%                    99%           Not Eligible Collateral
US-TNOTE
US-TBOND
(floating rate)

GA-US-AGENCY                     < 1 Year             100%                    99%                    98.5%
(fixed rate)                 1 to 2 years             100%                    99%                    97.7%
                             2 to 3 years             100%                    98%                    97.3%
                             3 to 5 years             100%                    96%                    94.5%
                             5 to 7 years             100%                    93%                    93.1%
                            7 to 10 years             100%                    93%                    90.7%
                           10 to 20 years             100%                    89%                    87.7%
                               > 20 years             100%                    87%                    84.4%

 GA-US-AGENCY             All Maturities              100%                    98%           Not Eligible Collateral
(floating rate)

GA-EUROZONE-GOV                                Rated Aa3 or better    Rated Aa3 or better     Rated AAA or better
(other than EU-CASH)                               by Moody's            by Moody's                  by S&P
(fixed rate)                     < 1 Year              98%                    94%                    98.8%
                             1 to 2 years              98%                    93%                    97.9%
                             2 to 3 years              98%                    92%                    97.1%
                             3 to 5 years              98%                    90%                    91.2%
                             5 to 7 years              98%                    89%                    87.5%
                            7 to 10 years              98%                    88%                    83.8%
                           10 to 20 years              98%                    84%                    75.5%
                               > 20 years              98%                    82%           Not Eligible Collateral
</TABLE>

                                     M-101

<PAGE>

<TABLE>
<S>                      <C>                  <C>                    <C>                    <C>
GA-EUROZONE-GOV                                Rated Aa3 or better    Rated Aa3 or better     Rated AAA or better
(other than EU-CASH)                               by Moody's            by Moody's                  by S&P
(floating rate)            All Maturities              98%                    93%           Not Eligible Collateral

GA-GB-GOV                        < 1 Year              98%                    94%           Not Eligible Collateral
(other than GB-CASH)         1 to 2 years              98%                    93%           Not Eligible Collateral
(fixed rate)                 2 to 3 years              98%                    92%           Not Eligible Collateral
                             3 to 5 years              98%                    91%           Not Eligible Collateral
                             5 to 7 years              98%                    90%           Not Eligible Collateral
                            7 to 10 years              98%                    89%           Not Eligible Collateral
                           10 to 20 years              98%                    86%           Not Eligible Collateral
                               > 20 years              98%                    84%           Not Eligible Collateral

GA-GB-GOV                  All Maturities              98%                    94%           Not Eligible Collateral
(other than GB-CASH)
(floating rate)
</TABLE>

The ISDA Collateral Asset Definition (ICAD) Codes used in this Collateral
Schedule shall have the meanings set forth in the Collateral Asset Definitions
(First Edition - June 2003) as published and copyrighted in 2003 by the
International Swaps and Derivatives Association, Inc.

                                      M-102
<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 - First Franklin Mortgage Loan
           Trust, Series 2006-FF18

     RE: First Franklin Mortgage Loan Trust, Mortgage Loan Asset-Backed
         Certificates, Series 2006-FF18

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).

          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

                                       O-1

<PAGE>

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 - First Franklin Mortgage Loan
           Trust, Series 2006-FF18

     RE: First Franklin Mortgage Loan Trust, Mortgage Loan Asset-Backed
         Certificates, Series 2006-FF18

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.

Very truly yours,

-------------------------------------
Print Name of Transferor

By:
    ---------------------------------
    Authorized Officer

                                       P-1

<PAGE>

                                    EXHIBIT Q

          FORM OF NOVATION AND RELATED SWAP AGREEMENT AND CAP CONTRACT

                                       Q-1

<PAGE>

(BEAR STEARNS LOGO)

                                            BEAR STEARNS FINANCIAL PRODUCTS INC.
                                                              383 MADISON AVENUE
                                                        NEW YORK, NEW YORK 10179
                                                                    212-272-4009

DATE:                  December 28, 2006

TO:                    LaSalle Bank National Association, not in its individual
                       capacity, but solely as Supplemental Interest Trust
                       Trustee on behalf of the Supplemental Interest Trust
                       relating to the First Franklin Mortgage Loan Trust,
                       Series 2006-FF18

ATTENTION:             Dimitrios Kostopoulos

TELEPHONE:             312-992-2834

FACSIMILE:             312-904-1368

TO:                    Merrill Lynch Mortgage Lending, Inc.

ATTENTION:             Angie Gioia

TELEPHONE:             212-449-5842

FACSIMILE:             212-449-7722

FROM:                  Derivatives Documentation

TELEPHONE:             212-272-2711

FACSIMILE:             212-272-9857

RE:                    NOVATION CONFIRMATION

REFERENCE NUMBER(S):   FXNSC9077-CXNS211267
                       FXNCC9072-CXNC211266

          The purpose of this letter is to confirm the terms and conditions of
the Novation Transactions entered into between the parties and effective from
the Novation Date specified below. This Novation Confirmation constitutes a
"Confirmation" as referred to in the New Agreements specified below.

1.   The definitions and provisions contained in the 2004 ISDA Novation
     Definitions (the "Definitions") and the terms and provisions of the 2000
     ISDA Definitions, as published by the International Swaps and Derivatives
     Association, Inc. and amended from time to time, are incorporated in this
     Novation Confirmation. In the event of any inconsistency between (i) the
     Definitions, (ii) the 2000 ISDA Definitions and/or (iii) the Novation
     Agreement and this Novation Confirmation, this Novation Confirmation will
     govern.

2.   The terms of the Novation Transactions to which this Novation Confirmation
     relates are as follows:

                                       Q-2

<PAGE>

<TABLE>
<S>                                     <C>
Novation Trade Date:                    December 28, 2006

Novation Date:                          December 28, 2006

Novated Amount:                         The Notional Amount set forth in each
                                        New Confirmation.

Transferor 1:                           Merrill Lynch Mortgage Lending, Inc.

Transferor 2:                           Bear Stearns Capital Markets Inc.

Transferee 1:                           LaSalle Bank National Association, not
                                        in its individual capacity, but solely
                                        as Supplemental Interest Trust Trustee
                                        on behalf of the Supplemental Interest
                                        Trust relating to the First Franklin
                                        Mortgage Loan Trust, Series 2006-FF18

Transferee 2:                           Bear Stearns Financial Products Inc.

New Agreement                           The Master Agreement as defined in the
(between Transferee                     New Confirmation
1 and Transferee 2):
</TABLE>

3.   The terms of the Old Transactions to which this Novation Confirmation
     relates, for identification purposes, are as follows:

<TABLE>
<S>                                     <C>
Reference Number of Old Transactions:   CXNS211267 and CXNC211266,
Trade Date of Old Transactions:         December 22, 2006
Effective Date of Old Transactions:     June 25, 2007
Termination Date of Old Transactions:   December 25, 2011
</TABLE>

4.   The terms of each New Transaction to which this Novation Confirmation
     relates shall be as specified in the New Confirmations attached hereto as
     Exhibits A and B including the Credit Support Annex attached to each New
     Confirmation as an Annex A.

<TABLE>
<S>                                     <C>
Full First Calculation Period:          Applicable
</TABLE>

6.   Offices:

<TABLE>
<S>                                     <C>
Transferor 1:                           Not Applicable
Transferor 2:                           Not Applicable
Transferee 1:                           Not Applicable
Transferee 2:                           Not Applicable
</TABLE>

                                       Q-3

<PAGE>

The parties confirm their acceptance to be bound by this Novation Confirmation
as of the Novation Date by executing a copy of this Novation Confirmation and
returning a facsimile of the fully-executed Novation Confirmation to
212-272-9857. The Transferor 1 and Transferor 2, by their respective execution
of a copy of this Novation Confirmation, each agrees to the terms of the
Novation Confirmation as it relates to each Old Transaction. The Transferee 1
and Transferee 2, by their respective execution of a copy of this Novation
Confirmation, agrees to the terms of the Novation Confirmation as it relates to
each New Transaction. For inquiries regarding U.S. Transaction, please contact
DERIVATIVES DOCUMENTATION by telephone at 212-272-2711. For all other inquiries
please contact DERIVATIVES DOCUMENTATION by telephone at 353-1-402-6223.

BEAR STEARNS FINANCIAL PRODUCTS INC.    MERRILL LYNCH MORTGAGE LENDING, INC.

By:                                     By:
    ---------------------------------       ------------------------------------
Name:                                   As authorized agent or officer for
      -------------------------------   Merrill Lynch Mortgage Lending, Inc.
Title:                                  Name:
       ------------------------------         ----------------------------------
Date:                                   Title:
      -------------------------------          ---------------------------------
                                        Date:
                                              ----------------------------------

LASALLE BANK NATIONAL ASSOCIATION,      BEAR STEARNS CAPITAL MARKETS INC.
NOT IN ITS INDIVIDUAL CAPACITY, BUT
SOLELY AS SUPPLEMENTAL INTEREST TRUST
TRUSTEE ON BEHALF OF THE SUPPLEMENTAL   By:
INTEREST TRUST RELATING TO THE FIRST        ------------------------------------
FRANKLIN MORTGAGE LOAN TRUST, SERIES    Name:
2006-FF18                                     ----------------------------------
                                        Title:
                                               ---------------------------------
By:                                     Date:
    ---------------------------------         ----------------------------------
Name:
      -------------------------------
Title:
       ------------------------------
Date:
      -------------------------------

lm

                                       Q-4

<PAGE>

(BEAR STEARNS LOGO)

                                            BEAR STEARNS FINANCIAL PRODUCTS INC.
                                                              383 MADISON AVENUE
                                                        NEW YORK, NEW YORK 10179
                                                                    212-272-4009

                                    EXHIBIT A

DATE:               December 28, 2006

TO:                 LaSalle Bank National Association, not in its individual
                    capacity, but solely as Supplemental Interest Trust Trustee
                    on behalf of the Supplemental Interest Trust relating to the
                    First Franklin Mortgage Loan Trust, Series 2006-FF18

ATTENTION:          Patrick Kubik

TELEPHONE:          312-992-1102

FACSIMILE:          312-904-1368

FROM:               Derivatives Documentation

TELEPHONE:          212-272-2711

FACSIMILE:          212-272-9857

SUBJECT:            Fixed Income Derivatives Confirmation and Agreement

REFERENCE NUMBER:   FXNSC9077

The purpose of this letter agreement ("Agreement") is to confirm the terms and
conditions of the Transaction entered into on the Trade Date specified below
(the " Transaction") between Bear Stearns Financial Products Inc. ("Bear
Stearns") and LaSalle Bank National Association, not in its individual capacity,
but solely as Supplemental Interest Trust Trustee on behalf of the Supplemental
Interest Trust relating to the First Franklin Mortgage Loan Trust, Series
2006-FF18 ("Counterparty") under the Pooling and Servicing Agreement, dated as
of December 1, 2006, among National City Home Loan Services, Inc., as servicer
("Servicer"), Merrill Lynch Mortgage Investors, Inc., as depositor ("Depositor")
and LaSalle Bank National Association, as trustee ("Trustee"). (the "Pooling and
Servicing Agreement"). This letter agreement constitutes the sole and complete
"Confirmation," as referred to in the "ISDA Master Agreement" (as defined
below), as well as a "Schedule" as referred to in the ISDA Master Agreement.

(1)  This Confirmation 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. This Confirmation shall supplement, form a part of, and be
     subject to an agreement in the form of the ISDA Master Agreement
     (Multicurrency -

                                       Q-5

<PAGE>

     Cross Border) as published and copyrighted in 1992 by the International
     Swaps and Derivatives Association, Inc. (the "ISDA MASTER AGREEMENT"), as
     if Bear Stearns and Counterparty had executed an agreement in such form on
     the date hereof, with a Schedule as set forth in Item 3 of this
     Confirmation (the "SCHEDULE"), and an ISDA Credit Support Annex (Bilateral
     Form - ISDA Agreements Subject to New York Law Only version) as published
     and copyrighted in 1994 by the International Swaps and Derivatives
     Association, Inc., with Paragraph 13 thereof as set forth in Annex A hereto
     (the "CREDIT SUPPORT ANNEX"). For the avoidance of doubt, the Transaction
     described herein shall be the sole Transaction governed by such ISDA Master
     Agreement. In the event of any inconsistency among any of the following
     documents, the relevant document first listed shall govern: (i) this
     Confirmation, exclusive of the provisions set forth in Item 3 hereof and
     Annex A hereto; (ii) the Schedule; (iii) the Credit Support Annex; (iv) the
     Definitions; and (v) the ISDA Master Agreement. Terms capitalized but not
     defined herein shall have the meanings attributed to them in the Pooling
     and Servicing Agreement.

     Each reference herein to a "Section" (unless specifically referencing the
     Pooling and Servicing Agreement or to a "Section" of this Agreement will be
     construed as a reference to a Section of the ISDA Master Agreement; each
     herein reference to a "Part" will be construed as a reference to Schedule;
     each reference herein to a "Paragraph" will be construed as a reference to
     a Paragraph of the Credit Support Annex.

(2)  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 28, 2006

Effective Date:                  June 25, 2007

Termination Date:                December 25, 2011, provided, however, that for
                                 the purpose of determining the Floating Amount
                                 to be paid in respect of the final Fixed
                                 Calculation Period, such date shall be subject
                                 to adjustment in accordance with the Business
                                 Day Convention.

FIXED AMOUNT:

   Fixed Rate Payer:             Counterparty

   Fixed Rate Payer              The 25th calendar day of each month during the
   Period End Dates:             Term of this Transaction, commencing July 25,
                                 2007 and ending on the Termination Date, with
                                 No Adjustment.

   Fixed Rate Payer              Early Payment shall be applicable. The Fixed
   Payment Date:                 Rate Payer Payment Date shall be one Business
                                 Day prior to each Fixed Rate Payer Period End
                                 Date.
</TABLE>

                                       Q-6

<PAGE>

<TABLE>
<S>                              <C>
   Fixed Rate:                   5.01000%

   Fixed Rate Day                30/360
   Count Fraction:

FLOATING AMOUNTS:

   Floating Rate Payer:          Bear Stearns

   Floating Rate Payer           The 25th calendar day of each month during the
   Period End Dates:             Term of this Transaction, commencing July 25,
                                 2007 and ending on the Termination Date,
                                 subject to adjustment in accordance with the
                                 Business Day Convention.

   Floating Rate Payer           Early Payment shall be applicable. The Floating
   Payment Dates:                Rate Payer Payment Date shall be one Business
                                 Day prior to each Floating Rate Payer Period
                                 End Date.

   Floating Rate for initial     To be determined.
   Calculation Period:

   Floating Rate Option:         USD-LIBOR-BBA

   Designated Maturity:          One month

   Spread:                       None

   Floating Rate Day             Actual/360
   Count Fraction:

   Reset Dates:                  The first day of each Calculation Period.

   Compounding:                  Inapplicable

   Business Days:                New York and Illinois

   Business Day Convention:      Modified Following

   Calculation Agent:            Bear Stearns
</TABLE>

                                       Q-7

<PAGE>

(3)  Provisions Deemed Incorporated in a Schedule to the ISDA Master Agreement:

Part 1. Termination Provisions.

For purposes of the ISDA Master Agreement:

(tt) "SPECIFIED ENTITY" will not apply to Bear Stearns or Counterparty for any
     purpose.

(uu) "SPECIFIED TRANSACTIONS" will not apply to Bear Stearns or Counterparty for
     any purpose.

(vv) The "FAILURE TO PAY OR DELIVER" provisions of Section 5(a)(i) will apply to
     Bear Stearns and will apply to Counterparty; provided that notwithstanding
     anything to the contrary in Section 5(a)(i) or Paragraph 7 of the Credit
     Support Annex, any failure by Bear Stearns to comply with or perform any
     obligation to be complied with or performed by Bear Stearns under the
     Credit Support Annex shall not constitute an Event of Default under Section
     5(a)(i) unless (A) a Moody's Second Level Downgrade has occurred and been
     continuing for 30 or more Local Business Days and (B) such failure is not
     remedied on or before the third Local Business Day after notice of such
     failure is given to Bear Stearns.

(ww) The "BREACH OF AGREEMENT" provisions of Section 5(a)(ii) will apply to Bear
     Stearns and will not apply to Counterparty.

(xx) The "CREDIT SUPPORT DEFAULT" provisions of Section 5(a)(iii) will apply to
     (x) Bear Stearns; provided that notwithstanding anything to the contrary in
     Section 5(a)(iii)(1), any failure by Bear Stearns to comply with or perform
     any obligation to be complied with or performed by Bear Stearns under the
     Credit Support Annex shall not constitute an Event of Default under Section
     5(a)(iii) unless (A) a Moody's Second Level Downgrade has occurred and been
     continuing for 30 or more Local Business Days and (B) such failure is not
     remedied on or before the third Local Business Day after notice of such
     failure is given to Bear Stearns and (y) Counterparty solely in respect of
     Counterparty's obligations under Paragraph 3(b) of the Credit Support
     Annex.

(yy) The "MISREPRESENTATION" provisions of Section 5(a)(iv) will apply to Bear
     Stearns and will not apply to Counterparty.

(zz) The "DEFAULT UNDER SPECIFIED TRANSACTION" provisions of Section 5(a)(v)
     will not apply to Bear Stearns or Counterparty.

(aaa) The "CROSS DEFAULT" provisions of Section 5(a)(vi) will apply to Bear
     Stearns and will not apply to Counterparty.

          "SPECIFIED INDEBTEDNESS" will have the meaning specified in Section
          14.

          "THRESHOLD AMOUNT" means USD 100,000,000.

(bbb) The "BANKRUPTCY" provisions of Section 5(a)(vii) will apply to Bear
     Stearns and will apply to Counterparty except that the provisions of
     Section 5(a)(vii)(2), (6) (to the extent that such provisions refer to any
     appointment contemplated or effected by the Pooling and Servicing

                                       Q-8

<PAGE>

     Agreement or any appointment to which Counterparty has not become subject
     to), (7) and (9) will not apply to Counterparty; provided that, with
     respect to Counterparty only, Section 5(a)(vii)(4) is hereby amended by
     adding after the words "against it" the words "(excluding any proceeding or
     petition instituted or presented by Bear Stearns)", and Section
     5(a)(vii)(8) is hereby amended by deleting the words "to (7) inclusive" and
     inserting lieu thereof ", (3), (4) as amended, (5) or (6) as amended".

(ccc) The "TAX EVENT UPON MERGER" provisions of Section 5(b)(iii) will apply to
     Bear Stearns and will apply to Counterparty; provided that Bear Stearns
     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.

(ddd) The "CREDIT EVENT UPON MERGER" provisions of Section 5(b)(iv) will not
     apply to Bear Stearns or Counterparty.

(eee) The "AUTOMATIC EARLY TERMINATION" provision of Section 6(a) will not apply
     to Bear Stearns or to Counterparty.

(fff) Payments on Early Termination. For the purpose of Section 6(e) of the ISDA
     Master Agreement:

          (1)  Market Quotation will apply; and

          (2)  the Second Method will apply;

          provided that if Bear Stearns is the Defaulting Party or the sole
          Affected Party, the following provisions will apply:

               (A) Section 6(e) of the ISDA Master Agreement will be amended by
               inserting on the first line "or is effectively designated" after
               "If an Early Termination Date occurs";

               (B) The definition of Market Quotation in Section 14 shall be
               deleted in its entirety and replaced with the following:

                    "MARKET QUOTATION" means, with respect to one or more
                    Terminated Transactions, and a party making the
                    determination, an amount determined on the basis of Firm
                    Offers from Reference Market-makers that are Eligible
                    Replacements. Each Firm Offer will be (1) for an amount that
                    would be paid to Counterparty (expressed as a negative
                    number) or by Counterparty (expressed as a positive number)
                    in consideration of an agreement between Counterparty and
                    such Reference Market-maker to enter into a Replacement
                    Transaction and (2) made on the basis that 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. The party making the
                    determination (or its agent) will request each Reference
                    Market-maker to

                                       Q-9

<PAGE>

                    provide its Firm Offer to the extent reasonably practicable
                    as of the same day and time (without regard to different
                    time zones) on or as soon as reasonably practicable after
                    the designation of the relevant Early Termination Date. The
                    day and time as of which those Firm Offers are to be
                    obtained will be selected in good faith by the party obliged
                    to make a determination under Section 6(e), and, if each
                    party is so obliged, after consultation with the other. The
                    Market Quotation shall be the Firm Offer actually accepted
                    by Counterparty no later than the Business Day preceding the
                    Early Termination Date. If no Firm Offers are provided by
                    the Business Day preceding the Early Termination Date, it
                    will be deemed that the Market Quotation in respect of such
                    Terminated Transaction or group of Transactions cannot be
                    determined.

               (C) Counterparty shall use best efforts to accept a Firm Offer
               that would determine the Market Quotation. If more than one Firm
               Offer (which, if accepted, would determine the Market Quotation)
               is provided, Counterparty shall use commercially reasonable
               efforts to accept the Firm Offer (among such Firm Offers) which
               would require either (x) the lowest payment by the Counterparty
               to the Reference Market-maker, to the extent Counterparty would
               be required to make a payment to the Reference Market-maker or
               (y) the highest payment from the Reference Market-maker to
               Counterparty, to the extent the Reference Market-maker would be
               required to make a payment to the Counterparty. If only one Firm
               Offer (which, if accepted, would determine the Market Quotation)
               is provided, Counterparty shall use commercially reasonable
               efforts to accept such Firm Offer.

               (D) Upon the written request by Counterparty to Bear Stearns,
               Bear Stearns shall obtain the Market Quotations on behalf of
               Counterparty.

               (E) If the Settlement Amount is a negative number, Section
               6(e)(i)(3) of the ISDA Master Agreement shall be deleted in its
               entirety and replaced with the following:

                    "(3) Second Method and Market Quotation. If the Second
                    Method and Market Quotation apply, (I) Counterparty shall
                    pay to Bear Stearns an amount equal to the absolute value of
                    the Settlement Amount in respect of the Terminated
                    Transactions, (II) Counterparty shall pay to Bear Stearns
                    the Termination Currency Equivalent of the Unpaid Amounts
                    owing to Bear Stearns and (III) Bear Stearns shall pay to
                    Counterparty the Termination Currency Equivalent of the
                    Unpaid Amounts owing to Counterparty; provided, however,
                    that (x) the amounts payable under the immediately preceding
                    clauses (II) and (III) shall be subject to netting in
                    accordance with Section 2(c) of this Agreement and (y)
                    notwithstanding any other provision of this Agreement, any
                    amount payable by Bear Stearns under the immediately
                    preceding clause (III) shall not be netted-off against any
                    amount payable by Counterparty under the immediately
                    preceding clause (I)."

(ggg) "TERMINATION CURRENCY" means United States Dollars.

                                      Q-10

<PAGE>

(hhh) ADDITIONAL TERMINATION EVENTS. Additional Termination Events will apply:

          (i)  If, upon the occurrence of a Swap Disclosure Event (as defined in
               Part 5(l)(ii) below) Bear Stearns has not, within ten (10)
               calendar days after such Swap Disclosure Event complied with any
               of the provisions set forth in Part 5 (l) below, then an
               Additional Termination Event shall have occurred with respect to
               Bear Stearns, Bear Stearns shall be the sole Affected Party and
               all Transactions hereunder shall be Affected Transaction.

          (ii) If, without the prior written consent of Bear Stearns where such
               consent is required under the Pooling and Servicing Agreement, an
               amendment or supplemental agreement is made to the Pooling and
               Servicing Agreement which amendment or supplemental agreement
               could reasonably be expected to have a material adverse effect on
               the interests of Bear Stearns under this Agreement, an Additional
               Termination Event shall have occurred with respect to
               Counterparty, Counterparty shall be the sole Affected Party and
               all Transactions hereunder shall be Affected Transaction.

          (iii) If the Trustee is unable to pay, or fails or admits in writing
               its inability to pay, on any Distribution Date, any Current
               Interest with respect to the Class A Certificates or of the
               ultimate payment of principal with respect to the Class A
               Certificates, in either case to the extent required pursuant to
               the terms of the Pooling and Servicing Agreement to be paid to
               the Class A Certificates on such Distribution Date, then an
               Additional Termination Event shall have occurred with respect to
               Counterparty, Counterparty shall be the sole Affected Party and
               all Transactions hereunder shall be Affected Transaction.

          (iv)      (A)  If a S&P First Level Downgrade has occurred and is
                         continuing and Bear Stearns fails to take any action
                         described under Part (5)(f)(i)(1), within the time
                         period specified therein, then an Additional
                         Termination Event shall have occurred with respect to
                         Bear Stearns, Bear Stearns shall be the sole Affected
                         Party with respect to such Additional Termination Event
                         and all Transactions hereunder shall be Affected
                         Transaction.

                    (E)  If a S&P Second Level Downgrade has occurred and is
                         continuing and Bear Stearns fails to take any action
                         described under Part (5)(f)(i)(2) within the time
                         period specified therein, then an Additional
                         Termination Event shall have occurred with respect to
                         Bear Stearns, Bear Stearns shall be the sole Affected
                         Party with respect to such Additional Termination Event
                         and all Transactions hereunder shall be Affected
                         Transaction.

                    (C)  If (A) a Moody's Second Level Downgrade has not
                         occurred and been continuing for 30 or more Local
                         Business Days and (B) Bear Stearns has failed to comply
                         with or perform any obligation to be complied with or
                         performed by Bear Stearns in accordance with the Credit
                         Support Annex, then an Additional Termination Event
                         shall have occurred with respect to Bear Stearns and
                         Bear Stearns shall be the sole Affected Party with
                         respect to such Additional Termination Event.

                                      Q-11

<PAGE>

                    (D)  If (A) a Moody's Second Level Downgrade has occurred
                         and been continuing for 30 or more Local Business Days
                         and (B) either (i) at least one Eligible Replacement
                         has made a Firm Offer to be the transferee or (ii) at
                         least one entity that satisfies the Moody's Approved
                         Ratings Threshold has made a Firm Offer to provide an
                         Eligible Guaranty in respect of all of Bear Stearns'
                         present and future obligations under this Agreement,
                         then an Additional Termination Event shall have
                         occurred with respect to Bear Stearns, Bear Stearns
                         shall be the sole Affected Party with respect to such
                         Additional Termination Event and all Transactions
                         hereunder shall be Affected Transaction.

          (v)  The acceptance by the Trustee of a bid in connection with an
               Optional Termination pursuant to Section 9.01 of the Pooling and
               Servicing Agreement shall constitute an Additional Termination
               Event with respect to Counterparty with Counterparty as the sole
               Affected Party with respect to such Additional Termination Event;
               provided that notwithstanding anything in the first sentence of
               Section 6(d)(ii) of the ISDA Master Agreement to the contrary,
               the amount calculated as being due in respect of such Additional
               Termination Event shall be payable on the Distribution Date upon
               which the final distribution is made to the Certificateholders.

Part 2. Tax Matters.

(g)  Tax Representations.

     (i) Payer Representations. For the purpose of Section 3(e) of the ISDA
     Master Agreement, each of Bear Stearns and the Counterparty will 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) of the
     ISDA Master Agreement) to be made by it to the other party under this
     Agreement. In making this representation, it may rely on:

          (1) the accuracy of any representations made by the other party
          pursuant to Section 3(f) of the ISDA Master Agreement;

          (2) the satisfaction of the agreement contained in Sections 4(a)(i)
          and 4(a)(iii) of the ISDA Master Agreement and the accuracy and
          effectiveness of any document provided by the other party pursuant to
          Sections 4(a)(i) and 4(a)(iii) of the ISDA Master Agreement; and

          (3) the satisfaction of the agreement of the other party contained in
          Section 4(d) of the ISDA Master Agreement, provided that it shall not
          be a breach of this representation where reliance is placed on clause
          (ii) and the other party does not deliver a form or document under
          Section 4(a)(iii) of the ISDA Master Agreement by reason of material
          prejudice to its legal or commercial position.

                                      Q-12

<PAGE>

     (ii) Payee Representations. For the purpose of Section 3(f) of the ISDA
     Master Agreement, each of Bear Stearns and the Counterparty make the
     following representations.

     The following representation will apply to Bear Stearns:

          Bear Stearns is a corporation organized under the laws of the State of
          Delaware and its U.S. taxpayer identification number is 13-3866307.

     The following representation will apply to the Counterparty:

          LaSalle Bank National Association represents that it is the
          Supplemental Interest Trust Trustee under the Pooling and Servicing
          Agreement.

(h)  Tax Provisions.

     Notwithstanding the definition of "Indemnifiable Tax" in Section 14 of this
     Agreement, all Taxes in relation to payments by Bear Stearns shall be
     Indemnifiable Taxes (including any Tax imposed in respect of a Credit
     Support Document) unless (i) such Taxes are assessed directly against
     Counterparty and not by deduction or withholding by Bear Stearns or (ii)
     arise as a result of a Change in Tax Law (in which case such Tax shall be
     an Indemnifiable Tax only if such Tax satisfies the definition of
     Indemnifiable Tax provided in Section 14). In relation to payments by
     Counterparty, no Tax shall be an Indemnifiable Tax.

Part 3. AGREEMENT TO DELIVER DOCUMENTS. For the purpose of Section 4(a) of the
ISDA Master Agreement:

     (i)  Tax forms, documents, or certificates to be delivered are:

                                      Q-13

<PAGE>

<TABLE>
<CAPTION>
PARTY REQUIRED TO   FORM/DOCUMENT/             DATE BY WHICH TO
DELIVER DOCUMENT    CERTIFICATE                BE DELIVERED
-----------------   --------------             ----------------
<S>                 <C>                        <C>
Bear Stearns        An original properly       (i) upon execution of this
                    completed and executed     Agreement, (ii) on or before the
                    United States Internal     first payment date under this
                    Revenue Service Form W-9   Agreement, including any Credit
                    (or any successor          Support Document, (iii) promptly
                    thereto) with respect to   upon the reasonable demand by
                    any payments received or   Counterparty, (iv) prior to the
                    to be received by Bear     expiration or obsolescence of any
                    Stearns, that eliminates   previously delivered form, and
                    U.S. federal withholding   (v) promptly upon the information
                    and backup withholding     on any such previously delivered
                    Tax on payments to Bear    form becoming inaccurate or
                    Stearns under this         incorrect.
                    Agreement.

Counterparty        An original properly       (i) upon execution of this
                    completed and executed     Agreement, (ii) on or before the
                    United States Internal     first payment date under this
                    Revenue Service Form W-9   Agreement, including any Credit
                    (or any successor          Support Document, (iii) promptly
                    thereto) with respect to   upon the reasonable demand by
                    any payments received or   Bear Stearns, (iv) prior to the
                    to be received by          expiration or obsolescence of any
                    Counterparty.              previously delivered form, and
                                               (v) promptly upon the information
                                               on any such previously delivered
                                               form becoming inaccurate or
                                               incorrect.
</TABLE>

     (ii) Other documents to be delivered are:

<TABLE>
<CAPTION>
                                                                  COVERED BY
PARTY REQUIRED TO   FORM/DOCUMENT/              DATE BY WHICH     SECTION 3(D)
DELIVER DOCUMENT    CERTIFICATE                 TO BE DELIVERED   REPRESENTATION
-----------------   --------------              ---------------   --------------
<S>                 <C>                         <C>               <C>
Bear Stearns and    Any documents required by   Upon the          Yes
the Counterparty    the receiving party to      execution and
                    evidence the authority of   delivery of
                    the delivering party or     this Agreement
                    its Credit Support          and such
                    Provider, if any, for it    Confirmation
                    to execute and deliver
                    this Agreement, any
                    Confirmation, and any
                    Credit Support Documents
                    to which it is a party,
                    and to evidence the
                    authority of the
                    delivering party or its
                    Credit
</TABLE>

                                      Q-14

<PAGE>

<TABLE>
<CAPTION>
                                                                  COVERED BY
PARTY REQUIRED TO   FORM/DOCUMENT/              DATE BY WHICH     SECTION 3(D)
DELIVER DOCUMENT    CERTIFICATE                 TO BE DELIVERED   REPRESENTATION
-----------------   --------------              ---------------   --------------
<S>                 <C>                         <C>               <C>
                    Support Provider to
                    perform its obligations
                    under this Agreement,
                    such Confirmation and/or
                    Credit Support Document,
                    as the case may be

Bear Stearns and    A certificate of an         Upon the          Yes
the Counterparty    authorized officer of the   execution and
                    party, as to the            delivery of
                    incumbency and authority    this Agreement
                    of the respective           and such
                    officers of the party       Confirmation
                    signing this Agreement,
                    any relevant Credit
                    Support Document, or any
                    Confirmation, as the case
                    may be

Bear Stearns and    An opinion of counsel of    Upon the          No
the Counterparty    such party regarding the    execution and
                    enforceability of this      delivery of
                    Agreement in a form         this Agreement
                    reasonably satisfactory
                    to the other party.

Counterparty        An executed copy of the     Within 30 days    No
                    Pooling and Servicing       after receipt
                    Agreement                   of such
                                                agreement by
                                                the
                                                Counterparty
</TABLE>

Part 4 Miscellaneous.

(a)  ADDRESS FOR NOTICES: For the purposes of Section 12(a) of the ISDA Master
     Agreement:

          Address for notices or communications to Bear Stearns:

               Address:   383 Madison Avenue, New York, New York 10179
               Attention: DPC Manager
               Facsimile: (212) 272-5823

          with a copy to:

                                      Q-15

<PAGE>

               Address:   One Metrotech Center North, Brooklyn, New York 11201
               Attention: Derivative Operations - 7th Floor
               Facsimile: (212) 272-1634

          (For all purposes)

          Address for notices or communications to the Counterparty:

               Address:   LaSalle Bank National Association
                          135 South LaSalle Street, Suite 1511
                          Chicago, IL  60603
               Attention: Patrick Kubik
               Facsimile: 312-904-1368
               Phone:     312-992-1102

          with a copy to:

               Address:   Merrill Lynch Mortgage Lending, Inc.
                          4 World Financial Center
                          350 Vesey Street
                          New York, NY 10080
               Attention: Alan Chan
               Facsimile: 212-738-1110
               Phone:     212-449-1441

          (For all purposes)

(b)  Account Details and Settlement Information:

     PAYMENTS TO BEAR STEARNS:

          Citibank, N.A., New York
          ABA Number: 021-0000-89, for the account of
          Bear, Stearns Securities Corp.
          Account Number: 0925-3186, for further credit to
          Bear Stearns Financial Products Inc.
          Sub-account Number: 102-04654-1-3
          Attention: Derivatives Department

     PAYMENTS TO COUNTERPARTY:

          LaSalle Bank National Association
          ABA Number: 071000505
          Account Number: 724372.3
          Account Name: LaSalle CHGO/CTR/BNF:/LaSalle Trust
          Ref: FFMLT 2006-FF18 (FXNSC9077)
          Attn: Patrick Kubik

                                      Q-16

<PAGE>

(c)  PROCESS AGENT. For the purpose of Section 13(c) of the ISDA Master
     Agreement:

          Bear Stearns appoints as its
          Process Agent: Not Applicable

          The Counterparty appoints as its
          Process Agent: Not Applicable

(d)  OFFICES. The provisions of Section 10(a) of the ISDA Master Agreement will
     not apply to this Agreement; neither Bear Stearns nor the Counterparty have
     any Offices other than as set forth in the Notices Section.

(e)  MULTIBRANCH PARTY. For the purpose of Section 10(c) of the ISDA Master
     Agreement:

          Bear Stearns is not a Multibranch Party.

          The Counterparty is not a Multibranch Party.

(f)  CREDIT SUPPORT DOCUMENT.

          Bear Stearns: The Credit Support Annex and any guaranty in support of
          Bear Stearns' obligations under this Agreement.

          Counterparty: The Credit Support Annex.

(g)  CREDIT SUPPORT PROVIDER.

          Bear Stearns: The guarantor under any guaranty in support of Bear
          Stearns' obligations under this Agreement.

          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 the conflict of law provisions thereof other than New
     York General Obligations Law Sections 5-1401 and 5-1402.

(i)  JURISDICTION. Section 13(b) is hereby amended by: (i) deleting in the
     second line of subparagraph (i) thereof the word "non-", (ii) deleting ";
     and" from the end of subparagraph 1 and inserting "." in lieu thereof, and
     (iii) deleting the final paragraph thereof.

(j)  "AFFILIATE": Bear Stearns and Counterparty shall be deemed not to have any
     Affiliates for purposes of this Agreement, including for purposes of
     Section 6(b)(ii) of the ISDA Master Agreement.

                                      Q-17

<PAGE>

(k)  NETTING OF PAYMENTS. The parties agree that subparagraph (ii) of Section
     2(c) of the ISDA Master Agreement will apply to each Transaction.

Part 5. OTHER PROVISIONS.

(a) Section 3 of the ISDA Master Agreement is hereby amended by adding at the
end thereof the following subsection (g):

     "(g) Relationship Between Parties.

          Each party represents to the other party on each date when it enters
          into a Transaction that:

          (1)  Nonreliance. (i) It is acting for its own account, (ii) 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 and (iii) it has
               consulted with its own legal, regulatory, tax, business,
               investment, financial and accounting advisors to the extent it
               has deemed necessary, (iv) it has made its own investment,
               hedging and trading decisions based upon its own judgment and
               upon any advice from such advisors as it has deemed necessary and
               not upon any view expressed by the other party, (v) it has made
               its own independent decisions to enter into the Transaction and
               as to whether the Transaction is appropriate or proper for it
               based upon its own judgment and upon advice from such advisors as
               it has deemed necessary, (vi) it is not relying on any
               communication (written or oral) of the other party as investment
               advice or as a recommendation to enter into this Transaction; it
               being understood that information and explanations related to the
               terms and conditions of this Transaction shall not be considered
               investment advice or a recommendation to enter into this
               Transaction and (vii) it has not received from the other party
               any assurance or guaranty as to the expected results of this
               Transaction.

          (2)  Evaluation and Understanding.

                    (i)  It has the capacity to evaluate (internally or through
                         independent professional advice) the Transaction and
                         has made its own decision to enter into the
                         Transaction; and

                    (ii) It understands the terms, conditions and risks of the
                         Transaction and is willing and able to accept those
                         terms and conditions and to assume those risks,
                         financially and otherwise.

          (3)  Purpose. It is entering into the Transaction for the purposes of
               managing its borrowings or investments, hedging its underlying
               assets or liabilities or in connection with a line of business.

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

                                      Q-18

<PAGE>

          (5)  Eligible Contract Participant. It constitutes an "eligible
               contract participant" as such term is defined in Section 1(a)12
               of the Commodity Exchange Act, as amended.

          (6)  Line of Business. It has entered into this Agreement (including
               each Transaction governed hereby) in conjunction with its line of
               business or the financing of its business."

(b) NON-RECOURSE. Notwithstanding any provision herein or in the ISDA Master
Agreement to the contrary, the obligations of Counterparty hereunder are limited
recourse obligations of Counterparty, payable solely from the Swap Account and
the proceeds thereof, in accordance with the terms of the Pooling and Servicing
Agreement. 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 proceeds thereof, any claims against or obligations of
Counterparty under the ISDA Master Agreement or any other confirmation
thereunder still outstanding shall be extinguished and thereafter not revive.
The Supplemental Interest Trust Trustee shall not have liability for any failure
or delay in making a payment hereunder to Bear Stearns due to any failure or
delay in receiving amounts in the Swap Account from the Trust created pursuant
to the Pooling and Servicing Agreement.

(c) 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.

(d) CONSENT TO RECORDING. Each party hereto consents to the monitoring or
recording, at any time and from time to time, by the other party of any and all
communications between officers or employees of the parties, waives any further
notice of such monitoring or recording, and agrees to notify its officers and
employees of such monitoring or recording.

(e) 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.

(f) RATING AGENCY DOWNGRADE.

     (i)  S&P Downgrade:

          (1)  In the event that a S&P First Level Downgrade occurs and is
               continuing, then within 30 days after such rating downgrade, Bear
               Stearns shall, subject to the Rating Agency Condition with
               respect to S&P, at its own expense, either (i) procure a
               Permitted Transfer, (ii) obtain an Eligible Guaranty or (iii)
               post collateral in accordance with the Credit Support Annex.

                                      Q-19

<PAGE>

          (2)  In the event that a S&P Second Level Downgrade occurs and is
               continuing, then within 10 Local Business Days after such rating
               withdrawal or downgrade, Bear Stearns shall, subject to the
               Rating Agency Condition with respect to S&P, at its own expense,
               either (i) procure a Permitted Transfer or (ii) obtain an
               Eligible Guaranty.

     (ii) Moody's Downgrade.

          (1)  In the event that a Moody's Second Level Downgrade occurs and is
               continuing, Bear Stearns shall as soon as reasonably practicable
               thereafter, at its own expense and using commercially reasonable
               efforts, either (i) procure a Permitted Transfer or (ii) obtain
               an Eligible Guaranty.

(g) PAYMENT INSTRUCTIONS. Bear Stearns hereby agrees that, unless notified in
writing by the Supplemental Interest Trust Trustee of other payment
instructions, any and all amounts payable by Bear Stearns to the Counterparty
under this Agreement shall be paid to the Supplemental Interest Trust Trustee at
the account specified herein.

(h) AMENDMENT. No amendment, waiver, supplement or other modification of this
Transaction shall be permitted by either party unless (i) each of S&P and
Moody's have been provided notice of the same and (ii) such amendment, waiver,
supplement, assignment or other modification satisfies the Rating Agency
Condition.

(i) TRANSFER.

     (i)  The first paragraph of Section 7 is hereby amended in its entirety as
          follows:

          "Subject to Section 6(b)(ii), Part 5(f) and Part 5(j), neither this
          Agreement nor any interest or obligation in or under this Agreement
          may be transferred (whether by way of security or otherwise) without
          (a) the prior written consent of the other party (which consent shall
          be deemed given by Counterparty if the transfer, novation or
          assignment is to an Eligible Replacement) and (b) satisfaction of the
          Rating Agency Condition with respect to S&P, except that:"

     (ii) If an entity has made a Firm Offer (which remains an offer that will
          become legally binding upon acceptance by Counterparty) to be the
          transferee of a transfer, Counterparty shall, at Bear Stearns' written
          request and at Bear Stearns' expense, take any reasonable steps
          required to be taken by Counterparty to effect such transfer.

(j) TRANSFER TO AVOID TERMINATION EVENT. Section 6(b)(ii) is hereby amended by
(i) deleting the words "or if a Tax Event Upon Merger occurs and the Burdened
Party is the Affected Party," and (ii) deleting the last paragraph thereof and
inserting the following:

     "Notwithstanding anything to the contrary in Section 7 (as amended herein)
     and Part 5(i), any transfer by Bear Stearns under this Section 6(b)(ii)
     shall not require the consent of Party B; provided that:

     (i)  the transferee (the "Transferee") is an Eligible Replacement;

                                      Q-20

<PAGE>

     (ii) if the Transferee is domiciled in a different country or political
          subdivision thereof from both Bear Stearns and Party B, such transfer
          satisfies the Rating Agency Condition;

     (iii) the Transferee will not, as a result of such transfer, be required on
          the next succeeding Scheduled Payment Date to withhold or deduct on
          account of any Tax (except in respect of default interest) amounts in
          excess of that which Bear Stearns would, on the next succeeding
          Scheduled Payment Date have been required to so withhold or deduct
          unless the Transferee would be required to make additional payments
          pursuant to Section 2(d) (i)(4) corresponding to such excess;

     (iv) a Termination Event or Event of Default does not occur as a result of
          such transfer; and

     (v)  the Transferee confirms in writing that it will accept all of the
          interests and obligations in and under this Agreement which are to be
          transferred to it in accordance with the terms of this provision.

     On and from the effective date of any such transfer to the Transferee, Bear
     Stearns will be fully released from any and all obligations hereunder."

(k) PROCEEDINGS. Bear Stearns shall not institute against or cause any other
person to institute against, or join any other person in instituting against,
the Depositor or the trust or supplemental interest trust created pursuant to
the Pooling and Servicing Agreement, any bankruptcy, reorganization,
arrangement, insolvency or liquidation proceedings, or other proceedings under
any federal or state bankruptcy, dissolution or similar law, for a period of one
year and one day (or, if longer, the applicable preference period) following
indefeasible payment in full of the First Franklin Mortgage Loan Trust Mortgage
Loan Asset-Backed Certificates, Series 2006-FF18 (the "Certificates").

(l) COMPLIANCE WITH REGULATION AB.

     (i)  Bear Stearns agrees and acknowledges that Merrill Lynch Mortgage
          Investors, Inc. (the "DEPOSITOR") is required under Regulation AB as
          defined under the Pooling and Servicing Agreement, to disclose certain
          financial information regarding Bear Stearns or its group of
          affiliated entities, if applicable, depending on the aggregate
          "significance percentage" of this Agreement and any other derivative
          contracts between Bear Stearns or its group of affiliated entities, if
          applicable, and Counterparty, as calculated from time to time in
          accordance with Item 1115 of Regulation AB.

     (ii) It shall be a swap disclosure event ("SWAP DISCLOSURE EVENT") if, on
          any Business Day after the date hereof, the Depositor requests from
          Bear Stearns the applicable financial information described in Item
          1115 of Regulation AB (such request to be based on a reasonable
          determination by Depositor, in good faith, that such information is
          required under Regulation AB) (the "SWAP FINANCIAL DISCLOSURE").

     (iii) Upon the occurrence of a Swap Disclosure Event, Bear Stearns, within
          10 calendar days, at its own expense, shall (1)(a) either (i) provide
          to Depositor the current Swap Financial Disclosure in an
          EDGAR-compatible format (for example, such information may be provided
          in Microsoft Word(R) or Microsoft Excel(R) format but not in .pdf
          format) or (ii) provide written consent to Depositor to incorporation
          by reference of such current Swap Financial Disclosure that are filed
          with the Securities and Exchange Commission in the reports of the
          Trust filed pursuant to the Exchange Act,

                                      Q-21

<PAGE>

          (b) if applicable, cause its outside accounting firm to provide its
          consent to filing or incorporation by reference of such accounting
          firm's report relating to their audits of such current Swap Financial
          Disclosure in the Exchange Act Reports of the Depositor, and (c)
          provide to the Depositor any updated Swap Financial Disclosure with
          respect to Bear Stearns or any entity that consolidates Bear Stearns
          within five days of the release of any such updated Swap Financial
          Disclosure; (2) secure another entity to replace Bear Stearns as party
          to this Agreement on terms substantially similar to this Agreement,
          which entity (or a guarantor therefor) meets or exceeds the Moody's
          Approved Ratings Thresholds and S&P Approved Ratings Threshold and
          which satisfies the Rating Agency Condition and which entity is able
          to comply with the requirements of Item 1115 of Regulation AB, or (3)
          obtain a guaranty of Bear Stearns' obligations under this Agreement
          from an affiliate of Bear Stearns that is able to comply with the
          financial information disclosure requirements of Item 1115 of
          Regulation AB, and cause such affiliate to provide Swap Financial
          Disclosure and any future Swap Financial Disclosure, such that
          disclosure provided in respect of such affiliate will satisfy any
          disclosure requirements applicable to the Swap Provider.

     (iv) Bear Stearns agrees that, in the event that Bear Stearns provides Swap
          Financial Disclosure to Depositor in accordance with Part 5(l)(iii)(1)
          or causes its affiliate to provide Swap Financial Disclosure to
          Depositor in accordance with clause Part 5(l)(iii)(3), it will
          indemnify and hold harmless Depositor, its respective directors or
          officers and any person controlling Depositor, from and against any
          and all losses, claims, damages and liabilities caused by any untrue
          statement or alleged untrue statement of a material fact contained in
          such Swap Financial Disclosure or caused by any omission or alleged
          omission to state in such Swap Financial Disclosure a material fact
          required to be stated therein or necessary to make the statements
          therein, in light of the circumstances under which they were made, not
          misleading.

     (v)  If Supplemental Interest Trust Trustee and Depositor reasonably
          requests, Bear Stearns shall provide such other information as may be
          necessary for Depositor to comply with Item 1115 of Regulation AB.

     (vi) Each of the Supplemental Interest Trust Trustee and Depositor shall be
          an express third party beneficiary of this Agreement as if a party
          hereto to the extent of the Supplemental Interest Trust Trustee's and
          the Depositor's rights explicitly specified in this Part 5(l).

(m) SUPPLEMENTAL INTEREST TRUST TRUSTEE LIABILITY LIMITATIONS. It is expressly
understood and agreed by the parties hereto that:

     (i)  this Agreement is executed and delivered by LaSalle Bank National
          Association ("LaSalle"), not individually or personally but solely as
          Supplemental Interest Trust Trustee on behalf of the Supplemental
          Interest Trust relating to the First Franklin Mortgage Loan Trust,
          Series 2006-FF18;

     (ii) each of the representations, undertakings and agreements herein made
          on the part of the Counterparty is made and intended not as a personal
          representation, undertaking or agreement of LaSalle but is made and
          intended for the purpose of binding only the Counterparty;

     (iii) nothing herein contained shall be construed as imposing any liability
          upon LaSalle, individually or personally, to perform any covenant
          either expressed or implied contained herein, all such liability, if
          any, being expressly waived by the parties hereto and by any Person
          claiming by, through or under the parties hereto; provided that
          nothing in this paragraph shall relieve the Supplemental

                                      Q-22

<PAGE>

          Interest Trust Trustee from performing its duties and obligations
          under the Pooling and Servicing Agreement in accordance with the
          standard of care set forth therein;

     (iv) under no circumstances shall LaSalle be personally liable for the
          payment of any indebtedness or expenses of the Counterparty or be
          liable for the breach or failure of any obligation, representation,
          warranty or covenant made or undertaken by the Counterparty under this
          Agreement or any other related documents, other than due to its
          negligence or willful misconduct in performing the obligations of the
          Supplemental Interest Trust Trustee under the Pooling and Servicing
          Agreement;

     (v)  any resignation or removal of LaSalle as trustee on behalf of the
          Supplemental Interest Trust relating to the First Franklin Mortgage
          Loan Trust, Series 2006-FF18 shall require the assignment of this
          agreement to a supplemental interest trust trustee replacement;

     (vi) LaSalle in its capacity as the Supplemental Interest Trust Trustee has
          been directed, pursuant to the Pooling and Servicing Agreement, to
          enter into this Agreement and to perform its obligations hereunder.

(n) SUBSTANTIAL FINANCIAL TRANSACTION. 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 and
in the Confirmation relating to such Transaction, as applicable. This paragraph
shall be deemed repeated on the trade date of each Transaction.

(o) SET-OFF. Except as expressly provided for in Section 2(c), Section 6 or Part
1(m)(E) hereof, and notwithstanding any other provision of this Agreement or any
other existing or future agreement, 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. Section 6(e) shall be amended by deleting the following
sentence: "The amount, if any, payable in respect of an Early Termination Date
and determined pursuant to this Section will be subject to any Set-off."

(p) 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.

(q) ADDITIONAL DEFINED TERMS.

     (i)  Capitalized terms used but nor defined herein shall have the meanings
          ascribed to such terms in the Pooling and Servicing Agreement.

     (ii) Additional Definitions:

                                      Q-23

<PAGE>

          "ELIGIBLE GUARANTY" means an unconditional and irrevocable guaranty of
     all present and future payment obligations and obligations to post
     collateral of Bear Stearns or an Eligible Replacement to Counterparty under
     this Agreement that is provided by an Eligible Guarantor as principal
     debtor rather than surety and that is directly enforceable by Counterparty,
     the form and substance of which guaranty are subject to the Rating Agency
     Condition with respect to S&P.

          "ELIGIBLE GUARANTOR" means an entity that has credit ratings at least
     equal to the Moody's Required Ratings Threshold and S&P Approved Ratings
     Threshold.

          "ELIGIBLE REPLACEMENT" means an entity that either (i) satisfies the
     S&P Approved Ratings Threshold and the Moody's Required Ratings Threshold
     or (ii) provides an Eligible Guaranty from an Eligible Guarantor.

          "FIRM OFFER" means an offer which, when made, is capable of becoming
     legally binding upon acceptance.

          "MOODY'S" means Moody's Investors Service, Inc., or any successor.

          "MOODY'S APPROVED RATINGS THRESHOLD" means, with respect to (i) Bear
     Stearns, a Moody's counterparty rating of "A1" or above and (ii) with
     respect to any other entity (or its guarantor), (x) if such entity has both
     a long-term unsecured and unsubordinated debt rating or counterparty rating
     from Moody's and a short-term unsecured and unsubordinated debt rating from
     Moody's, a long-term unsecured and unsubordinated debt rating or
     counterparty rating from Moody's of "A2" or above and a short-term
     unsecured and unsubordinated debt rating from Moody's of "Prime-1" or
     above, or (y) if such entity has only a long-term unsecured and

                                      Q-24

<PAGE>

     unsubordinated debt rating or counterparty rating from Moody's, a long-term
     unsecured and unsubordinated debt rating or counterparty rating from
     Moody's of "A1" or above.

          "MOODY'S FIRST LEVEL DOWNGRADE" means that no Relevant Entity
     satisfies the Moody's Approved Rating Threshold.

          "MOODY'S REQUIRED RATINGS THRESHOLD" means, with respect to (i) Bear
     Stearns, a counterparty rating of "A3" or above and (ii) with respect to
     any other entity (or its guarantor), (x) if such entity has both a
     long-term unsecured and unsubordinated debt rating or counterparty rating
     from Moody's and a short-term unsecured and unsubordinated debt rating from
     Moody's, a long-term unsecured and unsubordinated debt rating or
     counterparty rating from Moody's of "A3" or above or a short-term unsecured
     and unsubordinated debt rating from Moody's of "Prime-2" or above, or (y)
     if such entity has only a long-term unsecured and unsubordinated debt
     rating or counterparty rating from Moody's, a long-term unsecured and
     unsubordinated debt rating or counterparty rating from Moody's of "A3" or
     above.

          "MOODY'S SECOND LEVEL DOWNGRADE" means that no Relevant Entity
     satisfies the Moody's Required Ratings Threshold.

          "PERMITTED TRANSFER" means a transfer by novation by Bear Stearns to
     an entity (the "TRANSFEREE") of all, but not less than all, of Bear
     Stearns' rights, liabilities, duties and obligations under this Agreement,
     with respect to which transfer each of the following conditions is
     satisfied: (a) the Transferee is an Eligible Replacement that is a
     recognized dealer in interest rate swaps organized under the laws of the
     United States of America or a jurisdiction located in the United States of
     America (or another jurisdiction reasonably acceptable to Counterparty),
     (b) an Event of Default or Termination Event would not occur as a result of
     such transfer, (c) pursuant to a written instrument (the "TRANSFER
     AGREEMENT"), the Transferee acquires and assumes all rights and obligations
     of Bear Stearns under the Agreement and the relevant Transaction, (d) Bear
     Stearns will be responsible for any costs or expenses incurred in
     connection with such transfer (including any replacement cost of entering
     into a replacement transaction); (e) either (A) Moody's has been given
     prior written notice of such transfer and the Rating Agency Condition is
     satisfied with respect to S&P or (B) each Rating Agency has been given
     prior written notice of such transfer and such transfer is in connection
     with the assignment and assumption of this Agreement without modification
     of its terms, other than party names, dates relevant to the effective date
     of such transfer, tax representations and any other representations
     regarding the status of the substitute counterparty, notice information and
     account details and other similar provisions; and (f) such transfer
     otherwise complies with the terms of the Pooling and Servicing Agreement.

                                      Q-25

<PAGE>

          "RATING AGENCY" means each of Moody's and S&P.

          "RATING AGENCY CONDITION" means, with respect to any particular
     proposed act or omission to act hereunder that the party acting or failing
     to act must consult with each Rating Agency then providing a rating of the
     Certificates and receive from each such Rating Agency a prior written
     confirmation that the proposed action or inaction would not cause a
     downgrade or withdrawal of its then-current rating of the Certificates.

          "RELEVANT ENTITY" means Bear Stearns and any Eligible Guarantor under
     an Eligible Guaranty with respect to Bear Stearns.

          "REPLACEMENT TRANSACTION" means, with respect to any Terminated
     Transaction or group of Terminated Transactions, a transaction or group of
     transactions that (i) would have the effect of preserving for Counterparty
     the economic equivalent 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 Transaction or group of Terminated Transactions
     that would, but for the occurrence of the relevant Early Termination Date,
     have been required after that Date, and (ii) has terms which are
     substantially the same as this Agreement, including, without limitation,
     rating triggers, Regulation AB compliance, and credit support
     documentation, as determined by Counterparty in its sole discretion, acting
     in a commercially reasonable manner.

          "S&P" means Standard & Poor's, a division of The McGraw-Hill
     Companies, Inc.

          "S&P APPROVED RATINGS THRESHOLD" means with respect to (i) Bear
     Stearns, a counterparty rating of "A+" or above and (ii) with respect to
     any other entity (or its guarantor), a short-term unsecured and
     unsubordinated debt rating from S&P of "A-1" or above, or, if such entity
     does not have a short-term unsecured and unsubordinated debt rating from
     S&P, a long-term unsecured and unsubordinated debt rating from S&P of "A+
     or above.

          "S&P FIRST LEVEL DOWNGRADE" means that no Relevant Entity satisfies
     the S&P Approved Rating Threshold.

          "S&P REQUIRED RATINGS THRESHOLD" means with respect to (i) Bear
     Stearns, a counterparty rating of "BBB" or above and (ii) with respect to
     any other entity (or its guarantor), a long-term unsecured and
     unsubordinated debt rating from S&P of "BBB-" or above.

                                      Q-26

<PAGE>

          "S&P SECOND LEVEL DOWNGRADE" means that no Relevant Entity satisfies
     the S&P Required Rating Thresholds.

(r) RATING AGENCY NOTIFICATIONS. Except as otherwise provided herein, no Early
Termination Date shall be effectively designated hereunder shall be made by
either party unless each Rating Agency has been given prior written notice of
such designation.

     NEITHER THE BEAR STEARNS COMPANIES INC. NOR ANY SUBSIDIARY OR AFFILIATE OF
     THE BEAR STEARNS COMPANIES INC. OTHER THAN BEAR STEARNS IS AN OBLIGOR OR A
     CREDIT SUPPORT PROVIDER ON THIS AGREEMENT.

                                      Q-27

<PAGE>

                                   SCHEDULE I

      (where for the purposes of (i) determining Floating Amounts, all such
      dates subject to adjustment in accordance with the Following Business
        Day Convention and (ii) determining Fixed Amounts, all such dates
                           subject to No Adjustment.)

<TABLE>
<CAPTION>
                                         NOTIONAL AMOUNT
FROM AND INCLUDING   TO BUT EXCLUDING         (USD)
------------------   ----------------   ----------------
<S>                  <C>                <C>
  Effective Date        25-Jul-2007     2,135,438,770.00
    25-Jul-2007         25-Aug-2007     2,090,974,105.00
    25-Aug-2007         25-Sep-2007     2,044,379,779.00
    25-Sep-2007         25-Oct-2007     1,994,120,576.00
    25-Oct-2007         25-Nov-2007     1,930,714,973.00
    25-Nov-2007         25-Dec-2007     1,858,570,023.00
    25-Dec-2007         25-Jan-2008     1,782,971,342.00
    25-Jan-2008         25-Feb-2008     1,714,837,580.00
    25-Feb-2008         25-Mar-2008     1,652,179,928.00
    25-Mar-2008         25-Apr-2008     1,593,815,169.00
    25-Apr-2008         25-May-2008     1,539,237,065.00
    25-May-2008         25-Jun-2008     1,487,939,539.00
    25-Jun-2008         25-Jul-2008     1,439,697,712.00
    25-Jul-2008         25-Aug-2008     1,394,106,136.00
    25-Aug-2008         25-Sep-2008     1,351,187,663.00
    25-Sep-2008         25-Oct-2008     1,309,612,215.00
    25-Oct-2008         25-Nov-2008     1,166,951,032.00
    25-Nov-2008         25-Dec-2008     1,033,741,124.00
    25-Dec-2008         25-Jan-2009       922,667,270.00
    25-Jan-2009         25-Feb-2009       837,091,332.00
    25-Feb-2009         25-Mar-2009       784,836,866.00
    25-Mar-2009         25-Apr-2009       741,051,644.00
    25-Apr-2009         25-May-2009       704,502,463.00
    25-May-2009         25-Jun-2009       670,023,329.00
    25-Jun-2009         25-Jul-2009       637,827,125.00
    25-Jul-2009         25-Aug-2009       608,086,829.00
    25-Aug-2009         25-Sep-2009       580,639,958.00
    25-Sep-2009         25-Oct-2009       555,224,559.00
    25-Oct-2009         25-Nov-2009       515,959,109.00
    25-Nov-2009         25-Dec-2009       464,005,636.00
    25-Dec-2009         25-Jan-2010       421,109,937.00
    25-Jan-2010         25-Feb-2010       421,109,937.00
    25-Feb-2010         25-Mar-2010       421,109,937.00
    25-Mar-2010         25-Apr-2010       411,377,127.00
    25-Apr-2010         25-May-2010       391,170,006.00
    25-May-2010         25-Jun-2010       372,385,394.00
    25-Jun-2010         25-Jul-2010       355,323,124.00
    25-Jul-2010         25-Aug-2010       339,694,420.00
    25-Aug-2010         25-Sep-2010       325,090,484.00
</TABLE>

                                      Q-28

<PAGE>

<TABLE>
<S>                  <C>                <C>
    25-Sep-2010         25-Oct-2010       311,305,357.00
    25-Oct-2010         25-Nov-2010       297,964,479.00
    25-Nov-2010         25-Dec-2010       284,965,995.00
    25-Dec-2010         25-Jan-2011       272,562,124.00
    25-Jan-2011         25-Feb-2011       260,920,511.00
    25-Feb-2011         25-Mar-2011       250,263,930.00
    25-Mar-2011         25-Apr-2011       240,173,896.00
    25-Apr-2011         25-May-2011       230,607,451.00
    25-May-2011         25-Jun-2011       221,537,593.00
    25-Jun-2011         25-Jul-2011       212,928,895.00
    25-Jul-2011         25-Aug-2011       204,745,925.00
    25-Aug-2011         25-Sep-2011       196,960,918.00
    25-Sep-2011         25-Oct-2011       189,545,738.00
    25-Oct-2011         25-Nov-2011       182,133,718.00
    25-Nov-2011      Termination Date     175,024,720.00
</TABLE>

                                      Q-29
<PAGE>

                                                                            VII.

                                                                   VIII. ANNEX A

IX. UNILATERAL CSA SCHEDULE(12)

Pledgor: BEAR STEARNS FINANCIAL PRODUCTS INC. (the "Pledgor")

Secured Party: LASALLE BANK NATIONAL ASSOCIAION, NOT IN ITS INDIVIDUAL CAPACITY,
BUT SOLELY AS SUPPLEMENTAL INTEREST TRUST TRUSTEE ON BEHALF OF THE SUPPLEMENTAL
INTERST TRUST RELATING TO THE FIRST FRANKLIN MORTGAGE LOAN TRUST, SERIES
2006-FF18 (the "Secured Party")

PARAGRAPH 13. ELECTIONS AND VARIABLES

(a)  SECURITY INTEREST FOR "OBLIGATIONS". The term "Obligations" as used in this
     Annex includes no "additional obligations" within the meaning of Paragraph
     12.

(b)  CREDIT SUPPORT OBLIGATIONS.

     (i)  DELIVERY AMOUNT, RETURN AMOUNT AND CREDIT SUPPORT AMOUNT.

          (1) DELIVERY AMOUNT. Paragraph 3(a) shall be amended by replacing the
          words "upon a demand made by the Secured Party on or promptly
          following a Valuation Date" with the words "on each Valuation Date".
          The "DELIVERY AMOUNT" with respect to Pledgor for any Valuation Date
          shall equal the greatest of:

               (A) the amount by which the S&P Collateral Amount exceeds the S&P
               Value on such Valuation Date of all Posted Credit Support held by
               the Secured Party;

               (B) the amount by which the Moody's First Level Collateral Amount
               exceeds the Moody's First Level Value on such Valuation Date of
               all Posted Credit Support held by the Secured Party.

               (C) the amount by which the Moody's Second Level Collateral
               Amount exceeds the Moody's Second Level Value on such Valuation
               Date of all Posted Credit Support held by the Secured Party.

          (2) "RETURN AMOUNT" applicable to Secured Party for any Valuation Date
          shall equal the least of:

               (A) the amount by which the S&P Value on such Valuation Date of
               all Posted Credit Support held by the Secured Party exceeds the
               S&P Collateral Amount;

----------
(12) If currency hedge, update Moody's Collateral Amounts and Valuation
     Percentages

                                      Q-30

<PAGE>

               (B) the amount by which the Moody's First Level Value on such
               Valuation Date of all Posted Credit Support held by the Secured
               Party exceeds the Moody's First Level Collateral Amount.

               (C) the amount by which the Moody's Second Level Value on such
               Valuation Date of all Posted Credit Support held by the Secured
               Party exceeds the Moody's Second Level Collateral Amount.

          (3) "CREDIT SUPPORT AMOUNT" shall be deleted in its entirety.

     (ii) ELIGIBLE COLLATERAL. The items set forth on the Collateral Schedule
          attached as Schedule A hereto will qualify as "ELIGIBLE COLLATERAL"
          for the party specified.

     (iii) OTHER ELIGIBLE SUPPORT. None

     (iv) THRESHOLDS.

          (M)  "INDEPENDENT AMOUNT" means:
               Pledgor: Not applicable.
               Secured Party: Not applicable.

          (N)  "THRESHOLD" means:
               Pledgor: Not applicable.
               Secured Party: Not applicable.

          (O)  "MINIMUM TRANSFER AMOUNT" means USD100,000; provided, that if the
               aggregate Certificate Principal Balance of Certificates rated by
               S&P is less than USD 50,000,000, the "Minimum Transfer Amount"
               shall mean USD 50,000.

          (P)  ROUNDING. The Delivery Amount will be rounded up and the Return
               Amount will be rounded down to the nearest integral multiple of
               USD10,000.

(c)  VALUATION AND TIMING.

(i)  "VALUATION AGENT" means Pledgor.

(ii) "VALUATION DATE" means each Local Business Day(13).

(iii) "VALUATION TIME" means the close of business on the Local Business Day in
     the city where the Valuation Agent is located immediately preceding 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 11:00 A.M. (New York time).

----------
(13) If not daily valuations, changes are required in the collateral amounts and
     valuation percentages

                                      Q-31

<PAGE>

(v)  TRANSFER TIMING AND CALCULATIONS. Paragraphs 4(b) and 4(c) are hereby
     amended and restated in entirety as set forth below.

               "(b) TRANSFER TIMING. 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 Valuation Date; 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
               next Local Business Day thereafter.

               (c) CALCULATIONS. All calculations of Value and Exposure for
               purposes of Paragraphs 3 and 6(d) will be made by the Valuation
               Agent as of the Valuation Time. The Valuation Agent will notify
               each party (or the other party, if the Valuation Agent is a
               party) of its calculations not later than the Notification Time
               on the applicable Valuation Date (or in the case of Paragraph
               6(d), the Local Business Day following the day on which such
               relevant calculations are performed)."

(g)  CONDITIONS PRECEDENT. There shall be no "Specified Condition" with respect
     to either party for purposes of this Annex.

(e)  SUBSTITUTION

     (i)  "SUBSTITUTION DATE" means (A) the Local Business Day on which the
          Secured Party receives the Substitute Credit Support, if notice of
          substitution is received by the Notification Time on such date, and
          (B) the Local Business Day following the date on which the Secured
          Party receives the Substitute Credit Support, if notice of
          substitution is received after the Notification Time.

     (ii) CONSENT OF SECURED PARTY FOR SUBSTITUTION. Inapplicable.

     (iii) AMENDMENT OF PARAGRAPH 4(D)(II). Paragraph 4(d)(ii) is amended and
          restated in its entirety as set forth below:

               "(ii) subject to Paragraph 4(a) of this Annex, the Secured Party
               will Transfer the items of Posted Credit Support specified by the
               Pledgor in its notice not later than the close of business on the
               Substitution Date, provided, however, that if the Secured Party
               shall not have received the Substitute Credit Support prior to
               1:00 P.M. (New York time) on the Substitution Date, then the
               Secured Party shall Transfer the applicable items of Posted
               Credit Support not later than the close of business on the Local
               Business Day immediately following the day on which the Secured
               Party receives the Substitute Credit Support. Notwithstanding the
               foregoing, the Secured Party will only be obligated to Transfer
               Posted Credit Support with a Value as of the Substitution Date
               equal to the Value of the Substitute Credit Support delivered by
               the Pledgor in exchange therefor."

(f)  DISPUTE RESOLUTION.

                                      Q-32

<PAGE>

(i)  "RESOLUTION TIME" means 12:00 noon, New York time, on the Local Business
     Day for both parties following the date the Disputing Party gives notice of
     a dispute pursuant to Paragraph 5.

(ii) VALUE. For the purpose of Paragraphs 5(i)(C) and 5(ii), disputes over the
     Value of Posted Credit Support will be resolved by the Valuation Agent
     seeking bid-side quotations as of the relevant Recalculation Date or date
     of Transfer, as applicable, from three parties that regularly act as
     dealers in the securities in question. The Value will be the arithmetic
     mean of the quotations obtained by the Valuation Agent, multiplied by the
     applicable Valuation Percentage, if any. If no quotations are available for
     a particular security, then the Valuation Agent's original calculation of
     Value thereof will be used for that security.

(iii) ALTERNATIVE. Subject to item (iv) below, the provisions of Paragraph 5
     will apply.

(iv) MODIFICATION OF PARAGRAPH 5. The introductory paragraph of Paragraph 5
     shall be amended and restated to read in its entirety as follows:

               "If a party (a 'Disputing Party') disputes (I) the Valuation
               Agent's calculation of a Delivery Amount or a Return Amount or
               (II) the Value of any Transfer of Eligible Credit Support or
               Posted Credit Support, then:

               (A) the Disputing Party will (x) notify the other party and, if
               applicable, the Valuation Agent of the amount it is disputing,
               (y) indicate what it believes the correct amount to be and (z)
               provide a statement showing, in reasonable detail, how it arrived
               at such amount and the appropriate party will deliver the
               undisputed amount to the other party not later than (i) (a) the
               close of business on the Valuation Date, if the demand made under
               Paragraph 3 in the case of (I) above is made by the Notification
               Time, or (b) the close of business of the Local Business Day
               following the date on which the demand is made under Paragraph 3
               in the case of (I) above, if such demand is made after the
               Notification Time, or (ii) the close of business of the date of
               Transfer, in the case of (II) above;

               (B) the parties will consult with each other and provide such
               information as the other party shall reasonably request in an
               attempt to resolve the dispute; and

               (C) if they fail to resolve the dispute by the Resolution Time,
               then:"

(g)  HOLDING AND USING POSTED COLLATERAL.

(i)  ELIGIBILITY TO HOLD POSTED COLLATERAL; CUSTODIANS. The Secured Party and
     its Custodian (if any) will be entitled to hold Posted Collateral pursuant
     to Paragraph 6(b), provided that the following conditions applicable to it
     are satisfied:

     (1)  it is not a Defaulting Party;

     (2)  Posted Collateral consisting of Cash or certificated securities that
          cannot be paid or delivered

                                      Q-33

<PAGE>

          by book-entry may be held only in any state of the United States which
          has adopted the Uniform Commercial Code;

     (3)  the short-term rating of any Custodian shall be at least "A-1" by S&P

     There shall be no Custodian for Pledgor.

     (ii) USE OF POSTED COLLATERAL. The provisions of Paragraph 6(c) will not
          apply to Secured Party and Secured Party will not have any right to
          use the Posted Collateral or take any action specified in Paragraph
          6(c).

(h)  DISTRIBUTIONS AND INTEREST AMOUNT.

     (i)  INTEREST RATE. The "INTEREST RATE" will be the "Federal Funds
          (Effective)" rate as such rate is displayed on Telerate page 118 for
          such day under the caption "Effective".

     (ii) AMENDMENT OF PARAGRAPH 6(D)(I) - DISTRIBUTIONS. Clause (d)(i) of
          Paragraph 6 shall be amended and restated to read in its entirety as
          follows:

          "(i) DISTRIBUTIONS. If the Secured Party receives Distributions on a
          Local Business Day, it will credit to Pledgor not later than the
          following Local Business Day any Distributions it receives, and such
          Distributions will constitute Posted Collateral and will be subject to
          the security interest granted under Paragraph 2."

     (iii) AMENDMENT OF PARAGRAPH 6(D)(II) - INTEREST AMOUNT. Clause (d)(ii) of
          Paragraph 6 shall be amended and restated to read in its entirety as
          follows:

          "(ii) INTEREST AMOUNT. In lieu of any interest, dividends or other
          amounts paid with respect to Posted Collateral in the form of cash
          (all of which may be retained by the Secured Party), the Secured Party
          will credit to Pledgor on the 20th day of each calendar month (or if
          such day is not a Local Business Day, the next Local Business Day) the
          Interest Amount. The Interest Amount will constitute Posted Collateral
          and will be subject to the security interest granted under Paragraph
          2. For purposes of calculating the Interest Amount the amount of
          interest calculated for each day of the interest period shall be
          compounded monthly." Secured Party shall not be obliged to credit any
          Interest Amount unless and until it has received such amount.

(i)  DEMANDS AND NOTICES.

     All demands, specifications and notices under this Annex will be made
     pursuant to the Notices Section of this Agreement.

(j)  ADDRESSES FOR TRANSFERS.

     Pledgor: To be provided in writing by Pledgor to Secured Party.

                                      Q-34

<PAGE>

     Secured Party: To be provided in writing by Secured Party to Pledgor.

(k)  OTHER PROVISION(S).

(i)  AMENDMENT OF PARAGRAPH 7 - EVENTS OF DEFAULT. Clause (iii) of Paragraph 7
     shall not apply to Secured Party.

(ii) NON-RELIANCE. Notwithstanding the obligations of the Secured Party under
     Paragraph 6(a), and without limiting the generality of the final sentence
     of Paragraph 6(a), each party, as Pledgor, acknowledges that it has the
     means to monitor all matters relating to all valuations, payments, defaults
     and rights with respect to Posted Collateral without the need to rely on
     the other party, in its capacity as Secured Party, and that, given the
     provisions of this Annex on substitution, responsibility for the
     preservation of the rights of the Pledgor with respect to all such matters
     is reasonably allocated hereby to the Pledgor.

     (xxiv) AGREEMENT AS TO SINGLE SECURED PARTY AND PLEDGOR. Each of Pledgor
          and Secured Party agree that, notwithstanding anything to the contrary
          in the recital to this Annex, Paragraph 1(b) or Paragraph 2 or the
          definitions in Paragraph 12, (a) the term "Secured Party" as used in
          this Annex means only Secured Party, (b) the term "Pledgor" as used in
          this Annex means only Pledgor, (c) only Pledgor makes the pledge and
          grant in Paragraph 2, the acknowledgement in the final sentence of
          Paragraph 8(a) and the representations in Paragraph 9 and (d) only
          Pledgor will be required to make Transfers of Eligible Credit Support
          hereunder.

     (xxv) TRUSTEE. The Trustee is hereby authorized to (i) make demands on
          behalf of the Secured Party pursuant to Paragraph 3 hereunder and (ii)
          provide notice on behalf of the Secured Party pursuant to Paragraph 7
          hereunder.

     (xxvi) COLLATERAL ACCOUNT. Secured Party shall at all times maintain all
          Posted Collateral in a segregated trust account.

     (xxvii) EXTERNAL CALCULATIONS. At any time at which Pledgor (or, to the
          extent applicable, its Credit Support Provider) does not have a
          long-term unsubordinated and unsecured debt rating of at least "BBB+"
          from S&P, the Valuation Agent shall (at its own expense) obtain
          external calculations of the Secured Party's Exposure from at least
          two Reference Market-makers on the last Local Business Day of each
          calendar month. Any determination of the S&P Collateral Amount shall
          be based on the greatest of the Secured Party's Exposure determined by
          the Valuation Agent and such Reference Market-makers. Such external
          calculation may not be obtained from the same Reference Market-maker
          more than four times in any 12-month period.

     (xxviii) NOTICE TO S&P. At any time at which Pledgor (or, to the extent
          applicable, its Credit Support Provider) does not have a long-term
          unsubordinated and unsecured debt rating of at least "BBB+" from S&P,
          the Valuation Agent shall provide to S&P not later than the
          Notification Time on the Local Business Day following each Valuation
          Date its calculations of the Secured Party's Exposure and the Value of
          any Eligible Credit Support or Posted Credit Support for that
          Valuation Date. The Valuation Agent shall also provide to S&P any
          external marks of the Secured Party's Exposure.

                                      Q-35

<PAGE>

     (xxix) EXPENSES. Pledgor shall be responsible for all reasonable costs and
          expenses incurred by Secured Party in connection with the Transfer of
          any Eligible Collateral under this Annex.

     (xxx) ADDITIONAL DEFINED TERMS.

          "DV01" means, with respect to a Transaction and any date of
          determination, the sum of the estimated change in the Secured Party's
          Exposure with respect to such Transaction that would result from a one
          basis point change in the relevant swap curve on such date, as
          determined by the Valuation Agent in good faith and in a commercially
          reasonable manner. The Valuation Agent shall, upon request of Secured
          Party, provide to Secured Party a statement showing in reasonable
          detail such calculation.

          "MOODY'S FIRST LEVEL ADDITIONAL COLLATERALIZED AMOUNT" means, with
          respect to any Transaction, the lesser of (x) the product of 15 and
          DV01 for such Transaction and such Valuation Date and (y) the product
          of 2% and the Notional Amount for such Transaction for the Calculation
          Period which includes such Valuation Date.

          "MOODY'S FIRST LEVEL COLLATERAL AMOUNT" means, (A) for any Valuation
          Date on which (I) a Moody's First Level Downgrade has occurred and has
          been continuing (x) for at least 30 Local Business Days or (y) since
          this Annex was executed and (II) it is not the case that a Moody's
          Second Level Downgrade has occurred and been continuing for at least
          30 Local Business Days, an amount equal to the greater of (a) zero and
          (b) the sum of the Secured Party's aggregate Exposure for all
          Transactions and the aggregate of Moody's First Level Additional
          Collateralized Amounts for each Transaction and (B)for any other
          Valuation Date, zero.

          "MOODY'S FIRST LEVEL VALUE" means, for any date that the Moody's First
          Level Collateral Amount is determined and the Value of any Eligible
          Collateral or Posted Collateral that is a security, the bid price for
          such security obtained by the Valuation Agent multiplied by the
          Moody's First Level Valuation Percentage for such security set forth
          on Schedule A hereto.

          "MOODY'S SECOND LEVEL ADDITIONAL COLLATERALIZED AMOUNT" means, with
          respect to any Transaction,

               (1) if such Transaction is not a Transaction-Specific Hedge, the
               lesser of (i) the product of the 50 and DV01 for such Transaction
               and such Valuation Date and (ii) the product of 8% and the
               Notional Amount for such Transaction for the Calculation Period
               (as defined in the related Transaction) which includes such
               Valuation Date; or

               (2) if such Transaction is a Transaction-Specific Hedge, the
               lesser of (i) the product of the 65 and DV01 for such Transaction
               and such Valuation Date and (ii) the product of 10% and the
               Notional Amount for such Transaction for the Calculation Period
               (as defined in the related Transaction) which includes such
               Valuation Date.

          "MOODY'S SECOND LEVEL COLLATERAL AMOUNT" means, (A) for any Valuation
          Date on which it is the case that a Moody's Second Level Downgrade has
          occurred and been continuing for

                                      Q-36

<PAGE>

          at least 30 Local Business Days, an amount equal to the greatest of
          (a) zero, (b) the aggregate amount of the Next Payments for all Next
          Payment Dates and (c) the sum of the Secured Party's aggregate
          Exposure and the aggregate of Moody's Second Level Additional
          Collateralized Amounts for each Transaction and (B) for any other
          Valuation Date, zero.

          "MOODY'S SECOND LEVEL VALUE" means, for any date that the Moody's
          Second Level Collateral Amount is determined and the Value of any
          Eligible Collateral or Posted Collateral that is a security, the bid
          price for such security obtained by the Valuation Agent multiplied by
          the Moody's Second Level Valuation Percentage for such security set
          forth on Schedule A hereto.

          "NEXT PAYMENT" means, in respect of each Next Payment Date, the
          greater of (i) the amount of any payments due to be made by the
          Pledgor pursuant to Section 2(a) on such Next Payment Date less any
          payments due to be made by the Secured Party under Section 2(a) on
          such Next Payment Date (in each case, after giving effect to any
          applicable netting under Section 2(c)) and (ii) zero.

          "NEXT PAYMENT DATE" means the next scheduled payment date under any
          Transaction.

          "REMAINING WEIGHTED AVERAGE MATURITY" means, with respect to a
          Transaction, the expected weighted average maturity for such
          Transaction as determined by the Valuation Agent.

          "S&P COLLATERAL AMOUNT" means, (A) for any Valuation Date on which a
          S&P First Level Downgrade has occurred and been continuing for at
          least 30 days or on which a S&P Second Level Downgrade has occurred
          and is continuing, an amount equal to the sum of (1) 100.0% of the
          Secured Party's Exposure for such Valuation Date and (2) the product
          of the Volatility Buffer for each Transaction and the Notional Amount
          of such Transaction for the Calculation Period (as defined in the
          related Transaction) of such Transaction which includes such Valuation
          Date, or (B) for any other Valuation Date, zero.

          "S&P VALUE" means, for any date that the S&P Collateral Amount is
          determined and the Value of any Eligible Collateral or Posted
          Collateral that is a security, the bid price for such security
          obtained by the Valuation Agent multiplied by the S&P Valuation
          Percentage for such security set forth on Schedule A hereto.

          "TRANSACTION-SPECIFIC HEDGE" means any Transaction that is a cap,
          floor or swaption or a Transaction in respect of which (x) the
          notional amount of the interest rate swap is "balance guaranteed" or
          (y) the notional amount of the interest rate swap for any Calculation
          Period otherwise is not a specific dollar amount that is fixed at the
          inception of the Transaction.

          "VOLATILITY BUFFER" means, for any Transaction, the related percentage
          set forth in the following table:

                                      Q-37

<PAGE>

<TABLE>
<CAPTION>
The higher of the S&P           Remaining
short-term credit rating of      Weighted        Remaining                               Remaining
(i) Pledgor and (ii) the         Average          Weighted       Remaining Weighted   Weighted Average
Credit Support Provider of       Maturity     Average Maturity    Average Maturity        Maturity
Pledgor, if applicable        up to 3 years     up to 5 years      up to 10 years      up to 30 years
---------------------------   -------------   ----------------   ------------------   ----------------
<S>                           <C>             <C>                <C>                  <C>
"A-2" or higher                   2.75%             3.25%               4.00%               4.75%
"A-3"                             3.25%             4.00%               5.00%               6.25%
"BB+" or lower                    3.50%             4.50%               6.75%               7.50%
</TABLE>

                                      Q-38

<PAGE>

                                                                      SCHEDULE A

                               COLLATERAL SCHEDULE

THE MOODY'S FIRST LEVEL VALUATION PERCENTAGES SHALL BE USED IN DETERMINING THE
MOODY'S FIRST LEVEL COLLATERAL AMOUNT.

THE MOODY'S SECOND LEVEL VALUATION PERCENTAGES SHALL BE USED IN DETERMINING THE
MOODY'S SECOND LEVEL COLLATERAL AMOUNT.

THE S&P VALUATION PERCENTAGES SHALL BE USED IN DETERMINING THE S&P COLLATERAL
AMOUNT.

<TABLE>
<CAPTION>
   ISDA COLLATERAL ASSET                            MOODY'S FIRST LEVEL   MOODY'S SECOND LEVEL             S&P
  DEFINITION (ICAD) CODE      REMAINING MATURITY   VALUATION PERCENTAGE   VALUATION PERCENTAGE     VALUATION PERCENTAGE
  ----------------------      ------------------   --------------------   --------------------     --------------------
<S>                           <C>                  <C>                    <C>                    <C>
US-CASH                                    N/A              100%                  100%                     100%
EU-CASH                                    N/A               98%                   94%                    92.5%
GB-CASH                                    N/A               98%                   95%                    94.1%

US-TBILL                              < 1 Year              100%                  100%                    98.9%
US-TNOTE                          1 to 2 years              100%                   99%                    98.0%
US-TBOND                          2 to 3 years              100%                   98%                    97.4%
(fixed rate)                      3 to 5 years              100%                   97%                    95.5%
                                  5 to 7 years              100%                   96%                    93.7%
                                 7 to 10 years              100%                   94%                    92.5%
                                10 to 20 years              100%                   90%                    91.1%
                                    > 20 years              100%                   88%                    88.6%

US-TBILL                        All Maturities              100%                   99%           Not Eligible Collateral
US-TNOTE
US-TBOND
(floating rate)

GA-US-AGENCY                          < 1 Year              100%                   99%                    98.5%
(fixed rate)                      1 to 2 years              100%                   99%                    97.7%
                                  2 to 3 years              100%                   98%                    97.3%
                                  3 to 5 years              100%                   96%                    94.5%
                                  5 to 7 years              100%                   93%                    93.1%
                                 7 to 10 years              100%                   93%                    90.7%
                                10 to 20 years              100%                   89%                    87.7%
                                    > 20 years              100%                   87%                    84.4%

GA-US-AGENCY                    All Maturities              100%                   98%           Not Eligible Collateral
(floating rate)

GA-EUROZONE-GOV                                     Rated Aa3 or better    Rated Aa3 or better     Rated AAA or better
(other than EU-CASH)                                     by Moody's            by Moody's                 by S&P
(fixed rate)                          < 1 Year               98%                   94%                    98.8%
                                  1 to 2 years               98%                   93%                    97.9%
                                  2 to 3 years               98%                   92%                    97.1%
                                  3 to 5 years               98%                   90%                    91.2%
                                  5 to 7 years               98%                   89%                    87.5%
</TABLE>

                                      Q-39

<PAGE>

<TABLE>
<S>                           <C>                  <C>                    <C>                    <C>
                                 7 to 10 years               98%                   88%                    83.8%
                                10 to 20 years               98%                   84%                    75.5%
                                    > 20 years               98%                   82%           Not Eligible Collateral

GA-EUROZONE-GOV                                     Rated Aa3 or better    Rated Aa3 or better     Rated AAA or better
(other than EU-CASH)                                     by Moody's            by Moody's                 by S&P
(floating rate)                 All Maturities               98%                   93%           Not Eligible Collateral

GA-GB-GOV                             < 1 Year               98%                   94%           Not Eligible Collateral
(other than GB-CASH)              1 to 2 years               98%                   93%           Not Eligible Collateral
(fixed rate)                      2 to 3 years               98%                   92%           Not Eligible Collateral
                                  3 to 5 years               98%                   91%           Not Eligible Collateral
                                  5 to 7 years               98%                   90%           Not Eligible Collateral
                                 7 to 10 years               98%                   89%           Not Eligible Collateral
                                10 to 20 years               98%                   86%           Not Eligible Collateral
                                    > 20 years               98%                   84%           Not Eligible Collateral

GA-GB-GOV                       All Maturities               98%                   94%           Not Eligible Collateral
(other than GB-CASH)
(floating rate)
</TABLE>

The ISDA Collateral Asset Definition (ICAD) Codes used in this Collateral
Schedule shall have the meanings set forth in the Collateral Asset Definitions
(First Edition - June 2003) as published and copyrighted in 2003 by the
International Swaps and Derivatives Association, Inc.

                                      Q-40
<PAGE>

(BEAR STEARNS LOGO)

                                            BEAR STEARNS FINANCIAL PRODUCTS INC.
                                                              383 MADISON AVENUE
                                                        NEW YORK, NEW YORK 10179
                                                                    212-272-4009

                                    EXHIBIT B

DATE:               December 28, 2006

TO:                 LaSalle Bank National Association, not in its individual
                    capacity, but solely as Supplemental Interest Trust
                    Trustee on behalf of the Supplemental Interest Trust
                    relating to First Franklin Mortgage Loan Trust, Series
                    2006-FF18 ATTENTION: Patrick Kubik

TELEPHONE:          312-992-1102

FACSIMILE:          312-904-1368

FROM:               Derivatives Documentation

TELEPHONE:          212-272-2711

FACSIMILE:          212-272-9857

SUBJECT:            Fixed Income Derivatives Confirmation and Agreement

REFERENCE NUMBER:   FXNCC9072

The purpose of this letter agreement ("Agreement") is to confirm the terms and
conditions of the Transaction entered into on the Trade Date specified below
(the " Transaction") between Bear Stearns Financial Products Inc. ("Bear
Stearns") and LaSalle Bank National Association, not in its individual capacity,
but solely as Supplemental Interest Trust Trustee on behalf of the Supplemental
Interest Trust relating to First Franklin Mortgage Loan Trust, Series 2006-FF18
("Counterparty") under the Pooling and Servicing Agreement, dated as of December
1, 2006, among National City Home Loan Services, Inc., servicer ("Servicer""),
Merrill Lynch Mortgage Investors, Inc., as depositor ("Depositor") and LaSalle
Bank National Association, as trustee ("Trustee"). (the "Pooling and Servicing
Agreement"). This letter agreement constitutes the sole and complete
"Confirmation," as referred to in the "ISDA Master Agreement" (as defined
below), as well as a "Schedule" as referred to in the ISDA Master Agreement.

(1)  This Confirmation 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. This Confirmation shall supplement, form a part of, and be
     subject to an agreement in the form of the ISDA Master Agreement
     (Multicurrency - Cross Border) as published and copyrighted in 1992 by the
     International Swaps and Derivatives Association, Inc. (the "ISDA MASTER
     AGREEMENT"), as if Bear Stearns and Counterparty had

                                      Q-41

<PAGE>

     executed an agreement in such form on the date hereof, with a Schedule as
     set forth in Item 3 of this Confirmation (the "SCHEDULE"), and an ISDA
     Credit Support Annex (Bilateral Form - ISDA Agreements Subject to New York
     Law Only version) as published and copyrighted in 1994 by the International
     Swaps and Derivatives Association, Inc., with Paragraph 13 thereof as set
     forth in Annex A hereto (the "CREDIT SUPPORT ANNEX"). For the avoidance of
     doubt, the Transaction described herein shall be the sole Transaction
     governed by such ISDA Master Agreement. In the event of any inconsistency
     among any of the following documents, the relevant document first listed
     shall govern: (i) this Confirmation, exclusive of the provisions set forth
     in Item 3 hereof and Annex A hereto; (ii) the Schedule; (iii) the Credit
     Support Annex; (iv) the Definitions; and (v) the ISDA Master Agreement.
     Terms capitalized but not defined herein shall have the meanings attributed
     to them in the Pooling and Servicing Agreement.

     Each reference herein to a "Section" (unless specifically referencing the
     Pooling and Servicing Agreement or to a "Section" of this Agreement will be
     construed as a reference to a Section of the ISDA Master Agreement; each
     herein reference to a "Part" will be construed as a reference to Schedule;
     each reference herein to a "Paragraph" will be construed as a reference to
     a Paragraph of the Credit Support Annex.

(2)  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 for such period on Schedule I
                       attached hereto and (ii) the excess if any, of (a) the
                       beginning aggregate Certificate Principal Balance of the
                       Class A, Class M and Class B Certificates over (b) the
                       Notional Amount set forth in Schedule I for the
                       Transaction with the BSFP Reference Number FXNSC9077 for
                       the related Calculation Period.

Trade Date:            December 28, 2006

Effective Date:        June 25, 2007

Termination Date:      December 25, 2011, subject to adjustment in accordance
                       with the Business Day Convention.

FIXED AMOUNT
   (PREMIUM):          Inapplicable. The Fixed Amounts for this Transaction and
                       for the Transactions with the Bear Stearns Reference
                       Numbers FXNEC9074, FXNEC9075 and FXNEC9076 are embedded
                       in the determination of the Additional Amount specified
                       in the Confirmation identified by Bear Stearns Capital
                       Markets Inc. Reference Number CXNS211267.

FLOATING AMOUNTS:
</TABLE>

                                      Q-42

<PAGE>

<TABLE>
<S>                    <C>
   Floating Rate
      Payer:           Bear Stearns

   Cap Rate:           5.35000%

   Floating Rate
      Payer Period
      End Dates:       The 25th calendar day of each month during the Term of
                       this Transaction, commencing July 25, 2007 and ending on
                       the Termination Date, subject to adjustment in accordance
                       with the Business Day Convention.

   Floating Rate
      Payer Payment
      Dates:           Early Payment shall be applicable. The Floating Rate
                       Payer Payment Date shall be one Business Day prior to
                       each Floating Rate Payer Period End Date.

   Floating Rate for
      initial
      Calculation
      Period:          To be determined.

   Floating Rate
      Option:          USD-LIBOR-BBA

   Designated
      Maturity:        One month

   Floating Rate Day
      Count
      Fraction:        Actual/360

   Reset Dates:        The first day of each Calculation Period.

   Compounding:        Inapplicable

   Business Days:      New York and Illinois

   Business Day
      Convention:      Modified Following

   Calculation
      Agent:           Bear Stearns
</TABLE>

(3)  Provisions Deemed Incorporated in a Schedule to the ISDA Master Agreement:

Part 1. Termination Provisions.

For purposes of the ISDA Master Agreement:

(iii) "SPECIFIED ENTITY" will not apply to Bear Stearns or Counterparty for any
     purpose.

(jjj) "SPECIFIED TRANSACTIONS" will not apply to Bear Stearns or Counterparty
     for any purpose.

(kkk) The "FAILURE TO PAY OR DELIVER" provisions of Section 5(a)(i) will apply
     to Bear Stearns and will apply to Counterparty; provided that
     notwithstanding anything to the contrary in Section 5(a)(i) or

                                      Q-43

<PAGE>

     Paragraph 7 of the Credit Support Annex, any failure by Bear Stearns to
     comply with or perform any obligation to be complied with or performed by
     Bear Stearns under the Credit Support Annex shall not constitute an Event
     of Default under Section 5(a)(i) unless (A) a Moody's Second Level
     Downgrade has occurred and been continuing for 30 or more Local Business
     Days and (B) such failure is not remedied on or before the third Local
     Business Day after notice of such failure is given to Bear Stearns.

(lll) The "BREACH OF AGREEMENT" provisions of Section 5(a)(ii) will apply to
     Bear Stearns and will not apply to Counterparty.

(mmm) The "CREDIT SUPPORT DEFAULT" provisions of Section 5(a)(iii) will apply to
     (x) Bear Stearns; provided that notwithstanding anything to the contrary in
     Section 5(a)(iii)(1), any failure by Bear Stearns to comply with or perform
     any obligation to be complied with or performed by Bear Stearns under the
     Credit Support Annex shall not constitute an Event of Default under Section
     5(a)(iii) unless (A) a Moody's Second Level Downgrade has occurred and been
     continuing for 30 or more Local Business Days and (B) such failure is not
     remedied on or before the third Local Business Day after notice of such
     failure is given to Bear Stearns and (y) Counterparty solely in respect of
     Counterparty's obligations under Paragraph 3(b) of the Credit Support
     Annex.

(nnn) The "MISREPRESENTATION" provisions of Section 5(a)(iv) will apply to Bear
     Stearns and will not apply to Counterparty.

(ooo) The "DEFAULT UNDER SPECIFIED TRANSACTION" provisions of Section 5(a)(v)
     will not apply to Bear Stearns or Counterparty.

(ppp) The "CROSS DEFAULT" provisions of Section 5(a)(vi) will apply to Bear
     Stearns and will not apply to Counterparty.

               "SPECIFIED INDEBTEDNESS" will have the meaning specified in
               Section 14.

               "THRESHOLD AMOUNT" means USD 100,000,000.

(qqq) The "BANKRUPTCY" provisions of Section 5(a)(vii) will apply to Bear
     Stearns and will apply to Counterparty except that the provisions of
     Section 5(a)(vii)(2), (6) (to the extent that such provisions refer to any
     appointment contemplated or effected by the Pooling and Servicing Agreement
     or any appointment to which Counterparty has not become subject to), (7)
     and (9) will not apply to Counterparty; provided that, with respect to
     Counterparty only, Section 5(a)(vii)(4) is hereby amended by adding after
     the words "against it" the words "(excluding any proceeding or petition
     instituted or presented by Bear Stearns)", and Section 5(a)(vii)(8) is
     hereby amended by deleting the words "to (7) inclusive" and inserting lieu
     thereof ", (3), (4) as amended, (5) or (6) as amended".

(rrr) The "TAX EVENT UPON MERGER" provisions of Section 5(b)(iii) will apply to
     Bear Stearns and will apply to Counterparty; provided that Bear Stearns
     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.

                                      Q-44

<PAGE>

(sss) The "CREDIT EVENT UPON MERGER" provisions of Section 5(b)(iv) will not
     apply to Bear Stearns or Counterparty.

(ttt) The "AUTOMATIC EARLY TERMINATION" provision of Section 6(a) will not apply
     to Bear Stearns or to Counterparty.

(uuu) Payments on Early Termination. For the purpose of Section 6(e) of the ISDA
     Master Agreement:

          (1)  Market Quotation will apply; and

          (2)  the Second Method will apply;

          provided that if Bear Stearns is the Defaulting Party or the sole
          Affected Party, the following provisions will apply:

               (A) Section 6(e) of the ISDA Master Agreement will be amended by
               inserting on the first line "or is effectively designated" after
               "If an Early Termination Date occurs";

               (B) The definition of Market Quotation in Section 14 shall be
               deleted in its entirety and replaced with the following:

                    "MARKET QUOTATION" means, with respect to one or more
                    Terminated Transactions, and a party making the
                    determination, an amount determined on the basis of Firm
                    Offers from Reference Market-makers that are Eligible
                    Replacements. Each Firm Offer will be (1) for an amount that
                    would be paid to Counterparty (expressed as a negative
                    number) or by Counterparty (expressed as a positive number)
                    in consideration of an agreement between Counterparty and
                    such Reference Market-maker to enter into a Replacement
                    Transaction and (2) made on the basis that 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. The party making the
                    determination (or its agent) will request each Reference
                    Market-maker to provide its Firm Offer to the extent
                    reasonably practicable as of the same day and time (without
                    regard to different time zones) on or as soon as reasonably
                    practicable after the designation of the relevant Early
                    Termination Date. The day and time as of which those Firm
                    Offers are to be obtained will be selected in good faith by
                    the party obliged to make a determination under Section
                    6(e), and, if each party is so obliged, after consultation
                    with the other. The Market Quotation shall be the Firm Offer
                    actually accepted by Counterparty no later than the Business
                    Day preceding the Early Termination Date. If no Firm Offers
                    are provided by the Business Day preceding the Early
                    Termination Date, it will be deemed that the Market
                    Quotation in respect of such Terminated Transaction or group
                    of Transactions cannot be determined.

                                      Q-45

<PAGE>

               (C) Counterparty shall use best efforts to accept a Firm Offer
               that would determine the Market Quotation. If more than one Firm
               Offer (which, if accepted, would determine the Market Quotation)
               is provided, Counterparty shall use commercially reasonable
               efforts to accept the Firm Offer (among such Firm Offers) which
               would require either (x) the lowest payment by the Counterparty
               to the Reference Market-maker, to the extent Counterparty would
               be required to make a payment to the Reference Market-maker or
               (y) the highest payment from the Reference Market-maker to
               Counterparty, to the extent the Reference Market-maker would be
               required to make a payment to the Counterparty. If only one Firm
               Offer (which, if accepted, would determine the Market Quotation)
               is provided, Counterparty shall use commercially reasonable
               efforts to accept such Firm Offer.

               (D) Upon the written request by Counterparty to Bear Stearns,
               Bear Stearns shall obtain the Market Quotations on behalf of
               Counterparty.

               (E) If the Settlement Amount is a negative number, Section
               6(e)(i)(3) of the ISDA Master Agreement shall be deleted in its
               entirety and replaced with the following:

                    "(3) Second Method and Market Quotation. If the Second
                    Method and Market Quotation apply, (I) Counterparty shall
                    pay to Bear Stearns an amount equal to the absolute value of
                    the Settlement Amount in respect of the Terminated
                    Transactions, (II) Counterparty shall pay to Bear Stearns
                    the Termination Currency Equivalent of the Unpaid Amounts
                    owing to Bear Stearns and (III) Bear Stearns shall pay to
                    Counterparty the Termination Currency Equivalent of the
                    Unpaid Amounts owing to Counterparty; provided, however,
                    that (x) the amounts payable under the immediately preceding
                    clauses (II) and (III) shall be subject to netting in
                    accordance with Section 2(c) of this Agreement and (y)
                    notwithstanding any other provision of this Agreement, any
                    amount payable by Bear Stearns under the immediately
                    preceding clause (III) shall not be netted-off against any
                    amount payable by Counterparty under the immediately
                    preceding clause (I)."

(vvv) "TERMINATION CURRENCY" means United States Dollars.

(www) ADDITIONAL TERMINATION EVENTS. Additional Termination Events will apply:

     (i)  If, upon the occurrence of a Cap Disclosure Event (as defined in Part
          5(l)(ii) below) Bear Stearns has not, within ten (10) calendar days
          after such Cap Disclosure Event complied with any of the provisions
          set forth in Part 5 (l) below, then an Additional Termination Event
          shall have occurred with respect to Bear Stearns, Bear Stearns shall
          be the sole Affected Party and all Transactions hereunder shall be
          Affected Transaction.

     (ii) If, without the prior written consent of Bear Stearns where such
          consent is required under the Pooling and Servicing Agreement, an
          amendment or supplemental agreement is made to the Pooling and
          Servicing Agreement which amendment or supplemental

                                      Q-46

<PAGE>

          agreement could reasonably be expected to have a material adverse
          effect on the interests of Bear Stearns under this Agreement, an
          Additional Termination Event shall have occurred with respect to
          Counterparty, Counterparty shall be the sole Affected Party and all
          Transactions hereunder shall be Affected Transaction.

     (iii) (A) If a S&P First Level Downgrade has occurred and is continuing and
               Bear Stearns fails to take any action described under Part
               (5)(f)(i)(1), within the time period specified therein, then an
               Additional Termination Event shall have occurred with respect to
               Bear Stearns, Bear Stearns shall be the sole Affected Party with
               respect to such Additional Termination Event and all Transactions
               hereunder shall be Affected Transaction.

          (F)  If a S&P Second Level Downgrade has occurred and is continuing
               and Bear Stearns fails to take any action described under Part
               (5)(f)(i)(2) within the time period specified therein, then an
               Additional Termination Event shall have occurred with respect to
               Bear Stearns, Bear Stearns shall be the sole Affected Party with
               respect to such Additional Termination Event and all Transactions
               hereunder shall be Affected Transaction.

          (C)  If (A) a Moody's Second Level Downgrade has not occurred and been
               continuing for 30 or more Local Business Days and (B) Bear
               Stearns has failed to comply with or perform any obligation to be
               complied with or performed by Bear Stearns in accordance with the
               Credit Support Annex, then an Additional Termination Event shall
               have occurred with respect to Bear Stearns and Bear Stearns shall
               be the sole Affected Party with respect to such Additional
               Termination Event.

          (D)  If (A) a Moody's Second Level Downgrade has occurred and been
               continuing for 30 or more Local Business Days and (B) either (i)
               at least one Eligible Replacement has made a Firm Offer to be the
               transferee or (ii) at least one entity that satisfies the Moody's
               Approved Ratings Threshold has made a Firm Offer to provide an
               Eligible Guaranty in respect of all of Bear Stearns' present and
               future obligations under this Agreement, then an Additional
               Termination Event shall have occurred with respect to Bear
               Stearns, Bear Stearns shall be the sole Affected Party with
               respect to such Additional Termination Event and all Transactions
               hereunder shall be Affected Transaction.

                                      Q-47

<PAGE>

(p) LIMITATION ON EVENTS OF DEFAULT. Notwithstanding the terms of Sections 5 and
6 of the ISDA Form Master Agreement, if at any time and so long as the
Counterparty has satisfied in full all its payment obligations under Section
2(a)(i) of the ISDA Form Master Agreement and has at the time no future payment
obligations, whether absolute or contingent, under such Section, then unless
Bear Stearns 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 any such payment, (a) the occurrence of an event
described in Section 5(a) of the ISDA Form Master Agreement with respect to the
Counterparty shall not constitute an Event of Default or Potential Event of
Default with respect to the Counterparty as Defaulting Party and (b) Bear
Stearns shall be entitled to designate an Early Termination Date pursuant to
Section 6 of the ISDA Form Master Agreement only as a result of the occurrence
of a Termination Event set forth in either Section 5(b)(i) or 5(b)(ii) of the
ISDA Form Master Agreement with respect to Bear Stearns as the Affected Party,
or Section 5(b)(iii) with respect to Bear Stearns as the Burdened Party.

Part 2. Tax Matters.

(i)  Tax Representations.

     (i) Payer Representations. For the purpose of Section 3(e) of the ISDA
     Master Agreement, each of Bear Stearns and the Counterparty will 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) of the
     ISDA Master Agreement) to be made by it to the other party under this
     Agreement. In making this representation, it may rely on:

          (1) the accuracy of any representations made by the other party
          pursuant to Section 3(f) of the ISDA Master Agreement;

          (2) the satisfaction of the agreement contained in Sections 4(a)(i)
          and 4(a)(iii) of the ISDA Master Agreement and the accuracy and
          effectiveness of any document provided by the other party pursuant to
          Sections 4(a)(i) and 4(a)(iii) of the ISDA Master Agreement; and

          (3) the satisfaction of the agreement of the other party contained in
          Section 4(d) of the ISDA Master Agreement, provided that it shall not
          be a breach of this representation where reliance is placed on clause
          (ii) and the other party does not deliver a form or document under
          Section 4(a)(iii) of the ISDA Master Agreement by reason of material
          prejudice to its legal or commercial position.

     (ii) Payee Representations. For the purpose of Section 3(f) of the ISDA
     Master Agreement, each of Bear Stearns and the Counterparty make the
     following representations.

     The following representation will apply to Bear Stearns:

                                      Q-48

<PAGE>

          Bear Stearns is a corporation organized under the laws of the State of
          Delaware and its U.S. taxpayer identification number is 13-3866307.

     The following representation will apply to the Counterparty:

          LaSalle Bank National Association represents that it is the
          Supplemental Interest Trust Trustee under the Pooling and Servicing
          Agreement.

(j)  Tax Provisions.

     Notwithstanding the definition of "Indemnifiable Tax" in Section 14 of this
     Agreement, all Taxes in relation to payments by Bear Stearns shall be
     Indemnifiable Taxes (including any Tax imposed in respect of a Credit
     Support Document) unless (i) such Taxes are assessed directly against
     Counterparty and not by deduction or withholding by Bear Stearns or (ii)
     arise as a result of a Change in Tax Law (in which case such Tax shall be
     an Indemnifiable Tax only if such Tax satisfies the definition of
     Indemnifiable Tax provided in Section 14). In relation to payments by
     Counterparty, no Tax shall be an Indemnifiable Tax.

Part 3. AGREEMENT TO DELIVER DOCUMENTS. For the purpose of Section 4(a) of the
ISDA Master Agreement:

     (i)  Tax forms, documents, or certificates to be delivered are:

                                      Q-49

<PAGE>

<TABLE>
<CAPTION>
PARTY REQUIRED TO
 DELIVER DOCUMENT        FORM/DOCUMENT/ CERTIFICATE                    DATE BY WHICH TO BE DELIVERED
-----------------   ------------------------------------   ----------------------------------------------------
<S>                 <C>                                    <C>
Bear Stearns        An original properly completed and     (i) upon execution of this Agreement, (ii) on or
                    executed United States Internal        before the first payment date under this Agreement,
                    Revenue Service Form W-9 (or any       including any Credit Support Document, (iii)
                    successor thereto) with respect to     promptly upon the reasonable demand by Counterparty,
                    any payments received or to be         (iv) prior to the expiration or obsolescence of any
                    received by Bear Stearns, that         previously delivered form, and (v) promptly upon the
                    eliminates U.S. federal withholding    information on any such previously delivered form
                    and backup withholding Tax on          becoming inaccurate or incorrect.
                    payments to Bear Stearns under this
                    Agreement.

Counterparty        An original properly completed and     (i) upon execution of this Agreement, (ii) on or
                    executed United States Internal        before the first payment date under this Agreement,
                    Revenue Service Form W-9 (or any       including any Credit Support Document, (iii)
                    successor thereto) with respect to     promptly upon the reasonable demand by Bear Stearns,
                    any payments received or to be         (iv) prior to the expiration or obsolescence of any
                    received by Counterparty.              previously delivered form, and (v) promptly upon the
                                                           information on any such previously delivered form
                                                           becoming inaccurate or incorrect.
</TABLE>

     (ii) Other documents to be delivered are:

<TABLE>
<CAPTION>
PARTY REQUIRED TO                                                                          COVERED BY SECTION 3(D)
 DELIVER DOCUMENT        FORM/DOCUMENT/ CERTIFICATE        DATE BY WHICH TO BE DELIVERED        REPRESENTATION
-----------------   ------------------------------------   -----------------------------   -----------------------
<S>                 <C>                                    <C>                             <C>
Bear Stearns and    Any documents required by the          Upon the execution and          Yes
the Counterparty    receiving party to evidence the        delivery of this Agreement
                    authority of the delivering party or   and such Confirmation
                    its Credit Support Provider, if any,
                    for it to execute and deliver this
                    Agreement, any Confirmation, and any
                    Credit Support Documents to which it
                    is a party, and to evidence the
                    authority of the delivering party or
                    its Credit
</TABLE>

                                      Q-50

<PAGE>

<TABLE>
<CAPTION>
PARTY REQUIRED TO                                                                          COVERED BY SECTION 3(D)
 DELIVER DOCUMENT        FORM/DOCUMENT/ CERTIFICATE        DATE BY WHICH TO BE DELIVERED        REPRESENTATION
-----------------   ------------------------------------   -----------------------------   -----------------------
<S>                 <C>                                    <C>                             <C>
                    Support Provider to perform its
                    obligations under this Agreement,
                    such Confirmation and/or Credit
                    Support Document, as the case may
                    be.

Bear Stearns and    A certificate of an authorized         Upon the execution and          Yes
the Counterparty    officer of the party, as to the        delivery of this Agreement
                    incumbency and authority of the        and such Confirmation
                    respective officers of the party
                    signing this Agreement, any relevant
                    Credit Support Document, or any
                    Confirmation, as the case may be.

Bear Stearns and    An opinion of counsel of such party    Upon the execution and          No
the Counterparty    regarding the enforceability of this   delivery of this Agreement
                    Agreement in a form reasonably
                    satisfactory to the other party.

Counterparty        An executed copy of the Pooling and    Within 30 days after receipt    No
                    Servicing Agreement.                   of such agreement by
                                                           Counterparty
</TABLE>

Part 4 Miscellaneous.

(a)  ADDRESS FOR NOTICES: For the purposes of Section 12(a) of the ISDA Master
     Agreement:

          Address for notices or communications to Bear Stearns:

               Address:   383 Madison Avenue, New York, New York 10179
               Attention: DPC Manager
               Facsimile: (212) 272-5823

          with a copy to:

               Address:   One Metrotech Center North, Brooklyn, New York 11201
               Attention: Derivative Operations - 7th Floor

                                      Q-51

<PAGE>

               Facsimile: (212) 272-1634

          (For all purposes)

          Address for notices or communications to the Counterparty:

               Address:   LaSalle Bank National Association
                          135 South LaSalle Street, Suite 1511
                          Chicago, IL 60603
               Attention: Patrick Kubik
               Facsimile: 312-904-1368
               Phone:     312-992-1102

          with a copy to:

               Address:   Merrill Lynch Mortgage Lending, Inc.
                          4 World Financial Center
                          250 Vesey Street
                          New York, NY 10080
               Attention: Alan Chan
               Facsimile: 212-738-1110
               Phone:     212-449-1441

          (For all purposes)

(b)  Account Details and Settlement Information:

     PAYMENTS TO BEAR STEARNS:

          Citibank, N.A., New York
          ABA Number: 021-0000-89, for the account of
          Bear, Stearns Securities Corp.
          Account Number: 0925-3186, for further credit to
          Bear Stearns Financial Products Inc.
          Sub-account Number: 102-04654-1-3
          Attention: Derivatives Department

     PAYMENTS TO COUNTERPARTY:

          LaSalle Bank National Association
          ABA Number: 071000505
          Account Number: 724372.3
          Account Name: LaSalle CHGO/CTR/BNF:/LaSalle Trust
          Ref: FFMLT 2006-FF18 (FXNCC9072)
          Attn: Patrick Kubik

                                      Q-52

<PAGE>

(c)  PROCESS AGENT. For the purpose of Section 13(c) of the ISDA Master
     Agreement:

          Bear Stearns appoints as its
          Process Agent: Not Applicable

          The Counterparty appoints as its
          Process Agent: Not Applicable

(d)  OFFICES. The provisions of Section 10(a) of the ISDA Master Agreement will
     not apply to this Agreement; neither Bear Stearns nor the Counterparty have
     any Offices other than as set forth in the Notices Section.

(e)  MULTIBRANCH PARTY. For the purpose of Section 10(c) of the ISDA Master
     Agreement:

          Bear Stearns is not a Multibranch Party.

          The Counterparty is not a Multibranch Party.

(f)  CREDIT SUPPORT DOCUMENT.

          Bear Stearns: The Credit Support Annex and any guaranty in support of
          Bear Stearns' obligations under this Agreement.

          Counterparty: The Credit Support Annex.

(g)  CREDIT SUPPORT PROVIDER.

          Bear Stearns: The guarantor under any guaranty in support of Bear
          Stearns' obligations under this Agreement.

          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 the conflict of law provisions thereof other than New
     York General Obligations Law Sections 5-1401 and 5-1402.

(i)  JURISDICTION. Section 13(b) is hereby amended by: (i) deleting in the
     second line of subparagraph (i) thereof the word "non-", (ii) deleting ";
     and" from the end of subparagraph 1 and inserting "." in lieu thereof, and
     (iii) deleting the final paragraph thereof.

(j)  "AFFILIATE": Bear Stearns and Counterparty shall be deemed not to have any
     Affiliates for purposes of this Agreement, including for purposes of
     Section 6(b)(ii) of the ISDA Master Agreement.

                                      Q-53

<PAGE>

(k)  NETTING OF PAYMENTS. The parties agree that subparagraph (ii) of Section
     2(c) of the ISDA Master Agreement will apply to each Transaction.

Part 5. OTHER PROVISIONS.

(a) Section 3 of the ISDA Master Agreement is hereby amended by adding at the
end thereof the following subsection (g):

     "(g) Relationship Between Parties.

          Each party represents to the other party on each date when it enters
          into a Transaction that:

     (1)  Nonreliance. (i) It is acting for its own account, (ii) 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 and (iii) it has consulted with its own
          legal, regulatory, tax, business, investment, financial and accounting
          advisors to the extent it has deemed necessary, (iv) it has made its
          own investment, hedging and trading decisions based upon its own
          judgment and upon any advice from such advisors as it has deemed
          necessary and not upon any view expressed by the other party, (v) it
          has made its own independent decisions to enter into the Transaction
          and as to whether the Transaction is appropriate or proper for it
          based upon its own judgment and upon advice from such advisors as it
          has deemed necessary, (vi) it is not relying on any communication
          (written or oral) of the other party as investment advice or as a
          recommendation to enter into this Transaction; it being understood
          that information and explanations related to the terms and conditions
          of this Transaction shall not be considered investment advice or a
          recommendation to enter into this Transaction and (vii) it has not
          received from the other party any assurance or guaranty as to the
          expected results of this Transaction.

     (2)  Evaluation and Understanding.

               (i)  It has the capacity to evaluate (internally or through
                    independent professional advice) the Transaction and has
                    made its own decision to enter into the Transaction; and

               (ii) It understands the terms, conditions and risks of the
                    Transaction and is willing and able to accept those terms
                    and conditions and to assume those risks, financially and
                    otherwise.

     (3)  Purpose. It is entering into the Transaction for the purposes of
          managing its borrowings or investments, hedging its underlying assets
          or liabilities or in connection with a line of business.

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

                                      Q-54

<PAGE>

     (5)  Eligible Contract Participant. It constitutes an "eligible contract
          participant" as such term is defined in Section 1(a)12 of the
          Commodity Exchange Act, as amended.

     (6)  Line of Business. It has entered into this Agreement (including each
          Transaction governed hereby) in conjunction with its line of business
          or the financing of its business."

(b) NON-RECOURSE. Notwithstanding any provision herein or in the ISDA Master
Agreement to the contrary, the obligations of Counterparty hereunder are limited
recourse obligations of Counterparty, payable solely from the Cap Contract
Account and the proceeds thereof, in accordance with the terms of the Pooling
and Servicing Agreement. In the event that the Cap Contract Account and proceeds
thereof should be insufficient to satisfy all claims outstanding and following
the realization of the Cap Contract Account and the proceeds thereof, any claims
against or obligations of Counterparty under the ISDA Master Agreement or any
other confirmation thereunder still outstanding shall be extinguished and
thereafter not revive. The Supplemental Interest Trust Trustee shall not have
liability for any failure or delay in making a payment hereunder to Bear Stearns
due to any failure or delay in receiving amounts in the Cap Contract Account
from the Trust created pursuant to the Pooling and Servicing Agreement.

(c) 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.

(d) CONSENT TO RECORDING. Each party hereto consents to the monitoring or
recording, at any time and from time to time, by the other party of any and all
communications between officers or employees of the parties, waives any further
notice of such monitoring or recording, and agrees to notify its officers and
employees of such monitoring or recording.

(e) 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.

(f) RATING AGENCY DOWNGRADE.

     (i)  S&P Downgrade:

          (1)  In the event that a S&P First Level Downgrade occurs and is
               continuing, then within 30 days after such rating downgrade, Bear
               Stearns shall, subject to the Rating Agency Condition with
               respect to S&P, at its own expense, either (i) procure a
               Permitted Transfer, (ii) obtain an Eligible Guaranty or (iii)
               post collateral in accordance with the Credit Support Annex.

                                      Q-55

<PAGE>

          (2)  In the event that a S&P Second Level Downgrade occurs and is
               continuing, then within 10 Local Business Days after such rating
               withdrawal or downgrade, Bear Stearns shall, subject to the
               Rating Agency Condition with respect to S&P, at its own expense,
               either (i) procure a Permitted Transfer or (ii) obtain an
               Eligible Guaranty.

     (ii) Moody's Downgrade.

          (1)  In the event that a Moody's Second Level Downgrade occurs and is
               continuing, Bear Stearns shall as soon as reasonably practicable
               thereafter, at its own expense and using commercially reasonable
               efforts, either (i) procure a Permitted Transfer or (ii) obtain
               an Eligible Guaranty.

(g) PAYMENT INSTRUCTIONS. Bear Stearns hereby agrees that, unless notified in
writing by the Supplemental Interest Trust Trustee of other payment
instructions, any and all amounts payable by Bear Stearns to the Counterparty
under this Agreement shall be paid to the Supplemental Interest Trust Trustee at
the account specified herein.

(h) AMENDMENT.. No amendment, waiver, supplement or other modification of this
Transaction shall be permitted by either party unless (i) each of S&P and
Moody's have been provided notice of the same and (ii) such amendment, waiver,
supplement, assignment or other modification satisfies the Rating Agency
Condition.

(i) TRANSFER.

     (i)  The first paragraph of Section 7 is hereby amended in its entirety as
          follows:

          "Subject to Section 6(b)(ii), Part 5(f) and Part 5(j), neither this
          Agreement nor any interest or obligation in or under this Agreement
          may be transferred (whether by way of security or otherwise) without
          (a) the prior written consent of the other party (which consent shall
          be deemed given by Counterparty if the transfer, novation or
          assignment is to an Eligible Replacement) and (b) satisfaction of the
          Rating Agency Condition with respect to S&P, except that:"

     (ii) If an entity has made a Firm Offer (which remains an offer that will
          become legally binding upon acceptance by Counterparty) to be the
          transferee of a transfer, Counterparty shall, at Bear Stearns' written
          request and at Bear Stearns' expense, take any reasonable steps
          required to be taken by Counterparty to effect such transfer.

(j) TRANSFER TO AVOID TERMINATION EVENT. Section 6(b)(ii) is hereby amended by
(i) deleting the words "or if a Tax Event Upon Merger occurs and the Burdened
Party is the Affected Party," and (ii) deleting the last paragraph thereof and
inserting the following:

     "Notwithstanding anything to the contrary in Section 7 (as amended herein)
     and Part 5(i), any transfer by Bear Stearns under this Section 6(b)(ii)
     shall not require the consent of Party B; provided that:

     (i)  the transferee (the "Transferee") is an Eligible Replacement;

                                      Q-56

<PAGE>

     (ii) if the Transferee is domiciled in a different country or political
          subdivision thereof from both Bear Stearns and Party B, such transfer
          satisfies the Rating Agency Condition;

     (iii) the Transferee will not, as a result of such transfer, be required on
          the next succeeding Scheduled Payment Date to withhold or deduct on
          account of any Tax (except in respect of default interest) amounts in
          excess of that which Bear Stearns would, on the next succeeding
          Scheduled Payment Date have been required to so withhold or deduct
          unless the Transferee would be required to make additional payments
          pursuant to Section 2(d) (i)(4) corresponding to such excess;

     (iv) a Termination Event or Event of Default does not occur as a result of
          such transfer; and

     (v)  the Transferee confirms in writing that it will accept all of the
          interests and obligations in and under this Agreement which are to be
          transferred to it in accordance with the terms of this provision.

     On and from the effective date of any such transfer to the Transferee, Bear
     Stearns will be fully released from any and all obligations hereunder."

(k) PROCEEDINGS. Bear Stearns shall not institute against or cause any other
person to institute against, or join any other person in instituting against,
the Depositor or the trust or the supplemental interest trust created pursuant
to the Pooling and Servicing Agreement, any bankruptcy, reorganization,
arrangement, insolvency or liquidation proceedings, or other proceedings under
any federal or state bankruptcy, dissolution or similar law, for a period of one
year and one day (or, if longer, the applicable preference period) following
indefeasible payment in full of the First Franklin Mortgage Loan Trust Mortgage
Loan Asset-Backed Certificates, Series 2006-FF18 (the "Certificates").

(l) COMPLIANCE WITH REGULATION AB.

     (i)  Bear Stearns agrees and acknowledges that Merrill Lynch Mortgage
          Investors, Inc. (the "DEPOSITOR") is required under Regulation AB as
          defined under the Pooling and Servicing Agreement, to disclose certain
          financial information regarding Bear Stearns or its group of
          affiliated entities, if applicable, depending on the aggregate
          "significance percentage" of this Agreement and any other derivative
          contracts between Bear Stearns or its group of affiliated entities, if
          applicable, and Counterparty, as calculated from time to time in
          accordance with Item 1115 of Regulation AB.

     (ii) It shall be a cap disclosure event ("CAP DISCLOSURE EVENT") if, on any
          Business Day after the date hereof, the Depositor requests from Bear
          Stearns the applicable financial information described in Item 1115 of
          Regulation AB (such request to be based on a reasonable determination
          by Depositor, in good faith, that such information is required under
          Regulation AB) (the "CAP FINANCIAL DISCLOSURE").

     (iii) Upon the occurrence of a Cap Disclosure Event, Bear Stearns, within
          10 calendar days, at its own expense, shall (1)(a) either (i) provide
          to Depositor the current Cap Financial Disclosure in an
          EDGAR-compatible format (for example, such information may be provided
          in Microsoft Word(R) or Microsoft Excel(R) format but not in .pdf
          format) or (ii) provide written consent to Depositor to incorporation
          by reference of such current Cap Financial Disclosure that are filed
          with the Securities and Exchange Commission in the reports of the
          Trust filed pursuant to the Exchange Act, (b) if

                                      Q-57

<PAGE>

          applicable, cause its outside accounting firm to provide its consent
          to filing or incorporation by reference of such accounting firm's
          report relating to their audits of such current Cap Financial
          Disclosure in the Exchange Act Reports of the Depositor, and (c)
          provide to the Depositor any updated Cap Financial Disclosure with
          respect to Bear Stearns or any entity that consolidates Bear Stearns
          within five days of the release of any such updated Cap Financial
          Disclosure; (2) secure another entity to replace Bear Stearns as party
          to this Agreement on terms substantially similar to this Agreement,
          which entity (or a guarantor therefor) meets or exceeds the Moody's
          Approved Ratings Thresholds and S&P Approved Ratings Threshold and
          which satisfies the Rating Agency Condition and which entity is able
          to comply with the requirements of Item 1115 of Regulation AB, or (3)
          obtain a guaranty of Bear Stearns' obligations under this Agreement
          from an affiliate of Bear Stearns that is able to comply with the
          financial information disclosure requirements of Item 1115 of
          Regulation AB, and cause such affiliate to provide Cap Financial
          Disclosure and any future Cap Financial Disclosure, such that
          disclosure provided in respect of such affiliate will satisfy any
          disclosure requirements applicable to the Cap Provider.

     (iv) Bear Stearns agrees that, in the event that Bear Stearns provides Cap
          Financial Disclosure to Depositor in accordance with Part 5(l)(iii)(1)
          or causes its affiliate to provide Cap Financial Disclosure to
          Depositor in accordance with clause Part 5(l)(iii)(3), it will
          indemnify and hold harmless Depositor, its respective directors or
          officers and any person controlling Depositor, from and against any
          and all losses, claims, damages and liabilities caused by any untrue
          statement or alleged untrue statement of a material fact contained in
          such Cap Financial Disclosure or caused by any omission or alleged
          omission to state in such Cap Financial Disclosure a material fact
          required to be stated therein or necessary to make the statements
          therein, in light of the circumstances under which they were made, not
          misleading.

     (v)  If Supplemental Interest Trust Trustee and Depositor reasonably
          requests, Bear Stearns shall provide such other information as may be
          necessary for Depositor to comply with Item 1115 of Regulation AB.

     (vi) Each of the Supplemental Interest Trust Trustee and Depositor shall be
          an express third party beneficiary of this Agreement as if a party
          hereto to the extent of the Supplemental Interest Trust Trustee's and
          the Depositor's rights explicitly specified in this Part 5(l).

(m) SUPPLEMENTAL INTEREST TRUST TRUSTEE LIABILITY LIMITATIONS. It is expressly
understood and agreed by the parties hereto that:

     (i)  this Agreement is executed and delivered by LaSalle Bank National
          Association ("LaSalle"), not individually or personally but solely as
          Supplemental Interest Trust Trustee on behalf of the Supplemental
          Interest Trust relating to First Franklin Mortgage Loan Trust Mortgage
          Loan Asset-Backed Certificates, Series 2006-FF18.

     (ii) each of the representations, undertakings and agreements herein made
          on the part of the Counterparty is made and intended not as a personal
          representation, undertaking or agreement of LaSalle but is made and
          intended for the purpose of binding only the Counterparty;

     (iii) nothing herein contained shall be construed as imposing any liability
          upon LaSalle, individually or personally, to perform any covenant
          either expressed or implied contained herein, all such liability, if
          any, being expressly waived by the parties hereto and by any Person
          claiming by, through or

                                      Q-58

<PAGE>

          under the parties hereto; provided that nothing in this paragraph
          shall relieve the Supplemental Interest Trust Trustee from performing
          its duties and obligations under the Pooling and Servicing Agreement
          in accordance with the standard of care set forth therein;

     (iv) under no circumstances shall LaSalle be personally liable for the
          payment of any indebtedness or expenses of the Counterparty or be
          liable for the breach or failure of any obligation, representation,
          warranty or covenant made or undertaken by the Counterparty under this
          Agreement or any other related documents, other than due to its
          negligence or willful misconduct in performing the obligations of the
          Supplemental Interest Trust Trustee under the Pooling and Servicing
          Agreement;

     (v)  any resignation or removal of LaSalle as trustee on behalf of the
          Supplemental Interest Trust relating to First Franklin Mortgage Loan
          Trust Mortgage Loan Asset-Backed Certificates, Series 2006-FF18shall
          require the assignment of this agreement to a supplemental interest
          trust trustee replacement;

     (vi) LaSalle in its capacity as the Supplemental Interest Trust Trustee has
          been directed, pursuant to the Pooling and Servicing Agreement, to
          enter into this Agreement and to perform its obligations hereunder.

(n) SUBSTANTIAL FINANCIAL TRANSACTION. 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 and
in the Confirmation relating to such Transaction, as applicable. This paragraph
shall be deemed repeated on the trade date of each Transaction.

(o) SET-OFF. Except as expressly provided for in Section 2(c), Section 6 or Part
1(m)(E) hereof, and notwithstanding any other provision of this Agreement or any
other existing or future agreement, 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. Section 6(e) shall be amended by deleting the following
sentence: "The amount, if any, payable in respect of an Early Termination Date
and determined pursuant to this Section will be subject to any Set-off."

(p) 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.

(q) ADDITIONAL DEFINED TERMS.

     (i)  Capitalized terms used but nor defined herein shall have the meanings
          ascribed to such terms in the Pooling and Servicing Agreement.

     (ii) Additional Definitions:

                                      Q-59

<PAGE>

          "ELIGIBLE GUARANTY" means an unconditional and irrevocable guaranty of
     all present and future payment obligations and obligations to post
     collateral of Bear Stearns or an Eligible Replacement to Counterparty under
     this Agreement that is provided by an Eligible Guarantor as principal
     debtor rather than surety and that is directly enforceable by Counterparty,
     the form and substance of which guaranty are subject to the Rating Agency
     Condition with respect to S&P.

          "ELIGIBLE GUARANTOR" means an entity that has credit ratings at least
     equal to the Moody's Required Ratings Threshold and S&P Approved Ratings
     Threshold.

          "ELIGIBLE REPLACEMENT" means an entity that either (i) satisfies the
     S&P Approved Ratings Threshold and the Moody's Required Ratings Threshold
     or (ii) provides an Eligible Guaranty from an Eligible Guarantor.

          "FIRM OFFER" means an offer which, when made, is capable of becoming
     legally binding upon acceptance.

          "MOODY'S" means Moody's Investors Service, Inc., or any successor.

          "MOODY'S APPROVED RATINGS THRESHOLD" means, with respect to (i) Bear
     Stearns, a Moody's counterparty rating of "A1" or above and (ii) with
     respect to any other entity (or its guarantor), (x) if such entity has both
     a long-term unsecured and unsubordinated debt rating or counterparty rating
     from Moody's and a short-term unsecured and unsubordinated debt rating from
     Moody's, a long-term unsecured and unsubordinated debt rating or
     counterparty rating from Moody's of "A2" or above and a short-term
     unsecured and unsubordinated debt rating from Moody's of "Prime-1" or
     above, or (y) if such entity has only a long-term unsecured and

                                      Q-60

<PAGE>

     unsubordinated debt rating or counterparty rating from Moody's, a long-term
     unsecured and unsubordinated debt rating or counterparty rating from
     Moody's of "A1" or above.

          "MOODY'S FIRST LEVEL DOWNGRADE" means that no Relevant Entity
     satisfies the Moody's Approved Rating Threshold.

          "MOODY'S REQUIRED RATINGS THRESHOLD" means, with respect to (i) Bear
     Stearns, a counterparty rating of "A3" or above and (ii) with respect to
     any other entity (or its guarantor), (x) if such entity has both a
     long-term unsecured and unsubordinated debt rating or counterparty rating
     from Moody's and a short-term unsecured and unsubordinated debt rating from
     Moody's, a long-term unsecured and unsubordinated debt rating or
     counterparty rating from Moody's of "A3" or above or a short-term unsecured
     and unsubordinated debt rating from Moody's of "Prime-2" or above, or (y)
     if such entity has only a long-term unsecured and unsubordinated debt
     rating or counterparty rating from Moody's, a long-term unsecured and
     unsubordinated debt rating or counterparty rating from Moody's of "A3" or
     above.

          "MOODY'S SECOND LEVEL DOWNGRADE" means that no Relevant Entity
     satisfies the Moody's Required Ratings Threshold.

          "PERMITTED TRANSFER" means a transfer by novation by Bear Stearns to
     an entity (the "TRANSFEREE") of all, but not less than all, of Bear
     Stearns' rights, liabilities, duties and obligations under this Agreement,
     with respect to which transfer each of the following conditions is
     satisfied: (a) the Transferee is an Eligible Replacement that is a
     recognized dealer in interest rate swaps organized under the laws of the
     United States of America or a jurisdiction located in the United States of
     America (or another jurisdiction reasonably acceptable to Counterparty),
     (b) an Event of Default or Termination Event would not occur as a result of
     such transfer, (c) pursuant to a written instrument (the "TRANSFER
     AGREEMENT"), the Transferee acquires and assumes all rights and obligations
     of Bear Stearns under the Agreement and the relevant Transaction, (d) Bear
     Stearns will be responsible for any costs or expenses incurred in
     connection with such transfer (including any replacement cost of entering
     into a replacement transaction); (e) either (A) Moody's has been given
     prior written notice of such transfer and the Rating Agency Condition is
     satisfied with respect to S&P or (B) each Rating Agency has been given
     prior written notice of such transfer and such transfer is in connection
     with the assignment and assumption of this Agreement without modification
     of its terms, other than party names, dates relevant to the effective date
     of such transfer, tax representations and any other representations
     regarding the status of the substitute counterparty, notice information and
     account details and other similar provisions; and (f) such transfer
     otherwise complies with the terms of the Pooling and Servicing Agreement.

                                      Q-61

<PAGE>

          "RATING AGENCY" means each of Moody's and S&P.

          "RATING AGENCY CONDITION" means, with respect to any particular
     proposed act or omission to act hereunder that the party acting or failing
     to act must consult with each Rating Agency then providing a rating of the
     Certificates and receive from each such Rating Agency a prior written
     confirmation that the proposed action or inaction would not cause a
     downgrade or withdrawal of its then-current rating of the Certificates.

          "RELEVANT ENTITY" means Bear Stearns and any Eligible Guarantor under
     an Eligible Guaranty with respect to Bear Stearns.

          "REPLACEMENT TRANSACTION" means, with respect to any Terminated
     Transaction or group of Terminated Transactions, a transaction or group of
     transactions that (i) would have the effect of preserving for Counterparty
     the economic equivalent 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 Transaction or group of Terminated Transactions
     that would, but for the occurrence of the relevant Early Termination Date,
     have been required after that Date, and (ii) has terms which are
     substantially the same as this Agreement, including, without limitation,
     rating triggers, Regulation AB compliance, and credit support
     documentation, as determined by Counterparty in its sole discretion, acting
     in a commercially reasonable manner.

          "S&P" means Standard & Poor's, a division of The McGraw-Hill
     Companies, Inc.

          "S&P APPROVED RATINGS THRESHOLD" means with respect to (i) Bear
     Stearns, a counterparty rating of "A+" or above and (ii) with respect to
     any other entity (or its guarantor), a short-term unsecured and
     unsubordinated debt rating from S&P of "A-1" or above, or, if such entity
     does not have a short-term unsecured and unsubordinated debt rating from
     S&P, a long-term unsecured and unsubordinated debt rating from S&P of "A+
     or above.

          "S&P FIRST LEVEL DOWNGRADE" means that no Relevant Entity satisfies
     the S&P Approved Rating Threshold.

          "S&P REQUIRED RATINGS THRESHOLD" means with respect to (i) Bear
     Stearns, a counterparty rating of "BBB" or above and (ii) with respect to
     any other entity (or its guarantor), a long-term unsecured and
     unsubordinated debt rating from S&P of "BBB-" or above.

                                      Q-62

<PAGE>

          "S&P SECOND LEVEL DOWNGRADE" means that no Relevant Entity satisfies
     the S&P Required Rating Thresholds.

(r) RATING AGENCY NOTIFICATIONS. Except as otherwise provided herein, no Early
Termination Date shall be effectively designated hereunder shall be made by
either party unless each Rating Agency has been given prior written notice of
such designation.

                                      Q-63

<PAGE>

     NEITHER THE BEAR STEARNS COMPANIES INC. NOR ANY SUBSIDIARY OR AFFILIATE OF
     THE BEAR STEARNS COMPANIES INC. OTHER THAN BEAR STEARNS IS AN OBLIGOR OR A
     CREDIT SUPPORT PROVIDER ON THIS AGREEMENT.

                                      Q-64
<PAGE>

                                   SCHEDULE I

      (for the purposes of (i) determining Floating Amounts, all such dates
    subject to adjustment in accordance with the Business Day Convention and
    (ii) determining Fixed Amounts, all such dates subject to No Adjustment.)

<TABLE>
<CAPTION>
                                        NOTIONAL AMOUNT
FROM AND INCLUDING   TO BUT EXCLUDING        (USD)
------------------   ----------------   ---------------
<S>                  <C>                <C>
  Effective Date        25-Jul-2007       18,097,696.00
   25-Jul-2007          25-Aug-2007       22,180,861.00
   25-Aug-2007          25-Sep-2007       26,402,653.00
   25-Sep-2007          25-Oct-2007       30,932,599.00
   25-Oct-2007          25-Nov-2007       36,933,912.00
   25-Nov-2007          25-Dec-2007       44,017,401.00
   25-Dec-2007          25-Jan-2008       50,942,734.00
   25-Jan-2008          25-Feb-2008       56,623,843.00
   25-Feb-2008          25-Mar-2008       61,490,089.00
   25-Mar-2008          25-Apr-2008       65,703,889.00
   25-Apr-2008          25-May-2008       69,328,699.00
   25-May-2008          25-Jun-2008       72,531,463.00
   25-Jun-2008          25-Jul-2008       75,369,627.00
   25-Jul-2008          25-Aug-2008       77,907,998.00
   25-Aug-2008          25-Sep-2008       80,117,611.00
   25-Sep-2008          25-Oct-2008       82,127,153.00
   25-Oct-2008          25-Nov-2008      111,105,931.00
   25-Nov-2008          25-Dec-2008      102,928,368.00
   25-Dec-2008          25-Jan-2009       96,720,231.00
   25-Jan-2009          25-Feb-2009      108,200,840.00
   25-Feb-2009          25-Mar-2009      108,958,789.00
   25-Mar-2009          25-Apr-2009      108,704,851.00
   25-Apr-2009          25-May-2009      107,986,002.00
   25-May-2009          25-Jun-2009      107,085,560.00
   25-Jun-2009          25-Jul-2009      105,996,370.00
   25-Jul-2009          25-Aug-2009      104,785,237.00
   25-Aug-2009          25-Sep-2009      103,501,385.00
   25-Sep-2009          25-Oct-2009      102,156,260.00
   25-Oct-2009          25-Nov-2009      102,011,241.00
   25-Nov-2009          25-Dec-2009      101,446,839.00
   25-Dec-2009          25-Jan-2010      100,534,834.00
   25-Jan-2010          25-Feb-2010      100,534,834.00
   25-Feb-2010          25-Mar-2010      100,534,834.00
   25-Mar-2010          25-Apr-2010       86,642,572.00
   25-Apr-2010          25-May-2010       84,783,339.00
   25-May-2010          25-Jun-2010       82,832,368.00
   25-Jun-2010          25-Jul-2010       80,909,982.00
   25-Jul-2010          25-Aug-2010       79,027,084.00
   25-Aug-2010          25-Sep-2010       77,177,647.00
   25-Sep-2010          25-Oct-2010       75,350,083.00
   25-Oct-2010          25-Nov-2010       73,515,451.00
</TABLE>

                                      Q-65

<PAGE>

<TABLE>
<S>                  <C>                <C>
   25-Nov-2010          25-Dec-2010       71,678,805.00
   25-Dec-2010          25-Jan-2011       69,856,110.00
   25-Jan-2011          25-Feb-2011       68,061,708.00
   25-Feb-2011          25-Mar-2011       66,335,250.00
   25-Mar-2011          25-Apr-2011       64,650,257.00
   25-Apr-2011          25-May-2011       63,006,456.00
   25-May-2011          25-Jun-2011       61,405,929.00
   25-Jun-2011          25-Jul-2011       59,850,942.00
   25-Jul-2011          25-Aug-2011       58,339,454.00
   25-Aug-2011          25-Sep-2011       56,872,498.00
   25-Sep-2011          25-Oct-2011       55,448,502.00
   25-Oct-2011          25-Nov-2011       54,073,889.00
   25-Nov-2011       Termination Date     52,715,510.00
</TABLE>

                                                                              X.

                                                                     XI. ANNEX A

XII. UNILATERAL CSA SCHEDULE(14)

Pledgor: BEAR STEARNS FINANCIAL PRODUCTS INC. (the "Pledgor")

Secured Party: LASALLE BANK NATIONAL ASSOCIATION, NOT IN ITS INDIVIDUAL
CAPACITY, BUT SOLELY AS SUPPLEMENTAL INTEREST TRUST TRUSTEE ON BEHALF OF THE
SUPPLEMENTAL INTEREST TRUST RELATING TO FIRST FRANKLIN MORTGAGE LOAN TRUST
MORTGAGE LOAN ASSET-BACKED CERTIFICATES, SERIES 2006-FF18 (the "Secured Party")

PARAGRAPH 13. ELECTIONS AND VARIABLES

(a)  SECURITY INTEREST FOR "OBLIGATIONS". The term "Obligations" as used in this
     Annex includes no "additional obligations" within the meaning of Paragraph
     12.

(b)  CREDIT SUPPORT OBLIGATIONS.

     (i)  DELIVERY AMOUNT, RETURN AMOUNT AND CREDIT SUPPORT AMOUNT.

          (1) DELIVERY AMOUNT. Paragraph 3(a) shall be amended by replacing the
          words "upon a demand made by the Secured Party on or promptly
          following a Valuation Date" with the words "on each Valuation Date".
          The "DELIVERY AMOUNT" with respect to Pledgor for any Valuation Date
          shall equal the greatest of:

----------
(14) If currency hedge, update Moody's Collateral Amounts and Valuation
     Percentages

                                      Q-66

<PAGE>

               (A) the amount by which the S&P Collateral Amount exceeds the S&P
               Value on such Valuation Date of all Posted Credit Support held by
               the Secured Party;

               (B) the amount by which the Moody's First Level Collateral Amount
               exceeds the Moody's First Level Value on such Valuation Date of
               all Posted Credit Support held by the Secured Party.

               (C) the amount by which the Moody's Second Level Collateral
               Amount exceeds the Moody's Second Level Value on such Valuation
               Date of all Posted Credit Support held by the Secured Party.

          (2) "RETURN AMOUNT" applicable to Secured Party for any Valuation Date
          shall equal the least of:

               (A) the amount by which the S&P Value on such Valuation Date of
               all Posted Credit Support held by the Secured Party exceeds the
               S&P Collateral Amount;

               (B) the amount by which the Moody's First Level Value on such
               Valuation Date of all Posted Credit Support held by the Secured
               Party exceeds the Moody's First Level Collateral Amount.

               (C) the amount by which the Moody's Second Level Value on such
               Valuation Date of all Posted Credit Support held by the Secured
               Party exceeds the Moody's Second Level Collateral Amount.

          (3) "CREDIT SUPPORT AMOUNT" shall be deleted in its entirety.

     (ii) ELIGIBLE COLLATERAL. The items set forth on the Collateral Schedule
          attached as Schedule A hereto will qualify as "ELIGIBLE COLLATERAL"
          for the party specified.

     (iii) OTHER ELIGIBLE SUPPORT. None

     (iv) THRESHOLDS.

          (Q)  "INDEPENDENT AMOUNT" means:
               Pledgor: Not applicable.
               Secured Party: Not applicable.

          (R)  "THRESHOLD" means:
               Pledgor: Not applicable.
               Secured Party: Not applicable.

          (S)  "MINIMUM TRANSFER AMOUNT" means USD100,000; provided, that if the
               aggregate Certificate Principal Balance of Certificates rated by
               S&P is less than USD50,000,000, the "Minimum Transfer Amount"
               shall mean USD50,000.

          (T)  ROUNDING. The Delivery Amount will be rounded up and the Return
               Amount will be rounded down to the nearest integral multiple of
               USD10,000.

                                      Q-67

<PAGE>

(c)  VALUATION AND TIMING.

(i)  "VALUATION AGENT" means Pledgor.

(ii) "VALUATION DATE" means each Local Business Day(15).

(iii) "VALUATION TIME" means the close of business on the Local Business Day in
     the city where the Valuation Agent is located immediately preceding 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 11:00 A.M. (New York time).

(v)  TRANSFER TIMING AND CALCULATIONS. Paragraphs 4(b) and 4(c) are hereby
     amended and restated in entirety as set forth below.

          "(b) TRANSFER TIMING. 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 Valuation Date; 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 next Local Business Day thereafter.

          (c) CALCULATIONS. All calculations of Value and Exposure for purposes
          of Paragraphs 3 and 6(d) will be made by the Valuation Agent as of the
          Valuation Time. The Valuation Agent will notify each party (or the
          other party, if the Valuation Agent is a party) of its calculations
          not later than the Notification Time on the applicable Valuation Date
          (or in the case of Paragraph 6(d), the Local Business Day following
          the day on which such relevant calculations are performed)."

(d)  CONDITIONS PRECEDENT. There shall be no "Specified Condition" with respect
     to either party for purposes of this Annex.

(e)  SUBSTITUTION

     (i)  "SUBSTITUTION DATE" means (A) the Local Business Day on which the
          Secured Party receives the Substitute Credit Support, if notice of
          substitution is received by the Notification Time on such date, and
          (B) the Local Business Day following the date on which the Secured
          Party receives the Substitute Credit Support, if notice of
          substitution is received after the Notification Time.

     (ii) CONSENT OF SECURED PARTY FOR SUBSTITUTION. Inapplicable.

----------
(15) If not daily valuations, changes are required in the collateral amounts and
     valuation percentages

                                      Q-68

<PAGE>

     (iii) AMENDMENT OF PARAGRAPH 4(D)(II). Paragraph 4(d)(ii) is amended and
          restated in its entirety as set forth below:

               "(ii) subject to Paragraph 4(a) of this Annex, the Secured Party
               will Transfer the items of Posted Credit Support specified by the
               Pledgor in its notice not later than the close of business on the
               Substitution Date, provided, however, that if the Secured Party
               shall not have received the Substitute Credit Support prior to
               1:00 P.M. (New York time) on the Substitution Date, then the
               Secured Party shall Transfer the applicable items of Posted
               Credit Support not later than the close of business on the Local
               Business Day immediately following the day on which the Secured
               Party receives the Substitute Credit Support. Notwithstanding the
               foregoing, the Secured Party will only be obligated to Transfer
               Posted Credit Support with a Value as of the Substitution Date
               equal to the Value of the Substitute Credit Support delivered by
               the Pledgor in exchange therefor."

(f)  DISPUTE RESOLUTION.

(i)  "RESOLUTION TIME" means 12:00 noon, New York time, on the Local Business
     Day for both parties following the date the Disputing Party gives notice of
     a dispute pursuant to Paragraph 5.

(ii) VALUE. For the purpose of Paragraphs 5(i)(C) and 5(ii), disputes over the
     Value of Posted Credit Support will be resolved by the Valuation Agent
     seeking bid-side quotations as of the relevant Recalculation Date or date
     of Transfer, as applicable, from three parties that regularly act as
     dealers in the securities in question. The Value will be the arithmetic
     mean of the quotations obtained by the Valuation Agent, multiplied by the
     applicable Valuation Percentage, if any. If no quotations are available for
     a particular security, then the Valuation Agent's original calculation of
     Value thereof will be used for that security.

(iii) ALTERNATIVE. Subject to item (iv) below, the provisions of Paragraph 5
     will apply.

(iv) MODIFICATION OF PARAGRAPH 5. The introductory paragraph of Paragraph 5
     shall be amended and restated to read in its entirety as follows:

               "If a party (a 'Disputing Party') disputes (I) the Valuation
               Agent's calculation of a Delivery Amount or a Return Amount or
               (II) the Value of any Transfer of Eligible Credit Support or
               Posted Credit Support, then:

               (A) the Disputing Party will (x) notify the other party and, if
               applicable, the Valuation Agent of the amount it is disputing,
               (y) indicate what it believes the correct amount to be and (z)
               provide a statement showing, in reasonable detail, how it arrived
               at such amount and the appropriate party will deliver the
               undisputed amount to the other party not later than (i) (a) the
               close of business on the Valuation Date, if the demand made under
               Paragraph 3 in the case of (I) above is made by the Notification
               Time, or (b) the close of business of the Local Business Day
               following the date on which the demand is made under Paragraph 3
               in the case of (I) above, if such demand is made after the

                                      Q-69

<PAGE>

               Notification Time, or (ii) the close of business of the date of
               Transfer, in the case of (II) above;

               (B) the parties will consult with each other and provide such
               information as the other party shall reasonably request in an
               attempt to resolve the dispute; and

               (C) if they fail to resolve the dispute by the Resolution Time,
               then:"

(g)  HOLDING AND USING POSTED COLLATERAL.

(i)  ELIGIBILITY TO HOLD POSTED COLLATERAL; CUSTODIANS. The Secured Party and
     its Custodian (if any) will be entitled to hold Posted Collateral pursuant
     to Paragraph 6(b), provided that the following conditions applicable to it
     are satisfied:

     (1)  it is not a Defaulting Party;

     (2)  Posted Collateral consisting of Cash or certificated securities that
          cannot be paid or delivered by book-entry may be held only in any
          state of the United States which has adopted the Uniform Commercial
          Code;

     (3)  the short-term rating of any Custodian shall be at least "A-1" by S&P

     There shall be no Custodian for Pledgor.

(ii) USE OF POSTED COLLATERAL. The provisions of Paragraph 6(c) will not apply
     to Secured Party and Secured Party will not have any right to use the
     Posted Collateral or take any action specified in Paragraph 6(c).

(h)  DISTRIBUTIONS AND INTEREST AMOUNT.

     (i)  INTEREST RATE. The "INTEREST RATE" will be the "Federal Funds
          (Effective)" rate as such rate is displayed on Telerate page 118 for
          such day under the caption "Effective".

     (ii) AMENDMENT OF PARAGRAPH 6(D)(I) - DISTRIBUTIONS. Clause (d)(i) of
          Paragraph 6 shall be amended and restated to read in its entirety as
          follows:

               "(i) DISTRIBUTIONS. If the Secured Party receives Distributions
               on a Local Business Day, it will credit to Pledgor not later than
               the following Local Business Day any Distributions it receives,
               and such Distributions will constitute Posted Collateral and will
               be subject to the security interest granted under Paragraph 2."

     (iii) AMENDMENT OF PARAGRAPH 6(D)(II) - INTEREST AMOUNT. Clause (d)(ii) of
          Paragraph 6 shall be amended and restated to read in its entirety as
          follows:

               "(ii) INTEREST AMOUNT. In lieu of any interest, dividends or
               other amounts paid with respect to Posted Collateral in the form
               of cash (all of which may be retained by the Secured Party), the
               Secured Party will credit to Pledgor on the

                                      Q-70

<PAGE>

               20th day of each calendar month (or if such day is not a Local
               Business Day, the next Local Business Day) the Interest Amount.
               The Interest Amount will constitute Posted Collateral and will be
               subject to the security interest granted under Paragraph 2. For
               purposes of calculating the Interest Amount the amount of
               interest calculated for each day of the interest period shall be
               compounded monthly." Secured Party shall not be obliged to credit
               any Interest Amount unless and until it has received such amount.

(i)  DEMANDS AND NOTICES.

     All demands, specifications and notices under this Annex will be made
     pursuant to the Notices Section of this Agreement.

(j)  ADDRESSES FOR TRANSFERS.

     Pledgor: To be provided in writing by Pledgor to Secured Party.

     Secured Party: To be provided in writing by Secured Party to Pledgor.

(k)  OTHER PROVISION(S).

     (i)  AMENDMENT OF PARAGRAPH 7 - EVENTS OF DEFAULT. Clause (iii) of
          Paragraph 7 shall not apply to Secured Party.

     (ii) NON-RELIANCE. Notwithstanding the obligations of the Secured Party
          under Paragraph 6(a), and without limiting the generality of the final
          sentence of Paragraph 6(a), each party, as Pledgor, acknowledges that
          it has the means to monitor all matters relating to all valuations,
          payments, defaults and rights with respect to Posted Collateral
          without the need to rely on the other party, in its capacity as
          Secured Party, and that, given the provisions of this Annex on
          substitution, responsibility for the preservation of the rights of the
          Pledgor with respect to all such matters is reasonably allocated
          hereby to the Pledgor.

     (xxxi) AGREEMENT AS TO SINGLE SECURED PARTY AND PLEDGOR. Each of Pledgor
          and Secured Party agree that, notwithstanding anything to the contrary
          in the recital to this Annex, Paragraph 1(b) or Paragraph 2 or the
          definitions in Paragraph 12, (a) the term "Secured Party" as used in
          this Annex means only Secured Party, (b) the term "Pledgor" as used in
          this Annex means only Pledgor, (c) only Pledgor makes the pledge and
          grant in Paragraph 2, the acknowledgement in the final sentence of
          Paragraph 8(a) and the representations in Paragraph 9 and (d) only
          Pledgor will be required to make Transfers of Eligible Credit Support
          hereunder.

     (xxxii) TRUSTEE. The Trustee is hereby authorized to (i) make demands on
          behalf of the Secured Party pursuant to Paragraph 3 hereunder and (ii)
          provide notice on behalf of the Secured Party pursuant to Paragraph 7
          hereunder.

     (xxxiii) COLLATERAL ACCOUNT. Secured Party shall at all times maintain all
          Posted Collateral in a segregated trust account.

                                      Q-71

<PAGE>

     (xxxiv) EXTERNAL CALCULATIONS. At any time at which Pledgor (or, to the
          extent applicable, its Credit Support Provider) does not have a
          long-term unsubordinated and unsecured debt rating of at least "BBB+"
          from S&P, the Valuation Agent shall (at its own expense) obtain
          external calculations of the Secured Party's Exposure from at least
          two Reference Market-makers on the last Local Business Day of each
          calendar month. Any determination of the S&P Collateral Amount shall
          be based on the greatest of the Secured Party's Exposure determined by
          the Valuation Agent and such Reference Market-makers. Such external
          calculation may not be obtained from the same Reference Market-maker
          more than four times in any 12-month period.

     (xxxv) NOTICE TO S&P. At any time at which Pledgor (or, to the extent
          applicable, its Credit Support Provider) does not have a long-term
          unsubordinated and unsecured debt rating of at least "BBB+" from S&P,
          the Valuation Agent shall provide to S&P not later than the
          Notification Time on the Local Business Day following each Valuation
          Date its calculations of the Secured Party's Exposure and the Value of
          any Eligible Credit Support or Posted Credit Support for that
          Valuation Date. The Valuation Agent shall also provide to S&P any
          external marks of the Secured Party's Exposure.

     (xxxvi) EXPENSES. Pledgor shall be responsible for all reasonable costs and
          expenses incurred by Secured Party in connection with the Transfer of
          any Eligible Collateral under this Annex.

     (xxxvii) ADDITIONAL DEFINED TERMS.

          "DV01" means, with respect to a Transaction and any date of
          determination, the sum of the estimated change in the Secured Party's
          Exposure with respect to such Transaction that would result from a one
          basis point change in the relevant swap curve on such date, as
          determined by the Valuation Agent in good faith and in a commercially
          reasonable manner. The Valuation Agent shall, upon request of Secured
          Party, provide to Secured Party a statement showing in reasonable
          detail such calculation.

          "MOODY'S FIRST LEVEL ADDITIONAL COLLATERALIZED AMOUNT" means, with
          respect to any Transaction, the lesser of (x) the product of 15 and
          DV01 for such Transaction and such Valuation Date and (y) the product
          of 2% and the Notional Amount for such Transaction for the Calculation
          Period which includes such Valuation Date.

          "MOODY'S FIRST LEVEL COLLATERAL AMOUNT" means, (A) for any Valuation
          Date on which (I) a Moody's First Level Downgrade has occurred and has
          been continuing (x) for at least 30 Local Business Days or (y) since
          this Annex was executed and (II) it is not the case that a Moody's
          Second Level Downgrade has occurred and been continuing for at least
          30 Local Business Days, an amount equal to the greater of (a) zero and
          (b) the sum of the Secured Party's aggregate Exposure for all
          Transactions and the aggregate of Moody's First Level Additional
          Collateralized Amounts for each Transaction and (B)for any other
          Valuation Date, zero.

          "MOODY'S FIRST LEVEL VALUE" means, for any date that the Moody's First
          Level Collateral Amount is determined and the Value of any Eligible
          Collateral or Posted Collateral that is a security, the bid price for
          such security obtained by the Valuation Agent multiplied by the

                                      Q-72

<PAGE>

          Moody's First Level Valuation Percentage for such security set forth
          on Schedule A hereto.

          "MOODY'S SECOND LEVEL ADDITIONAL COLLATERALIZED AMOUNT" means, with
          respect to any Transaction,

               (1) if such Transaction is not a Transaction-Specific Hedge, the
               lesser of (i) the product of the 50 and DV01 for such Transaction
               and such Valuation Date and (ii) the product of 8% and the
               Notional Amount for such Transaction for the Calculation Period
               (as defined in the related Transaction) which includes such
               Valuation Date; or

               (2) if such Transaction is a Transaction-Specific Hedge, the
               lesser of (i) the product of the 65 and DV01 for such Transaction
               and such Valuation Date and (ii) the product of 10% and the
               Notional Amount for such Transaction for the Calculation Period
               (as defined in the related Transaction) which includes such
               Valuation Date.

          "MOODY'S SECOND LEVEL COLLATERAL AMOUNT" means, (A) for any Valuation
          Date on which it is the case that a Moody's Second Level Downgrade has
          occurred and been continuing for at least 30 Local Business Days, an
          amount equal to the greatest of (a) zero, (b) the aggregate amount of
          the Next Payments for all Next Payment Dates and (c) the sum of the
          Secured Party's aggregate Exposure and the aggregate of Moody's Second
          Level Additional Collateralized Amounts for each Transaction and (B)
          for any other Valuation Date, zero.

          "MOODY'S SECOND LEVEL VALUE" means, for any date that the Moody's
          Second Level Collateral Amount is determined and the Value of any
          Eligible Collateral or Posted Collateral that is a security, the bid
          price for such security obtained by the Valuation Agent multiplied by
          the Moody's Second Level Valuation Percentage for such security set
          forth on Schedule A hereto.

          "NEXT PAYMENT" means, in respect of each Next Payment Date, the
          greater of (i) the amount of any payments due to be made by the
          Pledgor pursuant to Section 2(a) on such Next Payment Date less any
          payments due to be made by the Secured Party under Section 2(a) on
          such Next Payment Date (in each case, after giving effect to any
          applicable netting under Section 2(c)) and (ii) zero.

          "NEXT PAYMENT DATE" means the next scheduled payment date under any
          Transaction.

          "REMAINING WEIGHTED AVERAGE MATURITY" means, with respect to a
          Transaction, the expected weighted average maturity for such
          Transaction as determined by the Valuation Agent.

          "S&P COLLATERAL AMOUNT" means, (A) for any Valuation Date on which a
          S&P First Level Downgrade has occurred and been continuing for at
          least 30 days or on which a S&P Second Level Downgrade has occurred
          and is continuing, an amount equal to the sum of (1) 100.0% of the
          Secured Party's Exposure for such Valuation Date and (2) the product
          of the Volatility Buffer for each Transaction and the Notional Amount
          of such Transaction for the Calculation Period (as defined in the
          related Transaction) of such Transaction which includes such Valuation
          Date, or (B) for any other Valuation Date, zero.

                                      Q-73

<PAGE>

          "S&P VALUE" means, for any date that the S&P Collateral Amount is
          determined and the Value of any Eligible Collateral or Posted
          Collateral that is a security, the bid price for such security
          obtained by the Valuation Agent multiplied by the S&P Valuation
          Percentage for such security set forth on Schedule A hereto.

          "TRANSACTION-SPECIFIC HEDGE" means any Transaction that is a cap,
          floor or swaption or a Transaction in respect of which (x) the
          notional amount of the interest rate swap is "balance guaranteed" or
          (y) the notional amount of the interest rate swap for any Calculation
          Period otherwise is not a specific dollar amount that is fixed at the
          inception of the Transaction.

          "VOLATILITY BUFFER" means, for any Transaction, the related percentage
          set forth in the following table:

<TABLE>
<CAPTION>
The higher of the S&P           Remaining       Remaining        Remaining        Remaining
short-term credit rating of      Weighted        Weighted        Weighted         Weighted
(i) Pledgor and (ii) the         Average         Average          Average          Average
Credit Support Provider of       Maturity        Maturity        Maturity         Maturity
Pledgor, if applicable        up to 3 years   up to 5 years   up to 10 years   up to 30 years
---------------------------   -------------   -------------   --------------   --------------
<S>                           <C>             <C>             <C>              <C>
"A-2" or higher                   2.75%           3.25%            4.00%            4.75%
"A-3"                             3.25%           4.00%            5.00%            6.25%
"BB+" or lower                    3.50%           4.50%            6.75%            7.50%
</TABLE>

                                      Q-74

<PAGE>

                                                                      SCHEDULE A

                               COLLATERAL SCHEDULE

THE MOODY'S FIRST LEVEL VALUATION PERCENTAGES SHALL BE USED IN DETERMINING THE
MOODY'S FIRST LEVEL COLLATERAL AMOUNT.

THE MOODY'S SECOND LEVEL VALUATION PERCENTAGES SHALL BE USED IN DETERMINING THE
MOODY'S SECOND LEVEL COLLATERAL AMOUNT.

THE S&P VALUATION PERCENTAGES SHALL BE USED IN DETERMINING THE S&P COLLATERAL
AMOUNT.

<TABLE>
<CAPTION>
   ISDA COLLATERAL ASSET                            MOODY'S FIRST LEVEL   MOODY'S SECOND LEVEL             S&P
   DEFINITION (ICAD) CODE     REMAINING MATURITY   VALUATION PERCENTAGE   VALUATION PERCENTAGE     VALUATION PERCENTAGE
   ----------------------     ------------------   --------------------   --------------------   -----------------------
<S>                           <C>                  <C>                    <C>                    <C>
US-CASH                               N/A                  100%                   100%                     100%
EU-CASH                               N/A                   98%                    94%                    92.5%
GB-CASH                               N/A                   98%                    95%                    94.1%

US-TBILL                              < 1 Year             100%                   100%                    98.9%
US-TNOTE                          1 to 2 years             100%                    99%                    98.0%
US-TBOND                          2 to 3 years             100%                    98%                    97.4%
(fixed rate)                      3 to 5 years             100%                    97%                    95.5%
                                  5 to 7 years             100%                    96%                    93.7%
                                 7 to 10 years             100%                    94%                    92.5%
                                10 to 20 years             100%                    90%                    91.1%
                                    > 20 years             100%                    88%                    88.6%

US-TBILL                        All Maturities             100%                    99%           Not Eligible Collateral
US-TNOTE
US-TBOND
(floating rate)

GA-US-AGENCY                          < 1 Year             100%                    99%                    98.5%
(fixed rate)                      1 to 2 years             100%                    99%                    97.7%
                                  2 to 3 years             100%                    98%                    97.3%
                                  3 to 5 years             100%                    96%                    94.5%
                                  5 to 7 years             100%                    93%                    93.1%
                                 7 to 10 years             100%                    93%                    90.7%
                                10 to 20 years             100%                    89%                    87.7%
                                    > 20 years             100%                    87%                    84.4%

GA-US-AGENCY                    All Maturities             100%                    98%           Not Eligible Collateral
(floating rate)

GA-EUROZONE-GOV                                     Rated Aa3 or better    Rated Aa3 or better     Rated AAA or better
(other than EU-CASH)                                    by Moody's             by Moody's                 by S&P
(fixed rate)                          < 1 Year              98%                    94%                    98.8%
                                  1 to 2 years              98%                    93%                    97.9%
                                  2 to 3 years              98%                    92%                    97.1%
                                  3 to 5 years              98%                    90%                    91.2%
</TABLE>

                                    Q-75

<PAGE>

<TABLE>
<S>                           <C>                  <C>                    <C>                    <C>
                                  5 to 7 years              98%                    89%                    87.5%
                                 7 to 10 years              98%                    88%                    83.8%
                                10 to 20 years              98%                    84%                    75.5%
                                    > 20 years              98%                    82%           Not Eligible Collateral

GA-EUROZONE-GOV                                     Rated Aa3 or better    Rated Aa3 or better     Rated AAA or better
(other than EU-CASH)                                    by Moody's             by Moody's                 by S&P
(floating rate)                 All Maturities              98%                    93%           Not Eligible Collateral

GA-GB-GOV                             < 1 Year              98%                    94%           Not Eligible Collateral
(other than GB-CASH)              1 to 2 years              98%                    93%           Not Eligible Collateral
(fixed rate)                      2 to 3 years              98%                    92%           Not Eligible Collateral
                                  3 to 5 years              98%                    91%           Not Eligible Collateral
                                  5 to 7 years              98%                    90%           Not Eligible Collateral
                                 7 to 10 years              98%                    89%           Not Eligible Collateral
                                10 to 20 years              98%                    86%           Not Eligible Collateral
                                    > 20 years              98%                    84%           Not Eligible Collateral

GA-GB-GOV                       All Maturities              98%                    94%           Not Eligible Collateral
(other than GB-CASH)
(floating rate)
</TABLE>

The ISDA Collateral Asset Definition (ICAD) Codes used in this Collateral
Schedule shall have the meanings set forth in the Collateral Asset Definitions
(First Edition - June 2003) as published and copyrighted in 2003 by the
International Swaps and Derivatives Association, Inc.

                                      Q-76
<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 - First Franklin Mortgage Loan
           Trust, Series 2006-FF18

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 First
         Franklin Mortgage Loan Trust, Mortgage Loan Asset-Backed Certificates,
         Series 2006-FF18 (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 contactX - 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
  REGULATION AB                                                SERVICES, INC.    LASALLE BANK
    REFERENCE                  SERVICING CRITERIA                (SERVICER)       (TRUSTEE)      ADDITIONAL INFORMATION
  -------------                ------------------              --------------    ------------    ----------------------
<S>                <C>                                         <C>              <C>             <C>
                   GENERAL SERVICING CONSIDERATIONS

1122(d)(1)(i)      Policies and procedures are instituted to          X               X         Servicer and Trustee
                   monitor any performance or other triggers                                    each responsible only
                   and events of default in accordance with                                     to the extent that
                   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 activities are     IF APPLICABLE   IF APPLICABLE
                   outsourced to third parties, policies and        FOR A           FOR A
                   procedures are instituted to monitor the      TRANSACTION     TRANSACTION
                   third party's performance and compliance      PARTICIPANT     PARTICIPANT
                   with such servicing activities.

1122(d)(1)(iii)    Any requirements in the transaction               N/A             N/A
                   agreements to maintain a back-up servicer
                   for the Pool Assets are maintained.

1122(d)(1)(iv)     A fidelity bond and errors and omissions            X
                   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 deposited               X              X         Servicer and Trustee
                   into the appropriate custodial bank                                          each responsible only
                   accounts and related bank clearing                                           for deposits into the
                   accounts no more than two business days                                      accounts held by it.
                   following receipt, or such other number
                   of days specified in the transaction
                   agreements.
</TABLE>

                                      S-1

<PAGE>

<TABLE>
<CAPTION>
                                                                NATIONAL CITY
                                                                  HOME LOAN
  REGULATION AB                                                SERVICES, INC.    LASALLE BANK
    REFERENCE                  SERVICING CRITERIA                (SERVICER)       (TRUSTEE)      ADDITIONAL INFORMATION
  -------------                ------------------              --------------    ------------    ----------------------
<S>                <C>                                         <C>              <C>             <C>
1122(d)(2)(ii)     Disbursements made via wire transfer on             X              X         Servicer disburses
                   behalf of an obligor or to an investor                                       funds to trustee.
                   are made only by authorized personnel.                                       Trustee disburses
                                                                                                funds to
                                                                                                certificateholders.

1122(d)(2)(iii)    Advances of funds or guarantees regarding           X
                   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 transaction,           X              X
                   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 maintained at a           X              X
                   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 as to            X              X
                   prevent unauthorized access.

1122(d)(2)(vii)    Reconciliations are prepared on a monthly           X              X
                   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
                   transaction agreements.
</TABLE>

                                      S-2

<PAGE>

<TABLE>
<CAPTION>
                                                                NATIONAL CITY
                                                                  HOME LOAN
  REGULATION AB                                                SERVICES, INC.    LASALLE BANK
    REFERENCE                  SERVICING CRITERIA                (SERVICER)       (TRUSTEE)      ADDITIONAL INFORMATION
  -------------                ------------------              --------------    ------------    ----------------------
<S>                <C>                                         <C>              <C>             <C>
                   INVESTOR REMITTANCES AND REPORTING

1122(d)(3)(i)      Reports to investors, including those to            X              X
                   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 allocated              X              X         Servicer remits cash
                   and remitted in accordance with                                              and loan level data to
                   timeframes, distribution priority and                                        Trustee based on
                   other terms set forth in the transaction                                     timelines established
                   agreements.                                                                  in the 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 are                              X         Trustee disburses
                   posted within two business days to the                                       funds to
                   Servicer's investor records, or such                                         Certificateholders.
                   other number of days specified in the
                   transaction agreements.

1122(d)(3)(iv)     Amounts remitted to investors per the               X              X         Servicer remits funds
                   investor reports agree with cancelled                                        and provides certain
                   checks, or other form of payment, or                                         investor reports to
                   custodial bank statements.                                                   Trustee 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 assets is            X              X
</TABLE>

                                      S-3

<PAGE>

<TABLE>
<CAPTION>
                                                                NATIONAL CITY
                                                                  HOME LOAN
  REGULATION AB                                                SERVICES, INC.    LASALLE BANK
    REFERENCE                  SERVICING CRITERIA                (SERVICER)       (TRUSTEE)      ADDITIONAL 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 are               X              X
                   safeguarded as required by the
                   transaction agreements.

1122(d)(4)(iii)    Any additions, removals or substitutions            X              X         Trustee shall only
                   to the asset pool are made, reviewed and                                     review, not approve,
                   approved in accordance with any                                              such additions,
                   conditions or requirements in the                                            removals or
                   transaction agreements.                                                      substitutions in
                                                                                                accordance with the
                                                                                                transaction agreements.

1122(d)(4)(iv)     Payments on pool assets, including any              X
                   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 the pool           X
                   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 or                X
                   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 actions                 X
                   (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 efforts              X
                   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
  REGULATION AB                                                SERVICES, INC.    LASALLE BANK
    REFERENCE                  SERVICING CRITERIA                (SERVICER)       (TRUSTEE)      ADDITIONAL 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 rates of           X
                   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 for an            X
                   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 obligor               X
                   (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 connection            X
                   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
  REGULATION AB                                                SERVICES, INC.    LASALLE BANK
    REFERENCE                  SERVICING CRITERIA                (SERVICER)       (TRUSTEE)      ADDITIONAL 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: First Franklin Mortgage Loan Trust, Mortgage Loan Asset-Backed
         Certificates, Series 2006-FF18

          I, [identify the certifying individual], certify that:

     1. 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 - First Franklin Mortgage Loan
           Trust, Series 2006-FF18

     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 First Franklin Mortgage
         Loan Trust, Mortgage Loan Asset-Backed Certificates, Series 2006-FF18

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

                           FORM OF DELINQUENCY REPORT

     STANDARD FILE LAYOUT - DELINQUENCY REPORTING

<TABLE>
<CAPTION>
     COLUMN/HEADER NAME                    DESCRIPTION                DECIMAL       FORMAT 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,
</TABLE>

                                       V-1

<PAGE>

<TABLE>
<S>                           <C>                                     <C>       <C>
                              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 to               MM/DD/YYYY
                              the servicer with instructions to
                              begin foreclosure proceedings.

ATTORNEY_REFERRAL_DATE        Date File Was Referred To Attorney                MM/DD/YYYY
                              to Pursue Foreclosure

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 sale              MM/DD/YYYY
                              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(,) or dollar
                              is marketed.                                      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(,) or dollar
                              REO property.                                     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
</TABLE>

                                      V-2

<PAGE>

<TABLE>
<S>                           <C>                                     <C>       <C>
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(,) or dollar
                              Filed                                             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(,) or dollar
                              Paid On Claim                                     signs ($)

POOL_CLAIM_FILED_DATE         Date Claim Was Filed With Pool                    MM/DD/YYYY
                              Insurance Company

POOL_CLAIM_AMT                Amount of Claim Filed With Pool            2      No commas(,) or dollar
                              Insurance Company                                 signs ($)

POOL_CLAIM_PAID_DATE          Date Claim Was Settled and The Check              MM/DD/YYYY
                              Was Issued By The Pool Insurer

POOL_CLAIM_AMT_PAID           Amount Paid On Claim By Pool               2      No commas(,) or dollar
                              Insurance Company                                 signs ($)

FHA_PART_A_CLAIM_FILED_DATE   Date FHA Part A Claim Was Filed With              MM/DD/YYYY
                              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
</TABLE>

                                      V-3

<PAGE>

<TABLE>
<S>                           <C>                                     <C>       <C>
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 With              MM/DD/YYYY
                              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(,) or dollar
                              Claim                                             signs ($)
</TABLE>

                                      V-4

<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

                                      V-5
<PAGE>

                                    EXHIBIT W

                                   [RESERVED]

                                       W-1

<PAGE>

                                   SCHEDULE X

<TABLE>
<CAPTION>
                       Item on Form 8-K                                        Party Responsible
                       ----------------                                        -----------------
<S>                                                             <C>
*Item 1.01 - Entry into a Material Definitive Agreement         All parties

*Item 1.02 - Termination of a Material Definitive Agreement     All parties

Item 1.03 - Bankruptcy or Receivership                          Depositor

Item 2.04 - Triggering Events that Accelerate or Increase a     Depositor
Direct Financial Obligation or an Obligation under an
Off-Balance Sheet Arrangement

*Item 3.03 - Material Modification to Rights of Security        Trustee
Holders

Item 5.03 - Amendments of Articles of Incorporation or          Depositor
Bylaws; Change of Fiscal Year

Item 6.01 - ABS Informational and Computational Material        Depositor

*Item 6.02 - Change of Servicer or Trustee                      Servicer/Trustee

*Item 6.03 - Change in Credit Enhancement or External Support   Depositor/Trustee

*Item 6.04 - Failure to Make a Required Distribution            Trustee

Item 6.05 - Securities Act Updating Disclosure                  Depositor

Item 7.01 - Reg FD Disclosure                                   Depositor

Item 8.01                                                       Depositor

Item 9.01                                                       Depositor
</TABLE>

                                       X-1

<PAGE>

                                   SCHEDULE Y

<TABLE>
<CAPTION>
                       Item on Form 10-D                                       Party Responsible
                       -----------------                                       -----------------
<S>                                                             <C>
Item 1: Distribution and Pool Performance Information           Trustee and Servicer (with respect to
Plus any information required by 1121 which is NOT included     underlying Mortgage Loan data)
on the monthly statement to Certificateholders

                                                                Servicer and Trustee (to the extent required by
                                                                Regulation AB)

Item 2: Legal Proceedings  per Item 1117 of Regulation AB       All parties to the Pooling and 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 Proceeds                  Depositor

Item 4: Defaults Upon Senior Securities                         Trustee

Item 5: Submission of Matters to a Vote of Security Holders     Trustee

Item 6: Significant Obligors of Pool Assets                     Depositor/Sponsor/Mortgage Loan Seller/
                                                                Servicer

Item 7: Significant Enhancement Provider Information            Depositor/Sponsor

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>

                                       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 Schedules              Trustee/Servicer/subservicers/Depositor

*Additional Item:                                               All parties to the Pooling and Servicing
Disclosure per Item 1117 of Regulation AB                       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

*Additional Item:                                               All parties to the Pooling and Servicing
Disclosure per Item 1119 of Regulation AB                       Agreement, the Sponsor, originator, significant
                                                                obligor, enhancement or support provider

Additional Item:                                                Depositor/Sponsor/Mortgage Loan Seller/Servicer
Disclosure per Item 1112(b) of Regulation AB

Additional Item:                                                Depositor/Sponsor
Disclosure per Items 1114(b) and 1115(b) of Regulation AB
</TABLE>

                                       Z-1

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