Document:

<PAGE>
                                                                     Exhibit 4.1

                     MERRILL LYNCH MORTGAGE INVESTORS, INC.,
                                    Depositor

                            HOME LOAN SERVICES, INC.,
                                    Servicer

                                       and

                       LASALLE BANK NATIONAL ASSOCIATION,
                                     Trustee

                                   ----------

                         POOLING AND SERVICING AGREEMENT
                           Dated as of January 1, 2007

                                   ----------

                       FIRST FRANKLIN MORTGAGE LOAN TRUST,
            MORTGAGE LOAN ASSET-BACKED CERTIFICATES, SERIES 2007-FF1

<PAGE>

                                TABLE OF CONTENTS

<TABLE>
<CAPTION>
                                                                            PAGE
                                                                            ----
<S>                                                                         <C>
ARTICLE I DEFINITIONS....................................................     13
ARTICLE II CONVEYANCE OF MORTGAGE LOANS; REPRESENTATIONS AND WARRANTIES..     66
   SECTION 2.01.  Conveyance of Mortgage Loans...........................     66
   SECTION 2.02.  Acceptance by the Trustee of the Mortgage Loans........     68
   SECTION 2.03.  Representations, Warranties and Covenants of the
                  Depositor..............................................     70
   SECTION 2.04.  Representations and Warranties of the Servicer.........     74
   SECTION 2.05.  Substitutions and Repurchases of Mortgage Loans that
                  are not "Qualified Mortgages"..........................     75
   SECTION 2.06.  Authentication and Delivery of Certificates............     75
   SECTION 2.07.  REMIC Elections........................................     75
   SECTION 2.08.  [RESERVED].............................................     81
   SECTION 2.09.  Covenants of the Servicer..............................     81
   SECTION 2.10.  [RESERVED].............................................     81
   SECTION 2.11.  Permitted Activities of the Issuing Entity.............     81
   SECTION 2.12.  Qualifying Special Purpose Entity......................     81
   SECTION 2.13   Depositor Notification of NIM Notes....................     81
ARTICLE III ADMINISTRATION AND SERVICING OF MORTGAGE LOANS...............     81
   SECTION 3.01.  Servicer to Service Mortgage Loans.....................     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>                                                           <C>
EXHIBIT A     FORMS OF CERTIFICATES
EXHIBIT B     MORTGAGE LOAN SCHEDULE
EXHIBIT C     [RESERVED]
EXHIBIT D     FORM OF TRUSTEE CERTIFICATION
EXHIBIT E-1   FORM OF TRANSFEREE'S LETTER AND AFFIDAVIT
EXHIBIT E-2   FORM OF TRANSFEROR'S AFFIDAVIT
EXHIBIT F     FORM OF TRANSFEROR CERTIFICATE
EXHIBIT G     FORM OF INVESTMENT LETTER (ACCREDITED INVESTOR)
EXHIBIT H     FORM OF RULE 144A INVESTMENT LETTER (QUALIFIED
              INSTITUTIONAL BUYER)
EXHIBIT I     FORM OF REQUEST FOR RELEASE
EXHIBIT J     [RESERVED]
EXHIBIT K     FORM OF BACK-UP CERTIFICATION OF TRUSTEE
EXHIBIT L     FORM OF OFFICER'S CERTIFICATE OF SERVICER
EXHIBIT M-1   FORM OF CLASS A-1 CAP CORRIDOR CONTRACT
EXHIBIT M-2   FORM OF CLASS A-2 CAP CORRIDOR CONTRACT
EXHIBIT M-3   FORM OF SUBORDINATE CERTIFICATE CAP CORRIDOR CONTRACT
EXHIBIT M-4   FORM OF CREDIT SUPPORT ANNEX RELATED TO THE CAP 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-1   FORM OF CAP CONTRACT
EXHIBIT Q-2   FORM OF SWAP AGREEMENT
EXHIBIT Q-3   FORM OF CREDIT SUPPORT ANNEX RELATED TO THE CAP CONTRACT
              AND SWAP AGREEMENT
EXHIBIT R     FORM OF ASSESSMENT OF COMPLIANCE
EXHIBIT S     SERVICING CRITERIA TO BE ADDRESSED IN ASSESSMENT OF
              COMPLIANCE
EXHIBIT T     FORM OF SARBANES-OXLEY CERTIFICATIONS
EXHIBIT U     FORM OF ITEM 1123 CERTIFICATION OF SERVICER
EXHIBIT V     FORM OF DELINQUENCY REPORT
EXHIBIT W     [RESERVED]

SCHEDULE X
SCHEDULE Y
SCHEDULE Z
</TABLE>

                                       -i-
<PAGE>

     POOLING AND SERVICING AGREEMENT, dated as of January 1, 2007 (the
"Agreement"), among MERRILL LYNCH MORTGAGE INVESTORS, INC., a Delaware
corporation, as depositor (the "Depositor"), 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          $ 78,317,022.361             (1)
1-SW1A         $  6,904,854.040             (2)
1-SW1B         $  6,904,854.040             (3)
1-SW2A         $  7,241,227.433             (2)
1-SW2B         $  7,241,227.433             (3)
1-SW3A         $  8,039,132.636             (2)
1-SW3B         $  8,039,132.636             (3)
1-SW4A         $  9,929,583.551             (2)
1-SW4B         $  9,929,583.551             (3)
1-SW5A         $ 11,042,107.240             (2)
</TABLE>

<PAGE>

<TABLE>
<S>       <C>                         <C>
1-SW5B         $ 11,042,107.240             (3)
1-SW6A         $ 11,210,535.515             (2)
1-SW6B         $ 11,210,535.515             (3)
1-SW7A         $ 10,083,087.882             (2)
1-SW7B         $ 10,083,087.882             (3)
1-SW8A         $  9,262,290.241             (2)
1-SW8B         $  9,262,290.241             (3)
1-SW9A         $  8,689,983.068             (2)
1-SW9B         $  8,689,983.068             (3)
1-SW10A        $  8,103,091.856             (2)
1-SW10B        $  8,103,091.856             (3)
1-SW11A        $  7,598,236.243             (2)
1-SW11B        $  7,598,236.243             (3)
1-SW12A        $  7,196,986.027             (2)
1-SW12B        $  7,196,986.027             (3)
1-SW13A        $  6,931,150.413             (2)
1-SW13B        $  6,931,150.413             (3)
1-SW14A        $  8,227,462.210             (2)
1-SW14B        $  8,227,462.210             (3)
1-SW15A        $ 11,569,010.217             (2)
1-SW15B        $ 11,569,010.217             (3)
1-SW16A        $ 21,750,733.719             (2)
1-SW16B        $ 21,750,733.719             (3)
1-SW17A        $ 19,603,128.693             (2)
1-SW17B        $ 19,603,128.693             (3)
1-SW18A        $ 15,757,260.010             (2)
1-SW18B        $ 15,757,260.010             (3)
1-SW19A        $ 11,530,297.159             (2)
1-SW19B        $ 11,530,297.159             (3)
1-SW20A        $  7,528,439.438             (2)
1-SW20B        $  7,528,439.438             (3)
1-SW21A        $  6,283,673.966             (2)
1-SW21B        $  6,283,673.966             (3)
1-SW22A        $  5,375,693.961             (2)
1-SW22B        $  5,375,693.961             (3)
1-SW23A        $  5,036,982.358             (2)
1-SW23B        $  5,036,982.358             (3)
1-SW24A        $  4,701,317.104             (2)
1-SW24B        $  4,701,317.104             (3)
1-SW25A        $  4,345,561.833             (2)
1-SW25B        $  4,345,561.833             (3)
1-SW26A        $  4,056,891.514             (2)
1-SW26B        $  4,056,891.514             (3)
1-SW27A        $  4,004,606.561             (2)
1-SW27B        $  4,004,606.561             (3)
1-SW28A        $  5,662,140.635             (2)
</TABLE>

                                       -2-

<PAGE>

<TABLE>
<S>       <C>                         <C>
1-SW28B        $  5,662,140.635             (3)
1-SW29A        $  7,712,061.382             (2)
1-SW29B        $  7,712,061.382             (3)
1-SW30A        $  6,408,593.871             (2)
1-SW30B        $  6,408,593.871             (3)
1-SW31A        $    214,609.168             (2)
1-SW31B        $    214,609.168             (3)
1-SW32A        $  4,081,779.008             (2)
1-SW32B        $  4,081,779.008             (3)
1-SW33A        $  3,463,247.642             (2)
1-SW33B        $  3,463,247.642             (3)
1-SW34A        $  3,175,073.471             (2)
1-SW34B        $  3,175,073.471             (3)
1-SW35A        $  2,963,819.524             (2)
1-SW35B        $  2,963,819.524             (3)
1-SW36A        $  2,655,925.374             (2)
1-SW36B        $  2,655,925.374             (3)
1-SW37A        $  2,399,295.196             (2)
1-SW37B        $  2,399,295.196             (3)
1-SW38A        $  2,219,951.489             (2)
1-SW38B        $  2,219,951.489             (3)
1-SW39A        $  2,079,862.092             (2)
1-SW39B        $  2,079,862.092             (3)
1-SW40A        $  2,017,910.195             (2)
1-SW40B        $  2,017,910.195             (3)
1-SW41A        $  1,971,786.674             (2)
1-SW41B        $  1,971,786.674             (3)
1-SW42A        $  1,879,342.077             (2)
1-SW42B        $  1,879,342.077             (3)
1-SW43A        $  1,733,786.574             (2)
1-SW43B        $  1,733,786.574             (3)
1-SW44A        $  1,571,531.820             (2)
1-SW44B        $  1,571,531.820             (3)
1-SW45A        $  1,431,966.896             (2)
1-SW45B        $  1,431,966.896             (3)
1-SW46A        $  1,338,205.793             (2)
1-SW46B        $  1,338,205.793             (3)
1-SW47A        $  1,277,962.268             (2)
1-SW47B        $  1,277,962.268             (3)
1-SW48A        $  1,167,372.915             (2)
1-SW48B        $  1,167,372.915             (3)
1-SW49A        $  1,150,026.867             (2)
1-SW49B        $  1,150,026.867             (3)
1-SW50A        $  1,080,258.027             (2)
1-SW50B        $  1,080,258.027             (3)
1-SW51A        $  1,017,029.496             (2)
</TABLE>

                                       -3-

<PAGE>

<TABLE>
<S>       <C>                         <C>
1-SW51B        $  1,017,029.496             (3)
1-SW52A        $    962,848.175             (2)
1-SW52B        $    962,848.175             (3)
1-SW53A        $    920,870.827             (2)
1-SW53B        $    920,870.827             (3)
1-SW54A        $ 23,233,650.119             (2)
1-SW54B        $ 23,233,650.119             (3)
2-SW2          $138,726,996.579             (4)
2-SW1A         $ 12,230,925.460             (5)
2-SW1B         $ 12,230,925.460             (6)
2-SW2A         $ 12,826,761.067             (5)
2-SW2B         $ 12,826,761.067             (6)
2-SW3A         $ 14,240,131.864             (5)
2-SW3B         $ 14,240,131.864             (6)
2-SW4A         $ 17,588,785.449             (5)
2-SW4B         $ 17,588,785.449             (6)
2-SW5A         $ 19,559,456.260             (5)
2-SW5B         $ 19,559,456.260             (6)
2-SW6A         $ 19,857,801.985             (5)
2-SW6B         $ 19,857,801.985             (6)
2-SW7A         $ 17,860,695.618             (5)
2-SW7B         $ 17,860,695.618             (6)
2-SW8A         $ 16,406,774.259             (5)
2-SW8B         $ 16,406,774.259             (6)
2-SW9A         $ 15,393,016.932             (5)
2-SW9B         $ 15,393,016.932             (6)
2-SW10A        $ 14,353,426.144             (5)
2-SW10B        $ 14,353,426.144             (6)
2-SW11A        $ 13,459,149.257             (5)
2-SW11B        $ 13,459,149.257             (6)
2-SW12A        $ 12,748,393.973             (5)
2-SW12B        $ 12,748,393.973             (6)
2-SW13A        $ 12,277,505.587             (5)
2-SW13B        $ 12,277,505.587             (6)
2-SW14A        $ 14,573,729.790             (5)
2-SW14B        $ 14,573,729.790             (6)
2-SW15A        $ 20,492,786.783             (5)
2-SW15B        $ 20,492,786.783             (6)
2-SW16A        $ 38,528,200.781             (5)
2-SW16B        $ 38,528,200.781             (6)
2-SW17A        $ 34,724,036.807             (5)
2-SW17B        $ 34,724,036.807             (6)
2-SW18A        $ 27,911,650.490             (5)
2-SW18B        $ 27,911,650.490             (6)
2-SW19A        $ 20,424,212.341             (5)
2-SW19B        $ 20,424,212.341             (6)
</TABLE>

                                       -4-

<PAGE>

<TABLE>
<S>       <C>                         <C>
2-SW20A        $ 13,335,514.562             (5)
2-SW20B        $ 13,335,514.562             (6)
2-SW21A        $ 11,130,597.034             (5)
2-SW21B        $ 11,130,597.034             (6)
2-SW22A        $  9,522,245.039             (5)
2-SW22B        $  9,522,245.039             (6)
2-SW23A        $  8,922,267.642             (5)
2-SW23B        $  8,922,267.642             (6)
2-SW24A        $  8,327,686.396             (5)
2-SW24B        $  8,327,686.396             (6)
2-SW25A        $  7,697,518.667             (5)
2-SW25B        $  7,697,518.667             (6)
2-SW26A        $  7,186,181.986             (5)
2-SW26B        $  7,186,181.986             (6)
2-SW27A        $  7,093,566.939             (5)
2-SW27B        $  7,093,566.939             (6)
2-SW28A        $ 10,029,642.865             (5)
2-SW28B        $ 10,029,642.865             (6)
2-SW29A        $ 13,660,773.618             (5)
2-SW29B        $ 13,660,773.618             (6)
2-SW30A        $ 11,351,874.129             (5)
2-SW30B        $ 11,351,874.129             (6)
2-SW31A        $    380,148.332             (5)
2-SW31B        $    380,148.332             (6)
2-SW32A        $  7,230,266.492             (5)
2-SW32B        $  7,230,266.492             (6)
2-SW33A        $  6,134,629.858             (5)
2-SW33B        $  6,134,629.858             (6)
2-SW34A        $  5,624,172.029             (5)
2-SW34B        $  5,624,172.029             (6)
2-SW35A        $  5,249,966.976             (5)
2-SW35B        $  5,249,966.976             (6)
2-SW36A        $  4,704,578.126             (5)
2-SW36B        $  4,704,578.126             (6)
2-SW37A        $  4,249,995.804             (5)
2-SW37B        $  4,249,995.804             (6)
2-SW38A        $  3,932,315.011             (5)
2-SW38B        $  3,932,315.011             (6)
2-SW39A        $  3,684,167.408             (5)
2-SW39B        $  3,684,167.408             (6)
2-SW40A        $  3,574,428.805             (5)
2-SW40B        $  3,574,428.805             (6)
2-SW41A        $  3,492,727.826             (5)
2-SW41B        $  3,492,727.826             (6)
2-SW42A        $  3,328,975.923             (5)
2-SW42B        $  3,328,975.923             (6)
</TABLE>

                                       -5-

<PAGE>

<TABLE>
<S>       <C>                         <C>
2-SW43A        $  3,071,145.926             (5)
2-SW43B        $  3,071,145.926             (6)
2-SW44A        $  2,783,735.680             (5)
2-SW44B        $  2,783,735.680             (6)
2-SW45A        $  2,536,517.104             (5)
2-SW45B        $  2,536,517.104             (6)
2-SW46A        $  2,370,433.207             (5)
2-SW46B        $  2,370,433.207             (6)
2-SW47A        $  2,263,720.732             (5)
2-SW47B        $  2,263,720.732             (6)
2-SW48A        $  2,067,828.085             (5)
2-SW48B        $  2,067,828.085             (6)
2-SW49A        $  2,037,102.133             (5)
2-SW49B        $  2,037,102.133             (6)
2-SW50A        $  1,913,516.973             (5)
2-SW50B        $  1,913,516.973             (6)
2-SW51A        $  1,801,517.004             (5)
2-SW51B        $  1,801,517.004             (6)
2-SW52A        $  1,705,542.825             (5)
2-SW52B        $  1,705,542.825             (6)
2-SW53A        $  1,631,186.173             (5)
2-SW53B        $  1,631,186.173             (6)
2-SW54A        $ 41,154,967.381             (5)
2-SW54B        $ 41,154,967.381             (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.

                                       -6-

<PAGE>

THE LOWER TIER REMIC

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

<TABLE>
<CAPTION>
                                                      Class(es) of Corresponding
                                                        Certificates or Related
Class     Initial Principal 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.

                                      -7-

<PAGE>

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

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

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

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

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

(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
</TABLE>

                                      -8-

<PAGE>

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

                                      -9-

<PAGE>

<TABLE>
<S>                 <C>
                    Class 2-SW28A
7-35                Class 1-SW29A
                    Class 2-SW29A
7-36                Class 1-SW30A
                    Class 2-SW30A
7-37                Class 1-SW31A
                    Class 2-SW31A
7-38                Class 1-SW32A
                    Class 2-SW32A
7-39                Class 1-SW33A
                    Class 2-SW33A
7-40                Class 1-SW34A
                    Class 2-SW34A
7-41                Class 1-SW35A
                    Class 2-SW35A
7-42                Class 1-SW36A
                    Class 2-SW36A
7-43                Class 1-SW37A
                    Class 2-SW37A
7-44                Class 1-SW38A
                    Class 2-SW38A
7-45                Class 1-SW39A
                    Class 2-SW39A
7-46                Class 1-SW40A
                    Class 2-SW40A
7-47                Class 1-SW41A
                    Class 2-SW41A
7-48                Class 1-SW42A
                    Class 2-SW42A
7-49                Class 1-SW43A
                    Class 2-SW43A
7-50                Class 1-SW44A
                    Class 2-SW44A
7-51                Class 1-SW45A
                    Class 2-SW45A
7-52                Class 1-SW46A
                    Class 2-SW46A
7-53                Class 1-SW47A
                    Class 2-SW47A
7-54                Class 1-SW48A
                    Class 2-SW48A
7-55                Class 1-SW49A
                    Class 2-SW49A
7-56                Class 1-SW50A
                    Class 2-SW50A
7-57                Class 1-SW51A
                    Class 2-SW51A
7-58                Class 1-SW52A
                    Class 2-SW52A
7-59                Class 1-SW53A
                    Class 2-SW53A
7-60                Class 1-SW54A
                    Class 2-SW54A
</TABLE>

                                      -10-

<PAGE>

(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
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.

                                      -11-

<PAGE>

<TABLE>
<CAPTION>
Class   Initial 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)
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 (attached as Exhibit Q-3 hereto),
between the Cap Contract Counterparty and the Supplemental Interest Trust
Trustee for the benefit of the Certificateholders (attached as Exhibit Q-1
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 2007-FF1." Funds in the Cap Contract Account
shall be held in trust for the Issuing Entity for the uses and purposes set
forth in this Agreement.

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

     Cap Contract Notional Balance: 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 6.000%. 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 6.000%.

                                      -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 2007-FF1."
Funds in the Cap Posted Collateral Account shall be held in trust for the
Issuing Entity for the uses and purposes set forth in the Cap Contract.

     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 2007-FF1."
Funds in the Certificate Account shall be held in trust for the
Certificateholders for the uses and purposes set forth in this Agreement.

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

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

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

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

     Certificate Principal Balance: As to any Certificate and as of any
Distribution Date, the Initial Certificate Principal Balance of such Certificate
less the sum of (1) all amounts distributed with respect to such Certificate in
reduction of the Certificate Principal Balance thereof on previous Distribution
Dates pursuant to Section 4.04, and (2) any Applied Realized Loss Amounts
allocated to such Certificate on previous Distribution Dates pursuant to Section
4.04(i). On each Distribution Date, after all distributions of principal on such
Distribution Date, a portion of the Class C Interest Carry Forward Amount in an
amount equal to the excess of the Overcollateralization Amount on such
Distribution Date over the Overcollateralization Amount as of the preceding
Distribution Date (or, in the case of the first Distribution Date, the initial
Overcollateralization Amount (based on the Stated Principal Balance of the
Mortgage Loans as of the Cut-off Date)) will be added to the aggregate
Certificate Principal Balance of the Class C Certificates (on a pro rata basis).
Notwithstanding the immediately preceding sentence, however, to the extent any
excess referred to in the immediately preceding sentence is attributable to
distributions of proceeds of the Swap Agreement 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 (attached as Exhibit M-4
hereto), between the Trustee on behalf of the Issuing Entity and the Cap
Contract Counterparty (attached as Exhibit M-1 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 M-1 hereto).

     Class A-1 Corridor Contract Termination Date: The Distribution Date in July
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, 0.130% per annum and, as of any Distribution
Date after the Initial Optional Termination Date, 0.260% 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

                                      -18-

<PAGE>

the Cut-off Date) and (iii) a fraction, the numerator of which is 30 and the
denominator of which is the actual number of days in the related Accrual Period.
The Class A-1 Maximum Rate Cap shall relate to the Class A-1 Certificates.

     Class A-1 Pass-Through Rate: For the first Distribution Date, 5.450% 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 10.870% 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 (attached as Exhibit M-4
hereto), between the Trustee on behalf of the Issuing Entity and the Cap
Contract Counterparty (attached as Exhibit M-2 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 M-2 hereto).

     Class A-2 Corridor Contract Termination Date: The Distribution Date in July
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

                                      -19-

<PAGE>

Loans as of the first day of the related Accrual Period (or, in the case of the
first Distribution Date, as of the Cut-off Date) and (iii) a fraction, the
numerator of which is 30 and the denominator of which is the actual number of
days in the related Accrual Period. The Class A-2 Maximum Rate Cap shall relate
to the Class A-2 Certificates.

     Class A-2 Upper Collar: With respect to each Distribution Date with respect
to which payments are received on the Class A-2 Corridor Contract, a rate equal
to the lesser of One-Month LIBOR and 10.340% 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, 0.0400% per annum and, as of any Distribution
Date after the Initial Optional Termination Date, 0.0800% per annum.

     Class A-2A Pass-Through Rate: For the first Distribution Date, 5.360% 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.

                                      -20-

<PAGE>

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

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

     Class A-2B Margin: As of any Distribution Date up to and including the
Initial Optional Termination Date, 0.0900% per annum and, as of any Distribution
Date after the Initial Optional Termination Date, 0.1800% per annum.

     Class A-2B Pass-Through Rate: For the first Distribution Date, 5.410% 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.

                                      -21-

<PAGE>

     Class A-2C Margin: As of any Distribution Date up to and including the
Initial Optional Termination Date, 0.1400% per annum and, as of any Distribution
Date after the Initial Optional Termination Date, 0.2800% per annum.

     Class A-2C Pass-Through Rate: For the first Distribution Date, 5.460% 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, 0.2200% per annum and, as of any Distribution
Date after the Initial Optional Termination Date, 0.4400% per annum.

     Class A-2D Pass-Through Rate: For the first Distribution Date, 5.540% 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.

                                      -22-

<PAGE>

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

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

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

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

     Class B-1 Margin: As of any Distribution Date up to and including the
Initial Optional Termination Date, 0.9000% per annum and, as of any Distribution
Date after the Initial Optional Termination Date, 1.3500% per annum.

     Class B-1 Pass-Through Rate: For the first Distribution Date, 6.220% 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) 91.90% 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

                                      -23-

<PAGE>

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

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

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

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

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

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

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

     Class B-2 Margin: As of any Distribution Date up to and including the
Initial Optional Termination Date, 1.2000% per annum and, as of any Distribution
Date after the Initial Optional Termination Date, 1.8000% per annum.

     Class B-2 Pass-Through Rate: For the first Distribution Date, 6.520% 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

                                      -24-

<PAGE>

Stepdown Trigger Event does not exist, the excess of (1) the sum of (A) the
Class A Certificate Principal Balance (after taking into account distributions
of the Class A Principal Distribution Amount on such Distribution Date), (B) the
Class M-1 Certificate Principal Balance, Class M-2 Certificate Principal
Balance, and Class M-3 Certificate Principal Balance (after taking into account
distributions of the Class M-1/M-2/M-3 Principal Distribution Amount on such
Distribution Date), (C) the Class M-4 Certificate Principal Balance (after
taking into account distributions of the Class M-4 Principal Distribution Amount
on such Distribution Date), (D) the Class M-5 Certificate Principal Balance
(after taking into account distributions of the Class M-5 Principal Distribution
Amount on such Distribution Date), (E) the Class M-6 Certificate Principal
Balance (after taking into account distributions of the Class M-6 Principal
Distribution Amount on such Distribution Date), (F) the Class B-1 Certificate
Principal Balance (after taking into account distributions of the Class B-1
Principal Distribution Amount on such Distribution Date) and (G) the Class B-2
Certificate Principal Balance immediately prior to such Distribution Date over
(2) the lesser of (A) 93.40% 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.

                                      -25-

<PAGE>

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

     Class B-3 Margin: As of any Distribution Date up to and including the
Initial Optional Termination Date, 1.6500% per annum and, as of any Distribution
Date after the Initial Optional Termination Date, 2.4750% per annum.

     Class B-3 Pass-Through Rate: For the first Distribution Date, 6.970% 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) 95.40% 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

                                      -26-

<PAGE>

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

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

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

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

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

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

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

                                      -27-

<PAGE>

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

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

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

     Class 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

                                      -28-

<PAGE>

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.

     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.

                                      -29-

<PAGE>

     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.

     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, 5.550% 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) 81.10% 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

                                      -30-

<PAGE>

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 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, 0.2600% per annum and, as of any Distribution
Date after the Initial Optional Termination Date, 0.3900% per annum.

     Class M-2 Pass-Through Rate: For the first Distribution Date, 5.580% 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."

                                      -31-

<PAGE>

     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.

     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, 0.2900% per annum and, as of any Distribution
Date after the Initial Optional Termination Date, 0.4350% per annum.

     Class M-3 Pass-Through Rate: For the first Distribution Date, 5.610% 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.

                                      -32-

<PAGE>

     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 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, 0.3600% per annum and, as of any Distribution
Date after the Initial Optional Termination Date, 0.5400% per annum.

     Class M-4 Pass-Through Rate: For the first Distribution Date, 5.680% 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) 84.20% 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 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

                                      -33-

<PAGE>

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."

     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, 0.3700% per annum and, as of any Distribution
Date after the Initial Optional Termination Date, 0.5550% per annum.

     Class M-5 Pass-Through Rate: For the first Distribution Date, 5.690% 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

                                      -34-

<PAGE>

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
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, 0.4300% per annum and, as of any Distribution
Date after the Initial Optional Termination Date, 0.6450% per annum.

                                      -35-

<PAGE>

     Class M-6 Pass-Through Rate: For the first Distribution Date, 5.750% 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.

     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) 89.80% 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.

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<PAGE>

     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 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, 0.1300% per annum and, as of any
Distribution Date after the Initial Optional Termination Date, 0.2600% per
annum.

     Class R Pass-Through Rate: For the first Distribution Date, 5.450% 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: January 26, 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, "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 2007-FF1". Funds in the Collection
Account shall be held in trust for the Certificateholders for the uses and
purposes set forth in this Agreement.

     Commission: The Securities and Exchange Commission.

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

                                      -37-

<PAGE>

     Corresponding Certificates: With respect to the Class LTA-1 Interest, the
Class A-1 and Class R Certificates. With respect to the Class LTA-2A Interest,
the Class A-2A Certificates. With respect to the Class LTA-2B Interest, the
Class A-2B Certificates. With respect to the Class LTA-2C Interest, the Class
A-2C Certificates. With respect to the Class 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
2007-FF1." 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
2007-FF1." 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: January 1, 2007.

                                      -38-

<PAGE>

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

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

     Definitive Certificates: As defined in Section 5.06.

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

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

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

     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

                                      -39-

<PAGE>

mortgage obligations that are secured by single-family residential, multi-family
residential, commercial real property or leasehold interests therein.

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

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

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

                                      -40-

<PAGE>

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

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

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

     Escrow Account: As defined in Section 3.06 hereof.

     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)
$46,779,936 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) 4.60% 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

                                      -41-

<PAGE>

Balance of the Mortgage Loans as of the Due Date immediately prior to the
Stepdown Trigger Event) until the next Distribution Date on which the Stepdown
Trigger Event is not in effect.

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

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

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

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

     Floating Rate Certificate Carryover: With respect to a Distribution Date,
in the event that the Pass-Through Rate for a class of Class A, Class M or Class
B Certificates is based upon the related Available Funds Cap or the related
Maximum Rate Cap, the sum of (A) the excess of (1) the amount of interest that
such Class would have been entitled to receive on such Distribution Date had the
Pass-Through Rate for that Class not been calculated based on the related
Available Funds Cap or the related Maximum Rate Cap, up to but not exceeding the
greater of (a) the related Maximum Rate Cap or (b) the sum of (i) the related
Available Funds Cap and (ii) the product of (AA) a fraction, the numerator of
which is 360 and the denominator of which is the actual number of days in the
related Accrual Period and (BB) the sum of (x) the quotient obtained by dividing
(I) an amount equal to the proceeds, if any, payable under the related 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.

                                      -42-

<PAGE>

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

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

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

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

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

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

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

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

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<PAGE>

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

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

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

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

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

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

     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, January 24, 2007.

     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

                                      -44-

<PAGE>

proceeds of any purchase pursuant to Section 2.02 or 2.03 during the related
Prepayment Period or pursuant to Section 9.01 not later than the related
Determination Date (to the extent that such proceeds relate to interest) less
the Servicing Fee and (6) all Prepayment Charges received with respect to the
Mortgage Loans during the related Prepayment Period, less (A) all
Non-Recoverable Advances relating to interest and (B) other amounts reimbursable
(including without limitation indemnity payments) to the Servicer and the
Trustee pursuant to this Agreement allocable to interest.

     Issuing Entity: First Franklin Mortgage Loan Trust, Series 2007-FF1.

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

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

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

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

     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,

                                      -45-

<PAGE>

the Class LTM-6 Interest, the Class LTB-1 Interest, the Class LTB-2 Interest,
the Class LTB-3 Interest, the Class LTIX Interest, the Class LTIIX Interest, the
Class LTII1A Interest, the Class LTII1B Interest, the Class LTII2A Interest, the
Class LTII2B Interest, the Class LT-IO Interest and the Class LTR Interest.

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

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

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

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

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

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

     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.

                                      -46-

<PAGE>

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

     Mortgage: With respect to a Mortgage Loan, the mortgage, deed of trust or
other instrument with all riders thereto creating a first lien or a first
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;

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<PAGE>

               (D)  the Minimum Mortgage Rate;

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

               (F)  the related Periodic Rate Cap;

               (G)  the Gross Margin; and

               (H)  the lifetime rate cap;

          (xiii) the location of the related Mortgaged Property;

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

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

               (B)  the amount of such Prepayment Charge;

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

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

          (xv) the Credit Score and date obtained; and

          (xvi) the MIN.

     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.

                                      -48-

<PAGE>

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

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

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

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

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

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

     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

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<PAGE>

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

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

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

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

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

     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, which at the time of origination of the
Mortgage Loans was a division of National City Bank.

                                      -50-

<PAGE>

     OTS: The Office of Thrift Supervision.

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

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

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

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

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

     Percentage Interest: With respect to:

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

                                      -51-
<PAGE>

               derivative financial instruments that pertain to beneficial
               interests issued or sold to parties other than the Depositor, its
               Affiliates, or its agents;

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

          (iii) through the appropriate subtrust, as applicable, receiving
               collections on the Mortgage Loans, 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, including any partial
prepayments 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 January 23, 2007,
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.

                                      -55-

<PAGE>

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

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

     Rating Agency Condition: As defined in the Swap Agreement.

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

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

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

                                      -57-

<PAGE>

Mortgage Loan; (D) not permit conversion of the related Mortgage Rate to a fixed
Mortgage Rate and (F) currently be accruing interest at a rate not more than 1%
per annum higher or lower than that of the Deleted Mortgage Loan; (3) have a
similar or higher FICO score or credit grade than that of the Deleted Mortgage
Loan; (4) have a Loan-to-Value Ratio no higher than that of the Deleted Mortgage
Loan; (5) have a remaining term to maturity no greater than (and not more than
one year less than) that of the Deleted Mortgage Loan; (6) provide for a
Prepayment Charge on terms substantially similar to those of the Prepayment
Charge, if any, of the Deleted Mortgage Loan; (7) have the same lien priority as
the Deleted Mortgage Loan; (8) constitute the same occupancy type as the Deleted
Mortgage Loan; and (9) comply with each representation and warranty set forth in
Section 2.03 hereof.

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

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

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

     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 January 1,
2007, 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: Home Loan Services, Inc. (f/k/a National City Home Loan Servcies,
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 February 2010 or (2) the first Distribution Date
on which (A) the Class A Certificate Principal Balance (after giving effect to
distributions of the

                                      -60-

<PAGE>

Principal 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>
February 2009 -- January 2010    1.20% with respect to February 2009, plus an
                                 additional 1/12th of 1.55% for each month
                                 thereafter

February 2010 -- January 2011    2.75% with respect to February 2010, plus an
                                 additional 1/12th of 1.55% for each month
                                 thereafter

February 2011 -- January 2012    4.30% with respect to February 2011, plus an
                                 additional 1/12th of 1.30% for each month
                                 thereafter

February 2012 -- January 2013    5.60% with respect to February 2012, plus an
                                 additional 1/12th of 0.70% for each month
                                 thereafter

February 2013 -- January 2014    6.30% with respect to February 2013, plus an
                                 additional 1/12th of 0.05% for each month
                                 thereafter

February 2014 and therafter      6.35%
</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) 42.37%
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 (attached as
Exhibit M-4 hereto), between the

                                      -61-

<PAGE>

Trustee on behalf of the Issuing Entity and the Cap Contract Counterparty
(attached as Exhibit M-3 hereto), with respect to the Subordinate Certificates.

     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 M-3 hereto).

     Subordinate Certificate Corridor Contract Termination Date: The
Distribution Date in July 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 10.000% 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.

                                      -62-

<PAGE>

     Swap Account: The separate Eligible Account created and maintained by the
Supplemental Interest Trust Trustee pursuant to Section 4.04(l) in the name of
the Supplemental Interest Trust Trustee for the benefit of the Supplemental
Interest Trust and designated "LaSalle Bank National Association, as trustee, in
trust for registered holders of First Franklin Mortgage Loan Trust, Mortgage
Loan Asset-Backed Certificates, Series 2007-FF1." Funds in the Swap Account
shall be held in trust for the Supplemental Interest Trust for the uses and
purposes set forth in this Agreement.

     Swap Agreement: The confirmation and agreement, including the schedule
thereto and the related credit support annex (attached as Exhibit Q-3 hereto),
between the Swap Counterparty and the trustee of the Supplemental Interest Trust
for the benefit of the Certificateholders (attached as Exhibit Q-2 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: The Bank of New York, or any successor counterparty who
meets the requirements set forth in the Swap Agreement.

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

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

     Swap Posted Collateral Account: The segregated Eligible Account created and
maintained by the Supplemental Interest Trust Trustee pursuant to Section
4.04(l) in the name of the Supplemental Interest Trust Trustee for the benefit
of the Supplemental Interest Trust and designated "LaSalle Bank National
Association, as trustee, in trust for registered holders of First Franklin
Mortgage Loan Trust, Mortgage Loan Asset-Backed Certificates, Series 2007-FF1."
Funds in the Swap Posted Collateral Account shall be held in trust for the
Supplemental Interest Trust for the uses and purposes set forth in the Swap
Agreement

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

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

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

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

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

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

                                      -63-

<PAGE>

     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.

     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.

                                      -64-

<PAGE>

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

     Weighted Average Available Funds Cap: With respect to a Distribution Date,
the per annum rate equal to the weighted average of the Class A-1 Available
Funds Cap and the Class A-2 Available Funds Cap (weighted in proportion to the
results of subtracting from the aggregate Stated Principal Balance of each
Mortgage Group, the current Certificate Principal Balance of the Class A-1 and
Class R Certificates, in the case of Group One, or the Class A-2A, Class A-2B,
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
     2007-FF1, without recourse" together with all riders thereto. The Mortgage
     Note shall include all intervening endorsements showing a complete chain of
     the title from the Originator of the Mortgage Loan to
     [____________________].

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

          (C) In the case of each Mortgage Loan that is not a MERS Loan, the
     original Assignment of each Mortgage in blank or, to "LaSalle Bank National
     Association, as trustee for the First Franklin Mortgage Loan Trust,
     Mortgage Loan Asset-Backed Certificates, Series 2007-FF1."

                                      -66-

<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;

                                      -69-

<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, which have been assigned to the Trustee
hereunder, 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 by the
Depositor 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.

          (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 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

                                      -71-

<PAGE>

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 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

                                      -72-

<PAGE>

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.

          (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

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<PAGE>

          (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 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

                                      -74-

<PAGE>

     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.

          (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.

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<PAGE>

     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 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

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<PAGE>

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, 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.

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<PAGE>

          (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.

     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

                                      -78-

<PAGE>

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.

     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

                                      -79-

<PAGE>

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 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]

                                      -80-

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     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

     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

                                      -81-

<PAGE>

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 prepared by the Servicer and 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 to the extent indemnification by the Servicer is required
by Section 3.2S provided that the Servicer shall have no obligation to indemnify
the Trustee for such action to the extent such action was taken pursuant to and
in accordance with specific written instructions from the Trustee, which
instructions are not based on Servicer's recommendations or proposals.
Notwithstanding anything contained herein to the contrary, the Servicer shall
not without the Trustee's written consent, hire or procure counsel to represent
the Trustee without indicating its representative capacity.

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

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

                                      -82-

<PAGE>

     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 subservicer, including, without limitation, any obligation, duty or
liability to monitor such subservicer or to pay a Subservicer's fees and
expenses.

                                      -83-

<PAGE>

          (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 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

                                      -84-

<PAGE>

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 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

                                      -85-

<PAGE>

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;

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

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<PAGE>

          (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

          (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.

                                      -87-

<PAGE>

     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 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.

                                      -88-

<PAGE>

     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;

          (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

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     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

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

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<PAGE>

     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

     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

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<PAGE>

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 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

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<PAGE>

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 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

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<PAGE>

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
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

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<PAGE>

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.

     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,

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<PAGE>

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 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

                                      -96-

<PAGE>

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 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

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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.

     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

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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.

     SECTION 3.17. Annual Statement as to Compliance

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<PAGE>

     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
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

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<PAGE>

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
Depositor, the Servicer and the Trustee an Assessment of Compliance with regard
to the Servicing

                                      -101-

<PAGE>

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, 2008.

          (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.

     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

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<PAGE>

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 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

                                      -103-

<PAGE>

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, 2008 (and, if applicable, prior to the ninetieth (90th)
calendar day after the end of the fiscal year for the Issuing Entity), the
Trustee shall, on behalf of the Issuing Entity and in accordance with industry
standards, prepare and file with the Commission via EDGAR a Form 10 -K with
respect to the Issuing Entity. Such Form 10-K shall include the following items,
in each case to the extent they have been delivered to the Trustee within the
applicable time frames set forth in this Agreement, (i)

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<PAGE>

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 2008, (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 to obtain or receive any
information needed to prepare, arrange for execution or file such Form 10-K on a
timely basis.

                                      -105-

<PAGE>

     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, 2008, 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, 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

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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;

          (ii) current Mortgage Rate;

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          (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 paragraph shall survive the termination of this Agreement and the payment
of the outstanding Certificates.

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     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 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

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

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

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

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

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

     SECTION 4.03. Distributions on the REMIC Interests

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     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;

          (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;

                                      -111-
<PAGE>

          (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:

               (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;

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<PAGE>

               (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);

          (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);

                                      -113-

<PAGE>

          (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;

          (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

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<PAGE>

          (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;

          (viii) to the Class M-3 Certificates until the Class M-3 Certificate
     Principal Balance is reduced to zero;

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<PAGE>

          (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.

          (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

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<PAGE>

     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, 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

                                      -117-

<PAGE>

     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
January 2012, 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 including the Distribution Date in
January 2012, 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,

                                      -118-

<PAGE>

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) January 25, 2012.

     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 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

                                      -119-

<PAGE>

     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.

     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.

                                      -120-

<PAGE>

     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. 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

                                      -121-

<PAGE>

          (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;

          (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

                                      -122-

<PAGE>

     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 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;

                                      -123-

<PAGE>

          (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 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

                                      -124-

<PAGE>

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;

          (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;

                                      -125-

<PAGE>

          (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              $608,774,000
A-2A     $25,000.00            $1.00              $471,614,000
A-2B     $25,000.00            $1.00              $206,098,000
A-2C     $25,000.00            $1.00              $279,745,000
A-2D     $25,000.00            $1.00              $120,897,000
M-1      $25,000.00            $1.00              $ 62,034,000
M-2      $25,000.00            $1.00              $ 57,966,000
M-3      $25,000.00            $1.00              $ 34,577,000
M-4      $25,000.00            $1.00              $ 31,525,000
M-5      $25,000.00            $1.00              $ 30,508,000
M-6      $25,000.00            $1.00              $ 26,440,000
B-1      $25,000.00            $1.00              $ 21,356,000
B-2      $25,000.00            $1.00              $ 15,254,000
B-3      $25,000.00            $1.00              $ 20,339,000
R        $   100.00              N/A              $     100.00
C                (1)              (1)                      100%
P                (2)              (2)                       (2)
</TABLE>

                                      -126-

<PAGE>

----------
(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.

     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

                                      -127-

<PAGE>

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 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

                                      -128-

<PAGE>

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 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).

                                      -129-

<PAGE>

     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
     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.

                                      -130-

<PAGE>

          (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 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.

                                      -131-

<PAGE>

          (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 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

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<PAGE>

     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
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

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<PAGE>

     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 2007-FF1 as offices for such purposes. The Trustee will give
prompt written notice to the Certificateholders of any change in such location
of any such office or agency.

     SECTION 5.10. Authenticating Agents

          (a) One or more Authenticating Agents (each, an "Authenticating
Agent") may be appointed hereunder each of which shall be authorized to act on
behalf of the Trustee in authenticating the Certificates. Wherever reference is
made in this Agreement to the authentication of Certificates by the Trustee's
certificate of authentication, such reference shall be deemed to include
authentication on behalf of the Trustee by an Authenticating Agent and a
certificate of authentication executed on behalf of the Trustee by an
Authenticating Agent. Each Authenticating Agent must be an entity organized and
doing business under the laws of the United States of America or any state
thereof, having a combined capital

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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

     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,

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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 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

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<PAGE>

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.

                                   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:

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<PAGE>

          (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, 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

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<PAGE>

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 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

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<PAGE>

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.

     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

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<PAGE>

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

          (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:

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<PAGE>

          (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;

          (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;

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<PAGE>

          (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.

     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.

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     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 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

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<PAGE>

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.

     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,

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<PAGE>

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 (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

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<PAGE>

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 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

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<PAGE>

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 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

                                      -148-

<PAGE>

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 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

                                      -149-

<PAGE>

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 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

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<PAGE>

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.

     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

                                      -151-
<PAGE>

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 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;

                                      -152-

<PAGE>

          (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.

                                   ARTICLE X

                            MISCELLANEOUS PROVISIONS

     SECTION 10.01. Amendment

                                      -153-

<PAGE>

     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 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.

                                      -154-

<PAGE>

     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.

     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

                                      -155-

<PAGE>

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

          (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;

                                      -156-

<PAGE>

          (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, 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 2007-FF1, 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.

     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).

                                      -157-

<PAGE>

     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 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

                                      -158-

<PAGE>

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 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

                                      -159-

<PAGE>

     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:
                                               ---------------------------------

                                        HOME LOAN SERVICES, INC.,
                                        as Servicer

                                        By:
                                            ------------------------------------
                                        Name:
                                              ----------------------------------
                                        Title:
                                               ---------------------------------
<PAGE>

                                    EXHIBIT A

                              FORMS OF CERTIFICATES

                                       A-1

<PAGE>

                          FORM OF CLASS A 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-2

<PAGE>

                              CLASS A-1 CERTIFICATE

<TABLE>
<S>                                       <C>
Number: 07-FF1-A-[_]                      Original Denomination: $[_____]

Cut-off Date: January 1, 2007             Last Scheduled
                                          Distribution Date: January 25, 2038

First Distribution Date:                  Aggregate Initial Certificate
February 26, 2007                         Balance of all 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 2007-FF1

evidencing an ownership interest in distributions allocable to the Class A-[_]
Certificates with respect to a pool of conventional, sub-prime mortgage loans
formed and sold by

                     MERRILL LYNCH MORTGAGE INVESTORS, INC.

     Unless this Certificate is presented by an authorized representative of The
Depository Trust Company, a New York corporation ("DTC"), to the Trustee for
registration of transfer, exchange or payment, and any certificate issued is
registered in the name of Cede & Co. or in such other name as is requested by an
authorized representative of DTC (and any payment is made to Cede & Co. or to
such other entity as is requested by an authorized representative of DTC), ANY
TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON
IS WRONGFUL inasmuch as the registered owner hereof, Cede & Co. has an interest
herein.

     This certifies that CEDE & CO. is the registered owner of the ownership
interest (the "Ownership Interest") evidenced by this Certificate (obtained by
dividing the Original Denomination of this Certificate by the aggregate Initial
Certificate Balance of all Class A-1 Certificates) in certain distributions with
respect to a pool of conventional, sub-prime mortgage loans (the "Mortgage
Loans") formed and sold by Merrill Lynch Mortgage Investors, Inc. (hereinafter
called the "Depositor"), and certain other property held in trust for the
benefit of Certificateholders (collectively, the "Trust Fund"). The Mortgage
Loans are serviced by National City Home Loan Services, Inc. (the "Servicer")
and are secured by first-lien mortgages on the Mortgaged Properties. The Trust
Fund was created pursuant to a pooling and servicing agreement (the
"Agreement"), dated as of January 1, 2007, 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 2007-FF1, Class A-[_] (the "Class A-[_] Certificates") and
is issued under and is subject to the terms, provisions and conditions of the
Agreement, to which Agreement the Holder of this Certificate by virtue of the
acceptance hereof assents and by which Agreement such Holder is bound.

     The Class A Certificates, the Class M Certificates, the Class B
Certificates, the Class P Certificates and the Class C Certificates are
collectively referred to herein as the "Certificates."

     Pursuant to the terms of the Agreement, the Trustee will distribute from
funds in the Certificate Account the amounts described in the Agreement on the
25th day of each month or, if such 25th day is not a Business Day, the Business
Day immediately following (the "Distribution Date"), commencing in February
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 2007-FF1

     This Certificate is one of a duly authorized issue of Certificates,
designated as First Franklin Mortgage Loan Trust Mortgage Loan Asset-Backed
Certificates, Series 2007-FF1, issued in one or more Classes of Class A
Certificates, Class M Certificates, Class B Certificates, Class P Certificates
and Class C Certificates, each evidencing an interest in certain distributions
with respect to a pool of conventional, sub-prime Mortgage Loans formed and sold
by the Depositor and certain other property conveyed by the Depositor to the
Trustee.

     Following the initial issuance of the Certificates, the principal balance
of this Certificate will be different from the Original Denomination shown
above. Anyone acquiring this Certificate may ascertain its current principal
balance by inquiry of the Trustee.

     The Holder, by its acceptance of this Certificate, agrees that it will look
solely to the Trust Fund and certain amounts resulting from credit enhancements
for payment hereunder and that the Trustee is not liable to the Holders for any
amount payable under this Certificate or the Agreement or, except as expressly
provided in the Agreement, subject to any liability under the Agreement.

     This Certificate does not purport to summarize the Agreement and reference
is made to the Agreement for the interests, rights and limitations of rights,
benefits, obligations and duties evidenced hereby, and the rights, duties and
immunities of the Trustee.

     No service charge will be made to the Holder for any transfer or exchange
of the Certificate, but the Trustee may require payment of a sum sufficient to
cover any tax or governmental charge that may be imposed in connection with any
transfer or exchange of the Certificate. Prior to due presentation of a
Certificate for registration of transfer, the Depositor and the Trustee may
treat the person in whose name any Certificate is registered as the owner of
such Certificate and the Percentage Interest in the Trust Fund evidenced thereby
for the purpose of receiving distributions pursuant to the Agreement and for all
other purposes whatsoever, and neither the Depositor nor the Trustee will be
affected by notice to the contrary.

     The Agreement may be amended from time to time by the Depositor, the
Servicer and the Trustee, without the consent of any of the Certificateholders,
to cure any ambiguity, to correct or supplement any provisions therein which may
be inconsistent with the other provisions therein, to ensure continuing
treatment of each REMIC included in the Trust Fund as a REMIC, or to make any
other provisions with respect to matters or questions arising under the
Agreement which are not materially inconsistent with the provisions of the
Agreement, provided that such action does not, as evidenced by an Opinion of
Counsel, adversely affect in any material respect the interests of any
Certificateholder.

     The Agreement may also be amended from time to time by the Depositor, the
Servicer and the Trustee, with the consent of the Holders of Certificates
evidencing in the aggregate not less than 66 2/3% of the Percentage Interests of
each Class of Certificates affected thereby, for the purpose of adding any
provisions to or changing in any manner or eliminating any of the provisions of
the Agreement or of modifying in any manner the rights of the Holders of
Certificates of such Class; provided, however, that no such amendment may (i)
reduce in any manner the amount of, or delay the timing of, payments received on
Mortgage Loans which are required to be distributed on any Certificate without
the consent of the Holder of such Certificate, (ii) adversely affect in any
material respect the interests of the Holders of

                                       A-7

<PAGE>

any Class of Certificates in a manner other than as described in clause (i),
without the consent of the Holders of Certificates of such Class evidencing 66
2/3% or more of the Voting Rights of such Class or (iii) change the percentage
specified in clause (ii) of the third paragraph of Section 10.01 of the
Agreement, without the consent of the Holders of all Certificates of such Class
then outstanding.

     The Class A (other than the Class R Certificates), Class M, and Class B
Certificates are issuable only in registerable form, in minimum denominations of
$25,000 in initial Certificate Principal Amount and in integral multiples of $1
in excess thereof, registered in the name of the nominee of the Clearing Agency,
which shall maintain such Certificates through its book-entry facilities. The
Class R Certificates are issuable in minimum denominations of $100 and shall be
maintained in physical, fully registered form. The Class P Certificates are
issuable in minimum denominations of 100% and shall be maintained in physical,
fully registered form. The Class C Certificates are issuable in minimum
denominations of 25% and shall be maintained in physical, fully registered form.

     For federal income tax purposes, the Trust Fund will include multiple "real
estate mortgage investment conduits" (each, a "REMIC"). The REMIC Regular
Interests will represent "regular interests" in one of the REMICs included in
the Trust Fund. The Class R Certificate will represent the sole class of
"residual interest" in each of the REMICs.

     The obligations and responsibilities of the Depositor, the Servicer and the
Trustee under the Agreement shall terminate upon the earlier of (a) the exercise
by the Trustee of an Optional Termination; and (b) the later of (i) the maturity
or other liquidation (or any Advance with respect thereto) of the last Mortgage
Loan remaining in the Trust Fund and the disposition of all REO Property and
(ii) the distribution to Certificateholders of all amounts required to be
distributed to them pursuant to this Agreement, as applicable. In no event shall
the trusts created under the Agreement continue beyond the earlier of (i) the
expiration of 21 years from the death of the last survivor of the descendants of
Joseph P. Kennedy, the late Ambassador of the United States to the Court of St.
James's, living on the date hereof and (ii) the Latest Possible Maturity Date.

                                       A-8

<PAGE>

                              [FORM OF ASSIGNMENT]
  FOR VALUE RECEIVED, the undersigned hereby sells, assigns and transfers unto

(PLEASE INSERT SOCIAL SECURITY* OR TAXPAYER IDENTIFICATION NUMBER OF ASSIGNEE)

________________________________________________________________________________

(Please Print or Type Name and Address of Assignee)

________________________________________________________________________________

the within Certificate, and all rights thereunder, and hereby does irrevocably
constitute and appoint

___________________________________ Attorney to transfer the within Certificate
on the books kept for the registration thereof, with full power of substitution
in the premises.

Dated:                                  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
(Signature guaranty)                    whatever.

(*This information, which is voluntary, is being requested to ensure that the
assignee will not be subject to backup withholding under Section 3406 of the
Code.)

                                       A-9

<PAGE>

                           FORM OF CLASS M CERTIFICATE

SOLELY FOR FEDERAL INCOME TAX PURPOSES, THIS CERTIFICATE REPRESENTS (I) A
"REGULAR INTEREST" IN A "REAL ESTATE MORTGAGE INVESTMENT CONDUIT", AS THOSE
TERMS ARE DEFINED, RESPECTIVELY, IN SECTIONS 860G AND 860D OF THE INTERNAL
REVENUE CODE OF 1986, AS AMENDED AND (II) AN INTEREST IN NOTIONAL PRINCIPAL
CONTRACTS.

THIS CERTIFICATE DOES NOT REPRESENT AN OBLIGATION OF OR INTEREST IN THE
DEPOSITOR, THE TRUSTEE OR THE SERVICER REFERRED TO BELOW OR ANY OF THEIR
AFFILIATES. NEITHER THIS CERTIFICATE, THE REMIC REGULAR INTEREST REPRESENTED
HEREBY NOR THE UNDERLYING MORTGAGE LOANS ARE GUARANTEED OR INSURED BY THE
DEPOSITOR, THE TRUSTEE, THE SERVICER OR BY ANY OF THEIR AFFILIATES OR BY ANY
GOVERNMENTAL AGENCY OR INSTRUMENTALITY.

UNTIL THE TERMINATION OF THE SWAP AGREEMENT 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-1 CERTIFICATE

<TABLE>
<S>                                     <C>
Number: 07-FF1-M-[_]                    Original Denomination: $[_____]

Cut-off Date: January 1, 2007           Last Scheduled
                                        Distribution Date: January 25, 2038

First Distribution Date:                Aggregate Initial Certificate
February 26, 2007                       Balance of all 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 2007-FF1

evidencing an ownership interest in distributions allocable to the Class M-[_]
Certificates with respect to a pool of conventional, sub-prime mortgage loans
formed and sold by

                     MERRILL LYNCH MORTGAGE INVESTORS, INC.

     Unless this Certificate is presented by an authorized representative of The
Depository Trust Company, a New York corporation ("DTC"), to the Trustee for
registration of transfer, exchange or payment, and any certificate issued is
registered in the name of Cede & Co. or in such other name as is requested by an
authorized representative of DTC (and any payment is made to Cede & Co. or to
such other entity as is requested by an authorized representative of DTC), ANY
TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON
IS WRONGFUL inasmuch as the registered owner hereof, Cede & Co. has an interest
herein.

     This certifies that CEDE & CO. is the registered owner of the ownership
interest (the "Ownership Interest") evidenced by this Certificate (obtained by
dividing the Original Denomination of this Certificate by the aggregate Initial
Certificate Balance of all Class M-[_] Certificates) in certain distributions
with respect to a pool of conventional, sub-prime mortgage loans (the "Mortgage
Loans") formed and sold by Merrill Lynch Mortgage Investors, Inc. (hereinafter
called the "Depositor"), and certain other property held in trust for the
benefit of Certificateholders (collectively, the "Trust Fund"). The Mortgage
Loans are serviced by National City Home Loan Services, Inc. (the "Servicer")
and are secured by first-lien mortgages on the Mortgaged Properties. The Trust
Fund was created pursuant to a pooling and servicing agreement (the
"Agreement"), dated as of January 1, 2007, 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 2007-FF1, Class M-[_] (the "Class M-[_] Certificates") and
is issued under and is subject to the terms, provisions and conditions of the
Agreement, to which Agreement the Holder of this Certificate by virtue of the
acceptance hereof assents and by which Agreement such Holder is bound.

     The Class A Certificates, the Class M Certificates, the Class B
Certificates, the Class P Certificates and the Class C Certificates are
collectively referred to herein as the "Certificates."

     Pursuant to the terms of the Agreement, the Trustee will distribute from
funds in the Certificate Account the amounts described in the Agreement on the
25th day of each month or, if such 25th day is not a Business Day, the Business
Day immediately following (the "Distribution Date"), commencing in February
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 2007-FF1

     This Certificate is one of a duly authorized issue of Certificates,
designated as First Franklin Mortgage Loan Trust Mortgage Loan Asset-Backed
Certificates, Series 2007-FF1, issued in one or more Classes of Class A
Certificates, Class M Certificates, Class B Certificates, Class P Certificates
and Class C Certificates, each evidencing an interest in certain distributions
with respect to a pool of conventional, sub-prime Mortgage Loans formed and sold
by the Depositor and certain other property conveyed by the Depositor to the
Trustee.

     Following the initial issuance of the Certificates, the principal balance
of this Certificate will be different from the Original Denomination shown
above. Anyone acquiring this Certificate may ascertain its current principal
balance by inquiry of the Trustee.

     The Holder, by its acceptance of this Certificate, agrees that it will look
solely to the Trust Fund and certain amounts resulting from credit enhancements
for payment hereunder and that the Trustee is not liable to the Holders for any
amount payable under this Certificate or the Agreement or, except as expressly
provided in the Agreement, subject to any liability under the Agreement.

     This Certificate does not purport to summarize the Agreement and reference
is made to the Agreement for the interests, rights and limitations of rights,
benefits, obligations and duties evidenced hereby, and the rights, duties and
immunities of the Trustee.

     No service charge will be made to the Holder for any transfer or exchange
of the Certificate, but the Trustee may require payment of a sum sufficient to
cover any tax or governmental charge that may be imposed in connection with any
transfer or exchange of the Certificate. Prior to due presentation of a
Certificate for registration of transfer, the Depositor and the Trustee may
treat the person in whose name any Certificate is registered as the owner of
such Certificate and the Percentage Interest in the Trust Fund evidenced thereby
for the purpose of receiving distributions pursuant to the Agreement and for all
other purposes whatsoever, and neither the Depositor nor the Trustee will be
affected by notice to the contrary.

     The Agreement may be amended from time to time by the Depositor, the
Servicer and the Trustee, without the consent of any of the Certificateholders,
to cure any ambiguity, to correct or supplement any provisions therein which may
be inconsistent with the other provisions therein, to ensure continuing
treatment of each REMIC included in the Trust Fund as a REMIC, or to make any
other provisions with respect to matters or questions arising under the
Agreement which are not materially inconsistent with the provisions of the
Agreement, provided that such action does not, as evidenced by an Opinion of
Counsel, adversely affect in any material respect the interests of any
Certificateholder.

     The Agreement may also be amended from time to time by the Depositor, the
Servicer and the Trustee, with the consent of the Holders of Certificates
evidencing in the aggregate not less than 66 2/3% of the Percentage Interests of
each Class of Certificates affected thereby, for the purpose of adding any
provisions to or changing in any manner or eliminating any of the provisions of
the Agreement or of modifying in any manner the rights of the Holders of
Certificates of such Class; provided, however, that no such amendment may (i)
reduce in any manner the amount of, or delay the timing of, payments received on
Mortgage Loans which are required to be distributed on any Certificate without
the consent of the Holder of such Certificate, (ii) adversely affect in any
material respect the interests of the Holders of

                                      A-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:                                  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
(Signature guaranty)                    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 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 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.

                              CLASS B-1 CERTIFICATE

<TABLE>
<S>                                     <C>
Number: 07-FF1-B-[_]                    Original Denomination:
                                        $[_____]

Cut-off Date: January 1, 2007           Last Scheduled
                                        Distribution Date: January 25, 2038

First Distribution Date:                Aggregate Initial Certificate
February 26, 2007                       Balance of all Class B-[_]
                                        Certificates: $[_____]

Pass-Through Rate: Variable(3)          CUSIP: [_____]
</TABLE>

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

                                      A-18

<PAGE>

                       FIRST FRANKLIN MORTGAGE LOAN TRUST
            MORTGAGE LOAN ASSET-BACKED CERTIFICATES, SERIES 2007-FF1

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 January 1, 2007, 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 2007-FF1, 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 February
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

                                      A-19

<PAGE>

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-20

<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-21

<PAGE>

                             REVERSE OF CERTIFICATE

                       FIRST FRANKLIN MORTGAGE LOAN TRUST
                    MORTGAGE LOAN ASSET-BACKED CERTIFICATES,
                                 SERIES 2007-FF1

     This Certificate is one of a duly authorized issue of Certificates,
designated as First Franklin Mortgage Loan Trust Mortgage Loan Asset-Backed
Certificates, Series 2007-FF1, issued in one or more Classes of Class A
Certificates, Class M Certificates, Class B Certificates, Class P Certificates
and Class C Certificates, each evidencing an interest in certain distributions
with respect to a pool of conventional, sub-prime Mortgage Loans formed and sold
by the Depositor and certain other property conveyed by the Depositor to the
Trustee.

     Following the initial issuance of the Certificates, the principal balance
of this Certificate will be different from the Original Denomination shown
above. Anyone acquiring this Certificate may ascertain its current principal
balance by inquiry of the Trustee.

     The Holder, by its acceptance of this Certificate, agrees that it will look
solely to the Trust Fund and certain amounts resulting from credit enhancements
for payment hereunder and that the Trustee is not liable to the Holders for any
amount payable under this Certificate or the Agreement or, except as expressly
provided in the Agreement, subject to any liability under the Agreement.

     This Certificate does not purport to summarize the Agreement and reference
is made to the Agreement for the interests, rights and limitations of rights,
benefits, obligations and duties evidenced hereby, and the rights, duties and
immunities of the Trustee.

     No service charge will be made to the Holder for any transfer or exchange
of the Certificate, but the Trustee may require payment of a sum sufficient to
cover any tax or governmental charge that may be imposed in connection with any
transfer or exchange of the Certificate. Prior to due presentation of a
Certificate for registration of transfer, the Depositor and the Trustee may
treat the person in whose name any Certificate is registered as the owner of
such Certificate and the Percentage Interest in the Trust Fund evidenced thereby
for the purpose of receiving distributions pursuant to the Agreement and for all
other purposes whatsoever, and neither the Depositor nor the Trustee will be
affected by notice to the contrary.

     The Agreement may be amended from time to time by the Depositor, the
Servicer and the Trustee, without the consent of any of the Certificateholders,
to cure any ambiguity, to correct or supplement any provisions therein which may
be inconsistent with the other provisions therein, to ensure continuing
treatment of each REMIC included in the Trust Fund as a REMIC, or to make any
other provisions with respect to matters or questions arising under the
Agreement which are not materially inconsistent with the provisions of the
Agreement, provided that such action does not, as evidenced by an Opinion of
Counsel, adversely affect in any material respect the interests of any
Certificateholder.

     The Agreement may also be amended from time to time by the Depositor, the
Servicer and the Trustee with the consent of the Holders of Certificates
evidencing in the aggregate not less than 66 2/3% of the Percentage Interests of
each Class of Certificates affected thereby for the purpose of adding any
provisions to or changing in any manner or eliminating any of the provisions of
the Agreement or of modifying in any manner the rights of the Holders of
Certificates of such Class; provided, however, that no such amendment may (i)
reduce in any manner the amount of, or delay the timing of, payments received on
Mortgage Loans which are required to be distributed on any Certificate without
the consent of the Holder of such Certificate, (ii) adversely affect in any
material respect the interests of the Holders of any Class of Certificates in a
manner other than as described in clause (i), without the consent of the

                                      A-22

<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") 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-23

<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:                                  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
(Signature guaranty)                    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-24

<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-25

<PAGE>

BELOW. ANYONE ACQUIRING THIS CERTIFICATE MAY ASCERTAIN ITS CURRENT PRINCIPAL
BALANCE BY INQUIRY OF THE TRUSTEE.

                               CLASS C CERTIFICATE

<TABLE>
<S>                                       <C>
Number: 07-FF1-C-1                      Percentage Interest: 100%

Cut-off Date: January 1, 2007

First Distribution Date: February 26,
2007

Pass-Through Rate: Variable             CUSIP: 32028TAP2
</TABLE>

                                      A-26

<PAGE>

                       FIRST FRANKLIN MORTGAGE LOAN TRUST
                    MORTGAGE LOAN ASSET-BACKED CERTIFICATES,
                                 SERIES 2007-FF1

          evidencing an ownership interest in distributions allocable to the
Class C Certificates with respect to a pool of conventional, sub-prime mortgage
loans formed and sold by

                     MERRILL LYNCH MORTGAGE INVESTORS, INC.

          This certifies that MERRILL LYNCH, PIERCE, FENNER & SMITH
INCORPORATED, as nominee for Merrill Lynch Funding Corp, is the registered owner
of the ownership interest (the "Ownership Interest") evidenced by this
Certificate (obtained by dividing the Original Denomination of this Certificate
by the aggregate Initial Certificate Balance of all Class C Certificates) in
certain distributions with respect to a pool of conventional, sub-prime mortgage
loans (the "Mortgage Loans") formed and sold by Merrill Lynch Mortgage
Investors, Inc. (hereinafter called the "Depositor"), and certain other property
held in trust for the benefit of Certificateholders (collectively, the "Trust
Fund"). The Mortgage Loans are serviced by National City Home Loan Services,
Inc. (the "Servicer") and are secured by first-lien mortgages on the Mortgaged
Properties. The Trust Fund was created pursuant to a pooling and servicing
agreement (the "Agreement"), dated as of January 1, 2007, 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 2007-FF1, Class C (the "Class C Certificates") and is
issued under and is subject to the terms, provisions and conditions of the
Agreement, to which Agreement the Holder of this Certificate by virtue of the
acceptance hereof assents and by which Agreement such Holder is bound.

          The Class A Certificates, the Class M Certificates, the Class B
Certificates, the Class P Certificates and the Class C Certificates are
collectively referred to herein as the "Certificates."

          Pursuant to the terms of the Agreement, the Trustee will distribute
from funds in the Certificate Account the amounts described in the Agreement on
the 25th day of each month or, if such 25th day is not a Business Day, the
Business Day immediately following (the "Distribution Date"), commencing in
February 2007. Such distributions will be made to the Person in whose name this
Certificate is registered at the close of business on the last Business Day of
the month preceding the month in which such payment is made.

          Distributions on this Certificate will be made either by wire transfer
in immediately available funds to the account of such certificateholder at a
bank or other depository institution having appropriate wire transfer facilities
or, in the case of any certificateholder that has so notified the Trustee in
writing in accordance with the Agreement, by check mailed to the address of the
person entitled to distributions as it appears on the Certificate Register;
provided, however, that the final distribution in retirement of the certificates
will be made only upon presentation and surrender of this Certificate at the
office of the Trustee or such other address designated in writing by the
Trustee. On each Distribution Date, a holder of this Certificate will receive
such holder's Percentage Interest of the amounts required to be distributed with
respect to the applicable Class of Certificates.

          The Trustee will maintain or cause to be maintained a Certificate
Register in which, subject to such reasonable regulations as it may prescribe,
the Trustee will provide for the registration of

                                      A-27

<PAGE>

Certificates and of transfers and exchanges of Certificates. Upon surrender for
registration of transfer of any Certificate at any office or agency of the
Trustee, or, if an Authenticating Agent has been appointed under the Agreement,
the Authenticating Agent, maintained for such purpose, the Trustee, will,
subject to the limitations set forth in the Agreement, authenticate and deliver,
in the name of the designated transferee or transferees, a Certificate of a like
class and dated the date of authentication by the Authenticating Agent.
Notwithstanding the above, the final distribution on this Certificate will be
made after due notice by the Trustee, of the pendency of such distribution and
only upon presentation and surrender of this Certificate at the office or agency
appointed by the Trustee, for that purpose and specified in such notice of final
distribution.

          Reference is hereby made to the further provisions of this Certificate
set forth on the reverse hereof which further provisions shall for all purposes
have the same effect as if set forth at this place.

          Unless the certificate of authentication has been executed by the
Authenticating Agent, by manual signature, this Certificate shall not be
entitled to any benefit under the Agreement or be valid for any purpose.

                                      A-28

<PAGE>

          IN WITNESS WHEREOF, the Trustee has caused this Certificate to be duly
executed.

Dated: [__________]                     LASALLE BANK NATIONAL ASSOCIATION, as
                                        Trustee

                                        By:
                                            ------------------------------------
                                            Authorized Officer

CERTIFICATE OF AUTHENTICATION

This is one of the Certificates referred
to in the within-mentioned Agreement.

LASALLE BANK NATIONAL ASSOCIATION,
as Authenticating Agent

By:
    ---------------------------------
    Authorized Signatory

                                      A-29

<PAGE>

                             REVERSE OF CERTIFICATE

                       FIRST FRANKLIN MORTGAGE LOAN TRUST
                    MORTGAGE LOAN ASSET-BACKED CERTIFICATES,
                                 Series 2007-FF1

          This Certificate is one of a duly authorized issue of Certificates,
designated as First Franklin Mortgage Loan Trust Mortgage Loan Asset-Backed
Certificates, Series 2007-FF1, issued in one or more Classes of Class A
Certificates, Class M Certificates, Class B Certificates, Class P Certificates
and Class C Certificates, each evidencing an interest in certain distributions
with respect to a pool of conventional, sub-prime Mortgage Loans formed and sold
by the Depositor and certain other property conveyed by the Depositor to the
Trustee.

          Following the initial issuance of the Certificates, the principal
balance of this Certificate will be different from the Original Denomination
shown above. Anyone acquiring this Certificate may ascertain its current
principal balance by inquiry of the Trustee.

          The Holder, by its acceptance of this Certificate, agrees that it will
look solely to the Trust Fund and certain amounts resulting from credit
enhancements for payment hereunder and that the Trustee is not liable to the
Holders for any amount payable under this Certificate or the Agreement or,
except as expressly provided in the Agreement, subject to any liability under
the Agreement.

          This Certificate does not purport to summarize the Agreement and
reference is made to the Agreement for the interests, rights and limitations of
rights, benefits, obligations and duties evidenced hereby, and the rights,
duties and immunities of the Trustee.

          No service charge will be made to the Holder for any transfer or
exchange of the Certificate, but the Trustee may require payment of a sum
sufficient to cover any tax or governmental charge that may be imposed in
connection with any transfer or exchange of the Certificate. Prior to due
presentation of a Certificate for registration of transfer, the Depositor and
the Trustee may treat the person in whose name any Certificate is registered as
the owner of such Certificate and the Percentage Interest in the Trust Fund
evidenced thereby for the purpose of receiving distributions pursuant to the
Agreement and for all other purposes whatsoever, and neither the Depositor nor
the Trustee will be affected by notice to the contrary.

          The Agreement may be amended from time to time by the Depositor, the
Servicer and the Trustee, without the consent of any of the Certificateholders,
to cure any ambiguity, to correct or supplement any provisions therein which may
be inconsistent with the other provisions therein, to ensure continuing
treatment of each REMIC included in the Trust Fund as a REMIC, or to make any
other provisions with respect to matters or questions arising under the
Agreement which are not materially inconsistent with the provisions of the
Agreement, provided that such action does not, as evidenced by an Opinion of
Counsel, adversely affect in any material respect the interests of any
Certificateholder.

          The Agreement may also be amended from time to time by the Depositor,
the Servicer and the Trustee, with the consent of the Holders of Certificates
evidencing in the aggregate not less than 66 2/3% of the Percentage Interests of
each Class of Certificates affected thereby, for the purpose of adding any
provisions to or changing in any manner or eliminating any of the provisions of
the Agreement or of modifying in any manner the rights of the Holders of
Certificates of such Class; provided, however, that no such amendment may (i)
reduce in any manner the amount of, or delay the timing of, payments received on
Mortgage Loans which are required to be distributed on any Certificate without
the consent of the Holder of such Certificate, (ii) adversely affect in any
material respect the

                                      A-30

<PAGE>

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"). The REMIC Regular
Interests will represent "regular interests" in one of the REMICs included in
the Trust Fund. The Class R Certificate will represent the sole class of
"residual interest" in each of the REMICs.

          The obligations and responsibilities of the Depositor, the Servicer
and the Trustee under the Agreement shall terminate upon the earlier of (a) the
exercise by the Trustee of an Optional Termination; and (b) the later of (i) the
maturity or other liquidation (or any Advance with respect thereto) of the last
Mortgage Loan remaining in the Trust Fund and the disposition of all REO
Property and (ii) the distribution to Certificateholders of all amounts required
to be distributed to them pursuant to this Agreement, as applicable. In no event
shall the trusts created under the Agreement continue beyond the earlier of (i)
the expiration of 21 years from the death of the last survivor of the
descendants of Joseph P. Kennedy, the late Ambassador of the United States to
the Court of St. James's, living on the date hereof and (ii) the Latest Possible
Maturity Date.

                                      A-31
<PAGE>

                                   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:                                  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
(Signature guaranty)                    whatever.

          (*This information, which is voluntary, is being requested to ensure
that the assignee will not be subject to backup withholding under Section 3406
of the Code.)

                                      A-32
<PAGE>

                           FORM OF CLASS P CERTIFICATE

THIS CERTIFICATE DOES NOT REPRESENT AN OBLIGATION OF OR INTEREST IN THE
DEPOSITOR, THE TRUSTEE OR THE SERVICER REFERRED TO BELOW OR ANY OF THEIR
AFFILIATES. NEITHER THIS CERTIFICATE NOR THE UNDERLYING MORTGAGE LOANS ARE
GUARANTEED OR INSURED BY THE DEPOSITOR, THE TRUSTEE, THE SERVICER OR BY ANY OF
THEIR AFFILIATES OR BY ANY GOVERNMENTAL AGENCY OR INSTRUMENTALITY.

THIS CLASS P CERTIFICATE HAS NOT BEEN AND WILL NOT BE REGISTERED UNDER THE
SECURITIES ACT OF 1933, AS AMENDED, OR THE SECURITIES LAWS OF ANY STATE AND MAY
NOT BE RESOLD OR TRANSFERRED UNLESS IT IS SOLD OR TRANSFERRED IN TRANSACTIONS
WHICH ARE EXEMPT FROM REGISTRATION UNDER SUCH ACT OR UNDER APPLICABLE STATE LAW
AND IS TRANSFERRED IN ACCORDANCE WITH THE PROVISIONS OF SECTION 5.02 OF THE
POOLING AND SERVICING AGREEMENT REFERRED TO HEREIN.

NO TRANSFER OF THIS CERTIFICATE SHALL BE REGISTERED UNLESS THE PROSPECTIVE
TRANSFEREE PROVIDES THE TRUSTEE AND THE DEPOSITOR WITH (A) A REPRESENTATION THAT
SUCH TRANSFEREE IS NOT AN EMPLOYEE BENEFIT PLAN SUBJECT TO TITLE I OF THE
EMPLOYEE RETIREMENT INCOME SECURITY ACT OF 1974, AS AMENDED ("ERISA"), A PLAN
SUBJECT TO SECTION 4975 OF THE CODE OR A PLAN SUBJECT TO ANY STATE, LOCAL,
FEDERAL, NON-U.S. OR OTHER LAW SUBSTANTIVELY SIMILAR TO THE FOREGOING PROVISIONS
OF ERISA OR THE CODE ("SIMILAR LAW"), AND IS NOT DIRECTLY OR INDIRECTLY
ACQUIRING THIS CERTIFICATE FOR, ON BEHALF OF, OR WITH ANY ASSETS OF ANY SUCH
PLAN, (B) IF THE CERTIFICATE HAS BEEN THE SUBJECT OF AN ERISA-QUALIFYING
UNDERWRITING, A REPRESENTATION THAT SUCH TRANSFEREE IS AN INSURANCE COMPANY THAT
IS ACQUIRING THE CERTIFICATE WITH ASSETS OF AN "INSURANCE COMPANY GENERAL
ACCOUNT" AS DEFINED IN SECTION V(E) OF PROHIBITED TRANSACTION CLASS EXEMPTION
("PTCE") 95-60 AND THE ACQUISITION AND HOLDING OF THE CERTIFICATE ARE COVERED
AND EXEMPT UNDER SECTIONS I AND III OF PTCE 95-60 OR (C) SOLELY IN THE CASE OF A
DEFINITIVE CERTIFICATE, AN OPINION OF COUNSEL SATISFACTORY TO THE TRUSTEE, AND
UPON WHICH THE TRUSTEE SHALL BE ENTITLED TO RELY, TO THE EFFECT THAT THE
ACQUISITION AND HOLDING OF SUCH CERTIFICATE BY THE PROSPECTIVE TRANSFEREE WILL
NOT CONSTITUTE OR RESULT IN A NONEXEMPT PROHIBITED TRANSACTION UNDER ERISA OR
THE CODE OR A VIOLATION OF SIMILAR LAW AND WILL NOT SUBJECT THE NIMS INSURER,
THE TRUSTEE, THE SERVICER OR THE DEPOSITOR TO ANY OBLIGATION IN ADDITION TO
THOSE UNDERTAKEN BY SUCH ENTITIES IN THE POOLING AND SERVICING AGREEMENT, WHICH
OPINION OF COUNSEL SHALL NOT BE AN EXPENSE OF THE NIMS INSURER, THE TRUSTEE, THE
SERVICER OR THE DEPOSITOR.

                                      A-33

<PAGE>

                               CLASS P CERTIFICATE

<TABLE>
<S>                                          <C>
Number: 07-FF1-P-1                           Percentage Interest: 100%

Cut-off Date: January 1, 2007

First Distribution Date: February 26, 2007   CUSIP: 32028TAQ0
</TABLE>

                                      A-34

<PAGE>

                       FIRST FRANKLIN MORTGAGE LOAN TRUST
                    MORTGAGE LOAN ASSET-BACKED CERTIFICATES,
                                 SERIES 2007-FF1

evidencing an ownership interest in distributions allocable to the Class P
Certificates with respect to a pool of conventional, sub-prime mortgage loans
formed and sold by

                     MERRILL LYNCH MORTGAGE INVESTORS, INC.

          This certifies that MERRILL LYNCH, PIERCE, FENNER & SMITH
INCORPORATED, as nominee for Merrill Lynch Funding Corp, is the registered owner
of the ownership interest (the "Ownership Interest") evidenced by this
Certificate (obtained by dividing the Original Denomination of this Certificate
by the aggregate Initial Certificate Balance of all Class P Certificates) in
certain distributions with respect to a pool of conventional, sub-prime mortgage
loans (the "Mortgage Loans") formed and sold by Merrill Lynch Mortgage
Investors, Inc. (hereinafter called the "Depositor"), and certain other property
held in trust for the benefit of Certificateholders (collectively, the "Trust
Fund"). The Mortgage Loans are serviced by National City Home Loan Services,
Inc. (the "Servicer") and are secured by first-lien mortgages on the Mortgaged
Properties. The Trust Fund was created pursuant to a pooling and servicing
agreement (the "Agreement"), dated as of January 1, 2007, 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 2007-FF1, Class P (the "Class P Certificates") and is
issued under and is subject to the terms, provisions and conditions of the
Agreement, to which Agreement the Holder of this Certificate by virtue of the
acceptance hereof assents and by which Agreement such Holder is bound.

          The Class A Certificates, the Class M Certificates, the Class B
Certificates, the Class P Certificates, the Class C Certificates and the Class R
Certificate are collectively referred to herein as the "Certificates."

          Pursuant to the terms of the Agreement, the Trustee will distribute
from funds in the Certificate Account the amounts described in the Agreement on
the 25th day of each month or, if such 25th day is not a Business Day, the
Business Day immediately following (the "Distribution Date"), commencing in
February 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-35

<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-36

<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-37

<PAGE>

                             REVERSE OF CERTIFICATE

                       FIRST FRANKLIN MORTGAGE LOAN TRUST
                    MORTGAGE LOAN ASSET-BACKED CERTIFICATES,
                                 Series 2007-FF1

          This Certificate is one of a duly authorized issue of Certificates,
designated as First Franklin Mortgage Loan Trust Mortgage Loan Asset-Backed
Certificates, Series 2007-FF1, issued in one or more Classes of Class A
Certificates, Class M Certificates, Class B Certificates, Class P Certificates
and Class C Certificates, each evidencing an interest in certain distributions
with respect to a pool of conventional, sub-prime Mortgage Loans formed and sold
by the Depositor and certain other property conveyed by the Depositor to the
Trustee.

          The Holder, by its acceptance of this Certificate, agrees that it will
look solely to the Trust Fund and certain amounts resulting from credit
enhancements for payment hereunder and that the Trustee is not liable to the
Holders for any amount payable under this Certificate or the Agreement or,
except as expressly provided in the Agreement, subject to any liability under
the Agreement.

          This Certificate does not purport to summarize the Agreement and
reference is made to the Agreement for the interests, rights and limitations of
rights, benefits, obligations and duties evidenced hereby, and the rights,
duties and immunities of the Trustee.

          No service charge will be made to the Holder for any transfer or
exchange of the Certificate, but the Trustee may require payment of a sum
sufficient to cover any tax or governmental charge that may be imposed in
connection with any transfer or exchange of the Certificate. Prior to due
presentation of a Certificate for registration of transfer, the Depositor and
the Trustee may treat the person in whose name any Certificate is registered as
the owner of such Certificate and the Percentage Interest in the Trust Fund
evidenced thereby for the purpose of receiving distributions pursuant to the
Agreement and for all other purposes whatsoever, and neither the Depositor nor
the Trustee will be affected by notice to the contrary.

          The Agreement may be amended from time to time by the Depositor, the
Servicer and the Trustee, without the consent of any of the Certificateholders,
to cure any ambiguity, to correct or supplement any provisions therein which may
be inconsistent with the other provisions therein, to ensure continuing
treatment of each REMIC included in the Trust Fund as a REMIC, or to make any
other provisions with respect to matters or questions arising under the
Agreement which are not materially inconsistent with the provisions of the
Agreement, provided that such action does not, as evidenced by an Opinion of
Counsel, adversely affect in any material respect the interests of any
Certificateholder.

          The Agreement may also be amended from time to time by the Depositor,
the Servicer the Trustee, with the consent of the Holders of Certificates
evidencing in the aggregate not less than 66 2/3% of the Percentage Interests of
each Class of Certificates affected thereby, for the purpose of adding any
provisions to or changing in any manner or eliminating any of the provisions of
the Agreement or of modifying in any manner the rights of the Holders of
Certificates of such Class; provided, however, that no such amendment may (i)
reduce in any manner the amount of, or delay the timing of, payments received on
Mortgage Loans which are required to be distributed on any Certificate without
the consent of the Holder of such Certificate, (ii) adversely affect in any
material respect the interests of the Holders of any Class of Certificates in a
manner other than as described in clause (i), without the consent of the Holders
of Certificates of such Class evidencing 66 2/3% or more of the Voting Rights of
such Class or

                                      A-38

<PAGE>

(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-39

<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:                                  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
(Signature guaranty)                    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-40

<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: 07-FF1-R-1                           Principal Balance: $100.00

Cut-off Date: January 1, 2007                Pass-Through Rate: Variable(4)

First Distribution Date: February 26, 2007   CUSIP: 32028TAR8
</TABLE>

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

                                      A-41

<PAGE>

                       FIRST FRANKLIN MORTGAGE LOAN TRUST
                    MORTGAGE LOAN ASSET-BACKED CERTIFICATES,
                                 SERIES 2007-FF1

evidencing an ownership interest in distributions allocable to the Class R
Certificates with respect to a pool of conventional, sub-prime mortgage loans
formed and sold by

                     MERRILL LYNCH MORTGAGE INVESTORS, INC.

          This certifies that MERRILL LYNCH, PIERCE, FENNER & SMITH
INCORPORATED, as nominee for Merrill Lynch Funding Corporation, is the
registered owner of the ownership interest (the "Ownership Interest") evidenced
by this Certificate (obtained by dividing the Original Denomination of this
Certificate by the aggregate Initial Certificate Balance of all Class R
Certificates) in certain distributions with respect to a pool of conventional,
sub-prime mortgage loans (the "Mortgage Loans") formed and sold by Merrill Lynch
Mortgage Investors, Inc. (hereinafter called the "Depositor"), and certain other
property held in trust for the benefit of Certificateholders (collectively, the
"Trust Fund"). The Mortgage Loans are serviced by National City Home Loan
Services, Inc. (the "Servicer") and are secured by first-lien mortgages on the
Mortgaged Properties. The Trust Fund was created pursuant to a pooling and
servicing agreement (the "Agreement"), dated as of January 1, 2007, among the
Depositor, the Servicer and LaSalle Bank National Association ("LB"), as as
trustee (the "Trustee"), a summary of certain of the pertinent provisions of
which is set forth hereafter. To the extent not defined herein, the capitalized
terms used herein have the meanings assigned in the Agreement.

          This Certificate is one of a duly authorized issue of Certificates,
designated as First Franklin Mortgage Loan Trust Mortgage Loan Asset-Backed
Certificates, Series 2007-FF1, Class R (the "Class R Certificate") and is issued
under and is subject to the terms, provisions and conditions of the Agreement,
to which Agreement the Holder of this Certificate by virtue of the acceptance
hereof assents and by which Agreement such Holder is bound.

          The Class A Certificates, the Class M Certificates, the Class B
Certificates, the Class P Certificates and the Class C Certificates are
collectively referred to herein as the "Certificates."

          Pursuant to the terms of the Agreement, the Trustee will distribute
from funds in the Certificate Account the amounts described in the Agreement on
the 25th day of each month or, if such 25th day is not a Business Day, the
Business Day immediately following (the "Distribution Date"), commencing in
February 2007. Such distributions will be made to the Person in whose name this
Certificate is registered at the close of business on the last Business Day of
the month preceding the month in which such payment is made.

          Distributions on this Certificate will be made either by wire transfer
in immediately available funds to the account of such certificateholder at a
bank or other depository institution having appropriate wire transfer facilities
or, in the case of any certificateholder that has so notified the Trustee in
writing in accordance with the Agreement, by check mailed to the address of the
person entitled to distributions as it appears on the Certificate Register;
provided, however, that the final distribution in retirement of the certificates
will be made only upon presentation and surrender of this Certificate at the
office of the Trustee or such other address designated in writing by the
Trustee. On each Distribution Date, a holder of this Certificate will receive
such holder's Percentage Interest of the amounts required to be distributed with
respect to the applicable Class of Certificates.

                                      A-42

<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-43

<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-44

<PAGE>

                             REVERSE OF CERTIFICATE

                       FIRST FRANKLIN MORTGAGE LOAN TRUST
                    MORTGAGE LOAN ASSET-BACKED CERTIFICATES,
                                 Series 2007-FF1

     This Certificate is one of a duly authorized issue of Certificates,
designated as First Franklin Mortgage Loan Trust Mortgage Loan Asset-Backed
Certificates, Series 2007-FF1, issued in one or more Classes of Class A
Certificates, Class M Certificates, Class B Certificates, Class P Certificates
and Class C Certificates, each evidencing an interest in certain distributions
with respect to a pool of conventional, sub-prime Mortgage Loans formed and sold
by the Depositor and certain other property conveyed by the Depositor to the
Trustee.

     Following the initial issuance of the Certificates, the principal balance
of this Certificate will be different from the Original Denomination shown
above. Anyone acquiring this Certificate may ascertain its current principal
balance by inquiry of the Trustee.

     The Holder, by its acceptance of this Certificate, agrees that it will look
solely to the Trust Fund and certain amounts resulting from credit enhancements
for payment hereunder and that the Trustee is not liable to the Holders for any
amount payable under this Certificate or the Agreement or, except as expressly
provided in the Agreement, subject to any liability under the Agreement.

     This Certificate does not purport to summarize the Agreement and reference
is made to the Agreement for the interests, rights and limitations of rights,
benefits, obligations and duties evidenced hereby, and the rights, duties and
immunities of the Trustee.

     No service charge will be made to the Holder for any transfer or exchange
of the Certificate, but the Trustee may require payment of a sum sufficient to
cover any tax or governmental charge that may be imposed in connection with any
transfer or exchange of the Certificate. Prior to due presentation of a
Certificate for registration of transfer, the Depositor and the Trustee may
treat the person in whose name any Certificate is registered as the owner of
such Certificate and the Percentage Interest in the Trust Fund evidenced thereby
for the purpose of receiving distributions pursuant to the Agreement and for all
other purposes whatsoever, and neither the Depositor nor the Trustee will be
affected by notice to the contrary.

     The Agreement may be amended from time to time by the Depositor, the
Servicer and the Trustee, without the consent of any of the Certificateholders,
to cure any ambiguity, to correct or supplement any provisions therein which may
be inconsistent with the other provisions therein, to ensure continuing
treatment of each REMIC included in the Trust Fund as a REMIC, or to make any
other provisions with respect to matters or questions arising under the
Agreement which are not materially inconsistent with the provisions of the
Agreement, provided that such action does not, as evidenced by an Opinion of
Counsel, adversely affect in any material respect the interests of any
Certificateholder.

     The Agreement may also be amended from time to time by the Depositor, the
Servicer and the Trustee, with the consent of the Holders of Certificates
evidencing in the aggregate not less than 66 2/3% of the Percentage Interests of
each Class of Certificates affected thereby, for the purpose of adding any
provisions to or changing in any manner or eliminating any of the provisions of
the Agreement or of modifying in any manner the rights of the Holders of
Certificates of such Class; provided, however, that no such amendment may (i)
reduce in any manner the amount of, or delay the timing of, payments received on
Mortgage Loans which are required to be distributed on any Certificate without
the consent of the Holder of such Certificate, (ii) adversely affect in any
material respect the interests of the Holders of

                                      A-45

<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-46

<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:                                  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
(Signature guaranty)                    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-47
<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

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 2007-FF1

Ladies and Gentlemen:

          In accordance with Section 2.02 of the Pooling and Servicing
Agreement, dated as of January 1, 2007, among Merrill Lynch Mortgage Investors,
Inc., as depositor, LaSalle Bank National Association, as trustee, 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 2007-FF1

Ladies and Gentlemen:

          We propose to purchase First Franklin Mortgage Loan Trust, Mortgage
Loan Asset-Backed Certificates, Series 2007-FF1, Class R, described in the
Prospectus Supplement, dated January 23, 2007, 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 2007-FF1, Class R Certificate on
behalf of a disqualified organization or any other entity,

     13. unless Merrill Lynch Mortgage Investors, Inc.("MLMI") has consented to
the transfer to the Transferee by executing the form of Consent affixed as
Appendix B to the Transferee's Letter to which this Certificate is affixed as
Appendix A, the Transferee is a "U.S. person" (as defined below),

     14. that no purpose of the transfer is to avoid or impede the assessment or
collection of tax,

     15. the Transferee has historically paid its debts as they became due,

     16. the Transferee intends, and believes that it will be able, to continue
to pay its debts as they become due in the future,

     17. the Transferee understands that, as beneficial owner of the Class R
Certificate, it may incur tax liabilities in excess of any cash flows generated
by the Class R Certificate,

     18. the Transferee intends to pay any taxes associated with holding the
Class R Certificate as they become due,

     19. the Transferee consents to any amendment of the Pooling and Servicing
Agreement that shall be deemed necessary by Merrill Lynch Mortgage Investors,
Inc. (upon advice of counsel) to constitute a reasonable arrangement to ensure
that the Class R Certificate will not be owned directly or indirectly by a
disqualified organization, and

     20. IF BRACKETED, THE FOLLOWING CERTIFICATIONS ARE INAPPLICABLE [the
transfer is not a direct or indirect transfer of the Class R Certificate to a
foreign permanent establishment or fixed base (within the meaning of an
applicable income tax treaty) of the Transferee, and as to each of the residual
interests represented by the Class R Certificate, the present value of the
anticipated tax liabilities associated with holding such residual interest does
not exceed the sum of:

     A. the present value of any consideration given to the Transferee to
acquire such residual interest;

                                     E-1-4

<PAGE>

     B. the present value of the expected future distributions on such residual
interest; and

     C. the present value of the anticipated tax savings associated with holding
such residual interest as the related REMIC generates losses.

For purposes of this declaration, (i) the Transferee is assumed to pay tax at a
rate equal to the highest rate of tax specified in Section 11(b)(1) of the Code,
but the tax rate specified in Section 55(b)(1)(B) of the Code may be used in
lieu of the highest rate specified in Section 11(b)(1) of the Code if the
Transferee has been subject to the alternative minimum tax under Section 55 of
the Code in the preceding two years and will compute its taxable income in the
current taxable year using the alternative minimum tax rate, and (ii) present
values are computed using a discount rate equal to the Federal short-term rate
prescribed by Section 1274(d) of the Code for the month of the transfer and the
compounding period used by the Transferee;]

[11. (A) at the time of the transfer, and at the close of each of the
     Transferee's two fiscal years preceding the Transferee's fiscal year of
     transfer, the Transferee's gross assets for financial reporting purposes
     exceed $100 million and its net assets for financial reporting purposes
     exceed $10 million; and

     (B) the Transferee is an eligible corporation as defined in Treasury
     regulations Section 1.860E-1(c)(6)(i) and has agreed in writing that any
     subsequent transfer of the Class R Certificate will be to another eligible
     corporation in a transaction that satisfies Treasury regulation Sections
     1.860E-1(c)(4)(i), 1.860E-1(c)(4)(ii), 1.860E-1(c)(4)(iii) and
     1.860E-1(c)(5) and such transfer will not be a direct or indirect transfer
     to a foreign permanent establishment (within the meaning of an applicable
     income tax treaty) of a domestic corporation.

For purposes of this declaration, the gross and net assets of the Transferee do
not include any obligation of any related person as defined in Treasury
regulation Section 1.860E-1(c)(6)(ii) or any other asset if a principal purpose
for holding or acquiring the other asset is to permit the Transferee to make
this declaration or to satisfy the requirements of Treasury regulation Section
1.860E-1(c)(5)(i).]

12. The Transferee will not cause income from the Class R Certificate to be
attributable to a foreign permanent establishment or fixed base (within the
meaning of an applicable income tax treaty) of the Transferee or another U.S.
taxpayer.

For purpose of this affidavit, the term "disqualified organization" means the
United States, any state or political subdivision thereof, any foreign
government, any international organization, any agency or instrumentality of any
of the foregoing (except any entity treated as other than an instrumentality of
the foregoing for purposes of Section 168(h)(2)(D) of the Internal Revenue Code
of 1986, as amended (the "Code")), any organization (other than a cooperative
described in Section 521 of the Code) that is exempt from taxation under the
Code (unless such organization is subject to tax on excess inclusions) and any
organization that is described in Section 1381(a)(2)(C) of the Code and the term
"U.S. Person" means a citizen or resident of the United States, a corporation or
partnership (unless, in the case of a partnership, Treasury regulations are
adopted that provide otherwise) created or organized in or under the laws of the
United States, any state thereof or the District of Columbia, including an
entity treated as a corporation or partnership for federal income tax purposes,
an estate whose income is subject to Unites States federal income tax regardless
of its source, or a trust if a court within the United States is able to
exercise primary

                                     E-1-5

<PAGE>

supervision over the administration of such trust, and one or more such U.S.
Persons have the authority to control all substantial decisions of such trust,
(or, to the extent provided in applicable Treasury regulations, certain trusts
in existence on August 20, 1996 which are eligible to elect to be treated as
U.S. Persons).

By:
    ---------------------------------

Address of Investor for receipt of
distribution:

_____________________________________

_____________________________________

Address of Investor for receipt of
tax information:

_____________________________________

(Corporate Seal)

Attest:

__________________________, Secretary

                                     E-1-6

<PAGE>

Personally appeared before me the above-named ______________, known or proved to
me to be the same person who executed the foregoing instrument and to be the
_______ of the Investor, and acknowledged to me that he executed the same as his
free act and deed and the free act and deed of the Investor.

Subscribed and sworn before me this __ day of _____________, 200_.

Notary Public

County of
State of
My commission expires the ________ day of ______________

                                        By:
                                            ------------------------------------
                                        Name:
                                              ----------------------------------
                                        Title:
                                               ---------------------------------

Dated:
       ----------

                                     E-1-7
<PAGE>

                                   EXHIBIT E-2

                         FORM OF TRANSFEROR'S AFFIDAVIT

                                     [DATE]

LaSalle Bank National Association
135 South LaSalle Street
Suite 1511
Chicago, Illinois 60603

Attention: Global Securities and Trust Services - First Franklin Mortgage Loan
           Trust, Series 2007-FF1

Re: First Franklin Mortgage Loan Trust, Mortgage Loan Asset-Backed
    Certificates, Series 2007-FF1

          _______________________ (the "Transferor") has reviewed the attached
affidavit of _____________________________ (the "Transferee"), and has no actual
knowledge that such affidavit is not true, and has no reason to believe that the
Transferee has the intention to impede the assessment or collection of any
federal, state or local taxes legally required to be paid with respect to the
Class R Certificate referred to in the attached affidavit. In addition, the
Transferor has conducted a reasonable investigation at the time of the transfer
and found that the Transferee had historically paid its debts as they came due
and found no significant evidence to indicate that the Transferee will not
continue to pay its debts as they become due.

Very truly yours,

--------------------------------------
Name:
      --------------------------------
Title:
       -------------------------------

                                      E-2-1
<PAGE>

                                    EXHIBIT F

                         FORM OF TRANSFEROR CERTIFICATE

                                     [DATE]

LaSalle Bank National Association
135 South LaSalle Street
Suite 1511
Chicago, Illinois 60603

Attention: Global Securities and Trust Services - First Franklin Mortgage Loan
     Trust, Series 2007-FF1

RE: First Franklin Mortgage Loan Trust, Mortgage Loan Asset-Backed
    Certificates, Series 2007-FF1

Ladies and Gentlemen:

          In connection with our disposition of the Class [____] Certificate, we
certify that (a) we understand that the Certificates have not been registered
under the Securities Act of 1933, as amended (the "Act"), and are being disposed
by us in a transaction that is exempt from the registration requirements of the
Act and (b) we have not offered or sold any Certificates to, or solicited offers
to buy any Certificates from, any person, or otherwise approached or negotiated
with any person with respect thereto, in a manner that would be deemed, or taken
any other action that would result in, a violation of Section 5 of the Act. All
capitalized terms used herein but not defined herein shall have the meanings
assigned to them in the Pooling and Servicing Agreement, dated as of January 1,
2007, among Merrill Lynch Mortgage Investors, Inc., as depositor, LaSalle Bank
National Association, as trustee, and 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 2007-FF1

Re: First Franklin Mortgage Loan Trust, Mortgage Loan Asset-Backed
    Certificates, Series 2007-FF1

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 2007-FF1, Class [____] (the "Certificates"),
issued pursuant to a Pooling and Servicing Agreement, dated as of January 1,
2007 (the "Pooling and Servicing Agreement"), among Merrill Lynch Mortgage
Investors, Inc., as depositor (the "Depositor"), LaSalle Bank National
Association, as trustee (the "Trustee"), 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 AND THE 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

                                      G-1

<PAGE>

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.

     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 and the Cap Contract, 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 2007-FF1

Re:  First Franklin Mortgage Loan Trust, Mortgage Loan Asset-Backed
     Certificates, Series 2007-FF1

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 2007-FF1, Class [____] (the "Certificates"),
issued pursuant to a Pooling and Servicing Agreement, dated as of January 1,
2007 (the "Pooling and Servicing Agreement"), among Merrill Lynch Mortgage
Investors, Inc., as depositor (the "Depositor"), LaSalle Bank National
Association, as trustee (the "Trustee"), 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 and the
Cap Contract, our acquisition and holding of the Certificate is covered by and
exempt under any of Section 408(b)(17) of ERISA or Section 4975(d)(20) of the
Code, Prohibited Transaction Class Exemption ("PTCE") 84-14,

                                      H-1

<PAGE>

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

----------
*    Buyer must own and/or invest on a discretionary basis at least $100,000,000
     in securities unless Buyer is a dealer, and, in that case, Buyer must own
     and/or invest on a discretionary basis at least $10,000,000 in securities.

                                      H-4

<PAGE>

                     the Securities Exchange Act of 1934, as amended.

          _______    Insurance Company. The Buyer is an insurance company whose
                     primary and predominant business activity is the writing of
                     insurance or the reinsuring of risks underwritten by
                     insurance companies and which is subject to supervision by
                     the insurance commissioner or a similar official or agency
                     of the State, territory or the District of Columbia.

          _______    State or Local Plan. The Buyer is a plan established and
                     maintained by a State, its political subdivisions, or any
                     agency or instrumentality of the State or its political
                     subdivisions, for the benefit of its employees.

          _______    ERISA Plan. The Buyer is an employee benefit plan subject
                     to Title I of the Employee Retirement Income Security Act
                     of 1974, as amended.

          _______    Investment Advisor. The Buyer is an investment advisor
                     registered under the Investment Advisors Act of 1940, as
                     amended.

          _______    Small Business Investment Company. Buyer is a small
                     business investment company licensed by the U.S. Small
                     Business Administration under Section 301(c) or (d) of the
                     Small Business Investment Act of 1958, as amended.

          _______    Business Development Company. Buyer is a business
                     development company as defined in Section 202(a)(22) of the
                     Investment Advisors Act of 1940, as amended.

     34. The term "securities" as used for purposes of the calculation of the
dollar amount in paragraph 2 excludes: (i) securities of issuers that are
affiliated with the Buyer, (ii) securities that are part of an unsold allotment
to or subscription by the Buyer, if the Buyer is a dealer, (iii) securities
issued or guaranteed by the U.S. or any instrumentality thereof, (iv) bank
deposit notes and certificates of deposit, (v) loan participations, (vi)
repurchase agreements, (vii) securities owned but subject to a repurchase
agreement and (viii) currency, interest rate and commodity swaps.

     35. For purposes of determining the aggregate amount of securities owned
and/or invested on a discretionary basis by the Buyer, the Buyer used the cost
of such securities to the Buyer and did not include any of the securities
referred to in the preceding paragraph, except (i) where the Buyer reports its
securities holdings in its financial statements on the basis of their market
value, and (ii) no current information with respect to the cost of those
securities has been published. If clause (ii) in the preceding sentence applies,
the securities may be valued at market. Further, in determining such aggregate
amount, the Buyer may have included securities owned by subsidiaries of the
Buyer, but only if such subsidiaries are consolidated with the Buyer in its
financial statements prepared in accordance with generally accepted accounting
principles and if the investments of such subsidiaries are managed under the
Buyer's direction. However, such securities were not included if the Buyer is a
majority-owned, consolidated subsidiary of another enterprise and the Buyer is
not itself a reporting company under the Securities Exchange Act of 1934, as
amended.

                                      H-5

<PAGE>

     36. The Buyer acknowledges that it is familiar with Rule 144A and
understands that the seller to it and other parties related to the Certificates
are relying and will continue to rely on the statements made herein because one
or more sales to the Buyer may be in reliance on Rule 144A.

     37. Until the date of purchase of the Rule 144A Securities, the Buyer will
notify each of the parties to which this certification is made of any changes in
the information and conclusions herein. Until such notice is given, the Buyer's
purchase of the Certificates will constitute a reaffirmation of this
certification as of the date of such purchase. In addition, if the Buyer is a
bank or savings and loan as provided above, the Buyer agrees that it will
furnish to such parties updated annual financial statements promptly after they
become available.

                                        By:
                                           -------------------------------------
                                        Name:
                                              ----------------------------------
                                        Title:
                                               ---------------------------------
                                        Date:
                                              ----------------------------------

                                      H-6

<PAGE>

                                                                         ANNEX 2

            QUALIFIED INSTITUTIONAL BUYER STATUS UNDER SEC RULE 144A

           [FOR TRANSFEREES THAT ARE REGISTERED INVESTMENT COMPANIES]

          The undersigned (the "Buyer") hereby certifies as follows to the
parties listed in the Rule 144A Transferee Certificate to which this
certification relates with respect to the Certificates described therein:

     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 2007-FF1

Re:  First Franklin Mortgage Loan Trust, Mortgage Loan Asset-Backed
     Certificates, Series 2007-FF1

          In connection with the administration of the Mortgage Loans held by
you, as Trustee, pursuant to the Pooling and Servicing Agreement, dated as of
January 1, 2007, among Merrill Lynch Mortgage Investors, Inc., as depositor,
LaSalle Bank National Association, as Trustee, 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

Home Loan Services, Inc.
150 Allegheny Center Mall
Pittsburgh, Pennsylvania 15212

Re: Pooling and Servicing Agreement (the "Agreement"), dated as of January 1,
    2007, among Merrill Lynch Mortgage Investors, Inc., as depositor, 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 2007-FF1

          The Trustee hereby certifies to the Depositor, the Servicer and their
officers, directors and affiliates, and with the knowledge and intent that they
will rely upon this certification, that:

          (1) I have reviewed the annual report on Form 10-K for the fiscal year
[2006] (the "Annual Report"), and all reports on Form 8-K (if any) and on Form
10-D required to be filed in respect of the period covered by the Annual Report
(collectively with the Annual Report, the "Reports"), of the Issuing Entity;

          (2) To the best of my knowledge, and assuming the accuracy of the
statements required to be made or data required to be delivered by the Servicer
and Depositor (to the extent that such statements or data were received by the
Trustee and are relevant to the statements made by the Trustee in this Back-Up
Certification), the information in the Reports relating to the trustee, taken as
a whole, does not contain any untrue statement of a material fact or omit to
state a material fact necessary to make the statements made, in light of the
circumstances under which such statements were made, not misleading with respect
to the period covered by the Annual Report;

          (3) To the best of my knowledge, and assuming the accuracy of the
statements required to be made or data required to be delivered by the Servicer
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 2007-FF1

          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:
      --------------

Home Loan Services, Inc.,
as Servicer

By:
    ---------------------------------
Name:
      -------------------------------
Title:
       ------------------------------

                                       L-2
<PAGE>

                                   EXHIBIT M-1

                     FORM OF CLASS A-1 CAP CORRIDOR CONTRACT

                                                 (THE BANK OF NEW YORK(SM) LOGO)

                                                         Dated: January 26, 2007

                              RATE CAP TRANSACTION

                           RE: BNY REFERENCE NO. 38832

Ladies and Gentlemen:

     The purpose of this letter agreement ("AGREEMENT") is to confirm the terms
and conditions of the rate Cap Transaction entered into on the Trade Date
specified below (the "TRANSACTION") between The Bank of New York ("BNY"), a
trust company duly organized and existing under the laws of the State of New
York, and the First Franklin Mortgage Loan Trust, Series 2007-FF1 (the
"COUNTERPARTY"), as represented by LaSalle Bank National Association, not in its
individual capacity, but solely as Trustee under the Pooling and Servicing
Agreement, dated and effective January 1, 2007, among Merrill Lynch Mortgage
Investors, Inc., as Depositor, Home Loan Services, Inc., as Servicer and LaSalle
Bank National Association, as Trustee (the "POOLING AND SERVICING AGREEMENT").
This Agreement, which evidences a complete and binding agreement between you and
us to enter into the Transaction on the terms set forth below, constitutes a
"CONFIRMATION" as referred to in the "ISDA FORM MASTER AGREEMENT" (as defined
below), as well as a "Schedule" as referred to in the ISDA Form Master
Agreement.

     1. FORM OF AGREEMENT. This Agreement is subject to the 2000 ISDA
Definitions (the "DEFINITIONS"), as published by the International Swaps and
Derivatives Association, Inc. ("ISDA"). Any reference to a "Swap Transaction" in
the Definitions is deemed to be a reference to a "Transaction" for purposes of
this Agreement, and any reference to a "Transaction" in this Agreement is deemed
to be a reference to a "Swap Transaction" for purposes of the Definitions. You
and we have agreed to enter into this Agreement in lieu of negotiating a
Schedule to the 1992 ISDA Master Agreement (Multicurrency--Cross Border) form
(the "ISDA FORM MASTER AGREEMENT"). An ISDA Form Master Agreement, as modified
by the Schedule terms in Paragraph 4 of this Confirmation (the "MASTER
AGREEMENT"), shall be deemed to have been executed by you and us on the date we
entered into the Transaction. For the avoidance of doubt, the Transaction
described herein shall be the sole Transaction governed by such ISDA Form Master
Agreement. Except as otherwise specified, references herein to Sections shall be
to Sections of the Master Agreement, and references to Paragraphs shall be to
paragraphs of this Agreement. Each party hereto agrees that the Master Agreement
deemed to have been executed by the parties hereto shall be the same Master
Agreement referred to in the agreement setting forth the terms of transaction
reference numbers 38833 and 38834. In the event of any inconsistency between the
provisions of this Agreement and the Definitions or the Master Agreement, this
Agreement shall prevail for purposes of the Transaction. Capitalized terms not
otherwise defined herein or in the Definitions or the Master Agreement shall
have the meaning defined for such term in the Pooling and Servicing Agreement.

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

<TABLE>
<S>                       <C>
   Type of Transaction:   Rate Cap

   Notional Amount:       With respect to any Calculation Period, the lesser of:
                          (i) the amount set forth on Schedule I attached hereto
                          for such Calculation Period and (ii) the Class
                          Certificate Principal Balance of the Class A-1
                          Certificates (as defined in the Pooling and Servicing
                          Agreement) for such Floating Rate Payer Payment Date.

                          The Trustee under the Pooling and Servicing Agreement
                          shall provide at least five (5) business days notice
                          prior to each Floating Rate Payer Payment Date for
                          each Calculation Period to The Bank
</TABLE>

                                      M-1-1

<PAGE>

<TABLE>
<S>                       <C>
                          of New York if the Class Certificate Principal Balance
                          of the Class A-1 Certificates is less than the
                          Schedule I attached hereto

   Trade Date:            January 24, 2007

   Effective Date:        January 26, 2007

   Termination Date:      July 25, 2007, subject to adjustment in accordance
                          with the Modified Following Business Day Convention

FLOATING AMOUNTS

   Floating Rate Payer:   BNY

   Cap Rate:              For each Calculation Period, as set forth for such
                          period on Schedule I attached hereto.

   Floating Rate for
   initial Calculation
   Period:                To be determined

   Floating Rate Day
   Count Fraction:        Actual/360

   Floating Rate
   Option:                USD-LIBOR-BBA, provided, however, if the Floating Rate
                          Option for a Calculation Period is greater than 10.87%
                          then the Floating Rate Option for such Calculation
                          Period shall be deemed equal to 10.87%.

   Designated Maturity:   One month

   Spread:                Inapplicable

   Floating Rate Payer
   Period End Dates:      The 25th day of each month, beginning on February 25,
                          2007 and ending on the Termination Date, subject to
                          adjustment in accordance with the Modified Following
                          Business Day Convention.

   Floating Rate Payer
   Payment Dates:         Early Payment shall be applicable. The Floating Rate
                          Payer Payment Date shall be one (1) Business Day
                          preceding each Floating Rate Payer Period End Date.

   Reset Dates:           The first day of each Calculation Period

   Compounding:           Inapplicable

   Business Days for
   Payments By both
   parties:               New York and Illinois

   Calculation Agent:     BNY
</TABLE>

     3. ADDITIONAL PROVISIONS:

     1) RELIANCE. Each party hereto is hereby advised and acknowledges that the
other party has engaged in (or refrained from engaging in) substantial financial
transactions and has taken (or refrained from taking) other material actions in
reliance upon the entry by the parties into the Transaction being entered into
on the terms and conditions set forth herein.

     2) TRANSFER, AMENDMENT AND ASSIGNMENT. No transfer, amendment, waiver,
supplement, assignment or other modification of this Transaction shall be
permitted by either party unless each of Standard & Poor's Ratings Service, a
division of The McGraw-Hill Companies, Inc ("S&P") and Moody's Investors
Service, Inc. ("MOODY'S"), has been provided notice of the same and confirms in
writing

                                      M-1-2

<PAGE>

(including by facsimile transmission) that it will not downgrade, qualify,
withdraw or otherwise modify its then-current ratings on the Class A-1
Certificates issued under the Pooling and Servicing Agreement (the
"CERTIFICATES").

     4. PROVISIONS DEEMED INCORPORATED IN A SCHEDULE TO THE MASTER AGREEMENT:

     1) NO PAYMENT NETTING AMONG TRANSACTIONS; MODIFICATION OF SECTION
2(A)(III)(1). The parties agree that subparagraph (ii) of Section 2(c) of the
ISDA Form Master Agreement will apply to this Transaction. Section 2(a)(iii)(1)
is amended by deleting "or Potential Event of Default".

     2) TERMINATION PROVISIONS. For purposes of the Master Agreement:

     (a) "SPECIFIED ENTITY" in relation to BNY or the Counterparty shall mean:
     none.

     (b) "SPECIFIED TRANSACTION" will not apply.

     (c) APPLICABILITY. The following provisions apply or do not apply to the
     parties as specified below:

          (i)  Section 5(a)(i) (FAILURE TO PAY OR DELIVER):

               (A) will apply to BNY; and

               (B) will apply to the Counterparty.

          (ii) Section 5(a)(ii) (BREACH OF AGREEMENT):

               (A) will apply to BNY; and

               (B) will not apply to the Counterparty.

          (iii) Section 5(a)(iii) (CREDIT SUPPORT DEFAULT):

               (A) will apply to BNY; and

               (B) will not apply to the Counterparty.

          (iv) Section 5(a)(iv) (MISREPRESENTATION):

               (A) will apply to BNY; and

               (B) will not apply to the Counterparty.

          (v)  Section 5(a)(v) (DEFAULT UNDER SPECIFIED TRANSACTION):

               (A) will not apply to BNY; and

               (B) will not apply to the Counterparty.

          (vi) Section 5(a)(vi) (CROSS DEFAULT):

               (A) will apply to BNY; and

               (B) will not apply to the Counterparty.

               For the purposes of Section 5(a)(vi):

               "SPECIFIED INDEBTEDNESS" will have the meaning specified in
               Section 14, except that it shall not include indebtedness in
               respect of deposits received.

               "THRESHOLD AMOUNT" means, 3% of consolidated shareholders equity
               of BNY and its subsidiaries determined in accordance with
               generally accepted accounting principles of the United States
               consistently applied as of the last day of the fiscal quarter
               ended immediately prior to the occurrence or existence of an
               event for which a Threshold Amount is applicable under Section
               5(a)(vi).

          (vii) Section 5(a)(vii) (BANKRUPTCY):

               (A) will apply to BNY; and

               (B) will not apply to the Counterparty with respect to subclauses
               (2), (4) (but only if the proceeding or petition is instituted or
               presented by BNY or its

                                      M-1-3

<PAGE>

               affiliates), (7), (8) (but subclause (8) will not apply to the
               Counterparty only to the extent that subclauses (2), (4) and (7)
               do not apply to the Counterparty) and (9) of Section 5(a)(vii),
               and the remaining provisions of Section 5(a)(vii) will apply to
               the Counterparty; and in subclause (6) the words "trustee" and
               "custodian" will not include the Trustee and the words "seeks or"
               will be deleted.

          (viii) Section 5(a)(viii) (MERGER WITHOUT ASSUMPTION):

               (A) will apply to BNY; and

               (B) will apply to the Counterparty.

          (ix) Section 5(b)(i) (ILLEGALITY):

               (A) will apply to BNY; and

               (B) will apply to the Counterparty.

          (x)  Section 5(b)(ii) (TAX EVENT):

               (A) will apply to BNY; and

               (B) will apply to the Counterparty;

               provided that the words "(x) any action taken by a taxing
               authority, or brought in a court of competent jurisdiction, on or
               after the date on which a Transaction is entered into (regardless
               of whether such action is taken or brought with respect to a
               party to this Agreement) or (y)" shall be deleted.

          (xi) Section 5(b)(iii) (TAX EVENT UPON MERGER):

               (A) will apply to BNY, provided, that BNY shall not be entitled
               to designate an Early Termination Date by reason of a Tax Event
               upon Merger in respect of which it is the Affected Party; and

               (B) will apply to the Counterparty.

          (xii) Section 5(b)(iv) (CREDIT EVENT UPON MERGER):

               (A) will not apply to BNY; and

               (B) will not apply to the Counterparty.

          (xiii) Section 5(b)(v) (ADDITIONAL TERMINATION EVENT):

               (A) will apply to BNY with respect to Paragraph 4(2)(g)(iii) and
               (iv); and

               (B) will apply to the Counterparty with respect to Paragraph
               (4)(2)(g)(i) and(ii).

     (d) The "AUTOMATIC EARLY TERMINATION" provision of Section 6(a):

               (A) will not apply to BNY; and

               (B) will not apply to the Counterparty.

     (e) PAYMENTS ON EARLY TERMINATION. For the purpose of Section 6(e), the
     Second Method and Market Quotation will apply. For such purpose, for so
     long as the Certificates are rated by Moody's, if BNY is the Affected Party
     in respect of an Additional Termination Event or a Tax Event Upon Merger or
     the Defaulting Party in respect of any Event of Default (but not, in any
     case, in respect of a Termination Event arising from an Illegality or Tax
     Event), the following provisions shall apply:

          (i) The definitions of "Market Quotation" and "Settlement Amount" are
          amended in their entirety to read as follows:

               "MARKET QUOTATION" means, with respect to one or more Terminated
               Transactions, an offer capable when made of becoming legally
               binding upon acceptance made by a Qualified Transferee for an
               amount that would be paid to the Counterparty (expressed as a
               negative number) or by the Counterparty (expressed as a positive

                                      M-1-4

<PAGE>

               number) in consideration of an agreement between the Counterparty
               and such Qualified Transferee to enter into a transaction with
               commercial terms substantially the same as those of this
               Agreement (save for the exclusion of provisions relating to
               Transactions that are not Terminated Transactions) (which shall
               be determined by the Counterparty, acting in a commercially
               reasonable manner), that would have the effect of preserving the
               economic equivalent for the Counterparty of any payment or
               delivery (whether the underlying obligation was absolute or
               contingent and assuming the satisfaction of each applicable
               condition precedent) by the parties under Section 2(a)(i) in
               respect of such Terminated Transactions or group of Terminated
               Transactions that would, but for the occurrence of the relevant
               Early Termination Date, have been required after that date (such
               transaction, a "REPLACEMENT TRANSACTION"). For this purpose,
               Unpaid Amounts in respect of the Terminated Transaction or group
               of Transactions are to be excluded but, without limitation, any
               payment or delivery that would, but for the relevant Early
               Termination Date, have been required (assuming satisfaction of
               each applicable condition precedent) after that Early Termination
               Date is to be included.

               "SETTLEMENT AMOUNT" means, with respect to any Early Termination
               Date, an amount (as determined by the Counterparty) equal to the
               Termination Currency Equivalent of the amount (whether positive
               or negative) of any Market Quotation for the relevant Terminated
               Transaction or group of Terminated Transactions that is accepted
               by the Counterparty so as to become legally binding, Provided
               that:

               (1) If, on the day falling ten Local Business Days after the day
               on which the Early Termination Date is designated or such later
               day as the Counterparty may specify in writing to BNY (but in
               either case no later than the Early Termination Date) (such day
               the "LATEST SETTLEMENT AMOUNT DETERMINATION DAY"), no Market
               Quotation for the relevant Terminated Transaction or group of
               Terminated Transactions has been accepted by the Counterparty so
               as to become legally binding and one or more Market Quotations
               have been made and remain capable of becoming legally binding
               upon acceptance, the Settlement Amount shall equal the
               Termination Currency Equivalent of the amount (whether positive
               or negative) of the lowest of such Market Quotations; and

               (2) If, on the Latest Settlement Amount Determination Day, no
               Market Quotation for the relevant Terminated Transaction or group
               of Terminated Transactions is accepted by the Counterparty so as
               to become legally binding and no Market Quotations have been made
               and remain capable of becoming legally binding upon acceptance,
               the Settlement Amount shall equal the Counterparty's Loss
               (whether positive or negative and without reference to any
               Un-paid amounts) for the relevant Terminated Transaction or group
               of Terminated Transactions.

          (ii) At any time on or before the Latest Settlement Amount
          Determination Day at which two or more Market Quotations remain
          capable of becoming legally binding upon acceptance, the Counterparty
          shall be entitled to accept only the lowest of such Market Quotations.

          (iii) if the Counterparty requests BNY in writing to obtain Market
          Quotations, BNY shall use its reasonable efforts to do so before the
          Latest Settlement Amount Determination Day.

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

               "SECOND METHOD AND MARKET QUOTATION. If Second Method and Market
               Quotation apply, (1) the Counterparty shall pay to BNY an amount
               equal to the absolute value of the Settlement Amount in respect
               of the Terminated Transactions, (2) the Counterparty shall pay to
               BNY the Termination Currency Equivalent of the Unpaid Amounts
               owing to BNY and (3) BNY shall pay to the Counterparty the
               Termination Currency Equivalent of the Unpaid Amounts owing to
               the

                                      M-1-5

<PAGE>

               Counterparty, Provided that, (i) the amounts payable under (2)
               and (3) shall be subject to netting in accordance with Section
               2(c) of this Agreement and (ii) notwithstanding any other
               provision of this Agreement, any amount payable by BNY under (3)
               shall not be netted-off against any amount payable by the
               Counterparty under (1)."

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

     (g) "ADDITIONAL TERMINATION EVENT" will apply. The following shall
     constitute Additional Termination Events, and the party specified shall be
     the Affected Party with respect thereto:--

          (i) TERMINATION OF TRUST FUND. The Trust, Supplemental Interest Trust
          or Trust Fund shall be terminated pursuant to any provision of the
          Pooling and Servicing Agreement (including, without limitation, by
          completion of a successful auction termination or by exercise of the
          option to purchase and giving of notice under Sections 10.01 of the
          Pooling and Servicing Agreement). The Early Termination Date with
          respect to such Additional Termination Event shall be the Distribution
          Date upon which the Trust and the Supplemental Interest Trust or Trust
          Fund is terminated and final payment is made in respect of the
          Certificates. Each of BNY and the Counterparty may designate an Early
          Termination Date in respect of this Additional Termination Event. The
          Counterparty shall be the sole Affected Party.

          (ii) AMENDMENT OF POOLING AND SERVICING AGREEMENT. The amendment of
          the Pooling and Servicing Agreement in a manner which could have a
          material adverse affect on BNY without first obtaining the prior
          written consent of BNY (such consent not to be unreasonably withheld),
          where such consent is required under the Pooling and Servicing
          Agreement. The Counterparty shall be the sole Affected Party.

          (iii) COLLATERALIZATION OR RATINGS EVENT. A Collateralization Event or
          Ratings Event has occurred and is continuing with respect to BNY (and
          the guarantor under each Qualified Guaranty (if any)) and BNY fails to
          comply with the provisions of Paragraph 4(8)(ii) within the time
          periods set out therein; provided that an Additional Termination Event
          shall not be deemed to occur by virtue of a breach of Paragraph
          4(8)(ii)(B) with respect to a Moody's Ratings Event unless and until
          such Moody's Ratings Event has continued for 30 or more Business Days
          and at least one Qualified Transferee has made an offer which remains
          capable of becoming legally binding upon acceptance to enter into a
          Permitted Transfer or other Replacement Transaction. BNY shall be the
          sole Affected Party. In the event that BNY has elected or is required
          to post collateral following the occurrence of a Ratings Event with
          respect to BNY (and the guarantor under each Qualified Guaranty (if
          any)), then, after the period of time provided in Paragraph
          4(8)(ii)(B), a failure to post collateral in accordance with the
          provisions of the Credit Support Annex shall be subject to the
          provisions of Section 5(a)(iii) and shall not be treated as an
          Additional Termination Event. Any breach of Paragraph 4(8)(ii)(A), (B)
          or (C) which is treated as an Additional Termination Event under this
          Paragraph 4(g)(iii) shall not constitute an Event of Default.

          (iv) REGULATION AB. BNY shall fail to comply with the provisions of
          Paragraph 4(9) within the time provided for therein. BNY shall be the
          sole Affected Party.

     3) TAX REPRESENTATIONS AND OTHER TAX RELATED PROVISIONS.

               (a) PAYER REPRESENTATIONS. For the purpose of Section 3(e), BNY
     and the Counterparty make the following representations:

                    It is not required by any applicable law, as modified by the
          practice of any relevant governmental revenue authority, of any
          Relevant Jurisdiction to make any deduction or withholding for or on
          account of any Tax from any payment (other than interest under Section
          2(e), 6(d)(ii) or 6(e)) to be made by it to the other party under this
          Agreement. In making this representation, it may rely on:

          (i) the accuracy of any representations made by the other party
          pursuant to Section 3(f);

                                      M-1-6

<PAGE>

          (ii) the satisfaction of the agreement contained in Section 4 (a)(i)
          or 4(a)(iii) and the accuracy and effectiveness of any document
          provided by the other party pursuant to Section 4 (a)(i) or 4(a)(iii);
          and

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

     (b) PAYEE REPRESENTATIONS. For the purpose of Section 3(f), BNY and the
     Counterparty make the following representations.

          (i) The following representation will apply to BNY:

               (x) It is a "U.S. person" (as that term is used in section
               1.1441-4(a)(3)(ii) of the United States Treasury Regulations) for
               United States federal income tax purposes, (y) it is a trust
               company duly organized and existing under the laws of the State
               of New York, and (y) its U.S. taxpayer identification number is
               135160382.

          (ii) The following representation will apply to the Counterparty:

               None.

     (c) GROSS UP. Section 2(d)(i)(4) shall not apply to Counterparty as X, and
     Section 2(d)(ii) shall not apply to Counterparty as Y, such that
     Counterparty shall not be required to pay any additional amounts referred
     to therein.

     (d) INDEMNIFIABLE TAX. The definition of "Indemnifiable Tax" in Section 14
     is amended in its entirety to read as follows:

          "INDEMNIFIABLE TAX" means in relation to payments by BNY any Tax and
          in relation to payments by the Counterparty no Tax.

     4) DOCUMENTS TO BE DELIVERED. FOR THE PURPOSE OF SECTION 4(A):

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

<TABLE>
<CAPTION>
      PARTY                                                                                     COVERED BY
   REQUIRED TO                                                         DATE BY WHICH           SECTION 3(D)
DELIVER DOCUMENT          FORM/DOCUMENT/ CERTIFICATE                  TO BE DELIVERED         REPRESENTATION
----------------   -----------------------------------------   ----------------------------   --------------
<S>                <C>                                         <C>                            <C>
BNY and            Any document required or reasonably         Promptly after the earlier     Yes
Counterparty       requested to allow the other party to       of (i) reasonable demand by
                   make payments under this Agreement          either party or (ii)
                   without any deduction or withholding for    learning that such form or
                   or on the account of any tax.               document is required
</TABLE>

(b) Other documents to be delivered are:

<TABLE>
<CAPTION>
      PARTY                                                                                     COVERED BY
   REQUIRED TO                                                         DATE BY WHICH           SECTION 3(D)
DELIVER DOCUMENT          FORM/DOCUMENT/ CERTIFICATE                  TO BE DELIVERED         REPRESENTATION
----------------   -----------------------------------------   ----------------------------   --------------
<S>                <C>                                         <C>                            <C>
BNY                A certificate of an authorized officer of   Upon the execution and         Yes
                   the party, as to the incumbency and         delivery of this Agreement
                   authority of the respective officers of
                   the party signing this Agreement, any
                   relevant Credit Support Document, or any
                   Confirmation, as the case may be.

Counterparty       (i) a copy of the executed Pooling and      Upon the later of, receipt     Yes
</TABLE>

                                      M-1-7

<PAGE>

<TABLE>
<CAPTION>
      PARTY                                                                                     COVERED BY
   REQUIRED TO                                                         DATE BY WHICH           SECTION 3(D)
DELIVER DOCUMENT          FORM/DOCUMENT/ CERTIFICATE                  TO BE DELIVERED         REPRESENTATION
----------------   -----------------------------------------   ----------------------------   --------------
<S>                <C>                                         <C>                            <C>
                   Servicing Agreement, and (ii) an            by such party, or within 30
                   incumbency certificate verifying the true   days after the date of this
                   signatures and authority of the person or   Agreement
                   persons signing this letter agreement on
                   behalf of the Counterparty.

BNY                Legal Opinion as to enforceability of       Upon the execution and         Yes
                   this Agreement.                             delivery of this Agreement.

Counterparty       Certified copy of the Board of Directors    Upon the execution and         Yes
                   resolution (or equivalent authorizing       delivery of this Agreement.
                   documentation) which sets forth the
                   authority of each signatory to the
                   Confirmation signing on its behalf and
                   the authority of such party to enter into
                   Transactions contemplated and performance
                   of its obligations hereunder.
</TABLE>

     5) MISCELLANEOUS.

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

          ADDRESS FOR NOTICES OR COMMUNICATIONS TO BNY:

               The Bank of New York
               Swaps and Derivative Products Group
               Global Market Division
               32 Old Slip 15th Floor
               New York, New York 10286
               Attention: Steve Lawler

          with a copy to:

               The Bank of New York
               Swaps and Derivative Products Group
               32 Old Slip 16th Floor
               New York, New York 10286
               Attention: Andrew Schwartz
               Tele: 212-804-5103
               Fax: 212-804-5818/5837

               (For all purposes)

          A copy of any notice or other communication with respect to Sections 5
          or 6 should also be sent to the addresses set out below:

               The Bank of New York
               Legal Department
               One Wall Street - 10th Floor
               New York, New York 10286
               Attention: General Counsel

          ADDRESS FOR NOTICES OR COMMUNICATIONS TO THE COUNTERPARTY:

               LaSalle Bank National Association, not in its individual
               capacity, but solely as Trustee for First Franklin Mortgage Loan
               Trust, Series 2007-FF1 Global Securities and Trust Services

                                      M-1-8

<PAGE>

               135 S. LaSalle Street, Ste 1511
               Chicago, Illinois 60603
               Attention: Carol A. Corradino-Tilton
               Telephone: 312-992-2745
               Facsimile: 312-904-1368

               With a copy to:

               Merrill Lynch Mortgage Lending, Inc.
               4 World Financial Center
               250 Vesey Street
               NY, NY 10080
               Attention: Alan Chan
               Phone: 212.449.1441
               Facsimile: 212.738-1110

     (b) PROCESS AGENT. For the purpose of Section 13(c):

          BNY appoints as its Process Agent: Not Applicable

          The Counterparty appoints as its Process Agent: Not Applicable

     (c) OFFICES. The provisions of Section 10(a) will not apply to this
     Agreement; neither BNY nor the Counterparty have any Offices other than as
     set forth in the Notices Section and BNY agrees that, for purposes of
     Section 6(b), it shall not in future have any Office other than one in the
     United States.

     (d) MULTIBRANCH PARTY. For the purpose of Section 10(c):

          BNY is a Multibranch Party and will enter into each Transaction only
          through the following Office:-- New York (for all Transactions).

          The Counterparty is not a Multibranch Party.

     (e) CALCULATION AGENT. The Calculation Agent is BNY.

               (f) "CREDIT SUPPORT DOCUMENT" means in relation to:--

          BNY: the Credit Support Annex attached as Exhibit A hereto and any
Qualified Guaranty.

          The Counterparty: Not applicable.

     (g) "CREDIT SUPPORT PROVIDER" means in relation to:--

          BNY: The guarantor under any Qualified Guaranty.

          Counterparty: Not Applicable

     (h) GOVERNING LAW. The parties to this Agreement hereby agree that the law
     of the State of New York shall govern their rights and duties in whole,
     without regard to conflict of law provisions thereof other than New York
     General Obligations Law Sections 5-1401 and 5-1402.

     (i) SEVERABILITY. If any term, provision, covenant, or condition of this
     Agreement, or the application thereof to any party or circumstance, shall
     be held to be invalid or unenforceable (in whole or in part) for any
     reason, the remaining terms, provisions, covenants, and conditions hereof
     shall continue in full force and effect as if this Agreement had been
     executed with the invalid or unenforceable portion eliminated, so long as
     this Agreement as so modified continues to express, without material
     change, the original intentions of the parties as to the subject matter of
     this Agreement and the deletion of such portion of this Agreement will not
     substantially impair the respective benefits or expectations of the
     parties. The parties shall endeavor to engage in good faith negotiations to
     replace any invalid or unenforceable term, provision, covenant or condition
     with a valid or enforceable term, provision, covenant or condition, the
     economic effect of which comes as close as possible to that of the invalid
     or unenforceable term, provision, covenant or condition.

     (j) RECORDING OF CONVERSATIONS. Each party (i) consents to the recording of
     telephone conversations between the trading, marketing and other relevant
     personnel of the parties in

                                      M-1-9

<PAGE>

     connection with this Agreement or any potential Transaction, (ii) agrees to
     obtain any necessary consent of, and give any necessary notice of such
     recording to, its relevant personnel and (iii) agrees, to the extent
     permitted by applicable law, that recordings may be submitted in evidence
     in any Proceedings.

     (k) WAIVER OF JURY TRIAL. Each party waives any right it may have to a
     trial by jury in respect of any Proceedings relating to this Agreement or
     any Credit Support Document.

     (l) NON-RECOURSE. Notwithstanding any provision herein or in the Master
     Agreement to the contrary, the obligations of the Counterparty hereunder
     are limited recourse obligations of the Counterparty, payable solely from
     amounts on deposit in the Swap Account created by the Trustee and the
     proceeds thereof to satisfy the Counterparty's obligations hereunder. In
     the event that the Swap Account and proceeds thereof should be insufficient
     to satisfy all claims outstanding and following the realization of the Swap
     Account and the distribution of the proceeds thereof in accordance with the
     Pooling and Servicing Agreement, any claims against or obligations of the
     Counterparty under the Master Agreement or any other confirmation
     thereunder, still outstanding shall be extinguished and thereafter not
     revive. This provision shall survive the expiration of this Agreement.

     (m) LIMITATION ON INSTITUTION OF BANKRUPTCY PROCEEDINGS. BNY shall not
     institute against or cause any other person to institute against, or join
     any other person in instituting against the Counterparty, the Supplemental
     Interest Trust or the trust created pursuant to the Pooling and Servicing
     Agreement any bankruptcy, reorganization, arrangement, insolvency or
     liquidation proceedings, under any federal or state bankruptcy or similar
     law or bankruptcy or similar laws of any other jurisdiction, for a period
     of one year and one day (or, if longer, the applicable preference period)
     following indefeasible payment in full of the Certificates. This provision
     shall survive the expiration of this Agreement.

     (n) REMEDY OF FAILURE TO PAY OR DELIVER. The ISDA Form Master Agreement is
     hereby amended by replacing the word "third" in the third line of Section
     5(a)(i) by the word "first".

     (o) "AFFILIATE" will have the meaning specified in Section 14 of the ISDA
     Form Master Agreement, provided that the Counterparty shall be deemed not
     to have any Affiliates for purposes of this Agreement, including for
     purposes of Section 6(b)(ii).

     (p) TRUSTEE'S CAPACITY. It is expressly understood and agreed by the
     parties hereto that insofar as this Confirmation is executed by the Trustee
     (i) this Confirmation is executed and delivered by LaSalle Bank National
     Association, not in its individual capacity but solely as Trustee pursuant
     to the Pooling and Servicing Agreement in the exercise of the powers and
     authority conferred and vested in it thereunder and pursuant to instruction
     set forth therein, (ii) each of the representations, undertakings and
     agreements herein made on behalf of the trust is made and intended not as a
     personal representation, undertaking or agreement of the Trustee but is
     made and intended for the purpose of binding only the Counterparty, (iii)
     nothing contained herein shall be construed as creating any liability of
     LaSalle Bank National Association, individually or personally, to perform
     any covenants either express or implied contained herein, all such
     liability, if any, being expressly waived by the parties hereto and by any
     person claiming by, through or under the parties hereto and (iv) under no
     circumstances will LaSalle Bank National Association, in its individual
     capacity be personally liable for the payment of any indebtedness or
     expenses or be personally liable for the breach or failure of any
     obligation, representation, warranty or covenant made or undertaken under
     this Confirmation. Nothing herein contained shall be construed as creating
     any liability on LaSalle Bank National Association, individually or
     personally, to perform any covenant either expressed or implied contained
     herein, all such liability, if any, being expressly waived by the parties
     who are signatories to this letter agreement and by any person claiming by,
     through or under such parties.

                                     M-1-10

<PAGE>

     (q) TRUSTEE'S REPRESENTATION. LaSalle Bank National Association, as
     Trustee, represents and warrants that:

          It has been directed under the Pooling and Servicing Agreement to
          enter into this letter agreement as Trustee on behalf of the
          Counterparty.

     6) ADDITIONAL REPRESENTATIONS. Section 3 is hereby amended by adding, at
the end thereof, the following Sections 3(g), 3(h) and 3(i):

     "(g) RELATIONSHIP BETWEEN PARTIES.

          (1) NONRELIANCE. It is not relying on any statement or representation
          of the other party regarding the Transaction (whether written or
          oral), other than the representations expressly made in this Agreement
          or the Confirmation in respect of that Transaction.

          (2) EVALUATION AND UNDERSTANDING.

               (i) Each Party acknowledges that LaSalle Bank National
               Association, has been directed under the Pooling and Servicing
               Agreement to enter into this Transaction as Trustee on behalf of
               the Counterparty.

               (ii) It is acting for its own account and has the capacity to
               evaluate (internally or through independent professional advice)
               the Transaction and has made its own decision to enter into the
               Transaction; it is not relying on any communication (written or
               oral) of the other party as investment advice or as a
               recommendation to enter into such transaction; it being
               understood that information and explanations related to the terms
               and conditions of such transaction shall not be considered
               investment advice or a recommendation to enter into such
               transaction. No communication (written or oral) received from the
               other party shall be deemed to be an assurance or guarantee as to
               the expected results of the transaction; and

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

          (3) NOT FIDUCIARY OR ADVISOR. The other party is not acting as a
          fiduciary or an advisor for it in respect of this Transaction.

          (h) EXCLUSION FROM COMMODITY EXCHANGE ACT. (A) It is an "eligible
          contract participant" within the meaning of Section 1a(12) of the
          Commodity Exchange Act, as amended; (B) this Agreement and each
          Transaction is subject to individual negotiation by such party; and
          (C) neither this Agreement nor any Transaction will be executed or
          traded on a "trading facility" within the meaning of Section 1a(33) of
          the Commodity Exchange Act, as amended.

          (i) SWAP AGREEMENT. Each Transaction is a "swap agreement" as defined
          in 12 U.S.C. Section 1821(e)(8)(D)(vi) and a "covered swap agreement"
          as defined in the Commodity Exchange Act (7 U.S.C. Section 27(d)(1))."

     7) SET-OFF. Notwithstanding any provision of this Agreement or any other
existing or future agreement (but without limiting the provisions of Section
2(c) and Section 6, except as provided in the next sentence), each party
irrevocably waives any and all rights it may have to set off, net, recoup or
otherwise withhold or suspend or condition payment or performance of any
obligation between it and the other party hereunder against any obligation
between it and the other party under any other agreements. The last sentence of
the first paragraph of Section 6(e) shall not apply for purposes of this
Transaction.

     8) RATINGS DOWNGRADE.

          (i) DEFINITIONS. For purposes of each Transaction: (A) "RATING AGENCY
          CONDITION" means, with respect to any action taken or to be taken
          hereunder, a condition that is satisfied when each of Moody's and S&P
          (each a "RATING AGENCY", and the rating condition with respect to it,
          the "MOODY'S RATING CONDITION" and "S&P RATING CONDITION",
          respectively) has confirmed in writing to the Trustee that such action
          will not result in withdrawal, reduction or other adverse action with
          respect to any then-current

                                     M-1-11

<PAGE>

          rating by such Rating Agency of the Certificates; (B) "QUALIFYING
          RATINGS" means, with respect to the debt of any entity, (1) (x) a
          short-term unsecured and unsubordinated debt rating of at least "P-1",
          and a long-term unsecured and unsubordinated debt of at least "A2"
          (or, if it has no short-term unsecured and unsubordinated debt rating,
          a long term rating of at least "A1") by Moody's ("MOODY'S FIRST LEVEL
          QUALIFYING RATINGS"), and (y) a short-term unsecured and
          unsubordinated debt rating of at least "P-2", and a long-term
          unsecured and unsubordinated debt of at least "A3" (or, if it has no
          short-term unsecured and unsubordinated debt rating, a long term
          rating of at least "A3") by Moody's ("MOODY'S SECOND LEVEL QUALIFYING
          RATINGS"), and (2) a short-term unsecured and unsubordinated debt
          rating of at least "A-1", or if it does not have a short-term rating,
          a long-term unsecured and unsubordinated debt rating of at least "A+"
          by S&P ("S&P QUALIFYING RATINGS"), and (3) a short-term unsecured and
          unsubordinated debt rating of at least "F1" by Fitch and a long-term
          unsecured and unsubordinated debt rating of at least "A" by Fitch
          ("FITCH QUALIFYING RATINGS"); (C) a "COLLATERALIZATION EVENT" shall
          occur with respect to an entity) if: (1) its short-term unsecured and
          unsubordinated debt rating is reduced to "P-2" or below, or its
          long-term unsecured and unsubordinated debt is reduced to "A3" or
          below (or, if it has no short-term unsecured and unsubordinated debt
          rating, its long term rating is reduced to "A2" or below) by Moody's
          (a "MOODY'S COLLATERALIZATION EVENT"), or (2) its short-term unsecured
          and unsubordinated debt rating is reduced to "A-2" or below, or, if it
          does not have a short-term rating, its long-term unsecured and
          unsubordinated debt rating is reduced to "A" or below by S&P (an "S&P
          COLLATERALIZATION EVENT"); (D) a "RATINGS EVENT" shall occur with
          respect to an entity if: (1) its short-term unsecured and
          unsubordinated debt rating is withdrawn or reduced to "P-3" or below
          or its long-term unsecured and unsubordinated debt is reduced to
          "Baa1" (or, if it has no short-term unsecured and unsubordinated debt
          rating, its long term rating is withdrawn or reduced to "Baa1" or
          below) by Moody's (a "MOODY'S RATINGS EVENT"), or (2) its short-term
          unsecured and unsubordinated debt rating is withdrawn or reduced to
          "A-3" or its long-term unsecured and unsubordinated debt rating is
          withdrawn or reduced to "BB+" or below (or, if it has no short-term
          unsecured and unsubordinated debt rating, its long term rating is
          withdrawn or reduced to "BB+" or below) by S&P (an "S&P RATINGS
          EVENT"); (E) "QUALIFIED TRANSFEREE" means a transferee of a novation
          or assignment or a party (other than the Counterparty) that enters
          into another form of Replacement Transaction that is a Reference
          Market-maker ("dealer" in the definition thereof meaning a "dealer in
          notional principal contracts" as defined in Treas. Reg. Section
          1.1001-4) (1) that has Moody's Second Level Qualifying Ratings and S&P
          Qualifying Ratings or (2) whose present and future obligations owing
          to the Counterparty are guaranteed pursuant to a Qualified Guaranty;
          and (F) "QUALIFIED GUARANTY" means an unconditional and irrevocable
          guaranty of payment (and not of collection) and the performance of the
          other obligations of BNY (or a Qualified Transferee, as applicable)
          hereunder by a third party having Moody's Second Level Qualifying
          Ratings and S&P Qualifying Ratings and with respect to which the S&P
          Rating Condition is satisfied ("QUALIFIED GUARANTOR") providing, inter
          alia, that payment thereunder shall be made as provided and on the
          conditions set forth in Section 2(d) as modified hereunder
          (substituting references to BNY as "X" with the guarantor as "X" and
          "this Agreement" with such guaranty, respectively) (or, in lieu of
          such provisions relating to tax, a law firm has given a legal opinion
          confirming that none of the guarantor's payments to the Counterparty
          under such guaranty will be subject to withholding for Tax).

          (ii) ACTIONS TO BE TAKEN. (A) if a Collateralization Event occurs with
          respect to BNY (and the guarantor under each Qualified Guaranty (if
          any)), then BNY shall, at its own expense, no later than thirty (30)
          Business Days after a Moody's Collateralization Event with respect to
          BNY (and the guarantor under each Qualified Guaranty (if any)) or (if
          sooner) thirty (30) calendar days after an S&P Collateralization
          Ratings Event: (1) post collateral (commencing within the time frame
          set forth herein) in accordance with the Credit Support Annex for so
          long as the Collateralization Event continues with respect to BNY (and
          the guarantor under each Qualified Guaranty (if any)); or (2) on terms
          substantially similar to this Agreement (to be determined by the
          Counterparty acting in a commercially reasonable manner), and subject
          to the S&P Rating Condition, novate or assign or transfer the
          Transactions to or replace the Transactions with Replacement
          Transactions with a Qualified Transferee (having the Moody's First
          Level Qualifying

                                     M-1-12

<PAGE>

          Ratings and the S&P Qualifying Ratings); or (3) obtain a Qualified
          Guaranty (provided by a guarantor having the Moody's First Level
          Qualifying Ratings and the S&P Qualifying Ratings and with respect to
          which the S&P Rating Condition is satisfied); and (B) if a Ratings
          Event occurs with respect to BNY (and the guarantor under each
          Qualified Guaranty (if any)), then BNY shall at its own expense, no
          later than thirty (30) Business Days after a Moody's Ratings Event
          with respect to BNY (and the guarantor under each Qualified Guaranty
          (if any)) or (if sooner) ten (10) business days after an S&P Ratings
          Event: (1) on terms substantially similar to this Agreement (to be
          determined by the Counterparty acting in a commercially reasonable
          manner), and subject to the S&P Rating Condition, novate or assign or
          transfer the Transactions to or replace the Transactions with
          Replacement Transactions with a Qualified Transferee, or (2) obtain a
          Qualified Guaranty. (C) BNY shall post collateral in accordance with
          the Credit Support Annex and the time frames set forth herein for so
          long as a Collateralization Event or Ratings Event (in each case, with
          respect to BNY and the guarantor under each Qualified Guaranty (if
          any)) continues, commencing at the time specified for taking action
          under (A) or (B) above respectively, provided that there shall be no
          grace period for posting collateral in the event that a
          Collateralization Event or Ratings Event (in each case, with respect
          to BNY and the guarantor under each Qualified Guaranty (if any)) has
          been continuing from the time BNY has become a party hereto. (D) if a
          Ratings Event occurs with respect to BNY (and the guarantor under each
          Qualified Guaranty (if any)), then BNY shall at its own expense, use
          commercially reasonable efforts to, as soon as reasonably practicable,
          take one of the actions referred to in (B) above.

     9) COMPLIANCE WITH REGULATION AB.

     (a) If the Depositor under the Pooling and Servicing Agreement still has a
     reporting obligation with respect to this Transaction pursuant to
     Regulation AB under the Securities Act of 1933, as amended, and the
     Securities Exchange Act of 1934, as amended ("REGULATION AB") and BNY has
     not, within 30 days after receipt of a Swap Disclosure Request complied
     with the provisions set forth below in this Paragraph 4(9) (provided that
     if the significance percentage reaches 10% after a Swap Disclosure Request
     has been made to BNY, BNY must comply with the provisions set forth below
     in this Section 4(9) within 10 calendar days of BNY being informed of the
     significance percentage reaching 10%), then an Additional Termination Event
     shall have occurred with respect to BNY and BNY shall be the sole Affected
     Party with respect to such Additional Termination Event.

     (b) BNY acknowledges that for so long as there are reporting obligations
     with respect to this Transaction under Regulation AB, the Depositor is
     required under Regulation AB to disclose certain information set forth in
     Regulation AB regarding BNY or its group of affiliated entities, if
     applicable, depending on the aggregate "significance percentage" of this
     Agreement and any other derivative contracts between BNY or its group of
     affiliated entities, if applicable, and the Counterparty, as calculated
     from time to time in accordance with Item 1115 of Regulation AB.

     (c) If the Depositor determines, reasonably and in good faith, that the
     significance percentage of this Agreement has increased to eight (8)
     percent, then the Depositor may request on a Business Day after the date of
     such determination from BNY the same information set forth in Item 1115(b)
     of Regulation AB that would have been required if the significance
     percentage had in fact increased to ten (10) percent (such request, a "SWAP
     DISCLOSURE REQUEST" and such requested information, subject to the last
     sentence of this paragraph, is the "SWAP FINANCIAL DISCLOSURE"). The
     Counterparty or the Depositor shall provide BNY with the calculations and
     any other information reasonably requested by BNY with respect to the
     Depositor's determination that led to the Swap Disclosure Request. The
     parties hereto further agree that the Swap Financial Disclosure provided to
     meet the Swap Disclosure Request may be, solely at BNY's option, either the
     information set forth in Item 1115(b)(1) or Item 1115(b)(2) of Regulation
     AB.

     (d) Upon the occurrence of a Swap Disclosure Request, BNY, at its own
     expense, shall (x) provide the Depositor with the Swap Financial Disclosure
     in an Edgar-compatible format, or (y) subject to Rating Agency Condition,
     secure another entity to replace BNY as party to this Agreement on terms
     substantially similar to this Agreement which entity is able to provide the
     Swap Financial Disclosure. If permitted by Regulation AB, any required Swap
     Financial Disclosure may be provided by incorporation by reference from
     reports filed pursuant to the Securities Exchange Act.

                                     M-1-13

<PAGE>

     (e) BNY's obligation to comply with this Paragraph 4(9) shall be suspended
     as of January 1, 2008 unless, at any time, BNY receives notification from
     the Depositor or the Counterparty that the Trust Fund's obligation to file
     periodic reports under the Exchange Act shall continue; provided, however,
     that such obligations shall not be suspended in respect of any Exchange Act
     Report or amendment to an Exchange Act Report in such fiscal year which
     relates to any fiscal year in which the Trust Fund was subject to the
     reporting requirements of the Exchange Act. This obligation shall continue
     to be suspended unless the Depositor or the Counterparty notifies BNY that
     the Trust Fund's obligations to file reports under the Exchange Act has
     resumed.

     10) BNY PAYMENTS TO BE MADE TO TRUSTEE. BNY will, unless otherwise directed
by the Trustee, make all payments hereunder to the Trustee. Payment made to the
Trustee at the account specified herein or to another account specified in
writing by the Trustee shall satisfy the payment obligations of BNY hereunder to
the extent of such payment.

     11) RETURN OF AMOUNTS RECEIVED BY MLML OR ITS AFFILIATES. Merrill Lynch
Mortgage Lending, Inc. ("MLML") agrees and acknowledges that amounts paid
hereunder are not intended to benefit the holder of any class of Certificates
rated by any Rating Agency if such holder is MLML or any of its affiliates. If
MLML or any of its affiliates receives any such amounts, it will promptly remit
(or, if such amounts are received by an affiliate of MLML, MLML hereby agrees
that it will cause such affiliate to promptly remit) such amounts to the
Trustee, whereupon such Trustee will promptly remit such amounts to BNY. MLML
further agrees to provide notice to BNY upon any remittance to the Trustee.

     12) ADDITIONAL PROVISIONS. Notwithstanding the terms of Sections 5 and 6 of
the ISDA Form Master Agreement, if the Counterparty has satisfied its payment
obligations under Section 2(a)(i) of the ISDA Form Master Agreement, and shall,
at the time, have no future payment or delivery obligation, whether absolute or
contingent, then unless BNY is required pursuant to appropriate proceedings to
return to the Counterparty or otherwise returns to the Counterparty upon demand
of the Counterparty any portion of such payment, (a) the occurrence of an event
described in Section 5(a) of the ISDA Form Master Agreement with respect to the
Counterparty shall not constitute an Event of Default or Potential Event of
Default with respect to the Counterparty as the Defaulting Party and (b) BNY
shall be entitled to designate an Early Termination Date pursuant to Section 6
of the ISDA Form Master Agreement only as a result of a Termination Event set
forth in either Section 5(b)(i) or Section 5(b)(ii) of the ISDA Form Master
Agreement with respect to BNY as the Affected Party or Section 5(b)(iii) of the
ISDA Form Master Agreement with respect to BNY as the Burdened Party.

5. ACCOUNT DETAILS AND SETTLEMENT INFORMATION:

     PAYMENTS TO BNY:

          The Bank of New York
          Derivative Products Support Department
          32 Old Slip, 16th Floor
          New York, New York 10286
          Attention: Renee Etheart
          ABA #021000018
          Account #890-0068-175
          Reference: Interest Rate Swap

     PAYMENTS TO COUNTERPARTY:

          LaSalle Bank N.A.
          ABA 071000505
          LaSalle CHGO/CTR/BNF:/LASALLE TRUST
          Acct#: 724450.3

     6. COUNTERPARTS. This Agreement may be executed in several counterparts,
each of which shall be deemed an original but all of which together shall
constitute one and the same instrument.

     Please confirm that the foregoing correctly sets forth the terms of our
agreement by executing this agreement and returning it via facsimile to
Derivative Products Support Dept., Attn: Kenny Au-Yeung at 212-804-5818/5837.
Once we receive this we will send you two original confirmations for execution.

                                     M-1-14

<PAGE>

     We are very pleased to have executed this Transaction with you and we look
forward to completing other transactions with you in the near future.

Very truly yours,

THE BANK OF NEW YORK

A. BY:
       ------------------------------
Name:
      -------------------------------
Title:
       ------------------------------

                                     M-1-15

<PAGE>

     The Counterparty, acting through its duly authorized signatory, hereby
agrees to, accepts and confirms the terms of the foregoing as of the Trade Date.

LASALLE BANK NATIONAL ASSOCIATION, NOT IN ITS INDIVIDUAL CAPACITY, BUT SOLELY AS
TRUSTEE FOR FIRST FRANKLIN MORTGAGE LOAN TRUST, SERIES 2007-FF1

B.BY:
      -------------------------------
Name:
      -------------------------------
Title:
       ------------------------------

Solely with respect to Paragraph 4(11)
II. MERRILL LYNCH MORTGAGE LENDING, INC.

By:
    ---------------------------------
Name:
     --------------------------------
Title:
       ------------------------------

                                     M-1-16

<PAGE>

                                   SCHEDULE I

(all such dates are subject to adjustment in accordance with the Modified
Following Business Day Convention)

<TABLE>
<CAPTION>
ACCRUAL START DATE   ACCRUAL END DATE   NOTIONAL AMOUNT (IN USD)   CAP RATE (%)
------------------   ----------------   ------------------------   ------------
<S>                  <C>                <C>                        <C>
     1/26/2007           2/25/2007             608,774,000              7.25
     2/25/2007           3/25/2007             605,758,131             7.777
     3/25/2007           4/25/2007             601,217,760             7.012
     4/25/2007           5/25/2007             595,137,929              7.25
     5/25/2007           6/25/2007             587,521,033             7.012
     6/25/2007           7/25/2007             578,369,066             7.252
</TABLE>

                                     M-1-17
<PAGE>

                                   EXHIBIT M-2

                     FORM OF CLASS A-2 CAP CORRIDOR CONTRACT

                                                 (THE BANK OF NEW YORK(SM) LOGO)

                                                         Dated: January 26, 2007

                              RATE CAP TRANSACTION

                           RE: BNY REFERENCE NO. 38833

Ladies and Gentlemen:

     The purpose of this letter agreement ("AGREEMENT") is to confirm the terms
and conditions of the rate Cap Transaction entered into on the Trade Date
specified below (the "TRANSACTION") between The Bank of New York ("BNY"), a
trust company duly organized and existing under the laws of the State of New
York, and First Franklin Mortgage Loan Trust, Series 2007-FF1 (the
"COUNTERPARTY"), as represented by LaSalle Bank National Association, not in its
individual capacity, but solely as Trustee under the Pooling and Servicing
Agreement, dated and effective January 1, 2007, among Merrill Lynch Mortgage
Investors, Inc., as Depositor, Home Loan Services, Inc., as Servicer and LaSalle
Bank National Association, as Trustee (the "POOLING AND SERVICING AGREEMENT").
This Agreement, which evidences a complete and binding agreement between you and
us to enter into the Transaction on the terms set forth below, constitutes a
"CONFIRMATION" as referred to in the "ISDA FORM MASTER AGREEMENT" (as defined
below), as well as a "Schedule" as referred to in the ISDA Form Master
Agreement.

     1. FORM OF AGREEMENT. This Agreement is subject to the 2000 ISDA
Definitions (the "DEFINITIONS"), as published by the International Swaps and
Derivatives Association, Inc. ("ISDA"). Any reference to a "Swap Transaction" in
the Definitions is deemed to be a reference to a "Transaction" for purposes of
this Agreement, and any reference to a "Transaction" in this Agreement is deemed
to be a reference to a "Swap Transaction" for purposes of the Definitions. You
and we have agreed to enter into this Agreement in lieu of negotiating a
Schedule to the 1992 ISDA Master Agreement (Multicurrency--Cross Border) form
(the "ISDA FORM MASTER AGREEMENT"). An ISDA Form Master Agreement, as modified
by the Schedule terms in Paragraph 4 of this Confirmation (the "MASTER
AGREEMENT"), shall be deemed to have been executed by you and us on the date we
entered into the Transaction. For the avoidance of doubt, the Transaction
described herein shall be the sole Transaction governed by such ISDA Form Master
Agreement. Except as otherwise specified, references herein to Sections shall be
to Sections of the Master Agreement, and references to Paragraphs shall be to
paragraphs of this Agreement. Each party hereto agrees that the Master Agreement
deemed to have been executed by the parties hereto shall be the same Master
Agreement referred to in the agreement setting forth the terms of transaction
reference numbers 38832 and 38834. In the event of any inconsistency between the
provisions of this Agreement and the Definitions or the Master Agreement, this
Agreement shall prevail for purposes of the Transaction. Capitalized terms not
otherwise defined herein or in the Definitions or the Master Agreement shall
have the meaning defined for such term in the Pooling and Servicing Agreement.

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

<TABLE>
<S>                       <C>
   Type of Transaction:   Rate Cap

   Notional Amount:       With respect to any Calculation Period, the lesser of:
                          (i) the amount set forth on Schedule I attached hereto
                          for such Calculation Period and (ii) the Class
                          Certificate Principal Balance of the Class A-1
                          Certificates (as defined in the Pooling and Servicing
                          Agreement) for such Floating Rate Payer Payment Date.

                          The Trustee under the Pooling and Servicing Agreement
                          shall provide at least five (5) business days notice
                          prior to each Floating Rate Payer Payment Date for
                          each Calculation Period to The Bank
</TABLE>

                                      M-2-1

<PAGE>

<TABLE>
<S>                       <C>
                          of New York if the Class Certificate Principal Balance
                          of the Class A-2 Certificates is less than the
                          Schedule I attached hereto

   Trade Date:            January 24, 2007

   Effective Date:        January 26, 2007

   Termination Date:      July 25, 2007, subject to adjustment in accordance
                          with the Modified Following Business Day Convention

FLOATING AMOUNTS

   Floating Rate Payer:   BNY

   Cap Rate:              For each Calculation Period, as set forth for such
                          period on Schedule I attached hereto.

   Floating Rate for
   initial Calculation
   Period:                To be determined

   Floating Rate Day
   Count Fraction:        Actual/360

   Floating Rate
   Option:                USD-LIBOR-BBA, provided, however, if the Floating Rate
                          Option for a Calculation Period is greater than 10.34%
                          then the Floating Rate Option for such Calculation
                          Period shall be deemed equal to 10.34%.

   Designated Maturity:   One month

   Spread:                Inapplicable

   Floating Rate Payer
   Period End Dates:      The 25th day of each month, beginning on February 25,
                          2007 and ending on the Termination Date, subject to
                          adjustment in accordance with the Modified Following
                          Business Day Convention.

   Floating Rate Payer
   Payment Dates:         Early Payment shall be applicable. The Floating Rate
                          Payer Payment Date shall be one (1) Business Day
                          preceding each Floating Rate Payer Period End Date.

   Reset Dates:           The first day of each Calculation Period

   Compounding:           Inapplicable

   Business Days for
   Payments By both
   parties:               New York and Illinois

   Calculation Agent:     BNY
</TABLE>

     3. ADDITIONAL PROVISIONS:

     1) RELIANCE. Each party hereto is hereby advised and acknowledges that the
other party has engaged in (or refrained from engaging in) substantial financial
transactions and has taken (or refrained from taking) other material actions in
reliance upon the entry by the parties into the Transaction being entered into
on the terms and conditions set forth herein.

     2) TRANSFER, AMENDMENT AND ASSIGNMENT. No transfer, amendment, waiver,
supplement, assignment or other modification of this Transaction shall be
permitted by either party unless each of Standard & Poor's Ratings Service, a
division of The McGraw-Hill Companies, Inc ("S&P") and Moody's Investors
Service, Inc. ("MOODY'S"), has been provided notice of the same and confirms in
writing (including by facsimile transmission) that it will not downgrade,
qualify, withdraw or otherwise modify its

                                      M-2-2

<PAGE>

then-current ratings on the Class A-2 Certificates issued under the Pooling and
Servicing Agreement (the "CERTIFICATES").

     4. PROVISIONS DEEMED INCORPORATED IN A SCHEDULE TO THE MASTER AGREEMENT:

     1) NO PAYMENT NETTING AMONG TRANSACTIONS; MODIFICATION OF SECTION
2(A)(III)(1). The parties agree that subparagraph (ii) of Section 2(c) of the
ISDA Form Master Agreement will apply to this Transaction. Section 2(a)(iii)(1)
is amended by deleting "or Potential Event of Default".

     2) TERMINATION PROVISIONS. For purposes of the Master Agreement:

     (a) "SPECIFIED ENTITY" in relation to BNY or the Counterparty shall mean:
     none.

     (b) "SPECIFIED TRANSACTION" will not apply.

     (c) APPLICABILITY. The following provisions apply or do not apply to the
     parties as specified below:

          (i) Section 5(a)(i) (FAILURE TO PAY OR DELIVER):

               (A) will apply to BNY; and

               (B) will apply to the Counterparty.

          (ii) Section 5(a)(ii) (BREACH OF AGREEMENT):

               (A) will apply to BNY; and

               (B) will not apply to the Counterparty.

          (iii) Section 5(a)(iii) (CREDIT SUPPORT DEFAULT):

               (A) will apply to BNY; and

               (B) will not apply to the Counterparty.

          (iv) Section 5(a)(iv) (MISREPRESENTATION):

               (A) will apply to BNY; and

               (B) will not apply to the Counterparty.

          (v) Section 5(a)(v) (DEFAULT UNDER SPECIFIED TRANSACTION):

               (A) will not apply to BNY; and

               (B) will not apply to the Counterparty.

          (vi) Section 5(a)(vi) (CROSS DEFAULT):

               (A) will apply to BNY; and

               (B) will not apply to the Counterparty.

               For the purposes of Section 5(a)(vi):

               "SPECIFIED INDEBTEDNESS" will have the meaning specified in
               Section 14, except that it shall not include indebtedness in
               respect of deposits received.

               "THRESHOLD AMOUNT" means, 3% of consolidated shareholders equity
               of BNY and its subsidiaries determined in accordance with
               generally accepted accounting principles of the United States
               consistently applied as of the last day of the fiscal quarter
               ended immediately prior to the occurrence or existence of an
               event for which a Threshold Amount is applicable under Section
               5(a)(vi).

          (vii) Section 5(a)(vii) (BANKRUPTCY):

               (A) will apply to BNY; and

               (B) will not apply to the Counterparty with respect to subclauses
               (2), (4) (but only if the proceeding or petition is instituted or
               presented by BNY or its affiliates), (7), (8) (but subclause (8)
               will not apply to the Counterparty only to the

                                      M-2-3

<PAGE>

               extent that subclauses (2), (4) and (7) do not apply to the
               Counterparty) and (9) of Section 5(a)(vii), and the remaining
               provisions of Section 5(a)(vii) will apply to the Counterparty;
               and in subclause (6) the words "trustee" and "custodian" will not
               include the Trustee and the words "seeks or" will be deleted.

          (viii) Section 5(a)(viii) (MERGER WITHOUT ASSUMPTION):

               (A) will apply to BNY; and

               (B) will apply to the Counterparty.

          (ix) Section 5(b)(i) (ILLEGALITY):

               (A) will apply to BNY; and

               (B) will apply to the Counterparty.

          (x) Section 5(b)(ii) (TAX EVENT):

               (A) will apply to BNY; and

               (B) will apply to the Counterparty;

               provided that the words "(x) any action taken by a taxing
               authority, or brought in a court of competent jurisdiction, on or
               after the date on which a Transaction is entered into (regardless
               of whether such action is taken or brought with respect to a
               party to this Agreement) or (y)" shall be deleted.

          (xi) Section 5(b)(iii) (TAX EVENT UPON MERGER):

               (A) will apply to BNY, provided, that BNY shall not be entitled
               to designate an Early Termination Date by reason of a Tax Event
               upon Merger in respect of which it is the Affected Party; and

               (B) will apply to the Counterparty.

          (xii) Section 5(b)(iv) (CREDIT EVENT UPON MERGER):

               (A) will not apply to BNY; and

               (B) will not apply to the Counterparty.

          (xiii) Section 5(b)(v) (ADDITIONAL TERMINATION EVENT):

               (A) will apply to BNY with respect to Paragraph 4(2)(g)(iii) and
               (iv); and

               (B) will apply to the Counterparty with respect to Paragraph
               (4)(2)(g)(i) and(ii).

     (d) The "AUTOMATIC EARLY TERMINATION" provision of Section 6(a):

               (A) will not apply to BNY; and

               (B) will not apply to the Counterparty.

     (e) PAYMENTS ON EARLY TERMINATION. For the purpose of Section 6(e), the
     Second Method and Market Quotation will apply. For such purpose, for so
     long as the Certificates are rated by Moody's, if BNY is the Affected Party
     in respect of an Additional Termination Event or a Tax Event Upon Merger or
     the Defaulting Party in respect of any Event of Default (but not, in any
     case, in respect of a Termination Event arising from an Illegality or Tax
     Event), the following provisions shall apply:

          (i) The definitions of "Market Quotation" and "Settlement Amount" are
          amended in their entirety to read as follows:

               "MARKET QUOTATION" means, with respect to one or more Terminated
               Transactions, an offer capable when made of becoming legally
               binding upon acceptance made by a Qualified Transferee for an
               amount that would be paid to the Counterparty (expressed as a
               negative number) or by the Counterparty (expressed as a positive
               number) in consideration of an agreement between the Counterparty
               and such

                                      M-2-4

<PAGE>

               Qualified Transferee to enter into a transaction with commercial
               terms substantially the same as those of this Agreement (save for
               the exclusion of provisions relating to Transactions that are not
               Terminated Transactions) (which shall be determined by the
               Counterparty, acting in a commercially reasonable manner), that
               would have the effect of preserving the economic equivalent for
               the Counterparty of any payment or delivery (whether the
               underlying obligation was absolute or contingent and assuming the
               satisfaction of each applicable condition precedent) by the
               parties under Section 2(a)(i) in respect of such Terminated
               Transactions or group of Terminated Transactions that would, but
               for the occurrence of the relevant Early Termination Date, have
               been required after that date (such transaction, a "REPLACEMENT
               TRANSACTION"). For this purpose, Unpaid Amounts in respect of the
               Terminated Transaction or group of Transactions are to be
               excluded but, without limitation, any payment or delivery that
               would, but for the relevant Early Termination Date, have been
               required (assuming satisfaction of each applicable condition
               precedent) after that Early Termination Date is to be included.

               "SETTLEMENT AMOUNT" means, with respect to any Early Termination
               Date, an amount (as determined by the Counterparty) equal to the
               Termination Currency Equivalent of the amount (whether positive
               or negative) of any Market Quotation for the relevant Terminated
               Transaction or group of Terminated Transactions that is accepted
               by the Counterparty so as to become legally binding, Provided
               that:

               (1) If, on the day falling ten Local Business Days after the day
               on which the Early Termination Date is designated or such later
               day as the Counterparty may specify in writing to BNY (but in
               either case no later than the Early Termination Date) (such day
               the "LATEST SETTLEMENT AMOUNT DETERMINATION DAY"), no Market
               Quotation for the relevant Terminated Transaction or group of
               Terminated Transactions has been accepted by the Counterparty so
               as to become legally binding and one or more Market Quotations
               have been made and remain capable of becoming legally binding
               upon acceptance, the Settlement Amount shall equal the
               Termination Currency Equivalent of the amount (whether positive
               or negative) of the lowest of such Market Quotations; and

               (2) If, on the Latest Settlement Amount Determination Day, no
               Market Quotation for the relevant Terminated Transaction or group
               of Terminated Transactions is accepted by the Counterparty so as
               to become legally binding and no Market Quotations have been made
               and remain capable of becoming legally binding upon acceptance,
               the Settlement Amount shall equal the Counterparty's Loss
               (whether positive or negative and without reference to any
               Un-paid amounts) for the relevant Terminated Transaction or group
               of Terminated Transactions.

          (ii) At any time on or before the Latest Settlement Amount
          Determination Day at which two or more Market Quotations remain
          capable of becoming legally binding upon acceptance, the Counterparty
          shall be entitled to accept only the lowest of such Market Quotations.

          (iii) if the Counterparty requests BNY in writing to obtain Market
          Quotations, BNY shall use its reasonable efforts to do so before the
          Latest Settlement Amount Determination Day.

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

               "SECOND METHOD AND MARKET QUOTATION. If Second Method and Market
               Quotation apply, (1) the Counterparty shall pay to BNY an amount
               equal to the absolute value of the Settlement Amount in respect
               of the Terminated Transactions, (2) the Counterparty shall pay to
               BNY the Termination Currency Equivalent of the Unpaid Amounts
               owing to BNY and (3) BNY shall pay to the Counterparty the
               Termination Currency Equivalent of the Unpaid Amounts owing to
               the Counterparty, Provided that, (i) the amounts payable under
               (2) and (3) shall be subject to netting in accordance with
               Section 2(c) of this Agreement and (ii)

                                      M-2-5

<PAGE>

               notwithstanding any other provision of this Agreement, any amount
               payable by BNY under (3) shall not be netted-off against any
               amount payable by the Counterparty under (1)."

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

     (g) "ADDITIONAL TERMINATION EVENT" will apply. The following shall
     constitute Additional Termination Events, and the party specified shall be
     the Affected Party with respect thereto:--

          (i) TERMINATION OF TRUST FUND. The Trust, Supplemental Interest Trust
          or Trust Fund shall be terminated pursuant to any provision of the
          Pooling and Servicing Agreement (including, without limitation, by
          completion of a successful auction termination or by exercise of the
          option to purchase and giving of notice under Sections 10.01 of the
          Pooling and Servicing Agreement). The Early Termination Date with
          respect to such Additional Termination Event shall be the Distribution
          Date upon which the Trust and the Supplemental Interest Trust or Trust
          Fund is terminated and final payment is made in respect of the
          Certificates. Each of BNY and the Counterparty may designate an Early
          Termination Date in respect of this Additional Termination Event. The
          Counterparty shall be the sole Affected Party.

          (ii) AMENDMENT OF POOLING AND SERVICING AGREEMENT. The amendment of
          the Pooling and Servicing Agreement in a manner which could have a
          material adverse affect on BNY without first obtaining the prior
          written consent of BNY (such consent not to be unreasonably withheld),
          where such consent is required under the Pooling and Servicing
          Agreement. The Counterparty shall be the sole Affected Party.

          (iii) COLLATERALIZATION OR RATINGS EVENT. A Collateralization Event or
          Ratings Event has occurred and is continuing with respect to BNY (and
          the guarantor under each Qualified Guaranty (if any)) and BNY fails to
          comply with the provisions of Paragraph 4(8)(ii) within the time
          periods set out therein; provided that an Additional Termination Event
          shall not be deemed to occur by virtue of a breach of Paragraph
          4(8)(ii)(B) with respect to a Moody's Ratings Event unless and until
          such Moody's Ratings Event has continued for 30 or more Business Days
          and at least one Qualified Transferee has made an offer which remains
          capable of becoming legally binding upon acceptance to enter into a
          Permitted Transfer or other Replacement Transaction. BNY shall be the
          sole Affected Party. In the event that BNY has elected or is required
          to post collateral following the occurrence of a Ratings Event with
          respect to BNY (and the guarantor under each Qualified Guaranty (if
          any)), then, after the period of time provided in Paragraph
          4(8)(ii)(B), a failure to post collateral in accordance with the
          provisions of the Credit Support Annex shall be subject to the
          provisions of Section 5(a)(iii) and shall not be treated as an
          Additional Termination Event. Any breach of Paragraph 4(8)(ii)(A), (B)
          or (C) which is treated as an Additional Termination Event under this
          Paragraph 4(g)(iii) shall not constitute an Event of Default.

          (iv) REGULATION AB. BNY shall fail to comply with the provisions of
          Paragraph 4(9) within the time provided for therein. BNY shall be the
          sole Affected Party.

     3) TAX REPRESENTATIONS AND OTHER TAX RELATED PROVISIONS.

               (a) PAYER REPRESENTATIONS. For the purpose of Section 3(e), BNY
     and the Counterparty make the following representations:

                    It is not required by any applicable law, as modified by the
          practice of any relevant governmental revenue authority, of any
          Relevant Jurisdiction to make any deduction or withholding for or on
          account of any Tax from any payment (other than interest under Section
          2(e), 6(d)(ii) or 6(e)) to be made by it to the other party under this
          Agreement. In making this representation, it may rely on:

          (i) the accuracy of any representations made by the other party
          pursuant to Section 3(f);

                                      M-2-6

<PAGE>

          (ii) the satisfaction of the agreement contained in Section 4 (a)(i)
          or 4(a)(iii) and the accuracy and effectiveness of any document
          provided by the other party pursuant to Section 4 (a)(i) or 4(a)(iii);
          and

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

     (b) PAYEE REPRESENTATIONS. For the purpose of Section 3(f), BNY and the
     Counterparty make the following representations.

          (i)  The following representation will apply to BNY:

               (x) It is a "U.S. person" (as that term is used in section
               1.1441-4(a)(3)(ii) of the United States Treasury Regulations) for
               United States federal income tax purposes, (y) it is a trust
               company duly organized and existing under the laws of the State
               of New York, and (y) its U.S. taxpayer identification number is
               135160382.

          (ii) The following representation will apply to the Counterparty:

               None.

     (c) GROSS UP. Section 2(d)(i)(4) shall not apply to Counterparty as X, and
     Section 2(d)(ii) shall not apply to Counterparty as Y, such that
     Counterparty shall not be required to pay any additional amounts referred
     to therein.

     (d) INDEMNIFIABLE TAX. The definition of "Indemnifiable Tax" in Section 14
     is amended in its entirety to read as follows:

          "INDEMNIFIABLE TAX" means in relation to payments by BNY any Tax and
          in relation to payments by the Counterparty no Tax.

     4) DOCUMENTS TO BE DELIVERED. FOR THE PURPOSE OF SECTION 4(A):

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

<TABLE>
<CAPTION>
        PARTY
     REQUIRED TO                                                                         COVERED BY
       DELIVER                                                                          SECTION 3(D)
      DOCUMENT           FORM/DOCUMENT/ CERTIFICATE    DATE BY WHICH TO BE DELIVERED   REPRESENTATION
--------------------   -----------------------------   -----------------------------   --------------
<S>                    <C>                             <C>                             <C>
BNY and Counterparty   Any document required or        Promptly after the earlier of   Yes
                       reasonably requested to allow   (i) reasonable demand by
                       the other party to make         either party or (ii) learning
                       payments under this Agreement   that such form or document is
                       without any deduction or        required
                       withholding for or on the
                       account of any tax.
</TABLE>

     (b) Other documents to be delivered are:

<TABLE>
<CAPTION>
        PARTY
     REQUIRED TO                                                                         COVERED BY
       DELIVER                                                                          SECTION 3(D)
      DOCUMENT           FORM/DOCUMENT/ CERTIFICATE    DATE BY WHICH TO BE DELIVERED   REPRESENTATION
--------------------   -----------------------------   -----------------------------   --------------
<S>                    <C>                             <C>                             <C>
BNY                    A certificate of an             Upon the execution and          Yes
                       authorized officer of the       delivery of this Agreement
                       party, as to the 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.
</TABLE>

                                      M-2-7

<PAGE>

<TABLE>
<CAPTION>
        PARTY
     REQUIRED TO                                                                         COVERED BY
       DELIVER                                                                          SECTION 3(D)
      DOCUMENT           FORM/DOCUMENT/ CERTIFICATE    DATE BY WHICH TO BE DELIVERED   REPRESENTATION
     -----------       -----------------------------   -----------------------------   --------------
<S>                    <C>                             <C>                             <C>
Counterparty           (i) a copy of the executed      Upon the later of, receipt by   Yes
                       Pooling and Servicing           such party, or within 30 days
                       Agreement, and (ii) an          after the date of this
                       incumbency certificate          Agreement
                       verifying the true signatures
                       and authority of the person
                       or persons signing this
                       letter agreement on behalf of
                       the Counterparty.

BNY                    Legal Opinion as to             Upon the execution and          Yes
                       enforceability of this          delivery of this Agreement.
                       Agreement.

Counterparty           Certified copy of the Board     Upon the execution and          Yes
                       of Directors resolution (or     delivery of this
                       equivalent authorizing          Agreement.
                       documentation) which sets
                       forth the authority of each
                       signatory to the Confirmation
                       signing on its behalf and the
                       authority of such party to
                       enter into Transactions
                       contemplated and performance
                       of its obligations hereunder.
</TABLE>

     5) MISCELLANEOUS.

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

          ADDRESS FOR NOTICES OR COMMUNICATIONS TO BNY:

               The Bank of New York
               Swaps and Derivative Products Group
               Global Market Division
               32 Old Slip 15th Floor
               New York, New York 10286
               Attention: Steve Lawler

          with a copy to:

               The Bank of New York
               Swaps and Derivative Products Group
               32 Old Slip 16th Floor
               New York, New York 10286
               Attention: Andrew Schwartz
               Tele: 212-804-5103
               Fax: 212-804-5818/5837

               (For all purposes)

          A copy of any notice or other communication with respect to Sections 5
          or 6 should also be sent to the addresses set out below:

               The Bank of New York
               Legal Department
               One Wall Street - 10th Floor
               New York, New York 10286
               Attention: General Counsel

          ADDRESS FOR NOTICES OR COMMUNICATIONS TO THE COUNTERPARTY:

               LaSalle Bank National Association, not in its individual
               capacity, but solely as Trustee for First Franklin Mortgage Loan
               Trust, Series 2007-FF1 Global Securities and Trust Services

                                      M-2-8

<PAGE>

               135 S. LaSalle Street, Ste 1511
               Chicago, Illinois 60603
               Attention: Carol A. Corradino-Tilton
               Telephone: 312-992-2745
               Facsimile: 312-904-1368

               With a copy to:

               Merrill Lynch Mortgage Lending, Inc.
               4 World Financial Center
               250 Vesey Street
               NY, NY 10080
               Attention: Alan Chan
               Phone: 212.449.1441
               Facsimile: 212.738-1110

     (b) PROCESS AGENT. For the purpose of Section 13(c):

          BNY appoints as its Process Agent: Not Applicable

          The Counterparty appoints as its Process Agent: Not Applicable

     (c) OFFICES. The provisions of Section 10(a) will not apply to this
     Agreement; neither BNY nor the Counterparty have any Offices other than as
     set forth in the Notices Section and BNY agrees that, for purposes of
     Section 6(b), it shall not in future have any Office other than one in the
     United States.

     (d) MULTIBRANCH PARTY. For the purpose of Section 10(c):

          BNY is a Multibranch Party and will enter into each Transaction only
          through the following Office:- New York (for all Transactions).

          The Counterparty is not a Multibranch Party.

     (e) CALCULATION AGENT. The Calculation Agent is BNY.

     (f) "CREDIT SUPPORT DOCUMENT" means in relation to:--

          BNY: the Credit Support Annex attached as Exhibit A hereto and any
Qualified Guaranty.

          The Counterparty: Not applicable.

     (g) "CREDIT SUPPORT PROVIDER" means in relation to:--

          BNY: The guarantor under any Qualified Guaranty.

          Counterparty: Not Applicable

     (h) GOVERNING LAW. The parties to this Agreement hereby agree that the law
     of the State of New York shall govern their rights and duties in whole,
     without regard to conflict of law provisions thereof other than New York
     General Obligations Law Sections 5-1401 and 5-1402.

     (i) SEVERABILITY. If any term, provision, covenant, or condition of this
     Agreement, or the application thereof to any party or circumstance, shall
     be held to be invalid or unenforceable (in whole or in part) for any
     reason, the remaining terms, provisions, covenants, and conditions hereof
     shall continue in full force and effect as if this Agreement had been
     executed with the invalid or unenforceable portion eliminated, so long as
     this Agreement as so modified continues to express, without material
     change, the original intentions of the parties as to the subject matter of
     this Agreement and the deletion of such portion of this Agreement will not
     substantially impair the respective benefits or expectations of the
     parties. The parties shall endeavor to engage in good faith negotiations to
     replace any invalid or unenforceable term, provision, covenant or condition
     with a valid or enforceable term, provision, covenant or condition, the
     economic effect of which comes as close as possible to that of the invalid
     or unenforceable term, provision, covenant or condition.

     (j) RECORDING OF CONVERSATIONS. Each party (i) consents to the recording of
     telephone conversations between the trading, marketing and other relevant
     personnel of the parties in

                                      M-2-9

<PAGE>

     connection with this Agreement or any potential Transaction, (ii) agrees to
     obtain any necessary consent of, and give any necessary notice of such
     recording to, its relevant personnel and (iii) agrees, to the extent
     permitted by applicable law, that recordings may be submitted in evidence
     in any Proceedings.

     (k) WAIVER OF JURY TRIAL. Each party waives any right it may have to a
     trial by jury in respect of any Proceedings relating to this Agreement or
     any Credit Support Document.

     (l) NON-RECOURSE. Notwithstanding any provision herein or in the Master
     Agreement to the contrary, the obligations of the Counterparty hereunder
     are limited recourse obligations of the Counterparty, payable solely from
     amounts on deposit in the Swap Account created by the Trustee and the
     proceeds thereof to satisfy the Counterparty's obligations hereunder. In
     the event that the Swap Account and proceeds thereof should be insufficient
     to satisfy all claims outstanding and following the realization of the Swap
     Account and the distribution of the proceeds thereof in accordance with the
     Pooling and Servicing Agreement, any claims against or obligations of the
     Counterparty under the Master Agreement or any other confirmation
     thereunder, still outstanding shall be extinguished and thereafter not
     revive. This provision shall survive the expiration of this Agreement.

     (m) LIMITATION ON INSTITUTION OF BANKRUPTCY PROCEEDINGS. BNY shall not
     institute against or cause any other person to institute against, or join
     any other person in instituting against the Counterparty, the Supplemental
     Interest Trust or the trust created pursuant to the Pooling and Servicing
     Agreement any bankruptcy, reorganization, arrangement, insolvency or
     liquidation proceedings, under any federal or state bankruptcy or similar
     law or bankruptcy or similar laws of any other jurisdiction, for a period
     of one year and one day (or, if longer, the applicable preference period)
     following indefeasible payment in full of the Certificates. This provision
     shall survive the expiration of this Agreement.

     (n) REMEDY OF FAILURE TO PAY OR DELIVER. The ISDA Form Master Agreement is
     hereby amended by replacing the word "third" in the third line of Section
     5(a)(i) by the word "first".

     (o) "AFFILIATE" will have the meaning specified in Section 14 of the ISDA
     Form Master Agreement, provided that the Counterparty shall be deemed not
     to have any Affiliates for purposes of this Agreement, including for
     purposes of Section 6(b)(ii).

     (p) TRUSTEE'S CAPACITY. It is expressly understood and agreed by the
     parties hereto that insofar as this Confirmation is executed by the Trustee
     (i) this Confirmation is executed and delivered by LaSalle Bank National
     Association, not in its individual capacity but solely as Trustee pursuant
     to the Pooling and Servicing Agreement in the exercise of the powers and
     authority conferred and vested in it thereunder and pursuant to instruction
     set forth therein, (ii) each of the representations, undertakings and
     agreements herein made on behalf of the trust is made and intended not as a
     personal representation, undertaking or agreement of the Trustee but is
     made and intended for the purpose of binding only the Counterparty, (iii)
     nothing contained herein shall be construed as creating any liability of
     LaSalle Bank National Association, individually or personally, to perform
     any covenants either express or implied contained herein, all such
     liability, if any, being expressly waived by the parties hereto and by any
     person claiming by, through or under the parties hereto and (iv) under no
     circumstances will LaSalle Bank National Association, in its individual
     capacity be personally liable for the payment of any indebtedness or
     expenses or be personally liable for the breach or failure of any
     obligation, representation, warranty or covenant made or undertaken under
     this Confirmation. Nothing herein contained shall be construed as creating
     any liability on LaSalle Bank National Association, individually or
     personally, to perform any covenant either expressed or implied contained
     herein, all such liability, if any, being expressly waived by the parties
     who are signatories to this letter agreement and by any person claiming by,
     through or under such parties.

     (q) TRUSTEE'S REPRESENTATION. LaSalle Bank National Association, as
     Trustee, represents and warrants that:

          It has been directed under the Pooling and Servicing Agreement to
          enter into this letter agreement as Trustee on behalf of the
          Counterparty.

     6) ADDITIONAL REPRESENTATIONS. Section 3 is hereby amended by adding, at
the end thereof, the following Sections 3(g), 3(h) and 3(i):

                                     M-2-10

<PAGE>

     "(g) RELATIONSHIP BETWEEN PARTIES.

          (1) NONRELIANCE. It is not relying on any statement or representation
          of the other party regarding the Transaction (whether written or
          oral), other than the representations expressly made in this Agreement
          or the Confirmation in respect of that Transaction.

          (2) EVALUATION AND UNDERSTANDING.

               (i) Each Party acknowledges that LaSalle Bank National
               Association, has been directed under the Pooling and Servicing
               Agreement to enter into this Transaction as Trustee on behalf of
               the Counterparty.

               (ii) It is acting for its own account and has the capacity to
               evaluate (internally or through independent professional advice)
               the Transaction and has made its own decision to enter into the
               Transaction; it is not relying on any communication (written or
               oral) of the other party as investment advice or as a
               recommendation to enter into such transaction; it being
               understood that information and explanations related to the terms
               and conditions of such transaction shall not be considered
               investment advice or a recommendation to enter into such
               transaction. No communication (written or oral) received from the
               other party shall be deemed to be an assurance or guarantee as to
               the expected results of the transaction; and

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

          (3) NOT FIDUCIARY OR ADVISOR. The other party is not acting as a
          fiduciary or an advisor for it in respect of this Transaction.

          (h) EXCLUSION FROM COMMODITY EXCHANGE ACT. (A) It is an "eligible
          contract participant" within the meaning of Section 1a(12) of the
          Commodity Exchange Act, as amended; (B) this Agreement and each
          Transaction is subject to individual negotiation by such party; and
          (C) neither this Agreement nor any Transaction will be executed or
          traded on a "trading facility" within the meaning of Section 1a(33) of
          the Commodity Exchange Act, as amended.

          (i) SWAP AGREEMENT. Each Transaction is a "swap agreement" as defined
          in 12 U.S.C. Section 1821(e)(8)(D)(vi) and a "covered swap agreement"
          as defined in the Commodity Exchange Act (7 U.S.C. Section 27(d)(1))."

     7) SET-OFF. Notwithstanding any provision of this Agreement or any other
existing or future agreement (but without limiting the provisions of Section
2(c) and Section 6, except as provided in the next sentence), each party
irrevocably waives any and all rights it may have to set off, net, recoup or
otherwise withhold or suspend or condition payment or performance of any
obligation between it and the other party hereunder against any obligation
between it and the other party under any other agreements. The last sentence of
the first paragraph of Section 6(e) shall not apply for purposes of this
Transaction.

     8) RATINGS DOWNGRADE.

          (i) DEFINITIONS. For purposes of each Transaction: (A) "RATING AGENCY
          CONDITION" means, with respect to any action taken or to be taken
          hereunder, a condition that is satisfied when each of Moody's and S&P
          (each a "RATING AGENCY", and the rating condition with respect to it,
          the "MOODY'S RATING CONDITION" and "S&P RATING CONDITION",
          respectively) has confirmed in writing to the Trustee that such action
          will not result in withdrawal, reduction or other adverse action with
          respect to any then-current rating by such Rating Agency of the
          Certificates; (B) "QUALIFYING RATINGS" means, with respect to the debt
          of any entity, (1) (x) a short-term unsecured and unsubordinated debt
          rating of at least "P-1", and a long-term unsecured and unsubordinated
          debt of at least "A2" (or, if it has no short-term unsecured and
          unsubordinated debt rating, a long term rating of at least "A1") by
          Moody's ("MOODY'S FIRST LEVEL QUALIFYING RATINGS"), and (y) a
          short-term unsecured and unsubordinated debt rating of at least "P-2",
          and a long-term unsecured and unsubordinated debt of at least "A3"
          (or, if it has no short-term unsecured and unsubordinated debt rating,
          a long term rating of at least "A3") by Moody's ("MOODY'S

                                     M-2-11

<PAGE>

          SECOND LEVEL QUALIFYING RATINGS"), and (2) a short-term unsecured and
          unsubordinated debt rating of at least "A-1", or if it does not have
          a short-term rating, a long-term unsecured and unsubordinated debt
          rating of at least "A+" by S&P ("S&P QUALIFYING RATINGS"), and (3) a
          short-term unsecured and unsubordinated debt rating of at least "F1"
          by Fitch and a long-term unsecured and unsubordinated debt rating of
          at least "A" by Fitch ("FITCH QUALIFYING RATINGS"); (C) a
          "COLLATERALIZATION EVENT" shall occur with respect to an entity) if:
          (1) its short-term unsecured and unsubordinated debt rating is reduced
          to "P-2" or below, or its long-term unsecured and unsubordinated debt
          is reduced to "A3" or below (or, if it has no short-term unsecured and
          unsubordinated debt rating, its long term rating is reduced to "A2" or
          below) by Moody's (a "MOODY'S COLLATERALIZATION EVENT"), or (2) its
          short-term unsecured and unsubordinated debt rating is reduced to
          "A-2" or below, or, if it does not have a short-term rating, its
          long-term unsecured and unsubordinated debt rating is reduced to "A"
          or below by S&P (an "S&P COLLATERALIZATION EVENT"); (D) a "RATINGS
          EVENT" shall occur with respect to an entity if: (1) its short-term
          unsecured and unsubordinated debt rating is withdrawn or reduced to
          "P-3" or below or its long-term unsecured and unsubordinated debt is
          reduced to "Baa1" (or, if it has no short-term unsecured and
          unsubordinated debt rating, its long term rating is withdrawn or
          reduced to "Baa1" or below) by Moody's (a "MOODY'S RATINGS EVENT"), or
          (2) its short-term unsecured and unsubordinated debt rating is
          withdrawn or reduced to "A-3" or its long-term unsecured and
          unsubordinated debt rating is withdrawn or reduced to "BB+" or below
          (or, if it has no short-term unsecured and unsubordinated debt rating,
          its long term rating is withdrawn or reduced to "BB+" or below) by S&P
          (an "S&P RATINGS EVENT"); (E) "QUALIFIED TRANSFEREE" means a
          transferee of a novation or assignment or a party (other than the
          Counterparty) that enters into another form of Replacement Transaction
          that is a Reference Market-maker ("dealer" in the definition thereof
          meaning a "dealer in notional principal contracts" as defined in
          Treas. Reg. Section 1.1001-4) (1) that has Moody's Second Level
          Qualifying Ratings and S&P Qualifying Ratings or (2) whose present and
          future obligations owing to the Counterparty are guaranteed pursuant
          to a Qualified Guaranty; and (F) "QUALIFIED GUARANTY" means an
          unconditional and irrevocable guaranty of payment (and not of
          collection) and the performance of the other obligations of BNY (or a
          Qualified Transferee, as applicable) hereunder by a third party having
          Moody's Second Level Qualifying Ratings and S&P Qualifying Ratings and
          with respect to which the S&P Rating Condition is satisfied
          ("QUALIFIED GUARANTOR") providing, inter alia, that payment thereunder
          shall be made as provided and on the conditions set forth in Section
          2(d) as modified hereunder (substituting references to BNY as "X" with
          the guarantor as "X" and "this Agreement" with such guaranty,
          respectively) (or, in lieu of such provisions relating to tax, a law
          firm has given a legal opinion confirming that none of the guarantor's
          payments to the Counterparty under such guaranty will be subject to
          withholding for Tax).

          (ii) ACTIONS TO BE TAKEN. (A) if a Collateralization Event occurs with
          respect to BNY (and the guarantor under each Qualified Guaranty (if
          any)), then BNY shall, at its own expense, no later than thirty (30)
          Business Days after a Moody's Collateralization Event with respect to
          BNY (and the guarantor under each Qualified Guaranty (if any)) or (if
          sooner) thirty (30) calendar days after an S&P Collateralization
          Ratings Event: (1) post collateral (commencing within the time frame
          set forth herein) in accordance with the Credit Support Annex for so
          long as the Collateralization Event continues with respect to BNY (and
          the guarantor under each Qualified Guaranty (if any)); or (2) on terms
          substantially similar to this Agreement (to be determined by the
          Counterparty acting in a commercially reasonable manner), and subject
          to the S&P Rating Condition, novate or assign or transfer the
          Transactions to or replace the Transactions with Replacement
          Transactions with a Qualified Transferee (having the Moody's First
          Level Qualifying Ratings and the S&P Qualifying Ratings); or (3)
          obtain a Qualified Guaranty (provided by a guarantor having the
          Moody's First Level Qualifying Ratings and the S&P Qualifying Ratings
          and with respect to which the S&P Rating Condition is satisfied); and
          (B) if a Ratings Event occurs with respect to BNY (and the guarantor
          under each Qualified Guaranty (if any)), then BNY shall at its own
          expense, no later than thirty (30) Business Days after a Moody's
          Ratings Event with respect to BNY (and the guarantor under each
          Qualified Guaranty (if any)) or (if sooner) ten (10) business days
          after an S&P Ratings Event: (1) on terms substantially similar to this
          Agreement (to be determined by the Counterparty acting in a
          commercially reasonable manner), and subject to the S&P Rating
          Condition, novate or assign or transfer

                                     M-2-12

<PAGE>

          the Transactions to or replace the Transactions with Replacement
          Transactions with a Qualified Transferee, or (2) obtain a Qualified
          Guaranty. (C) BNY shall post collateral in accordance with the Credit
          Support Annex and the time frames set forth herein for so long as a
          Collateralization Event or Ratings Event (in each case, with respect
          to BNY and the guarantor under each Qualified Guaranty (if any))
          continues, commencing at the time specified for taking action under
          (A) or (B) above respectively, provided that there shall be no grace
          period for posting collateral in the event that a Collateralization
          Event or Ratings Event (in each case, with respect to BNY and the
          guarantor under each Qualified Guaranty (if any)) has been continuing
          from the time BNY has become a party hereto. (D) if a Ratings Event
          occurs with respect to BNY (and the guarantor under each Qualified
          Guaranty (if any)), then BNY shall at its own expense, use
          commercially reasonable efforts to, as soon as reasonably practicable,
          take one of the actions referred to in (B) above.

     9) COMPLIANCE WITH REGULATION AB.

     (a) If the Depositor under the Pooling and Servicing Agreement still has a
     reporting obligation with respect to this Transaction pursuant to
     Regulation AB under the Securities Act of 1933, as amended, and the
     Securities Exchange Act of 1934, as amended ("REGULATION AB") and BNY has
     not, within 30 days after receipt of a Swap Disclosure Request complied
     with the provisions set forth below in this Paragraph 4(9) (provided that
     if the significance percentage reaches 10% after a Swap Disclosure Request
     has been made to BNY, BNY must comply with the provisions set forth below
     in this Section 4(9) within 10 calendar days of BNY being informed of the
     significance percentage reaching 10%), then an Additional Termination Event
     shall have occurred with respect to BNY and BNY shall be the sole Affected
     Party with respect to such Additional Termination Event.

     (b) BNY acknowledges that for so long as there are reporting obligations
     with respect to this Transaction under Regulation AB, the Depositor is
     required under Regulation AB to disclose certain information set forth in
     Regulation AB regarding BNY or its group of affiliated entities, if
     applicable, depending on the aggregate "significance percentage" of this
     Agreement and any other derivative contracts between BNY or its group of
     affiliated entities, if applicable, and the Counterparty, as calculated
     from time to time in accordance with Item 1115 of Regulation AB.

     (c) If the Depositor determines, reasonably and in good faith, that the
     significance percentage of this Agreement has increased to eight (8)
     percent, then the Depositor may request on a Business Day after the date of
     such determination from BNY the same information set forth in Item 1115(b)
     of Regulation AB that would have been required if the significance
     percentage had in fact increased to ten (10) percent (such request, a "SWAP
     DISCLOSURE REQUEST" and such requested information, subject to the last
     sentence of this paragraph, is the "SWAP FINANCIAL DISCLOSURE"). The
     Counterparty or the Depositor shall provide BNY with the calculations and
     any other information reasonably requested by BNY with respect to the
     Depositor's determination that led to the Swap Disclosure Request. The
     parties hereto further agree that the Swap Financial Disclosure provided to
     meet the Swap Disclosure Request may be, solely at BNY's option, either the
     information set forth in Item 1115(b)(1) or Item 1115(b)(2) of Regulation
     AB.

     (d) Upon the occurrence of a Swap Disclosure Request, BNY, at its own
     expense, shall (x) provide the Depositor with the Swap Financial Disclosure
     in an Edgar-compatible format, or (y) subject to Rating Agency Condition,
     secure another entity to replace BNY as party to this Agreement on terms
     substantially similar to this Agreement which entity is able to provide the
     Swap Financial Disclosure. If permitted by Regulation AB, any required Swap
     Financial Disclosure may be provided by incorporation by reference from
     reports filed pursuant to the Securities Exchange Act.

     (e) BNY's obligation to comply with this Paragraph 4(9) shall be suspended
     as of January 1, 2008 unless, at any time, BNY receives notification from
     the Depositor or the Counterparty that the Trust Fund's obligation to file
     periodic reports under the Exchange Act shall continue; provided, however,
     that such obligations shall not be suspended in respect of any Exchange Act
     Report or amendment to an Exchange Act Report in such fiscal year which
     relates to any fiscal year in which the Trust Fund was subject to the
     reporting requirements of the Exchange Act. This obligation shall continue
     to be suspended unless the Depositor or the Counterparty notifies BNY that
     the Trust Fund's obligations to file reports under the Exchange Act has
     resumed.

                                     M-2-13

<PAGE>

     10) BNY PAYMENTS TO BE MADE TO TRUSTEE. BNY will, unless otherwise directed
by the Trustee, make all payments hereunder to the Trustee. Payment made to the
Trustee at the account specified herein or to another account specified in
writing by the Trustee shall satisfy the payment obligations of BNY hereunder to
the extent of such payment.

     11) RETURN OF AMOUNTS RECEIVED BY MLML OR ITS AFFILIATES. Merrill Lynch
Mortgage Lending, Inc. ("MLML") agrees and acknowledges that amounts paid
hereunder are not intended to benefit the holder of any class of Certificates
rated by any Rating Agency if such holder is MLML or any of its affiliates. If
MLML or any of its affiliates receives any such amounts, it will promptly remit
(or, if such amounts are received by an affiliate of MLML, MLML hereby agrees
that it will cause such affiliate to promptly remit) such amounts to the
Trustee, whereupon such Trustee will promptly remit such amounts to BNY. MLML
further agrees to provide notice to BNY upon any remittance to the Trustee.

     12) ADDITIONAL PROVISIONS. Notwithstanding the terms of Sections 5 and 6 of
the ISDA Form Master Agreement, if the Counterparty has satisfied its payment
obligations under Section 2(a)(i) of the ISDA Form Master Agreement, and shall,
at the time, have no future payment or delivery obligation, whether absolute or
contingent, then unless BNY is required pursuant to appropriate proceedings to
return to the Counterparty or otherwise returns to the Counterparty upon demand
of the Counterparty any portion of such payment, (a) the occurrence of an event
described in Section 5(a) of the ISDA Form Master Agreement with respect to the
Counterparty shall not constitute an Event of Default or Potential Event of
Default with respect to the Counterparty as the Defaulting Party and (b) BNY
shall be entitled to designate an Early Termination Date pursuant to Section 6
of the ISDA Form Master Agreement only as a result of a Termination Event set
forth in either Section 5(b)(i) or Section 5(b)(ii) of the ISDA Form Master
Agreement with respect to BNY as the Affected Party or Section 5(b)(iii) of the
ISDA Form Master Agreement with respect to BNY as the Burdened Party.

5.   ACCOUNT DETAILS AND SETTLEMENT INFORMATION:

     PAYMENTS TO BNY:

          The Bank of New York
          Derivative Products Support Department
          32 Old Slip, 16th Floor
          New York, New York 10286
          Attention: Renee Etheart
          ABA #021000018
          Account #890-0068-175
          Reference: Interest Rate Swap

     PAYMENTS TO COUNTERPARTY:

          LaSalle Bank N.A.
          ABA 071000505
          LaSalle CHGO/CTR/BNF:/LASALLE TRUST
          Acct#: 724450.3

     6. COUNTERPARTS. This Agreement may be executed in several counterparts,
each of which shall be deemed an original but all of which together shall
constitute one and the same instrument.

     Please confirm that the foregoing correctly sets forth the terms of our
agreement by executing this agreement and returning it via facsimile to
Derivative Products Support Dept., Attn: Kenny Au-Yeung at 212-804-5818/5837.
Once we receive this we will send you two original confirmations for execution.

                                     M-2-14

<PAGE>

     We are very pleased to have executed this Transaction with you and we look
forward to completing other transactions with you in the near future.

Very truly yours,

THE BANK OF NEW YORK

A. BY:
       ------------------------------
Name:
      -------------------------------
Title:
       ------------------------------

                                     M-2-15

<PAGE>

     The Counterparty, acting through its duly authorized signatory, hereby
agrees to, accepts and confirms the terms of the foregoing as of the Trade Date.

LASALLE BANK NATIONAL ASSOCIATION, NOT IN ITS INDIVIDUAL CAPACITY, BUT SOLELY AS
TRUSTEE FOR FIRST FRANKLIN MORTGAGE LOAN TRUST, SERIES 2007-FF1

B. BY:
       ------------------------------
Name:
      -------------------------------
Title:
       ------------------------------

Solely with respect to Paragraph 4(11)

III. MERRILL LYNCH MORTGAGE LENDING, INC.

By:
    ---------------------------------
Name:
      -------------------------------
Title:
       ------------------------------

                                     M-2-16

<PAGE>

                                   SCHEDULE I

(subject to adjustment in accordance with the Modified Following Business Day
Convention)

<TABLE>
<CAPTION>
Accrual Start Date   Accrual End Date   Notional Amount (in USD)   Cap Rate (%)
------------------   ----------------   ------------------------   ------------
<S>                  <C>                <C>                        <C>
    1/26/2007            2/25/2007            1,078,354,000            7.008
    2/25/2007            3/25/2007            1,071,618,086             7.52
    3/25/2007            4/25/2007            1,062,142,827            6.777
    4/25/2007            5/25/2007            1,049,902,643            7.008
    5/25/2007            6/25/2007            1,034,914,611            6.777
    6/25/2007            7/25/2007            1,017,192,348            7.009
</TABLE>

                                     M-2-17
<PAGE>

                                   EXHIBIT M-3

              FORM OF SUBORDINATE CERTIFICATE CAP CORRIDOR CONTRACT

                                                 (THE BANK OF NEW YORK(SM) LOGO)

                                                         Dated: January 26, 2007

                              RATE CAP TRANSACTION

                           RE: BNY REFERENCE NO. 38834

Ladies and Gentlemen:

     The purpose of this letter agreement ("AGREEMENT") is to confirm the terms
and conditions of the rate Cap Transaction entered into on the Trade Date
specified below (the "TRANSACTION") between The Bank of New York ("BNY"), a
trust company duly organized and existing under the laws of the State of New
York, and First Franklin Mortgage Loan Trust, Series 2007-FF1 (the
"COUNTERPARTY"), as represented by LaSalle Bank National Association, not in its
individual capacity, but solely as Trustee under the Pooling and Servicing
Agreement, dated and effective January 1, 2007, among Merrill Lynch Mortgage
Investors, Inc., as Depositor, Home Loan Services, Inc., as Servicer and LaSalle
Bank National Association, as Trustee (the "POOLING AND SERVICING AGREEMENT").
This Agreement, which evidences a complete and binding agreement between you and
us to enter into the Transaction on the terms set forth below, constitutes a
"CONFIRMATION" as referred to in the "ISDA FORM MASTER AGREEMENT" (as defined
below), as well as a "Schedule" as referred to in the ISDA Form Master
Agreement.

     1. FORM OF AGREEMENT. This Agreement is subject to the 2000 ISDA
Definitions (the "DEFINITIONS"), as published by the International Swaps and
Derivatives Association, Inc. ("ISDA"). Any reference to a "Swap Transaction" in
the Definitions is deemed to be a reference to a "Transaction" for purposes of
this Agreement, and any reference to a "Transaction" in this Agreement is deemed
to be a reference to a "Swap Transaction" for purposes of the Definitions. You
and we have agreed to enter into this Agreement in lieu of negotiating a
Schedule to the 1992 ISDA Master Agreement (Multicurrency--Cross Border) form
(the "ISDA FORM MASTER AGREEMENT"). An ISDA Form Master Agreement, as modified
by the Schedule terms in Paragraph 4 of this Confirmation (the "MASTER
AGREEMENT"), shall be deemed to have been executed by you and us on the date we
entered into the Transaction. For the avoidance of doubt, the Transaction
described herein shall be the sole Transaction governed by such ISDA Form Master
Agreement. Except as otherwise specified, references herein to Sections shall be
to Sections of the Master Agreement, and references to Paragraphs shall be to
paragraphs of this Agreement. Each party hereto agrees that the Master Agreement
deemed to have been executed by the parties hereto shall be the same Master
Agreement referred to in the agreement setting forth the terms of transaction
reference numbers 38832 and 38833. In the event of any inconsistency between the
provisions of this Agreement and the Definitions or the Master Agreement, this
Agreement shall prevail for purposes of the Transaction. Capitalized terms not
otherwise defined herein or in the Definitions or the Master Agreement shall
have the meaning defined for such term in the Pooling and Servicing Agreement.

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

   Type of Transaction:   Rate Cap

   Notional Amount:       With respect to any Calculation Period, the lesser of:
                          (i) USD 299,999,000.00 and (ii) the Class Certificate
                          Principal Balance of the Class M and Class B
                          Certificates (as defined in the Pooling and Servicing
                          Agreement) for such Floating Rate Payer Payment Date.

                          The Trustee under the Pooling and Servicing Agreement
                          shall provide at least five (5) business days notice
                          prior to each Floating Rate Payer Payment Date for
                          each Calculation Period to The Bank

                                     M-3-1

<PAGE>

                          of New York if the Class Certificate Principal Balance
                          of the Class M and Class B Certificates is less than
                          USD 299,999,000.00

   Trade Date:            January 24, 2007

   Effective Date:        January 26, 2007

   Termination Date:      July 25, 2007, subject to adjustment in accordance
                          with the Modified Following Business Day Convention

FLOATING AMOUNTS

   Floating Rate Payer:   BNY

   Cap Rate:              For each Calculation Period, as set forth for such
                          period on Schedule I attached hereto.

   Floating Rate for
   initial
   Calculation Period:    To be determined

   Floating Rate Day
   Count Fraction:        Actual/360

   Floating Rate
   Option:                USD-LIBOR-BBA, provided, however, if the Floating Rate
                          Option for a Calculation Period is greater than 10.00%
                          then the Floating Rate Option for such Calculation
                          Period shall be deemed equal to 10.00%.

   Designated Maturity:   One month

   Spread:                Inapplicable

   Floating Rate Payer
   Period End Dates:      The 25th day of each month, beginning on February 25,
                          2007 and ending on the Termination Date, subject to
                          adjustment in accordance with the Modified Following
                          Business Day Convention.

   Floating Rate Payer
   Payment Dates:         Early Payment shall be applicable. The Floating Rate
                          Payer Payment Date shall be one (1) Business Day
                          preceding each Floating Rate Payer Period End Date.

   Reset Dates:           The first day of each Calculation Period

   Compounding:           Inapplicable

   Business Days for
   Payments By both
   parties:               New York and Illinois

   Calculation Agent:     BNY

     3. ADDITIONAL PROVISIONS:

     1) RELIANCE. Each party hereto is hereby advised and acknowledges that the
other party has engaged in (or refrained from engaging in) substantial financial
transactions and has taken (or refrained from taking) other material actions in
reliance upon the entry by the parties into the Transaction being entered into
on the terms and conditions set forth herein.

     2) TRANSFER, AMENDMENT AND ASSIGNMENT. No transfer, amendment, waiver,
supplement, assignment or other modification of this Transaction shall be
permitted by either party unless each of Standard & Poor's Ratings Service, a
division of The McGraw-Hill Companies, Inc ("S&P") and Moody's Investors
Service, Inc. ("MOODY'S"), has been provided notice of the same and confirms in
writing (including by facsimile transmission) that it will not downgrade,
qualify, withdraw or otherwise modify its

                                     M-3-2

<PAGE>

then-current ratings on the Class M and Class B Certificates issued under the
Pooling and Servicing Agreement (the "CERTIFICATES").

     4. PROVISIONS DEEMED INCORPORATED IN A SCHEDULE TO THE MASTER AGREEMENT:

     1) NO PAYMENT NETTING AMONG TRANSACTIONS; MODIFICATION OF SECTION
2(A)(III)(1). The parties agree that subparagraph (ii) of Section 2(c) of the
ISDA Form Master Agreement will apply to this Transaction. Section 2(a)(iii)(1)
is amended by deleting "or Potential Event of Default".

     2) TERMINATION PROVISIONS. For purposes of the Master Agreement:

     (a) "SPECIFIED ENTITY" in relation to BNY or the Counterparty shall mean:
     none.

     (b) "SPECIFIED TRANSACTION" will not apply.

     (c) APPLICABILITY. The following provisions apply or do not apply to the
     parties as specified below:

          (i)  Section 5(a)(i) (FAILURE TO PAY OR DELIVER):

               (A) will apply to BNY; and

               (B) will apply to the Counterparty.

          (ii) Section 5(a)(ii) (BREACH OF AGREEMENT):

               (A) will apply to BNY; and

               (B) will not apply to the Counterparty.

          (iii) Section 5(a)(iii) (CREDIT SUPPORT DEFAULT):

               (A) will apply to BNY; and

               (B) will not apply to the Counterparty.

          (iv) Section 5(a)(iv) (MISREPRESENTATION):

               (A) will apply to BNY; and

               (B) will not apply to the Counterparty.

          (v)  Section 5(a)(v) (DEFAULT UNDER SPECIFIED TRANSACTION):

               (A) will not apply to BNY; and

               (B) will not apply to the Counterparty.

          (vi) Section 5(a)(vi) (CROSS DEFAULT):

               (A) will apply to BNY; and

               (B) will not apply to the Counterparty.

               For the purposes of Section 5(a)(vi):

               "SPECIFIED INDEBTEDNESS" will have the meaning specified in
               Section 14, except that it shall not include indebtedness in
               respect of deposits received.

               "THRESHOLD AMOUNT" means, 3% of consolidated shareholders equity
               of BNY and its subsidiaries determined in accordance with
               generally accepted accounting principles of the United States
               consistently applied as of the last day of the fiscal quarter
               ended immediately prior to the occurrence or existence of an
               event for which a Threshold Amount is applicable under Section
               5(a)(vi).

          (vii) Section 5(a)(vii) (BANKRUPTCY):

               (A) will apply to BNY; and

               (B) will not apply to the Counterparty with respect to subclauses
               (2), (4) (but only if the proceeding or petition is instituted or
               presented by BNY or its affiliates), (7), (8) (but subclause (8)
               will not apply to the Counterparty only to the

                                     M-3-3

<PAGE>

               extent that subclauses (2), (4) and (7) do not apply to the
               Counterparty) and (9) of Section 5(a)(vii), and the remaining
               provisions of Section 5(a)(vii) will apply to the Counterparty;
               and in subclause (6) the words "trustee" and "custodian" will not
               include the Trustee and the words "seeks or" will be deleted.

          (viii) Section 5(a)(viii) (MERGER WITHOUT ASSUMPTION):

               (A) will apply to BNY; and

               (B) will apply to the Counterparty.

          (ix) Section 5(b)(i) (ILLEGALITY):

               (A) will apply to BNY; and

               (B) will apply to the Counterparty.

          (x)  Section 5(b)(ii) (TAX EVENT):

               (A) will apply to BNY; and

               (B) will apply to the Counterparty;

               provided that the words "(x) any action taken by a taxing
               authority, or brought in a court of competent jurisdiction, on or
               after the date on which a Transaction is entered into (regardless
               of whether such action is taken or brought with respect to a
               party to this Agreement) or (y)" shall be deleted.

          (xi) Section 5(b)(iii) (TAX EVENT UPON MERGER):

               (A) will apply to BNY, provided, that BNY shall not be entitled
               to designate an Early Termination Date by reason of a Tax Event
               upon Merger in respect of which it is the Affected Party; and

               (B) will apply to the Counterparty.

          (xii) Section 5(b)(iv) (CREDIT EVENT UPON MERGER):

               (A) will not apply to BNY; and

               (B) will not apply to the Counterparty.

          (xiii) Section 5(b)(v) (ADDITIONAL TERMINATION EVENT):

               (A) will apply to BNY with respect to Paragraph 4(2)(g)(iii) and
               (iv); and

               (B) will apply to the Counterparty with respect to Paragraph
               (4)(2)(g)(i) and(ii).

     (d)  The "AUTOMATIC EARLY TERMINATION" provision of Section 6(a):

               (A) will not apply to BNY; and

               (B) will not apply to the Counterparty.

     (e) PAYMENTS ON EARLY TERMINATION. For the purpose of Section 6(e), the
     Second Method and Market Quotation will apply. For such purpose, for so
     long as the Certificates are rated by Moody's, if BNY is the Affected Party
     in respect of an Additional Termination Event or a Tax Event Upon Merger or
     the Defaulting Party in respect of any Event of Default (but not, in any
     case, in respect of a Termination Event arising from an Illegality or Tax
     Event), the following provisions shall apply:

          (i) The definitions of "Market Quotation" and "Settlement Amount" are
          amended in their entirety to read as follows:

               "MARKET QUOTATION" means, with respect to one or more Terminated
               Transactions, an offer capable when made of becoming legally
               binding upon acceptance made by a Qualified Transferee for an
               amount that would be paid to the Counterparty (expressed as a
               negative number) or by the Counterparty (expressed as a positive
               number) in consideration of an agreement between the Counterparty
               and such

                                     M-3-4

<PAGE>

               Qualified Transferee to enter into a transaction with commercial
               terms substantially the same as those of this Agreement (save for
               the exclusion of provisions relating to Transactions that are not
               Terminated Transactions) (which shall be determined by the
               Counterparty, acting in a commercially reasonable manner), that
               would have the effect of preserving the economic equivalent for
               the Counterparty of any payment or delivery (whether the
               underlying obligation was absolute or contingent and assuming the
               satisfaction of each applicable condition precedent) by the
               parties under Section 2(a)(i) in respect of such Terminated
               Transactions or group of Terminated Transactions that would, but
               for the occurrence of the relevant Early Termination Date, have
               been required after that date (such transaction, a "REPLACEMENT
               TRANSACTION"). For this purpose, Unpaid Amounts in respect of the
               Terminated Transaction or group of Transactions are to be
               excluded but, without limitation, any payment or delivery that
               would, but for the relevant Early Termination Date, have been
               required (assuming satisfaction of each applicable condition
               precedent) after that Early Termination Date is to be included.

               "SETTLEMENT AMOUNT" means, with respect to any Early Termination
               Date, an amount (as determined by the Counterparty) equal to the
               Termination Currency Equivalent of the amount (whether positive
               or negative) of any Market Quotation for the relevant Terminated
               Transaction or group of Terminated Transactions that is accepted
               by the Counterparty so as to become legally binding, Provided
               that:

               (1) If, on the day falling ten Local Business Days after the day
               on which the Early Termination Date is designated or such later
               day as the Counterparty may specify in writing to BNY (but in
               either case no later than the Early Termination Date) (such day
               the "LATEST SETTLEMENT AMOUNT DETERMINATION DAY"), no Market
               Quotation for the relevant Terminated Transaction or group of
               Terminated Transactions has been accepted by the Counterparty so
               as to become legally binding and one or more Market Quotations
               have been made and remain capable of becoming legally binding
               upon acceptance, the Settlement Amount shall equal the
               Termination Currency Equivalent of the amount (whether positive
               or negative) of the lowest of such Market Quotations; and

               (2) If, on the Latest Settlement Amount Determination Day, no
               Market Quotation for the relevant Terminated Transaction or group
               of Terminated Transactions is accepted by the Counterparty so as
               to become legally binding and no Market Quotations have been made
               and remain capable of becoming legally binding upon acceptance,
               the Settlement Amount shall equal the Counterparty's Loss
               (whether positive or negative and without reference to any
               Un-paid amounts) for the relevant Terminated Transaction or group
               of Terminated Transactions.

          (ii) At any time on or before the Latest Settlement Amount
          Determination Day at which two or more Market Quotations remain
          capable of becoming legally binding upon acceptance, the Counterparty
          shall be entitled to accept only the lowest of such Market Quotations.

          (iii) if the Counterparty requests BNY in writing to obtain Market
          Quotations, BNY shall use its reasonable efforts to do so before the
          Latest Settlement Amount Determination Day.

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

               "SECOND METHOD AND MARKET QUOTATION. If Second Method and Market
               Quotation apply, (1) the Counterparty shall pay to BNY an amount
               equal to the absolute value of the Settlement Amount in respect
               of the Terminated Transactions, (2) the Counterparty shall pay to
               BNY the Termination Currency Equivalent of the Unpaid Amounts
               owing to BNY and (3) BNY shall pay to the Counterparty the
               Termination Currency Equivalent of the Unpaid Amounts owing to
               the Counterparty, Provided that, (i) the amounts payable under
               (2) and (3) shall be

                                     M-3-5

<PAGE>

               subject to netting in accordance with Section 2(c) of this
               Agreement and (ii) notwithstanding any other provision of this
               Agreement, any amount payable by BNY under (3) shall not be
               netted-off against any amount payable by the Counterparty under
               (1)."

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

     (g) "ADDITIONAL TERMINATION EVENT" will apply. The following shall
     constitute Additional Termination Events, and the party specified shall be
     the Affected Party with respect thereto:--

          (i) TERMINATION OF TRUST FUND. The Trust, Supplemental Interest Trust
          or Trust Fund shall be terminated pursuant to any provision of the
          Pooling and Servicing Agreement (including, without limitation, by
          completion of a successful auction termination or by exercise of the
          option to purchase and giving of notice under Sections 10.01 of the
          Pooling and Servicing Agreement). The Early Termination Date with
          respect to such Additional Termination Event shall be the Distribution
          Date upon which the Trust and the Supplemental Interest Trust or Trust
          Fund is terminated and final payment is made in respect of the
          Certificates. Each of BNY and the Counterparty may designate an Early
          Termination Date in respect of this Additional Termination Event. The
          Counterparty shall be the sole Affected Party.

          (ii) AMENDMENT OF POOLING AND SERVICING AGREEMENT. The amendment of
          the Pooling and Servicing Agreement in a manner which could have a
          material adverse affect on BNY without first obtaining the prior
          written consent of BNY (such consent not to be unreasonably withheld),
          where such consent is required under the Pooling and Servicing
          Agreement. The Counterparty shall be the sole Affected Party.

          (iii) COLLATERALIZATION OR RATINGS EVENT. A Collateralization Event or
          Ratings Event has occurred and is continuing with respect to BNY (and
          the guarantor under each Qualified Guaranty (if any)) and BNY fails to
          comply with the provisions of Paragraph 4(8)(ii) within the time
          periods set out therein; provided that an Additional Termination Event
          shall not be deemed to occur by virtue of a breach of Paragraph
          4(8)(ii)(B) with respect to a Moody's Ratings Event unless and until
          such Moody's Ratings Event has continued for 30 or more Business Days
          and at least one Qualified Transferee has made an offer which remains
          capable of becoming legally binding upon acceptance to enter into a
          Permitted Transfer or other Replacement Transaction. BNY shall be the
          sole Affected Party. In the event that BNY has elected or is required
          to post collateral following the occurrence of a Ratings Event with
          respect to BNY (and the guarantor under each Qualified Guaranty (if
          any)), then, after the period of time provided in Paragraph
          4(8)(ii)(B), a failure to post collateral in accordance with the
          provisions of the Credit Support Annex shall be subject to the
          provisions of Section 5(a)(iii) and shall not be treated as an
          Additional Termination Event. Any breach of Paragraph 4(8)(ii)(A), (B)
          or (C) which is treated as an Additional Termination Event under this
          Paragraph 4(g)(iii) shall not constitute an Event of Default.

          (iv) REGULATION AB. BNY shall fail to comply with the provisions of
          Paragraph 4(9) within the time provided for therein. BNY shall be the
          sole Affected Party.

     3) TAX REPRESENTATIONS AND OTHER TAX RELATED PROVISIONS.

               (a) PAYER REPRESENTATIONS. For the purpose of Section 3(e), BNY
and the Counterparty make the following representations:

                    It is not required by any applicable law, as modified by the
          practice of any relevant governmental revenue authority, of any
          Relevant Jurisdiction to make any deduction or withholding for or on
          account of any Tax from any payment (other than interest under Section
          2(e), 6(d)(ii) or 6(e)) to be made by it to the other party under this
          Agreement. In making this representation, it may rely on:

          (i) the accuracy of any representations made by the other party
          pursuant to Section 3(f);

                                     M-3-6

<PAGE>

          (ii) the satisfaction of the agreement contained in Section 4 (a)(i)
          or 4(a)(iii) and the accuracy and effectiveness of any document
          provided by the other party pursuant to Section 4 (a)(i) or 4(a)(iii);
          and

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

     (b) PAYEE REPRESENTATIONS. For the purpose of Section 3(f), BNY and the
     Counterparty make the following representations.

          (i)  The following representation will apply to BNY:

               (x) It is a "U.S. person" (as that term is used in section
               1.1441-4(a)(3)(ii) of the United States Treasury Regulations) for
               United States federal income tax purposes, (y) it is a trust
               company duly organized and existing under the laws of the State
               of New York, and (y) its U.S. taxpayer identification number is
               135160382.

          (ii) The following representation will apply to the Counterparty:

               None.

     (c) GROSS UP. Section 2(d)(i)(4) shall not apply to Counterparty as X, and
     Section 2(d)(ii) shall not apply to Counterparty as Y, such that
     Counterparty shall not be required to pay any additional amounts referred
     to therein.

     (d) INDEMNIFIABLE TAX. The definition of "Indemnifiable Tax" in Section 14
     is amended in its entirety to read as follows:

          "INDEMNIFIABLE TAX" means in relation to payments by BNY any Tax and
          in relation to payments by the Counterparty no Tax.

     4) DOCUMENTS TO BE DELIVERED. FOR THE PURPOSE OF SECTION 4(A):

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

<TABLE>
<CAPTION>
                                                                                                              COVERED BY
 PARTY REQUIRED TO                                                                DATE BY WHICH TO           SECTION 3(D)
  DELIVER DOCUMENT                  FORM/DOCUMENT/ CERTIFICATE                      BE DELIVERED            REPRESENTATION
--------------------   --------------------------------------------------   -----------------------------   --------------
<S>                    <C>                                                  <C>                             <C>
BNY and Counterparty   Any document required or reasonably requested to     Promptly after the earlier of   Yes
                       allow the other party to make payments under this    (i) reasonable demand by
                       Agreement without any deduction or withholding for   either party or (ii) learning
                       or on the account of any tax.                        that such form or document is
                                                                            required
</TABLE>

     (b) Other documents to be delivered are:

<TABLE>
<CAPTION>
                                                                                                              COVERED BY
 PARTY REQUIRED TO                                                                DATE BY WHICH TO           SECTION 3(D)
  DELIVER DOCUMENT                  FORM/DOCUMENT/ CERTIFICATE                      BE DELIVERED            REPRESENTATION
--------------------   --------------------------------------------------   -----------------------------   --------------
<S>                    <C>                                                  <C>                             <C>
BNY                    A certificate of an authorized officer of the        Upon the execution and          Yes
                       party, as to the incumbency and authority of the     delivery of this Agreement
                       respective officers of the party signing this
                       Agreement, any relevant Credit Support Document,
                       or any Confirmation, as the case may be.
</TABLE>

                                      M-3-7

<PAGE>

<TABLE>
<CAPTION>
                                                                                                              COVERED BY
 PARTY REQUIRED TO                                                                DATE BY WHICH TO           SECTION 3(D)
  DELIVER DOCUMENT                  FORM/DOCUMENT/ CERTIFICATE                      BE DELIVERED            REPRESENTATION
--------------------   --------------------------------------------------   -----------------------------   --------------
<S>                    <C>                                                  <C>                             <C>
Counterparty           (i) a copy of the executed Pooling and               Upon the later of, receipt      Yes
                       Servicing Agreement, and (ii) an incumbency          by such party, or within 30
                       certificate verifying the true signatures and        days after the date of this
                       authority of the person or persons signing this      Agreement
                       letter agreement on behalf of the Counterparty.

BNY                    Legal Opinion as to enforceability of this           Upon the execution and          Yes
                       Agreement.                                           delivery of this Agreement.

Counterparty           Certified copy of the Board of Directors             Upon the execution and          Yes
                       resolution (or equivalent authorizing                delivery of this Agreement.
                       documentation) which sets forth the authority of
                       each signatory to the Confirmation signing on its
                       behalf and the authority of such party to enter
                       into Transactions contemplated and performance of
                       its obligations hereunder.
</TABLE>

     5) MISCELLANEOUS.

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

          ADDRESS FOR NOTICES OR COMMUNICATIONS TO BNY:

             The Bank of New York
             Swaps and Derivative Products Group
             Global Market Division
             32 Old Slip 15th Floor
             New York, New York 10286
             Attention: Steve Lawler

          with a copy to:

             The Bank of New York
             Swaps and Derivative Products Group
             32 Old Slip 16th Floor
             New York, New York 10286
             Attention: Andrew Schwartz
             Tele: 212-804-5103
             Fax: 212-804-5818/5837

             (For all purposes)

          A copy of any notice or other communication with respect to Sections 5
          or 6 should also be sent to the addresses set out below:

             The Bank of New York
             Legal Department
             One Wall Street - 10th Floor
             New York, New York 10286
             Attention: General Counsel

          ADDRESS FOR NOTICES OR COMMUNICATIONS TO THE COUNTERPARTY:

             LaSalle Bank National Association, not in its individual capacity,
             but solely as Trustee for First Franklin Mortgage Loan Trust,
             Series 2007-FF1
             Global Securities and Trust Services

                                      M-3-8

<PAGE>

             135 S. LaSalle Street, Ste 1511
             Chicago, Illinois 60603
             Attention: Carol A. Corradino-Tilton
             Telephone: 312-992-2745
             Facsimile: 312-904-1368

             With a copy to:

             Merrill Lynch Mortgage Lending, Inc.
             4 World Financial Center
             250 Vesey Street
             NY, NY 10080
             Attention: Alan Chan
             Phone: 212.449.1441
             Facsimile: 212.738-1110

     (b)  PROCESS AGENT. For the purpose of Section 13(c):

          BNY appoints as its Process Agent: Not Applicable

          The Counterparty appoints as its Process Agent: Not Applicable

     (c) OFFICES. The provisions of Section 10(a) will not apply to this
     Agreement; neither BNY nor the Counterparty have any Offices other than as
     set forth in the Notices Section and BNY agrees that, for purposes of
     Section 6(b), it shall not in future have any Office other than one in the
     United States.

     (d) MULTIBRANCH PARTY. For the purpose of Section 10(c):

          BNY is a Multibranch Party and will enter into each Transaction only
          through the following Office:- New York (for all Transactions).

          The Counterparty is not a Multibranch Party.

     (e)  CALCULATION AGENT. The Calculation Agent is BNY.

               (f)  "CREDIT SUPPORT DOCUMENT" means in relation to:--

          BNY: the Credit Support Annex attached as Exhibit A hereto and any
Qualified Guaranty.

          The  Counterparty: Not applicable.

     (g) "CREDIT SUPPORT PROVIDER" means in relation to:--

          BNY: The guarantor under any Qualified Guaranty.

          Counterparty: Not Applicable

     (h) GOVERNING LAW. The parties to this Agreement hereby agree that the law
     of the State of New York shall govern their rights and duties in whole,
     without regard to conflict of law provisions thereof other than New York
     General Obligations Law Sections 5-1401 and 5-1402.

     (i) SEVERABILITY. If any term, provision, covenant, or condition of this
     Agreement, or the application thereof to any party or circumstance, shall
     be held to be invalid or unenforceable (in whole or in part) for any
     reason, the remaining terms, provisions, covenants, and conditions hereof
     shall continue in full force and effect as if this Agreement had been
     executed with the invalid or unenforceable portion eliminated, so long as
     this Agreement as so modified continues to express, without material
     change, the original intentions of the parties as to the subject matter of
     this Agreement and the deletion of such portion of this Agreement will not
     substantially impair the respective benefits or expectations of the
     parties. The parties shall endeavor to engage in good faith negotiations to
     replace any invalid or unenforceable term, provision, covenant or condition
     with a valid or enforceable term, provision, covenant or condition, the
     economic effect of which comes as close as possible to that of the invalid
     or unenforceable term, provision, covenant or condition.

     (j) RECORDING OF CONVERSATIONS. Each party (i) consents to the recording of
     telephone conversations between the trading, marketing and other relevant
     personnel of the parties in

                                      M-3-9

<PAGE>

     connection with this Agreement or any potential Transaction, (ii) agrees to
     obtain any necessary consent of, and give any necessary notice of such
     recording to, its relevant personnel and (iii) agrees, to the extent
     permitted by applicable law, that recordings may be submitted in evidence
     in any Proceedings.

     (k) WAIVER OF JURY TRIAL. Each party waives any right it may have to a
     trial by jury in respect of any Proceedings relating to this Agreement or
     any Credit Support Document.

     (l) NON-RECOURSE. Notwithstanding any provision herein or in the Master
     Agreement to the contrary, the obligations of the Counterparty hereunder
     are limited recourse obligations of the Counterparty, payable solely from
     amounts on deposit in the Swap Account created by the Trustee and the
     proceeds thereof to satisfy the Counterparty's obligations hereunder. In
     the event that the Swap Account and proceeds thereof should be insufficient
     to satisfy all claims outstanding and following the realization of the Swap
     Account and the distribution of the proceeds thereof in accordance with the
     Pooling and Servicing Agreement, any claims against or obligations of the
     Counterparty under the Master Agreement or any other confirmation
     thereunder, still outstanding shall be extinguished and thereafter not
     revive. This provision shall survive the expiration of this Agreement.

     (m) LIMITATION ON INSTITUTION OF BANKRUPTCY PROCEEDINGS. BNY shall not
     institute against or cause any other person to institute against, or join
     any other person in instituting against the Counterparty, the Supplemental
     Interest Trust or the trust created pursuant to the Pooling and Servicing
     Agreement any bankruptcy, reorganization, arrangement, insolvency or
     liquidation proceedings, under any federal or state bankruptcy or similar
     law or bankruptcy or similar laws of any other jurisdiction, for a period
     of one year and one day (or, if longer, the applicable preference period)
     following indefeasible payment in full of the Certificates. This provision
     shall survive the expiration of this Agreement.

     (n) REMEDY OF FAILURE TO PAY OR DELIVER. The ISDA Form Master Agreement is
     hereby amended by replacing the word "third" in the third line of Section
     5(a)(i) by the word "first".

     (o) "AFFILIATE" will have the meaning specified in Section 14 of the ISDA
     Form Master Agreement, provided that the Counterparty shall be deemed not
     to have any Affiliates for purposes of this Agreement, including for
     purposes of Section 6(b)(ii).

     (p) TRUSTEE'S CAPACITY. It is expressly understood and agreed by the
     parties hereto that insofar as this Confirmation is executed by the Trustee
     (i) this Confirmation is executed and delivered by LaSalle Bank National
     Association, not in its individual capacity but solely as Trustee pursuant
     to the Pooling and Servicing Agreement in the exercise of the powers and
     authority conferred and vested in it thereunder and pursuant to instruction
     set forth therein, (ii) each of the representations, undertakings and
     agreements herein made on behalf of the trust is made and intended not as a
     personal representation, undertaking or agreement of the Trustee but is
     made and intended for the purpose of binding only the Counterparty, (iii)
     nothing contained herein shall be construed as creating any liability of
     LaSalle Bank National Association, individually or personally, to perform
     any covenants either express or implied contained herein, all such
     liability, if any, being expressly waived by the parties hereto and by any
     person claiming by, through or under the parties hereto and (iv) under no
     circumstances will LaSalle Bank National Association, in its individual
     capacity be personally liable for the payment of any indebtedness or
     expenses or be personally liable for the breach or failure of any
     obligation, representation, warranty or covenant made or undertaken under
     this Confirmation. Nothing herein contained shall be construed as creating
     any liability on LaSalle Bank National Association, individually or
     personally, to perform any covenant either expressed or implied contained
     herein, all such liability, if any, being expressly waived by the parties
     who are signatories to this letter agreement and by any person claiming by,
     through or under such parties.

                                     M-3-10

<PAGE>

     (q) TRUSTEE'S REPRESENTATION. LaSalle Bank National Association, as
     Trustee, represents and warrants that:

          It has been directed under the Pooling and Servicing Agreement to
          enter into this letter agreement as Trustee on behalf of the
          Counterparty.

     6) ADDITIONAL REPRESENTATIONS. Section 3 is hereby amended by adding, at
the end thereof, the following Sections 3(g), 3(h) and 3(i):

     "(g) RELATIONSHIP BETWEEN PARTIES.

          (1) NONRELIANCE. It is not relying on any statement or representation
          of the other party regarding the Transaction (whether written or
          oral), other than the representations expressly made in this Agreement
          or the Confirmation in respect of that Transaction.

          (2) EVALUATION AND UNDERSTANDING.

               (i) Each Party acknowledges that LaSalle Bank National
               Association, has been directed under the Pooling and Servicing
               Agreement to enter into this Transaction as Trustee on behalf of
               the Counterparty.

               (ii) It is acting for its own account and has the capacity to
               evaluate (internally or through independent professional advice)
               the Transaction and has made its own decision to enter into the
               Transaction; it is not relying on any communication (written or
               oral) of the other party as investment advice or as a
               recommendation to enter into such transaction; it being
               understood that information and explanations related to the terms
               and conditions of such transaction shall not be considered
               investment advice or a recommendation to enter into such
               transaction. No communication (written or oral) received from the
               other party shall be deemed to be an assurance or guarantee as to
               the expected results of the transaction; and

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

          (3) NOT FIDUCIARY OR ADVISOR. The other party is not acting as a
          fiduciary or an advisor for it in respect of this Transaction.

          (h) EXCLUSION FROM COMMODITY EXCHANGE ACT. (A) It is an "eligible
          contract participant" within the meaning of Section 1a(12) of the
          Commodity Exchange Act, as amended; (B) this Agreement and each
          Transaction is subject to individual negotiation by such party; and
          (C) neither this Agreement nor any Transaction will be executed or
          traded on a "trading facility" within the meaning of Section 1a(33) of
          the Commodity Exchange Act, as amended.

          (i) SWAP AGREEMENT. Each Transaction is a "swap agreement" as defined
          in 12 U.S.C. Section 1821(e)(8)(D)(vi) and a "covered swap agreement"
          as defined in the Commodity Exchange Act (7 U.S.C. Section 27(d)(1))."

     7) SET-OFF. Notwithstanding any provision of this Agreement or any other
existing or future agreement (but without limiting the provisions of Section
2(c) and Section 6, except as provided in the next sentence), each party
irrevocably waives any and all rights it may have to set off, net, recoup or
otherwise withhold or suspend or condition payment or performance of any
obligation between it and the other party hereunder against any obligation
between it and the other party under any other agreements. The last sentence of
the first paragraph of Section 6(e) shall not apply for purposes of this
Transaction.

     8) RATINGS DOWNGRADE.

          (i) DEFINITIONS. For purposes of each Transaction: (A) "RATING AGENCY
          CONDITION" means, with respect to any action taken or to be taken
          hereunder, a condition that is satisfied when each of Moody's and S&P
          (each a "RATING AGENCY", and the rating condition with respect to it,
          the "MOODY'S RATING CONDITION" and "S&P RATING CONDITION",
          respectively) has confirmed in writing to the Trustee that such action
          will not result in withdrawal, reduction or other adverse action with
          respect to any then-current

                                     M-3-11

<PAGE>

          rating by such Rating Agency of the Certificates; (B) "QUALIFYING
          RATINGS" means, with respect to the debt of any entity, (1) (x) a
          short-term unsecured and unsubordinated debt rating of at least "P-1",
          and a long-term unsecured and unsubordinated debt of at least "A2"
          (or, if it has no short-term unsecured and unsubordinated debt rating,
          a long term rating of at least "A1") by Moody's ("MOODY'S FIRST LEVEL
          QUALIFYING RATINGS"), and (y) a short-term unsecured and
          unsubordinated debt rating of at least "P-2", and a long-term
          unsecured and unsubordinated debt of at least "A3" (or, if it has no
          short-term unsecured and unsubordinated debt rating, a long term
          rating of at least "A3") by Moody's ("MOODY'S SECOND LEVEL QUALIFYING
          RATINGS"), and (2) a short-term unsecured and unsubordinated debt
          rating of at least "A-1", or if it does not have a short-term rating,
          a long-term unsecured and unsubordinated debt rating of at least "A+"
          by S&P ("S&P QUALIFYING RATINGS"), and (3) a short-term unsecured and
          unsubordinated debt rating of at least "F1" by Fitch and a long-term
          unsecured and unsubordinated debt rating of at least "A" by Fitch
          ("FITCH QUALIFYING RATINGS"); (C) a "COLLATERALIZATION EVENT" shall
          occur with respect to an entity) if: (1) its short-term unsecured and
          unsubordinated debt rating is reduced to "P-2" or below, or its
          long-term unsecured and unsubordinated debt is reduced to "A3" or
          below (or, if it has no short-term unsecured and unsubordinated debt
          rating, its long term rating is reduced to "A2" or below) by Moody's
          (a "MOODY'S COLLATERALIZATION EVENT"), or (2) its short-term unsecured
          and unsubordinated debt rating is reduced to "A-2" or below, or, if it
          does not have a short-term rating, its long-term unsecured and
          unsubordinated debt rating is reduced to "A" or below by S&P (an "S&P
          COLLATERALIZATION EVENT"); (D) a "RATINGS EVENT" shall occur with
          respect to an entity if: (1) its short-term unsecured and
          unsubordinated debt rating is withdrawn or reduced to "P-3" or below
          or its long-term unsecured and unsubordinated debt is reduced to
          "Baa1" (or, if it has no short-term unsecured and unsubordinated debt
          rating, its long term rating is withdrawn or reduced to "Baa1" or
          below) by Moody's (a "MOODY'S RATINGS EVENT"), or (2) its short-term
          unsecured and unsubordinated debt rating is withdrawn or reduced to
          "A-3" or its long-term unsecured and unsubordinated debt rating is
          withdrawn or reduced to "BB+" or below (or, if it has no short-term
          unsecured and unsubordinated debt rating, its long term rating is
          withdrawn or reduced to "BB+" or below) by S&P (an "S&P RATINGS
          EVENT"); (E) "QUALIFIED TRANSFEREE" means a transferee of a novation
          or assignment or a party (other than the Counterparty) that enters
          into another form of Replacement Transaction that is a Reference
          Market-maker ("dealer" in the definition thereof meaning a "dealer in
          notional principal contracts" as defined in Treas. Reg. Section
          1.1001-4) (1) that has Moody's Second Level Qualifying Ratings and S&P
          Qualifying Ratings or (2) whose present and future obligations owing
          to the Counterparty are guaranteed pursuant to a Qualified Guaranty;
          and (F) "QUALIFIED GUARANTY" means an unconditional and irrevocable
          guaranty of payment (and not of collection) and the performance of the
          other obligations of BNY (or a Qualified Transferee, as applicable)
          hereunder by a third party having Moody's Second Level Qualifying
          Ratings and S&P Qualifying Ratings and with respect to which the S&P
          Rating Condition is satisfied ("QUALIFIED GUARANTOR") providing, inter
          alia, that payment thereunder shall be made as provided and on the
          conditions set forth in Section 2(d) as modified hereunder
          (substituting references to BNY as "X" with the guarantor as "X" and
          "this Agreement" with such guaranty, respectively) (or, in lieu of
          such provisions relating to tax, a law firm has given a legal opinion
          confirming that none of the guarantor's payments to the Counterparty
          under such guaranty will be subject to withholding for Tax).

          (ii) ACTIONS TO BE TAKEN. (A) if a Collateralization Event occurs with
          respect to BNY (and the guarantor under each Qualified Guaranty (if
          any)), then BNY shall, at its own expense, no later than thirty (30)
          Business Days after a Moody's Collateralization Event with respect to
          BNY (and the guarantor under each Qualified Guaranty (if any)) or (if
          sooner) thirty (30) calendar days after an S&P Collateralization
          Ratings Event: (1) post collateral (commencing within the time frame
          set forth herein) in accordance with the Credit Support Annex for so
          long as the Collateralization Event continues with respect to BNY (and
          the guarantor under each Qualified Guaranty (if any)); or (2) on terms
          substantially similar to this Agreement (to be determined by the
          Counterparty acting in a commercially reasonable manner), and subject
          to the S&P Rating Condition, novate or assign or transfer the
          Transactions to or replace the Transactions with Replacement
          Transactions with a Qualified Transferee (having the Moody's First
          Level Qualifying

                                     M-3-12

<PAGE>

          Ratings and the S&P Qualifying Ratings); or (3) obtain a Qualified
          Guaranty (provided by a guarantor having the Moody's First Level
          Qualifying Ratings and the S&P Qualifying Ratings and with respect to
          which the S&P Rating Condition is satisfied); and (B) if a Ratings
          Event occurs with respect to BNY (and the guarantor under each
          Qualified Guaranty (if any)), then BNY shall at its own expense, no
          later than thirty (30) Business Days after a Moody's Ratings Event
          with respect to BNY (and the guarantor under each Qualified Guaranty
          (if any)) or (if sooner) ten (10) business days after an S&P Ratings
          Event: (1) on terms substantially similar to this Agreement (to be
          determined by the Counterparty acting in a commercially reasonable
          manner), subject to the S&P Rating Condition, novate or assign or
          transfer the Transactions to or replace the Transactions with
          Replacement Transactions with a Qualified Transferee, or (2) obtain a
          Qualified Guaranty. (C) BNY shall post collateral in accordance with
          the Credit Support Annex and the time frames set forth herein for so
          long as a Collateralization Event or Ratings Event (in each case, with
          respect to BNY and the guarantor under each Qualified Guaranty (if
          any)) continues, commencing at the time specified for taking action
          under (A) or (B) above respectively, provided that there shall be no
          grace period for posting collateral in the event that a
          Collateralization Event or Ratings Event (in each case, with respect
          to BNY and the guarantor under each Qualified Guaranty (if any)) has
          been continuing from the time BNY has become a party hereto. (D) if a
          Ratings Event occurs with respect to BNY (and the guarantor under each
          Qualified Guaranty (if any)), then BNY shall at its own expense, use
          commercially reasonable efforts to, as soon as reasonably practicable,
          take one of the actions referred to in (B) above.

     9) COMPLIANCE WITH REGULATION AB.

     (a) If the Depositor under the Pooling and Servicing Agreement still has a
     reporting obligation with respect to this Transaction pursuant to
     Regulation AB under the Securities Act of 1933, as amended, and the
     Securities Exchange Act of 1934, as amended ("REGULATION AB") and BNY has
     not, within 30 days after receipt of a Swap Disclosure Request complied
     with the provisions set forth below in this Paragraph 4(9) (provided that
     if the significance percentage reaches 10% after a Swap Disclosure Request
     has been made to BNY, BNY must comply with the provisions set forth below
     in this Section 4(9) within 10 calendar days of BNY being informed of the
     significance percentage reaching 10%), then an Additional Termination Event
     shall have occurred with respect to BNY and BNY shall be the sole Affected
     Party with respect to such Additional Termination Event.

     (b) BNY acknowledges that for so long as there are reporting obligations
     with respect to this Transaction under Regulation AB, the Depositor is
     required under Regulation AB to disclose certain information set forth in
     Regulation AB regarding BNY or its group of affiliated entities, if
     applicable, depending on the aggregate "significance percentage" of this
     Agreement and any other derivative contracts between BNY or its group of
     affiliated entities, if applicable, and the Counterparty, as calculated
     from time to time in accordance with Item 1115 of Regulation AB.

     (c) If the Depositor determines, reasonably and in good faith, that the
     significance percentage of this Agreement has increased to eight (8)
     percent, then the Depositor may request on a Business Day after the date of
     such determination from BNY the same information set forth in Item 1115(b)
     of Regulation AB that would have been required if the significance
     percentage had in fact increased to ten (10) percent (such request, a "SWAP
     DISCLOSURE REQUEST" and such requested information, subject to the last
     sentence of this paragraph, is the "SWAP FINANCIAL DISCLOSURE"). The
     Counterparty or the Depositor shall provide BNY with the calculations and
     any other information reasonably requested by BNY with respect to the
     Depositor's determination that led to the Swap Disclosure Request. The
     parties hereto further agree that the Swap Financial Disclosure provided to
     meet the Swap Disclosure Request may be, solely at BNY's option, either the
     information set forth in Item 1115(b)(1) or Item 1115(b)(2) of Regulation
     AB.

     (d) Upon the occurrence of a Swap Disclosure Request, BNY, at its own
     expense, shall (x) provide the Depositor with the Swap Financial Disclosure
     in an Edgar-compatible format, or (y) subject to Rating Agency Condition,
     secure another entity to replace BNY as party to this Agreement on terms
     substantially similar to this Agreement which entity is able to provide the
     Swap Financial Disclosure. If permitted by Regulation AB, any required Swap
     Financial Disclosure may be provided by incorporation by reference from
     reports filed pursuant to the Securities Exchange Act.

                                     M-3-13

<PAGE>

     (e) BNY's obligation to comply with this Paragraph 4(9) shall be suspended
     as of January 1, 2008 unless, at any time, BNY receives notification from
     the Depositor or the Counterparty that the Trust Fund's obligation to file
     periodic reports under the Exchange Act shall continue; provided, however,
     that such obligations shall not be suspended in respect of any Exchange Act
     Report or amendment to an Exchange Act Report in such fiscal year which
     relates to any fiscal year in which the Trust Fund was subject to the
     reporting requirements of the Exchange Act. This obligation shall continue
     to be suspended unless the Depositor or the Counterparty notifies BNY that
     the Trust Fund's obligations to file reports under the Exchange Act has
     resumed.

     10) BNY PAYMENTS TO BE MADE TO TRUSTEE. BNY will, unless otherwise directed
by the Trustee, make all payments hereunder to the Trustee. Payment made to the
Trustee at the account specified herein or to another account specified in
writing by the Trustee shall satisfy the payment obligations of BNY hereunder to
the extent of such payment.

     11) RETURN OF AMOUNTS RECEIVED BY MLML OR ITS AFFILIATES. Merrill Lynch
Mortgage Lending, Inc. ("MLML") agrees and acknowledges that amounts paid
hereunder are not intended to benefit the holder of any class of Certificates
rated by any Rating Agency if such holder is MLML or any of its affiliates. If
MLML or any of its affiliates receives any such amounts, it will promptly remit
(or, if such amounts are received by an affiliate of MLML, MLML hereby agrees
that it will cause such affiliate to promptly remit) such amounts to the
Trustee, whereupon such Trustee will promptly remit such amounts to BNY. MLML
further agrees to provide notice to BNY upon any remittance to the Trustee.

     12) ADDITIONAL PROVISIONS. Notwithstanding the terms of Sections 5 and 6 of
the ISDA Form Master Agreement, if the Counterparty has satisfied its payment
obligations under Section 2(a)(i) of the ISDA Form Master Agreement, and shall,
at the time, have no future payment or delivery obligation, whether absolute or
contingent, then unless BNY is required pursuant to appropriate proceedings to
return to the Counterparty or otherwise returns to the Counterparty upon demand
of the Counterparty any portion of such payment, (a) the occurrence of an event
described in Section 5(a) of the ISDA Form Master Agreement with respect to the
Counterparty shall not constitute an Event of Default or Potential Event of
Default with respect to the Counterparty as the Defaulting Party and (b) BNY
shall be entitled to designate an Early Termination Date pursuant to Section 6
of the ISDA Form Master Agreement only as a result of a Termination Event set
forth in either Section 5(b)(i) or Section 5(b)(ii) of the ISDA Form Master
Agreement with respect to BNY as the Affected Party or Section 5(b)(iii) of the
ISDA Form Master Agreement with respect to BNY as the Burdened Party.

5.   ACCOUNT DETAILS AND SETTLEMENT INFORMATION:

     PAYMENTS TO BNY:

        The Bank of New York
        Derivative Products Support Department
        32 Old Slip, 16th Floor
        New York, New York 10286
        Attention: Renee Etheart
        ABA #021000018
        Account #890-0068-175
        Reference: Interest Rate Swap

     PAYMENTS TO COUNTERPARTY:

        LaSalle Bank N.A.
        ABA 071000505
        LaSalle CHGO/CTR/BNF:/LASALLE TRUST
        Acct#: 724450.3

     6. COUNTERPARTS. This Agreement may be executed in several counterparts,
each of which shall be deemed an original but all of which together shall
constitute one and the same instrument.

     Please confirm that the foregoing correctly sets forth the terms of our
agreement by executing this agreement and returning it via facsimile to
Derivative Products Support Dept., Attn: Kenny Au-Yeung at 212-804-5818/5837.
Once we receive this we will send you two original confirmations for execution.

                                     M-3-14

<PAGE>

     We are very pleased to have executed this Transaction with you and we look
forward to completing other transactions with you in the near future.

Very truly yours,

THE BANK OF NEW YORK

A. BY:
       -----------------------------
Name:
      ------------------------------
Title:
       -----------------------------

                                     M-3-15

<PAGE>

     The Counterparty, acting through its duly authorized signatory, hereby
agrees to, accepts and confirms the terms of the foregoing as of the Trade Date.

LASALLE BANK NATIONAL ASSOCIATION, NOT IN ITS INDIVIDUAL CAPACITY, BUT SOLELY AS
TRUSTEE FOR FIRST FRANKLIN MORTGAGE LOAN TRUST, SERIES 2007-FF1

B. BY:
       ------------------------------
Name:
      -------------------------------
Title:
       ------------------------------

Solely with respect to Paragraph 4(11)
IV. MERRILL LYNCH MORTGAGE LENDING, INC.

By:
    ---------------------------------
Name:
      -------------------------------
Title:
       ------------------------------

                                     M-3-16

<PAGE>

                                   SCHEDULE I

(subject to adjustment in accordance with the Modified Following Business Day
Convention)

<TABLE>
<CAPTION>
Accrual Start Date   Accrual End Date   Cap Rate (%)
------------------   ----------------   ------------
<S>                  <C>                <C>
    1/26/2007           2/25/2007          6.745
    2/25/2007           3/25/2007          7.262
    3/25/2007           4/25/2007          6.511
    4/25/2007           5/25/2007          6.745
    5/25/2007           6/25/2007          6.511
    6/25/2007           7/25/2007          6.746
</TABLE>

                                     M-3-17
<PAGE>

                                   EXHIBIT M-4

       FORM OF CREDIT SUPPORT ANNEX RELATED TO THE CAP CORRIDOR CONTRACTS

(BILATERAL FORM)                  (ISDA AGREEMENTS SUBJECT TO NEW YORK LAW ONLY)

                                     ISDA(R)
              International Swaps and Derivatives Association, Inc.

                              CREDIT SUPPORT ANNEX
                             to the Schedule to the

                              ISDA MASTER AGREEMENT

                          Dated as of January 26, 2007

                                     between

       THE BANK OF NEW YORK          and  LaSalle Bank National Association, not
                                          in its individual capacity, but solely
                                          as Supplemental Interest Trust Trustee
                                          with respect to the Supplemental
                                          Interest Trust relating to the First
                                          Franklin Mortgage Loan Trust, Series
                                          2007-FF1

established as a banking                  The Supplemental Interest Trust is a
organization under the laws of the        common law trust established under the
State of New York                         laws of the State of New York.

             ("PARTY A")                                ("PARTY B")

This Annex supplements, forms part of, and is subject to, the Master Agreement
specified in the Confirmation between Party A and Party B (BNY Ref. No. 38830
and 38831) (the "AGREEMENT"), dated even date herewith, is part of the Schedule
deemed incorporated therein and is a Credit Support Document under the Master
Agreement with respect to Party A.

Accordingly, the parties agree as follows:--

PARAGRAPHS 1 - 12. INCORPORATION. Paragraphs 1 through 12 inclusive of the ISDA
Credit Support Annex (Bilateral Form) (ISDA Agreements Subject to New York Law
Only) published in 1994 by the International Swaps and Derivatives Association,
Inc. are incorporated herein by reference and made a part hereof, except that
Paragraph 1(b) is hereby amended in its entirety to read as follows:

"(b) SECURED PARTY AND PLEDGOR. Notwithstanding anything contained in this Annex
to the contrary, (a) the term "Secured Party" as used in this Annex means only
Party B, (b) the term "Pledgor" as used in this Annex means only Party A, (c)
only Party A makes the pledge and grant in Paragraph 2, the acknowledgment in
the final sentence of Paragraph 8(a) and the

                                     M-4-1

<PAGE>

representations in Paragraph 9, and (d) only Party A will be required to make
Transfers of Eligible Credit Support hereunder."

PARAGRAPH 13.

CERTAIN DEFINITIONS. As used herein, "MOODY'S", "S&P", "RATING AGENCY",
"COLLATERALIZATION EVENT", "MOODY'S COLLATERALIZATION EVENT", "S&P
COLLATERALIZATION EVENT"; "RATINGS EVENT", "MOODY'S RATINGS EVENT", and "S&P
RATINGS EVENT" have the meanings assigned in the Schedule.

(a) SECURITY INTEREST FOR "OBLIGATIONS." The term "OBLIGATIONS" as used in this
Annex includes the following additional obligations: Not applicable.

(b) CREDIT SUPPORT OBLIGATIONS.

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

          (A) "DELIVERY AMOUNT" has the meaning specified in Paragraph 3(a)
          except that the words "upon a demand made by the Secured Party on or
          promptly following a Valuation Date" shall be deleted and replaced by
          the words "on each Valuation Date on which the Threshold for Party A
          is Zero, commencing no later than the Valuation Date falling on or
          after the earliest of (i) in the case of a Moody's Collateralization
          Event or Moody's Ratings Event (in each case with respect to Party A
          and the guarantor under each Qualified Guaranty (if any)), on the 30th
          Local Business Day thereafter, (ii) in the case of an S&P
          Collateralization Event, the thirtieth (30th) calendar day thereafter
          or the preceding day that is a Local Business Day and (iii) in the
          case of an S&P Ratings Event, commencing promptly after publication by
          S&P of the applicable change in rating.(B) "RETURN AMOUNT" has the
          meaning specified in Paragraph 3(b).

          (C) "CREDIT SUPPORT AMOUNT" in Paragraph 3(b), shall be amended in its
          entirety to read as follows:

               "'CREDIT SUPPORT AMOUNT' means, for any Valuation Date after and
               during the continuance of a Collateralization Event or Ratings
               Event (in each case with respect to Party A and the guarantor
               under each Qualified Guaranty (if any)), (i) the Secured Party's
               Exposure for that Valuation Date, plus (ii) the aggregate of all
               Independent Amounts applicable to the Pledgor (with respect to
               all Affected Transactions), if any, minus (iii) the Pledgor's
               Threshold; provided, however, that the Credit Support Amount will
               be deemed to be zero whenever the calculation of the Credit
               Support Amount yields a number less than zero; and, provided
               further, that, if a Moody's Rating Event with respect to Party A
               and the guarantor under each Qualified Guaranty (if any) has
               occurred and is continuing and at least thirty (30) Business Days
               have elapsed since the last time it was not the case that a
               Moody's Rating Event had occurred and was continuing with respect
               to Party A and the guarantor under each Qualified Guaranty (if
               any), the Credit Support Amount will not be less than the greater
               of zero and the aggregate amount of the net payments due from
               Pledgor in respect of all following scheduled Payments (each such
               net payment being the greater of zero and the amount of the
               payment due to be made by the Pledgor under Section 2(a) on a
               Payment date less the amount of any payment due to be made by the
               Secured Party under Section 2(a) on the same Payment Date after
               giving effect to any applicable netting under Section 2(c)) with
               respect to all Affected Transactions.

     (ii) ELIGIBLE COLLATERAL. The items set forth in Schedule 1A or Schedule
     1B, as applicable, will qualify as "ELIGIBLE COLLATERAL" for Party A.

     (iii) OTHER ELIGIBLE SUPPORT. The following items will qualify as "OTHER
     ELIGIBLE SUPPORT" for the party specified: Not Applicable.

     (iv) THRESHOLDS.

                                     M-4-2

<PAGE>

          (A) "INDEPENDENT AMOUNT" means with respect to Party B: Zero; and,
          with respect to Party A: an amount, as of the date of determination,
          equal to the product of the aggregate Notional Amount outstanding at
          the beginning of the related Calculation Period under the applicable
          Affected Transactions, and the greater of:

               (1)  in respect of a Moody's Collateralization Event or a Moody's
                    Ratings Event (in each case, with respect to Party A and the
                    guarantor under each Qualified Guaranty (if any)), the
                    percentage set forth in Schedule 2A, Schedule 2B or Schedule
                    2C, as applicable ("MOODY'S INDEPENDENT AMOUNT"); and

               (2)  in respect of an S&P Collateralization Event or an S&P
                    Ratings Event, (x) with respect to basis risk swaps, the
                    product of the S&P Volatility Buffer and .10, and (y) with
                    respect to all other Transactions the S&P Volatility Buffer
                    determined using the table set forth in Schedule 3 ("S&P
                    INDEPENDENT AMOUNT").

          (B) "THRESHOLD" means for each party: an infinite number; provided,
          that the Threshold for Party A shall be zero, with respect to Party A,
          at any time that Party A elects or is required to post collateral
          pursuant to Part 4(8)(ii) of the Schedule.

          (C) "MINIMUM TRANSFER AMOUNT" means with respect to Party A and Party
          B: $100,000; provided, that the Minimum Transfer Amount for such party
          shall be $50,000 in respect of an S&P Collateralization Event or an
          S&P Rating Event if the aggregated principal balance of the rated
          Certificates is $50,000,000 or less on the applicable Valuation Date,
          and shall be zero upon the occurrence and during the continuance of an
          Event of Default, Termination Event, Additional Termination Event, or
          Specified Condition with respect to such party.

          (D) ROUNDING. The Delivery Amount will be rounded up to the nearest
          integral multiple of $1,000 and the Return Amount will be rounded down
          to the nearest integral multiple of $1,000.

     (v) CONFLICTING VALUATION PERCENTAGE. Notwithstanding the definition of
     "Valuation Percentage" in Paragraph 10, the Valuation Percentage for any
     item of Eligible Collateral shall be the lowest of the applicable
     percentages specified for such item by any Rating Agency then rating the
     Certificates.

(c)  VALUATION AND TIMING.

     (i) "VALUATION AGENT" means, Party A, provided, that if any Event of
     Default with respect to Party A has occurred and is continuing, then any
     designated third party mutually agreed to by the parties shall be the
     Valuation Agent until such time as Party A is no longer a Defaulting Party.

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

     (iii) "VALUATION TIME" means:

          [ ]  the close of business in the city of the Valuation Agent on the
               Valuation Date or date of calculation, as applicable;

          [X]  the close of business on the Local Business Day before the
               Valuation Date or date of calculation, as applicable;

     provided, that the calculations of Value and Exposure will be made as of
     approximately the same time on the same date.

     (iv) "NOTIFICATION TIME" means 1:00 p.m., New York time, on a Local
     Business Day.

(d) CONDITIONS PRECEDENT AND SECURED PARTY'S RIGHTS AND REMEDIES. (i) Illegality
and (ii) Additional Termination Events will be a "SPECIFIED CONDITION" for Party
A (as the Affected Party) (but not for purposes of Paragraph 8(d)), and (iii)
Tax Event and (iv) Tax Event Upon Merger will not be a "SPECIFIED CONDITION for
Party A.

                                     M-4-3

<PAGE>

(e) SUBSTITUTION.

     (i) "SUBSTITUTION DATE" has the meaning specified in Paragraph 4(d)(ii).

     (ii) CONSENT. If specified here as applicable, then the Pledgor must obtain
     the Secured Party's consent for any substitution pursuant to Paragraph
     4(d): Applicable.

(f) DISPUTE RESOLUTION.

     (i) "RESOLUTION TIME" means 1:00 p.m., New York time, on the Local Business
     Day following the date on which the notice is given that gives rise to a
     dispute under Paragraph 5.

     (ii) VALUE. For the purpose of Paragraphs 5(i)(C) and 5(ii), the Value of
     Posted Credit Support will be calculated as follows: as set forth for other
     purposes in Paragraph 12.

     (iii) ALTERNATIVE. The provisions of Paragraph 5 will apply, except to the
     following extent: (A) pending the resolution of a dispute, Transfer of the
     undisputed Value of Eligible Credit Support or Posted Credit Support
     involved in the relevant demand will be due as provided in Paragraph 5 if
     the demand is given by the Notification Time, but will be due on the second
     Local Business Day after the demand if the demand is given after the
     Notification Time; and (B) the Disputing Party need not comply with the
     provisions of Paragraph 5(II)(2) if the amount to be Transferred does not
     exceed the Disputing Party's Minimum Transfer Amount.

(g) HOLDING AND USING POSTED COLLATERAL.

     (i) ELIGIBILITY TO HOLD POSTED COLLATERAL; CUSTODIANS. The Secured Party
     will not be entitled to hold Posted Collateral itself. The Secured Party
     will be hold Posted Collateral in an identifiable segregated account
     through a Custodian (which may be the Supplemental Interest Trust Trustee
     and which shall at all times be a financial institution as specified under
     the Pooling and Servicing Agreement. If not so specified, the Custodian
     shall be a commercial bank or trust company which is unaffiliated with
     Party B organized under the laws of the United States or any state thereof,
     having assets of at least $10 billion and a long term debt or a deposit
     rating of at least Baa2 from Moody's and BBB from S&P. For so long as the
     Certificates are rated by S&P, any Custodian other than the Supplemental
     Interest Trust Trustee shall have a short-term debt or deposit rating of at
     least A-1+ from S&P (or A+ if no short-term rating)..

     Initially, the Custodian for Party B is: The Supplemental Interest Trust
     Trustee under the Pooling and Servicing Agreement or any successor trustee
     thereto.

     (ii) USE OF POSTED COLLATERAL. The provisions of Paragraph 6(c) will apply
     to the Secured Party; therefore, Party B will not have any of the rights
     specified in Paragraph 6(c)(i) or 6 (c)(ii).

(h) DISTRIBUTIONS AND INTEREST AMOUNT.

     (i) INTEREST RATE. The "Interest Rate", will be the actual rate of interest
     earned by the Counterparty of the Custodian if the Cash is invested at the
     direction of BNY in accordance with Paragraph 13(1)(vi); otherwise the
     "Interest Rate" will be, for any day, the rate opposite the caption
     "Federal Funds (Effective)" for such day as published for such day in
     Federal Reserve Publication H.15(519) or any successor publication as
     published by the Board of Governors of the Federal Reserve System or such
     other rate as agreed by the parties.

     (ii) TRANSFER OF INTEREST AMOUNT. The transfer of the Interest Amount will
     be made on the first Local Business Day of each calendar month and on any
     Local Business Day that Posted Collateral in the form of Cash is
     Transferred to the Pledgor pursuant to Paragraph 3(b). Provided, however,
     that the obligation of Party B to Transfer any Interest Amount to Party A
     shall be limited to the extent that Party B has earned and received such
     funds and such funds are available to Party B.

     (iii) ALTERNATIVE TO INTEREST AMOUNT. The provisions of Paragraph 6(d)(ii)
     will apply.

                                     M-4-4

<PAGE>

(i) OTHER ELIGIBLE SUPPORT AND OTHER POSTED SUPPORT.

     (i) "VALUE" with respect to Other Eligible Support and Other Posted Support
     means: Inapplicable.

     (ii) "TRANSFER" with respect to Other Eligible Support and Other Posted
     Support means: Inapplicable.

(j) DEMANDS AND NOTICES. All demands, specifications and notices under this
Annex will be made pursuant to the Notices Section of this Agreement, unless
otherwise specified here:

     (i)  Party A:   to be specified in each notice.

     (ii) Party B:   LaSalle Bank National Association, not in its individual
                     capacity, but solely as Supplemental Interest Trust Trustee
                     for First Franklin Mortgage Loan Trust, Series 2007-FF1
                     Global Securities and Trust Services 135 S. LaSalle Street,
                     Ste 1511 Chicago, Illinois 60603 Attention: Carol A.
                     Corradino-Tilton Telephone: 312-992-2745 Facsimile:
                     312-904-1368

(k) ADDRESSES FOR TRANSFERS.

     Party A:   For Cash: To be provided

                For Eligible Collateral:  To be provided

     Party B:   To be provided

(l) OTHER PROVISIONS.

     (i)  ADDITIONAL DEFINITIONS. As used in this Annex:--

          "EQUIVALENT COLLATERAL" means, with respect to any security
          constituting Posted Collateral, a security of the same issuer and, as
          applicable, representing or having the same class, series, maturity,
          interest rate, principal amount or liquidation value and such other
          provisions as are necessary for that security and the security
          constituting Posted Collateral to be treated as equivalent in the
          market for such securities;

          "LOCAL BUSINESS DAY" means: (i) any day on which commercial banks are
          open for business (including dealings in foreign exchange and foreign
          currency deposits) in New York, and (ii) in relation to a Transfer of
          Eligible Collateral, a day on which the clearance system agreed
          between the parties for the delivery of Eligible Collateral is open
          for acceptance and execution of settlement instructions (or in the
          case of a Transfer of Cash or other Eligible Collateral for which
          delivery is contemplated by other means, a day on which commercial
          banks are open for business (including dealings for foreign exchange
          and foreign currency deposits) in New York and such other places as
          the parties shall agree);

     (ii) TRANSFER TIMING.

          (A) Paragraph 4(b) shall be deleted and replaced in its entirety by
          the following paragraph: "Subject to Paragraphs 4(a) and 5 and unless
          otherwise specified, if a demand for the Transfer of Eligible Credit
          Support or Posted Credit Support is made by the Notification Time,
          then the relevant Transfer will be made not later than the close of
          business on the second Local Business Day thereafter; if a demand is
          made after the Notification Time then the relevant Transfer will be
          made not later than the close of business on the third Local Business
          Day thereafter."

          (B) Paragraph 6(d)(1) shall be amended so that the reference therein
          to "the following Local Business Day" shall be replaced by reference
          to "the second Local Business Day thereafter".

                                     M-4-5

<PAGE>

     (iii) EVENTS OF DEFAULT. Paragraph 7 shall be deleted and replaced in its
     entirety by the following paragraph:

          "For the purposes of Section 5(a)(iii) of this Agreement, an Event of
          Default will exist with respect to a party if that party fails (or
          fails to cause its Custodian) to make, when due, any Transfer of
          Eligible Credit Support, Posted Credit Support or the Interest Amount,
          as applicable, required to be made by it and that failure continues
          for two Local Business Day after the notice of that failure is given
          to that party; provided, that, with respect to a failure to Transfer
          Eligible Credit Support, at least (x) 30 Local Business Days have
          elapsed after a Ratings Event with respect to Party A and the
          guarantor under each Qualified Guaranty (if any) has occurred, or (y)
          10 Business Days have elapsed after an S&P Ratings Event, and such
          failure is not remedied on or before the third Local Business Day
          after notice of such failure is given to Party A".

     (iv) NO COUNTERCLAIM. A party's rights to demand and receive the Transfer
     of Eligible Collateral as provided hereunder and its rights as Secured
     Party against the Posted Collateral or otherwise shall be absolute and
     subject to no counterclaim, set-off, deduction or defense in favor of the
     Pledgor except as contemplated in Sections 2 and 6 of the Agreement and
     Paragraph 8 of this Annex.

     (v) HOLDING COLLATERAL. The Secured Party shall cause any Custodian
     appointed hereunder to open and maintain a segregated account and to hold,
     record and identify all the Posted Collateral therein and, subject to
     Paragraphs 6(c) and 8(a), such Posted Collateral shall at all times be and
     remain the property of the Pledgor and shall at no time constitute the
     property of, or be commingled with the property of, the Secured Party or
     the Custodian.

     (vi) INVESTMENT OF CASH POSTED COLLATERAL. Cash Posted Collateral shall be
     invested in Permitted Investments as directed by Party A, with gains and
     losses incurred in respect of such investments to be for the account of
     Party A, subject to the following parameters: the Cash Posted Collateral
     shall be invested in such overnight (or redeemable within two Local
     Business Days of demand) investments rated at least (x) AAAm or AAAmG by
     S&P and (y) Prime -1 or Aaa by Moody's as directed by Party A (provided,
     that such investment shall be held uninvested or invested at the direction
     of Party B if an Event of Default or an Additional Termination Event has
     occurred with respect to which Party A is the defaulting or sole Affected
     Party and Party B has designated an Early Termination Date with respect
     thereto). Such instructions may be delivered as standing instructions.

     (vii) RETURN OF POSTED COLLATERAL. At any time Party A is required to post
     collateral pursuant to Part 4(8)(ii)of the Schedule, Party A shall be
     obligated to transfer Eligible Collateral in accordance with the terms of
     this Annex. If Party A is so required to post collateral in relation to a
     Collateralization Event or a Ratings Event and thereafter ceases to be
     required to post collateral under Part 4(8)(ii)of the Schedule (and
     provided that no Event of Default exists with respect to Party A) or Party
     A has made a Permitted Transfer under this Agreement, then Party A's
     obligations to transfer Eligible Collateral under this Annex will
     immediately cease with respect to that Collateralization Event or Ratings
     Event, and Party B will, upon demand by Party A, return to Party A, or
     cause its Custodian to return, all Posted Collateral held under this Annex.
     The Secured Party is authorized to liquidate any Posted Collateral pursuant
     to written instructions from Party A.

     (viii) EXTERNAL VERIFICATION OF MARK-TO-MARKET VALUATIONS. If the long-term
     senior unsecured debt of Party A is rated BBB or below by S&P, once every
     month, Party A will at its own expense verify its determination of Exposure
     of the Transaction on the next Valuation Date by seeking quotations from
     two (2) Reference Market-makers (provided, that a Reference Market-maker
     may not be used more than four times within each 12 month period) for their
     determination of Exposure of the Transaction on such Valuation Date and the
     Valuation Agent will use the greater of either (a) its own determination or
     (b) the high quotation for a Reference Market-maker, if applicable for

                                     M-4-6

<PAGE>

     the next Valuation Date. Party A shall provide the quotations of such
     Reference Market-makers to S&P.

     (ix) EXPENSES. Notwithstanding Paragraph 10, the Pledgor will be
     responsible for, and will reimburse the Secured Party for, all transfer and
     other taxes and other costs involved in the transfer of Eligible
     Collateral.

     (x) LIMIT ON SECURED PARTY'S LIABILITY. The Secured Party will not be
     liable for any losses or damages that the Pledgor may suffer as a result of
     any failure by the Secured Party to perform, or any delay by it in
     performing, any of its obligations under this Annex if the failure or delay
     results from circumstances beyond the reasonable control of the Secured
     Party or its Custodian, such as interruption or loss of computer or
     communication services, labor disturbance, natural disaster or local or
     national emergency.

                      [Signature page immediately follows]

                                     M-4-7

<PAGE>

     IN WITNESS WHEREOF the parties have executed this Credit Support Annex on
the respective dates specified below with effect from the date on the first
page.

THE BANK OF NEW YORK                    LaSalle Bank National Association,, not
                                        in its individual capacity, but solely
                                        as Supplemental Interest Trust Trustee
                                        with respect to the Supplemental
                                        Interest Trust relating to the First
                                        Franklin Mortgage Loan Trust, Series
                                        2007-FF1

By:                                     By:
    ---------------------------------       ------------------------------------
Name:                                   Name:
      -------------------------------         ----------------------------------
Title:                                  Title:
       ------------------------------          ---------------------------------
Date:                                   Date:
      -------------------------------         ----------------------------------

                                     M-4-8

<PAGE>

                                   SCHEDULE 1A
                               ELIGIBLE COLLATERAL
                                     MOODY'S

Certificates: Class A, Class M and Class B Certificates

Highest Rating of Certificates: Class A rated "Aaa" by Moody's, and "AAA" by
S&P.

Scheduled Date Certificates will fall below $50,000,000:

Last Scheduled Payment Date of Transactions: No. 38830: January 25, 2012; No.
38831: January 25, 2012

Valuation Date (and Valuation Percentage column): Daily

Moody's Valuation Percentage columns:

     *    Column A sets out the percentage applicable when the percentage in
          Column B is not applicable.

     *    Column B sets out the percentage applicable when a Moody's Ratings
          Event with respect to Party A and the guarantor under each Qualified
          Guaranty (if any)such has occurred and is continuing and at least 30
          Local Business Days have elapsed since the last time it was not the
          case that a Moody's Ratings Event had occurred and was continuing with
          respect to Party A and the guarantor under each Qualified Guaranty (if
          any).

             ELIGIBLE COLLATERAL & VALUATION PERCENTAGES (MOODY'S)

<TABLE>
<CAPTION>
                                                                   VALUATION            VALUATION
                                                                   PERCENTAGE           PERCENTAGE
                                                                 MOODY'S (DAILY)     MOODY'S (WEEKLY)
                                                                -----------------   ------------------
                                                                   A         B         A          B
                                                                -------   -------   -------   --------
<S>                                                             <C>       <C>       <C>       <C>
(A)    Cash: U.S. Dollars in depositary account form              100%      100       100%      100%

(B)    Floating-rate U.S. Treasury Securities: Floating-rate      100%       99%      100%       99%
       negotiable debt obligations issued by the U.S.
       Treasury Department after July 18, 1984
       ("FLOATING-RATE TREASURIES") (all maturities).

(C)    U.S. Treasury Securities: Fixed-rate negotiable debt       100%      100%      100%      100%
       obligations issued by the U.S. Treasury Department
       after July 18, 1984 ("FIXED-RATE TREASURIES") having a
       remaining maturity of up to and not more than 1 year.

(D)    Fixed-rate Treasuries having a remaining maturity of       100%       99%      100%       99%
       greater than 1 year but not more than 2 years.

(E)    Fixed-rate Treasuries having a remaining maturity of       100%       98%      100%       98%
       greater than 2 years but not more than 3 years.

(F)    Fixed-rate Treasuries having a remaining maturity of       100%       97%      100%       97%
       greater than 3 years but not more than 5 years.

(G)    Fixed-rate Treasuries having a remaining maturity of       100%       96%      100%       95%
       greater than 5 years but not more than 7 years.

(H)    Fixed-rate Treasuries having a remaining maturity of       100%       94%      100%       94%
       greater than 7 years but not more than 10 years.

(I)    Fixed-rate Treasuries having a remaining maturity of       100%       90%      100%       89%
       greater than 10 years but not more than 20 years.

(J)    Fixed-rate Treasuries having a remaining maturity of       100%       88%      100%       87%
       greater than 20 years but not more than 30 years.
</TABLE>

                                     M-4-9

<PAGE>

             ELIGIBLE COLLATERAL & VALUATION PERCENTAGES (MOODY'S)

<TABLE>
<S>                                                             <C>       <C>       <C>       <C>
(K)    Floating-rate Agency Securities: Floating-rate             100%       98%      100%       98%
       negotiable debt obligations of the Federal National
       Mortgage Association (FNMA), Federal Home Loan
       Mortgage Corporation (FHLMC), Federal Home Loan Banks
       (FHLB), Federal Farm Credit Banks (FFCB), Tennessee
       Valley Authority (TVA) (collectively, "FLOATING-RATE
       AGENCY SECURITIES") (all maturities).

(L)    Fixed-rate Agency Securities: Fixed-rate negotiable        100%       99%      100%       99%
       debt obligations of the Federal National Mortgage
       Association (FNMA), Federal Home Loan Mortgage
       Corporation (FHLMC), Federal Home Loan Banks (FHLB),
       Federal Farm Credit Banks (FFCB), Tennessee Valley
       Authority (TVA) (collectively, "FIXED-RATE AGENCY
       SECURITIES") issued after July 18, 1984 and having a
       remaining maturity of not more than 1 year.

(M)    Fixed-rate Agency Securities having a remaining            100%       99%      100%       98%
       maturity of greater than 1 year but not more than 2
       years.

(N)    Fixed-rate Agency Securities having a remaining            100%       98%      100%       97%
       maturity of greater than 2 years but not more than 3
       years.

(O)    Fixed-rate Agency Securities having a remaining            100%       96%      100%       96%
       maturity of greater than 3 years but not more than 5
       years.

(P)    Fixed-rate Agency Securities having a remaining            100%       93%      100%       94%
       maturity of greater than 5 years but not more than 7
       years.

(Q)    Fixed-rate Agency Securities having a remaining            100%       93%      100%       93%
       maturity of greater than 7 years but not more than 10
       years.

(R)    Fixed-rate Agency Securities having a remaining            100%       89%      100%       88%
       maturity of greater than 10 years but not more than 20
       years.

(S)    Fixed-rate Agency Securities having a remaining            100%       87%      100%       86%
       maturity of greater than 20 years but not more than 30
       years.

(T)    FHLMC Certificates. Mortgage participation                    *         *         *         *
       certificates issued by FHLMC evidencing undivided
       interests or participations in pools of first lien
       conventional or FHA/VA residential mortgages or deeds
       of trust, guaranteed by FHLMC, issued after July 18,
       1984 and having a remaining maturity of not more than
       30 years.

(U)    FNMA Certificates. Mortgage-backed pass-through               *         *         *         *
       certificates issued by FNMA evidencing undivided
       interests in pools of first lien mortgages or deeds of
       trust on residential properties, guaranteed by FNMA,
       issued after July 18, 1984 and having a remaining
       maturity of not more than 30 years.
</TABLE>

                                     M-4-10

<PAGE>

             ELIGIBLE COLLATERAL & VALUATION PERCENTAGES (MOODY'S)

<TABLE>
<S>                                                             <C>       <C>       <C>       <C>
(V)    GNMA Certificates. Mortgage-backed pass-through               *         *         *         *
       certificates issued by private entities, evidencing
       undivided interests in pools of first lien mortgages
       or deeds of trust on single family residences,
       guaranteed by the Government National Mortgage
       Association (GNMA) with the full faith and credit of
       the United States, issued after July 18, 1984 and
       having a remaining maturity of not more than 30 years.

(W)    Commercial Mortgage-Backed Securities. Floating rate          *         *         *         *
       commercial mortgage-backed securities rated AAA by two
       major rating agencies (including S&P if S&P is a
       Rating Agency hereunder) with a minimum par or face
       amount of $250 million (excluding securities issued
       under Rule 144A) ("Commercial Mortgage-Backed
       Securities") having a remaining maturity of not more
       than 5 years.

(X)    Commercial Mortgage-Backed Securities having a                *         *         *         *
       remaining maturity of more than 5 years and not more
       than 10 years.

(Y)    Commercial Mortgage-Backed Securities having a                                    *         *
       remaining maturity of more than 10 years.

(Z)    Commercial Paper. Commercial Paper with a rating of at        *         *         *         *
       least P-1 by Moody's and at least A-1+ by S&P and
       having a remaining maturity of not more than 30 days.

(AA)   Other Items of Credit Support approved by the Rating          *         *         *         *
       Agencies to the extent any [Certificates] are rated.
</TABLE>

*    zero or such higher percentage in respect of which Moody's has delivered a
     ratings affirmation.

                                     M-4-11
<PAGE>

                                   SCHEDULE 1B
                               ELIGIBLE COLLATERAL
                                       S&P

Certificates: Class A, Class M and Class B Certificates

Highest Rating of Certificates: Class A rated "Aaa" by Moody's, and "AAA" by
S&P.

Scheduled Date Certificates will fall below $50,000,000:

Last Scheduled Payment Date of Transactions: No. 38830: January 25, 2012; No.
38831:January 25, 2012

Valuation Date (and Valuation Percentage column): Daily

                ELIGIBLE COLLATERAL & VALUATION PERCENTAGES (S&P)

<TABLE>
<CAPTION>
                                                                     VALUATION
                                                                    PERCENTAGE
                                                                        S&P
                                                                  --------------
                                                                  DAILY   WEEKLY
                                                                  -----   ------
<S>                                                               <C>     <C>
(A)    Cash: U.S. Dollars in depositary account form                100%    100%

(B)    Floating-rate U.S. Treasury Securities: Floating-rate           *       *
       negotiable debt obligations issued by the U.S. Treasury
       Department after July 18, 1984 ("FLOATING RATE
       TREASURIES") (all maturities).

(C)    Fixed-rate U.S. Treasury Securities: Fixed-rate            98.90%  98.60%
       negotiable debt obligations issued by the U.S. Treasury
       Department after July 18, 1984 ("FIXED-RATE TREASURIES")
       having a remaining maturity of up to and not more than 1
       year.

(D)    Fixed-rate Treasuries having a remaining maturity of       98.00%  97.30%
       greater than 1 year but not more than 2 years.

(E)    Fixed-rate Treasuries having a remaining maturity of       97.40%  95.80%
       greater than 2 years but not more than 3 years.

(F)    Fixed-rate Treasuries having a remaining maturity of       95.50%  93.80%
       greater than 3 years but not more than 5 years.

(G)    Fixed-rate Treasuries having a remaining maturity of       93.70%  91.40%
       greater than 5 years but not more than 7 years.

(H)    Fixed-rate Treasuries having a remaining maturity of       92.50%  90.30%
       greater than 7 years but not more than 10 years.

(I)    Fixed-rate Treasuries having a remaining maturity of       91.10%  87.90%
       greater than 10 years but not more than 20 years.

(J)    Fixed-rate Treasuries having a remaining maturity of       88.60%  84.60%
       greater than 20 years but not more than 30 years.

(K)    Floating-rate Agency Securities: Floating-rate                  *       *
       negotiable debt obligations of the Federal National
       Mortgage Association (FNMA), Federal Home Loan Mortgage
       Corporation (FHLMC), Federal Home Loan Banks (FHLB),
       Federal Farm Credit Banks (FFCB), Tennessee Valley
       Authority (TVA) (collectively, "FLOATING-RATE AGENCY
       SECURITIES") (all maturities).

</TABLE>

                                     M-4-12

<PAGE>

                ELIGIBLE COLLATERAL & VALUATION PERCENTAGES (S&P)

<TABLE>
<S>                                                               <C>     <C>
(L)    Fixed-rate Agency Securities: fixed-rate negotiable debt   98.50%  98.00%
       obligations of the Federal National Mortgage Association
       (FNMA), Federal Home Loan Mortgage Corporation (FHLMC),
       Federal Home Loan Banks (FHLB), Federal Farm Credit
       Banks (FFCB), Tennessee Valley Authority (TVA)
       (collectively, "FIXED-RATE AGENCY SECURITIES") issued
       after July 18, 1984 and having a remaining maturity of
       not more than 1 year.

(M)    Fixed-rate Agency Securities having a remaining maturity   97.70%  96.80%
       of greater than 1 year but not more than 2 years.

(N)    Fixed-rate Agency Securities having a remaining maturity   97.30%  96.30%
       of greater than 2 years but not more than 3 years.

(O)    Fixed-rate Agency Securities having a remaining maturity   94.50%  94.50%
       of greater than 3 years but not more than 5 years.

(P)    Fixed-rate Agency Securities having a remaining maturity   93.10%  90.30%
       of greater than 5 years but not more than 7 years.

(Q)    Fixed-rate Agency Securities having a remaining maturity   90.70%  86.90%
       of greater than 7 years but not more than 10 years.

(R)    Fixed-rate Agency Securities having a remaining maturity   87.70%  82.60%
       of greater than 10 years but not more than 20 years.

(S)    Fixed-rate Agency Securities having a remaining maturity   84.40%  77.90%
       of greater than 20 years but not more than 30 years.

(T)    FHLMC Certificates. Mortgage participation certificates    91.50%  86.40%
       issued by FHLMC evidencing undivided interests or
       participations in pools of first lien conventional or
       FHA/VA residential mortgages or deeds of trust,
       guaranteed by FHLMC, issued after July 18, 1984 and
       having a remaining maturity of not more than 30 years.

(U)    FNMA Certificates. Mortgage-backed pass-through            91.50%  86.40%
       certificates issued by FNMA evidencing undivided
       interests in pools of first lien mortgages or deeds of
       trust on residential properties, guaranteed by FNMA,
       issued after July 18, 1984 and having a remaining
       maturity of not more than 30 years.

(V)    GNMA Certificates. Mortgage-backed pass-through            91.50%  86.40%
       certificates issued by private entities, evidencing
       undivided interests in pools of first lien mortgages
       or deeds of trust on single family residences,
       guaranteed by the Government National Mortgage
       Association (GNMA) with the full faith and credit of
       the United States, issued after July 18, 1984 and
       having a remaining maturity of not more than 30
       years.

(W)    Commercial Mortgage-Backed Securities. Floating rate       96.20%  95.10%
       commercial mortgage-backed securities rated AAA by two
       major rating agencies (including S&P if S&P is a Rating
       Agency hereunder) with a minimum par or face amount of
       $250 million (excluding securities issued under Rule
       144A) ("Commercial Mortgage-Backed Securities") having a
       remaining maturity of not more than 5 years.

(X)    Commercial Mortgage-Backed Securities having a remaining   92.90%  90.90%
       maturity of more than 5 years and not more than 10
       years.

(Y)    Commercial Mortgage-Backed Securities having a remaining   91.00%  88.60%
       maturity of more than 10 years.
</TABLE>

                                     M-4-13

<PAGE>

                ELIGIBLE COLLATERAL & VALUATION PERCENTAGES (S&P)

<TABLE>
<S>                                                               <C>     <C>
(Z)    Commercial Paper. Commercial Paper with a rating of at     99.00%  99.00%
       least P-1 by Moody's and at least A-1+ by S&P and having
       a remaining maturity of not more than 30 days.

(AA)   Other Items of Credit Support approved by the Rating            *       *
       Agencies to the extent any [Certificates] are rated.
</TABLE>

*    zero or such higher percentage in respect of which S&P has delivered a
     ratings affirmation.

                                     M-4-14

<PAGE>

                                   SCHEDULE 2A
                   MOODY'S INDEPENDENT AMOUNT (FIRST TRIGGER)

Certificates: Class A, Class M and Class B Certificates

Highest Rating of Certificates: Class A rated "Aaa" by Moody's, and "AAA" by
S&P.

Scheduled Date Certificates will fall below $50,000,000:

Last Scheduled Payment Date of Transactions: No. 38830: January 25, 2012; No.
38831: January 25, 2012

Valuation Date (and Valuation Percentage column): Daily

The following percentages shall be used in the calculation of the Moody's
Independent Amount when either (i) it is not the case that a Moody's Ratings
Event with respect to Party A and the guarantor under each Qualified Guaranty
(if any) has occurred and is continuing, or (ii) less than 30 Local Business
Days have elapsed since the last time it was not the case that a Moody's Ratings
Event had occurred and was continuing with respect to Party A and the guarantor
under each Qualified Guaranty (if any).

<TABLE>
<CAPTION>
WEIGHTED AVERAGE LIFE OF            VALUATION DATE   VALUATION DATE
TRANSACTION IN YEARS                    (DAILY)         (WEEKLY)
------------------------            --------------   --------------
<S>                                 <C>              <C>
1 or less                                0.15%            0.25%
More than 1 but not more than 2          0.30%            0.50%
More than 2 but not more than 3          0.40%            0.70%
More than 3 but not more than 4          0.60%            1.00%
More than 4 but not more than 5          0.70%            1.20%
More than 5 but not more than 6          0.80%            1.40%
More than 6 but not more than 7          1.00%            1.60%
More than 7 but not more than 8          1.10%            1.80%
More than 8 but not more than 9          1.20%            2.00%
More than 9 but not more than 10         1.30%            2.20%
More than 10 but not more than 11        1.40%            2.30%
More than 11 but not more than 12        1.50%            2.50%
More than 12 but not more than 13        1.60%            2.70%
More than 13 but not more than 14        1.70%            2.80%
More than 14 but not more than 15        1.80%            3.00%
More than 15 but not more than 16        1.90%            3.20%
More than 16 but not more than 17        2.00%            3.30%
More than 17 but not more than 18        2.00%            3.50%
More than 18 but not more than 19        2.00%            3.60%
More than 20 but not more than 21        2.00%            3.70%
More than 21 but not more than 22        2.00%            3.90%
More than 22                             2.00%            4.00%
</TABLE>

                                     M-4-15

<PAGE>

                                   SCHEDULE 2B
                   MOODY'S INDEPENDENT AMOUNT (SECOND TRIGGER)
                          (TRANSACTION SPECIFIC HEDGES)

Certificates: Class A, Class M and Class B Certificates

Highest Rating of Certificates: Class A rated "Aaa" by Moody's, and "AAA" by
S&P.

Scheduled Date Certificates will fall below $50,000,000:

Last Scheduled Payment Date of Transactions: No. 38830: January 25, 2012; No.
38831: January 25, 2012

Valuation Date (and Valuation Percentage column):  Daily

The following percentages shall be used in the calculation of the Moody's
Independent Amount with respect to any Transaction that is an interest rate cap,
interest rate floor or interest rate swaption, or that is an interest rate swap
the notional amount of which is "balance guaranteed" or, for any Calculation
Period, otherwise is not a specific dollar amount that is fixed at the inception
of the Transaction (a "TRANSACTION-SPECIFIC HEDGE") when a Moody's Ratings Event
with respect to Party A and the guarantor under each Qualified Guaranty (if any)
has occurred and is continuing and at least 30 Local Business Days have elapsed
since the last time it was not the case that a Moody's Ratings Event had
occurred and was continuing with respect to Party A and the guarantor under each
Qualified Guaranty (if any).

<TABLE>
<CAPTION>
WEIGHTED AVERAGE LIFE OF            VALUATION DATE   VALUATION DATE
TRANSACTION IN YEARS                    (DAILY)         (WEEKLY)
------------------------            --------------   --------------
<S>                                 <C>              <C>
1 or less                                0.65%            0.75%
More than 1 but not more than 2          1.30%            1.50%
More than 2 but not more than 3          1.90%            2.20%
More than 3 but not more than 4          2.50%            2.90%
More than 4 but not more than 5          3.10%            3.60%
More than 5 but not more than 6          3.60%            4.20%
More than 6 but not more than 7          4.20%            4.80%
More than 7 but not more than 8          4.70%            5.40%
More than 8 but not more than 9          5.20%            6.00%
More than 9 but not more than 10         5.70%            6.60%
More than 10 but not more than 11        6.10%            7.00%
More than 11 but not more than 12        6.50%            7.50%
More than 12 but not more than 13        7.00%            8.00%
More than 13 but not more than 14        7.40%            8.50%
More than 14 but not more than 15        7.80%            9.00%
More than 15 but not more than 16        8.20%            9.50%
More than 16 but not more than 17        8.60%            9.90%
More than 17 but not more than 18        9.00%           10.40%
More than 18 but not more than 19        9.40%           10.80%
More than 20 but not more than 21        9.70%           11.00%
More than 21 but not more than 22       10.00%           11.00%
More than 22                            10.00%           11.00%
</TABLE>

                                     M-4-16

<PAGE>

                                  SCHEDULE 2C
                   MOODY'S INDEPENDENT AMOUNT (SECOND TRIGGER)
                        (NON-TRANSACTION SPECIFIC HEDGES)

Valuation Date (and Valuation Percentage column): Daily

The following percentages shall be used in the calculation of the Moody's
Independent Amount with respect to any Transaction that is not a
Transaction-Specific Hedge when a Moody's Ratings Event with respect to Party A
and the guarantor under each Qualified Guaranty (if any) has occurred and is
continuing and at least 30 Local Business Days have elapsed since the last time
it was not the case that a Moody's Ratings Event had occurred and was continuing
with respect to Party A and the guarantor under each Qualified Guaranty (if
any).

<TABLE>
<CAPTION>
WEIGHTED AVERAGE LIFE OF            VALUATION DATE   VALUATION DATE
TRANSACTION IN YEARS                    (DAILY)         (WEEKLY)
------------------------            --------------   --------------
<S>                                 <C>              <C>
1 or less                                0.50%            0.60%
More than 1 but not more than 2          1.00%            1.20%
More than 2 but not more than 3          1.50%            1.70%
More than 3 but not more than 4          1.90%            2.30%
More than 4 but not more than 5          2.40%            2.80%
More than 5 but not more than 6          2.80%            3.30%
More than 6 but not more than 7          3.20%            3.80%
More than 7 but not more than 8          3.60%            4.30%
More than 8 but not more than 9          4.00%            4.80%
More than 9 but not more than 10         4.40%            5.30%
More than 10 but not more than 11        4.70%            5.60%
More than 11 but not more than 12        5.00%            6.00%
More than 12 but not more than 13        5.40%            6.40%
More than 13 but not more than 14        5.70%            6.80%
More than 14 but not more than 15        6.00%            7.20%
More than 15 but not more than 16        6.30%            7.60%
More than 16 but not more than 17        6.60%            7.90%
More than 17 but not more than 18        6.90%            8.30%
More than 18 but not more than 19        7.20%            8.60%
More than 20 but not more than 21        7.50%            9.00%
More than 21 but not more than 22        7.80%            9.00%
More than 22                             8.00%            9.00%
</TABLE>

                                     M-4-17

<PAGE>

                                   SCHEDULE 3
                              S&P VOLATILITY BUFFER

Certificates: Class A, Class M and Class B Certificates

Highest Rating of Certificates: Class A rated "Aaa" by Moody's, and "AAA" by
S&P.

Scheduled Date Certificates will fall below $50,000,000:

Last Scheduled Payment Date of Transactions: No. 38830: January 25, 2012; No.
38831: January 25, 2012

Valuation Date (and Valuation Percentage column): Daily

     The S&P Volatility Buffer will be determined using the following table:

                              S&P VOLATILITY BUFFER

<TABLE>
<CAPTION>
                                                    REMAINING YEARS TO MATURITY OF TRANSACTION
                                     -----------------------------------------------------------------------
PARTY A RATING*                      (UP TO 3 YEARS)   (UP TO 5 YEARS)   (UP TO 10 YEARS)   (UP TO 30 YEARS)
---------------                      ---------------   ---------------   ----------------   ----------------
<S>                                  <C>               <C>               <C>                <C>
If, on the related Valuation Date,
the highest rated
[Notes][Certificates] are rated
"AA-" or higher by S&P, the S&P
Volatility Buffer is:
A-2                                       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%

If, on the related Valuation Date,
the highest rated
[Notes][Certificates] are rated
"A" or "A+" by S&P, the S&P
Volatility Buffer is:
BBB+/BBB                                      *             3.25%              4.00%              4.50%
A-2                                           *             3.25%              4.00%              4.50%
A-3/BBB-                                      *             3.50%              4.50%              6.00%
BB+ or lower                                  *             4.00%              5.25%              7.00%
</TABLE>

*    This rating shall be the higher of the rating by S&P on the related
     Valuation Date of the long-term debt and short-term debt of Party A or its
     guarantor or other Credit Support Provider.

                                     M-4-18
<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 2007-FF1

RE:  First Franklin Mortgage Loan Trust, Mortgage Loan Asset-Backed
     Certificates, Series 2007-FF1

Ladies and Gentlemen:

          In connection with our disposition of the Class ___ Certificates which
     are held in the form of Definitive Certificates or in the form of a
     beneficial interest in a Rule 144A Book-Entry Certificate and to effect the
     transfer pursuant to Regulation S under the Securities Act of 1933, as
     amended ("Regulation S") of the above Certificates in exchange for an
     equivalent beneficial interest in a Regulation S Book-Entry Certificate, we
     hereby certify that such transfer has been effected in accordance with (i)
     the transfer restrictions set forth in the Pooling and Servicing Agreement,
     dated as of January 1, 2007, among Merrill Lynch Mortgage Investors, Inc.,
     as Depositor, LaSalle Bank National Association, as Trustee, 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 2007-FF1

RE:  First Franklin Mortgage Loan Trust, Mortgage Loan Asset-Backed
     Certificates, Series 2007-FF1

Ladies and Gentlemen:

          In connection with our disposition of the Class __ Certificates which
     are held in the form of Definitive Certificates or in the form of a
     beneficial interest in a Regulation S Book-Entry Certificate and to effect
     the transfer pursuant to Rule 144A under the Securities Act of 1933, as
     amended ("Rule 144A") of the above Certificates in exchange for an
     equivalent beneficial interest in a Rule 144A Book-Entry Certificate or a
     Definitive Note, we hereby certify that such Certificates are being
     transferred in accordance with (i) the transfer restrictions set forth in
     the Pooling and Servicing Agreement, dated as of January 1, 2007, among
     Merrill Lynch Mortgage Investors, Inc., as Depositor, La Salle Bank
     National Association, as Trustee, 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-1

                              FORM OF CAP CONTRACT

                                                 (THE BANK OF NEW YORK(SM) LOGO)

                                                         Dated: January 26, 2007

                              RATE CAP TRANSACTION

                           RE: BNY REFERENCE NO. 38831

Ladies and Gentlemen:

     The purpose of this letter agreement ("AGREEMENT") is to confirm the terms
and conditions of the rate Cap Transaction entered into on the Trade Date
specified below (the "TRANSACTION") between The Bank of New York ("BNY"), a
trust company duly organized and existing under the laws of the State of New
York, and the Supplemental Interest Trust relating to the First Franklin
Mortgage Loan Trust, Series 2007-FF1 (the "COUNTERPARTY"), as represented by
LaSalle Bank National Association, not in its individual capacity, but solely as
Supplemental Interest Trust Trustee under the Pooling and Servicing Agreement,
dated and effective January 1, 2007, among Merrill Lynch Mortgage Investors,
Inc., as Depositor, Home Loan Services, Inc., as Servicer and LaSalle Bank
National Association, as Trustee (the "POOLING AND SERVICING AGREEMENT"). This
Agreement, which evidences a complete and binding agreement between you and us
to enter into the Transaction on the terms set forth below, constitutes a
"CONFIRMATION" as referred to in the "ISDA FORM MASTER AGREEMENT" (as defined
below), as well as a "Schedule" as referred to in the ISDA Form Master
Agreement.

     1. FORM OF AGREEMENT. This Agreement is subject to the 2000 ISDA
Definitions (the "DEFINITIONS"), as published by the International Swaps and
Derivatives Association, Inc. ("ISDA"). Any reference to a "Swap Transaction" in
the Definitions is deemed to be a reference to a "Transaction" for purposes of
this Agreement, and any reference to a "Transaction" in this Agreement is deemed
to be a reference to a "Swap Transaction" for purposes of the Definitions. You
and we have agreed to enter into this Agreement in lieu of negotiating a
Schedule to the 1992 ISDA Master Agreement (Multicurrency--Cross Border) form
(the "ISDA FORM MASTER AGREEMENT"). An ISDA Form Master Agreement, as modified
by the Schedule terms in Paragraph 4 of this Confirmation (the "MASTER
AGREEMENT"), shall be deemed to have been executed by you and us on the date we
entered into the Transaction. For the avoidance of doubt, the Transaction
described herein shall be the sole Transaction governed by such ISDA Form Master
Agreement. Except as otherwise specified, references herein to Sections shall be
to Sections of the Master Agreement, and references to Paragraphs shall be to
paragraphs of this Agreement. Each party hereto agrees that the Master Agreement
deemed to have been executed by the parties hereto shall be the same Master
Agreement referred to in the agreement setting forth the terms of transaction
reference numbers 38830. In the event of any inconsistency between the
provisions of this Agreement and the Definitions or the Master Agreement, this
Agreement shall prevail for purposes of the Transaction. Capitalized terms not
otherwise defined herein or in the Definitions or the Master Agreement shall
have the meaning defined for such term in the Pooling and Servicing Agreement.

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

<TABLE>
<S>                       <C>
   Type of Transaction:   Rate Cap

   Notional Amount:       With respect to any Calculation Period the amount set
                          forth for such period on Schedule I attached hereto.

   Trade Date:            January 24, 2007

   Effective Date:        July 25, 2007

   Termination Date:      January 25, 2012, subject to adjustment in accordance
                          with the Modified Following Business Day Convention

FIXED AMOUNTS
</TABLE>

                                     Q-1-1

<PAGE>

<TABLE>
<S>                       <C>
   Fixed Amount Payer:    Counterparty

   Fixed Amount:          USD 450,000.00

   Fixed Amount Payer
   Payment Date:          January 26, 2007

FLOATING AMOUNTS

   Floating Rate Payer:   BNY

   Cap Rate:              6.00%

   Floating Rate for
   initial Calculation
   Period:                To be determined

   Floating Rate Day
   Count Fraction:        Actual/360

   Floating Rate Option:  USD-LIBOR-BBA

   Designated Maturity:   One month

   Spread:                Inapplicable

   Floating Rate Payer
   Period End Dates:      The 25th day of each month, beginning on August 25,
                          2007 and ending on the Termination Date, subject to
                          adjustment in accordance with the Modified Following
                          Business Day Convention.

   Floating Rate Payer
   Payment Dates:         Early Payment shall be applicable. The Floating Rate
                          Payer Payment Date shall be one (1) Business Days
                          preceding each Floating Rate Payer Period End Date.

   Reset Dates:           The first day of each Calculation Period

   Compounding:           Inapplicable

   Business Days for
   Payments By both
   parties:               New York and Illinois

   Calculation Agent:     BNY
</TABLE>

     3. ADDITIONAL PROVISIONS:

     1) RELIANCE. Each party hereto is hereby advised and acknowledges that the
other party has engaged in (or refrained from engaging in) substantial financial
transactions and has taken (or refrained from taking) other material actions in
reliance upon the entry by the parties into the Transaction being entered into
on the terms and conditions set forth herein.

     2) TRANSFER, AMENDMENT AND ASSIGNMENT. No transfer, amendment, waiver,
supplement, assignment or other modification of this Transaction shall be
permitted by either party unless each of Standard & Poor's Ratings Service, a
division of The McGraw-Hill Companies, Inc ("S&P") and Moody's Investors
Service, Inc. ("MOODY'S"), has been provided notice of the same and confirms in
writing (including by facsimile transmission) that it will not downgrade,
qualify, withdraw or otherwise modify its then-current ratings on the Class A,
Class M and Class B Certificates issued under the Pooling and Servicing
Agreement (the "CERTIFICATES").

     4. PROVISIONS DEEMED INCORPORATED IN A SCHEDULE TO THE MASTER AGREEMENT:

                                     Q-1-2

<PAGE>

     1) NO PAYMENT NETTING AMONG TRANSACTIONS; MODIFICATION OF SECTION
2(A)(III)(1). The parties agree that subparagraph (ii) of Section 2(c) of the
ISDA Form Master Agreement will apply to this Transaction. Section 2(a)(iii)(1)
is amended by deleting "or Potential Event of Default".

     2) TERMINATION PROVISIONS. For purposes of the Master Agreement:

     (a) "SPECIFIED ENTITY" in relation to BNY or the Counterparty shall mean:
     none.

     (b) "SPECIFIED TRANSACTION" will not apply.

     (c) APPLICABILITY. The following provisions apply or do not apply to the
     parties as specified below:

          (i) Section 5(a)(i) (FAILURE TO PAY OR DELIVER):

               (A) will apply to BNY; and

               (B) will apply to the Counterparty.

          (ii) Section 5(a)(ii) (BREACH OF AGREEMENT):

               (A) will apply to BNY; and

               (B) will not apply to the Counterparty.

          (iii) Section 5(a)(iii) (CREDIT SUPPORT DEFAULT):

               (A) will apply to BNY; and

               (B) will not apply to the Counterparty.

          (iv) Section 5(a)(iv) (MISREPRESENTATION):

               (A) will apply to BNY; and

               (B) will not apply to the Counterparty.

          (v) Section 5(a)(v) (DEFAULT UNDER SPECIFIED TRANSACTION):

               (A) will not apply to BNY; and

               (B) will not apply to the Counterparty.

          (vi) Section 5(a)(vi) (CROSS DEFAULT):

               (A) will apply to BNY; and

               (B) will not apply to the Counterparty.

               For the purposes of Section 5(a)(vi):

               "SPECIFIED INDEBTEDNESS" will have the meaning specified in
               Section 14, except that it shall not include indebtedness in
               respect of deposits received.

               "THRESHOLD AMOUNT" means, 3% of consolidated shareholders equity
               of BNY and its subsidiaries determined in accordance with
               generally accepted accounting principles of the United States
               consistently applied as of the last day of the fiscal quarter
               ended immediately prior to the occurrence or existence of an
               event for which a Threshold Amount is applicable under Section
               5(a)(vi).

          (vii) Section 5(a)(vii) (BANKRUPTCY):

               (A) will apply to BNY; and

               (B) will not apply to the Counterparty with respect to subclauses
               (2), (4) (but only if the proceeding or petition is instituted or
               presented by BNY or its affiliates), (7), (8) (but subclause (8)
               will not apply to the Counterparty only to the extent that
               subclauses (2), (4) and (7) do not apply to the Counterparty) and
               (9) of Section 5(a)(vii), and the remaining provisions of Section
               5(a)(vii) will apply to the Counterparty; and in subclause (6)
               the words "trustee" and "custodian" will not

                                     Q-1-3

<PAGE>

               include the Supplemental Interest Trust Trustee and the words
               "seeks or" will be deleted.

          (viii) Section 5(a)(viii) (MERGER WITHOUT ASSUMPTION):

               (A) will apply to BNY; and

               (B) will apply to the Counterparty.

          (ix) Section 5(b)(i) (ILLEGALITY):

               (A) will apply to BNY; and

               (B) will apply to the Counterparty.

          (x) Section 5(b)(ii) (TAX EVENT):

               (A) will apply to BNY; and

               (B) will apply to the Counterparty;

               provided that the words "(x) any action taken by a taxing
               authority, or brought in a court of competent jurisdiction, on or
               after the date on which a Transaction is entered into (regardless
               of whether such action is taken or brought with respect to a
               party to this Agreement) or (y)" shall be deleted.

          (xi) Section 5(b)(iii) (TAX EVENT UPON MERGER):

               (A) will apply to BNY, provided, that BNY shall not be entitled
               to designate an Early Termination Date by reason of a Tax Event
               upon Merger in respect of which it is the Affected Party; and

               (B) will apply to the Counterparty.

          (xii) Section 5(b)(iv) (CREDIT EVENT UPON MERGER):

               (A) will not apply to BNY; and

               (B) will not apply to the Counterparty.

          (xiii) Section 5(b)(v) (ADDITIONAL TERMINATION EVENT):

               (A) will apply to BNY with respect to Paragraph 4(2)(g)(iii) and
               (iv); and

               (B) will apply to the Counterparty with respect to Paragraph
               (4)(2)(g)(i) and (ii).

     (d) The "AUTOMATIC EARLY TERMINATION" provision of Section 6(a):

               (A) will not apply to BNY; and

               (B) will not apply to the Counterparty.

     (e) PAYMENTS ON EARLY TERMINATION. For the purpose of Section 6(e), the
     Second Method and Market Quotation will apply. For such purpose, for so
     long as the Certificates are rated by Moody's, if BNY is the Affected Party
     in respect of an Additional Termination Event or a Tax Event Upon Merger or
     the Defaulting Party in respect of any Event of Default (but not, in any
     case, in respect of a Termination Event arising from an Illegality or Tax
     Event), the following provisions shall apply:

          (i) The definitions of "Market Quotation" and "Settlement Amount" are
          amended in their entirety to read as follows:

               "MARKET QUOTATION" means, with respect to one or more Terminated
               Transactions, an offer capable when made of becoming legally
               binding upon acceptance made by a Qualified Transferee for an
               amount that would be paid to the Counterparty (expressed as a
               negative number) or by the Counterparty (expressed as a positive
               number) in consideration of an agreement between the Counterparty
               and such Qualified Transferee to enter into a transaction with
               commercial terms substantially the same as those of this
               Agreement (save for the exclusion of

                                     Q-1-4

<PAGE>

               provisions relating to Transactions that are not Terminated
               Transactions) (which shall be determined by the Counterparty,
               acting in a commercially reasonable manner), that would have the
               effect of preserving the economic equivalent for the Counterparty
               of any payment or delivery (whether the underlying obligation was
               absolute or contingent and assuming the satisfaction of each
               applicable condition precedent) by the parties under Section
               2(a)(i) in respect of such Terminated Transactions or group of
               Terminated Transactions that would, but for the occurrence of the
               relevant Early Termination Date, have been required after that
               date (such transaction, a "REPLACEMENT TRANSACTION"). For this
               purpose, Unpaid Amounts in respect of the Terminated Transaction
               or group of Transactions are to be excluded but, without
               limitation, any payment or delivery that would, but for the
               relevant Early Termination Date, have been required (assuming
               satisfaction of each applicable condition precedent) after that
               Early Termination Date is to be included.

               "SETTLEMENT AMOUNT" means, with respect to any Early Termination
               Date, an amount (as determined by the Counterparty) equal to the
               Termination Currency Equivalent of the amount (whether positive
               or negative) of any Market Quotation for the relevant Terminated
               Transaction or group of Terminated Transactions that is accepted
               by the Counterparty so as to become legally binding, Provided
               that:

               (1) If, on the day falling ten Local Business Days after the day
               on which the Early Termination Date is designated or such later
               day as the Counterparty may specify in writing to BNY (but in
               either case no later than the Early Termination Date) (such day
               the "LATEST SETTLEMENT AMOUNT DETERMINATION DAY"), no Market
               Quotation for the relevant Terminated Transaction or group of
               Terminated Transactions has been accepted by the Counterparty so
               as to become legally binding and one or more Market Quotations
               have been made and remain capable of becoming legally binding
               upon acceptance, the Settlement Amount shall equal the
               Termination Currency Equivalent of the amount (whether positive
               or negative) of the lowest of such Market Quotations; and

               (2) If, on the Latest Settlement Amount Determination Day, no
               Market Quotation for the relevant Terminated Transaction or group
               of Terminated Transactions is accepted by the Counterparty so as
               to become legally binding and no Market Quotations have been made
               and remain capable of becoming legally binding upon acceptance,
               the Settlement Amount shall equal the Counterparty's Loss
               (whether positive or negative and without reference to any
               Un-paid amounts) for the relevant Terminated Transaction or group
               of Terminated Transactions.

          (ii) At any time on or before the Latest Settlement Amount
          Determination Day at which two or more Market Quotations remain
          capable of becoming legally binding upon acceptance, the Counterparty
          shall be entitled to accept only the lowest of such Market Quotations.

          (iii) if the Counterparty requests BNY in writing to obtain Market
          Quotations, BNY shall use its reasonable efforts to do so before the
          Latest Settlement Amount Determination Day.

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

               "SECOND METHOD AND MARKET QUOTATION. If Second Method and Market
               Quotation apply, (1) the Counterparty shall pay to BNY an amount
               equal to the absolute value of the Settlement Amount in respect
               of the Terminated Transactions, (2) the Counterparty shall pay to
               BNY the Termination Currency Equivalent of the Unpaid Amounts
               owing to BNY and (3) BNY shall pay to the Counterparty the
               Termination Currency Equivalent of the Unpaid Amounts owing to
               the Counterparty, Provided that, (i) the amounts payable under
               (2) and (3) shall be subject to netting in accordance with
               Section 2(c) of this Agreement and (ii) notwithstanding any other
               provision of this Agreement, any amount payable by

                                     Q-1-5

<PAGE>

               BNY under (3) shall not be netted-off against any amount payable
               by the Counterparty under (1)."

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

     (g) "ADDITIONAL TERMINATION EVENT" will apply. The following shall
     constitute Additional Termination Events, and the party specified shall be
     the Affected Party with respect thereto:--

          (i) TERMINATION OF TRUST FUND. The Trust, Supplemental Interest Trust
          or Trust Fund shall be terminated pursuant to any provision of the
          Pooling and Servicing Agreement (including, without limitation, by
          completion of a successful auction termination or by exercise of the
          option to purchase and giving of notice under Sections 10.01 of the
          Pooling and Servicing Agreement). The Early Termination Date with
          respect to such Additional Termination Event shall be the Distribution
          Date upon which the Trust and the Supplemental Interest Trust or Trust
          Fund is terminated and final payment is made in respect of the
          Certificates. Each of BNY and the Counterparty may designate an Early
          Termination Date in respect of this Additional Termination Event. The
          Counterparty shall be the sole Affected Party.

          (ii) AMENDMENT OF POOLING AND SERVICING AGREEMENT. The amendment of
          the Pooling and Servicing Agreement in a manner which could have a
          material adverse affect on BNY without first obtaining the prior
          written consent of BNY (such consent not to be unreasonably withheld),
          where such consent is required under the Pooling and Servicing
          Agreement. The Counterparty shall be the sole Affected Party.

          (iii) COLLATERALIZATION OR RATINGS EVENT. A Collateralization Event or
          Ratings Event has occurred and is continuing with respect to BNY (and
          the guarantor under each Qualified Guaranty (if any)) and BNY fails to
          comply with the provisions of Paragraph 4(8)(ii) within the time
          periods set out therein; provided that an Additional Termination Event
          shall not be deemed to occur by virtue of a breach of Paragraph
          4(8)(ii)(B) with respect to a Moody's Ratings Event unless and until
          such Moody's Ratings Event has continued for 30 or more Business Days
          and at least one Qualified Transferee has made an offer which remains
          capable of becoming legally binding upon acceptance to enter into a
          Permitted Transfer or other Replacement Transaction. BNY shall be the
          sole Affected Party. In the event that BNY has elected or is required
          to post collateral following the occurrence of a Ratings Event with
          respect to BNY (and the guarantor under each Qualified Guaranty (if
          any)), then, after the period of time provided in Paragraph
          4(8)(ii)(B), a failure to post collateral in accordance with the
          provisions of the Credit Support Annex shall be subject to the
          provisions of Section 5(a)(iii) and shall not be treated as an
          Additional Termination Event. Any breach of Paragraph 4(8)(ii)(A), (B)
          or (C) which is treated as an Additional Termination Event under this
          Paragraph 4(g)(iii) shall not constitute an Event of Default.

          (iv) REGULATION AB. BNY shall fail to comply with the provisions of
          Paragraph 4(9) within the time provided for therein. BNY shall be the
          sole Affected Party.

     3) TAX REPRESENTATIONS AND OTHER TAX RELATED PROVISIONS.

     (a) PAYER REPRESENTATIONS. For the purpose of Section 3(e), BNY and the
     Counterparty make the following representations:

          It is not required by any applicable law, as modified by the practice
          of any relevant governmental revenue authority, of any Relevant
          Jurisdiction to make any deduction or withholding for or on account of
          any Tax from any payment (other than interest under Section 2(e),
          6(d)(ii) or 6(e)) to be made by it to the other party under this
          Agreement. In making this representation, it may rely on:

          (i) the accuracy of any representations made by the other party
          pursuant to Section 3(f);

          (ii) the satisfaction of the agreement contained in Section 4 (a)(i)
          or 4(a)(iii) and the accuracy and effectiveness of any document
          provided by the other party pursuant to Section 4 (a)(i) or 4(a)(iii);
          and

                                     Q-1-6

<PAGE>

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

     (b) PAYEE REPRESENTATIONS. For the purpose of Section 3(f), BNY and the
     Counterparty make the following representations.

          (i) The following representation will apply to BNY:

               (x) It is a "U.S. person" (as that term is used in section
               1.1441-4(a)(3)(ii) of the United States Treasury Regulations) for
               United States federal income tax purposes, (y) it is a trust
               company duly organized and existing under the laws of the State
               of New York, and (y) its U.S. taxpayer identification number is
               135160382.

          (ii) The following representation will apply to the Counterparty:

               None.

     (c) GROSS UP. Section 2(d)(i)(4) shall not apply to Counterparty as X, and
     Section 2(d)(ii) shall not apply to Counterparty as Y, such that
     Counterparty shall not be required to pay any additional amounts referred
     to therein.

     (d) INDEMNIFIABLE TAX. The definition of "Indemnifiable Tax" in Section 14
     is amended in its entirety to read as follows:

          "INDEMNIFIABLE TAX" means in relation to payments by BNY any Tax and
          in relation to payments by the Counterparty no Tax.

     4) DOCUMENTS TO BE DELIVERED. FOR THE PURPOSE OF SECTION 4(A):

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

<TABLE>
<CAPTION>
PARTY REQUIRED                                                                                      COVERED BY
  TO DELIVER                                                                                       SECTION 3(D)
   DOCUMENT                FORM/DOCUMENT/ CERTIFICATE             DATE BY WHICH TO BE DELIVERED   REPRESENTATION
--------------   ----------------------------------------------   -----------------------------   --------------
<S>              <C>                                              <C>                             <C>
BNY and          Any document required or reasonably requested    Promptly after the earlier of   Yes
Counterparty     to allow the other party to make payments        (i) reasonable demand by
                 under this Agreement without any deduction or    either party or (ii) learning
                 withholding for or on the account of any tax.    that such form or document is
                                                                  required
</TABLE>

     (b) Other documents to be delivered are:

<TABLE>
<CAPTION>
PARTY REQUIRED                                                                                      COVERED BY
  TO DELIVER                                                                                       SECTION 3(D)
   DOCUMENT                FORM/DOCUMENT/ CERTIFICATE             DATE BY WHICH TO BE DELIVERED   REPRESENTATION
--------------   ----------------------------------------------   -----------------------------   --------------
<S>              <C>                                              <C>                             <C>
BNY              A certificate of an authorized officer of the    Upon the execution and          Yes
                 party, as to the incumbency and authority of     delivery of this Agreement
                 the respective officers of the party signing
                 this Agreement, any relevant Credit Support
                 Document, or any Confirmation, as the case may
                 be.

Counterparty     (i) a copy of the executed Pooling and           Upon the later of, receipt by   Yes
                 Servicing Agreement, and (ii) an incumbency      such party, or within 30 days
                 certificate verifying the true signatures and    after the date of this
                 authority of the                                 Agreement
</TABLE>

                                      Q-1-7

<PAGE>

<TABLE>
<CAPTION>

PARTY REQUIRED                                                                                      COVERED BY
  TO DELIVER                                                                                       SECTION 3(D)
   DOCUMENT                FORM/DOCUMENT/ CERTIFICATE             DATE BY WHICH TO BE DELIVERED   REPRESENTATION
--------------   ----------------------------------------------   -----------------------------   --------------
<S>              <C>                                              <C>                             <C>
                 person or persons signing this letter
                 agreement on behalf of the Counterparty.

BNY              Legal Opinion as to enforceability of this       Upon the execution and          Yes
                 Agreement.                                       delivery of this Agreement.

Counterparty     Certified copy of the Board of Directors         Upon the execution and          Yes
                 resolution (or equivalent authorizing            delivery of this Agreement.
                 documentation) which sets forth the authority
                 of each signatory to the Confirmation signing
                 on its behalf and the authority of such party
                 to enter into Transactions contemplated and
                 performance of its obligations hereunder.
</TABLE>

     5) MISCELLANEOUS.

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

          ADDRESS FOR NOTICES OR COMMUNICATIONS TO BNY:

               The Bank of New York
               Swaps and Derivative Products Group
               Global Market Division
               32 Old Slip 15th Floor
               New York, New York 10286
               Attention: Steve Lawler

          with a copy to:

               The Bank of New York
               Swaps and Derivative Products Group
               32 Old Slip 16th Floor
               New York, New York 10286
               Attention: Andrew Schwartz
               Tele: 212-804-5103
               Fax: 212-804-5818/5837

               (For all purposes)

          A copy of any notice or other communication with respect to Sections 5
          or 6 should also be sent to the addresses set out below:

               The Bank of New York
               Legal Department
               One Wall Street - 10th Floor
               New York, New York 10286
               Attention: General Counsel

          ADDRESS FOR NOTICES OR COMMUNICATIONS TO THE COUNTERPARTY:

               LaSalle Bank National Association, not in its individual
               capacity, but solely as Supplemental Interest Trust Trustee for
               First Franklin Mortgage Loan Trust, Series 2007-FF1
               Global Securities and Trust Services
               135 S. LaSalle Street, Ste 1511
               Chicago, Illinois 60603

                                     Q-1-8

<PAGE>

               Attention: Carol A. Corradino-Tilton
               Telephone: 312-992-2745
               Facsimile: 312-904-1368

               With a copy to:

               Merrill Lynch Mortgage Lending, Inc.
               4 World Financial Center
               250 Vesey Street
               NY, NY 10080
               Attention: Alan Chan
               Phone: 212.449.1441
               Facsimile: 212.738-1110

     (b) PROCESS AGENT. For the purpose of Section 13(c):

          BNY appoints as its Process Agent: Not Applicable

          The Counterparty appoints as its Process Agent: Not Applicable

     (c) OFFICES. The provisions of Section 10(a) will not apply to this
     Agreement; neither BNY nor the Counterparty have any Offices other than as
     set forth in the Notices Section and BNY agrees that, for purposes of
     Section 6(b), it shall not in future have any Office other than one in the
     United States.

     (d) MULTIBRANCH PARTY. For the purpose of Section 10(c):

          BNY is a Multibranch Party and will enter into each Transaction only
          through the following Office: -- New York (for all Transactions).

          The Counterparty is not a Multibranch Party.

     (e) CALCULATION AGENT. The Calculation Agent is BNY.

     (f) "CREDIT SUPPORT DOCUMENT" means in relation to:--

          BNY: the Credit Support Annex attached as Exhibit A hereto and any
          Qualified Guaranty.

          The Counterparty: Not applicable.

     (g) "CREDIT SUPPORT PROVIDER" means in relation to:--

          BNY: The guarantor under any Qualified Guaranty.

          Counterparty: Not Applicable

     (h) GOVERNING LAW. The parties to this Agreement hereby agree that the law
     of the State of New York shall govern their rights and duties in whole,
     without regard to conflict of law provisions thereof other than New York
     General Obligations Law Sections 5-1401 and 5-1402.

     (i) SEVERABILITY. If any term, provision, covenant, or condition of this
     Agreement, or the application thereof to any party or circumstance, shall
     be held to be invalid or unenforceable (in whole or in part) for any
     reason, the remaining terms, provisions, covenants, and conditions hereof
     shall continue in full force and effect as if this Agreement had been
     executed with the invalid or unenforceable portion eliminated, so long as
     this Agreement as so modified continues to express, without material
     change, the original intentions of the parties as to the subject matter of
     this Agreement and the deletion of such portion of this Agreement will not
     substantially impair the respective benefits or expectations of the
     parties. The parties shall endeavor to engage in good faith negotiations to
     replace any invalid or unenforceable term, provision, covenant or condition
     with a valid or enforceable term, provision, covenant or condition, the
     economic effect of which comes as close as possible to that of the invalid
     or unenforceable term, provision, covenant or condition.

     (j) RECORDING OF CONVERSATIONS. Each party (i) consents to the recording of
     telephone conversations between the trading, marketing and other relevant
     personnel of the parties in connection with this Agreement or any potential
     Transaction, (ii) agrees to obtain any necessary consent of, and give any
     necessary notice of such recording to, its relevant personnel and (iii)

                                     Q-1-9

<PAGE>

     agrees, to the extent permitted by applicable law, that recordings may be
     submitted in evidence in any Proceedings.

     (k) WAIVER OF JURY TRIAL. Each party waives any right it may have to a
     trial by jury in respect of any Proceedings relating to this Agreement or
     any Credit Support Document.

     (l) NON-RECOURSE. Notwithstanding any provision herein or in the Master
     Agreement to the contrary, the obligations of the Counterparty hereunder
     are limited recourse obligations of the Counterparty, payable solely from
     amounts on deposit in the Swap Account created by the Supplemental Interest
     Trust Trustee and the proceeds thereof to satisfy the Counterparty's
     obligations hereunder. In the event that the Swap Account and proceeds
     thereof should be insufficient to satisfy all claims outstanding and
     following the realization of the Swap Account and the distribution of the
     proceeds thereof in accordance with the Pooling and Servicing Agreement,
     any claims against or obligations of the Counterparty under the Master
     Agreement or any other confirmation thereunder, still outstanding shall be
     extinguished and thereafter not revive. This provision shall survive the
     expiration of this Agreement.

     (m) LIMITATION ON INSTITUTION OF BANKRUPTCY PROCEEDINGS. BNY shall not
     institute against or cause any other person to institute against, or join
     any other person in instituting against the Counterparty, the Supplemental
     Interest Trust or the trust created pursuant to the Pooling and Servicing
     Agreement any bankruptcy, reorganization, arrangement, insolvency or
     liquidation proceedings, under any federal or state bankruptcy or similar
     law or bankruptcy or similar laws of any other jurisdiction, for a period
     of one year and one day (or, if longer, the applicable preference period)
     following indefeasible payment in full of the Certificates. This provision
     shall survive the expiration of this Agreement.

     (n) REMEDY OF FAILURE TO PAY OR DELIVER. The ISDA Form Master Agreement is
     hereby amended by replacing the word "third" in the third line of Section
     5(a)(i) by the word "first".

     (o) "AFFILIATE" will have the meaning specified in Section 14 of the ISDA
     Form Master Agreement, provided that the Counterparty shall be deemed not
     to have any Affiliates for purposes of this Agreement, including for
     purposes of Section 6(b)(ii).

     (p) TRUSTEE'S CAPACITY. It is expressly understood and agreed by the
     parties hereto that insofar as this Confirmation is executed by the Trustee
     (i) this Confirmation is executed and delivered by LaSalle Bank National
     Association, not in its individual capacity but solely as Supplemental
     Interest Trust Trustee pursuant to the Pooling and Servicing Agreement in
     the exercise of the powers and authority conferred and vested in it
     thereunder and pursuant to instruction set forth therein, (ii) each of the
     representations, undertakings and agreements herein made on behalf of the
     trust is made and intended not as a personal representation, undertaking or
     agreement of the Supplemental Interest Trust Trustee but is made and
     intended for the purpose of binding only the Counterparty, (iii) nothing
     contained herein shall be construed as creating any liability of LaSalle
     Bank National Association, individually or personally, to perform any
     covenants either express or implied contained herein, all such liability,
     if any, being expressly waived by the parties hereto and by any person
     claiming by, through or under the parties hereto and (iv) under no
     circumstances will LaSalle Bank National Association, in its individual
     capacity be personally liable for the payment of any indebtedness or
     expenses or be personally liable for the breach or failure of any
     obligation, representation, warranty or covenant made or undertaken under
     this Confirmation. Nothing herein contained shall be construed as creating
     any liability on LaSalle Bank National Association, individually or
     personally, to perform any covenant either expressed or implied contained
     herein, all such liability, if any, being expressly waived by the parties
     who are signatories to this letter agreement and by any person claiming by,
     through or under such parties.

     (q) TRUSTEE'S REPRESENTATION. LaSalle Bank National Association, as
     Supplemental Interest Trust Trustee, represents and warrants that:

          It has been directed under the Pooling and Servicing Agreement to
          enter into this letter agreement as Supplemental Interest Trust
          Trustee on behalf of the Counterparty.

     6) ADDITIONAL REPRESENTATIONS. Section 3 is hereby amended by adding, at
the end thereof, the following Sections 3(g), 3(h) and 3(i):

     "(g) RELATIONSHIP BETWEEN PARTIES.

                                     Q-1-10

<PAGE>

     (1) NONRELIANCE. It is not relying on any statement or representation of
     the other party regarding the Transaction (whether written or oral), other
     than the representations expressly made in this Agreement or the
     Confirmation in respect of that Transaction.

     (2) EVALUATION AND UNDERSTANDING.

          (i) Each Party acknowledges that LaSalle Bank National Association,
          has been directed under the Pooling and Servicing Agreement to enter
          into this Transaction as Supplemental Interest Trust Trustee on behalf
          of the Counterparty.

          (ii) It is acting for its own account and has the capacity to evaluate
          (internally or through independent professional advice) the
          Transaction and has made its own decision to enter into the
          Transaction; it is not relying on any communication (written or oral)
          of the other party as investment advice or as a recommendation to
          enter into such transaction; it being understood that information and
          explanations related to the terms and conditions of such transaction
          shall not be considered investment advice or a recommendation to enter
          into such transaction. No communication (written or oral) received
          from the other party shall be deemed to be an assurance or guarantee
          as to the expected results of the transaction; and

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

     (3) NOT FIDUCIARY OR ADVISOR. The other party is not acting as a fiduciary
     or an advisor for it in respect of this Transaction.

     (h) EXCLUSION FROM COMMODITY EXCHANGE ACT. (A) It is an "eligible contract
     participant" within the meaning of Section 1a(12) of the Commodity Exchange
     Act, as amended; (B) this Agreement and each Transaction is subject to
     individual negotiation by such party; and (C) neither this Agreement nor
     any Transaction will be executed or traded on a "trading facility" within
     the meaning of Section 1a(33) of the Commodity Exchange Act, as amended.

     (i) SWAP AGREEMENT. Each Transaction is a "swap agreement" as defined in 12
     U.S.C. Section 1821(e)(8)(D)(vi) and a "covered swap agreement" as defined
     in the Commodity Exchange Act (7 U.S.C. Section 27(d)(1))."

     7) SET-OFF. Notwithstanding any provision of this Agreement or any other
existing or future agreement (but without limiting the provisions of Section
2(c) and Section 6, except as provided in the next sentence), each party
irrevocably waives any and all rights it may have to set off, net, recoup or
otherwise withhold or suspend or condition payment or performance of any
obligation between it and the other party hereunder against any obligation
between it and the other party under any other agreements. The last sentence of
the first paragraph of Section 6(e) shall not apply for purposes of this
Transaction.

     8) RATINGS DOWNGRADE.

          (i) DEFINITIONS. For purposes of each Transaction: (A) "RATING AGENCY
          CONDITION" means, with respect to any action taken or to be taken
          hereunder, a condition that is satisfied when each of Moody's and S&P
          (each a "RATING AGENCY", and the rating condition with respect to it,
          the "MOODY'S RATING CONDITION" and "S&P RATING CONDITION",
          respectively) has confirmed in writing to the Supplemental Interest
          Trust Trustee that such action will not result in withdrawal,
          reduction or other adverse action with respect to any then-current
          rating by such Rating Agency of the Certificates; (B) "QUALIFYING
          RATINGS" means, with respect to the debt of any entity, (1) (x) a
          short-term unsecured and unsubordinated debt rating of at least "P-1",
          and a long-term unsecured and unsubordinated debt of at least "A2"
          (or, if it has no short-term unsecured and unsubordinated debt rating,
          a long term rating of at least "A1") by Moody's ("MOODY'S FIRST LEVEL
          QUALIFYING RATINGS"), and (y) a short-term unsecured and
          unsubordinated debt rating of at least "P-2", and a long-term
          unsecured and unsubordinated debt of at least "A3" (or, if it has no
          short-term unsecured and unsubordinated debt rating, a long term
          rating of at least "A3") by Moody's ("MOODY'S SECOND LEVEL QUALIFYING
          RATINGS"), and (2) a short-

                                     Q-1-11

<PAGE>

          term unsecured and unsubordinated debt rating of at least "A-1", or
          if it does not have a short-term rating, a long-term unsecured and
          unsubordinated debt rating of at least "A+" by S&P ("S&P QUALIFYING
          RATINGS"), and (3) a short-term unsecured and unsubordinated debt
          rating of at least "F1" by Fitch and a long-term unsecured and
          unsubordinated debt rating of at least "A" by Fitch ("FITCH QUALIFYING
          RATINGS"); (C) a "COLLATERALIZATION EVENT" shall occur with respect to
          an entity) if: (1) its short-term unsecured and unsubordinated debt
          rating is reduced to "P-2" or below, or its long-term unsecured and
          unsubordinated debt is reduced to "A3" or below (or, if it has no
          short-term unsecured and unsubordinated debt rating, its long term
          rating is reduced to "A2" or below) by Moody's (a "MOODY'S
          COLLATERALIZATION EVENT"), or (2) its short-term unsecured and
          unsubordinated debt rating is reduced to "A-2" or below, or, if it
          does not have a short-term rating, its long-term unsecured and
          unsubordinated debt rating is reduced to "A" or below by S&P (an "S&P
          COLLATERALIZATION EVENT"); (D) a "RATINGS EVENT" shall occur with
          respect to an entity if: (1) its short-term unsecured and
          unsubordinated debt rating is withdrawn or reduced to "P-3" or below
          or its long-term unsecured and unsubordinated debt is reduced to
          "Baa1" (or, if it has no short-term unsecured and unsubordinated debt
          rating, its long term rating is withdrawn or reduced to "Baa1" or
          below) by Moody's (a "MOODY'S RATINGS EVENT"), or (2) its short-term
          unsecured and unsubordinated debt rating is withdrawn or reduced to
          "A-3" or its long-term unsecured and unsubordinated debt rating is
          withdrawn or reduced to "BB+" or below (or, if it has no short-term
          unsecured and unsubordinated debt rating, its long term rating is
          withdrawn or reduced to "BB+" or below) by S&P (an "S&P RATINGS
          EVENT"); (E) "QUALIFIED TRANSFEREE" means a transferee of a novation
          or assignment or a party (other than the Counterparty) that enters
          into another form of Replacement Transaction that is a Reference
          Market-maker ("dealer" in the definition thereof meaning a "dealer in
          notional principal contracts" as defined in Treas. Reg. Section
          1.1001-4) (1) that has Moody's Second Level Qualifying Ratings and S&P
          Qualifying Ratings or (2) whose present and future obligations owing
          to the Counterparty are guaranteed pursuant to a Qualified Guaranty;
          and (F) "QUALIFIED GUARANTY" means an unconditional and irrevocable
          guaranty of payment (and not of collection) and the performance of the
          other obligations of BNY (or a Qualified Transferee, as applicable)
          hereunder by a third party having Moody's Second Level Qualifying
          Ratings and S&P Qualifying Ratings and with respect to which the S&P
          Rating Condition is satisfied ("QUALIFIED GUARANTOR") providing, inter
          alia, that payment thereunder shall be made as provided and on the
          conditions set forth in Section 2(d) as modified hereunder
          (substituting references to BNY as "X" with the guarantor as "X" and
          "this Agreement" with such guaranty, respectively) (or, in lieu of
          such provisions relating to tax, a law firm has given a legal opinion
          confirming that none of the guarantor's payments to the Counterparty
          under such guaranty will be subject to withholding for Tax).

          (ii) ACTIONS TO BE TAKEN. (A) if a Collateralization Event occurs with
          respect to BNY (and the guarantor under each Qualified Guaranty (if
          any)), then BNY shall, at its own expense, no later than thirty (30)
          Business Days after a Moody's Collateralization Event with respect to
          BNY (and the guarantor under each Qualified Guaranty (if any)) or (if
          sooner) thirty (30) calendar days after an S&P Collateralization
          Ratings Event: (1) post collateral (commencing within the time frame
          set forth herein) in accordance with the Credit Support Annex for so
          long as the Collateralization Event continues with respect to BNY (and
          the guarantor under each Qualified Guaranty (if any)); or (2) on terms
          substantially similar to this Agreement (to be determined by the
          Counterparty acting in a commercially reasonable manner), and subject
          to the S&P Rating Condition, novate or assign or transfer the
          Transactions to or replace the Transactions with Replacement
          Transactions with a Qualified Transferee (having the Moody's First
          Level Qualifying Ratings and the S&P Qualifying Ratings); or (3)
          obtain a Qualified Guaranty (provided by a guarantor having the
          Moody's First Level Qualifying Ratings and the S&P Qualifying Ratings
          and with respect to which the S&P Rating Condition is satisfied); and
          (B) if a Ratings Event occurs with respect to BNY (and the guarantor
          under each Qualified Guaranty (if any)), then BNY shall at its own
          expense, no later than thirty (30) Business Days after a Moody's
          Ratings Event with respect to BNY (and the guarantor under each
          Qualified Guaranty (if any)) or (if sooner) ten (10) business days
          after an S&P Ratings Event: (1) on terms substantially similar to this
          Agreement (to be determined by the Counterparty acting in a
          commercially reasonable manner), and subject to the S&P Rating
          Condition, novate or assign or transfer the Transactions to or replace
          the Transactions with Replacement Transactions with a

                                     Q-1-12
<PAGE>

          Qualified Transferee, or (2) obtain a Qualified Guaranty. (C) BNY
          shall post collateral in accordance with the Credit Support Annex and
          the time frames set forth herein for so long as a Collateralization
          Event or Ratings Event (in each case, with respect to BNY and the
          guarantor under each Qualified Guaranty (if any)) continues,
          commencing at the time specified for taking action under (A) or (B)
          above respectively, provided that there shall be no grace period for
          posting collateral in the event that a Collateralization Event or
          Ratings Event (in each case, with respect to BNY and the guarantor
          under each Qualified Guaranty (if any)) has been continuing from the
          time BNY has become a party hereto. (D) if a Ratings Event occurs with
          respect to BNY (and the guarantor under each Qualified Guaranty (if
          any)), then BNY shall at its own expense, use commercially reasonable
          efforts to, as soon as reasonably practicable, take one of the actions
          referred to in (B) above.

     9) COMPLIANCE WITH REGULATION AB.

     (a) If the Depositor under the Pooling and Servicing Agreement still has a
     reporting obligation with respect to this Transaction pursuant to
     Regulation AB under the Securities Act of 1933, as amended, and the
     Securities Exchange Act of 1934, as amended ("REGULATION AB") and BNY has
     not, within 30 days after receipt of a Swap Disclosure Request complied
     with the provisions set forth below in this Paragraph 4(9) (provided that
     if the significance percentage reaches 10% after a Swap Disclosure Request
     has been made to BNY, BNY must comply with the provisions set forth below
     in this Section 4(9) within 10 calendar days of BNY being informed of the
     significance percentage reaching 10%), then an Additional Termination Event
     shall have occurred with respect to BNY and BNY shall be the sole Affected
     Party with respect to such Additional Termination Event.

     (b) BNY acknowledges that for so long as there are reporting obligations
     with respect to this Transaction under Regulation AB, the Depositor is
     required under Regulation AB to disclose certain information set forth in
     Regulation AB regarding BNY or its group of affiliated entities, if
     applicable, depending on the aggregate "significance percentage" of this
     Agreement and any other derivative contracts between BNY or its group of
     affiliated entities, if applicable, and the Counterparty, as calculated
     from time to time in accordance with Item 1115 of Regulation AB.

     (c) If the Depositor determines, reasonably and in good faith, that the
     significance percentage of this Agreement has increased to eight (8)
     percent, then the Depositor may request on a Business Day after the date of
     such determination from BNY the same information set forth in Item 1115(b)
     of Regulation AB that would have been required if the significance
     percentage had in fact increased to ten (10) percent (such request, a "SWAP
     DISCLOSURE REQUEST" and such requested information, subject to the last
     sentence of this paragraph, is the "SWAP FINANCIAL DISCLOSURE"). The
     Counterparty or the Depositor shall provide BNY with the calculations and
     any other information reasonably requested by BNY with respect to the
     Depositor's determination that led to the Swap Disclosure Request. The
     parties hereto further agree that the Swap Financial Disclosure provided to
     meet the Swap Disclosure Request may be, solely at BNY's option, either the
     information set forth in Item 1115(b)(1) or Item 1115(b)(2) of Regulation
     AB.

     (d) Upon the occurrence of a Swap Disclosure Request, BNY, at its own
     expense, shall (x) provide the Depositor with the Swap Financial Disclosure
     in an Edgar-compatible format, or (y) subject to Rating Agency Condition,
     secure another entity to replace BNY as party to this Agreement on terms
     substantially similar to this Agreement which entity is able to provide the
     Swap Financial Disclosure. If permitted by Regulation AB, any required Swap
     Financial Disclosure may be provided by incorporation by reference from
     reports filed pursuant to the Securities Exchange Act.

     (e) BNY's obligation to comply with this Paragraph 4(9) shall be suspended
     as of January 1, 2008 unless, at any time, BNY receives notification from
     the Depositor or the Counterparty that the Trust Fund's obligation to file
     periodic reports under the Exchange Act shall continue; provided, however,
     that such obligations shall not be suspended in respect of any Exchange Act
     Report or amendment to an Exchange Act Report in such fiscal year which
     relates to any fiscal year in which the Trust Fund was subject to the
     reporting requirements of the Exchange Act. This obligation shall continue
     to be suspended unless the Depositor or the Counterparty notifies BNY that
     the Trust Fund's obligations to file reports under the Exchange Act has
     resumed.

                                     Q-1-13

<PAGE>

     10) BNY PAYMENTS TO BE MADE TO SUPPLEMENTAL INTEREST TRUST TRUSTEE. BNY
will, unless otherwise directed by the Supplemental Interest Trust Trustee, make
all payments hereunder to the Supplemental Interest Trust Trustee. Payment made
to the Supplemental Interest Trust Trustee at the account specified herein or to
another account specified in writing by the Supplemental Interest Trust Trustee
shall satisfy the payment obligations of BNY hereunder to the extent of such
payment.

     11) RETURN OF AMOUNTS RECEIVED BY MLML OR ITS AFFILIATES. Merrill Lynch
Mortgage Lending, Inc. ("MLML") agrees and acknowledges that amounts paid
hereunder are not intended to benefit the holder of any class of Certificates
rated by any Rating Agency if such holder is MLML or any of its affiliates. If
MLML or any of its affiliates receives any such amounts, it will promptly remit
(or, if such amounts are received by an affiliate of MLML, MLML hereby agrees
that it will cause such affiliate to promptly remit) such amounts to the
Supplemental Interest Trust Trustee, whereupon such Supplemental Interest Trust
Trustee will promptly remit such amounts to BNY. MLML further agrees to provide
notice to BNY upon any remittance to the Supplemental Interest Trust Trustee.

     12) ADDITIONAL PROVISIONS. Notwithstanding the terms of Sections 5 and 6 of
the ISDA Form Master Agreement, if the Counterparty has satisfied its payment
obligations under Section 2(a)(i) of the ISDA Form Master Agreement, and shall,
at the time, have no future payment or delivery obligation, whether absolute or
contingent, then unless BNY is required pursuant to appropriate proceedings to
return to the Counterparty or otherwise returns to the Counterparty upon demand
of the Counterparty any portion of such payment, (a) the occurrence of an event
described in Section 5(a) of the ISDA Form Master Agreement with respect to the
Counterparty shall not constitute an Event of Default or Potential Event of
Default with respect to the Counterparty as the Defaulting Party and (b) BNY
shall be entitled to designate an Early Termination Date pursuant to Section 6
of the ISDA Form Master Agreement only as a result of a Termination Event set
forth in either Section 5(b)(i) or Section 5(b)(ii) of the ISDA Form Master
Agreement with respect to BNY as the Affected Party or Section 5(b)(iii) of the
ISDA Form Master Agreement with respect to BNY as the Burdened Party.

5. ACCOUNT DETAILS AND SETTLEMENT INFORMATION:

     PAYMENTS TO BNY:

          The Bank of New York
          Derivative Products Support Department
          32 Old Slip, 16th Floor
          New York, New York 10286
          Attention: Renee Etheart
          ABA #021000018
          Account #890-0068-175
          Reference: Interest Rate Swap

     PAYMENTS TO COUNTERPARTY:

          LaSalle Bank N.A.
          ABA 071000505
          LaSalle CHGO/CTR/BNF:/LASALLE TRUST
          Acct#: 724450.2

     6. COUNTERPARTS. This Agreement may be executed in several counterparts,
each of which shall be deemed an original but all of which together shall
constitute one and the same instrument.

     Please confirm that the foregoing correctly sets forth the terms of our
agreement by executing this agreement and returning it via facsimile to
Derivative Products Support Dept., Attn: Kenny Au-Yeung at 212-804-5818/5837.
Once we receive this we will send you two original confirmations for execution.

                                     Q-1-14

<PAGE>

     We are very pleased to have executed this Transaction with you and we look
forward to completing other transactions with you in the near future.

Very truly yours,

THE BANK OF NEW YORK

A. BY:
       ------------------------------
Name:
      -------------------------------
Title:
       ------------------------------

                                     Q-1-15

<PAGE>

     The Counterparty, acting through its duly authorized signatory, hereby
agrees to, accepts and confirms the terms of the foregoing as of the Trade Date.

LASALLE BANK NATIONAL ASSOCIATION, NOT IN ITS INDIVIDUAL CAPACITY, BUT SOLELY AS
SUPPLEMENTAL INTEREST TRUST TRUSTEE FOR THE SUPPLEMENTAL INTEREST TRUST RELATING
TO THE FIRST FRANKLIN MORTGAGE LOAN TRUST, SERIES 2007-FF1

B. BY:
       ------------------------------
Name:
      -------------------------------
Title:
       ------------------------------

Solely with respect to Paragraph 4(11)
V. MERRILL LYNCH MORTGAGE LENDING, INC.

By:
    ---------------------------------
Name:
      -------------------------------
Title:
       ------------------------------

                                     Q-1-16

<PAGE>

                                   SCHEDULE I

(all such dates are subject to adjustment in accordance with the Modified
Following Business Day Convention)

<TABLE>
<CAPTION>
ACCRUAL START DATE   ACCRUAL END DATE   NOTIONAL AMOUNT (IN USD)
------------------   ----------------   ------------------------
<S>                  <C>                <C>
     7/25/2007           8/25/2007             16,013,315
     8/25/2007           9/25/2007             19,529,137
     9/25/2007          10/25/2007             23,168,761
    10/25/2007          11/25/2007             27,214,657
    11/25/2007          12/25/2007             32,421,062
    12/25/2007           1/25/2008             38,271,272
     1/25/2008           2/25/2008             43,839,656
     2/25/2008           3/25/2008             48,433,380
     3/25/2008           4/25/2008             52,361,971
     4/25/2008           5/25/2008             55,824,821
     5/25/2008           6/25/2008             58,846,461
     6/25/2008           7/25/2008             61,494,580
     7/25/2008           8/25/2008             63,882,341
     8/25/2008           9/25/2008             66,092,456
     9/25/2008          10/25/2008             70,265,726
    10/25/2008          11/25/2008             76,579,939
    11/25/2008          12/25/2008             91,677,072
    12/25/2008           1/25/2009             86,443,419
     1/25/2009           2/25/2009             85,099,779
     2/25/2009           3/25/2009             92,044,109
     3/25/2009           4/25/2009             92,293,422
     4/25/2009           5/25/2009             91,812,157
     5/25/2009           6/25/2009             91,006,650
     6/25/2009           7/25/2009             90,051,703
     7/25/2009           8/25/2009             88,967,629
     8/25/2009           9/25/2009             87,716,968
     9/25/2009          10/25/2009             86,339,774
    10/25/2009          11/25/2009             84,971,197
    11/25/2009          12/25/2009             83,981,962
    12/25/2009           1/25/2010             82,522,414
     1/25/2010           2/25/2010             81,305,390
     2/25/2010           3/25/2010             78,446,610
     3/25/2010           4/25/2010             76,932,395
     4/25/2010           5/25/2010             75,108,546
     5/25/2010           6/25/2010             73,222,699
     6/25/2010           7/25/2010             71,283,232
     7/25/2010           8/25/2010             69,364,376
     8/25/2010           9/25/2010             67,482,554
     9/25/2010          10/25/2010             65,638,698
    10/25/2010          11/25/2010             63,825,336
    11/25/2010          12/25/2010             62,006,923
</TABLE>

                                     Q-1-17

<PAGE>

<TABLE>
<S>                     <C>                    <C>
    12/25/2010           1/25/2011             60,191,846
     1/25/2011           2/25/2011             58,429,178
     2/25/2011           3/25/2011             56,631,492
     3/25/2011           4/25/2011             55,001,661
     4/25/2011           5/25/2011             53,168,703
     5/25/2011           6/25/2011             51,336,851
     6/25/2011           7/25/2011             49,671,577
     7/25/2011           8/25/2011             47,910,583
     8/25/2011           9/25/2011             46,215,363
     9/25/2011          10/25/2011             44,578,171
    10/25/2011          11/25/2011             43,024,788
    11/25/2011          12/25/2011             41,530,891
    12/25/2011           1/25/2012             40,078,331
</TABLE>

                                     Q-1-18
<PAGE>

                                   EXHIBIT Q-2

                             FORM OF SWAP AGREEMENT

                                                 (THE BANK OF NEW YORK(SM) LOGO)

                                                         Dated: January 26, 2007

                              RATE SWAP TRANSACTION

                           RE: BNY REFERENCE NO. 38830

Ladies and Gentlemen:

     The purpose of this letter agreement ("AGREEMENT") is to confirm the terms
and conditions of the rate Swap Transaction entered into on the Trade Date
specified below (the "TRANSACTION") between The Bank of New York ("BNY"), a
trust company duly organized and existing under the laws of the State of New
York, and the Supplemental Interest Trust relating to the First Franklin
Mortgage Loan Trust, Series 2007-FF1 (the "COUNTERPARTY"), as represented by
LaSalle Bank National Association, not in its individual capacity, but solely as
Supplemental Interest Trust Trustee under the Pooling and Servicing Agreement,
dated and effective January 1, 2007, among Merrill Lynch Mortgage Investors,
Inc., as Depositor, Home Loan Services, Inc., as Servicer and LaSalle Bank
National Association, as Trustee (the "POOLING AND SERVICING AGREEMENT"). This
Agreement, which evidences a complete and binding agreement between you and us
to enter into the Transaction on the terms set forth below, constitutes a
"CONFIRMATION" as referred to in the "ISDA FORM MASTER AGREEMENT" (as defined
below), as well as a "Schedule" as referred to in the ISDA Form Master
Agreement.

     1. FORM OF AGREEMENT. This Agreement is subject to the 2000 ISDA
Definitions (the "DEFINITIONS"), as published by the International Swaps and
Derivatives Association, Inc. ("ISDA"). Any reference to a "Swap Transaction" in
the Definitions is deemed to be a reference to a "Transaction" for purposes of
this Agreement, and any reference to a "Transaction" in this Agreement is deemed
to be a reference to a "Swap Transaction" for purposes of the Definitions. You
and we have agreed to enter into this Agreement in lieu of negotiating a
Schedule to the 1992 ISDA Master Agreement (Multicurrency--Cross Border) form
(the "ISDA FORM MASTER AGREEMENT"). An ISDA Form Master Agreement, as modified
by the Schedule terms in Paragraph 4 of this Confirmation (the "MASTER
AGREEMENT"), shall be deemed to have been executed by you and us on the date we
entered into the Transaction. For the avoidance of doubt, the Transaction
described herein shall be the sole Transaction governed by such ISDA Form Master
Agreement. Except as otherwise specified, references herein to Sections shall be
to Sections of the Master Agreement, and references to Paragraphs shall be to
paragraphs of this Agreement. Each party hereto agrees that the Master Agreement
deemed to have been executed by the parties hereto shall be the same Master
Agreement referred to in the agreement setting forth the terms of transaction
reference number 38831. In the event of any inconsistency between the provisions
of this Agreement and the Definitions or the Master Agreement, this Agreement
shall prevail for purposes of the Transaction. Capitalized terms not otherwise
defined herein or in the Definitions or the Master Agreement shall have the
meaning defined for such term in the Pooling and Servicing Agreement.

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

<TABLE>
<S>                       <C>
   Type of Transaction:   Rate Swap

   Notional Amount:       With respect to any Calculation Period the amount set
                          forth for such period on Schedule I attached hereto.

   Trade Date:            January 24, 2007

   Effective Date:        July 25, 2007

   Termination Date:      January 25, 2012, subject to adjustment in accordance
                          with the Modified Following Business Day Convention;
                          provided, however, that for the purpose of determining
                          the final Fixed Rate
</TABLE>

                                     Q-2-1
<PAGE>

<TABLE>
<S>                       <C>
                          Payer Period End Date, Termination Date shall be
                          subject to No Adjustment.

FIXED AMOUNTS

   Fixed Rate Payer:      Counterparty

   Fixed Rate:            5.00%

   Fixed Rate Day Count
   Fraction:              30/360

   Fixed Rate Payer
   Period End Dates:      The 25th day of each month, beginning on August 25,
                          2007 and ending on the Termination Date, with No
                          Adjustment.

   Fixed Rate Payer
   Payment Dates:         Early Payment shall be applicable. The Fixed Rate
                          Payer Payment Date shall be one (1) Business Day
                          preceding each Fixed Rate Payer Period End Date.

FLOATING AMOUNTS

   Floating Rate Payer:   BNY

   Floating Rate for
   initial Calculation
   Period:                To be determined

   Floating Rate Day
   Count Fraction:        Actual/360

   Floating Rate
   Option:                USD-LIBOR-BBA

   Designated Maturity:   One month

   Spread:                Inapplicable

   Floating Rate Payer
   Period End Dates:      The 25th day of each month, beginning on August 25,
                          2007 and ending on the Termination Date, subject to
                          adjustment in accordance with the Modified Following
                          Business Day Convention.

   Floating Rate Payer
   Payment Dates:         Early Payment shall be applicable. The Floating Rate
                          Payer Payment Date shall be one (1) Business Day
                          preceding each Floating Rate Payer Period End Date.

   Reset Dates:           The first day of each Calculation Period

   Compounding:           Inapplicable

   Business Days for
   Payments By both
   parties:               New York and Illinois

   Calculation Agent:     BNY

   Additional Payment:    Counterparty shall pay BNY USD 4,709,000 on January
                          26, 2007.
</TABLE>

     3. ADDITIONAL PROVISIONS:

     1) RELIANCE. Each party hereto is hereby advised and acknowledges that the
other party has engaged in (or refrained from engaging in) substantial financial
transactions and has taken (or refrained 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.

                                     Q-2-2

<PAGE>

     2) TRANSFER, AMENDMENT AND ASSIGNMENT. No transfer, amendment, waiver,
supplement, assignment or other modification of this Transaction shall be
permitted by either party unless each of Standard & Poor's Ratings Service, a
division of The McGraw-Hill Companies, Inc ("S&P") and Moody's Investors
Service, Inc. ("MOODY'S"), has been provided notice of the same and confirms in
writing (including by facsimile transmission) that it will not downgrade,
qualify, withdraw or otherwise modify its then-current ratings on the Class A,
Class M and Class B Certificates issued under the Pooling and Servicing
Agreement (the "CERTIFICATES").

     4. PROVISIONS DEEMED INCORPORATED IN A SCHEDULE TO THE MASTER AGREEMENT:

     1) NO PAYMENT NETTING AMONG TRANSACTIONS; MODIFICATION OF SECTION
2(A)(III)(1). The parties agree that subparagraph (ii) of Section 2(c) of the
ISDA Form Master Agreement will apply to this Transaction. Section 2(a)(iii)(1)
is amended by deleting "or Potential Event of Default".

     2) TERMINATION PROVISIONS. For purposes of the Master Agreement:

     (a) "SPECIFIED ENTITY" in relation to BNY or the Counterparty shall mean:
none.

     (b) "SPECIFIED TRANSACTION" will not apply.

     (c) APPLICABILITY. The following provisions apply or do not apply to the
parties as specified below:

          (i)  Section 5(a)(i) (FAILURE TO PAY OR DELIVER):

               (A)  will apply to BNY; and

               (B)  will apply to the Counterparty.

          (ii) Section 5(a)(ii) (BREACH OF AGREEMENT):

               (A)  will apply to BNY; and

               (B)  will not apply to the Counterparty.

          (iii) Section 5(a)(iii) (CREDIT SUPPORT DEFAULT):

               (A)  will apply to BNY; and

               (B)  will not apply to the Counterparty.

          (iv) Section 5(a)(iv) (MISREPRESENTATION):

               (A)  will apply to BNY; and

               (B)  will not apply to the Counterparty.

          (v)  Section 5(a)(v) (DEFAULT UNDER SPECIFIED TRANSACTION):

               (A)  will not apply to BNY; and

               (B)  will not apply to the Counterparty.

          (vi) Section 5(a)(vi) (CROSS DEFAULT):

               (A)  will apply to BNY; and

               (B)  will not apply to the Counterparty.

               For the purposes of Section 5(a)(vi):

               "SPECIFIED INDEBTEDNESS" will have the meaning specified in
               Section 14, except that it shall not include indebtedness in
               respect of deposits received.

               "THRESHOLD AMOUNT" means, 3% of consolidated shareholders equity
               of BNY and its subsidiaries determined in accordance with
               generally accepted accounting principles of the United States
               consistently applied as of the last day of the fiscal quarter
               ended immediately prior to the occurrence or existence of an
               event for which a Threshold Amount is applicable under Section
               5(a)(vi).

          (vii) Section 5(a)(vii) (BANKRUPTCY):

                                     Q-2-3

<PAGE>

               (A)  will apply to BNY; and

               (B)  will not apply to the Counterparty with respect to
                    subclauses (2), (4) (but only if the proceeding or petition
                    is instituted or presented by BNY or its affiliates), (7),
                    (8) (but subclause (8) will not apply to the Counterparty
                    only to the extent that subclauses (2), (4) and (7) do not
                    apply to the Counterparty) and (9) of Section 5(a)(vii), and
                    the remaining provisions of Section 5(a)(vii) will apply to
                    the Counterparty; and in subclause (6) the words "trustee"
                    and "custodian" will not include the Supplemental Interest
                    Trust Trustee and the words "seeks or" will be deleted.

          (viii) Section 5(a)(viii) (MERGER WITHOUT ASSUMPTION):

               (A)  will apply to BNY; and

               (B)  will apply to the Counterparty.

          (ix) Section 5(b)(i) (ILLEGALITY):

               (A)  will apply to BNY; and

               (B)  will apply to the Counterparty.

          (x)  Section 5(b)(ii) (TAX EVENT):

               (A)  will apply to BNY; and

               (B)  will apply to the Counterparty;

               provided that the words "(x) any action taken by a taxing
               authority, or brought in a court of competent jurisdiction, on or
               after the date on which a Transaction is entered into (regardless
               of whether such action is taken or brought with respect to a
               party to this Agreement) or (y)" shall be deleted.

          (xi) Section 5(b)(iii) (TAX EVENT UPON MERGER):

               (A)  will apply to BNY, provided, that BNY shall not be entitled
                    to designate an Early Termination Date by reason of a Tax
                    Event upon Merger in respect of which it is the Affected
                    Party; and

               (B)  will apply to the Counterparty.

          (xii) Section 5(b)(iv) (CREDIT EVENT UPON MERGER):

               (A)  will not apply to BNY; and

               (B)  will not apply to the Counterparty.

          (xiii) Section 5(b)(v) (ADDITIONAL TERMINATION EVENT):

               (A)  will apply to BNY with respect to Paragraph 4(2)(g)(iii) and
                    (iv); and

               (B)  will apply to the Counterparty with respect to Paragraph
                    (4)(2)(g)(i) and(ii).

     (d) The "AUTOMATIC EARLY TERMINATION" provision of Section 6(a):

               (A)  will not apply to BNY; and

               (B)  will not apply to the Counterparty.

     (e) PAYMENTS ON EARLY TERMINATION. For the purpose of Section 6(e), the
     Second Method and Market Quotation will apply. For such purpose, for so
     long as the Certificates are rated by Moody's, if BNY is the Affected Party
     in respect of an Additional Termination Event or a Tax Event Upon Merger or
     the Defaulting Party in respect of any Event of Default (but not, in any
     case, in respect of a Termination Event arising from an Illegality or Tax
     Event), the following provisions shall apply:

          (i) The definitions of "Market Quotation" and "Settlement Amount" are
          amended in their entirety to read as follows:

                                     Q-2-4

<PAGE>

               "MARKET QUOTATION" means, with respect to one or more Terminated
               Transactions, an offer capable when made of becoming legally
               binding upon acceptance made by a Qualified Transferee for an
               amount that would be paid to the Counterparty (expressed as a
               negative number) or by the Counterparty (expressed as a positive
               number) in consideration of an agreement between the Counterparty
               and such Qualified Transferee to enter into a transaction with
               commercial terms substantially the same as those of this
               Agreement (save for the exclusion of provisions relating to
               Transactions that are not Terminated Transactions) (which shall
               be determined by the Counterparty, acting in a commercially
               reasonable manner), that would have the effect of preserving the
               economic equivalent for the Counterparty of any payment or
               delivery (whether the underlying obligation was absolute or
               contingent and assuming the satisfaction of each applicable
               condition precedent) by the parties under Section 2(a)(i) in
               respect of such Terminated Transactions or group of Terminated
               Transactions that would, but for the occurrence of the relevant
               Early Termination Date, have been required after that date (such
               transaction, a "REPLACEMENT TRANSACTION"). For this purpose,
               Unpaid Amounts in respect of the Terminated Transaction or group
               of Transactions are to be excluded but, without limitation, any
               payment or delivery that would, but for the relevant Early
               Termination Date, have been required (assuming satisfaction of
               each applicable condition precedent) after that Early Termination
               Date is to be included.

               "SETTLEMENT AMOUNT" means, with respect to any Early Termination
               Date, an amount (as determined by the Counterparty) equal to the
               Termination Currency Equivalent of the amount (whether positive
               or negative) of any Market Quotation for the relevant Terminated
               Transaction or group of Terminated Transactions that is accepted
               by the Counterparty so as to become legally binding, Provided
               that:

               (1) If, on the day falling ten Local Business Days after the day
               on which the Early Termination Date is designated or such later
               day as the Counterparty may specify in writing to BNY (but in
               either case no later than the Early Termination Date) (such day
               the "LATEST SETTLEMENT AMOUNT DETERMINATION DAY"), no Market
               Quotation for the relevant Terminated Transaction or group of
               Terminated Transactions has been accepted by the Counterparty so
               as to become legally binding and one or more Market Quotations
               have been made and remain capable of becoming legally binding
               upon acceptance, the Settlement Amount shall equal the
               Termination Currency Equivalent of the amount (whether positive
               or negative) of the lowest of such Market Quotations; and

               (2) If, on the Latest Settlement Amount Determination Day, no
               Market Quotation for the relevant Terminated Transaction or group
               of Terminated Transactions is accepted by the Counterparty so as
               to become legally binding and no Market Quotations have been made
               and remain capable of becoming legally binding upon acceptance,
               the Settlement Amount shall equal the Counterparty's Loss
               (whether positive or negative and without reference to any
               Un-paid amounts) for the relevant Terminated Transaction or group
               of Terminated Transactions.

          (ii) At any time on or before the Latest Settlement Amount
          Determination Day at which two or more Market Quotations remain
          capable of becoming legally binding upon acceptance, the Counterparty
          shall be entitled to accept only the lowest of such Market Quotations.

          (iii) if the Counterparty requests BNY in writing to obtain Market
          Quotations, BNY shall use its reasonable efforts to do so before the
          Latest Settlement Amount Determination Day.

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

               "SECOND METHOD AND MARKET QUOTATION. If Second Method and Market
               Quotation apply, (1) the Counterparty shall pay to BNY an amount
               equal to the absolute

                                     Q-2-5

<PAGE>

               value of the Settlement Amount in respect of the Terminated
               Transactions, (2) the Counterparty shall pay to BNY the
               Termination Currency Equivalent of the Unpaid Amounts owing to
               BNY and (3) BNY shall pay to the Counterparty the Termination
               Currency Equivalent of the Unpaid Amounts owing to the
               Counterparty, Provided that, (i) the amounts payable under (2)
               and (3) shall be subject to netting in accordance with Section
               2(c) of this Agreement and (ii) notwithstanding any other
               provision of this Agreement, any amount payable by BNY under (3)
               shall not be netted-off against any amount payable by the
               Counterparty under (1)."

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

     (g) "ADDITIONAL TERMINATION EVENT" will apply. The following shall
     constitute Additional Termination Events, and the party specified shall be
     the Affected Party with respect thereto:--

          (i) TERMINATION OF TRUST FUND. The Trust, Supplemental Interest Trust
          or Trust Fund shall be terminated pursuant to any provision of the
          Pooling and Servicing Agreement (including, without limitation, by
          completion of a successful auction termination or by exercise of the
          option to purchase and giving of notice under Sections 10.01 of the
          Pooling and Servicing Agreement). The Early Termination Date with
          respect to such Additional Termination Event shall be the Distribution
          Date upon which the Trust and the Supplemental Interest Trust or Trust
          Fund is terminated and final payment is made in respect of the
          Certificates. Each of BNY and the Counterparty may designate an Early
          Termination Date in respect of this Additional Termination Event. The
          Counterparty shall be the sole Affected Party.

          (ii) AMENDMENT OF POOLING AND SERVICING AGREEMENT. The amendment of
          the Pooling and Servicing Agreement in a manner which could have a
          material adverse affect on BNY without first obtaining the prior
          written consent of BNY (such consent not to be unreasonably withheld),
          where such consent is required under the Pooling and Servicing
          Agreement. The Counterparty shall be the sole Affected Party.

          (iii) COLLATERALIZATION OR RATINGS EVENT. A Collateralization Event or
          Ratings Event has occurred and is continuing with respect to BNY (and
          the guarantor under each Qualified Guaranty (if any)) and BNY fails to
          comply with the provisions of Paragraph 4(8)(ii) within the time
          periods set out therein; provided that an Additional Termination Event
          shall not be deemed to occur by virtue of a breach of Paragraph
          4(8)(ii)(B) with respect to a Moody's Ratings Event unless and until
          such Moody's Ratings Event has continued for 30 or more Business Days
          and at least one Qualified Transferee has made an offer which remains
          capable of becoming legally binding upon acceptance to enter into a
          Permitted Transfer or other Replacement Transaction. BNY shall be the
          sole Affected Party. In the event that BNY has elected or is required
          to post collateral following the occurrence of a Ratings Event with
          respect to BNY (and the guarantor under each Qualified Guaranty (if
          any)), then, after the period of time provided in Paragraph
          4(8)(ii)(B), a failure to post collateral in accordance with the
          provisions of the Credit Support Annex shall be subject to the
          provisions of Section 5(a)(iii) and shall not be treated as an
          Additional Termination Event. Any breach of Paragraph 4(8)(ii)(A), (B)
          or (C) which is treated as an Additional Termination Event under this
          Paragraph 4(g)(iii) shall not constitute an Event of Default.

          (iv) REGULATION AB. BNY shall fail to comply with the provisions of
          Paragraph 4(9) within the time provided for therein. BNY shall be the
          sole Affected Party.

     3) TAX REPRESENTATIONS AND OTHER TAX RELATED PROVISIONS.

     (a) PAYER REPRESENTATIONS. For the purpose of Section 3(e), BNY and the
     Counterparty make the following representations:

          It is not required by any applicable law, as modified by the practice
          of any relevant governmental revenue authority, of any Relevant
          Jurisdiction to make any deduction or withholding for or on account of
          any Tax from any payment (other than

                                     Q-2-6

<PAGE>

          interest under Section 2(e), 6(d)(ii) or 6(e)) to be made by it to the
          other party under this Agreement. In making this representation, it
          may rely on:

          (i) the accuracy of any representations made by the other party
          pursuant to Section 3(f);

          (ii) the satisfaction of the agreement contained in Section 4 (a)(i)
          or 4(a)(iii) and the accuracy and effectiveness of any document
          provided by the other party pursuant to Section 4 (a)(i) or 4(a)(iii);
          and

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

     (b) PAYEE REPRESENTATIONS. For the purpose of Section 3(f), BNY and the
     Counterparty make the following representations.

          (i) The following representation will apply to BNY:

               (x) It is a "U.S. person" (as that term is used in section
               1.1441-4(a)(3)(ii) of the United States Treasury Regulations) for
               United States federal income tax purposes, (y) it is a trust
               company duly organized and existing under the laws of the State
               of New York, and (y) its U.S. taxpayer identification number is
               135160382.

          (ii) The following representation will apply to the Counterparty:

               None.

     (c) GROSS UP. Section 2(d)(i)(4) shall not apply to Counterparty as X, and
     Section 2(d)(ii) shall not apply to Counterparty as Y, such that
     Counterparty shall not be required to pay any additional amounts referred
     to therein.

     (d) INDEMNIFIABLE TAX. The definition of "Indemnifiable Tax" in Section 14
     is amended in its entirety to read as follows:

          "INDEMNIFIABLE TAX" means in relation to payments by BNY any Tax and
          in relation to payments by the Counterparty no Tax.

     4) DOCUMENTS TO BE DELIVERED. FOR THE PURPOSE OF SECTION 4(A):

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

<TABLE>
<CAPTION>
PARTY REQUIRED TO                                                                                  COVERED BY SECTION
DELIVER DOCUMENT              FORM/DOCUMENT/ CERTIFICATE          DATE BY WHICH TO BE DELIVERED   3(D) REPRESENTATION
-----------------      ----------------------------------------   -----------------------------   -------------------
<S>                    <C>                                        <C>                             <C>
BNY and Counterparty   Any document required or reasonably        Promptly after the earlier of   Yes
                       requested to allow the other party to      (i) reasonable demand by
                       make payments under this Agreement         either party or (ii) learning
                       without any deduction or withholding for   that such form or document is
                       or on the account of any tax.              required
</TABLE>

     (b) Other documents to be delivered are:

<TABLE>
<CAPTION>
PARTY REQUIRED TO                                                                                  COVERED BY SECTION
DELIVER DOCUMENT              FORM/DOCUMENT/ CERTIFICATE          DATE BY WHICH TO BE DELIVERED   3(D) REPRESENTATION
-----------------      ----------------------------------------   -----------------------------   -------------------
<S>                    <C>                                        <C>                             <C>
BNY                    A certificate of an authorized officer     Upon the execution and          Yes
                       of the party, as to the incumbency and     delivery of this Agreement
                       authority of the respective
</TABLE>

                                      Q-2-7

<PAGE>

<TABLE>
<CAPTION>
PARTY REQUIRED TO                                                                                  COVERED BY SECTION
DELIVER DOCUMENT              FORM/DOCUMENT/ CERTIFICATE          DATE BY WHICH TO BE DELIVERED   3(D) REPRESENTATION
-----------------      ----------------------------------------   -----------------------------   -------------------
<S>                    <C>                                        <C>                             <C>
                       officers of the party signing this
                       Agreement, any relevant Credit Support
                       Document, or any Confirmation, as the
                       case may be.

Counterparty           (i) a copy of the executed Pooling and     Upon the later of, receipt by   Yes
                       Servicing Agreement, and (ii) an           such party, or within 30 days
                       incumbency certificate verifying the       after the date of this
                       true signatures and authority of the       Agreement
                       person or persons signing this letter
                       agreement on behalf of the Counterparty.

BNY                    Legal Opinion as to enforceability of      Upon the execution and          Yes
                       this Agreement.                            delivery of this Agreement.

Counterparty           Certified copy of the Board of Directors   Upon the execution and          Yes
                       resolution (or equivalent authorizing      delivery of this Agreement.
                       documentation) which sets forth the
                       authority of each signatory to the
                       Confirmation signing on its behalf and
                       the authority of such party to enter
                       into Transactions contemplated and
                       performance of its obligations
                       hereunder.
</TABLE>

     5) MISCELLANEOUS.

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

          ADDRESS FOR NOTICES OR COMMUNICATIONS TO BNY:

               The Bank of New York
               Swaps and Derivative Products Group
               Global Market Division
               32 Old Slip 15th Floor
               New York, New York 10286
               Attention: Steve Lawler

          with a copy to:

               The Bank of New York
               Swaps and Derivative Products Group
               32 Old Slip 16th Floor
               New York, New York 10286
               Attention: Andrew Schwartz
               Tele: 212-804-5103
               Fax: 212-804-5818/5837

               (For all purposes)

                                             Q-2-8

<PAGE>

          A copy of any notice or other communication with respect to Sections 5
          or 6 should also be sent to the addresses set out below:

               The Bank of New York
               Legal Department
               One Wall Street - 10th Floor
               New York, New York 10286
               Attention: General Counsel

          ADDRESS FOR NOTICES OR COMMUNICATIONS TO THE COUNTERPARTY:

               LaSalle Bank National Association, not in its individual
               capacity, but solely as Supplemental Interest Trust Trustee for
               First Franklin Mortgage Loan Trust, Series 2007-FF1
               Global Securities and Trust Services
               135 S. LaSalle Street, Ste 1511
               Chicago, Illinois 60603
               Attention: Carol A. Corradino-Tilton
               Telephone: 312-992-2745
               Facsimile: 312-904-1368

               With a copy to:

               Merrill Lynch Mortgage Lending, Inc.
               4 World Financial Center
               250 Vesey Street
               NY, NY 10080
               Attention: Alan Chan
               Phone: 212.449.1441
               Facsimile: 212.738-1110

     (b) PROCESS AGENT. For the purpose of Section 13(c):

          BNY appoints as its Process Agent: Not Applicable

          The Counterparty appoints as its Process Agent: Not Applicable

     (c) OFFICES. The provisions of Section 10(a) will not apply to this
     Agreement; neither BNY nor the Counterparty have any Offices other than as
     set forth in the Notices Section and BNY agrees that, for purposes of
     Section 6(b), it shall not in future have any Office other than one in the
     United States.

     (d) MULTIBRANCH PARTY. For the purpose of Section 10(c):

          BNY is a Multibranch Party and will enter into each Transaction only
          through the following Office:-- New York (for all Transactions).

          The Counterparty is not a Multibranch Party.

     (e) CALCULATION AGENT. The Calculation Agent is BNY.

     (f) "CREDIT SUPPORT DOCUMENT" means in relation to:--

          BNY: the Credit Support Annex attached as Exhibit A hereto and any
          Qualified Guaranty.

          The Counterparty: Not applicable.

     (g) "CREDIT SUPPORT PROVIDER" means in relation to:--

          BNY: The guarantor under any Qualified Guaranty.

          Counterparty: Not Applicable

     (h) GOVERNING LAW. The parties to this Agreement hereby agree that the law
     of the State of New York shall govern their rights and duties in whole,
     without regard to conflict of law provisions thereof other than New York
     General Obligations Law Sections 5-1401 and 5-1402.

                                     Q-2-9

<PAGE>

     (i) SEVERABILITY. If any term, provision, covenant, or condition of this
     Agreement, or the application thereof to any party or circumstance, shall
     be held to be invalid or unenforceable (in whole or in part) for any
     reason, the remaining terms, provisions, covenants, and conditions hereof
     shall continue in full force and effect as if this Agreement had been
     executed with the invalid or unenforceable portion eliminated, so long as
     this Agreement as so modified continues to express, without material
     change, the original intentions of the parties as to the subject matter of
     this Agreement and the deletion of such portion of this Agreement will not
     substantially impair the respective benefits or expectations of the
     parties. The parties shall endeavor to engage in good faith negotiations to
     replace any invalid or unenforceable term, provision, covenant or condition
     with a valid or enforceable term, provision, covenant or condition, the
     economic effect of which comes as close as possible to that of the invalid
     or unenforceable term, provision, covenant or condition.

     (j) RECORDING OF CONVERSATIONS. Each party (i) consents to the recording of
     telephone conversations between the trading, marketing and other relevant
     personnel of the parties in connection with this Agreement or any potential
     Transaction, (ii) agrees to obtain any necessary consent of, and give any
     necessary notice of such recording to, its relevant personnel and (iii)
     agrees, to the extent permitted by applicable law, that recordings may be
     submitted in evidence in any Proceedings.

     (k) WAIVER OF JURY TRIAL. Each party waives any right it may have to a
     trial by jury in respect of any Proceedings relating to this Agreement or
     any Credit Support Document.

     (l) NON-RECOURSE. Notwithstanding any provision herein or in the Master
     Agreement to the contrary, the obligations of the Counterparty hereunder
     are limited recourse obligations of the Counterparty, payable solely from
     amounts on deposit in the Swap Account created by the Supplemental Interest
     Trust Trustee and the proceeds thereof to satisfy the Counterparty's
     obligations hereunder. In the event that the Swap Account and proceeds
     thereof should be insufficient to satisfy all claims outstanding and
     following the realization of the Swap Account and the distribution of the
     proceeds thereof in accordance with the Pooling and Servicing Agreement,
     any claims against or obligations of the Counterparty under the Master
     Agreement or any other confirmation thereunder, still outstanding shall be
     extinguished and thereafter not revive. This provision shall survive the
     expiration of this Agreement.

     (m) LIMITATION ON INSTITUTION OF BANKRUPTCY PROCEEDINGS. BNY shall not
     institute against or cause any other person to institute against, or join
     any other person in instituting against the Counterparty, the Trust or the
     trust created pursuant to the Pooling and Servicing Agreement any
     bankruptcy, reorganization, arrangement, insolvency or liquidation
     proceedings, under any federal or state bankruptcy or similar law or
     bankruptcy or similar laws of any other jurisdiction, for a period of one
     year and one day (or, if longer, the applicable preference period)
     following indefeasible payment in full of the Certificates. This provision
     shall survive the expiration of this Agreement.

     (n) REMEDY OF FAILURE TO PAY OR DELIVER. The ISDA Form Master Agreement is
     hereby amended by replacing the word "third" in the third line of Section
     5(a)(i) by the word "first".

     (o) "AFFILIATE" will have the meaning specified in Section 14 of the ISDA
     Form Master Agreement, provided that the Counterparty shall be deemed not
     to have any Affiliates for purposes of this Agreement, including for
     purposes of Section 6(b)(ii).

     (p) TRUSTEE'S CAPACITY. It is expressly understood and agreed by the
     parties hereto that insofar as this Confirmation is executed by the Trustee
     (i) this Confirmation is executed and delivered by LaSalle Bank National
     Association, not in its individual capacity but solely as Supplemental
     Interest Trust Trustee pursuant to the Pooling and Servicing Agreement in
     the exercise of the powers and authority conferred and vested in it
     thereunder and pursuant to instruction set forth therein, (ii) each of the
     representations, undertakings and agreements herein made on behalf of the
     trust is made and intended not as a personal representation, undertaking or
     agreement of the Supplemental Interest Trust Trustee but is made and
     intended for the purpose of binding only the Counterparty, (iii) nothing
     contained herein shall be construed as creating any liability of LaSalle
     Bank National Association, individually or personally, to perform any
     covenants either express or implied contained herein, all such liability,
     if any, being expressly waived by the parties hereto and by any person
     claiming by, through or under the parties hereto and (iv) under no

                                     Q-2-10

<PAGE>

     circumstances will LaSalle Bank National Association, in its individual
     capacity be personally liable for the payment of any indebtedness or
     expenses or be personally liable for the breach or failure of any
     obligation, representation, warranty or covenant made or undertaken under
     this Confirmation. Nothing herein contained shall be construed as creating
     any liability on LaSalle Bank National Association, individually or
     personally, to perform any covenant either expressed or implied contained
     herein, all such liability, if any, being expressly waived by the parties
     who are signatories to this letter agreement and by any person claiming by,
     through or under such parties.

     (q) TRUSTEE'S REPRESENTATION. LaSalle Bank National Association, as
     Supplemental Interest Trust Trustee, represents and warrants that:

          It has been directed under the Pooling and Servicing Agreement to
          enter into this letter agreement as Supplemental Interest Trust
          Trustee on behalf of the Counterparty.

     6) ADDITIONAL REPRESENTATIONS. Section 3 is hereby amended by adding, at
the end thereof, the following Sections 3(g), 3(h) and 3(i):

     "(g) RELATIONSHIP BETWEEN PARTIES.

          (1) NONRELIANCE. It is not relying on any statement or representation
          of the other party regarding the Transaction (whether written or
          oral), other than the representations expressly made in this Agreement
          or the Confirmation in respect of that Transaction.

          (2) EVALUATION AND UNDERSTANDING.

               (i) Each Party acknowledges that LaSalle Bank National
               Association, has been directed under the Pooling and Servicing
               Agreement to enter into this Transaction as Supplemental Interest
               Trust Trustee on behalf of the Counterparty.

               (ii) It is acting for its own account and has the capacity to
               evaluate (internally or through independent professional advice)
               the Transaction and has made its own decision to enter into the
               Transaction; it is not relying on any communication (written or
               oral) of the other party as investment advice or as a
               recommendation to enter into such transaction; it being
               understood that information and explanations related to the terms
               and conditions of such transaction shall not be considered
               investment advice or a recommendation to enter into such
               transaction. No communication (written or oral) received from the
               other party shall be deemed to be an assurance or guarantee as to
               the expected results of the transaction; and

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

          (3) NOT FIDUCIARY OR ADVISOR. The other party is not acting as a
          fiduciary or an advisor for it in respect of this Transaction.

     (h) EXCLUSION FROM COMMODITY EXCHANGE ACT. (A) It is an "eligible contract
     participant" within the meaning of Section 1a(12) of the Commodity Exchange
     Act, as amended; (B) this Agreement and each Transaction is subject to
     individual negotiation by such party; and (C) neither this Agreement nor
     any Transaction will be executed or traded on a "trading facility" within
     the meaning of Section 1a(33) of the Commodity Exchange Act, as amended.

     (i) SWAP AGREEMENT. Each Transaction is a "swap agreement" as defined in 12
     U.S.C. Section 1821(e)(8)(D)(vi) and a "covered swap agreement" as defined
     in the Commodity Exchange Act (7 U.S.C. Section 27(d)(1))."

     7) SET-OFF. Notwithstanding any provision of this Agreement or any other
existing or future agreement (but without limiting the provisions of Section
2(c) and Section 6, except as provided in the next sentence), each party
irrevocably waives any and all rights it may have to set off, net, recoup or
otherwise withhold or suspend or condition payment or performance of any
obligation between it and the other party hereunder against any obligation
between it and the other party under any other agreements. The last sentence of
the first paragraph of Section 6(e) shall not apply for purposes of this
Transaction.

                                     Q-2-11

<PAGE>

     8) RATINGS DOWNGRADE.

          (i) DEFINITIONS. For purposes of each Transaction: (A) "RATING AGENCY
          CONDITION" means, with respect to any action taken or to be taken
          hereunder, a condition that is satisfied when each of Moody's and S&P
          (each a "RATING AGENCY", and the rating condition with respect to it,
          the "MOODY'S RATING CONDITION" and "S&P RATING CONDITION",
          respectively) has confirmed in writing to the Supplemental Interest
          Trust Trustee that such action will not result in withdrawal,
          reduction or other adverse action with respect to any then-current
          rating by such Rating Agency of the Certificates; (B) "QUALIFYING
          RATINGS" means, with respect to the debt of any entity, (1) (x) a
          short-term unsecured and unsubordinated debt rating of at least "P-1",
          and a long-term unsecured and unsubordinated debt of at least "A2"
          (or, if it has no short-term unsecured and unsubordinated debt rating,
          a long term rating of at least "A1") by Moody's ("MOODY'S FIRST LEVEL
          QUALIFYING RATINGS"), and (y) a short-term unsecured and
          unsubordinated debt rating of at least "P-2", and a long-term
          unsecured and unsubordinated debt of at least "A3" (or, if it has no
          short-term unsecured and unsubordinated debt rating, a long term
          rating of at least "A3") by Moody's ("MOODY'S SECOND LEVEL QUALIFYING
          RATINGS"), and (2) a short-term unsecured and unsubordinated debt
          rating of at least "A-1", or if it does not have a short-term rating,
          a long-term unsecured and unsubordinated debt rating of at least "A+"
          by S&P ("S&P QUALIFYING RATINGS"), and (3) a short-term unsecured and
          unsubordinated debt rating of at least "F1" by Fitch and a long-term
          unsecured and unsubordinated debt rating of at least "A" by Fitch
          ("FITCH QUALIFYING RATINGS"); (C) a "COLLATERALIZATION EVENT" shall
          occur with respect to an entity) if: (1) its short-term unsecured and
          unsubordinated debt rating is reduced to "P-2" or below, or its
          long-term unsecured and unsubordinated debt is reduced to "A3" or
          below (or, if it has no short-term unsecured and unsubordinated debt
          rating, its long term rating is reduced to "A2" or below) by Moody's
          (a "MOODY'S COLLATERALIZATION EVENT"), or (2) its short-term unsecured
          and unsubordinated debt rating is reduced to "A-2" or below, or, if it
          does not have a short-term rating, its long-term unsecured and
          unsubordinated debt rating is reduced to "A" or below by S&P (an "S&P
          COLLATERALIZATION EVENT"); (D) a "RATINGS EVENT" shall occur with
          respect to an entity if: (1) its short-term unsecured and
          unsubordinated debt rating is withdrawn or reduced to "P-3" or below
          or its long-term unsecured and unsubordinated debt is reduced to
          "Baa1" (or, if it has no short-term unsecured and unsubordinated debt
          rating, its long term rating is withdrawn or reduced to "Baa1" or
          below) by Moody's (a "MOODY'S RATINGS EVENT"), or (2) its short-term
          unsecured and unsubordinated debt rating is withdrawn or reduced to
          "A-3" or its long-term unsecured and unsubordinated debt rating is
          withdrawn or reduced to "BB+" or below (or, if it has no short-term
          unsecured and unsubordinated debt rating, its long term rating is
          withdrawn or reduced to "BB+" or below) by S&P (an "S&P RATINGS
          EVENT"); (E) "QUALIFIED TRANSFEREE" means a transferee of a novation
          or assignment or a party (other than the Counterparty) that enters
          into another form of Replacement Transaction that is a Reference
          Market-maker ("dealer" in the definition thereof meaning a "dealer in
          notional principal contracts" as defined in Treas. Reg. Section
          1.1001-4) (1) that has Moody's Second Level Qualifying Ratings and S&P
          Qualifying Ratings or (2) whose present and future obligations owing
          to the Counterparty are guaranteed pursuant to a Qualified Guaranty;
          and (F) "QUALIFIED GUARANTY" means an unconditional and irrevocable
          guaranty of payment (and not of collection) and the performance of the
          other obligations of BNY (or a Qualified Transferee, as applicable)
          hereunder by a third party having Moody's Second Level Qualifying
          Ratings and S&P Qualifying Ratings and with respect to which the S&P
          Rating Condition is satisfied ("QUALIFIED GUARANTOR") providing, inter
          alia, that payment thereunder shall be made as provided and on the
          conditions set forth in Section 2(d) as modified hereunder
          (substituting references to BNY as "X" with the guarantor as "X" and
          "this Agreement" with such guaranty, respectively) (or, in lieu of
          such provisions relating to tax, a law firm has given a legal opinion
          confirming that none of the guarantor's payments to the Counterparty
          under such guaranty will be subject to withholding for Tax).

          (ii) ACTIONS TO BE TAKEN. (A) if a Collateralization Event occurs with
          respect to BNY (and the guarantor under each Qualified Guaranty (if
          any)), then BNY shall, at its own expense, no later than thirty (30)
          Business Days after a Moody's Collateralization Event with respect to
          BNY (and the guarantor under each Qualified Guaranty (if any)) or (if

                                     Q-2-12

<PAGE>
 sooner) thirty (30) calendar days after an S&P Collateralization Ratings Event:
          (1) post collateral (commencing within the time frame set forth
          herein) in accordance with the Credit Support Annex for so long as the
          Collateralization Event continues with respect to BNY (and the
          guarantor under each Qualified Guaranty (if any)); or (2) on terms
          substantially similar to this Agreement (to be determined by the
          Counterparty acting in a commercially reasonable manner), and subject
          to the S&P Rating Condition, novate or assign or transfer the
          Transactions to or replace the Transactions with Replacement
          Transactions with a Qualified Transferee (having the Moody's First
          Level Qualifying Ratings and the S&P Qualifying Ratings); or (3)
          obtain a Qualified Guaranty (provided by a guarantor having the
          Moody's First Level Qualifying Ratings and the S&P Qualifying Ratings
          and with respect to which the S&P Rating Condition is satisfied); and
          (B) if a Ratings Event occurs with respect to BNY (and the guarantor
          under each Qualified Guaranty (if any)), then BNY shall at its own
          expense, no later than thirty (30) Business Days after a Moody's
          Ratings Event with respect to BNY (and the guarantor under each
          Qualified Guaranty (if any)) or (if sooner) ten (10) business days
          after an S&P Ratings Event: (1) on terms substantially similar to this
          Agreement (to be determined by the Counterparty acting in a
          commercially reasonable manner), and subject to the S&P Rating
          Condition, novate or assign or transfer the Transactions to or replace
          the Transactions with Replacement Transactions with a Qualified
          Transferee, or (2) obtain a Qualified Guaranty. (C) BNY shall post
          collateral in accordance with the Credit Support Annex and the time
          frames set forth herein for so long as a Collateralization Event or
          Ratings Event (in each case, with respect to BNY and the guarantor
          under each Qualified Guaranty (if any)) continues, commencing at the
          time specified for taking action under (A) or (B) above respectively,
          provided that there shall be no grace period for posting collateral in
          the event that a Collateralization Event or Ratings Event (in each
          case, with respect to BNY and the guarantor under each Qualified
          Guaranty (if any)) has been continuing from the time BNY has become a
          party hereto. (D) if a Ratings Event occurs with respect to BNY (and
          the guarantor under each Qualified Guaranty (if any)), then BNY shall
          at its own expense, use commercially reasonable efforts to, as soon as
          reasonably practicable, take one of the actions referred to in (B)
          above.

     9) COMPLIANCE WITH REGULATION AB.

     (a) If the Depositor under the Pooling and Servicing Agreement still has a
     reporting obligation with respect to this Transaction pursuant to
     Regulation AB under the Securities Act of 1933, as amended, and the
     Securities Exchange Act of 1934, as amended ("REGULATION AB") and BNY has
     not, within 30 days after receipt of a Swap Disclosure Request complied
     with the provisions set forth below in this Paragraph 4(9) (provided that
     if the significance percentage reaches 10% after a Swap Disclosure Request
     has been made to BNY, BNY must comply with the provisions set forth below
     in this Section 4(9) within 10 calendar days of BNY being informed of the
     significance percentage reaching 10%), then an Additional Termination Event
     shall have occurred with respect to BNY and BNY shall be the sole Affected
     Party with respect to such Additional Termination Event.

     (b) BNY acknowledges that for so long as there are reporting obligations
     with respect to this Transaction under Regulation AB, the Depositor is
     required under Regulation AB to disclose certain information set forth in
     Regulation AB regarding BNY or its group of affiliated entities, if
     applicable, depending on the aggregate "significance percentage" of this
     Agreement and any other derivative contracts between BNY or its group of
     affiliated entities, if applicable, and the Counterparty, as calculated
     from time to time in accordance with Item 1115 of Regulation AB.

     (c) If the Depositor determines, reasonably and in good faith, that the
     significance percentage of this Agreement has increased to eight (8)
     percent, then the Depositor may request on a Business Day after the date of
     such determination from BNY the same information set forth in Item 1115(b)
     of Regulation AB that would have been required if the significance
     percentage had in fact increased to ten (10) percent (such request, a "SWAP
     DISCLOSURE REQUEST" and such requested information, subject to the last
     sentence of this paragraph, is the "SWAP FINANCIAL DISCLOSURE"). The
     Counterparty or the Depositor shall provide BNY with the calculations and
     any other information reasonably requested by BNY with respect to the
     Depositor's determination that led to the Swap Disclosure Request. The
     parties hereto further agree that the Swap Financial Disclosure provided to
     meet the Swap Disclosure Request may be, solely at BNY's option, either the
     information set forth in Item 1115(b)(1) or Item 1115(b)(2) of Regulation
     AB.

                                     Q-2-13

<PAGE>

     (d) Upon the occurrence of a Swap Disclosure Request, BNY, at its own
     expense, shall (x) provide the Depositor with the Swap Financial Disclosure
     in an Edgar-compatible format, or (y) subject to Rating Agency Condition,
     secure another entity to replace BNY as party to this Agreement on terms
     substantially similar to this Agreement which entity is able to provide the
     Swap Financial Disclosure. If permitted by Regulation AB, any required Swap
     Financial Disclosure may be provided by incorporation by reference from
     reports filed pursuant to the Securities Exchange Act.

     (e) BNY's obligation to comply with this Paragraph 4(9) shall be suspended
     as of January 1, 2008 unless, at any time, BNY receives notification from
     the Depositor or the Counterparty that the Trust Fund's obligation to file
     periodic reports under the Exchange Act shall continue; provided, however,
     that such obligations shall not be suspended in respect of any Exchange Act
     Report or amendment to an Exchange Act Report in such fiscal year which
     relates to any fiscal year in which the Trust Fund was subject to the
     reporting requirements of the Exchange Act. This obligation shall continue
     to be suspended unless the Depositor or the Counterparty notifies BNY that
     the Trust Fund's obligations to file reports under the Exchange Act has
     resumed.

     10) BNY PAYMENTS TO BE MADE TO SUPPLEMENTAL INTEREST TRUST TRUSTEE. BNY
will, unless otherwise directed by the Supplemental Interest Trust Trustee, make
all payments hereunder to the Supplemental Interest Trust Trustee. Payment made
to the Supplemental Interest Trust Trustee at the account specified herein or to
another account specified in writing by the Supplemental Interest Trust Trustee
shall satisfy the payment obligations of BNY hereunder to the extent of such
payment.

     11) RETURN OF AMOUNTS RECEIVED BY MLML OR ITS AFFILIATES. Merrill Lynch
Mortgage Lending, Inc. ("MLML") agrees and acknowledges that amounts paid
hereunder are not intended to benefit the holder of any class of Certificates
rated by any Rating Agency if such holder is MLML or any of its affiliates. If
MLML or any of its affiliates receives any such amounts, it will promptly remit
(or, if such amounts are received by an affiliate of MLML, MLML hereby agrees
that it will cause such affiliate to promptly remit) such amounts to the
Supplemental Interest Trust Trustee, whereupon such Supplemental Interest Trust
Trustee will promptly remit such amounts to BNY. MLML further agrees to provide
notice to BNY upon any remittance to the Supplemental Interest Trust Trustee.

5.   ACCOUNT DETAILS AND SETTLEMENT INFORMATION:

     PAYMENTS TO BNY:

          The Bank of New York
          Derivative Products Support Department
          32 Old Slip, 16th Floor
          New York, New York 10286
          Attention: Renee Etheart
          ABA #021000018
          Account #890-0068-175
          Reference: Interest Rate Swap

     PAYMENTS TO COUNTERPARTY:

          LaSalle Bank N.A.
          ABA 071000505
          LaSalle CHGO/CTR/BNF:/LASALLE TRUST
          Acct#: 724450.5

     6. COUNTERPARTS. This Agreement may be executed in several counterparts,
each of which shall be deemed an original but all of which together shall
constitute one and the same instrument.

     Please confirm that the foregoing correctly sets forth the terms of our
agreement by executing this agreement and returning it via facsimile to
Derivative Products Support Dept., Attn: Kenny Au-Yeung at 212-804-5818/5837.
Once we receive this we will send you two original confirmations for execution.

                                     Q-2-14

<PAGE>

     We are very pleased to have executed this Transaction with you and we look
forward to completing other transactions with you in the near future.

Very truly yours,

THE BANK OF NEW YORK

A. BY:
       ------------------------------
Name:
      -------------------------------
Title:
       ------------------------------

                                     Q-2-15

<PAGE>

     The Counterparty, acting through its duly authorized signatory, hereby
agrees to, accepts and confirms the terms of the foregoing as of the Trade Date.

LASALLE BANK NATIONAL ASSOCIATION, NOT IN ITS INDIVIDUAL CAPACITY, BUT SOLELY AS
SUPPLEMENTAL INTEREST TRUST TRUSTEE FOR THE SUPPLEMENTAL INTEREST TRUST RELATING
TO THE FIRST FRANKLIN MORTGAGE LOAN TRUST, SERIES 2007-FF1

B. BY:
       ------------------------------
Name:
      -------------------------------
Title:
       ------------------------------

Solely with respect to Paragraph
4(11)
VI. MERRILL LYNCH MORTGAGE LENDING,
INC.

By:
    ---------------------------------
Name:
      -------------------------------
Title:
       ------------------------------

                                     Q-2-16

<PAGE>

                                   SCHEDULE I

(With respect to each Fixed Rate Payer Period End Date, all such dates are with
No Adjustment, and with respect to each Floating Rate Payer Period End Date, all
such dates are subject to adjustment in accordance with the Following Business
Day Convention)

<TABLE>
<CAPTION>
Accrual Start Date   Accrual End Date   Notional Amount (in USD)
------------------   ----------------   ------------------------
<S>                  <C>                <C>
     7/25/2007           8/25/2007            1,816,866,256
     8/25/2007           9/25/2007            1,778,594,697
     9/25/2007          10/25/2007            1,738,458,720
    10/25/2007          11/25/2007            1,693,900,191
    11/25/2007          12/25/2007            1,638,863,453
    12/25/2007           1/25/2008            1,577,660,326
     1/25/2008           2/25/2008            1,515,523,651
     2/25/2008           3/25/2008            1,459,636,084
     3/25/2008           4/25/2008            1,408,297,955
     4/25/2008           5/25/2008            1,360,131,955
     5/25/2008           6/25/2008            1,315,218,919
     6/25/2008           7/25/2008            1,273,104,148
     7/25/2008           8/25/2008            1,233,213,388
     8/25/2008           9/25/2008            1,194,796,076
     9/25/2008          10/25/2008            1,149,193,692
    10/25/2008          11/25/2008            1,085,070,098
    11/25/2008          12/25/2008              964,512,229
    12/25/2008           1/25/2009              855,857,898
     1/25/2009           2/25/2009              768,520,077
     2/25/2009           3/25/2009              704,611,058
     3/25/2009           4/25/2009              662,883,150
     4/25/2009           5/25/2009              628,054,608
     5/25/2009           6/25/2009              598,258,730
     6/25/2009           7/25/2009              570,340,230
     7/25/2009           8/25/2009              544,282,223
     8/25/2009           9/25/2009              520,196,062
     9/25/2009          10/25/2009              497,709,915
    10/25/2009          11/25/2009              475,513,568
    11/25/2009          12/25/2009              444,130,001
    12/25/2009           1/25/2010              401,384,331
     1/25/2010           2/25/2010              365,863,395
</TABLE>

                                     Q-2-17

<PAGE>

<TABLE>
<S>                  <C>                <C>
     2/25/2010           3/25/2010              364,673,880
     3/25/2010           4/25/2010              342,049,789
     4/25/2010           5/25/2010              322,854,034
     5/25/2010           6/25/2010              305,255,543
     6/25/2010           7/25/2010              288,827,970
     7/25/2010           8/25/2010              274,106,963
     8/25/2010           9/25/2010              260,808,381
     9/25/2010          10/25/2010              248,503,848
    10/25/2010          11/25/2010              236,975,789
    11/25/2010          12/25/2010              225,791,111
    12/25/2010           1/25/2011              214,862,082
     1/25/2011           2/25/2011              204,445,446
     2/25/2011           3/25/2011              194,835,581
     3/25/2011           4/25/2011              186,125,046
     4/25/2011           5/25/2011              178,188,078
     5/25/2011           6/25/2011              170,770,800
     6/25/2011           7/25/2011              163,687,434
     7/25/2011           8/25/2011              157,217,032
     8/25/2011           9/25/2011              150,842,774
     9/25/2011          10/25/2011              144,855,224
    10/25/2011          11/25/2011              139,218,131
    11/25/2011          12/25/2011              133,881,349
    12/25/2011           1/25/2012              128,777,235
</TABLE>

                                     Q-2-18
<PAGE>

                                   EXHIBIT Q-3

                          FORM OF CREDIT SUPPORT ANNEX

                 RELATED TO THE CAP CONTRACT AND SWAP AGREEMENT

(BILATERAL FORM)                  (ISDA AGREEMENTS SUBJECT TO NEW YORK LAW ONLY)

                                     ISDA(R)
              International Swaps and Derivatives Association, Inc.

                              CREDIT SUPPORT ANNEX
                             to the Schedule to the

                              ISDA MASTER AGREEMENT

                          Dated as of January 26, 2007

                                     between

        THE BANK OF NEW YORK         and  LaSalle Bank National Association,
                                          not in its individual capacity, but
                                          solely as Trustee with respect to the
                                          First Franklin Mortgage Loan Trust,
                                          Series 2007-FF1

established as a banking                  The Trust is a common law trust
organization under the laws of the        established under the laws of the
State of New York                         State of New York.

            ("PARTY A")                                 ("PARTY B")

This Annex supplements, forms part of, and is subject to, the Master Agreement
specified in the Confirmation between Party A and Party B (BNY Ref. No. 38832,
38833 and 38834) (the "AGREEMENT"), dated even date herewith, is part of the
Schedule deemed incorporated therein and is a Credit Support Document under the
Master Agreement with respect to Party A.

Accordingly, the parties agree as follows:--

PARAGRAPHS 1 - 12. INCORPORATION. Paragraphs 1 through 12 inclusive of the ISDA
Credit Support Annex (Bilateral Form) (ISDA Agreements Subject to New York Law
Only) published in 1994 by the International Swaps and Derivatives Association,
Inc. are incorporated herein by reference and made a part hereof, except that
Paragraph 1(b) is hereby amended in its entirety to read as follows:

"(b) SECURED PARTY AND PLEDGOR. Notwithstanding anything contained in this Annex
to the contrary, (a) the term "Secured Party" as used in this Annex means only
Party B, (b) the term

                                      Q-3-1

<PAGE>

"Pledgor" as used in this Annex means only Party A, (c) only Party A makes the
pledge and grant in Paragraph 2, the acknowledgment in the final sentence of
Paragraph 8(a) and the representations in Paragraph 9, and (d) only Party A will
be required to make Transfers of Eligible Credit Support hereunder."

PARAGRAPH 13.

CERTAIN DEFINITIONS. As used herein, "MOODY'S", "S&P", "RATING AGENCY",
"COLLATERALIZATION EVENT", "MOODY'S COLLATERALIZATION EVENT", "S&P
COLLATERALIZATION EVENT"; "RATINGS EVENT", "MOODY'S RATINGS EVENT", and "S&P
RATINGS EVENT" have the meanings assigned in the Schedule.

(a) SECURITY INTEREST FOR "OBLIGATIONS." The term "OBLIGATIONS" as used in this
Annex includes the following additional obligations: Not applicable.

(b) CREDIT SUPPORT OBLIGATIONS.

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

          (A) "DELIVERY AMOUNT" has the meaning specified in Paragraph 3(a)
          except that the words "upon a demand made by the Secured Party on or
          promptly following a Valuation Date" shall be deleted and replaced by
          the words "on each Valuation Date on which the Threshold for Party A
          is Zero, commencing no later than the Valuation Date falling on or
          after the earliest of (i) in the case of a Moody's Collateralization
          Event or Moody's Ratings Event (in each case with respect to Party A
          and the guarantor under each Qualified Guaranty (if any)), on the 30th
          Local Business Day thereafter, (ii) in the case of an S&P
          Collateralization Event, the thirtieth (30th) calendar day thereafter
          or the preceding day that is a Local Business Day and (iii) in the
          case of an S&P Ratings Event, commencing promptly after publication by
          S&P of the applicable change in rating.(B) "RETURN AMOUNT" has the
          meaning specified in Paragraph 3(b).

          (C) "CREDIT SUPPORT AMOUNT" in Paragraph 3(b), shall be amended in its
          entirety to read as follows:

               "CREDIT SUPPORT AMOUNT' means, for any Valuation Date after and
               during the continuance of a Collateralization Event or Ratings
               Event (in each case with respect to Party A and the guarantor
               under each Qualified Guaranty (if any)), (i) the Secured Party's
               Exposure for that Valuation Date, plus (ii) the aggregate of all
               Independent Amounts applicable to the Pledgor (with respect to
               all Affected Transactions), if any, minus (iii) the Pledgor's
               Threshold; provided, however, that the Credit Support Amount will
               be deemed to be zero whenever the calculation of the Credit
               Support Amount yields a number less than zero; and, provided
               further, that, if a Moody's Rating Event with respect to Party A
               and the guarantor under each Qualified Guaranty (if any) has
               occurred and is continuing and at least thirty (30) Business Days
               have elapsed since the last time it was not the case that a
               Moody's Rating Event had occurred and was continuing with respect
               to Party A and the guarantor under each Qualified Guaranty (if
               any), the Credit Support Amount will not be less than the greater
               of zero and the aggregate amount of the net payments due from
               Pledgor in respect of all following scheduled Payments (each such
               net payment being the greater of zero and the amount of the
               payment due to be made by the Pledgor under Section 2(a) on a
               Payment date less the amount of any payment due to be made by the
               Secured Party under Section 2(a) on the same Payment Date after
               giving effect to any applicable netting under Section 2(c)) with
               respect to all Affected Transactions.

     (ii) ELIGIBLE COLLATERAL. The items set forth in Schedule 1A or Schedule
     1B, as applicable, will qualify as "ELIGIBLE COLLATERAL" for Party A.

     (iii) OTHER ELIGIBLE SUPPORT. The following items will qualify as "OTHER
     ELIGIBLE SUPPORT" for the party specified: Not Applicable.

                                      Q-3-2

<PAGE>

     (iv) THRESHOLDS.

          (A) "INDEPENDENT AMOUNT" means with respect to Party B: Zero; and,
          with respect to Party A: an amount, as of the date of determination,
          equal to the product of the aggregate Notional Amount outstanding at
          the beginning of the related Calculation Period under the applicable
          Affected Transactions, and the greater of:

               (1)  in respect of a Moody's Collateralization Event or a Moody's
                    Ratings Event (in each case, with respect to Party A and the
                    guarantor under each Qualified Guaranty (if any)), the
                    percentage set forth in Schedule 2A, Schedule 2B or Schedule
                    2C, as applicable ("MOODY'S INDEPENDENT AMOUNT"); and

               (2)  in respect of an S&P Collateralization Event or an S&P
                    Ratings Event, (x) with respect to basis risk swaps, the
                    product of the S&P Volatility Buffer and .10, and (y) with
                    respect to all other Transactions the S&P Volatility Buffer
                    determined using the table set forth in Schedule 3 ("S&P
                    INDEPENDENT AMOUNT").

          (B) "THRESHOLD" means for each party: an infinite number; provided,
          that the Threshold for Party A shall be zero, with respect to Party A,
          at any time that Party A elects or is required to post collateral
          pursuant to Part 4(8)(ii) of the Schedule.

          (C) "MINIMUM TRANSFER AMOUNT" means with respect to Party A and Party
          B: $100,000; provided, that the Minimum Transfer Amount for such party
          shall be $50,000 in respect of an S&P Collateralization Event or an
          S&P Rating Event if the aggregated principal balance of the rated
          Certificates is $50,000,000 or less on the applicable Valuation Date,
          and shall be zero upon the occurrence and during the continuance of an
          Event of Default, Termination Event, Additional Termination Event, or
          Specified Condition with respect to such party.

          (D) ROUNDING. The Delivery Amount will be rounded up to the nearest
          integral multiple of $1,000 and the Return Amount will be rounded down
          to the nearest integral multiple of $1,000.

     (v) CONFLICTING VALUATION PERCENTAGE. Notwithstanding the definition of
     "Valuation Percentage" in Paragraph 10, the Valuation Percentage for any
     item of Eligible Collateral shall be the lowest of the applicable
     percentages specified for such item by any Rating Agency then rating the
     Certificates.

(c) VALUATION AND TIMING.

     (i) "VALUATION AGENT" means, Party A, provided, that if any Event of
     Default with respect to Party A has occurred and is continuing, then any
     designated third party mutually agreed to by the parties shall be the
     Valuation Agent until such time as Party A is no longer a Defaulting Party.

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

     (iii) "VALUATION TIME" means:

          [ ]  the close of business in the city of the Valuation Agent on the
               Valuation Date or date of calculation, as applicable;

          [X]  the close of business on the Local Business Day before the
               Valuation Date or date of calculation, as applicable;

     provided, that the calculations of Value and Exposure will be made as of
     approximately the same time on the same date.

     (iv) "NOTIFICATION TIME" means 1:00 p.m., New York time, on a Local
     Business Day.

(d) CONDITIONS PRECEDENT AND SECURED PARTY'S RIGHTS AND REMEDIES. (i) Illegality
and (ii) Additional Termination Events will be a "SPECIFIED CONDITION" for Party
A (as the Affected

                                      Q-3-3

<PAGE>

Party) (but not for purposes of Paragraph 8(d)), and (iii)
Tax Event and (iv) Tax Event Upon Merger will not be a "SPECIFIED CONDITION for
Party A.

(e) SUBSTITUTION.

     (i) "SUBSTITUTION DATE" has the meaning specified in Paragraph 4(d)(ii).

     (ii) CONSENT. If specified here as applicable, then the Pledgor must obtain
     the Secured Party's consent for any substitution pursuant to Paragraph
     4(d): Applicable.

(f) DISPUTE RESOLUTION.

     (i) "RESOLUTION TIME" means 1:00 p.m., New York time, on the Local Business
     Day following the date on which the notice is given that gives rise to a
     dispute under Paragraph 5.

     (ii) VALUE. For the purpose of Paragraphs 5(i)(C) and 5(ii), the Value of
     Posted Credit Support will be calculated as follows: as set forth for other
     purposes in Paragraph 12.

     (iii) ALTERNATIVE. The provisions of Paragraph 5 will apply, except to the
     following extent: (A) pending the resolution of a dispute, Transfer of the
     undisputed Value of Eligible Credit Support or Posted Credit Support
     involved in the relevant demand will be due as provided in Paragraph 5 if
     the demand is given by the Notification Time, but will be due on the second
     Local Business Day after the demand if the demand is given after the
     Notification Time; and (B) the Disputing Party need not comply with the
     provisions of Paragraph 5(II)(2) if the amount to be Transferred does not
     exceed the Disputing Party's Minimum Transfer Amount.

(g) HOLDING AND USING POSTED COLLATERAL.

     (i) ELIGIBILITY TO HOLD POSTED COLLATERAL; CUSTODIANS. The Secured Party
     will not be entitled to hold Posted Collateral itself. The Secured Party
     will be hold Posted Collateral in an identifiable segregated account
     through a Custodian (which may be the Trustee and which shall at all times
     be a financial institution as specified under the Pooling and Servicing
     Agreement. If not so specified, the Custodian shall be a commercial bank or
     trust company which is unaffiliated with Party B organized under the laws
     of the United States or any state thereof, having assets of at least $10
     billion and a long term debt or a deposit rating of at least Baa2 from
     Moody's and BBB from S&P. For so long as the Certificates are rated by S&P,
     any Custodian other than the Trustee shall have a short-term debt or
     deposit rating of at least A-1+ from S&P (or A+ if no short-term rating)..

     Initially, the Custodian for Party B is: The Trustee under the Pooling and
     Servicing Agreement or any successor trustee thereto.

     (ii) USE OF POSTED COLLATERAL. The provisions of Paragraph 6(c) will apply
     to the Secured Party; therefore, Party B will not have any of the rights
     specified in Paragraph 6(c)(i) or 6 (c)(ii).

(h) DISTRIBUTIONS AND INTEREST AMOUNT.

     (i) INTEREST RATE. The "Interest Rate", will be the actual rate of interest
     earned by the Counterparty of the Custodian if the Cash is invested at the
     direction of BNY in accordance with Paragraph 13(1)(vi); otherwise the
     "Interest Rate" will be, for any day, the rate opposite the caption
     "Federal Funds (Effective)" for such day as published for such day in
     Federal Reserve Publication H.15(519) or any successor publication as
     published by the Board of Governors of the Federal Reserve System or such
     other rate as agreed by the parties.

     (ii) TRANSFER OF INTEREST AMOUNT. The transfer of the Interest Amount will
     be made on the first Local Business Day of each calendar month and on any
     Local Business Day that Posted Collateral in the form of Cash is
     Transferred to the Pledgor pursuant to Paragraph 3(b). Provided, however,
     that the obligation of Party B to Transfer any Interest Amount to Party A
     shall be limited to the extent that Party B has earned and received such
     funds and such funds are available to Party B.

                                      Q-3-4

<PAGE>

     (iii) ALTERNATIVE TO INTEREST AMOUNT. The provisions of Paragraph 6(d)(ii)
     will apply.

(i) OTHER ELIGIBLE SUPPORT AND OTHER POSTED SUPPORT.

     (i) "VALUE" with respect to Other Eligible Support and Other Posted Support
     means: Inapplicable.

     (ii) "TRANSFER" with respect to Other Eligible Support and Other Posted
     Support means: Inapplicable.

(j) DEMANDS AND NOTICES. All demands, specifications and notices under this
Annex will be made pursuant to the Notices Section of this Agreement, unless
otherwise specified here:

     (i)  Party A: to be specified in each notice.

     (ii) Party B: LaSalle Bank National Association, not in its individual
                   capacity, but solely as Trustee for First Franklin Mortgage
                   Loan Trust, Series 2007-FF1
                   Global Securities and Trust Services
                   135 S. LaSalle Street, Ste 1511
                   Chicago, Illinois 60603
                   Attention: Carol A. Corradino-Tilton
                   Telephone: 312-992-2745 Facsimile: 312-904-1368

(k) ADDRESSES FOR TRANSFERS.

     Party A: For Cash: To be provided

              For Eligible Collateral:  To be provided

     Party B: To be provided

(l) OTHER PROVISIONS.

     (i) ADDITIONAL DEFINITIONS. As used in this Annex:--

          "EQUIVALENT COLLATERAL" means, with respect to any security
          constituting Posted Collateral, a security of the same issuer and, as
          applicable, representing or having the same class, series, maturity,
          interest rate, principal amount or liquidation value and such other
          provisions as are necessary for that security and the security
          constituting Posted Collateral to be treated as equivalent in the
          market for such securities;

          "LOCAL BUSINESS DAY" means: (i) any day on which commercial banks are
          open for business (including dealings in foreign exchange and foreign
          currency deposits) in New York, and (ii) in relation to a Transfer of
          Eligible Collateral, a day on which the clearance system agreed
          between the parties for the delivery of Eligible Collateral is open
          for acceptance and execution of settlement instructions (or in the
          case of a Transfer of Cash or other Eligible Collateral for which
          delivery is contemplated by other means, a day on which commercial
          banks are open for business (including dealings for foreign exchange
          and foreign currency deposits) in New York and such other places as
          the parties shall agree);

     (ii) TRANSFER TIMING.

          (A) Paragraph 4(b) shall be deleted and replaced in its entirety by
          the following paragraph: "Subject to Paragraphs 4(a) and 5 and unless
          otherwise specified, if a demand for the Transfer of Eligible Credit
          Support or Posted Credit Support is made by the Notification Time,
          then the relevant Transfer will be made not later than the close of
          business on the second Local Business Day thereafter; if a demand is
          made after the Notification Time then the relevant Transfer will be
          made not later than the close of business on the third Local Business
          Day thereafter."

                                      Q-3-5

<PAGE>

          (B) Paragraph 6(d)(1) shall be amended so that the reference therein
          to "the following Local Business Day" shall be replaced by reference
          to "the second Local Business Day thereafter".

     (iii) EVENTS OF DEFAULT. Paragraph 7 shall be deleted and replaced in its
     entirety by the following paragraph:

          "For the purposes of Section 5(a)(iii) of this Agreement, an Event of
          Default will exist with respect to a party if that party fails (or
          fails to cause its Custodian) to make, when due, any Transfer of
          Eligible Credit Support, Posted Credit Support or the Interest Amount,
          as applicable, required to be made by it and that failure continues
          for two Local Business Day after the notice of that failure is given
          to that party; provided, that, with respect to a failure to Transfer
          Eligible Credit Support, at least (x) 30 Local Business Days have
          elapsed after a Ratings Event with respect to Party A and the
          guarantor under each Qualified Guaranty (if any) has occurred, or (y)
          10 Business Days have elapsed after an S&P Ratings Event, and such
          failure is not remedied on or before the third Local Business Day
          after notice of such failure is given to Party A".

     (iv) NO COUNTERCLAIM. A party's rights to demand and receive the Transfer
     of Eligible Collateral as provided hereunder and its rights as Secured
     Party against the Posted Collateral or otherwise shall be absolute and
     subject to no counterclaim, set-off, deduction or defense in favor of the
     Pledgor except as contemplated in Sections 2 and 6 of the Agreement and
     Paragraph 8 of this Annex.

     (v) HOLDING COLLATERAL. The Secured Party shall cause any Custodian
     appointed hereunder to open and maintain a segregated account and to hold,
     record and identify all the Posted Collateral therein and, subject to
     Paragraphs 6(c) and 8(a), such Posted Collateral shall at all times be and
     remain the property of the Pledgor and shall at no time constitute the
     property of, or be commingled with the property of, the Secured Party or
     the Custodian.

     (vi) INVESTMENT OF CASH POSTED COLLATERAL. Cash Posted Collateral shall be
     invested in Permitted Investments as directed by Party A, with gains and
     losses incurred in respect of such investments to be for the account of
     Party A, subject to the following parameters: the Cash Posted Collateral
     shall be invested in such overnight (or redeemable within two Local
     Business Days of demand) investments rated at least (x) AAAm or AAAmG by
     S&P and (y) Prime-1 or Aaa by Moody's as directed by Party A (provided,
     that such investment shall be held uninvested or invested at the direction
     of Party B if an Event of Default or an Additional Termination Event has
     occurred with respect to which Party A is the defaulting or sole Affected
     Party and Party B has designated an Early Termination Date with respect
     thereto). Such instructions may be delivered as standing instructions.

     (vii) RETURN OF POSTED COLLATERAL. At any time Party A is required to post
     collateral pursuant to Part 4(8)(ii)of the Schedule, Party A shall be
     obligated to transfer Eligible Collateral in accordance with the terms of
     this Annex. If Party A is so required to post collateral in relation to a
     Collateralization Event or a Ratings Event and thereafter ceases to be
     required to post collateral under Part 4(8)(ii)of the Schedule (and
     provided that no Event of Default exists with respect to Party A) or Party
     A has made a Permitted Transfer under this Agreement, then Party A's
     obligations to transfer Eligible Collateral under this Annex will
     immediately cease with respect to that Collateralization Event or Ratings
     Event, and Party B will, upon demand by Party A, return to Party A, or
     cause its Custodian to return, all Posted Collateral held under this Annex.
     The Secured Party is authorized to liquidate any Posted Collateral pursuant
     to written instructions from Party A.

     (viii) EXTERNAL VERIFICATION OF MARK-TO-MARKET VALUATIONS. If the long-term
     senior unsecured debt of Party A is rated BBB or below by S&P, once every
     month, Party A will at its own expense verify its determination of Exposure
     of the Transaction on the next Valuation Date by seeking quotations from
     two (2) Reference Market-makers

                                      Q-3-6

<PAGE>

     (provided, that a Reference Market-maker may not be used more than four
     times within each 12 month period) for their determination of Exposure of
     the Transaction on such Valuation Date and the Valuation Agent will use the
     greater of either (a) its own determination or (b) the high quotation for a
     Reference Market-maker, if applicable for the next Valuation Date. Party A
     shall provide the quotations of such Reference Market-makers to S&P.

     (ix) EXPENSES. Notwithstanding Paragraph 10, the Pledgor will be
     responsible for, and will reimburse the Secured Party for, all transfer and
     other taxes and other costs involved in the transfer of Eligible
     Collateral.

     (x) LIMIT ON SECURED PARTY'S LIABILITY. The Secured Party will not be
     liable for any losses or damages that the Pledgor may suffer as a result of
     any failure by the Secured Party to perform, or any delay by it in
     performing, any of its obligations under this Annex if the failure or delay
     results from circumstances beyond the reasonable control of the Secured
     Party or its Custodian, such as interruption or loss of computer or
     communication services, labor disturbance, natural disaster or local or
     national emergency.

                      [Signature page immediately follows]

                                      Q-3-7

<PAGE>

     IN WITNESS WHEREOF the parties have executed this Credit Support Annex on
the respective dates specified below with effect from the date on the first
page.

THE BANK OF NEW YORK                    LASALLE BANK NATIONAL ASSOCIATION,

                                        NOT IN ITS INDIVIDUAL CAPACITY, BUT
                                        SOLELY AS TRUSTEE WITH RESPECT TO THE
                                        FIRST FRANKLIN MORTGAGE LOAN TRUST,
                                        SERIES 2007-FF1

By:                                     By:
    ---------------------------------       ------------------------------------
Name:                                   Name:
      -------------------------------         ----------------------------------
Title:                                  Title:
       ------------------------------          ---------------------------------
Date:                                   Date:
      -------------------------------         ----------------------------------

                                      Q-3-8

<PAGE>

                                   SCHEDULE 1A
                               ELIGIBLE COLLATERAL
                                     MOODY'S

Certificates:  Class A, Class M and Class B Certificates

Highest Rating of Certificates: Class A rated "Aaa" by Moody's, and "AAA" by
S&P.

Scheduled Date Certificates will fall below $50,000,000:

Last Scheduled Payment Date of Transactions: No. 38832: July 25, 2007; No.
38833: July 25, 2007; No. 38834: July 25, 2007

Valuation Date (and Valuation Percentage column): Daily

Moody's Valuation Percentage columns:

     *    Column A sets out the percentage applicable when the percentage in
          Column B is not applicable.

     *    Column B sets out the percentage applicable when a Moody's Ratings
          Event with respect to Party A and the guarantor under each Qualified
          Guaranty (if any)such has occurred and is continuing and at least 30
          Local Business Days have elapsed since the last time it was not the
          case that a Moody's Ratings Event had occurred and was continuing with
          respect to Party A and the guarantor under each Qualified Guaranty (if
          any).

             ELIGIBLE COLLATERAL & VALUATION PERCENTAGES (MOODY'S)

<TABLE>
<CAPTION>
                                                                            VALUATION     VALUATION
                                                                            PERCENTAGE    PERCENTAGE
                                                                             MOODY'S       MOODY'S
                                                                             (DAILY)       (WEEKLY)
                                                                           -----------   -----------
                                                                             A      B      A      B
                                                                           ----   ----   ----   ----
<S>                                                                        <C>    <C>    <C>    <C>
(A)    Cash: U.S. Dollars in depositary account form                       100%   100    100%   100%

(B)    Floating-rate U.S. Treasury Securities: Floating-rate negotiable    100%    99%   100%    99%
       debt obligations issued by the U.S. Treasury Department after
       July 18, 1984 ("FLOATING-RATE TREASURIES") (all maturities).

(C)    U.S. Treasury Securities: Fixed-rate negotiable debt obligations    100%   100%   100%   100%
       issued by the U.S. Treasury Department after July 18, 1984
       ("FIXED-RATE TREASURIES") having a remaining maturity of up to
       and not more than 1 year.

(D)    Fixed-rate Treasuries having a remaining maturity of greater than   100%    99%   100%    99%
       1 year but not more than 2 years.

(E)    Fixed-rate Treasuries having a remaining maturity of greater than   100%    98%   100%    98%
       2 years but not more than 3 years.

(F)    Fixed-rate Treasuries having a remaining maturity of greater than   100%    97%   100%    97%
       3 years but not more than 5 years.

(G)    Fixed-rate Treasuries having a remaining maturity of greater than   100%    96%   100%    95%
       5 years but not more than 7 years.

(H)    Fixed-rate Treasuries having a remaining maturity of greater than   100%    94%   100%    94%
       7 years but not more than 10 years.

(I)    Fixed-rate Treasuries having a remaining maturity of greater than   100%    90%   100%    89%
       10 years but not more than 20 years.

(J)    Fixed-rate Treasuries having a remaining maturity of greater than   100%    88%   100%    87%
       20 years but not more than 30 years.
</TABLE>

                                      Q-3-9

<PAGE>

             ELIGIBLE COLLATERAL & VALUATION PERCENTAGES (MOODY'S)

<TABLE>
<S>                                                                        <C>    <C>    <C>    <C>
(K)    Floating-rate Agency Securities: Floating-rate negotiable debt      100%    98%   100%    98%
       obligations of the Federal National Mortgage Association (FNMA),
       Federal Home Loan Mortgage Corporation (FHLMC), Federal Home Loan
       Banks (FHLB), Federal Farm Credit Banks (FFCB), Tennessee Valley
       Authority (TVA) (collectively, "FLOATING-RATE AGENCY SECURITIES")
       (all maturities).

(L)    Fixed-rate Agency Securities: Fixed-rate negotiable debt            100%    99%   100%    99%
       obligations of the Federal National Mortgage Association (FNMA),
       Federal Home Loan Mortgage Corporation (FHLMC), Federal Home Loan
       Banks (FHLB), Federal Farm Credit Banks (FFCB), Tennessee Valley
       Authority (TVA) (collectively, "FIXED-RATE AGENCY SECURITIES")
       issued after July 18, 1984 and having a remaining maturity of not
       more than 1 year.

(M)    Fixed-rate Agency Securities having a remaining maturity of         100%    99%   100%    98%
       greater than 1 year but not more than 2 years.

(N)    Fixed-rate Agency Securities having a remaining maturity of         100%    98%   100%    97%
       greater than 2 years but not more than 3 years.

(O)    Fixed-rate Agency Securities having a remaining maturity of         100%    96%   100%    96%
       greater than 3 years but not more than 5 years.

(P)    Fixed-rate Agency Securities having a remaining maturity of         100%    93%   100%    94%
       greater than 5 years but not more than 7 years.

(Q)    Fixed-rate Agency Securities having a remaining maturity of         100%    93%   100%    93%
       greater than 7 years but not more than 10 years.

(R)    Fixed-rate Agency Securities having a remaining maturity of         100%    89%   100%    88%
       greater than 10 years but not more than 20 years.

(S)    Fixed-rate Agency Securities having a remaining maturity of         100%    87%   100%    86%
       greater than 20 years but not more than 30 years.

(T)    FHLMC Certificates. Mortgage participation certificates issued by      *      *      *      *
       FHLMC evidencing undivided interests or participations in pools
       of first lien conventional or FHA/VA residential mortgages or
       deeds of trust, guaranteed by FHLMC, issued after July 18, 1984
       and having a remaining maturity of not more than 30 years.

(U)    FNMA Certificates. Mortgage-backed pass-through certificates           *      *      *      *
       issued by FNMA evidencing undivided interests in pools of first
       lien mortgages or deeds of trust on residential properties,
       guaranteed by FNMA, issued after July 18, 1984 and having a
       remaining maturity of not more than 30 years.
</TABLE>

                                     Q-3-10

<PAGE>

             ELIGIBLE COLLATERAL & VALUATION PERCENTAGES (MOODY'S)

<TABLE>
<S>                                                                        <C>    <C>    <C>    <C>
(V)    GNMA Certificates. Mortgage-backed pass-through certificates           *      *      *      *
       issued by private entities, evidencing undivided interests in
       pools of first lien mortgages or deeds of trust on single family
       residences, guaranteed by the Government National Mortgage
       Association (GNMA) with the full faith and credit of the United
       States, issued after July 18, 1984 and having a remaining
       maturity of not more than 30 years.
(W)    Commercial Mortgage-Backed Securities. Floating rate commercial        *      *      *      *
       mortgage-backed securities rated AAA by two major rating agencies
       (including S&P if S&P is a Rating Agency hereunder) with a
       minimum par or face amount of $250 million (excluding securities
       issued under Rule 144A) ("Commercial Mortgage-Backed Securities")
       having a remaining maturity of not more than 5 years.
(X)    Commercial Mortgage-Backed Securities having a remaining maturity      *      *      *      *
       of more than 5 years and not more than 10 years.
(Y)    Commercial Mortgage-Backed Securities having a remaining maturity                    *      *
       of more than 10 years.
(Z)    Commercial Paper. Commercial Paper with a rating of at least P-1       *      *      *      *
       by Moody's and at least A-1+ by S&P and having a remaining
       maturity of not more than 30 days.
(AA)   Other Items of Credit Support approved by the Rating Agencies to       *      *      *      *
       the extent any [Certificates] are rated.
</TABLE>

*    zero or such higher percentage in respect of which Moody's has delivered a
     ratings affirmation.

                                     Q-3-11

<PAGE>

                                   SCHEDULE 1B
                               ELIGIBLE COLLATERAL
                                       S&P

Certificates: Class A, Class M and Class B Certificates

Highest Rating of Certificates: Class A rated "Aaa" by Moody's, and "AAA" by
S&P.

Scheduled Date Certificates will fall below $50,000,000:

Last Scheduled Payment Date of Transactions: No. 38832: July 25, 2007; No.
38833: July 25, 2007; No. 38834: July 25, 2007

Valuation Date (and Valuation Percentage column): Daily

                ELIGIBLE COLLATERAL & VALUATION PERCENTAGES (S&P)

<TABLE>
<CAPTION>
                                                                     VALUATION
                                                                    PERCENTAGE
                                                                        S&P
                                                                  --------------
                                                                  DAILY   WEEKLY
                                                                  -----   ------
<S>                                                               <C>     <C>
(A)  Cash: U.S. Dollars in depositary account form                  100%    100%

(B)  Floating-rate U.S. Treasury Securities:                           *       *

     Floating-rate negotiable debt obligations issued by the
     U.S. Treasury Department after July 18, 1984 ("FLOATING
     RATE TREASURIES") (all maturities).

(C)  Fixed-rate U.S. Treasury Securities:                         98.90%  98.60%

     Fixed-rate negotiable debt obligations issued by the U.S.
     Treasury Department after July 18, 1984 ("FIXED-RATE
     TREASURIES") having a remaining maturity of up to and not
     more than 1 year.

(D)  Fixed-rate Treasuries having a remaining maturity of         98.00%  97.30%
     greater than 1 year but not more than 2 years.

(E)  Fixed-rate Treasuries having a remaining maturity of         97.40%  95.80%
     greater than 2 years but not more than 3 years.

(F)  Fixed-rate Treasuries having a remaining maturity of         95.50%  93.80%
     greater than 3 years but not more than 5 years.

(G)  Fixed-rate Treasuries having a remaining maturity of         93.70%  91.40%
     greater than 5 years but not more than 7 years.

(H)  Fixed-rate Treasuries having a remaining maturity of         92.50%  90.30%
     greater than 7 years but not more than 10 years.

(I)  Fixed-rate Treasuries having a remaining maturity of         91.10%  87.90%
     greater than 10 years but not more than 20 years.

(J)  Fixed-rate Treasuries having a remaining maturity of         88.60%  84.60%
     greater than 20 years but not more than 30 years.

(K)  Floating-rate Agency Securities: Floating-rate negotiable         *       *
     debt obligations of the Federal National Mortgage
     Association (FNMA), Federal Home Loan Mortgage Corporation
     (FHLMC), Federal Home Loan Banks (FHLB), Federal Farm
     Credit Banks (FFCB), Tennessee Valley Authority (TVA)
     (collectively, "FLOATING-RATE AGENCY SECURITIES") (all
     maturities).
</TABLE>

                                     Q-3-12

<PAGE>

                ELIGIBLE COLLATERAL & VALUATION PERCENTAGES (S&P)

<TABLE>
<S>                                                               <C>     <C>
(L)  Fixed-rate Agency Securities: fixed-rate negotiable debt     98.50%  98.00%
     obligations of the Federal National Mortgage Association
     (FNMA), Federal Home Loan Mortgage Corporation (FHLMC),
     Federal Home Loan Banks (FHLB), Federal Farm Credit Banks
     (FFCB), Tennessee Valley Authority (TVA) (collectively,
     "FIXED-RATE AGENCY SECURITIES") issued after July 18, 1984
     and having a remaining maturity of not more than 1 year.

(M)  Fixed-rate Agency Securities having a remaining maturity     97.70%  96.80%
     of greater than 1 year but not more than 2 years.

(N)  Fixed-rate Agency Securities having a remaining maturity     97.30%  96.30%
     of greater than 2 years but not more than 3 years.

(O)  Fixed-rate Agency Securities having a remaining maturity     94.50%  94.50%
     of greater than 3 years but not more than 5 years.

(P)  Fixed-rate Agency Securities having a remaining maturity     93.10%  90.30%
     of greater than 5 years but not more than 7 years.

(Q)  Fixed-rate Agency Securities having a remaining maturity     90.70%  86.90%
     of greater than 7 years but not more than 10 years.

(R)  Fixed-rate Agency Securities having a remaining maturity     87.70%  82.60%
     of greater than 10 years but not more than 20 years.

(S)  Fixed-rate Agency Securities having a remaining maturity     84.40%  77.90%
     of greater than 20 years but not more than 30 years.

(T)  FHLMC Certificates. Mortgage participation certificates      91.50%  86.40%
     issued by FHLMC evidencing undivided interests or
     participations in pools of first lien conventional or
     FHA/VA residential mortgages or deeds of trust, guaranteed
     by FHLMC, issued after July 18, 1984 and having a
     remaining maturity of not more than 30 years.

(U)  FNMA Certificates. Mortgage-backed pass-through              91.50%  86.40%
     certificates issued by FNMA evidencing undivided interests
     in pools of first lien mortgages or deeds of trust on
     residential properties, guaranteed by FNMA, issued after
     July 18, 1984 and having a remaining maturity of not more
     than 30 years.

(V)  GNMA Certificates. Mortgage-backed pass-through              91.50%  86.40%
     certificates issued by private entities, evidencing
     undivided interests in pools of first lien mortgages or
     deeds of trust on single family residences, guaranteed by
     the Government National Mortgage Association (GNMA) with
     the full faith and credit of the United States, issued
     after July 18, 1984 and having a remaining maturity of not
     more than 30 years.

(W)  Commercial Mortgage-Backed Securities. Floating rate         96.20%  95.10%
     commercial mortgage-backed securities rated AAA by two
     major rating agencies (including S&P if S&P is a Rating
     Agency hereunder) with a minimum par or face amount of
     $250 million (excluding securities issued under Rule 144A)
     ("Commercial Mortgage-Backed Securities") having a
     remaining maturity of not more than 5 years.

(X)  Commercial Mortgage-Backed Securities having a remaining     92.90%  90.90%
     maturity of more than 5 years and not more than 10 years.

(Y)  Commercial Mortgage-Backed Securities having a remaining     91.00%  88.60%
     maturity of more than 10 years.
</TABLE>

                                     Q-3-13

<PAGE>

                ELIGIBLE COLLATERAL & VALUATION PERCENTAGES (S&P)

<TABLE>
<S>                                                               <C>     <C>
(Z)  Commercial Paper. Commercial Paper with a rating of at       99.00%  99.00%
     least P-1 by Moody's and at least A-1+ by S&P and having a
     remaining maturity of not more than 30 days.

(AA) Other Items of Credit Support approved by the Rating              *       *
     Agencies to the extent any [Certificates] are rated.
</TABLE>

*    zero or such higher percentage in respect of which S&P has delivered a
     ratings affirmation.

                                     Q-3-14

<PAGE>

                                   SCHEDULE 2A
                   MOODY'S INDEPENDENT AMOUNT (FIRST TRIGGER)

Certificates: Class A, Class M and Class B Certificates

Highest Rating of Certificates: Class A rated "Aaa" by Moody's, and "AAA" by
S&P.

Scheduled Date Certificates will fall below $50,000,000:

Last Scheduled Payment Date of Transactions: No. 38832: July 25, 2007; No.
38833: July 25, 2007; No. 38834: July 25, 2007

Valuation Date (and Valuation Percentage column): Daily

The following percentages shall be used in the calculation of the Moody's
Independent Amount when either (i) it is not the case that a Moody's Ratings
Event with respect to Party A and the guarantor under each Qualified Guaranty
(if any) has occurred and is continuing, or (ii) less than 30 Local Business
Days have elapsed since the last time it was not the case that a Moody's Ratings
Event had occurred and was continuing with respect to Party A and the guarantor
under each Qualified Guaranty (if any).

<TABLE>
<CAPTION>
WEIGHTED AVERAGE LIFE OF            VALUATION DATE   VALUATION DATE
TRANSACTION IN YEARS                    (DAILY)         (WEEKLY)
------------------------            --------------   --------------
<S>                                 <C>              <C>
1 or less                                0.15%            0.25%
More than 1 but not more than 2          0.30%            0.50%
More than 2 but not more than 3          0.40%            0.70%
More than 3 but not more than 4          0.60%            1.00%
More than 4 but not more than 5          0.70%            1.20%
More than 5 but not more than 6          0.80%            1.40%
More than 6 but not more than 7          1.00%            1.60%
More than 7 but not more than 8          1.10%            1.80%
More than 8 but not more than 9          1.20%            2.00%
More than 9 but not more than 10         1.30%            2.20%
More than 10 but not more than 11        1.40%            2.30%
More than 11 but not more than 12        1.50%            2.50%
More than 12 but not more than 13        1.60%            2.70%
More than 13 but not more than 14        1.70%            2.80%
More than 14 but not more than 15        1.80%            3.00%
More than 15 but not more than 16        1.90%            3.20%
More than 16 but not more than 17        2.00%            3.30%
More than 17 but not more than 18        2.00%            3.50%
More than 18 but not more than 19        2.00%            3.60%
More than 20 but not more than 21        2.00%            3.70%
More than 21 but not more than 22        2.00%            3.90%
More than 22                             2.00%            4.00%
</TABLE>

                                     Q-3-15

<PAGE>

                                   SCHEDULE 2B
                   MOODY'S INDEPENDENT AMOUNT (SECOND TRIGGER)
                          (TRANSACTION SPECIFIC HEDGES)

Certificates: Class A, Class M and Class B Certificates

Highest Rating of Certificates: Class A rated "Aaa" by Moody's, and "AAA" by
S&P.

Scheduled Date Certificates will fall below $50,000,000:

Last Scheduled Payment Date of Transactions: No. 38832: July 25, 2007; No.
38833: July 25, 2007; No. 38834: July 25, 2007

Valuation Date (and Valuation Percentage column): Daily

The following percentages shall be used in the calculation of the Moody's
Independent Amount with respect to any Transaction that is an interest rate cap,
interest rate floor or interest rate swaption, or that is an interest rate swap
the notional amount of which is "balance guaranteed" or, for any Calculation
Period, otherwise is not a specific dollar amount that is fixed at the inception
of the Transaction (a "TRANSACTION-SPECIFIC HEDGE") when a Moody's Ratings Event
with respect to Party A and the guarantor under each Qualified Guaranty (if any)
has occurred and is continuing and at least 30 Local Business Days have elapsed
since the last time it was not the case that a Moody's Ratings Event had
occurred and was continuing with respect to Party A and the guarantor under each
Qualified Guaranty (if any).

<TABLE>
<CAPTION>
WEIGHTED AVERAGE LIFE OF            VALUATION DATE   VALUATION DATE
TRANSACTION IN YEARS                    (DAILY)         (WEEKLY)
------------------------            --------------   --------------
<S>                                 <C>              <C>
1 or less                                0.65%            0.75%
More than 1 but not more than 2          1.30%            1.50%
More than 2 but not more than 3          1.90%            2.20%
More than 3 but not more than 4          2.50%            2.90%
More than 4 but not more than 5          3.10%            3.60%
More than 5 but not more than 6          3.60%            4.20%
More than 6 but not more than 7          4.20%            4.80%
More than 7 but not more than 8          4.70%            5.40%
More than 8 but not more than 9          5.20%            6.00%
More than 9 but not more than 10         5.70%            6.60%
More than 10 but not more than 11        6.10%            7.00%
More than 11 but not more than 12        6.50%            7.50%
More than 12 but not more than 13        7.00%            8.00%
More than 13 but not more than 14        7.40%            8.50%
More than 14 but not more than 15        7.80%            9.00%
More than 15 but not more than 16        8.20%            9.50%
More than 16 but not more than 17        8.60%            9.90%
More than 17 but not more than 18        9.00%           10.40%
More than 18 but not more than 19        9.40%           10.80%
More than 20 but not more than 21        9.70%           11.00%
More than 21 but not more than 22       10.00%           11.00%
More than 22                            10.00%           11.00%
</TABLE>

                                     Q-3-16

<PAGE>

                                   SCHEDULE 2C
                   MOODY'S INDEPENDENT AMOUNT (SECOND TRIGGER)
                        (NON-TRANSACTION SPECIFIC HEDGES)

Valuation Date (and Valuation Percentage column): Daily

The following percentages shall be used in the calculation of the Moody's
Independent Amount with respect to any Transaction that is not a
Transaction-Specific Hedge when a Moody's Ratings Event with respect to Party A
and the guarantor under each Qualified Guaranty (if any) has occurred and is
continuing and at least 30 Local Business Days have elapsed since the last time
it was not the case that a Moody's Ratings Event had occurred and was continuing
with respect to Party A and the guarantor under each Qualified Guaranty (if
any).

<TABLE>
<CAPTION>
WEIGHTED AVERAGE LIFE OF            VALUATION DATE   VALUATION DATE
TRANSACTION IN YEARS                    (DAILY)         (WEEKLY)
------------------------            --------------   --------------
<S>                                 <C>              <C>
1 or less                                0.50%            0.60%
More than 1 but not more than 2          1.00%            1.20%
More than 2 but not more than 3          1.50%            1.70%
More than 3 but not more than 4          1.90%            2.30%
More than 4 but not more than 5          2.40%            2.80%
More than 5 but not more than 6          2.80%            3.30%
More than 6 but not more than 7          3.20%            3.80%
More than 7 but not more than 8          3.60%            4.30%
More than 8 but not more than 9          4.00%            4.80%
More than 9 but not more than 10         4.40%            5.30%
More than 10 but not more than 11        4.70%            5.60%
More than 11 but not more than 12        5.00%            6.00%
More than 12 but not more than 13        5.40%            6.40%
More than 13 but not more than 14        5.70%            6.80%
More than 14 but not more than 15        6.00%            7.20%
More than 15 but not more than 16        6.30%            7.60%
More than 16 but not more than 17        6.60%            7.90%
More than 17 but not more than 18        6.90%            8.30%
More than 18 but not more than 19        7.20%            8.60%
More than 20 but not more than 21        7.50%            9.00%
More than 21 but not more than 22        7.80%            9.00%
More than 22                             8.00%            9.00%
</TABLE>

                                     Q-3-17

<PAGE>

                                   SCHEDULE 3
                              S&P VOLATILITY BUFFER

Certificates: Class A, Class M and Class B Certificates

Highest Rating of Certificates: Class A rated "Aaa" by Moody's, and "AAA" by
S&P.

Scheduled Date Certificates will fall below $50,000,000:

Last Scheduled Payment Date of Transactions: No. 38832: July 25, 2007; No.
38833: July 25, 2007; No. 38834: July 25, 2007

Valuation Date (and Valuation Percentage column): Daily

     The S&P Volatility Buffer will be determined using the following table:

                              S&P VOLATILITY BUFFER

<TABLE>
<CAPTION>
                                      REMAINING YEARS TO MATURITY OF TRANSACTION
                                     -------------------------------------------
                                      (UP TO     (UP TO      (UP TO      (UP TO
PARTY A RATING*                      3 YEARS)   5 YEARS)   10 YEARS)   30 YEARS)
---------------                      --------   --------   ---------   ---------
<S>                                  <C>        <C>        <C>         <C>
If, on the related Valuation Date,
the highest rated [Notes]
[Certificates] are rated "AA-" or
higher by S&P, the S&P Volatility
Buffer is:

A-2                                    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%

If, on the related Valuation Date,
the highest rated [Notes]
[Certificates] are rated "A" or
"A+" by S&P, the S&P Volatility
Buffer is:

BBB+/BBB                                   *      3.25%      4.00%       4.50%
A-2                                        *      3.25%      4.00%       4.50%
A-3/BBB-                                   *      3.50%      4.50%       6.00%
BB+ or lower                               *      4.00%      5.25%       7.00%
</TABLE>

*    This rating shall be the higher of the rating by S&P on the related
     Valuation Date of the long-term debt and short-term debt of Party A or its
     guarantor or other Credit Support Provider.

                                     Q-3-18
<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 2007-FF1

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 January
          1, 2007, among Merrill Lynch Mortgage Investors, Inc., as depositor,
          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 2007-FF1 (the
          "Trust")

          For the calendar year ending December 31, [2006] or portion thereof,
[LaSalle Bank National Association, as Trustee] [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>
                                                                  HOME LOAN
REGULATION AB                                                  SERVICES, INC.    LASALLE BANK         ADDITIONAL
REFERENCE                      SERVICING CRITERIA                (SERVICER)       (TRUSTEE)           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
</TABLE>

                                       S-1

<PAGE>

<TABLE>
<CAPTION>
                                                                  HOME LOAN
REGULATION AB                                                  SERVICES, INC.    LASALLE BANK         ADDITIONAL
REFERENCE                      SERVICING CRITERIA                (SERVICER)       (TRUSTEE)           INFORMATION
-------------      -----------------------------------------   --------------   -------------   ----------------------
<S>                <C>                                         <C>              <C>             <C>
                   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.

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
</TABLE>

                                       S-2

<PAGE>

<TABLE>
<CAPTION>
                                                                  HOME LOAN
REGULATION AB                                                  SERVICES, INC.    LASALLE BANK         ADDITIONAL
REFERENCE                      SERVICING CRITERIA                (SERVICER)       (TRUSTEE)           INFORMATION
-------------      -----------------------------------------   --------------   -------------   ----------------------
<S>                <C>                                         <C>              <C>             <C>
                   transaction agreements.

                   INVESTOR REMITTANCES AND REPORTING

1122(d)(3)(i)      Reports to investors, including 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>
                                                                  HOME LOAN
REGULATION AB                                                  SERVICES, INC.    LASALLE BANK         ADDITIONAL
REFERENCE                      SERVICING CRITERIA                (SERVICER)       (TRUSTEE)           INFORMATION
-------------      -----------------------------------------   --------------   -------------   ----------------------
<S>                <C>                                         <C>              <C>             <C>
                   maintained as required by the transaction
                   agreements or related pool asset
                   documents.

1122(d)(4)(ii)     Pool assets  and related documents 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>
                                                                  HOME LOAN
REGULATION AB                                                  SERVICES, INC.    LASALLE BANK         ADDITIONAL
REFERENCE                      SERVICING CRITERIA                (SERVICER)       (TRUSTEE)           INFORMATION
-------------      -----------------------------------------   --------------   -------------   ----------------------
<S>                <C>                                         <C>              <C>             <C>
                   delinquent pool assets including, for
                   example, phone calls, letters and payment
                   rescheduling plans in cases where
                   delinquency is deemed temporary (e.g.,
                   illness or unemployment).

1122(d)(4)(ix)     Adjustments to interest rates or 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>
                                                                  HOME LOAN
REGULATION AB                                                  SERVICES, INC.    LASALLE BANK         ADDITIONAL
REFERENCE                      SERVICING CRITERIA                (SERVICER)       (TRUSTEE)           INFORMATION
-------------      -----------------------------------------   --------------   -------------   ----------------------
<S>                <C>                                         <C>              <C>             <C>
                   through (3) or Item 1115 of Regulation
                   AB, is maintained as set forth in the
                   transaction agreements.
</TABLE>

                                       S-6
<PAGE>

                                    EXHIBIT T

                          SARBANES-OXLEY CERTIFICATIONS

                                     [DATE]

Merrill Lynch Mortgage Investors, Inc.
250 Vesey Street
4 World Financial Center, 10th Floor
New York, New York 10080

Home Loan Services, Inc.
150 Allegheny Center Mall
Pittsburgh, Pennsylvania 15212

     Re:  First Franklin Mortgage Loan Trust, Mortgage Loan Asset-Backed
          Certificates, Series 2007-FF1

          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 2007-FF1

Re: Pooling and Servicing Agreement (the "Agreement"), dated as of January 1,
    2007, among Merrill Lynch Mortgage Investors, Inc., as depositor, 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 2007-FF1

I, [identify name of certifying individual], [title of certifying individual] of
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:
      ----------

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 claim               MM/DD/YYYY
                              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 bankruptcy             MM/DD/YYYY
                              has been approved by the courts

BANKRUPTCY_DCHRG_DISM_DATE    The Date The Loan Is Removed From                    MM/DD/YYYY
</TABLE>

                                       V-1

<PAGE>

<TABLE>
<CAPTION>
COLUMN/HEADER NAME                           DESCRIPTION                 DECIMAL            FORMAT COMMENT
------------------            ----------------------------------------   -------   --------------------------------
<S>                           <C>                                        <C>       <C>
                              Bankruptcy. Either by Dismissal,
                              Discharged and/or a Motion For Relief
                              Was Granted.

LOSS_MIT_APPR_DATE            The Date The Loss Mitigation Was                     MM/DD/YYYY
                              Approved By The Servicer

LOSS_MIT_TYPE                 The Type Of Loss Mitigation Approved For
                              A Loan Such As;

LOSS_MIT_EST_COMP_DATE        The Date The Loss Mitigation /Plan Is                MM/DD/YYYY
                              Scheduled To End/Close

LOSS_MIT_ACT_COMP_DATE        The Date The Loss Mitigation Is Actually             MM/DD/YYYY
                              Completed

FRCLSR_APPROVED_DATE          The date DA Admin sends a letter to the              MM/DD/YYYY
                              servicer with instructions to begin
                              foreclosure proceedings.

ATTORNEY_REFERRAL_DATE        Date File Was Referred To Attorney to                MM/DD/YYYY
                              Pursue Foreclosure

FIRST_LEGAL_DATE              Notice of 1st legal filed by an Attorney             MM/DD/YYYY
                              in a Foreclosure Action

FRCLSR_SALE_EXPECTED_DATE     The date by which a foreclosure sale is              MM/DD/YYYY
                              expected to occur.

FRCLSR_SALE_DATE              The actual date of the foreclosure sale.             MM/DD/YYYY

EVICTION_START_DATE           The date the servicer initiates eviction             MM/DD/YYYY
                              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 is         2      No commas(,) or dollar signs ($)
                              marketed.

LIST_DATE                     The date an REO property is listed at a              MM/DD/YYYY
                              particular price.

OFFER_AMT                     The dollar value of an offer for an REO       2      No commas(,) or dollar signs ($)
                              property.

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 property is             MM/DD/YYYY
</TABLE>

                                      V-2

<PAGE>

<TABLE>
<CAPTION>
COLUMN/HEADER NAME                           DESCRIPTION                 DECIMAL            FORMAT COMMENT
------------------            ----------------------------------------   -------   --------------------------------
<S>                           <C>                                        <C>       <C>
                              scheduled to close.

REO_ACTUAL_CLOSING_DATE       Actual Date Of REO Sale                              MM/DD/YYYY

OCCUPANT_CODE                 Classification of how the property is
                              occupied.

PROP_CONDITION_CODE           A code that indicates the condition of
                              the property.

PROP_INSPECTION_DATE          The date a property inspection is                    MM/DD/YYYY
                              performed.

APPRAISAL_DATE                The date the appraisal was done.                     MM/DD/YYYY

CURR_PROP_VAL                 The current "as is" value of the              2
                              property based on brokers price opinion
                              or appraisal.

IF APPLICABLE:

DELINQ_STATUS_CODE            FNMA Code Describing Status of Loan

DELINQ_REASON_CODE            The circumstances which caused a
                              borrower to stop paying on a loan. Code
                              indicates the reason why the loan is in
                              default for this cycle.

MI_CLAIM_FILED_DATE           Date Mortgage Insurance Claim Was Filed              MM/DD/YYYY
                              With Mortgage Insurance Company.

MI_CLAIM_AMT                  Amount of Mortgage Insurance Claim Filed             No commas(,) or dollar signs ($)

MI_CLAIM_PAID_DATE            Date Mortgage Insurance Company                      MM/DD/YYYY
                              Disbursed Claim Payment

MI_CLAIM_AMT_PAID             Amount Mortgage Insurance Company Paid        2      No commas(,) or dollar signs ($)
                              On Claim

POOL_CLAIM_FILED_DATE         Date Claim Was Filed With Pool Insurance             MM/DD/YYYY
                              Company

POOL_CLAIM_AMT                Amount of Claim Filed With Pool               2      No commas(,) or dollar signs ($)
                              Insurance Company

POOL_CLAIM_PAID_DATE          Date Claim Was Settled and The Check Was             MM/DD/YYYY
                              Issued By The Pool Insurer

POOL_CLAIM_AMT_PAID           Amount Paid On Claim By Pool Insurance        2      No commas(,) or dollar signs ($)
                              Company
</TABLE>

                                      V-3

<PAGE>

<TABLE>
<CAPTION>
COLUMN/HEADER NAME                           DESCRIPTION                 DECIMAL            FORMAT COMMENT
------------------            ----------------------------------------   -------   --------------------------------
<S>                           <C>                                        <C>       <C>
FHA_PART_A_CLAIM_FILED_DATE   Date FHA Part A Claim Was Filed With HUD             MM/DD/YYYY

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 Payment              MM/DD/YYYY

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 HUD             MM/DD/YYYY

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 Payment              MM/DD/YYYY

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 Claim              MM/DD/YYYY
                              Payment

VA_CLAIM_PAID_AMT             Amount Veterans Admin. Paid on VA Claim       2      No commas(,) or dollar 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       All parties
Definitive Agreement
*Item 1.02- Termination of a Material   All parties
Definitive Agreement
Item 1.03- Bankruptcy or Receivership   Depositor
Item 2.04- Triggering Events that       Depositor
Accelerate or Increase a Direct
Financial Obligation or an Obligation
under an Off-Balance Sheet
Arrangement
*Item 3.03- Material Modification to    Trustee
Rights of Security Holders
Item 5.03- Amendments of Articles of    Depositor
Incorporation or Bylaws; Change of
Fiscal Year
Item 6.01- ABS Informational and        Depositor
Computational Material
*Item 6.02- Change of Servicer or       Servicer/Trustee
Trustee
*Item 6.03- Change in Credit            Depositor/Trustee
Enhancement or External Support
*Item 6.04- Failure to Make a           Trustee
Required Distribution
Item 6.05- Securities Act Updating      Depositor
Disclosure
Item 7.01- Reg FD Disclosure            Depositor
Item 8.01                               Depositor
Item 9.01                               Depositor
</TABLE>

                                       X-1

<PAGE>

                                   SCHEDULE Y

<TABLE>
<CAPTION>
          Item on Form 10-D                         Party Responsible
          -----------------             ----------------------------------------
<S>                                     <C>
Item 1: Distribution and Pool           Trustee and Servicer (with respect to
Performance Information                 underlying Mortgage Loan data)
Plus any information required by 1121
which is NOT included on the monthly    Servicer and Trustee (to the extent
statement to Certificateholders         required by Regulation AB)
Item 2: Legal Proceedings per Item      All parties to the Pooling and Servicing
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
Item 3: Sale of Securities and Use of   Depositor
Proceeds
Item 4: Defaults Upon Senior            Trustee
Securities
Item 5: Submission of Matters to a      Trustee
Vote of Security Holders
Item 6: Significant Obligors of Pool    Depositor/Sponsor/Mortgage Loan Seller/
Assets                                  Servicer
Item 7: Significant Enhancement         Depositor/Sponsor
Provider Information
Item 8: Other Information               All parties to the Pooling and Servicing
                                        Agreement (as to themselves) responsible
                                        for disclosure items on Form 8-K
Item 9: Exhibits                        Trustee
</TABLE>

                                       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           Trustee/Servicer/subservicers/Depositor
Statement Schedules
*Additional Item:                       All parties to the Pooling and Servicing
                                        Agreement (as to themselves), the
Disclosure per Item 1117 of             Depositor/Trustee/Servicer (to the
Regulation AB                           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             Agreement, the Sponsor, originator,
Regulation AB                           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-1exv10w1

 

Exhibit 10.1

 

 

$225,000,000

FOURTH AMENDED AND RESTATED CREDIT AGREEMENT

dated as of October 3, 2003

Amended and Restated as of February 6, 2007,

among

BASIC ENERGY SERVICES, INC., a Delaware corporation,

as Borrower,

THE SUBSIDIARY GUARANTORS PARTY HERETO,

as Subsidiary Guarantors,

THE LENDERS PARTY HERETO,

and

BANK OF AMERICA, N.A.,

as Syndication Agent,

CAPITAL ONE, NATIONAL ASSOCIATION,

as Documentation Agent,

BNP PARIBAS,

as Documentation Agent,

and

UBS AG, STAMFORD BRANCH,

as Issuing Bank, Administrative Agent and Collateral Agent

________________________

UBS SECURITIES LLC

Sole Lead Arranger and Bookrunner

________________________

Cahill Gordon & Reindel llp

80 Pine Street

New York, New York 10005

 

 

 

 

TABLE OF CONTENTS

	 	 	 	 	 	 	 
	 

	 	 	 	Page

	 

	 	ARTICLE I	 	 	 	 
	 

	 	DEFINITIONS	 	 	 	 
	SECTION 1.01.

	 	Defined Terms
	 	 	2	 
	SECTION 1.02.

	 	Classification of Loans and Borrowings
	 	 	26	 
	SECTION 1.03.

	 	Terms Generally
	 	 	26	 
	SECTION 1.04.

	 	Accounting Terms; GAAP
	 	 	27	 
	 
	 	 	 	 	 	 
	 

	 	ARTICLE II	 	 	 	 
	 
	 	 	 	 	 	 
	 

	 	THE CREDITS	 	 	 	 
	 
	 	 	 	 	 	 
	SECTION 2.01.

	 	Commitments
	 	 	27	 
	SECTION 2.02.

	 	Loans
	 	 	27	 
	SECTION 2.03.

	 	Borrowing Procedure
	 	 	28	 
	SECTION 2.04.

	 	Evidence of Debt; Repayment of Loans
	 	 	29	 
	SECTION 2.05.

	 	Fees
	 	 	29	 
	SECTION 2.06.

	 	Interest on Loans
	 	 	30	 
	SECTION 2.07.

	 	Termination and Reduction of Commitments
	 	 	31	 
	SECTION 2.08.

	 	Interest Elections
	 	 	32	 
	SECTION 2.09.

	 	[Intentionally Omitted]
	 	 	33	 
	SECTION 2.10.

	 	Optional and Mandatory Prepayments of Loans
	 	 	33	 
	SECTION 2.11.

	 	Alternate Rate of Interest
	 	 	36	 
	SECTION 2.12.

	 	Increased Costs
	 	 	36	 
	SECTION 2.13.

	 	Breakage Payments
	 	 	37	 
	SECTION 2.14.

	 	Payments Generally; Pro Rata Treatment; Sharing of Setoffs
	 	 	38	 
	SECTION 2.15.

	 	Taxes
	 	 	39	 
	SECTION 2.16.

	 	Mitigation Obligations; Replacement of Lenders
	 	 	40	 
	SECTION 2.17.

	 	Swingline Loans
	 	 	41	 
	SECTION 2.18.

	 	Letters of Credit
	 	 	42	 
	SECTION 2.19.

	 	[Intentionally omitted]
	 	 	48	 
	SECTION 2.20.

	 	[Intentionally omitted]
	 	 	48	 
	SECTION 2.21.

	 	[Intentionally omitted]
	 	 	48	 
	SECTION 2.22.

	 	Increase in Commitments
	 	 	48	 
	SECTION 2.23.

	 	Revolving Loans
	 	 	49	 
	 
	 	 	 	 	 	 
	 

	 	ARTICLE III	 	 	 	 
	 
	 	 	 	 	 	 
	 

	 	REPRESENTATIONS AND WARRANTIES	 	 	 	 
	 
	 	 	 	 	 	 
	SECTION 3.01.

	 	Organization; Powers
	 	 	50	 
	SECTION 3.02.

	 	Authorization; Enforceability
	 	 	50	 
	SECTION 3.03.

	 	Governmental Approvals; No Conflicts
	 	 	50	 
	SECTION 3.04.

	 	Financial Statements
	 	 	50	 
	SECTION 3.05.

	 	No Claims
	 	 	50	 
	SECTION 3.06.

	 	Properties
	 	 	51	 

-i-

 

 

	 	 	 	 	 	 	 
	SECTION 3.07.

	 	Intellectual Property
	 	 	51	 
	SECTION 3.08.

	 	Condition and Maintenance of Equipment
	 	 	52	 
	SECTION 3.09.

	 	Equity Interests and Subsidiaries
	 	 	52	 
	SECTION 3.10.

	 	Litigation; Compliance with Laws
	 	 	52	 
	SECTION 3.11.

	 	Agreements
	 	 	53	 
	SECTION 3.12.

	 	Federal Reserve Regulations
	 	 	53	 
	SECTION 3.13.

	 	Investment Company Act
	 	 	53	 
	SECTION 3.14.

	 	Use of Proceeds
	 	 	53	 
	SECTION 3.15.

	 	Taxes
	 	 	53	 
	SECTION 3.16.

	 	No Material Misstatements
	 	 	54	 
	SECTION 3.17.

	 	Labor Matters
	 	 	54	 
	SECTION 3.18.

	 	Solvency
	 	 	54	 
	SECTION 3.19.

	 	Employee Benefit Plans
	 	 	54	 
	SECTION 3.20.

	 	Environmental Matters
	 	 	55	 
	SECTION 3.21.

	 	Insurance
	 	 	56	 
	SECTION 3.22.

	 	Security Documents
	 	 	56	 
	SECTION 3.23.

	 	No Material Adverse Effect
	 	 	57	 
	SECTION 3.24.

	 	Anti-Terrorism Law.
	 	 	57	 
	 
	 	 	 	 	 	 
	 

	 	ARTICLE IV	 	 	 	 
	 
	 	 	 	 	 	 
	 

	 	CONDITIONS TO CREDIT EXTENSIONS	 	 	 	 
	 
	 	 	 	 	 	 
	SECTION 4.01.

	 	Conditions to Initial Credit Extension
	 	 	58	 
	SECTION 4.02.

	 	Conditions to All Credit Extensions
	 	 	63	 
	SECTION 4.03.

	 	Intentionally omitted
	 	 	63	 
	SECTION 4.04.

	 	Conditions to Effectiveness of the Fourth Amendment
and Restatement
	 	 	63	 
	 
	 	 	 	 	 	 
	 

	 	ARTICLE V	 	 	 	 
	 
	 	 	 	 	 	 
	 

	 	AFFIRMATIVE COVENANTS	 	 	 	 
	 
	 	 	 	 	 	 
	SECTION 5.01.

	 	Financial Statements, Reports, etc.
	 	 	64	 
	SECTION 5.02.

	 	Litigation and Other Notices
	 	 	66	 
	SECTION 5.03.

	 	Existence; Businesses and Properties
	 	 	66	 
	SECTION 5.04.

	 	Insurance
	 	 	67	 
	SECTION 5.05.

	 	Obligations and Taxes
	 	 	68	 
	SECTION 5.06.

	 	Employee Benefits
	 	 	68	 
	SECTION 5.07.

	 	Maintaining Records; Access to Properties and Inspections
	 	 	68	 
	SECTION 5.08.

	 	Use of Proceeds
	 	 	68	 
	SECTION 5.09.

	 	Compliance with Environmental Laws; Environmental Reports
	 	 	69	 
	SECTION 5.10.

	 	Interest Rate Protection
	 	 	69	 
	SECTION 5.11.

	 	Additional Collateral; Additional Guarantors
	 	 	69	 
	SECTION 5.12.

	 	Security Interests; Further Assurances
	 	 	70	 
	SECTION 5.13.

	 	Information Regarding Collateral
	 	 	70	 

-ii-

 

 

	 	 	 	 	 	 	 
	 
	 	 	 	 	 	 
	 

	 	ARTICLE VI	 	 	 	 
	 
	 	 	 	 	 	 
	 

	 	NEGATIVE COVENANTS	 	 	 	 
	 
	 	 	 	 	 	 
	SECTION 6.01.

	 	Indebtedness
	 	 	71	 
	SECTION 6.02.

	 	Liens
	 	 	72	 
	SECTION 6.03.

	 	Sale and Leaseback Transactions
	 	 	74	 
	SECTION 6.04.

	 	Investment, Loan and Advances
	 	 	74	 
	SECTION 6.05.

	 	Mergers, Consolidations, Sales of Assets and Acquisitions
	 	 	76	 
	SECTION 6.06.

	 	Dividends
	 	 	77	 
	SECTION 6.07.

	 	Transactions with Affiliates
	 	 	78	 
	SECTION 6.08.

	 	Financial Covenants
	 	 	78	 
	SECTION 6.09.

	 	Limitation on Modifications or Prepayment of Indebtedness;
Modifications of Certificate of Incorporation, or Other
Constitutive Documents, By-laws and Certain Other Agreements,
etc.
	 	 	78	 
	SECTION 6.10.

	 	Limitation on Certain Restrictions on Subsidiaries
	 	 	79	 
	SECTION 6.11.

	 	Limitation on Issuance of Capital Stock
	 	 	79	 
	SECTION 6.12.

	 	Limitation on Creation of Subsidiaries
	 	 	80	 
	SECTION 6.13.

	 	Business
	 	 	80	 
	SECTION 6.14.

	 	Limitation on Accounting Changes
	 	 	80	 
	SECTION 6.15.

	 	Fiscal Year
	 	 	80	 
	SECTION 6.16.

	 	[Intentionally Omitted]
	 	 	80	 
	SECTION 6.17.

	 	Limitation on Further Negative Pledges
	 	 	80	 
	SECTION 6.18.

	 	Anti-Terrorism Law; Anti-Money Laundering.
	 	 	81	 
	 
	 	 	 	 	 	 
	 

	 	ARTICLE VII	 	 	 	 
	 
	 	 	 	 	 	 
	 

	 	GUARANTEE	 	 	 	 
	 
	 	 	 	 	 	 
	SECTION 7.01.

	 	The Guarantee
	 	 	81	 
	SECTION 7.02.

	 	Obligations Unconditional
	 	 	81	 
	SECTION 7.03.

	 	Reinstatement
	 	 	82	 
	SECTION 7.04.

	 	Subrogation; Subordination
	 	 	83	 
	SECTION 7.05.

	 	Remedies
	 	 	83	 
	SECTION 7.06.

	 	Instrument for the Payment of Money
	 	 	83	 
	SECTION 7.07.

	 	Continuing Guarantee
	 	 	83	 
	SECTION 7.08.

	 	General Limitation on Guarantee Obligations
	 	 	83	 
	 
	 	 	 	 	 	 
	 

	 	ARTICLE VIII	 	 	 	 
	 
	 	 	 	 	 	 
	 

	 	EVENTS OF DEFAULT	 	 	 	 
	 
	 	 	 	 	 	 
	SECTION 8.01.

	 	Events of Default
	 	 	84	 
	 
	 	 	 	 	 	 
	 

	 	ARTICLE IX	 	 	 	 
	 
	 	 	 	 	 	 
	 

	 	COLLATERAL ACCOUNT; APPLICATION OF COLLATERAL PROCEEDS	 	 	 	 
	 
	 	 	 	 	 	 
	SECTION 9.01.

	 	Collateral Account.
	 	 	86	 
	SECTION 9.02.

	 	Proceeds of Destruction, Taking and Collateral Dispositions
	 	 	87	 

-iii-

 

 

	 	 	 	 	 	 	 
	 
	 	 	 	 	 	 
	SECTION 9.03.

	 	Application of Proceeds
	 	 	87	 
	 
	 	 	 	 	 	 
	 

	 	ARTICLE X	 	 	 	 
	 
	 	 	 	 	 	 
	 

	 	THE ADMINISTRATIVE AGENT AND THE COLLATERAL AGENT	 	 	 	 
	 
	 	 	 	 	 	 
	SECTION 10.01.

	 	Appointment
	 	 	88	 
	SECTION 10.02.

	 	Agent in Its Individual Capacity
	 	 	88	 
	SECTION 10.03.

	 	Exculpatory Provisions
	 	 	88	 
	SECTION 10.04.

	 	Reliance by Agent
	 	 	89	 
	SECTION 10.05.

	 	Delegation of Duties
	 	 	89	 
	SECTION 10.06.

	 	Successor Agent
	 	 	89	 
	SECTION 10.07.

	 	Non-Reliance on Agent and Other Lenders
	 	 	90	 
	SECTION 10.08.

	 	No Other Administrative Agent
	 	 	90	 
	SECTION 10.09.

	 	Indemnification
	 	 	90	 
	 
	 	 	 	 	 	 
	 

	 	ARTICLE XI	 	 	 	 
	 
	 	 	 	 	 	 
	 

	 	MISCELLANEOUS	 	 	 	 
	 
	 	 	 	 	 	 
	SECTION 11.01.

	 	Notices
	 	 	90	 
	SECTION 11.02.

	 	Waivers; Amendment
	 	 	92	 
	SECTION 11.03.

	 	Expenses; Indemnity
	 	 	93	 
	SECTION 11.04.

	 	Successors and Assigns
	 	 	95	 
	SECTION 11.05.

	 	Survival of Agreement
	 	 	97	 
	SECTION 11.06.

	 	Counterparts; Integration; Effectiveness
	 	 	97	 
	SECTION 11.07.

	 	Severability
	 	 	98	 
	SECTION 11.08.

	 	Right of Setoff
	 	 	98	 
	SECTION 11.09.

	 	Governing Law; Jurisdiction; Consent to Service of Process
	 	 	98	 
	SECTION 11.10.

	 	Waiver of Jury Trial
	 	 	99	 
	SECTION 11.11.

	 	Headings
	 	 	99	 
	SECTION 11.12.

	 	Confidentiality
	 	 	99	 
	SECTION 11.13.

	 	Interest Rate Limitation
	 	 	99	 
	SECTION 11.14.

	 	Lender Addendum
	 	 	100	 
	SECTION 11.15.

	 	Integration
	 	 	100	 
	SECTION 11.16.

	 	USA PATRIOT Act Notice
	 	 	100	 
	SECTION 11.17.

	 	Certain Subsidiary Guarantors
	 	 	100	 

-iv-

 

 

	 	 	 
	ANNEXES
	 	 
	Annex I

	 	Applicable Margin
	 
	 	 
	SCHEDULES
	 	 
	Schedule 1.01(a)

	 	Subsidiary Guarantors
	Schedule 3.03

	 	Governmental Approvals; Compliance with Laws
	Schedule 3.06(b)

	 	Real Property
	Schedule 3.07(c)

	 	Violations or Proceedings
	Schedule 3.09(a)

	 	Subsidiaries and Equity Interests Shares Issued and Outstanding
	Schedule 3.09(c)

	 	Corporate Organizational Chart
	Schedule 3.11(c)

	 	Material Agreements
	Schedule 3.20

	 	Environmental Matters
	Schedule 3.21

	 	Insurance
	Schedule 4.01(g)

	 	Local Counsel
	Schedule 4.01(n)

	 	Landlord Lien Waiver and Access Agreements
	Schedule 4.01(o)(iii)

	 	Title Insurance Amounts
	Schedule 6.01(b)

	 	Existing Indebtedness
	Schedule 6.02(c)

	 	Existing Liens
	Schedule 6.04(b)

	 	Existing Investments
	 
	 	 
	EXHIBITS
	 	 
	Exhibit A

	 	Form of Administrative Questionnaire
	Exhibit B

	 	Form of Assignment and Acceptance
	Exhibit C-1

	 	Form of Borrowing Request
	Exhibit C-2

	 	Form of LC Request
	Exhibit D

	 	Form of Interest Election Request
	Exhibit E

	 	Form of Joinder Agreement
	Exhibit F

	 	Form of Landlord Lien Waiver, Access Agreement and Consent
	Exhibit G-1

	 	[Intentionally Omitted]
	Exhibit G-2

	 	Form of Original Revolving Note
	Exhibit G-3

	 	[Intentionally Omitted]
	Exhibit G-4

	 	Form of Revolving Note
	Exhibit G-5

	 	Form of Swingline Note
	Exhibit H-1

	 	Form of Perfection Certificate
	Exhibit H-2

	 	Form of Perfection Certificate Supplement
	Exhibit I

	 	Form of Security Agreement
	Exhibit J-1

	 	Form of Opinion of Company Counsel
	Exhibit J-2

	 	Form of Opinion of Local Counsel
	Exhibit K

	 	Form of Intercompany Note
	Exhibit L

	 	Form of Compliance Certificate
	Exhibit M

	 	Form of Solvency Certificate
	Exhibit N

	 	Form of Lender Addendum
	Exhibit O-1

	 	[Intentionally Omitted]
	Exhibit O-2

	 	[Intentionally Omitted]
	Exhibit P

	 	Confidential Lender Authorization

-v-

 

 

FOURTH AMENDED AND RESTATED CREDIT AGREEMENT

     This FOURTH AMENDED AND RESTATED CREDIT AGREEMENT (this “Agreement”) dated as of October 3,
2003, amended and restated as of November 17, 2003, December 31, 2004 and December 15, 2005 and as
further amended and restated as of February 6, 2007, among BASIC ENERGY SERVICES, INC., a Delaware
corporation (“Borrower”), the SUBSIDIARY GUARANTORS PARTY HERETO, as the Subsidiary Guarantors
(such term and each other capitalized term used but not defined herein having the meaning given to
it in Article I), the Lenders, UBS LOAN FINANCE LLC, as swingline lender (in such capacity,
“Swingline Lender”) and as a Lender, BANK OF AMERICA, N.A., as syndication agent (in such capacity,
“Syndication Agent”), CAPITAL ONE, NATIONAL ASSOCIATION (f/k/a Hibernia National Bank), as
co-documentation agent (in such capacity, a “Documentation Agent”) , BNP PARIBAS, as
co-documentation agent (in such capacity, a “Documentation Agent”) and UBS AG, STAMFORD BRANCH, as
issuing bank (in such capacity, “Issuing Bank”), as administrative agent (in such capacity,
“Administrative Agent”) for the Lenders and as collateral agent (in such capacity, “Collateral
Agent”) for the Secured Parties and the Issuing Bank.

WITNESSETH:

     WHEREAS, this Agreement was originally entered into on October 3, 2003 and amended and
restated on each of November 17, 2003, December 31, 2004 and December 15, 2005 (the “Original
Credit Agreement”), and was further amended by Amendment No. 1 (“Amendment No. 1”), dated as of
March 28, 2006, to the Original Credit Agreement;

     WHEREAS, Borrower desires to (x) create a new Class of Revolving Loans under this Agreement in
an aggregate principal amount of $225.0 million, having terms identical to the Original Revolving
Loans and having the same rights and obligations as the Original Revolving Loans as set forth in
this Agreement and the other Loan Documents and (y) increase the Incremental Revolving Commitments
under this Agreement to an aggregate principal amount of $100.0 million, having terms identical to
the Incremental Revolving Commitments (as defined in the Original Credit Agreement) and having the
same rights and obligations as the Incremental Revolving Commitments (as defined in the Original
Credit Agreement) as set forth in this Agreement and the other Loan Documents, except in each case,
as set forth herein;

     WHEREAS, each Original Lender who holds Original Revolving Commitments (other than Reduced
Lenders (as defined below)) and who executes and delivers a counterpart of this Agreement shall be
deemed, upon effectiveness of this Agreement as amended and restated on the date hereof (the
“Fourth Amendment and Restatement”), to have exchanged its Original Revolving Commitments (with
respect to which any outstanding Original Revolving Loans shall thereafter be deemed paid in full
and extinguished and which Original Revolving Commitments shall thereafter be deemed terminated)
for Revolving Commitments in equal outstanding principal amounts;

     WHEREAS, each Original Lender who holds an Original Revolving Commitment in an amount greater
than its Revolving Commitment (such Lender, a “Reduced Lender”) and who executes and delivers a
counterpart of this Agreement shall be deemed, upon effectiveness of this Agreement, to have made
its Revolving Commitment;

     WHEREAS, a portion of the proceeds from the Revolving Loans shall be used on the Fourth
Amendment and Restatement Effective Date (as defined below) to repay the entire aggregate principal
amount of the Original Revolving Loans held by Original Lenders who do not execute and deliver a
counterpart of this Agreement and to the Reduced Lenders in accordance with Section 2.23,
together with accrued and unpaid interest thereon to the Fourth Amendment and Restatement Effective
Date;

 

 

     WHEREAS, Borrower further desires to amend and restate the Original Credit Agreement to
incorporate the applicable terms of Amendment No. 1 and to make other changes as provided herein;

     WHEREAS, the proceeds of the Loans were or are to be used in accordance with Section
3.14;

     NOW, THEREFORE, the Lenders are willing to extend such credit to Borrower and the Issuing Bank
is willing to issue letters of credit for the account of Borrower on the terms and subject to the
conditions set forth herein. Accordingly, the parties hereto agree as follows:

ARTICLE I

DEFINITIONS

     SECTION 1.01. Defined Terms. As used in this Agreement, the following terms shall
have the meanings specified below:

     “ABR”, when used in reference to any Loan or Borrowing, is used when such Loan, or the Loans
comprising such Borrowing, are bearing interest at a rate determined by reference to the Alternate
Base Rate.

     “ABR Revolving Borrowing” shall mean a Borrowing comprised of ABR Revolving Loans.

     “ABR Revolving Loan” shall mean any Revolving Loan bearing interest at a rate determined by
reference to the Alternate Base Rate in accordance with the provisions of Article II.

     “Acquisition Consideration” shall mean the purchase consideration for any Permitted
Acquisition and all other payments by Borrower or any of its Subsidiaries in exchange for, or as
part of, or in connection with, any Permitted Acquisition, whether paid in cash or by exchange of
Equity Interests or of assets or otherwise and whether payable at or prior to the consummation of
such Permitted Acquisition or deferred for payment at any future time, whether or not any such
future payment is subject to the occurrence of any contingency, and includes any and all payments
representing the purchase price and any assumptions of Indebtedness, “earn outs” and other
agreements to make any payment the amount of which is, or the terms of payment of which are, in any
respect subject to or contingent upon the revenues, income, cash flow or profits (or the like) of
any person or business.

     “Adjusted LIBOR Rate” shall mean, with respect to any Eurodollar Revolving Borrowing for any
Interest Period, (a) an interest rate per annum (rounded upward, if necessary, to the next 1/100th
of 1%) determined by the Administrative Agent to be equal to the LIBOR Rate for such Eurodollar
Revolving Borrowing in effect for such Interest Period divided by (b) 1 minus the Statutory
Reserves (if any) for such Eurodollar Revolving Borrowing for such Interest Period.

     “Administrative Agent” shall have the meaning assigned to such term in the preamble hereto and
includes each other person appointed as the successor pursuant to Article X.

     “Administrative Agent Fees” shall have the meaning assigned to such term in Section
2.05(b).

     “Administrative Questionnaire” shall mean an Administrative Questionnaire in the form of
Exhibit A, or such other form as may be supplied from time to time by the Administrative
Agent.

     “Affiliate” shall mean, when used with respect to a specified person, another person that
directly, or indirectly through one or more intermediaries, Controls or is Controlled by or is
under common

-2-

 

Control with the person specified; provided, however, that, for purposes of Section 6.07,
the term “Affiliate” shall also include any person that directly or indirectly owns more than 10%
of any class of Equity Interests of the person specified or that is an executive officer or
director of the person specified.

     “Agents” shall mean the Arranger, Documentation Agent, Syndication Agent, Administrative Agent
and the Collateral Agent.

     “Agreement” shall have the meaning assigned to such term in the preamble hereto.

     “Alternate Base Rate” shall mean, for any day, a rate per annum (rounded upward, if necessary,
to the next 1/100th of 1%) equal to the greater of (a) the Base Rate in effect on such day and (b)
the Federal Funds Effective Rate in effect on such day plus 0.50%. If the Administrative Agent
shall have determined (which determination shall be conclusive absent manifest error) that it is
unable to ascertain the Federal Funds Effective Rate for any reason, including the inability or
failure of the Administrative Agent to obtain sufficient quotations in accordance with the terms of
the definition thereof, the Alternate Base Rate shall be determined without regard to clause (b) of
the preceding sentence until the circumstances giving rise to such inability no longer exist. Any
change in the Alternate Base Rate due to a change in the Base Rate or the Federal Funds Effective
Rate shall be effective on the effective date of such change in the Base Rate or the Federal Funds
Effective Rate, respectively.

     “Amendment No. 1” shall have the meaning assigned to such term in the recitals hereto.

     “Anti-Terrorism Laws” shall have the meaning assigned to such term in Section 3.24(a).

     “Applicable Fee” shall mean, for any day, with respect to any Revolving Loan, the applicable
percentage set forth in Annex I under the caption “Applicable Fee”.

     “Applicable Margin” shall mean, for any day, with respect to any Revolving Loan, the
applicable percentage set forth in Annex I under the appropriate caption.

     “Arranger” shall mean UBS Securities LLC.

     “Asset Sale” shall mean (a) any conveyance, sale, lease, sublease, assignment, transfer or
other disposition (including by way of merger or consolidation and including any sale and leaseback
transaction) of any property (including stock of any Subsidiary of Borrower by the holder thereof)
by Borrower or any of its Subsidiaries to any person other than Borrower or any Subsidiary
Guarantor and (b) any issuance or sale by any Subsidiary of Borrower of its Equity Interests to any
person (other than to Borrower or any Subsidiary Guarantor).

     “Assignment and Acceptance” shall mean an assignment and acceptance entered into by a Lender
or, if dated prior to the Fourth Amendment and Restatement Effective Date, an Original Lender, and
an assignee, and accepted by the Administrative Agent, in the form of Exhibit B, or such
other form as shall be approved by the Administrative Agent.

     “Attributable Indebtedness” shall mean, when used with respect to any sale and leaseback
transaction, as at the time of determination, the present value (discounted at a rate equivalent to
Borrower’s then current weighted average cost of funds for borrowed money as at the time of
determination, compounded on a semi annual basis) of the total obligations of the lessee for rental
payments during the remaining term of the lease included in any such sale and leaseback
transaction.

-3-

 

     “Base Rate” shall mean, for any day, a rate per annum that is equal to the corporate base rate
of interest established by the Administrative Agent from time to time; each change in the Base Rate
shall be effective on the date such change is effective. The corporate base rate is not
necessarily the lowest rate charged by the Administrative Agent to its customers.

     “Board” shall mean the Board of Governors of the Federal Reserve System of the United States.

     “Borrower” shall have the meaning assigned to such term in the preamble hereto.

     “Borrowing” shall mean (a) Loans of the same Class and Type, made, converted or continued on
the same date and, in the case of Eurodollar Revolving Loans, as to which a single Interest Period
is in effect, or (b) a Swingline Loan.

     “Borrowing Request” shall mean a request by Borrower in accordance with the terms of
Section 2.03 and substantially in the form of Exhibit C-1, or such other form as
shall be approved by the Administrative Agent.

     “Business Day” shall mean any day other than a Saturday, Sunday or other day on which banks in
New York City are authorized or required by law to close; provided, however, that when used in
connection with a Eurodollar Revolving Loan, the term “Business Day” shall also exclude any day on
which banks are not open for dealings in dollar deposits in the London interbank market.

     “Capital Expenditures” shall mean, with respect to any person, for any period, the aggregate
amount of all expenditures by such person and its Subsidiaries during that period for fixed or
capital assets or improvements thereto or replacements thereof that, in accordance with GAAP, are
or should be classified as capital expenditures in the consolidated statement of cash flows of such
person and its Consolidated Subsidiaries; provided, however, that Capital Expenditures shall not
include (x) expenditures made in connection with any Permitted Acquisition or (y) expenditures by
any person prior to the time such person was acquired pursuant to a Permitted Acquisition.

     “Capital Lease Obligations” of any person shall mean the obligations of such person to pay
rent or other amounts under any lease of (or other arrangement conveying the right to use) real or
personal property, or a combination thereof, which obligations are required to be classified and
accounted for as capital leases on a balance sheet of such person under GAAP, and the amount of
such obligations shall be the capitalized amount thereof determined in accordance with GAAP.

     “Cash Equivalents” shall mean, as to any person: (a) securities issued, or directly,
unconditionally and fully guaranteed or insured, by the United States or any agency or
instrumentality thereof (provided that the full faith and credit of the United States is pledged in
support thereof) having maturities of not more than one year from the date of acquisition by such
person; (b) time deposits and certificates of deposit of any Lender or any commercial bank having,
or which is the principal banking subsidiary of a bank holding company organized under the laws of
the United States, any state thereof or the District of Columbia having, capital and surplus
aggregating in excess of $300.0 million and a rating of “A” (or such other similar equivalent
rating) or higher by at least one nationally recognized statistical rating organization (as defined
in Rule 436 under the Securities Act) with maturities of not more than one year from the date of
acquisition by such person; (c) repurchase obligations with a term of not more than 30 days for
underlying securities of the types described in clause (a) above entered into with any bank meeting
the qualifications specified in clause (b) above, which repurchase obligations are secured by a
valid perfected security interest in the underlying securities; (d) commercial paper issued by any
person incorporated in the United States rated at least A-1 or the equivalent thereof by Standard &
Poor’s Rating Service (“S&P”) or at least P-1 or the equivalent thereof by Moody’s Investors
Service, Inc. (“Moody’s”) or an

-4-

 

equivalent rating by a nationally recognized rating agency if both S&P and Moody’s cease
publishing ratings of commercial paper issuers generally, and in each case maturing not more than
one year after the date of acquisition by such person; (e) investments in money market funds
substantially all of whose assets are comprised of securities of the types described in clauses (a)
through (d) above; and (f) demand deposit accounts maintained in the ordinary course of business.

     “Casualty Event” shall mean, with respect to any property (including Real Property) of any
person, any loss of title with respect to such property or any loss of or damage to or destruction
of, or any condemnation or other taking (including by any Governmental Authority) of, such property
for which such person or any of its Subsidiaries receives insurance proceeds or proceeds of a
condemnation award or other compensation in each case to the extent that such proceeds or other
compensation exceeds $250,000. “Casualty Event” shall include but not be limited to any taking of
all or any part of any Real Property of any person or any part thereof, in or by condemnation or
other eminent domain proceedings pursuant to any law, or by reason of the temporary requisition of
the use or occupancy of all or any part of any Real Property of any person or any part thereof by
any Governmental Authority, civil or military.

     “CERCLA” shall mean the Comprehensive Environmental Response, Compensation, and Liability Act
of 1980, as amended, 42 U.S.C. § 9601 et seq.

     A “Change in Control” shall be deemed to have occurred if:

     (a) any “person” or “group” (as such terms are used in Sections 13(d) and 14(d) of the
Exchange Act), other than one or more Permitted Holders, is or becomes the beneficial owner
(as defined in Rules 13d-3 and 13d-5 under the Exchange Act, except that for purposes of
this clause such person or group shall be deemed to have “beneficial ownership” of all
securities that any such person or group has the right to acquire, whether such right is
exercisable immediately or only after the passage of time), directly or indirectly, of
Voting Stock representing 50% or more of the voting power of the total outstanding Voting
Stock of Borrower; or

     (b) during any period of two consecutive years, individuals who at the beginning of
such period constituted the Board of Directors of Borrower (together with any new directors
whose election to such Board of Directors or whose nomination for election was approved by a
vote of 66 2/3% of the directors of Borrower then still in office who were either directors
at the beginning of such period or whose election or nomination for election was previously
so approved) cease for any reason to constitute at least a majority of the Board of
Directors of Borrower.

     “Change in Law” shall mean (a) the adoption of any law, treaty, order, rule or regulation
after the Closing Date, (b) any change in any law, treaty, order, rule or regulation or in the
interpretation or application thereof by any Governmental Authority after the Closing Date or (c)
compliance by any Lender or Issuing Bank (or for purposes of Section 2.12(b), by any
lending office of such Lender or by such Lender’s or Issuing Bank’s holding company, if any) with
any request, guideline or directive (whether or not having the force of law) of any Governmental
Authority made or issued after the Closing Date.

     “Charges” shall have the meaning assigned to such term in Section 11.13.

     “Class”, when used in reference to any Loan or Borrowing, refers to whether such Loan, or the
Loans comprising such Borrowing, are Revolving Loans or Swingline Loans and, when used in reference
to any Commitment, refers to whether such Commitment is a Revolving Commitment or Swingline
Commitment.

-5-

 

     “Closing Date” shall mean October 3, 2003.

     “Code” shall mean the Internal Revenue Code of 1986, as amended from time to time.

     “Collateral” shall mean, collectively, all of the Security Agreement Collateral and all other
property of whatever kind and nature pledged as collateral under any Security Document.

     “Collateral Account” shall mean a collateral account or sub account in the form of a deposit
account established and maintained by the Collateral Agent for the benefit of the Secured Parties,
in accordance with the provisions of Section 9.01.

     “Collateral Agent” shall have the meaning assigned to such term in the preamble hereto.

     “Commercial Letter of Credit” shall mean any letter of credit or similar instrument issued for
the account of Borrower for the benefit of Borrower or any of its Subsidiaries, for the purpose of
providing the primary payment mechanism in connection with the purchase of materials, goods or
services by Borrower or any of its Subsidiaries in the ordinary course of their businesses.

     “Commitment” shall mean, with respect to any Lender or Original Lender, such Lender’s or
Original Lender’s Original Revolving Commitment, Revolving Commitment or Swingline Commitment.

     “Commitment Fee” shall have the meaning assigned to such term in Section 2.05(a).

     “Companies” shall mean Borrower and its Subsidiaries; and “Company” shall mean any one of
them.

     “Compliance Certificate” shall mean a certificate of a Financial Officer substantially in the
form of Exhibit L.

     “Confidential Information Memorandum” shall mean that certain confidential information
memorandum prepared in connection with the syndication of the Commitments and the Loans.

     “Confidential Lender Authorization” shall mean a Confidential Lender Authorization in the form
of Exhibit P.

     “Consolidated Companies” shall mean Borrower and its Consolidated Subsidiaries.

     “Consolidated EBITDA” shall mean, for any period, Consolidated Net Income for such period,
adjusted, in each case only to the extent (and in the same proportion) deducted in determining such
Consolidated Net Income (and with respect to the portion of Consolidated Net Income attributable to
any Subsidiary of Borrower only if a corresponding amount would be permitted at the date of
determination to be distributed to Borrower by such Subsidiary without prior approval (that has not
been obtained), pursuant to the terms of its organizational documents and all agreements,
instruments, judgments, decrees, orders, statutes, rules and regulations applicable to such
Subsidiary or its stockholders), by (x) adding thereto (i) the amount of Consolidated Interest
Expense, (ii) provision for taxes based on income, (iii) amortization expense, (iv) depreciation
expense, (v) all other non cash items (excluding any non cash charge that results in an accrual or
a reserve for cash charges in any future period), (vi) amortization of intangibles (including, but
not limited to, goodwill) and organization costs, and (vii) any extraordinary expenses or losses
(including whether or not otherwise includable as a separate item in the statement of such
Consolidated Net Income for such period, losses on sales of assets outside the ordinary course of
business), and (y) subtracting (i) the aggregate amount of all non cash items, determined on a

-6-

 

consolidated basis, to the extent such items increased Consolidated Net Income for such period, (ii)
interest income and (iii) any extraordinary income or gains (including whether or not otherwise
includable as a separate item in the statement of such Consolidated Net Income for such period,
gains on the sales of assets outside the ordinary course of business. Consolidated EBITDA shall be
calculated on a Pro Forma Basis to give effect to any Permitted Acquisition and any Asset Sale (or
series of Asset Sales other than related dispositions of used, worn out, obsolete or surplus
property pursuant to Section 6.05(a)(ii)) resulting in aggregate sale proceeds of $15.0
million or more consummated during the fiscal period of Borrower ended on the Test Period thereof
as if each such Permitted Acquisition had been effected on the first day of such period and as if
each such Asset Sale had been consummated on the day prior to the first day of such period;
provided, however, that no effect shall be given to any Permitted Acquisition unless the
Administrative Agent shall have received consolidated statements of income for such Test Period,
all in form reasonably satisfactory to the Administrative Agent.

     “Consolidated Indebtedness” shall mean, as at any date of determination, the aggregate amount
of all Indebtedness (but including in any event the then outstanding principal amount of all Loans,
all Capital Lease Obligations and all LC Exposure) of Borrower and its Consolidated Subsidiaries on
a consolidated basis as determined in accordance with GAAP.

     “Consolidated Interest Coverage Ratio” shall mean, for any Test Period, the ratio of (x)
Consolidated EBITDA for such Test Period to (y) Consolidated Interest Expense (excluding any
Non-Cash Interest Expense) less cash interest income for such Test Period.

     “Consolidated Interest Expense” shall mean, for any period, the total consolidated interest
expense (whether cash or non-cash) of Borrower and its Consolidated Subsidiaries determined in
accordance with GAAP for the relevant period, including interest expense with respect to any Funded
Debt of Borrower and its Consolidated Subsidiaries and interest expense for the relevant period
that has been capitalized on the balance sheet of Borrower and its Consolidated Subsidiaries.

     “Consolidated Net Income” shall mean, for any period, the consolidated net income of Borrower
and its Consolidated Subsidiaries determined in accordance with GAAP, but excluding in any event
(a) after tax extraordinary gains or extraordinary losses; (b) after tax gains or losses realized
from (i) the acquisition of any securities, or the extinguishment of any Indebtedness, of Borrower
or any of its Subsidiaries or (ii) any sales of assets; (c) net earnings or loss of any other
person (other than a Subsidiary of Borrower) in which Borrower or any Consolidated Subsidiary has
an ownership interest, except (in the case of any such net earnings) to the extent such net
earnings shall have actually been received by Borrower or such Consolidated Subsidiary (subject to
the limitation in clause (d) below) in the form of cash dividends or distributions; (d) the net
income of any Consolidated Subsidiary to the extent that the declaration or payment of dividends or
similar distributions by such Consolidated Subsidiary of its net income is not at the time of
determination permitted without approval under applicable law or regulation or under such
Consolidated Subsidiary’s organizational documents or any agreement or instrument applicable to
such Consolidated Subsidiary or its stockholders; (e) gains or losses from the cumulative effect of
any change in accounting principles; (f) earnings resulting from any reappraisal, revaluation or
write up of assets; and (g) the income (or loss) of any person accrued prior to the date it becomes
a Subsidiary of Borrower or any Consolidated Subsidiary or is merged into or consolidated with
Borrower or any Consolidated Subsidiary or that person’s assets are acquired by Borrower or such
Consolidated Subsidiary.

     “Consolidated Net Worth” of any person on any date shall mean the sum of the capital stock and
surplus (including earned surplus, capital surplus and the balance of the current profit and loss
account not transferred to surplus) accounts of such person on such date which would appear on a
balance sheet of such person on such date prepared in accordance with GAAP.

-7-

 

     “Consolidated Subsidiary” shall mean, as to any person, all subsidiaries of such person which
are consolidated with such person for financial reporting purposes in accordance with GAAP.

     “Consolidated Tangible Assets” shall mean, with respect to any person as of any date, the
amount which, in accordance with GAAP, would be set forth under the caption “Total Assets” (or any
like caption) on a consolidated balance sheet of such person and its Consolidated Subsidiaries,
less all goodwill, patents, tradenames, trademarks, copyrights, franchises, experimental expenses,
organization expenses and any other amounts classified as intangible assets in accordance with
GAAP.

     “Contested Collateral Lien Conditions” shall mean, with respect to any Permitted Lien of the
type described in clauses (a), (b) and (f) of Section 6.02, the following conditions:

     (a) the relevant Company shall cause any proceeding instituted contesting such Lien to
stay the sale or forfeiture of any portion of the Collateral on account of such Lien;

     (b) to the extent such Lien is in an amount in excess of $1.0 million, the appropriate
Loan Party shall maintain cash reserves or, at the option and upon request of the
Administrative Agent, obtain a bond in an amount sufficient to pay and discharge such Lien
and the Administrative Agent’s reasonable estimate of all interest and penalties related
thereto; and

     (c) such Lien shall in all respects be subject and subordinate in priority to the Lien
and security interest created and evidenced by the Security Documents, except if and to the
extent that the law or regulation creating, permitting or authorizing such Lien provides
that such Lien is or must be superior to the Lien and security interest created and
evidenced by the Security Documents.

     “Contingent Obligation” shall mean, as to any person, any obligation, agreement, understanding
or arrangement of such person guaranteeing or intended to guarantee any Indebtedness, leases,
dividends or other obligations (“primary obligations”) of any other person (the “primary obligor”)
in any manner, whether directly or indirectly, including, without limitation, any obligation of
such person, whether or not contingent, (a) to purchase any such primary obligation or any property
constituting direct or indirect security therefor; (b) to advance or supply funds (i) for the
purchase or payment of any such primary obligation or (ii) to maintain working capital or equity
capital of the primary obligor or otherwise to maintain the net worth or solvency of the primary
obligor; (c) to purchase property, securities or services primarily for the purpose of assuring the
owner of any such primary obligation of the ability of the primary obligor to make payment of such
primary obligation; (d) with respect to bankers’ acceptances and letters of credit, until a
reimbursement obligation arises (which obligation shall constitute Indebtedness); or (e) otherwise
to assure or hold harmless the holder of such primary obligation against loss in respect thereof;
provided, however, that the term “Contingent Obligation” shall not include endorsements of
instruments for deposit or collection in the ordinary course of business or any product warranties
for deposit or collection in the ordinary course of business. The amount of any Contingent
Obligation shall be deemed to be an amount equal to the stated or determinable amount of the
primary obligation in respect of which such Contingent Obligation is made (or, if less, the maximum
amount of such primary obligation for which such person may be liable, whether severally or
jointly, pursuant to the terms of the instrument evidencing such Contingent Obligation) or, if not
stated or determinable, the maximum reasonably anticipated liability in respect thereof (assuming
such person is required to perform thereunder) as determined by such person in good faith.

     “Control” shall mean the possession, directly or indirectly, of the power to direct or cause
the direction of the management or policies of a person, whether through the ownership of voting
securities, by

-8-

 

contract or otherwise, and the terms “Controls” and “Controlled” shall have meanings
correlative thereto.

     “Control Agreement” shall have the meaning assigned to such term in the Security Agreement.

     “Credit Extension” shall mean, as the context may require, (i) the making of a Loan by a
Lender or (ii) the issuance of any Letter of Credit, or the amendment, extension or renewal of any
existing Letter of Credit, by the Issuing Bank.

     “Debt Issuance” shall mean the incurrence by Borrower or any of its Subsidiaries of any
Indebtedness after the Closing Date (other than as permitted by Section 6.01(a) through
(f) and (h) through (j)).

     “Default” shall mean any event, occurrence or condition which is, or upon notice, lapse of
time or both would constitute, an Event of Default.

     “Disqualified Capital Stock” shall mean any Equity Interest which, by its terms (or by the
terms of any security into which it is convertible or for which it is exchangeable), or upon the
happening of any event, (a) matures (excluding any maturity as the result of an optional redemption
by the issuer thereof) or is mandatorily redeemable, pursuant to a sinking fund obligation or
otherwise, or is redeemable at the option of the holder thereof, in whole or in part, on or prior
to 90 days after the final maturity of the Senior Notes, (b) is convertible into or exchangeable
(unless at the sole option of the issuer thereof) for (i) debt securities or (ii) any Equity
Interests referred to in (a) above, in each case at any time prior to the 90 days after the final
maturity of the Senior Notes, or (c) contains any repurchase obligation which may come into effect
prior to payment in full of all Obligations.

     “Dividend” with respect to any person shall mean that such person has declared or paid a
dividend or returned any equity capital to its stockholders or authorized or made any other
distribution, payment or delivery of property (other than common stock of such person) or cash to
its stockholders as such, or redeemed, retired, purchased or otherwise acquired, directly or
indirectly, for a consideration any shares of any class of its capital stock outstanding (or any
options or warrants issued by such person with respect to its capital stock), or set aside any
funds for any of the foregoing purposes, or shall have permitted any of its subsidiaries to
purchase or otherwise acquire for a consideration any shares of any class of the capital stock of
such person outstanding (or any options or warrants issued by such person with respect to its
capital stock). Without limiting the foregoing, “Dividends” with respect to any person shall not
include all payments made or required to be made by such person with respect to any stock
appreciation rights plans, equity incentive or achievement plans or any similar plans or setting
aside of any funds for the foregoing purposes to the extent such payments do not exceed $5.0
million in the aggregate.

     “Documentation Agent” shall have the meaning assigned to such term in the preamble hereto.

     “dollars” or “$” shall mean lawful money of the United States.

     “Domestic Subsidiary” shall mean any Wholly Owned Subsidiary of Borrower that is not a Foreign
Subsidiary.

     “Earn Out Escrow” shall mean an escrow account and agreement pursuant to which Borrower
escrows some portion of an Earn Out Obligation with an independent third party escrow agent.

     “Earn Out Obligation” shall mean those contingent obligations of Borrower incurred in favor of
a seller (or other third party entitled thereto) under or with respect to any Permitted
Acquisition.

-9-

 

     “Engagement Letter” shall mean the confidential Engagement Letter, dated September 16, 2003,
between Basic Energy Services, LP and UBS Securities LLC.

     “Environment” shall mean ambient air, surface water and groundwater (including, without
limitation, potable water, navigable water and wetlands), the land surface or subsurface strata,
natural resources, the workplace or as otherwise defined in any Environmental Law.

     “Environmental Claim” shall mean any claim, notice, demand, order, action, suit, proceeding or
other communication alleging liability for investigation, remediation, removal, cleanup, response,
corrective action, damages to natural resources, personal injury, property damage, fines, penalties
or other costs resulting from, related to or arising out of (i) the presence, Release or threatened
Release in or into the Environment of Hazardous Material at any location or (ii) any violation of
Environmental Law, and shall include any claim seeking damages, contribution, indemnification, cost
recovery, compensation or injunctive relief resulting from, related to or arising out of the
presence, Release or threatened Release of Hazardous Material or alleged injury or threat of injury
to health, safety or the Environment.

     “Environmental Law” shall mean any and all applicable present and future treaties, laws,
statutes, ordinances, regulations, rules, decrees, orders, judgments, consent orders, consent
decrees or other binding requirements, and the common law, relating to protection of public health
or the Environment, the Release or threatened Release of Hazardous Material, natural resources or
natural resource damages, or occupational safety or health.

     “Environmental Permit” shall mean any permit, license, approval, consent or other
authorization required by or from a Governmental Authority under Environmental Law.

     “Equity Interest” shall mean, with respect to any person, any and all shares, interests,
participations or other equivalents, including membership interests (however designated, whether
voting or non voting), of equity of such person, including, if such person is a partnership,
partnership interests (whether general or limited) and any other interest or participation that
confers on a person the right to receive a share of the profits and losses of, or distributions of
assets of, such partnership (excluding Earn Out Obligations), whether outstanding on the Closing
Date or issued after the Closing Date, but excluding debt securities convertible or exchangeable
into such equity.

     “Equity Issuance” shall mean, without duplication, any issuance in a registered offering or
sale pursuant to a private placement by Borrower after the Closing Date of (a) any Equity Interests
(including any Equity Interests issued upon exercise of any warrant or option) or any warrants or
options to purchase Equity Interests or (b) any other security or instrument representing an Equity
Interest (or the right to obtain any Equity Interest) in the issuing or selling person.

     “ERISA” shall mean the Employee Retirement Income Security Act of 1974, as the same may be
amended from time to time.

     “ERISA Affiliate” shall mean any trade or business (whether or not incorporated) that,
together with Borrower, is treated as a single employer under Section 414(b) or (c) of the Code, or
solely for purposes of Section 302 of ERISA and Section 412 of the Code, is treated as a single
employer under Section 414 of the Code.

     “ERISA Event” shall mean (a) any “reportable event,” as defined in Section 4043 of ERISA or
the regulations issued thereunder, with respect to a Plan (other than an event for which the 30 day
notice period is waived by regulation); (b) the existence with respect to any Plan of an
“accumulated funding deficiency” (as defined in Section 412 of the Code or Section 302 of ERISA),
whether or not waived, the

-10-

 

failure to make by its due date a required installment under Section 412(m) of the Code with
respect to any Plan or the failure to make any required contribution to a Multiemployer Plan; (c)
the filing pursuant to Section 412(d) of the Code or Section 303(d) of ERISA of an application for
a waiver of the minimum funding standard with respect to any Plan; (d) the incurrence by any
Company or any of its ERISA Affiliates of any liability under Title IV of ERISA with respect to the
termination of any Plan; (e) the receipt by any Company or any of its ERISA Affiliates from the
PBGC or a plan administrator of any notice relating to the intention to terminate any Plan or Plans
or to appoint a trustee to administer any Plan, or the occurrence of any event or condition which
could reasonably be expected to constitute grounds under ERISA for the termination of, or the
appointment of a trustee to administer, any Plan; (f) the incurrence by any Company or any of its
ERISA Affiliates of any liability with respect to the withdrawal from any Plan or Multiemployer
Plan; (g) the receipt by any Company or its ERISA Affiliates of any notice, concerning the
imposition of Withdrawal Liability or a determination that a Multiemployer Plan is, or is expected
to be, insolvent or in reorganization, within the meaning of Title IV of ERISA; (h) the making of
any amendment to any Plan which could reasonably be expected to result in the imposition of a lien
or the posting of a bond or other security; and (i) the occurrence of a nonexempt prohibited
transaction (within the meaning of Section 4975 of the Code or Section 406 of ERISA) which could
result in liability to any Company.

     “Eurodollar Revolving Borrowing” shall mean a Borrowing comprised of Eurodollar Revolving
Loans.

     “Eurodollar Revolving Loan” shall mean any Revolving Loan bearing interest at a rate
determined by reference to the Adjusted LIBOR Rate in accordance with the provisions of Article
II.

     “Event of Default” shall have the meaning assigned to such term in Article VIII.

     “Exchange Act” shall mean the Securities Exchange Act of 1934, as amended.

     “Executive Order” shall have the meaning assigned to such term in Section 3.24(a).

     “Existing Lien” shall have the meaning assigned to such term in the applicable Security
Document.

     “Excluded Taxes” shall mean, with respect to the Administrative Agent, any Lender, the Issuing
Bank or any other recipient of any payment to be made by or on account of any obligation of
Borrower hereunder, (a) income or franchise taxes imposed on (or measured by) its net income by the
United States, or by the jurisdiction under the laws of which such recipient is organized or in
which its principal office is located or, in the case of any Lender, in which its applicable
lending office is located, and (b) in the case of a Foreign Lender (other than an assignee pursuant
to a request by Borrower under Section 2.16), any withholding tax that is imposed on
amounts payable to such Foreign Lender at the time such Foreign Lender becomes a party to this
Agreement (or designates a new lending office) or is attributable to such Foreign Lender’s failure
to comply with Section 2.15(e), except to the extent that such Foreign Lender (or its
assignor, if any) was entitled, at the time of designation of a new lending office (or assignment),
to receive additional amounts from Borrower with respect to such withholding tax pursuant to
Section 2.15(a) (it being understood and agreed, for the avoidance of doubt, that any
withholding tax imposed on a Foreign Lender as a result of a Change in Law or regulation or
interpretation thereof occurring after the time such Foreign Lender became a party to this
Agreement shall not be an Excluded Tax).

     “Fair Market Value” shall mean, with respect to any asset, the price (after taking into
account any liabilities relating to such asset) that would be negotiated in an arm’s-length
transaction for cash between a willing seller and a willing and able buyer, neither of which is
under any compulsion to complete

-11-

 

the transaction, as such price is determined in good faith by the Board of Directors of
Borrower or a duly authorized committee thereof, as evidenced by a resolution of such Board of
Directors or committee.

     “Federal Funds Effective Rate” shall mean, for any day, the weighted average of the rates on
overnight federal funds transactions with members of the Federal Reserve System arranged by federal
funds brokers, as published on the next succeeding Business Day by the Federal Reserve Bank of New
York, or, if such rate is not so published for any day that is a Business Day, the average of the
quotations for the day for such transactions received by the Administrative Agent from three
federal funds brokers of recognized standing selected by it.

     “Fee Letter” shall mean the confidential Fee Letter, dated November 14, 2005, among Borrower,
UBS AG, Cayman Islands Branch, and UBS Securities LLC.

     “Fees” shall mean the Commitment Fees, the Administrative Agent Fees, the LC Participation
Fees and the Fronting Fees.

     “Financial Officer” of any person shall mean the Chief Financial Officer, principal accounting
officer, Treasurer or Controller of such person.

     “FIRREA” shall mean the Federal Institutions Reform, Recovery and Enforcement Act of 1989, as
amended.

     “Foreign Lender” shall mean any Lender that is not, for United States federal income tax
purposes, (i) a citizen or resident of the United States, (ii) a corporation or entity treated as a
corporation created or organized in or under the laws of the United States, or any political
subdivision thereof, (iii) an estate the income of which is subject to U.S. federal income taxation
regardless of its source or (iv) a trust if a court within the United States is able to exercise
primary supervision over the administration of such trust and one or more United States persons
have the authority to control all substantial decisions of such trust.

     “Foreign Subsidiary” shall mean a Subsidiary that is organized under the laws of a
jurisdiction other than the United States or any state thereof or the District of Columbia.

     “Fourth Amendment and Restatement” shall have the meaning assigned to such term in the
recitals hereto.

     “Fourth Amendment and Restatement Effective Date” shall have the meaning assigned to such term
in Section 4.04.

     “Fronting Fees” shall have the meaning assigned to such term in Section 2.05(c).

     “Funded Debt” shall mean, with respect to any person, without duplication, all Indebtedness
for borrowed money evidenced by notes, bonds, debentures, or similar evidences of Indebtedness that
by its terms matures more than one year from, or is directly or indirectly renewable or extendible
at such person’s option under a revolving credit or similar agreement obligating the lender or
lenders thereunder to extend credit or incur letter of credit obligations over a period of more
than one year from the date of creation thereof, and specifically including Capital Lease
Obligations, current maturities of long-term debt, revolving credit and short-term debt extendible
beyond one year at the option of the debtor, and also including, in the case of Borrower, the
Obligations and, without duplication, Contingent Obligations in respect of Funded Debt of other
persons.

-12-

 

     “GAAP” shall mean generally accepted accounting principles in the United States applied on a
consistent basis.

     “Governmental Authority” shall mean any federal, state, local or foreign court, central bank
or governmental agency, authority, instrumentality or regulatory body.

     “Governmental Real Property Disclosure Requirements” shall mean any Requirement of Law of any
Governmental Authority requiring notification of the buyer, lessee, mortgagee, assignee or other
transferee of any Real Property, facility, establishment or business, or notification, registration
or filing to or with any Governmental Authority, in connection with the sale, lease, mortgage,
assignment or other transfer (including, without limitation, any transfer of control) of any Real
Property, facility, establishment or business, of the actual or threatened presence or Release in
or into the Environment, or the use, disposal or handling of Hazardous Material on, at, under or
near the Real Property, facility, establishment or business to be sold, leased, mortgaged, assigned
or transferred.

     “Guaranteed Obligations” shall have the meaning assigned to such term in Section 7.01.

     “Guarantees” shall mean the guarantees issued pursuant to Article VII by the
Subsidiary Guarantors.

     “Hazardous Materials” shall mean the following: hazardous substances; hazardous wastes;
polychlorinated biphenyls (“PCBs”) or any substance or compound containing PCBs; asbestos or any
asbestos containing materials in any form or condition; radon or any other radioactive materials
including any source, special nuclear or by product material; petroleum, crude oil or any fraction
thereof; and any other pollutant or contaminant chemicals, wastes, materials, compounds,
constituents or substances, subject to regulation or which can give rise to liability under any
Environmental Laws.

     “Hedging Agreement” shall mean any Interest Rate Agreement, foreign currency exchange
agreement, commodity price protection agreement or other interest or currency exchange rate or
commodity price hedging arrangement.

     “Increase Joinder” shall have the meaning assigned to such term in Section 2.22(a).

     “Increased Amount Date” shall have the meaning assigned to such term in Section
2.22(a).

     “Incremental Revolving Commitment” shall have the meaning assigned to such term in Section
2.22(a).

     “Incremental Revolving Lenders” shall have the meaning assigned to such term in Section
2.22(a).

     “Indebtedness” of any person shall mean, without duplication, (a) all obligations of such
person for borrowed money or advances; (b) all obligations of such person evidenced by bonds,
debentures, notes or similar instruments; (c) all obligations of such person upon which interest
charges are customarily paid or accrued; (d) all obligations of such person under conditional sale
or other title retention agreements relating to property purchased by such person; (e) all
obligations of such person issued or assumed as the deferred purchase price of property or services
(excluding trade accounts payable and accrued obligations incurred in the ordinary course of
business on normal trade terms and not overdue by more than 90 days); (f) all Indebtedness of
others secured by (or for which the holder of such Indebtedness has an existing right, contingent
or otherwise, to be secured by) any Lien on property owned or acquired by such person, whether or
not the obligations secured thereby have been assumed to the extent of the fair market

-13-

 

value of such property; (g) all Capital Lease Obligations, Purchase Money Obligations and
synthetic lease obligations of such person; (h) all obligations of such person in respect of
Hedging Agreements to the extent required to be reflected on a balance sheet of such person; (i)
all Attributable Indebtedness of such person; (j) all obligations for the reimbursement of any
obligor in respect of letters of credit, letters of guaranty, bankers’ acceptances and similar
credit transactions; and (k) all Contingent Obligations (other than contingent Earn Out
Obligations) of such person in respect of Indebtedness or obligations of others of the kinds
referred to in clauses (a) through (j) above. The Indebtedness of any person shall include the
Indebtedness of any other entity (including any partnership in which such person is a general
partner) to the extent such person is liable therefor as a result of such person’s ownership
interest in or other relationship with such entity, except to the extent that terms of such
Indebtedness provide that such person is not liable therefor. The Indebtedness of any person shall
not include ordinary course financings of insurance premiums consistent with the past practices of
such person.

     “Indemnified Taxes” shall mean Taxes other than Excluded Taxes.

     “Indemnitee” shall have the meaning assigned to such term in Section 11.03(b).

     “Information” shall have the meaning assigned to such term in Section 11.12.

     “Intellectual Property” shall have the meaning assigned to such term in Section
3.07(a).

     “Interest Election Request” shall mean a request by Borrower to convert or continue a
Revolving Borrowing in accordance with Section 2.08(b), substantially in the form of
Exhibit D.

     “Interest Payment Date” shall mean (a) with respect to any ABR Revolving Loan (other than a
Swingline Loan), the last day of each March, June, September and December to occur during the
period that such Loan is outstanding and the final maturity date of such Loan, (b) with respect to
any Eurodollar Revolving Loan, the last day of the Interest Period applicable to the Borrowing of
which such Loan is a part and, in the case of a Eurodollar Revolving Loan with an Interest Period
of more than three months’ duration, the last day of such Interest Period that occurs at intervals
of three months’ duration after the first day of such Interest Period, and (c) with respect to any
Swingline Loan, the day that such Loan is required to be repaid.

     “Interest Period” shall mean, with respect to any Eurodollar Revolving Borrowing, the period
commencing on the date of such Borrowing and ending on the numerically corresponding day in the
calendar month that is one, two, three or six months thereafter, as Borrower may elect; provided
that (a) if any Interest Period would end on a day other than a Business Day, such Interest Period
shall be extended to the next succeeding Business Day unless such next succeeding Business Day
would fall in the next calendar month, in which case such Interest Period shall end on the next
preceding Business Day and (b) any Interest Period that commences on the last Business Day of a
calendar month (or on a day for which there is no numerically corresponding day in the last
calendar month of such Interest Period) shall end on the last Business Day of the last calendar
month of such Interest Period. For purposes hereof, the date of a Borrowing initially shall be the
date on which such Borrowing is made and thereafter shall be the effective date of the most recent
conversion or continuation of such Borrowing; provided, however, that an Interest Period shall be
limited to seven days to the extent required under Section 2.03(e).

     “Interest Rate Agreement” shall mean any interest rate swap agreement, interest rate cap
agreement, interest rate collar agreement or similar agreement or arrangement.

     “Investments” shall have the meaning assigned to such term in Section 6.04.

-14-

 

     “Issuing Bank” shall mean, as the context may require, (a) UBS AG, Stamford Branch, with
respect to Letters of Credit issued by it; (b) any other Lender that may become an Issuing Bank
pursuant to Section 2.18(j), with respect to Letters of Credit issued by such Lender; or
(c) collectively, all of the foregoing.

     “Joinder Agreement” shall mean that certain joinder agreement substantially in the form of
Exhibit E.

     “Landlord Lien Waiver and Access Agreement” shall mean the Landlord Lien Waiver and Access
Agreement, substantially in the form of Exhibit F.

     “LC Commitment” shall mean the commitment of the Issuing Bank to issue Letters of Credit
pursuant to Section 2.18. The amount of the LC Commitment shall be $30.0 million, but in
no event exceed the Revolving Commitment.

     “LC Disbursement” shall mean a payment or disbursement made by the Issuing Bank pursuant to a
Letter of Credit.

     “LC Exposure” shall mean at any time the sum of (a) the aggregate undrawn amount of all
outstanding Letters of Credit at such time plus (b) the aggregate principal amount of all
Reimbursement Obligations outstanding at such time. The LC Exposure of any Revolving Lender at any
time shall mean its Pro Rata Percentage of the aggregate LC Exposure at such time.

     “LC Participation Fee” shall have the meaning assigned to such term in Section
2.05(c).

     “LC Request” shall mean a request by Borrower in accordance with the terms of Section
2.18(b) and substantially in the form of Exhibit C-2, or such other form as shall be
approved by the Administrative Agent.

     “LC Sub Account” shall have the meaning assigned to such term in Section 9.01(d).

     “Leases” shall mean any and all leases, subleases, tenancies, options, concession agreements,
rental agreements, occupancy agreements, franchise agreements, access agreements and any other
agreements (including all amendments, extensions, replacements, renewals, modifications and/or
guarantees thereof), whether or not of record and whether now in existence or hereafter entered
into, affecting the use or occupancy of all or any portion of any Real Property. Notwithstanding
the foregoing, the definition of Leases shall not include Capital Lease Obligations.

     “Lender Addendum” shall mean with respect to any Original Lender on the Closing Date, a lender
addendum in the form of Exhibit N, executed and delivered by such Original Lender on the
Closing Date as provided in Section 11.14.

     “Lender Affiliate” shall mean with respect to any Lender that is a fund that invests in bank
loans, any other fund that invests in commercial loans and is managed or advised by the same
investment advisor as such Lender or by an Affiliate of such advisor.

     “Lenders” shall mean (a) the financial institutions that are signatory hereto (pursuant to the
provisions of Section 11.06) and (b) any financial institution that has become a party hereto
pursuant to an Assignment and Acceptance, in each case, other than any such financial institution
that has ceased to be a party hereto pursuant to another Assignment and Acceptance. Unless the
context clearly indicates otherwise, the term “Lenders” shall include the Swingline Lender.

-15-

 

     “Letter of Credit” shall mean any (i) Standby Letter of Credit and (ii) Commercial Letter of
Credit, in each case, issued or to be issued by an Issuing Bank for the account of Borrower or a
Subsidiary pursuant to Section 2.18.

     “Letter of Credit Expiration Date” shall mean the date which is fifteen Business Days prior to
the Revolving Maturity Date.

     “Leverage Ratio” shall mean, at any date of determination, the ratio of Consolidated
Indebtedness less unrestricted cash as reflected on the most recent balance sheet of the
Consolidated Companies to Consolidated EBITDA for the Test Period then most recently ended.

     “LIBOR Rate” shall mean, with respect to any Eurodollar Revolving Borrowing for any Interest
Period therefor, the rate per annum determined by the Administrative Agent to be the arithmetic
mean (rounded to the nearest 1/100th of 1%) of the offered rates for deposits in dollars with a
term comparable to such Interest Period that appears on the Telerate British Bankers Assoc.
Interest Settlement Rates Page (as defined below) at approximately 11:00 a.m., London, England
time, on the second full Business Day preceding the first day of such Interest Period; provided,
however, that (i) if no comparable term for an Interest Period is available, the LIBOR Rate shall
be determined using the weighted average of the offered rates for the two terms most nearly
corresponding to such Interest Period and (ii) if there shall at any time no longer exist a
Telerate British Bankers Assoc. Interest Settlement Rates Page, “LIBOR Rate” shall mean, with
respect to each day during each Interest Period pertaining to Eurodollar Revolving Borrowings
comprising part of the same Borrowing, the rate per annum equal to the rate at which the
Administrative Agent is offered deposits in dollars at approximately 11:00 a.m., London, England
time, two Business Days prior to the first day of such Interest Period in the London interbank
market for delivery on the first day of such Interest Period for the number of days comprised
therein and in an amount comparable to its portion of the amount of such Eurodollar Revolving
Borrowing to be outstanding during such Interest Period. “Telerate British Bankers Assoc. Interest
Settlement Rates Page” shall mean the display designated as Page 3750 on the Telerate System
Incorporated Service (or such other page as may replace such page on such service for the purpose
of displaying the rates at which dollar deposits are offered by leading banks in the London
interbank deposit market).

     “Lien” shall mean, with respect to any property, (a) any mortgage, deed of trust, lien,
pledge, encumbrance, claim, charge, assignment, hypothecation, security interest or encumbrance of
any kind, any other type of preferential arrangement in respect of such property or any filing of
any financing statement under the UCC or any other similar notice of Lien under any similar notice
or recording statute of any Governmental Authority, including any easement, right of way or other
encumbrance on title to Real Property, in each of the foregoing cases whether voluntary or imposed
by law, and any agreement to give any of the foregoing; (b) the interest of a vendor or a lessor
under any conditional sale agreement, capital lease or title retention agreement (or any financing
lease having substantially the same economic effect as any of the foregoing) relating to such
property; and (c) in the case of securities, any purchase option, call or similar right of a third
party with respect to such securities.

     “Liquidity” shall mean, as of any date of determination, the sum of (i) all unrestricted cash
balances of Borrower and its consolidated Subsidiaries as of such date and (ii) the amount by which
the aggregate amount of the Revolving Commitments available to be borrowed without resulting in a
Default then exceeds the aggregate principal amount of the total Revolving Exposure of all Lenders
as of such date.

     “Loan Documents” shall mean this Agreement, the Letters of Credit, the Notes (if any), the
Security Documents and each Hedging Agreement entered into with any counterparty that was a Lender
or

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an Affiliate of a Lender at the time such Hedging Agreement was entered into, and solely for
the purposes of Section 8.01(e) hereof, the Fee Letter.

     “Loan Parties” shall mean Borrower and the Subsidiary Guarantors.

     “Loans” shall mean, as the context may require, an Original Revolving Loan, a Revolving Loan,
or a Swingline Loan (and shall include any Loans under the Incremental Revolving Commitments).

     “Margin Stock” shall have the meaning assigned to such term in Regulation U.

     “Material Adverse Effect” shall mean (a) a material adverse effect on the business, property,
results of operations, prospects or condition, financial or otherwise, of Borrower and its
Subsidiaries, taken as a whole; (b) material impairment of the ability of the Loan Parties to fully
and timely perform their material obligations under any Loan Document; (c) material impairment of
the rights of or benefits or remedies available to the Lenders or the Collateral Agent under any
Loan Document; or (d) a material adverse effect on the Collateral or the Liens in favor of the
Collateral Agent (for its benefit and for the benefit of the other Secured Parties) on the
Collateral or the priority of such Liens.

     “Maximum Rate” shall have the meaning assigned to such term in Section 11.13.

     “Moody’s” shall have the meaning assigned to such term in the definition of “Cash Equivalents”
in Section 1.01.

     “Mortgage” shall mean an agreement, including, but not limited to, a mortgage, deed of trust
or any other document, creating and evidencing a Lien on a Mortgaged Property, which shall be in
form and substance acceptable to the Collateral Agent, with such schedules and including such
provisions as shall be necessary to conform such document to applicable local or foreign law or as
shall be customary under applicable local or foreign law.

     “Mortgaged Property” shall have the meaning assigned to such term in the Original Credit
Agreement.

     “Multiemployer Plan” shall mean a multiemployer plan within the meaning of Section 4001(a)(3)
or Section 3(37) of ERISA (a) to which any Company or any ERISA Affiliate is then making or
accruing an obligation to make contributions; (b) to which any Company or any ERISA Affiliate has
within the preceding five plan years made contributions; or (c) with respect to which any Company
could incur liability.

     “Net Cash Proceeds” shall mean:

     (a) with respect to any Asset Sale, the cash proceeds received by any Loan Party
(including cash proceeds subsequently received (as and when received by any Loan Party) in
respect of noncash consideration initially received) net of (i) selling expenses (including
reasonable brokers’ fees or commissions, legal, accounting and other professional and
transactional fees, transfer and similar taxes and Borrower’s good faith estimate of income
taxes paid or payable in connection with such sale); (ii) amounts provided as a reserve, in
accordance with GAAP, against any liabilities under any indemnification obligations
associated with such Asset Sale (provided that, to the extent and at the time any such
amounts are released from such reserve, such amounts shall constitute Net Cash Proceeds);
(iii) Borrower’s good faith estimate of payments required to be made with respect to
unassumed liabilities relating to the assets sold within 90 days of such Asset Sale
(provided that, to the extent such cash proceeds are not used to make payments in

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respect of such unassumed liabilities within 90 days of such Asset Sale, such cash
proceeds shall constitute Net Cash Proceeds); and (iv) the principal amount, premium or
penalty, if any, interest and other amounts on any Indebtedness for borrowed money which is
secured by a senior Lien on the asset sold in such Asset Sale and which is repaid with such
proceeds (other than any such Indebtedness assumed by the purchaser of such asset);

     (b) with respect to any Debt Issuance or Equity Issuance, the cash proceeds thereof,
net of customary fees, commissions, costs and other expenses incurred in connection
therewith; and

     (c) with respect to any Casualty Event, the cash insurance proceeds, condemnation
awards and other compensation received in respect thereof, net of all reasonable costs and
expenses incurred in connection with the collection of such proceeds, awards or other
compensation in respect of such Casualty Event.

     “Non-Cash Interest Expense” shall mean, for any Test Period, all amounts included in
Consolidated Interest Expense which will require no cash payment at any time prior to the Revolving
Maturity Date.

     “Non-Guarantor Subsidiary” shall mean each Subsidiary that is not a Subsidiary Guarantor.

     “Notes” shall mean any notes evidencing the Original Revolving Loans, Revolving Loans or
Swingline Loans issued pursuant to this Agreement, if any, substantially in the form of Exhibit
G-2, G-4 or G-5.

     “Obligations” shall mean (a) obligations of Borrower and any and all of the other Loan Parties
from time to time arising under or in respect of the due and punctual payment of (i) the principal
of and premium, if any, and interest (including interest accruing during the pendency of any
bankruptcy, insolvency, receivership or other similar proceeding, regardless of whether allowed or
allowable in such proceeding) on the Loans, when and as due, whether at maturity, by acceleration,
upon one or more dates set for prepayment or otherwise, (ii) each payment required to be made by
Borrower and any and all of the other Loan Parties under this Agreement in respect of any Letter of
Credit, when and as due, including payments in respect of Reimbursement Obligations, interest
thereon and obligations to provide cash collateral and (iii) all other monetary obligations,
including fees, costs, expenses and indemnities, whether primary, secondary, direct, contingent,
fixed or otherwise (including monetary obligations incurred during the pendency of any bankruptcy,
insolvency, receivership or other similar proceeding, regardless of whether allowed or allowable in
such proceeding), of Borrower and any and all of the other Loan Parties under this Agreement and
the other Loan Documents, (b) the due and punctual performance of all covenants, agreements,
obligations and liabilities of Borrower and each Loan Party under or pursuant to this Agreement and
the other Loan Documents, (c) the due and punctual payment and performance of all obligations of
Borrower and any and all of the other Loan Parties under each Hedging Agreement relating to Loans
entered into with any counterparty that was a Lender, an Original Lender or an Affiliate of a
Lender or Original Lender at the time such Hedging Agreement was entered into and (d) the due and
punctual payment and performance of all obligations in respect of overdrafts and related
liabilities owed to any Lender, Original Lender or any Affiliate of a Lender or Original Lender,
the Administrative Agent or the Collateral Agent arising from treasury, depositary and cash
management services or in connection with any automated clearinghouse transfer of funds.

     “OFAC” shall have the meaning assigned to such term in Section 3.24(b).

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     “Officers’ Certificate” shall mean a certificate executed by the Chairman of the Board (if an
officer), the Chief Executive Officer or the President and one of the Financial Officers, each in
his or her official (and not individual) capacity.

     “Original Lenders” shall mean the financial institutions that were parties to the Original
Credit Agreement as “Lenders” thereunder. Any reference in Section 4.01 to “Original Lender” shall
mean Original Lenders who were party to the Original Credit Agreement on the Closing Date.

     “Original Credit Agreement” shall have the meaning set forth in the recitals hereto.

     “Original Revolving Borrowing” shall mean a Borrowing comprised of Original Revolving Loans.

     “Original Revolving Commitment” shall mean with respect to each Original Lender, the
commitment, if any, of such Original Lender to make a Revolving Loan hereunder after the Third
Amendment and Restatement Effective Date in the amount set forth on Schedule I to the Lender
Addendum executed and delivered by such Original Lender, in the Assignment and Acceptance pursuant
to which such Original Lender shall have assumed its Revolving Commitment or in Schedule 1 to the
Confidential Lender Authorization executed and delivered by such Original Lender, as applicable, as
such commitment may be (a) terminated or reduced from time to time pursuant to Section 2.07
and (b) reduced or increased from time to time pursuant to assignments by or to such Original
Lender pursuant to Section 11.04. The initial aggregate amount of the Original Lenders’
Original Revolving Commitments was $150.0 million.

     “Original Revolving Loans” shall mean the revolving loans made by the Original Lenders to
operating subsidiaries of Borrower pursuant to Section 2.01(a) of the Original Credit Agreement.
Each Original Revolving Loan was either an ABR Revolving Loan or a Eurodollar Revolving Loan.

     “Other Taxes” shall mean any and all present or future stamp or documentary taxes or any other
excise or property taxes, charges or similar levies (including interest, fines, penalties and
additions to tax) arising from any payment made or required to be made under any Loan Document or
from the execution, delivery or enforcement of, or otherwise with respect to, any Loan Document.

     “Participant” shall have the meaning assigned to such term in Section 11.04(e).

     “PBGC” shall mean the Pension Benefit Guaranty Corporation referred to and defined in ERISA.

     “PCBs” shall have the meaning assigned to such term in the definition of “Hazardous Materials”
in Section 1.01.

     “Perfection Certificate” shall mean a certificate in the form of Exhibit H-1 or any
other form approved by the Collateral Agent, as the same shall be supplemented from time to time by
a Perfection Certificate Supplement or otherwise.

     “Perfection Certificate Supplement” shall mean a certificate supplement in the form of
Exhibit H-2 or any other form approved by the Collateral Agent.

     “Permitted Acquisition” shall mean, with respect to Borrower or any Subsidiary Guarantor, any
transaction or series of related transactions for the direct or indirect (a) acquisition of all or
substantially all of the property of any other person, or of any business or division of any other
person; (b) acquisition of in excess of 50% of the Equity Interests of any other person, or
otherwise causing any other person to become a subsidiary of such person; or (c) merger or
consolidation or any other combination with any

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other person, if, at the time of, and after giving effect on a Pro Forma Basis to, such
transaction or series of transactions, no Default then exists or would result therefrom, and

     (i) the Leverage Ratio as of the end of the most recent fiscal quarter for which
financial statements are available was less than 2.75 to 1.0 and Liquidity is greater than
$10.0 million; or

     (ii) the Leverage Ratio as of the end of the most recent fiscal quarter for which
financial statements are available and as of the preceding fiscal quarter was in each case
less than 2.75 to 1.0; or

     (iii) the following conditions are met:

     (A) after giving effect to such acquisition on a Pro Forma Basis, (1) Borrower
shall be in compliance with all covenants set forth in Section 6.08 as of
the most recent Test Period (assuming, for purposes of Section 6.08, that
such acquisition, and all other Permitted Acquisitions consummated since the first
day of the relevant Test Period for each of the financial covenants set forth in
Section 6.08 ending on or prior to the date of such acquisition, had
occurred on the first day of such relevant Test Period), (2) unless expressly
approved by the Administrative Agent, Borrower shall have generated positive
Consolidated EBITDA for the Test Period most recently ended prior to the date of
consummation of such acquisition and (3) the relevant Borrower shall have cash on
hand/working capital availability equal to or greater than $10.0 million;

     (B) no Company shall, in connection with any such acquisition, assume or remain
liable with respect to any Indebtedness or other liability (including any material
tax or ERISA liability) of the related seller or the business, person or assets
acquired, except to the extent permitted under Section 6.01 and any other
such liabilities or obligations not permitted to be assumed or otherwise supported
by any Company hereunder shall be paid in full or released as to the business,
persons or assets being so acquired on or before the consummation of such
acquisition;

     (C) the acquired person shall be engaged in a business of the same or similar
type conducted by Borrower and the Subsidiaries on the Closing Date and the property
acquired in connection with any such acquisition shall be made subject to the Lien
of the Security Documents and shall be free and clear of any Liens, other than
Permitted Liens;

     (D) the board of directors or other similar governing body of the acquired
person shall not have indicated publicly its opposition to the consummation of such
acquisition;

     (E) all transactions in connection therewith shall be consummated in accordance
with all applicable laws of all applicable Governmental Authorities;

     (F) at least 10 Business Days prior to the proposed date of consummation of the
acquisition, Borrower shall have delivered to the Agents and the Lenders an
Officers’ Certificate certifying that (1) such acquisition complies with this
definition (which shall have attached thereto reasonably detailed backup data and
calculations showing such compliance), and (2) such acquisition could not reasonably
be expected to result in a Material Adverse Effect;

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     (G) after giving effect to such transaction or series of transactions,
Liquidity shall be at least $10.0 million; and

     (H) the Acquisition Consideration for such acquisition shall not exceed 20% of
Consolidated Net Worth as of the end of the most recent fiscal quarter for which
financial statements have been delivered, plus the Available Acquisition Cash
(defined below) at the time of such acquisition; provided that any Equity Interests
constituting all or a portion of such Acquisition Consideration shall be Qualified
Capital Stock; for the purposes of this clause (iii)(H), “Available Acquisition
Cash” shall mean a dollar amount equal to the amount by which Borrower’s
unrestricted cash as reflected on its most recent balance sheet exceeds $5.0
million.

     “Permitted Business” means the businesses engaged in by Borrower and its Subsidiaries on the
Senior Notes Issue Date as described in the related offering memorandum and businesses that are
reasonably related thereto or reasonable extensions thereof.

     “Permitted Holders” shall mean Credit Suisse First Boston, First Reserve Corporation and their
respective Affiliates.

     “Permitted Liens” shall have the meaning assigned to such term in Section 6.02.

     “Permitted Unsecured Indebtedness” shall mean unsecured senior or senior subordinated debt of
Borrower, (i) the terms of which (a) do not provide for any scheduled repayment, mandatory
redemption or sinking fund obligations prior to 90 days after the final maturity of the Senior
Notes, (b) do not materially and adversely restrict or limit the ability of Borrower or any of its
subsidiaries to perform their obligations under any of the Loan Documents and (c) to the extent
subordinated debt, provides for customary subordination of the obligations under the Loan Documents
and (ii) the covenants, events of default, subsidiary guarantees, credit support and subordination
terms are customary for similar offerings by issuers with credit ratings comparable to that of the
issuer of such debt and the subordination terms are otherwise satisfactory to the Administrative
Agent.

     “person” shall mean any natural person, corporation, business, trust, joint venture,
association, company, limited liability company, partnership or government, or any agency or
political subdivision thereof, in any case, whether acting in a personal, fiduciary or other
capacity.

     “Plan” shall mean any employee pension benefit plan (other than a Multiemployer Plan) subject
to the provisions of Title IV of ERISA or Section 412 of the Code or Section 302 of ERISA which is
maintained or contributed to by any Company or its ERISA Affiliate or with respect to which any
Company could incur liability (including, without limitation, under Section 4069 of ERISA).

     “Pro Forma Basis” shall mean on a basis in accordance with GAAP and Regulation S-X and
otherwise reasonably satisfactory to the Administrative Agent.

     “Pro Rata Percentage” of any Revolving Lender at any time shall mean the percentage of the
total Revolving Commitment represented by such Lender’s Revolving Commitment.

     “property” shall mean any right, title or interest in or to property or assets of any kind
whatsoever, whether real, personal or mixed and whether tangible or intangible and including Equity
Interests or other ownership interests of any person and whether now in existence or owned or
hereafter entered into or acquired, including, without limitation, all Real Property.

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     “Purchase Money Obligation” shall mean, for any person, the obligations of such person in
respect of Indebtedness incurred for the purpose of financing all or any part of the purchase price
of any property (including Equity Interests of any person) or the cost of installation,
construction or improvement of any property or assets and any refinancing thereof; provided,
however, that such Indebtedness is incurred within 90 days after such acquisition of such property
by such person.

     “Qualified Capital Stock” of any person shall mean any capital stock of such person that is
not Disqualified Capital Stock; provided that such capital stock shall not be deemed Qualified
Capital Stock to the extent sold or owed to a Subsidiary of such person or financed, directly or
indirectly, using funds (1) borrowed from such person or any Subsidiary of such person until and to
the extent such borrowing is repaid or (2) contributed, extended, guaranteed or advanced by such
person or any Subsidiary of such person (including, without limitation, in respect of any employee
stock ownership or benefit plan). Unless otherwise specified, Qualified Capital Stock refers to
Qualified Capital Stock of Borrower.

     “Real Property” shall mean, collectively, all right, title and interest (including any
leasehold estate) in and to any and all parcels of or interests in real property owned, leased or
operated by any person, whether by lease, license or other means, together with, in each case, all
easements, hereditaments and appurtenances relating thereto, all improvements and appurtenant
fixtures and equipment, all general intangibles and contract rights and other property and rights
incidental to the ownership, lease or operation thereof.

     “Redesignation” shall have the meaning assigned to such term in the Senior Notes Indenture.

     “Reduced Lender” shall have the meaning assigned to such term in the recitals hereto.

     “Register” shall have the meaning assigned to such term in Section 11.04(c).

     “Regulation D” shall mean Regulation D of the Board as from time to time in effect and all
official rulings and interpretations thereunder or thereof.

     “Regulation S-X” shall mean Regulation S-X promulgated under the Securities Act as from time
to time in effect and all official rulings and interpretations thereunder or thereof.

     “Regulation T” shall mean Regulation T of the Board as from time to time in effect and all
official rulings and interpretations thereunder or thereof.

     “Regulation U” shall mean Regulation U of the Board as from time to time in effect and all
official rulings and interpretations thereunder or thereof.

     “Regulation X” shall mean Regulation X of the Board as from time to time in effect and all
official rulings and interpretations thereunder or thereof.

     “Release” shall mean any spilling, leaking, seepage, pumping, pouring, emitting, emptying,
discharging, injecting, escaping, leaching, dumping, disposing, depositing, dispersing, emanating
or migrating of any Hazardous Material in, into, onto or through the Environment.

     “Reimbursement Obligations” shall mean Borrower’s obligations under Section 2.18(e) to
reimburse LC Disbursements.

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     “Required Lenders” shall mean, at any time, Lenders having Loans, LC Exposure and unused
Revolving Commitments representing more than 50% of the sum of all Loans outstanding, LC Exposure
and unused Revolving Commitments at such time.

     “Requirements of Law” shall mean, collectively, any and all requirements of any Governmental
Authority including any and all laws, ordinances, rules, regulations or similar statutes or case
law.

     “Response” shall mean (a) “response” as such term is defined in CERCLA, 42 U.S.C. § 9601(24),
and (b) all other actions required by any Governmental Authority or voluntarily undertaken to: (i)
clean up, remove, treat, abate or in any other way address any Hazardous Material in the
Environment; (ii) prevent the Release or threat of Release, or minimize the further Release, of any
Hazardous Material; or (iii) perform studies and investigations in connection with, or as a
precondition to, clause (i) or (ii) above.

     “Responsible Officer” of any corporation shall mean any executive officer or Financial Officer
of such corporation and any other officer or similar official thereof with responsibility for the
administration of the obligations of such corporation in respect of this Agreement.

     “Restricted Subsidiary” shall have the meaning assigned to such term in the Senior Notes
Indenture.

     “Revolving Availability Period” shall mean the period from and including the Closing Date to
but excluding the earlier of the Business Day proceeding the Revolving Maturity Date and the date
of termination of the Revolving Commitments.

     “Revolving Borrowing” shall mean a Borrowing comprised of Revolving Loans.

     “Revolving Commitment” shall mean, with respect to each Lender, the commitment, if any, of
such Lender to make Revolving Loans hereunder up to the amount set forth on Schedule I to
the Lender Addendum executed and delivered by such Lender, in the Assignment and Acceptance
pursuant to which such Lender assumed its Revolving Commitment, in Schedule 1 to the Confidential
Lender Authorization executed and delivered by such Lender or in an Increase Joinder pursuant to
Section 2.22, as applicable, as the same may be (a) reduced from time to time pursuant to
Section 2.07 and (b) reduced or increased from time to time pursuant to assignments by or
to such Lender pursuant to Section 11.04 or in an Increase Joinder pursuant to Section
2.22. The aggregate amount of the Lenders’ Revolving Commitments immediately prior to the
Fourth Amendment and Restatement Effective Date is $150.0 million and the aggregate amount of the
Lenders’ Revolving Commitments on the Fourth Amendment and Restatement Effective Date is $225.0
million.

     “Revolving Exposure” shall mean, with respect to any Lender at any time, the aggregate
principal amount at such time of all outstanding Revolving Loans of such Lender, plus the aggregate
amount at such time of such Lender’s LC Exposure, plus the aggregate amount at such time of such
Lender’s Swingline Exposure.

     “Revolving Lender” shall mean a Lender with a Revolving Commitment (including any Incremental
Revolving Lender).

     “Revolving Loan” shall mean a loan made by a Lender to Borrower pursuant to Section
2.01.

     “Revolving Maturity Date” shall mean December 15, 2010 or, if such day is not a Business Day,
the immediately preceding Business Day.

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     “S&P” shall have the meaning assigned to such term in the definition of “Cash Equivalents” in
Section 1.01.

     “Sarbanes Oxley Act” shall mean the United States Sarbanes Oxley Act of 2002, as from time to
time in effect and all rules and regulations promulgated thereunder.

     “Secured Parties” shall mean, collectively, the Administrative Agent, the Collateral Agent,
each other Agent, the Lenders and each party to a Hedging Agreement relating to the Loans or any
Permitted Unsecured Indebtedness if at the date of entering into such Hedging Agreement such person
was a Lender or an Affiliate of a Lender and such person executes and delivers to the
Administrative Agent a letter agreement in form and substance acceptable to the Administrative
Agent pursuant to which such person (i) appoints the Collateral Agent as its agent under the
applicable Loan Documents and (ii) agrees to be bound by the provisions of Section 9.03.

     “Securities Act” shall mean the Securities Act of 1933, as amended.

     “Securities Collateral” shall have the meaning assigned to such term in the Security
Agreement.

     “Security Agreement” shall mean a Security Agreement substantially in the form of Exhibit
I among the Loan Parties and Collateral Agent for the benefit of the Secured Parties.

     “Security Agreement Collateral” shall mean all property pledged or granted as collateral
pursuant to the Security Agreement delivered on the Closing Date or thereafter pursuant to
Section 5.11.

     “Security Documents” shall mean the Security Agreement, the Mortgages, if any, the Perfection
Certificate and each other security document or pledge agreement delivered in accordance with
applicable local or foreign law to grant a valid, perfected security interest in any property, and
all UCC or other financing statements or instruments of perfection required by this Agreement, any
security agreement or any Mortgage to be filed with respect to the security interests in property
and fixtures created pursuant to the Security Agreement or any Mortgage and any other document or
instrument utilized to pledge as collateral for the Obligations any property of whatever kind or
nature.

     “Senior Notes” shall mean $225,000,000 in aggregate principal amount of Borrower’s 7.125%
senior fixed rate notes due 2016.

     “Senior Notes Indenture” shall mean the Indenture for the Senior Notes, dated as of April 12,
2006.

     “Senior Notes Issue Date” shall mean April 12, 2006.

     “Standby Letter of Credit” shall mean any standby letter of credit or similar instrument
issued for the purpose of supporting (a) workers’ compensation liabilities of Borrower or any of
its Subsidiaries, (b) the obligations of third party insurers of Borrower or any of its
Subsidiaries arising by virtue of the laws of any jurisdiction requiring third party insurers to
obtain such letters of credit, or (c) performance, payment, deposit or surety obligations of
Borrower or any of its Subsidiaries if required by law or governmental rule or regulation or in
accordance with custom and practice in the industry.

     “Statutory Reserves” shall mean, for any Interest Period for any Eurodollar Revolving
Borrowing, the average maximum rate at which reserves (including any marginal, supplemental or
emergency reserves) are required to be maintained during such Interest Period under Regulation D by
member banks of the United States Federal Reserve System in New York City with deposits exceeding
one billion

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dollars against “Eurodollar liabilities” (as such term is used in Regulation D). Eurodollar
Revolving Borrowings shall be deemed to constitute Eurodollar liabilities and to be subject to such
reserve requirements without benefit of or credit for proration, exceptions or offsets which may be
available from time to time to any Lender under Regulation D.

     “subsidiary” shall mean, with respect to any person (the “parent”) at any date, (i) any person
the accounts of which would be consolidated with those of the parent in the parent’s consolidated
financial statements if such financial statements were prepared in accordance with GAAP as of such
date, (ii) any other corporation, limited liability company, association or other business entity
of which securities or other ownership interests representing more than 50% of the voting power of
all Equity Interests entitled (without regard to the occurrence of any contingency) to vote in the
election of the board of directors thereof are, as of such date, owned, controlled or held by the
parent and/or one or more subsidiaries of the parent, (iii) any partnership (a) the sole general
partner or the managing general partner of which is the parent or a subsidiary of the parent or (b)
the only general partners which are the parent and/or one or more subsidiaries of the parent and
(iv) any other person that is otherwise Controlled by the parent and/or one or more subsidiaries of
the parent.

     “Subsidiary” shall mean any subsidiary of Borrower.

     “Subsidiary Guarantor” shall mean each Subsidiary listed on Schedule 1.01(a), and each
other Subsidiary that is or becomes a party to this Agreement pursuant to Section 5.11,
other than a Foreign Subsidiary.

     “Supermajority Lenders” shall mean at any time, Lenders having Loans, LC Exposure and unused
Revolving Commitments representing at least 66 2/3% of the sum of all Loans outstanding, LC
Exposure and unused Revolving Commitments at such time.

     “Swingline Commitment” shall mean the commitment of the Swingline Lender to make loans
pursuant to Section 2.17, as the same may be reduced from time to time pursuant to
Section 2.07 or Section 2.17.

     “Swingline Exposure” shall mean at any time the aggregate principal amount at such time of all
outstanding Swingline Loans. The Swingline Exposure of any Revolving Lender at any time shall
equal its Pro Rata Percentage of the aggregate Swingline Exposure at such time.

     “Swingline Lender” shall have the meaning assigned to such term in the preamble hereto.

     “Swingline Loan” shall mean any loan made by the Swingline Lender pursuant to Section
2.17.

     “Syndication Agent” shall have the meaning assigned to such term in the preamble hereto.

     “Tax Return” shall mean all returns, statements, filings, attachments and other documents or
certifications required to be filed in respect of Taxes.

     “Tax Sharing Agreements” shall mean all tax sharing, tax allocation and other similar
agreements entered into by Borrower or any Subsidiary.

     “Taxes” shall mean (i) any and all present or future taxes, duties, levies, imposts,
assessments, deductions, withholdings or other similar charges, whether computed on a separate,
consolidated, unitary, combined or other basis and any and all liabilities (including interest,
fines, penalties or additions to tax) with respect to the foregoing, and (ii) any transferee,
successor, joint and several, contractual or other

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liability (including, without limitation, liability pursuant to Treasury Regulation § 1.1502-6
(or any similar provision of state, local or non-U.S. law)) in respect of any item described in
clause (i).

     “Test Period” shall mean, at any time, the four consecutive fiscal quarters of Borrower then
last ended (in each case taken as one accounting period) for which financial statements have been
or are required to be delivered pursuant to Section 5.01(a) or (b).

     “Third Amendment and Restatement Effective Date” shall mean December 15, 2005.

     “Transactions” shall mean, collectively, the transactions to occur on or prior to the Fourth
Amendment and Restatement Effective Date pursuant to the Loan Documents, including (a) the
execution and delivery of the Loan Documents and the initial borrowings hereunder and (b) the
payment of all fees and expenses to be paid on or prior to the Fourth Amendment and Restatement
Effective Date and owing in connection with the foregoing.

     “Type,” when used in reference to any Loan or Borrowing, refers to whether the rate of
interest on such Loan, or on the Loans comprising such Borrowing, is determined by reference to the
Adjusted LIBOR Rate or the Alternate Base Rate.

     “UCC” shall mean the Uniform Commercial Code as in effect in the applicable state or
jurisdiction.

     “United States” or “U.S.” shall mean the United States of America.

     “Voting Stock” shall mean any class or classes of capital stock of Borrower pursuant to which
the holders thereof have the general voting power under ordinary circumstances to elect at least a
majority of the Board of Directors of Borrower.

     “Wholly Owned Subsidiary” shall mean, as to any person, (a) any corporation 100% of whose
capital stock (other than directors’ qualifying shares) is at the time owned by such person and/or
one or more Wholly Owned Subsidiaries of such person and (b) any partnership, association, joint
venture, limited liability company or other entity in which such person and/or one or more Wholly
Owned Subsidiaries of such person have a 100% equity interest at such time.

     “Withdrawal Liability” shall mean liability to a Multiemployer Plan as a result of a complete
or partial withdrawal from such Multiemployer Plan, as such terms are defined in Part I of Subtitle
E of Title IV of ERISA.

     SECTION 1.02. Classification of Loans and Borrowings. For purposes of this Agreement,
Loans may be classified and referred to by Class (e.g., a “Revolving Loan”) or by Type (e.g., a
“Eurodollar Loan”) or by Class and Type (e.g., a “Eurodollar Revolving Loan”). Borrowings also may
be classified and referred to by Class (e.g., a “Revolving Borrowing”) or by Type (e.g., a
“Eurodollar Borrowing”) or by Class and Type (e.g., a “Eurodollar Revolving Borrowing”).

     SECTION 1.03. Terms Generally. The definitions of terms herein shall apply equally to
the singular and plural forms of the terms defined. Whenever the context may require, any pronoun
shall include the corresponding masculine, feminine and neuter forms. The words “include”,
“includes” and “including” shall be deemed to be followed by the phrase “without limitation”. The
word “will” shall be construed to have the same meaning and effect as the word “shall”. Unless the
context requires otherwise (a) any definition of or reference to any Loan Document, agreement,
instrument of other document herein shall be construed as referring to such agreement, instrument
or other document as from time to time

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amended, supplemented or otherwise modified (subject to any restrictions on such amendments,
supplements or modifications set forth herein), (b) any reference herein to any person shall be
construed to include such person’s successors and assigns, (c) the words “herein”, “hereof” and
“hereunder”, and words of similar import, shall be construed to refer to this Agreement in its
entirety and not to any particular provision hereof, (d) all references herein to Articles,
Sections, Exhibits and Schedules shall be construed to refer to Articles and Sections of, and
Exhibits and Schedules to, this Agreement, and (e) the words “asset” and “property” shall be
construed to have the same meaning and effect and to refer to any and all tangible and intangible
assets and properties, including cash, securities, accounts and contract rights.

     SECTION 1.04. Accounting Terms; GAAP. Except as otherwise expressly provided herein,
all financial statements to be delivered pursuant to this Agreement shall be prepared in accordance
with GAAP as in effect from time to time and all terms of an accounting or financial nature shall
be construed and interpreted in accordance with GAAP, as in effect on the date hereof unless agreed
to by Borrower and the Required Lenders.

ARTICLE II

THE CREDITS

     SECTION 2.01. Commitments. Subject to the terms and conditions and relying upon the
representations and warranties herein set forth, each Lender agrees, severally and not jointly to
make Revolving Loans to Borrower, at any time and from time to time on or after the Fourth
Amendment and Restatement Effective Date until the earlier of the Business Day preceding the
Revolving Maturity Date and the termination of the Commitment of such Lender in accordance with the
terms hereof, in an aggregate principal amount at any time outstanding that will not result in such
Lender’s Revolving Exposure exceeding such Lender’s Revolving Commitment. Within the limits set
forth in this Section 2.01 and subject to the terms, conditions and limitations set forth
herein, Borrower may borrow, pay or prepay and reborrow Revolving Loans.

     SECTION 2.02. Loans.

     (a) Each Loan (other than Swingline Loans) shall be made as part of a Borrowing consisting of
Loans made by the Lenders ratably in accordance with their applicable Commitments; provided that
the failure of any Lender to make any Loan shall not in itself relieve any other Lender of its
obligation to lend hereunder (it being understood, however, that no Lender shall be responsible for
the failure of any other Lender to make any Loan required to be made by such other Lender). Except
for Loans deemed made pursuant to Section 2.17, (x) ABR Revolving Loans comprising any
Borrowing shall be in an aggregate principal amount that is (i) an integral multiple of $1.0
million and not less than $1.0 million or (ii) equal to the remaining available balance of the
applicable Commitments and (y) the Eurodollar Revolving Loans comprising any Borrowing shall be in
an aggregate principal amount that is (i) an integral multiple of $1.0 million and not less than
$1.0 million or (ii) equal to the remaining available balance of the applicable Commitments.

     (b) Subject to Sections 2.11 and 2.12, each Borrowing shall be comprised
entirely of ABR Revolving Loans or Eurodollar Revolving Loans as Borrower may request pursuant to
Section 2.03. Each Lender may at its option make any Eurodollar Revolving Loan by causing
any domestic or foreign branch or Affiliate of such Lender to make such Loan; provided that any
exercise of such option shall not affect the obligation of Borrower to repay such Loan in
accordance with the terms of this Agreement. Borrowings of more than one Type may be outstanding
at the same time; provided that Borrower shall not be entitled to request any Borrowing that, if
made, would result in more than seven Eurodollar Revolving Borrowings outstanding hereunder at any
one time. For purposes of the foregoing, Borrowings having

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different Interest Periods, regardless of whether they commence on the same date, shall be
considered separate Borrowings.

     (c) Except with respect to Loans made pursuant to Section 2.17, each Lender shall make
each Loan to be made by it hereunder on the proposed date thereof by wire transfer of immediately
available funds to such account in New York City as the Administrative Agent may designate not
later than 3:00 p.m., New York City time, and the Administrative Agent shall promptly credit the
amounts so received to an account as directed by Borrower in the applicable Borrowing Request
maintained with the Administrative Agent or, if a Borrowing shall not occur on such date because
any condition precedent herein specified shall not have been met, return the amounts so received to
the respective Lenders.

     (d) Unless the Administrative Agent shall have received notice from a Lender prior to the
proposed time of any Borrowing that such Lender will not make available to the Administrative Agent
such Lender’s portion of such Borrowing, the Administrative Agent may assume that such Lender has
made such portion available to the Administrative Agent on the date of such Borrowing in accordance
with paragraph (c) above, and the Administrative Agent may, in reliance upon such assumption, make
available to Borrower on such date a corresponding amount. If the Administrative Agent shall have
so made funds available then, to the extent that such Lender shall not have made such portion
available to the Administrative Agent, such Lender and Borrower severally agree to repay to the
Administrative Agent forthwith on demand such corresponding amount together with interest thereon,
for each day from the date such amount is made available to Borrower until the date such amount is
repaid to the Administrative Agent at (i) in the case of Borrower, the interest rate applicable at
the time to the Loans comprising such Borrowing and (ii) in the case of such Lender, the greater of
the Federal Funds Effective Rate and a rate determined by the Administrative Agent in accordance
with banking industry rules on interbank compensation. If such Lender shall repay to the
Administrative Agent such corresponding amount, such amount shall constitute such Lender’s Loan as
part of such Borrowing for purposes of this Agreement.

     (e) Notwithstanding any other provision of this Agreement, Borrower shall not be entitled to
request, or to elect to convert or continue, any Borrowing if the Interest Period requested with
respect thereto would end after the Revolving Maturity Date.

     SECTION 2.03. Borrowing Procedure. To request a Revolving Borrowing, Borrower shall
deliver, by hand delivery or telecopy, a duly completed and executed Borrowing Request to the
Administrative Agent (i) in the case of a Eurodollar Revolving Borrowing in dollars, not later than
noon, New York City time, three Business Days before the date of the proposed Borrowing or (ii) in
the case of an ABR Revolving Borrowing, not later than 1:00 p.m., New York City time, on the date
of the proposed Borrowing. Each Borrowing Request shall be irrevocable and shall specify the
following information in compliance with Section 2.02:

     (a) the aggregate amount of such Borrowing;

     (b) the date of such Borrowing, which shall be a Business Day;

     (c) whether such Borrowing is to be an ABR Revolving Borrowing or a Eurodollar
Revolving Borrowing;

     (d) in the case of a Eurodollar Revolving Borrowing, the initial Interest Period to be
applicable thereto, which shall be a period contemplated by the definition of the term
“Interest Period”;

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     (e) the location and number of Borrower’s account to which funds are to be disbursed,
which shall comply with the requirements of Section 2.02; and

     (f) that the conditions set forth in Sections 4.02 (b)-(e) are
satisfied as of the date of the notice.

     If no election as to the Type of Borrowing is specified, then the requested Borrowing shall be
an ABR Revolving Borrowing. If no Interest Period is specified with respect to any requested
Eurodollar Revolving Borrowing, then Borrower shall be deemed to have selected an Interest Period
of one month’s duration. Promptly following receipt of a Borrowing Request in accordance with this
Section, the Administrative Agent shall advise each Lender of the details thereof and of the amount
of such Lender’s Loan to be made as part of the requested Borrowing.

     SECTION 2.04. Evidence of Debt; Repayment of Loans.

     (a) Borrower hereby unconditionally promises to pay (i) to the Administrative Agent for the
account of each Revolving Lender, the then unpaid principal amount of each Revolving Loan of such
Lender on the Revolving Maturity Date and (ii) to the Swingline Lender the then unpaid principal
amount of each Swingline Loan on the earlier of the Revolving Maturity Date and the first date
after such Swingline Loan is made that is the 15th or last day of a calendar month and is at least
two Business Days after such Swingline Loan is made; provided that on each date that a Revolving
Borrowing is made, Borrower shall repay all Swingline Loans that were outstanding on the date such
Borrowing was requested.

     (b) Each Lender shall maintain in accordance with its usual practice an account or accounts
evidencing the indebtedness of Borrower to such Lender resulting from each Loan made by such Lender
from time to time, including the amounts of principal and interest payable and paid to such Lender
from time to time under this Agreement.

     (c) The Administrative Agent shall maintain accounts in which it will record (i) the amount of
each Loan made hereunder, the Type and Class thereof and the Interest Period applicable thereto;
(ii) the amount of any principal or interest due and payable or to become due and payable from
Borrower to each Lender hereunder; and (iii) the amount of any sum received by the Administrative
Agent hereunder for the account of the Lenders and each Lender’s share thereof.

     (d) The entries made in the accounts maintained pursuant to paragraphs (b) and (c) above shall
be prima facie evidence of the existence and amounts of the obligations therein recorded; provided
that the failure of any Lender or the Administrative Agent to maintain such accounts or any error
therein shall not in any manner affect the obligations of Borrower to repay the Loans in accordance
with their terms.

     (e) Any Lender may request that Loans of any Class made by it be evidenced by a promissory
note. In such event, Borrower shall prepare, execute and deliver to such Lender a promissory note
payable to the order of such Lender (or, if requested by such Lender, to such Lender and its
registered assigns) in the form of Exhibits G-2, G-4 and G-5, as the case
may be. Thereafter, the Loans evidenced by such promissory note and interest thereon shall at all
times (including after assignment pursuant to Section 11.04) be represented by one or more
promissory notes in such form payable to the order of the payee named therein (or, if such
promissory note is a registered note, to such payee and its registered assigns).

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     SECTION 2.05. Fees.

     (a) Commitment Fee. Borrower shall pay to the Administrative Agent for the account of
each Lender a commitment fee (a “Commitment Fee”) equal to the Applicable Fee per annum on the
average daily unused amount of each Commitment of such Lender during the period from and including
the Closing Date to but excluding the date on which such Commitment terminates. Accrued Commitment
Fees shall be payable in arrears on the last day of March, June, September and December of each
year and on the date on which the Revolving Commitments terminate, commencing on the first such
date to occur after the date hereof. All Commitment Fees shall be computed on the basis of a year
of 360 days and shall be payable for the actual number of days elapsed (including the first day but
excluding the last day). For purposes of computing Commitment Fees with respect to Revolving
Commitments, a Revolving Commitment of a Lender shall be deemed to be used to the extent of the
outstanding Revolving Loans and LC Exposure of such Lender (and the Swingline Exposure of such
Lender shall be disregarded for such purpose).

     (b) Administrative Agent Fees. Borrower shall pay to the Administrative Agent, for
its own account, the administrative fees set forth in the Fee Letter or such other fees payable in
the amounts and at the times separately agreed upon between Borrower and the Administrative Agent
(the “Administrative Agent Fees”).

     (c) LC and Fronting Fees. Borrower shall pay (i) to the Administrative Agent for the
account of each Revolving Lender a participation fee (“LC Participation Fee”) with respect to its
participations in Letters of Credit, which shall accrue at a rate equal to the Applicable Margin
from time to time used to determine the interest rate on Eurodollar Revolving Loans pursuant to
Section 2.06 on the average daily amount of such Lender’s LC Exposure (excluding any
portion thereof attributable to Reimbursement Obligations) during the period from and including the
Closing Date to but excluding the later of the date on which such Lender’s Revolving Commitment
terminates and the date on which such Lender ceases to have any LC Exposure, and (ii) to the
Issuing Bank a fronting fee (“Fronting Fee”), which shall accrue at the rate of 0.125% per annum on
the average daily amount of the LC Exposure (excluding any portion thereof attributable to
Reimbursement Obligations) during the period from and including the Closing Date to but excluding
the later of the date of termination of the Revolving Commitments and the date on which there
ceases to be any LC Exposure, as well as the Issuing Bank’s standard fees with respect to the
issuance, amendment, renewal or extension of any Letter of Credit or processing of drawings
thereunder. LC Participation Fees and Fronting Fees accrued through and including the last day of
March, June, September and December of each year shall be payable on the third Business Day
following such last day, commencing on the first such date to occur after the Closing Date;
provided that all such fees shall be payable on the date on which the Revolving Commitments
terminate and any such fees accruing after the date on which the Revolving Commitments terminate
shall be payable on demand. Any other fees payable to the Issuing Bank pursuant to this paragraph
shall be payable within 10 days after demand. All LC Participation Fees and Fronting Fees shall be
computed on the basis of a year of 360 days and shall be payable for the actual number of days
elapsed (including the first day but excluding the last day).

     (d) All Fees shall be paid on the dates due, in immediately available funds, to the
Administrative Agent for distribution, if and as appropriate, among the Lenders, except that
Borrower shall pay the Fronting Fees directly to the Issuing Bank. Once paid, none of the Fees
shall be refundable under any circumstances.

     SECTION 2.06. Interest on Loans.

     (a) Subject to the provisions of Section 2.06(c), the Loans comprising each ABR
Revolving Borrowing, including each Swingline Loan, shall bear interest at a rate per annum equal
to the Alternate Base Rate plus the Applicable Margin in effect from time to time.

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     (b) Subject to the provisions of Section 2.06(c), the Loans comprising each Eurodollar
Revolving Borrowing shall bear interest at a rate per annum equal to the Adjusted LIBOR Rate for
the Interest Period in effect for such Borrowing plus the Applicable Margin in effect from time to
time.

     (c) Notwithstanding the foregoing, if any principal of or interest on any Loan or any fee or
other amount payable by Borrower hereunder is not paid when due, whether at stated maturity, upon
acceleration or otherwise, such overdue amount shall bear interest, after as well as before
judgment, at a rate per annum equal to (i) in the case of overdue principal of any Loan, 2% plus
the rate otherwise applicable to such Loan as provided in the preceding paragraphs of this Section
or (ii) in the case of any other amount, 2% plus the rate applicable to ABR Revolving Loans as
provided in paragraph (a) of this Section 2.06.

     (d) Accrued interest on each Loan shall be payable in arrears on each Interest Payment Date
for such Loan and, in the case of Revolving Loans, upon termination of the Revolving Commitments;
provided that (i) interest accrued pursuant to paragraph (c) of this Section shall be payable on
demand, (ii) in the event of any repayment or prepayment of any Loan (other than a prepayment of an
ABR Revolving Loan prior to the end of the Revolving Availability Period), accrued interest on the
principal amount repaid or prepaid shall be payable on the date of such repayment or prepayment and
(iii) in the event of any conversion of any Eurodollar Revolving Loan prior to the end of the
current Interest Period therefor, accrued interest on such Loan shall be payable on the effective
date of such conversion.

     (e) All interest hereunder shall be computed on the basis of a year of 360 days, except that
interest computed by reference to the Alternate Base Rate shall be computed on the basis of a year
of 365 days (or 366 days in a leap year), and in each case shall be payable for the actual number
of days elapsed (including the first day but excluding the last day). The applicable Alternate
Base Rate or Adjusted LIBOR Rate shall be determined by the Administrative Agent in accordance with
the provisions of this Agreement and such determination shall be conclusive absent manifest error.

     SECTION 2.07. Termination and Reduction of Commitments.

     (a) The Original Revolving Commitments terminated on the Fourth Amendment and Restatement
Effective Date. The Revolving Commitments and the Swingline Commitment shall automatically
terminate on the Revolving Maturity Date and the LC Commitment shall automatically terminate on the
date that is fifteen Business Days prior to the Revolving Maturity Date.

     (b) Borrower may at any time terminate, or from time to time reduce, the Commitments of any
Class; provided that (i) each reduction of the Commitments of any Class shall be in an amount that
is an integral multiple of $1.0 million and not less than $1.0 million and (ii) the Revolving
Commitments shall not be terminated or reduced if, after giving effect to any concurrent prepayment
of the Revolving Loans in accordance with Section 2.10, the sum of the Revolving Exposures
would exceed the aggregate amount of Revolving Commitments.

     (c) Borrower shall notify the Administrative Agent of any election to terminate or reduce the
Commitments under paragraph (b) of this Section at least three Business Days prior to the effective
date of such termination or reduction, specifying such election and the effective date thereof.
Promptly following receipt of any notice, the Administrative Agent shall advise the Lenders of the
contents thereof. Each notice delivered by Borrower pursuant to this Section shall be irrevocable;
provided that a notice of termination of the Commitments delivered by Borrower may state that such
notice is conditioned upon the effectiveness of other credit facilities, in which case such notice
may be revoked by Borrower (by notice to the Administrative Agent on or prior to the specified
effective date) if such condition is not satisfied. Any termination or reduction of the
Commitments of any Class shall be permanent. Each reduction

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of the Commitments of any Class shall be made ratably among the Lenders in accordance with
their respective Commitments of such Class.

     SECTION 2.08. Interest Elections.

     (a) Each Revolving Borrowing initially shall be of the Type specified in the applicable
Borrowing Request and, in the case of a Eurodollar Revolving Borrowing, shall have an initial
Interest Period as specified in such Borrowing Request. Thereafter, Borrower may elect to convert
such Borrowing to a different Type or to continue such Borrowing and, in the case of a Eurodollar
Revolving Borrowing, may elect Interest Periods therefor, all as provided in this Section.
Borrower may elect different options with respect to different portions of the affected Borrowing,
in which case each such portion shall be allocated ratably among the Lenders holding the Loans
comprising such Borrowing, and the Loans comprising each such portion shall be considered a
separate Borrowing. Notwithstanding anything to the contrary, Borrower shall not be entitled to
request any conversion or continuation that, if made, would result in more than seven Eurodollar
Revolving Borrowings outstanding hereunder at any one time. This Section shall not apply to
Swingline Borrowings, which may not be converted or continued.

     (b) To make an election pursuant to this Section, Borrower shall notify the Administrative
Agent of such election by telephone by the time that a Borrowing Request would be required under
Section 2.03 if Borrower were requesting a Revolving Borrowing of the Type resulting from
such election to be made on the effective date of such election. Each such telephonic Interest
Election Request shall be irrevocable and shall be confirmed promptly by hand delivery or telecopy
to the Administrative Agent of a written Interest Election Request.

     (c) Each telephonic and written Interest Election Request shall specify the following
information in compliance with Section 2.02:

     (i) the Borrowing to which such Interest Election Request applies and, if
different options are being elected with respect to different portions thereof, the
portions thereof to be allocated to each resulting Borrowing (in which case the
information to be specified pursuant to clauses (iii) and (iv) below shall be
specified for each resulting Borrowing);

     (ii) the effective date of the election made pursuant to such Interest Election
Request, which shall be a Business Day;

     (iii) whether the resulting Borrowing is to be an ABR Revolving Borrowing or a
Eurodollar Revolving Borrowing; and

     (iv) if the resulting Borrowing is a Eurodollar Revolving Borrowing, the
Interest Period to be applicable thereto after giving effect to such election, which
shall be a period contemplated by the definition of the term “Interest Period”.

     If any such Interest Election Request requests a Eurodollar Revolving Borrowing but does not
specify an Interest Period, then such Borrower shall be deemed to have selected an Interest Period
of one month’s duration.

     (d) Promptly following receipt of an Interest Election Request, the Administrative Agent shall
advise each Lender of the details thereof and of such Lender’s portion of each resulting Borrowing.

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     (e) If an Interest Election Request with respect to a Eurodollar Revolving Borrowing is not
timely delivered prior to the end of the Interest Period applicable thereto, then, unless such
Borrowing is repaid as provided herein, at the end of such Interest Period such Borrowing shall be
converted to an ABR Revolving Borrowing. Notwithstanding any contrary provision hereof, if an
Event of Default has occurred and is continuing and the Administrative Agent, at the request of the
Required Lenders, so notifies Borrower, then, after the occurrence and during the continuance of
such Event of Default (i) no outstanding Borrowing may be converted to or continued as a Eurodollar
Revolving Borrowing and (ii) unless repaid, each Eurodollar Revolving Borrowing shall be converted
to an ABR Revolving Borrowing at the end of the Interest Period applicable thereto.

     SECTION 2.09. Intentionally Omitted].

     SECTION 2.10. Optional and Mandatory Prepayments of Loans.

     (a) Optional Prepayments. Borrower shall have the right at any time and from time to
time to prepay any Borrowing, in whole or in part, subject to the requirements of this Section
2.10; provided that each partial prepayment shall be in an amount that is an integral multiple
of $250,000 and not less than $1.0 million.

     (b) Revolving Loan Prepayments.

     (i) In the event of the termination of all the Revolving Commitments, Borrower shall, on the
date of such termination, repay or prepay all its outstanding Revolving Borrowings and all
outstanding Swingline Loans and replace all outstanding Letters of Credit and/or deposit an amount
equal to the LC Exposure in the LC Sub Account.

     (ii) In the event of any partial reduction of the Revolving Commitments, then (x) at or prior
to the effective date of such reduction, the Administrative Agent shall notify Borrower and the
Revolving Lenders of the sum of the Revolving Exposures after giving effect thereto and (y) if the
sum of the Revolving Exposures would exceed the aggregate amount of Revolving Commitments after
giving effect to such reduction, then Borrower shall, on the date of such reduction, first, repay
or prepay Swingline Loans, and second, repay or prepay Revolving Borrowings and third, replace or
cash collateralize outstanding Letters of Credit in accordance with the procedures set forth in
Section 2.18(i), in an amount sufficient to eliminate such excess.

     (iii) In the event that the sum of all Lenders’ Revolving Exposures exceeds the Revolving
Commitments then in effect, Borrower shall, without notice or demand, immediately first, repay or
prepay Revolving Borrowings, and second, replace or cash collateralize outstanding Letters of
Credit in accordance with the procedures set forth in Section 2.18(i).

     (iv) In the event that the aggregate LC Exposure exceeds the LC Commitment then in effect,
Borrower shall, without notice or demand, immediately replace or cash collateralize outstanding
Letters of Credit in accordance with the procedures set forth in Section 2.18(i).

     (c) Asset Sales. Not later than five Business Days following the receipt of any Net
Cash Proceeds of any Asset Sale, Borrower or any of its Subsidiaries shall apply 100% of the Net
Cash Proceeds received with respect thereto to make prepayments in accordance with Sections
2.10(h) and (i); provided that:

     (i) no such prepayment shall be required with respect to (A) any Asset Sale
permitted by Section 6.05(a)(i), (c), (d) or (g),
(B) the disposition of assets subject to a

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condemnation or eminent domain proceeding or insurance settlement to the extent
it does not constitute a Casualty Event, or (C) Asset Sales for fair market value
resulting in no more than $2.0 million in Net Cash Proceeds per Asset Sale (or
series of related Asset Sales) and less than $7.5 million in Net Cash Proceeds in
any fiscal year, and in each of the cases of (A), (B) and (C), the proceeds of such
dispositions shall not be deposited in the Collateral Account; and

     (ii) so long as no Default shall then exist or would arise therefrom and the
aggregate of such Net Cash Proceeds of Asset Sales shall not exceed $7.5 million in
any fiscal year of Borrower, such proceeds shall not be required to be so applied on
such date to the extent that (A) Borrower shall have delivered an Officers’
Certificate to the Administrative Agent on or prior to such date stating that such
Net Cash Proceeds shall be used to purchase replacement assets or acquire 100% of
the Equity Interests of any person that owns such assets no later than 180 days
following the date of such Asset Sale (which Officers’ Certificate shall set forth
the estimates of the proceeds to be so expended); and (B) all such Net Cash Proceeds
in excess of $5.0 million in the aggregate at any time shall be held in the
Collateral Account and released therefrom only in accordance with the provisions of
Article IX; provided that if all or any portion of such Net Cash Proceeds
not required to be applied to the prepayment of outstanding Revolving Loans shall
not be utilized to purchase replacement assets or acquire such Equity Interests
within such 180 day period, such unused portion shall be applied on the last day of
such period as a mandatory prepayment of principal of outstanding Revolving Loans as
provided in this Section 2.10(c); and provided, further, that if the
property subject to such Asset Sale constituted Collateral, then all property
purchased with the Net Cash Proceeds thereof pursuant to this subsection shall be
made subject to the Lien of the applicable Security Documents in favor of the
Collateral Agent, for its benefit and for the benefit of the other Secured Parties
in accordance with Sections 5.11 and 5.12.

     (d) Debt Issuance. Upon any Debt Issuance after the Closing Date, Borrower shall make
prepayments in accordance with Sections 2.10(h) and (i) in an aggregate principal
amount equal to 100% of the Net Cash Proceeds of such Debt Issuance.

     (e) Equity Issuance. Upon any Equity Issuance after the Closing Date, Borrower shall
make prepayments in accordance with Sections 2.10(h) and (i) in an aggregate
principal amount equal to 50% of the Net Cash Proceeds of such Equity Issuance.

     (f) Casualty Events. Not later than five Business Days following the receipt (or, if
received by the Collateral Agent, notice to Borrower of such receipt) of any Net Cash Proceeds from
a Casualty Event, Borrower shall apply an amount equal to 100% of such Net Cash Proceeds to make
prepayments in accordance with Sections 2.10(h) and (i); provided that:

     (i) so long as no Default shall then exist or arise therefrom, such proceeds
shall not be required to be so applied on such date to the extent that (A) in the
event such Net Cash Proceeds shall not exceed $2.5 million, Borrower shall have
delivered an Officers’ Certificate to the Administrative Agent on or prior to such
date stating that such proceeds shall be used; or (B) in the event that such Net
Cash Proceeds exceed $2.5 million, the Administrative Agent has elected by notice to
Borrower on or prior to such date to require such proceeds to be used, in each case,
to repair, replace or restore any property in respect of which such Net Cash
Proceeds were paid no later than 180 days following the date of receipt of such
proceeds (which Officers’ Certificate shall set forth the estimates of the proceeds
to be so expended); provided that if the property subject to such

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Casualty Event constituted Collateral under the Security Documents, then all
property purchased with the Net Cash Proceeds thereof pursuant to this subsection
shall be made subject to the Lien of the applicable Security Documents in favor of
the Collateral Agent, for its benefit and for the benefit of the other Secured
Parties in accordance with Sections 5.11 and 5.12;

     (ii) all such Net Cash Proceeds in excess of $7.5 million in the aggregate
shall be held in the Collateral Account and released therefrom only in accordance
with the provisions of Article IX;

     (iii) if all or any portion of such Net Cash Proceeds shall not be so applied
within such 180 day period, such unused portion shall be applied on the last day of
such period as a mandatory prepayment of principal of outstanding Revolving Loans as
provided in this Section 2.10(f); and

     (iv) in the event Collateral Agent receives any Net Cash Proceeds that would
otherwise be from a Casualty Event except that such proceeds do not exceed $2.5
million, Collateral Agent will promptly deliver such Net Cash Proceeds to Borrower.

     (g) [Intentionally omitted]

     (h) Application of Prepayments. Any prepayments of Loans pursuant to Section
2.10(c), (d), (e) or (f) shall be applied to reduce (1) any outstanding
Revolving Loans ratably among the Revolving Lenders in accordance with their applicable Revolving
Commitments in an aggregate amount equal to such excess and (2) in the event any such mandatory
prepayments of Revolving Loans are made pursuant to Sections 2.10(c) or (f) or,
other than with respect to Permitted Unsecured Indebtedness, Section 2.10(d), the Revolving
Commitments ratably among the Revolving Lenders in accordance with their applicable Revolving
Commitments in an aggregate amount equal to such amount prepaid pursuant to clause (1) of this
paragraph (h), and Borrower shall comply with Section 2.10(b).

     Optional prepayments of Revolving Loans pursuant to this Section 2.10 shall be applied
first to reduce outstanding ABR Revolving Loans. Any amounts remaining after each such application
shall be applied to prepay Eurodollar Revolving Loans, as applicable. Notwithstanding the
foregoing, if the amount of any prepayment of Loans required under this Section 2.10 shall
be in excess of the amount of the ABR Revolving Loans at the time outstanding, only the portion of
the amount of such prepayment as is equal to the amount of such outstanding ABR Revolving Loans
shall be immediately prepaid and, at the election of Borrower, the balance of such required
prepayment shall be either (A) deposited in the Collateral Account and applied to the prepayment of
Eurodollar Revolving Loans on the last day of the then next expiring Interest Period for Eurodollar
Revolving Loans (with all interest accruing thereon for the account of Borrower) or (B) prepaid
immediately, together with any amounts owing to the Lenders under Section 2.13.
Notwithstanding any such deposit in the Collateral Account, interest shall continue to accrue on
such Loans until prepayment.

     (i) Notice of Prepayment. Borrower shall notify the Administrative Agent (and, in the
case of prepayment of a Swingline Loan, the Swingline Lender) by telephone (confirmed by telecopy)
of any prepayment hereunder (i) in the case of prepayment of a Eurodollar Revolving Borrowing, not
later than 11:00 a.m., New York City time, three Business Days before the date of prepayment, (ii)
in the case of prepayment of an ABR Revolving Borrowing, not later than 11:00 a.m., New York City
time, one Business Day before the date of prepayment or (iii) in the case of prepayment of a
Swingline Loan, not later than 11:00 a.m., New York City time, on the date of prepayment. Each
such notice shall be irrevocable; provided that, if a notice of prepayment is given in connection
with a conditional notice of termination of

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the Commitments as contemplated by Section 2.07, then such notice of prepayment may be
revoked if such termination is revoked in accordance with Section 2.07(c). Each such
notice shall specify the prepayment date, the principal amount of each Borrowing or portion thereof
to be prepaid and, in the case of a mandatory prepayment, a reasonably detailed calculation of the
amount of such prepayment. Promptly following receipt of any such notice (other than a notice
relating solely to Swingline Loans), the Administrative Agent shall advise the Lenders of the
contents thereof. Each partial prepayment of any Borrowing shall be in an amount that would be
permitted in the case of an advance of a Borrowing of the same Type as provided in Section
2.02, except as necessary to apply fully the required amount of a mandatory prepayment. Each
prepayment of a Borrowing shall be applied ratably to the Loans included in the prepaid Borrowing.
Prepayments shall be accompanied by accrued interest to the extent required by Section
2.06.

     SECTION 2.11. Alternate Rate of Interest. If prior to the commencement of any
Interest Period for a Eurodollar Revolving Borrowing:

     (a) the Administrative Agent determines (which determination shall be conclusive absent
manifest error) that adequate and reasonable means do not exist for ascertaining the
Adjusted LIBOR Rate for such Interest Period; or

     (b) the Administrative Agent is advised by the Required Lenders that the Adjusted LIBOR
Rate for such Interest Period will not adequately and fairly reflect the cost to such
Lenders of making or maintaining their Loans included in such Borrowing for such Interest
Period;

then the Administrative Agent shall give notice thereof to Borrower and the Lenders by telephone or
telecopy as promptly as practicable thereafter and, until the Administrative Agent notifies
Borrower and the Lenders that the circumstances giving rise to such notice no longer exist, (i) any
Interest Election Request that requests the conversion of any Borrowing to, or continuation of any
Borrowing as, a Eurodollar Revolving Borrowing shall be ineffective and (ii) if any Borrowing
Request requests a Eurodollar Revolving Borrowing, such Borrowing shall be made as an ABR Revolving
Borrowing.

     SECTION 2.12. Increased Costs.

     (a) If any Change in Law shall:

     (i) impose, modify or deem applicable any reserve, special deposit or similar
requirement against assets of, deposits with or for the account of, or credit
extended by, any Lender (except any such reserve requirement reflected in the
Adjusted LIBOR Rate) or the Issuing Bank; or

     (ii) impose on any Lender or the Issuing Bank or the London interbank market
any other condition affecting this Agreement or Eurodollar Revolving Loans made by
such Lender or any Letter of Credit or participation therein;

and the result of any of the foregoing shall be to increase the cost to such Lender of making or
maintaining any Eurodollar Revolving Loan (or of maintaining its obligation to make any such Loan)
or to increase the cost to such Lender or the Issuing Bank of participating in, issuing or
maintaining any Letter of Credit or to reduce the amount of any sum received or receivable by such
Lender or the Issuing Bank hereunder (whether of principal, interest or otherwise), then Borrower
will pay to such Lender or the Issuing Bank, as the case may be, such additional amount or amounts
as will compensate such Lender or the Issuing Bank, as the case may be, for such additional costs
incurred or reduction suffered.

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     (b) If any Lender or the Issuing Bank determines that any Change in Law regarding capital
requirements has or would have the effect of reducing the rate of return on such Lender’s or the
Issuing Bank’s capital or on the capital of such Lender’s or the Issuing Bank’s holding company, if
any, as a consequence of this Agreement or the Loans made by, or participations in Letters of
Credit held by, such Lender, or the Letters of Credit issued by the Issuing Bank, to a level below
that which such Lender or the Issuing Bank or such Lender’s or the Issuing Bank’s holding company
could have achieved but for such Change in Law (taking into consideration such Lender’s or the
Issuing Bank’s policies and the policies of such Lender’s or the Issuing Bank’s holding company
with respect to capital adequacy), then from time to time Borrower will pay to such Lender or the
Issuing Bank, as the case may be, such additional amount or amounts as will compensate such Lender
or the Issuing Bank or such Lender’s or the Issuing Bank’s holding company for any such reduction
suffered.

     (c) A certificate of a Lender or the Issuing Bank setting forth the amount or amounts
necessary to compensate such Lender or the Issuing Bank or its holding company, as the case may be,
as specified in paragraph (a) or (b) of this Section shall be delivered to Borrower and shall be
conclusive absent manifest error. Borrower shall pay such Lender or the Issuing Bank, as the case
may be, the amount shown as due on any such certificate within 10 days after receipt thereof.

     (d) Failure or delay on the part of any Lender or the Issuing Bank to demand compensation
pursuant to this Section shall not constitute a waiver of such Lender’s or the Issuing Bank’s right
to demand such compensation; provided that Borrower shall not be required to compensate a Lender or
the Issuing Bank pursuant to this Section for any increased costs or reductions incurred more than
180 days prior to the date that such Lender or the Issuing Bank, as the case may be, notifies
Borrower of the Change in Law giving rise to such increased costs or reductions and of such
Lender’s or the Issuing Bank’s intention to claim compensation therefor; provided, further, that,
if the Change in Law giving rise to such increased costs or reductions is retroactive, then the 180
day period referred to above shall not begin earlier than the date of effectiveness of the Change
in Law.

     SECTION 2.13. Breakage Payments. In the event of (a) the payment or prepayment,
whether optional or mandatory, of any principal of any Eurodollar Revolving Loan other than on the
last day of an Interest Period applicable thereto (including as a result of an Event of Default),
(b) the conversion of any Eurodollar Revolving Loan other than on the last day of the Interest
Period applicable thereto, (c) the failure to borrow, convert, continue or prepay any Revolving
Loan on the date specified in any notice delivered pursuant hereto or (d) the assignment of any
Eurodollar Revolving Loan other than on the last day of the Interest Period applicable thereto as a
result of a request by Borrower pursuant to Section 2.16, then, in any such event, Borrower
shall compensate each Lender for the loss, cost and expense attributable to such event. In the
case of a Eurodollar Revolving Loan, such loss, cost or expense to any Lender shall be deemed to
include an amount determined by such Lender to be the excess, if any, of (i) the amount of interest
which would have accrued on the principal amount of such Loan had such event not occurred, at the
Adjusted LIBOR Rate that would have been applicable to such Loan, for the period from the date of
such event to the last day of the then current Interest Period therefor (or, in the case of a
failure to borrow, convert or continue, for the period that would have been the Interest Period for
such Loan), over (ii) the amount of interest which would accrue on such principal amount for such
period at the interest rate which such Lender would bid were it to bid, at the commencement of such
period, for dollar deposits of a comparable amount and period from other banks in the Eurodollar
market. A certificate of any Lender setting forth any amount or amounts that such Lender is
entitled to receive pursuant to this Section shall be delivered to Borrower and shall be conclusive
absent manifest error. Borrower shall pay such Lender the amount shown as due on any such
certificate within 10 days after receipt thereof.

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     SECTION 2.14. Payments Generally; Pro Rata Treatment; Sharing of Setoffs.

     (a) Borrower shall make each payment required to be made by it hereunder or under any other
Loan Document (whether of principal, interest, fees or reimbursement of LC Disbursements, or of
amounts payable under Section 2.12, 2.13 or 2.15, or otherwise) on or
before the time expressly required hereunder or under such other Loan Document for such payment
(or, if no such time is expressly required, prior to 2:00 p.m., New York City time), on the date
when due, in immediately available funds, without setoff or counterclaim. Any amounts received
after such time on any date may, in the discretion of the Administrative Agent, be deemed to have
been received on the next succeeding Business Day for purposes of calculating interest thereon.
All such payments shall be made to the Administrative Agent at its offices at 677 Washington
Boulevard, Stamford, Connecticut, except payments to be made directly to the Issuing Bank or
Swingline Lender as expressly provided herein and except that payments pursuant to Sections
2.12, 2.13, 2.15 and 11.03 shall be made directly to the persons
entitled thereto and payments pursuant to other Loan Documents shall be made to the persons
specified therein. The Administrative Agent shall distribute any such payments received by it for
the account of any other person to the appropriate recipient promptly following receipt thereof.
If any payment under any Loan Document shall be due on a day that is not a Business Day, the date
for payment shall be extended to the next succeeding Business Day, and, in the case of any payment
accruing interest, interest thereon shall be payable for the period of such extension. All
payments under each Loan Document shall be made in dollars.

     (b) If at any time insufficient funds are received by and available to the Administrative
Agent to pay fully all amounts of principal, Reimbursement Obligations, interest and fees then due
hereunder, such funds shall be applied (i) first, towards payment of interest and fees then due
hereunder, ratably among the parties entitled thereto in accordance with the amounts of interest
and fees then due to such parties, and (ii) second, towards payment of principal and Reimbursement
Obligations then due hereunder, ratably among the parties entitled thereto in accordance with the
amounts of principal and Reimbursement Obligations then due to such parties.

     (c) If any Lender shall, by exercising any right of setoff or counterclaim or otherwise,
obtain payment in respect of any principal of or interest on any of its Revolving Loans or
participations in LC Disbursements or Swingline Loans resulting in such Lender receiving payment of
a greater proportion of the aggregate amount of its Revolving Loans and participations in LC
Disbursements and Swingline Loans and accrued interest thereon than the proportion received by any
other Lender, then the Lender receiving such greater proportion shall purchase (for cash at face
value) participations in the Revolving Loans and participations in LC Disbursements and Swingline
Loans of other Lenders to the extent necessary so that the benefit of all such payments shall be
shared by the Lenders ratably in accordance with the aggregate amount of principal of and accrued
interest on their respective Revolving Loans and participations in LC Disbursements and Swingline
Loans; provided that (i) if any such participations are purchased and all or any portion of the
payment giving rise thereto is recovered, such participations shall be rescinded and the purchase
price restored to the extent of such recovery, without interest, and (ii) the provisions of this
paragraph shall not be construed to apply to any payment made by Borrower pursuant to and in
accordance with the express terms of this Agreement or any payment obtained by a Lender as
consideration for the assignment of or sale of a participation in any of its Loans or
participations in LC Disbursements to any assignee or participant, other than to Borrower or any
Subsidiary or Affiliate thereof (as to which the provisions of this paragraph shall apply).
Borrower consents to the foregoing and agrees, to the extent it may effectively do so under
applicable law, that any Lender acquiring a participation pursuant to the foregoing arrangements
may exercise against Borrower rights of setoff and counterclaim with respect to such participation
as fully as if such Lender were a direct creditor of Borrower in the amount of such participation.

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     (d) Unless the Administrative Agent shall have received notice from Borrower prior to the date
on which any payment is due to the Administrative Agent for the account of the Lenders or the
Issuing Bank hereunder that Borrower will not make such payment, the Administrative Agent may
assume that Borrower has made such payment on such date in accordance herewith and may, in reliance
upon such assumption, distribute to the Lenders or the Issuing Bank, as the case may be, the amount
due. In such event, if Borrower has not in fact made such payment, then each of the Lenders or the
Issuing Bank, as the case may be, severally agrees to repay to the Administrative Agent forthwith
on demand the amount so distributed to such Lender or Issuing Bank with interest thereon, for each
day from and including the date such amount is distributed to it to but excluding the date of
payment to the Administrative Agent, at the greater of the Federal Funds Effective Rate and a rate
determined by the Administrative Agent in accordance with banking industry rules on interbank
compensation.

     (e) If any Lender shall fail to make any payment required to be made by it pursuant to
Section 2.02(c), 2.14(d), 2.17(d), 2.18(d) or 11.03(d),
then the Administrative Agent may, in its discretion (notwithstanding any contrary provision
hereof), apply any amounts thereafter received by the Administrative Agent for the account of such
Lender to satisfy such Lender’s obligations under such Sections until all such unsatisfied
obligations are fully paid.

     SECTION 2.15. Taxes.

     (a) Any and all payments by or on account of any obligation of Borrower hereunder or under any
other Loan Document shall be made without setoff, counterclaim or other defense and free and clear
of and without deduction or withholding for any and all Indemnified Taxes; provided that if
Borrower shall be required by law to deduct any Indemnified Taxes from such payments, then (i) the
sum payable shall be increased as necessary so that after making all required deductions (including
deductions or withholdings applicable to additional sums payable under this Section) the
Administrative Agent, Lender or Issuing Bank (as the case may be) receives an amount equal to the
sum it would have received had no such deductions or withholdings been made, (ii) Borrower shall
make such deductions or withholdings and (iii) Borrower shall pay the full amount deducted or
withheld to the relevant Governmental Authority in accordance with applicable law.

     (b) In addition, Borrower shall pay any Other Taxes to the relevant Governmental Authority in
accordance with applicable law.

     (c) Borrower shall indemnify the Administrative Agent, each Lender and the Issuing Bank,
within 10 Business Days after written demand therefor, for the full amount of any Indemnified Taxes
or Other Taxes paid by the Administrative Agent, such Lender or the Issuing Bank, as the case may
be, on or with respect to any payment by or on account of any obligation of Borrower hereunder or
under any other Loan Document (including Indemnified Taxes or Other Taxes imposed or asserted on or
attributable to amounts payable under this Section 2.15) and any penalties, interest and
reasonable expenses arising therefrom or with respect thereto, whether or not such Indemnified
Taxes or Other Taxes were correctly or legally imposed or asserted by the relevant Governmental
Authority. A certificate as to the amount of such payment or liability delivered to Borrower by a
Lender or the Issuing Bank, or by the Administrative Agent on its own behalf or on behalf of a
Lender or the Issuing Bank, shall be conclusive absent manifest error.

     (d) As soon as practicable after any payment of Indemnified Taxes or Other Taxes by Borrower
to a Governmental Authority, Borrower shall deliver to the Administrative Agent the original or a
certified copy of a receipt issued by such Governmental Authority evidencing such payment, a copy
of the return reporting such payment or other evidence of such payment reasonably satisfactory to
the Administrative Agent.

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     (e) Any Foreign Lender that is entitled to an exemption from or reduction of withholding tax
under the law of the jurisdiction in which Borrower is located, or any treaty to which such
jurisdiction is a party, with respect to payments under this Agreement shall deliver to Borrower
(with a copy to the Administrative Agent), at the time or times prescribed by applicable law, such
properly completed and executed documentation prescribed by applicable law or reasonably requested
by Borrower as will permit such payments to be made without withholding or at a reduced rate. Each
Foreign Lender either (1) (i) agrees to furnish either U.S. Internal Revenue Service Form W 8ECI or
U.S. Internal Revenue Service Form W 8BEN (or successor form) and (ii) agrees (for the benefit of
Borrower and the Administrative Agent), to the extent it may lawfully do so at such times, upon
reasonable request by Borrower or the Administrative Agent, to provide a new Form W 8ECI or Form W
8BEN (or successor form) upon the expiration or obsolescence of any previously delivered form to
reconfirm any complete exemption from, or any entitlement to a reduction in, U.S. federal
withholding tax with respect to any interest payment hereunder or (2) in the case of any such
Foreign Lender that is not a “bank” within the meaning of Section 881(c)(3)(A) of the Code, (i)
agrees to furnish either (a) a “Non Bank Certificate” in a form acceptable to the Administrative
Agent and Borrower and two accurate and complete original signed copies of Internal Revenue Service
Form W 8BEN (or successor form) or (b) an Internal Revenue Form W 8ECI (or successor form),
certifying (in each case) to such Foreign Lender’s legal entitlement to an exemption or reduction
from U.S. federal withholding tax with respect to all interest payments hereunder and (ii) agrees
(for the benefit of Borrower and the Administrative Agent) to the extent it may lawfully do so at
such times, upon reasonable request by Borrower or the Administrative Agent, to provide a new Form
W 8BEN or W 8ECI (or successor form) upon the expiration or obsolescence of any previously
delivered form to reconfirm any complete exemption from, or any entitlement to a reduction in, U.S.
federal withholding tax with respect to any interest payment hereunder.

     (f) If the Administrative Agent or a Lender (or an assignee) determines in its reasonable
discretion that it has received a refund of any Indemnified Taxes or Other Taxes as to which it has
been indemnified by Borrower or with respect to which Borrower has paid additional amounts pursuant
to this Section 2.15, it shall pay over such refund to Borrower (but only to the extent of
indemnity payments made, or additional amounts paid, by Borrower under this Section 2.15
with respect to the Indemnified Taxes or the Other Taxes giving rise to such refund), net of all
out of pocket expenses of the Administrative Agent or such Lender (or assignee) and without
interest (other than any interest paid by the relevant Governmental Authority with respect to such
refund); provided, however, that Borrower, upon the request of the Administrative Agent or such
Lender (or assignee), agrees to repay the amount paid over to Borrower (plus any penalties,
interest or other charges imposed by the relevant Governmental Authority) to the Administrative
Agent or such Lender (or assignee) in the event the Administrative Agent or such Lender (or
assignee) is required to repay such refund to such Governmental Authority. Nothing contained in
this Section 2.15(f) shall require the Administrative Agent or any Lender (or assignee) to
make available its tax returns or any other information which it deems confidential to Borrower or
any other person. Notwithstanding anything to the contrary, in no event will any Lender be
required to pay any amount to Borrower the payment of which would place such Lender in a less
favorable net after tax position than such Lender would have been in had the additional amounts
giving rise to such refund of any Indemnified Taxes or Other Taxes never been paid in the first
place.

     SECTION 2.16. Mitigation Obligations; Replacement of Lenders.

     (a) Mitigation of Obligations. If any Lender requests compensation under Section
2.12, or if Borrower is required to pay any additional amount to any Lender or any Governmental
Authority for the account of any Lender pursuant to Section 2.15, then such Lender shall
use reasonable efforts to designate a different lending office for funding or booking its Loans
hereunder or to assign its rights and obligations hereunder to another of its offices, branches or
affiliates, if, in the reasonable judgment of such Lender, such designation or assignment (i) would
eliminate or reduce amounts payable pursuant to Section 2.12 or

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2.15, as the case may be, in the future and (ii) would not subject such Lender to any
unreimbursed cost or expense and would not otherwise be disadvantageous to such Lender. Borrower
hereby agrees to pay all reasonable costs and expenses incurred by any Lender in connection with
any such designation or assignment.

     (b) Replacement of Lenders. If any Lender requests compensation under Section
2.12, or if Borrower is required to pay any additional amount to any Lender or any Governmental
Authority for the account of any Lender pursuant to Section 2.15, or if any Lender defaults
in its obligation to fund Loans hereunder, then Borrower may, at its sole expense and effort, upon
notice to such Lender and the Administrative Agent, require such Lender to assign and delegate,
without recourse (in accordance with and subject to the restrictions contained in Section
11.04), all of its interests, rights and obligations under this Agreement to an assignee
selected by Borrower that shall assume such obligations (which assignee may be another Lender, if a
Lender accepts such assignment); provided that (i) Borrower shall have received the prior written
consent of the Administrative Agent (and, if a Revolving Commitment is being assigned, the Issuing
Bank and Swingline Lender), which consent shall not unreasonably be withheld, (ii) such Lender
shall have received payment of an amount equal to the outstanding principal of its Loans and
participations in LC Disbursements and Swingline Loans, accrued interest thereon, accrued fees and
all other amounts payable to it hereunder, from the assignee (to the extent of such outstanding
principal and accrued interest and fees) or Borrower (in the case of all other amounts) and (iii)
in the case of any such assignment resulting from a claim for compensation under Section
2.12 or payments required to be made pursuant to Section 2.15, such assignment will
result in a material reduction in such compensation or payments. A Lender shall not be required to
make any such assignment and delegation if, prior thereto, as a result of a waiver by such Lender
or otherwise, the circumstances entitling Borrower to require such assignment and delegation cease
to apply.

     SECTION 2.17. Swingline Loans.

     (a) Swingline Commitment. Subject to the terms and conditions set forth herein, the
Swingline Lender agrees to make Swingline Loans to Borrower from time to time during the Revolving
Availability Period, in an aggregate principal amount at any time outstanding that will not result
in (i) the aggregate principal amount of outstanding Swingline Loans exceeding $2.5 million or (ii)
the sum of the total Revolving Exposures exceeding the total Revolving Commitments; provided that
the Swingline Lender shall not be required to make a Swingline Loan to refinance an outstanding
Swingline Loan. Within the foregoing limits and subject to the terms and conditions set forth
herein, Borrower may borrow, repay and reborrow Swingline Loans.

     (b) Swingline Loans. To request a Swingline Loan, Borrower shall notify the
Administrative Agent of such request by telephone (confirmed by telecopy), not later than 2:00
p.m., New York City time, on the day of a proposed Swingline Loan. Each such notice shall be
irrevocable, shall specify the requested date (which shall be a Business Day) and amount of the
requested Swingline Loan. The Administrative Agent will promptly advise the Swingline Lender of
any such notice received from Borrower. The Swingline Lender shall make each Swingline Loan
available to Borrower by means of a credit to the general deposit account of Borrower with the
Swingline Lender (or, in the case of a Swingline Loan made to finance the reimbursement of an LC
Disbursement as provided in Section 2.18(e), by remittance to the Issuing Bank) by 3:00
p.m., New York City time, on the requested date of such Swingline Loan. Borrower shall not request
a Swingline Loan if at the time of and immediately after giving effect to such request a Default
has occurred and is continuing. Swingline Loans shall be made in minimum amounts of $500,000 and
integral multiples of $100,000 above such amount.

     (c) Prepayment. Borrower shall have the right at any time and from time to time to
repay any Swingline Loan, in whole or in part, upon giving written or telecopy notice (or telephone
notice

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promptly confirmed by written, or telecopy notice) to the Swingline Lender and to the
Administrative Agent before 12:00 (noon), New York City time on the date of repayment at the
Swingline Lender’s address for notices specified in the Swingline Lender’s Administrative
Questionnaire. All principal payments of Swingline Loans shall be accompanied by accrued interest
on the principal amount being repaid to the date of payment.

     (d) Participations. The Swingline Lender may by written notice given to the
Administrative Agent not later than 12:00 noon, New York City time, on any Business Day require the
Revolving Lenders to acquire participations on such Business Day in all or a portion of the
Swingline Loans outstanding. Such notice shall specify the aggregate amount of Swingline Loans in
which Revolving Lenders will participate. Promptly upon receipt of such notice, the Administrative
Agent will give notice thereof to each Revolving Lender, specifying in such notice such Lender’s
Pro Rata Percentage of such Swingline Loan or Loans. Each Revolving Lender hereby absolutely and
unconditionally agrees, upon receipt of notice as provided above, to pay to the Administrative
Agent, for the account of the Swingline Lender, such Lender’s Pro Rata Percentage of such Swingline
Loan or Loans. Each Revolving Lender acknowledges and agrees that its obligation to acquire
participations in Swingline Loans pursuant to this paragraph is absolute and unconditional and
shall not be affected by any circumstance whatsoever, including the occurrence and continuance of a
Default or reduction or termination of the Commitments, and that each such payment shall be made
without any offset, abatement, withholding or reduction whatsoever (provided that such payment
shall not cause such Lender’s Revolving Exposure to exceed such Lender’s Revolving Commitment).
Each Revolving Lender shall comply with its obligation under this paragraph by wire transfer of
immediately available funds, in the same manner as provided in Section 2.14 with respect to
Loans made by such Lender (and Section 2.02 shall apply, mutatis mutandis, to the payment
obligations of the Revolving Lenders), and the Administrative Agent shall promptly pay to the
Swingline Lender the amounts so received by it from the Revolving Lenders. The Administrative
Agent shall notify Borrower of any participations in any Swingline Loan acquired pursuant to this
paragraph, and thereafter payments in respect of such Swingline Loan shall be made to the
Administrative Agent and not to the Swingline Lender. Any amounts received by the Swingline Lender
from Borrower (or other party on behalf of Borrower) in respect of a Swingline Loan after receipt
by the Swingline Lender of the proceeds of a sale of participations therein shall be promptly
remitted to the Administrative Agent; any such amounts received by the Administrative Agent shall
be promptly remitted by the Administrative Agent to the Revolving Lenders that shall have made
their payments pursuant to this paragraph and to the Swingline Lender, as their interests may
appear. The purchase of participations in a Swingline Loan pursuant to this paragraph shall not
relieve Borrower of any default in the payment thereof.

     SECTION 2.18. Letters of Credit.

     (a) General. Subject to the terms and conditions set forth herein, Borrower may
request the Issuing Bank, and the Issuing Bank agrees, to issue Letters of Credit for its own
account or the account of a Subsidiary in a form reasonably acceptable to the Administrative Agent
and the Issuing Bank, at any time and from time to time during the Revolving Availability Period.
The Issuing Bank shall have no obligation to issue, and Borrower shall not request the issuance of,
any Letter of Credit at any time if after giving effect to such issuance, the LC Exposure would
exceed the LC Commitment or the total Revolving Exposure would exceed the total Revolving
Commitments. In the event of any inconsistency between the terms and conditions of this Agreement
and the terms and conditions of any form of letter of credit application or other agreement
submitted by Borrower to, or entered into by Borrower with, the Issuing Bank relating to any Letter
of Credit, the terms and conditions of this Agreement shall control.

     (b) Request for Issuance, Amendment, Renewal, Extension; Certain Conditions. To
request the issuance of a Letter of Credit or the amendment, renewal or extension of an outstanding
Letter of Credit, Borrower shall hand deliver or telecopy (or transmit by electronic communication,
if arrangements

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for doing so have been approved by the Issuing Bank) an LC Request to the Issuing Bank and the
Administrative Agent not later than 11:00 a.m. on the third Business Day preceding the requested
date of issuance, amendment, renewal or extension (or such later date and time as is acceptable to
the Issuing Bank).

     A request for an initial issuance of a Letter of Credit shall specify in form and detail
satisfactory to the Issuing Bank:

     (i) the proposed issuance date of the requested Letter of Credit (which shall be a
Business Day);

     (ii) the amount thereof;

     (iii) the expiry date thereof (which shall not be later than the close of business 15
days prior to the Revolving Maturity Date);

     (iv) the name and address of the beneficiary thereof;

     (v) whether the Letter of Credit is to be issued for its own account or for the account
of a Subsidiary;

     (vi) the documents to be presented by such beneficiary in connection with any drawing
thereunder;

     (vii) the full text of any certificate to be presented by such beneficiary in
connection with any drawing thereunder; and

     (viii) such other matters as the Issuing Bank may reasonably require.

     A request for an amendment, renewal or extension of any outstanding Letter of Credit shall
specify in form and detail satisfactory to the Issuing Bank:

     (i) the Letter of Credit to be amended, renewed or extended;

     (ii) the proposed date of amendment, renewal or extension thereof (which shall be a
Business Day);

     (iii) the nature of the proposed amendment, renewal or extension; and

     (iv) such other matters as the Issuing Bank may reasonably require.

     If requested by the Issuing Bank, Borrower also shall submit a letter of credit application on
the Issuing Bank’s standard form in connection with any request for a Letter of Credit. A Letter
of Credit shall be issued, amended, renewed or extended only if (and upon issuance, amendment,
renewal or extension of each Letter of Credit, Borrower shall be deemed to represent and warrant
that), after giving effect to such issuance, amendment, renewal or extension (i) the LC Exposure
shall not exceed $30.0 million and (ii) the total Revolving Exposures shall not exceed the total
Revolving Commitments. Unless the Issuing Bank shall agree otherwise, no Letter of Credit shall be
in an initial amount less than $100,000, in the case of a Commercial Letter of Credit, or $500,000,
in the case of a Standby Letter of Credit.

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     (c) Expiration Date.

     (i) Each Letter of Credit shall expire at or prior to the close of business on the
earlier of (x) in the case of a Standby Letter of Credit, (1) the date which is one year
after the date of the issuance of such Standby Letter of Credit (or, in the case of any
renewal or extension thereof, one year after such renewal or extension) and (2) the Letter
of Credit Expiration Date and (y) in the case of a Commercial Letter of Credit, (1) the date
that is 180 days after the date of issuance of such Commercial Letter of Credit (or, in the
case of any renewal or extension thereof, 180 days after such renewal or extension) and (2)
the Letter of Credit Expiration Date.

     (ii) If Borrower so requests in any Letter of Credit Request, then the Issuing Bank
may, in its sole and absolute discretion, agree to issue a Letter of Credit that has
automatic renewal provisions (each, an “Auto-Renewal Letter of Credit”); provided that any
such Auto-Renewal Letter of Credit must permit the Issuing Bank to prevent any such renewal
at least once in each twelve-month period (commencing with the date of issuance of such
Letter of Credit) by giving prior notice to the beneficiary thereof not later than a day in
each such twelve-month period to be agreed upon at the time such Letter of Credit is issued.
Unless otherwise directed by the Issuing Bank, Borrower shall not be required to make a
specific request to the Issuing Bank for any such renewal. Once an Auto-Renewal Letter of
Credit has been issued, the Revolving Lenders shall be deemed to have authorized (but may
not require) the Issuing Bank to permit the renewal of such Letter of Credit at any time to
an expiry date not later than the earlier of (x) one year from the date of such renewal and
(y) the Letter of Credit Expiration Date; provided that the Issuing Bank shall not permit
any such renewal if (1) the Issuing Bank has determined that it would have no obligation at
such time to issue such Letter of Credit in its renewed form under the terms hereof (by
reason of the provisions of Section 2.18 or otherwise), or (2) it has received notice (which
may be by telephone or in writing) on or before the day that is two Business Days before the
date which has been agreed upon pursuant to the proviso of the first sentence of this
paragraph, (A) from the Administrative Agent that any Revolving Lender directly affected
thereby has elected not to permit such renewal or (B) from the Administrative Agent, any
Lender or Borrower that one or more of the applicable conditions specified in Section 4.01
is not then satisfied.

     (d) Participations. By the issuance of a Letter of Credit (or an amendment to a
Letter of Credit increasing the amount thereof) and without any further action on the part of the
Issuing Bank or the Lenders, the Issuing Bank hereby irrevocably grants to each Revolving Lender,
and each Revolving Lender hereby acquires from the Issuing Bank, a participation in such Letter of
Credit equal to such Lender’s Pro Rata Percentage of the aggregate amount available to be drawn
under such Letter of Credit. In consideration and in furtherance of the foregoing, each Revolving
Lender hereby absolutely and unconditionally agrees to pay to the Administrative Agent, for the
account of the Issuing Bank, such Lender’s Pro Rata Percentage of each LC Disbursement made by the
Issuing Bank and not reimbursed by Borrower on the date due as provided in paragraph (e) of this
Section, or of any reimbursement payment required to be refunded to Borrower for any reason. Each
Lender acknowledges and agrees that its obligation to acquire participations pursuant to this
paragraph in respect of Letters of Credit is absolute and unconditional and shall not be affected
by any circumstance whatsoever, including any amendment, renewal or extension of any Letter of
Credit or the occurrence and continuance of a Default or reduction or termination of the
Commitments, and that each such payment shall be made without any offset, abatement, withholding or
reduction whatsoever.

     (e) Reimbursement. If the Issuing Bank shall make any LC Disbursement in respect of a
Letter of Credit, Borrower shall reimburse such LC Disbursement by paying to the Issuing Bank an
amount equal to such LC Disbursement not later than 3:00 p.m., New York City time, on the date that
such LC Disbursement is made, if Borrower shall have received notice of such LC Disbursement prior
to 11:00 a.m., New York City time, on such date, or, if such notice has not been received by
Borrower prior

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to such time, on such date, then not later than 2:00 p.m., New York City time on the Business
Day immediately following the day that Borrower receives such notice; provided that Borrower may,
subject to the conditions to borrowing set forth herein, request in accordance with Section
2.03 that such payment be financed with an ABR Revolving Borrowing in an equivalent amount and,
to the extent so financed, Borrower’s obligation to make such payment shall be discharged and
replaced by the resulting ABR Revolving Borrowing.

     If Borrower fails to make such payment when due, the Issuing Bank shall notify the
Administrative Agent and the Administrative Agent shall notify each Revolving Lender of the
applicable LC Disbursement, the payment then due from Borrower in respect thereof and such Lender’s
Pro Rata Percentage thereof. Each Revolving Lender shall pay by wire transfer of immediately
available funds to the Administrative Agent on such date (or, if such Revolving Lender shall have
received such notice later than 12:00 noon on any day, not later than 11:00 a.m. on the immediately
following Business Day), an amount equal to such Revolving Lender’s Pro Rata Percentage of the
unreimbursed LC Disbursement in the same manner as provided in Section 2.02 with respect to
Loans made by such Lender, and the Administrative Agent will promptly pay to the Issuing Bank the
amounts so received by it from the Revolving Lenders. The Administrative Agent will promptly pay
to the Issuing Bank any amounts received by it from Borrower pursuant to the above paragraph prior
to the time that any Revolving Lender makes any payment pursuant to the preceding sentence; any
such amounts received by the Administrative Agent thereafter will be promptly remitted by the
Administrative Agent to the Revolving Lenders that shall have made such payments and to the Issuing
Bank, as appropriate.

     If any Revolving Lender shall not have made its Pro Rata Percentage of such LC Disbursement
available to the Administrative Agent as provided above, each of such Revolving Lender and Borrower
severally agrees to pay interest on such amount, for each day from including the date such amount
is required to be paid in accordance with the foregoing to but excluding the date such amount is
paid, to the Administrative Agent for the account of the Issuing Bank at (i) in the case of
Borrower, the rate per annum set forth in Section 2.18(h) and (ii) in the case of such
Lender, at a rate determined by the Administrative Agent in accordance with banking industry rules
or practices on interbank compensation.

     (f) Obligations Absolute. The Reimbursement Obligation of Borrower as provided in
Section 2.18(e) shall be absolute, unconditional and irrevocable, and shall be performed
strictly in accordance with the terms of this Agreement under any and all circumstances whatsoever
and irrespective of (i) any lack of validity or enforceability of any Letter of Credit or this
Agreement, or any term or provision therein; (ii) any draft or other document presented under a
Letter of Credit proving to be forged, fraudulent, invalid or insufficient in any respect or any
statement therein being untrue or inaccurate in any respect; (iii) payment by the Issuing Bank
under a Letter of Credit against presentation of a draft or other document that does not
substantially comply with the terms of such Letter of Credit; (iv) any other event or circumstance
whatsoever, whether or not similar to any of the foregoing, that might, but for the provisions of
this Section 2.18, constitute a legal or equitable discharge of, or provide a right of
setoff against, the obligations of Borrower hereunder; (v) the fact that a Default or Event of
Default shall have occurred and be continuing; and (vi) any adverse change in the business, assets,
property, results of operations, prospects or condition, financial or otherwise, of Borrower and
its Subsidiaries. None of the Agents, the Lenders, the Issuing Bank or any of their Affiliates,
shall have any liability or responsibility by reason of or in connection with the issuance or
transfer of any Letter of Credit or any payment or failure to make any payment thereunder
(irrespective of any of the circumstances referred to in the preceding sentence), or any error,
omission, interruption, loss or delay in transmission or delivery of any draft, notice or other
communication under or relating to any Letter of Credit (including any document required to make a
drawing thereunder), any error in interpretation of technical terms or any consequence arising from
causes beyond the control of the Issuing Bank; provided that the foregoing shall not be construed
to excuse the Issuing Bank from liability to Borrower to the extent of any direct damages (as
opposed to consequential

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damages, claims in respect of which are hereby waived by Borrower to the extent permitted by
applicable law) suffered by Borrower that are caused by the Issuing Bank’s failure to exercise care
when determining whether drafts and other documents presented under a Letter of Credit comply with
the terms thereof. The parties hereto expressly agree that, in the absence of gross negligence or
willful misconduct on the part of the Issuing Bank (as finally determined by a court of competent
jurisdiction), the Issuing Bank shall be deemed to have exercised care in each such determination.
In furtherance of the foregoing and without limiting the generality thereof, the parties agree
that, with respect to documents presented which appear on their face to be in substantial
compliance with the terms of a Letter of Credit, the Issuing Bank may, in its sole discretion,
either accept and make payment upon such documents without responsibility for further
investigation, regardless of any notice or information to the contrary, or refuse to accept and
make payment upon such documents if such documents are not in strict compliance with the terms of
such Letter of Credit.

     (g) Disbursement Procedures. The Issuing Bank shall, promptly following its receipt
thereof, examine all documents purporting to represent a demand for payment under a Letter of
Credit. The Issuing Bank shall promptly notify the Administrative Agent and Borrower by telephone
(confirmed by telecopy) of such demand for payment and whether the Issuing Bank has made or will
make an LC Disbursement thereunder; provided that any failure to give or delay in giving such
notice shall not relieve Borrower of its Reimbursement Obligation to the Issuing Bank and the
Revolving Lenders with respect to any such LC Disbursement (other than with respect to the timing
of such Reimbursement Obligation set forth in Section 2.18(e)).

     (h) Interim Interest. If the Issuing Bank shall make any LC Disbursement, then,
unless Borrower shall reimburse such LC Disbursement in full on the date such LC Disbursement is
made, the unpaid amount thereof shall bear interest payable on demand, for each day from and
including the date such LC Disbursement is made to but excluding the date that Borrower reimburses
such LC Disbursement, at the rate per annum set forth in Section 2.06(c). Interest accrued
pursuant to this paragraph shall be for the account of the Issuing Bank, except that interest
accrued on and after the date of payment by any Revolving Lender pursuant to paragraph (e) of this
Section to reimburse the Issuing Bank shall be for the account of such Lender to the extent of such
payment.

     (i) Cash Collateralization. If any Event of Default shall occur and be continuing, on
the Business Day that Borrower receives notice from the Administrative Agent or the Required
Lenders (or, if the maturity of the Loans has been accelerated, Revolving Lenders with LC Exposure
representing greater than 50% of the total LC Exposure) demanding the deposit of cash collateral
pursuant to this paragraph, Borrower shall deposit in the LC Sub Account, in the name of the
Collateral Agent and for the benefit of the Lenders, an amount in cash equal to the LC Exposure as
of such date plus any accrued and unpaid interest thereon; provided that the obligation to deposit
such cash collateral shall become effective immediately, and such deposit shall become immediately
due and payable, without demand or other notice of any kind, upon the occurrence of any Event of
Default with respect to Borrower described in clause (g) or (h) of Article VIII.
Each such deposit shall be held by the Collateral Agent as collateral for the payment and
performance of the obligations of Borrower under this Agreement. The Collateral Agent shall have
exclusive dominion and control, including the exclusive right of withdrawal, over such account.
Other than any interest earned on the investment of such deposits, which investments shall be made
at the option and sole discretion of the Collateral Agent and at the risk and expense of Borrower,
such deposits shall not bear interest. Interest or profits, if any, on such investments shall
accumulate in such account. Moneys in such account shall be applied by the Collateral Agent to
reimburse the Issuing Bank for LC Disbursements for which it has not been reimbursed and, to the
extent not so applied, shall be held for the satisfaction of the reimbursement obligations of
Borrower for the LC Exposure at such time or, if the maturity of the Loans has been accelerated
(but subject to the consent of Revolving Lenders with LC Exposure representing greater than two
thirds of the total LC Exposure), be applied to satisfy

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other Obligations of Borrower under this Agreement. If Borrower is required to provide an
amount of cash collateral hereunder as a result of the occurrence of an Event of Default, such
amount plus any accrued interest or realized profits on such amounts (to the extent not applied as
aforesaid) shall be returned to Borrower within three Business Days after all Events of Default
have been cured or waived. If Borrower is required to provide an amount of such collateral
hereunder pursuant to Section 2.10(b), such amount plus any accrued interest or realized
profits on account of such amount (to the extent not applied as aforesaid) shall be returned to
Borrower as and to the extent that, after giving effect to such return, Borrower would remain in
compliance with Section 2.10(b) and no Default or Event of Default shall have occurred and
be continuing.

     (j) Resignation or Removal of the Issuing Bank. The Issuing Bank may resign as
Issuing Bank hereunder at any time upon at least 30 days’ prior notice to the Lenders, the
Administrative Agent and Borrower. The Issuing Bank may be replaced at any time by written
agreement among Borrower, each Agent, the replaced Issuing Bank and the successor Issuing Bank.
The Administrative Agent shall notify the Lenders of any such replacement of the Issuing Bank or
any such additional Issuing Bank. At the time any such resignation or replacement shall become
effective, Borrower shall pay all unpaid fees accrued for the account of the replaced Issuing Bank
pursuant to Section 2.05(c). From and after the effective date of any such resignation or
replacement or addition, as applicable, (i) the successor or additional Issuing Bank shall have all
the rights and obligations of the Issuing Bank under this Agreement with respect to Letters of
Credit to be issued thereafter and (ii) references herein to the term “Issuing Bank” shall be
deemed to refer to such successor or such additional or any previous Issuing Bank, or to such
successor or such additional and all previous Issuing Banks, as the context shall require. After
the resignation or replacement of an Issuing Bank hereunder, the replaced Issuing Bank shall remain
a party hereto and shall continue to have all the rights and obligations of an Issuing Bank under
this Agreement with respect to Letters of Credit issued by it prior to such resignation or
replacement, but shall not be required to issue additional Letters of Credit. If at any time there
is more than one Issuing Bank hereunder, Borrower may, in its discretion, select which Issuing Bank
is to issue any particular Letter of Credit.

     (k) Additional Issuing Banks. Borrower may, at any time and from time to time with
the consent of the Administrative Agent (which consent shall not be unreasonably withheld) and such
Lender, designate one or more additional Lenders to act as an issuing bank under the terms of this
Agreement, with the consent of the Administrative Agent (which consent shall not be unreasonable
withheld), the Issuing Bank and such Revolving Lender. Any Lender designated as an issuing bank
pursuant to this paragraph (k) shall be deemed (in addition to being a Lender) to be the Issuing
Bank with respect to Letters of Credit issued or to be issued by such Lender, and all references
herein and in the other Loan Documents to the term “Issuing Bank” shall, with respect to such
Letters of Credit, be deemed to refer to such Lender in its capacity as Issuing Bank, as the
context shall require.

     The Issuing Bank shall be under no obligation to issue any Letter of Credit if:

     (i) any order, judgment or decree of any Governmental Authority or arbitrator shall by
its terms purport to enjoin or restrain the Issuing Bank from issuing such Letter of Credit,
or any law applicable to the Issuing Bank or any request or directive (whether or not having
the force of law) from any Governmental Authority with jurisdiction over the Issuing Bank
shall prohibit, or request that the Issuing Bank refrain from, the issuance of letters of
credit generally or such Letter of Credit in particular or shall impose upon the Issuing
Bank with respect to such Letter of Credit any restriction, reserve or capital requirement
(for which the Issuing Bank is not otherwise compensated hereunder) not in effect on the
Closing Date, or shall impose upon the Issuing Bank any unreimbursed loss, cost or expense
which was not applicable on the Closing Date and which the Issuing Bank in good faith deems
material to it; or

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     (ii) the issuance of such Letter of Credit would violate one or more policies of the
Issuing Bank.

     The Issuing Bank shall be under no obligation to amend any Letter of Credit if (A) the Issuing
Bank would have no obligation at such time to issue such Letter of Credit in its amended form under
the terms hereof, or (B) the beneficiary of such Letter of Credit does not accept the proposed
amendment to such Letter of Credit.

     SECTION 2.19. [Intentionally omitted].

     SECTION 2.20. [Intentionally omitted].

     SECTION 2.21. [Intentionally omitted].

     SECTION 2.22. Increase in Commitments.

     (a) At any time, Borrower may by written notice to the Administrative Agent and without the
consent of the other Lenders hereunder request increases to the existing Revolving Commitments (any
such increase, an “Incremental Revolving Commitment”). Each Incremental Revolving Commitment shall
be in a minimum amount of at least $5.0 million and the aggregate amount of all Incremental
Revolving Commitments shall not exceed $100.0 million. Such notice shall specify the date (an
“Increased Amount Date”) on which Borrower proposes that the Incremental Revolving Commitments be
made available, which shall be a date not less than 5 Business Days after the date on which such
notice is delivered to the Administrative Agent, and the amount of the Incremental Revolving
Commitments. The Administrative Agent shall notify Borrower in writing of the identity of each
Lender or other financial institution reasonably acceptable to the Administrative Agent and the
Borrower (each, an “Incremental Revolving Lender”) to whom the Incremental Revolving Commitments
have been allocated and the amounts of such allocations; provided that any Lender approached to
provide all or a portion of the Incremental Revolving Commitments may elect or decline, in its sole
discretion, to provide an Incremental Revolving Commitment. Such Incremental Revolving Commitments
shall become effective as of such Increased Amount Date; provided that (1) no Default or Event of
Default has occurred and is continuing or would result after giving effect to the making of such
Incremental Revolving Commitments and Revolving Loans or the application of the proceeds therefrom,
(2) such increase in the Commitments shall be evidenced by one or more joinder agreements (the
“Increase Joinder”) executed by Borrower, the Administrative Agent and each Lender making such
Incremental Revolving Commitment, in form and substance satisfactory to each of them. The Increase
Joinder may, without the consent of any other Lenders, effect such amendments to this Agreement and
the other Loan Documents as may be necessary or appropriate, in the opinion of the Administrative
Agent, to effect the provisions of this Section 2.22, and each shall be recorded in the register,
each of which shall be subject to the requirements set forth in Section 2.15(e). All terms and
conditions of any Revolving Loans or other Obligations relating to Incremental Revolving
Commitments shall be on the same terms and conditions as those applicable to Revolving Commitments,
Revolving Loans and other Obligations under this Agreement. In addition, unless otherwise
specifically provided herein, all references in Loan Documents to Revolving Loans shall be deemed,
unless the context otherwise requires, to include references to Revolving Loans made pursuant to
Incremental Revolving Commitments made pursuant to this Agreement.

     (b) On any Increased Amount Date on which Incremental Revolving Commitments are effected,
subject to the satisfaction of the foregoing terms and conditions, (i) each of the existing
Revolving Lenders shall assign to each of the Incremental Revolving Lenders, and each of the
Incremental Revolving Lenders shall purchase from each of the existing Revolving Lenders, at the
principal amount thereof, such interests in the outstanding Revolving Loans and participations in
Letters of Credit and Swingline

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Loans outstanding on such Increased Amount Date that will result in, after giving effect to
all such assignments and purchases, such Revolving Loans and participations in Letters of Credit
and Swingline Loans being held by existing Revolving Lenders and Incremental Revolving Lenders
ratably in accordance with their Revolving Commitments after giving effect to the addition of such
Incremental Revolving Commitments to the Revolving Commitments, (ii) each Incremental Revolving
Commitment shall be deemed for all purposes a Revolving Commitment and each Loan made thereunder
shall be deemed, for all purposes, a Revolving Loan and have the same terms as any existing
Revolving Loan and (iii) each Incremental Revolving Lender shall become a Lender with respect to
the Revolving Commitments and all matters relating thereto. Borrower shall make any payments
required pursuant to Section 2.13 in connection with any adjustment of Revolving Loans
pursuant to this Section 2.22(b). Assignments made to effect this Section 2.22(b) shall be
made in accordance with Section 11.04.

     (c) The Administrative Agent shall notify the Lenders promptly upon receipt of Borrower’s
notice of an Increased Amount Date and, in respect thereof, the Incremental Revolving Commitments
and the Incremental Revolving Lenders.

     SECTION 2.23. Revolving Loans.

     (a) Subject to the terms and conditions hereof, each Original Lender with an Original
Revolving Commitment (other than a Reduced Lender) who executes and delivers a counterpart of this
Agreement severally agrees to exchange its Original Revolving Commitment for a like principal
amount of Revolving Commitments on the Fourth Amendment and Restatement Effective Date.

     (b) Borrower shall prepay all outstanding Original Revolving Loans with a portion of the gross
proceeds of such Revolving Loans and, by its signature below, each Lender exchanging its Original
Revolving Commitment for a Revolving Commitment and each Reduced Lender consents to such prepayment
and such termination of its Original Revolving Commitment. Any such prepayment of Original
Revolving Loans and termination of Original Revolving Commitments shall be effected on the Fourth
Amendment and Restatement Effective Date without regard to any notice requirement, minimum
principal amount or pro rata allocation provision otherwise applicable thereto under this
Agreement.

     (c) Borrower shall pay all accrued and unpaid interest under the Original Credit Agreement on
the Original Revolving Loans to the Original Lenders holding Original Revolving Loans on the Fourth
Amendment and Restatement Effective Date and any breakage loss or expense under Section 2.13 of
this Agreement. On the Fourth Amendment and Restatement Effective Date, the Original Revolving
Loans shall be deemed paid in full and discharged and the Original Revolving Commitments shall be
deemed terminated.

     (d) The holders of the Revolving Commitments shall be entitled to the same guarantees and
security interests pursuant to the Security Agreement and the other Security Documents from and
after the Fourth Amendment and Restatement Effective Date as the benefits which the holders of the
Original Revolving Loans and Original Revolving Commitments had been entitled immediately prior to
the Fourth Amendment and Restatement Effective Date.

ARTICLE III

REPRESENTATIONS AND WARRANTIES

     Each Loan Party represents and warrants to the Administrative Agent, the Collateral Agent, the
Issuing Bank and each of the Lenders that:

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     SECTION 3.01. Organization; Powers. Each Company (a) is duly organized and validly existing under
the laws of the jurisdiction of its organization, (b) has all requisite power and authority to
carry on its business as now conducted and to own and lease its property and (c) is qualified and
in good standing (to the extent such concept is applicable in the applicable jurisdiction) to do
business in every jurisdiction where such qualification is required, except in such jurisdictions
where the failure to so qualify or be in good standing, individually or in the aggregate, could not
reasonably be expected to result in a Material Adverse Effect.

     SECTION 3.02. Authorization; Enforceability. The Transactions to be entered into by each Loan Party
are within such Loan Party’s powers and have been duly authorized by all necessary action. This
Agreement has been duly executed and delivered by each Loan Party and constitutes, and each other
Loan Document to which any Loan Party is to be a party, when executed and delivered by such Loan
Party, will constitute, a legal, valid and binding obligation of such Loan Party, enforceable in
accordance with its terms, subject to applicable bankruptcy, insolvency, reorganization, moratorium
or other laws affecting creditors’ rights generally and subject to general principles of equity,
regardless of whether considered in a proceeding in equity or at law.

     SECTION 3.03. Governmental Approvals; No Conflicts. Except as set forth on Schedule 3.03, the
Transactions (a) do not require any consent or approval of, registration or filing with, or any
other action by, any Governmental Authority, except (i) such as have been obtained or made and are
in full force and effect, (ii) filings necessary to perfect Liens created under the Loan Documents
and (iii) consents, approvals, registrations, filings or actions the failure of which to obtain or
perform could not reasonably be expected to result in a Material Adverse Effect, (b) will not
violate the charter, by laws or other organizational documents of any Company or any order of any
Governmental Authority, (c) will not violate, result in a default or require any consent or
approval under any applicable law or regulation, indenture, agreement or other instrument binding
upon any Company or its assets, or give rise to a right thereunder to require any payment to be
made by any Company, except for violations, defaults or the creation of such rights that could not
reasonably be expected to result in a Material Adverse Effect, and (d) will not result in the
creation or imposition of any Lien on any property of any Company, except Liens created under the
Loan Documents and Permitted Liens.

     SECTION 3.04. Financial Statements. Borrower has heretofore furnished to the Lenders (i) the
consolidated balance sheets as of December 31, 2003, 2004 and 2005 and related statements of
income, stockholders’ equity and cash flows of Borrower as of and for the fiscal years ended
December 31, 2003, 2004 and 2005, audited by and accompanied by the opinion of KPMG LLP,
independent public accountants and (ii) the unaudited consolidated balance sheets and related
statements of income, stockholders’ equity and cash flows of Borrower as of and for the latest
twelve-month and nine-month periods ended September 30, 2006, in each case, certified by the Chief
Financial Officer of Borrower. Such financial statements (and all financial statements delivered
pursuant to Section 5.01) have been prepared in accordance with GAAP consistently applied
and present fairly and accurately the financial condition and results of operations and cash flows
of Borrower as of such dates and for such periods. Except as set forth in such financial
statements (and all financial statements delivered pursuant to Section 5.01), there are no
liabilities of any Company of any kind, whether accrued, contingent, absolute, determined,
determinable or otherwise, which could reasonably be expected to result in a Material Adverse
Effect, and there is no existing condition, situation or set of circumstances which could
reasonably be expected to result in such a liability, other than liabilities under the Loan
Documents.

     SECTION 3.05. No Claims. Each Company owns or has rights to use all of the Collateral and all
rights with respect to any of the foregoing used in, necessary for or material to each Company’s
business as currently conducted. The use by each Company of such Collateral and all such rights
with respect to the foregoing do not infringe on the rights of any person other than such
infringement which

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would not, individually or in the aggregate, result in a Material Adverse Effect. No claim
has been made and remains outstanding that any Company’s use of any Collateral does or may violate
the rights of any third person that would individually, or in the aggregate, have a Material
Adverse Effect.

     SECTION 3.06. Properties.

     (a) Each Company has good title to, or valid leasehold interests in, all its property material
to its business, except for minor irregularities or deficiencies in title that, individually or in
the aggregate, do not interfere with its ability to conduct its business as currently conducted or
to utilize such property for its intended purpose. Title to all such property held by such Company
is free and clear of all Liens except for Permitted Liens. The property of the Companies, taken as
a whole, (i) is in good operating order, condition and repair (ordinary wear and tear excepted)
(except to the extent that the failure to be in such condition could not reasonably be expected to
result in a Material Adverse Effect) and (ii) constitutes all the property which is required for
the business and operations of the Companies as presently conducted.

     (b) Schedule 3.06(b) contains a true and complete list of each interest in Real
Property owned by any Company as of the date hereof and describes the type of interest therein held
by such Company. Schedule 3.06(b) contains a true and complete list of each Real Property
leased, subleased or otherwise occupied or utilized by any Company, as lessee, sublessee,
franchisee or licensee, as of the date hereof and describes the type of interest therein held by
such Company and whether such lease, sublease or other instrument requires the consent of the
landlord thereunder or other parties thereto to the Transactions.

     (c) (i) No Company has received any notice of, nor has any knowledge of, the occurrence or
pendency or contemplation of any Casualty Event affecting all or any portion of the property and
(ii) no Mortgage encumbers improved Real Property that is located in an area that has been
identified by the Secretary of Housing and Urban Development as an area having special flood
hazards and with respect to which flood insurance has been made available under the National Flood
Insurance Act of 1968.

     SECTION 3.07. Intellectual Property.

     (a) Ownership/No Claims. Each Loan Party owns, or is licensed to use, all patents,
patent applications, trademarks, trade names, service marks, copyrights, technology, trade secrets,
proprietary information, domain names, know how and processes necessary for the conduct of its
business as currently conducted (the “Intellectual Property”), except for those the failure to own
or license which, individually or in the aggregate, could not reasonably be expected to result in a
Material Adverse Effect. No claim has been asserted and is pending by any person challenging or
questioning the use of any such Intellectual Property or the validity or effectiveness of any such
Intellectual Property, nor does any Loan Party know of any valid basis for any such claim. The use
of such Intellectual Property by each Loan Party does not infringe the rights of any person, except
for such claims and infringements that, individually or in the aggregate, could not reasonably be
expected to result in a Material Adverse Effect.

     (b) Registrations. Except pursuant to licenses and other user agreements entered into
by each Loan Party in the ordinary course of business that are listed in Schedules 15(a)
and 15(b) annexed to the Perfection Certificate (as such term is defined in the Security
Agreement), on and as of the date hereof (i) each Loan Party owns and possesses the right to use,
and has done nothing to authorize or enable any other person to use, any Copyright, Patent or
Trademark (as such terms are defined in the Security Agreement) listed in Schedules 15(a)
and 15(b) annexed to the Perfection Certificate and (ii) all registrations listed in
Schedules 15(a) and 15(b) annexed to the Perfection Certificate are valid and in
full force and effect, except for such lack of rights or failures to register that, individually or
in the aggregate, could not reasonably be expected to result in a Material Adverse Effect.

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     (c) No Violations or Proceedings. To each Loan Party’s knowledge, on and as of the
date hereof, (i) except as set forth in Schedule 3.07(c) annexed hereto, there is no
material violation by others of any right of such Loan Party with respect to any Copyright, Patent
or Trademark listed in Schedules 15(a) and 15(b) annexed to the Perfection
Certificate, respectively, pledged by it under the name of such Loan Party, (ii) such Loan Party is
not infringing upon any Copyright, Patent or Trademark of any other person other than such
infringement that, individually or in the aggregate, would not (or would not reasonably be expected
to) result in a Material Adverse Effect on the value or utility of the Intellectual Property or any
portion thereof material to the use and operation of the Collateral and (iii) no proceedings have
been instituted or are pending against such Loan Party or, to such Loan Party’s knowledge,
threatened, and no claim against such Loan Party has been received by such Loan Party, alleging any
such violation, except as may be set forth in this Section 3.07(c).

     SECTION 3.08. Condition and Maintenance of Equipment. The equipment of each Company is in good
repair, working order and condition, reasonable wear and tear excepted. Each Company shall cause
the equipment to be maintained and preserved in good repair, working order and condition,
reasonable wear and tear excepted, and shall as quickly as commercially practicable make or cause
to be made all repairs, replacements and other improvements which are necessary or appropriate in
the conduct of each Company’s ordinary course of business.

     SECTION 3.09. Equity Interests and Subsidiaries.

     (a) Schedule 3.09(a) sets forth a list of (i) all the Subsidiaries and their
jurisdiction of organization as of the Fourth Amendment and Restatement Effective Date and (ii) the
number of shares of each class of each Subsidiaries’ Equity Interests outstanding, on the Fourth
Amendment and Restatement Effective Date and the number of shares covered by all outstanding
options, warrants, rights of conversion or purchase and similar rights at the Fourth Amendment and
Restatement Effective Date. All Equity Interests of each Company are duly and validly issued and
are fully paid and nonassessable and (other than shares of Borrower) are owned by Borrower,
directly or indirectly, through Wholly Owned Subsidiaries. Each Loan Party is the record and
beneficial owner of, and has good and marketable title to, the Equity Interests pledged by it under
the Security Agreement, free of any and all Liens, rights or claims of other persons, except the
security interest created by the Security Agreement, and there are no outstanding warrants, options
or other rights to purchase, or shareholder, voting trust or similar agreements outstanding with
respect to, or property that is convertible into, or that requires the issuance or sale of, any
such Equity Interests.

     (b) No consent of any person including any other general or limited partner, any other member
of a limited liability company, any other shareholder or any other trust beneficiary is necessary
or desirable in connection with the creation, perfection or first priority status of the security
interest of the Collateral Agent in any Equity Interests pledged to the Collateral Agent for the
benefit of the Secured Parties under the Security Agreement or the exercise by the Collateral Agent
of the voting or other rights provided for in the Security Agreement or the exercise of remedies in
respect thereof.

     (c) An accurate organization chart, showing the ownership structure of Borrower and each
Subsidiary on the Fourth Amendment and Restatement Effective Date, and after giving effect to the
Transaction, is set forth on Schedule 3.09(c).

     SECTION 3.10. Litigation; Compliance with Laws.

     (a) There are no actions, suits or proceedings at law or in equity by or before any
Governmental Authority now pending or, to the knowledge of any Company, threatened against or
affecting any Company or any business, property or rights of any such person (i) that involve any
Loan Document or

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the Transactions or (ii) as to which there is a reasonable possibility of an adverse
determination and that, if adversely determined, could reasonably be expected, individually or in
the aggregate, to result in a Material Adverse Effect.

     (b) Except for matters covered by Section 3.20, no Company or any of its property is
in violation of, nor will the continued operation of their property as currently conducted violate,
any Requirements of Law (including any zoning or building ordinance, code or approval or any
building permits) or any restrictions of record or agreements affecting the Real Property or is in
default with respect to any judgment, writ, injunction, decree or order of any Governmental
Authority, where such violation or default could reasonably be expected to result in a Material
Adverse Effect.

     SECTION 3.11. Agreements.

     (a) No Company is a party to any agreement or instrument or subject to any corporate or other
constitutional restriction that has resulted or could reasonably be expected to result in a
Material Adverse Effect.

     (b) No Company is in default in any manner under any provision of any indenture or other
agreement or instrument evidencing Indebtedness, or any other agreement or instrument to which it
is a party or by which it or any of its property are or may be bound, where such default could
reasonably be expected to result in a Material Adverse Effect.

     (c) Schedule 3.11(c) accurately and completely lists all material agreements (other
than leases of Real Property set forth on Schedule 3.06(b)) to which any Company is a party
which are in effect on the date hereof in connection with the operation of the business conducted
thereby and Borrower has delivered to the Administrative Agent complete and correct copies of all
such material agreements, including any amendments, supplements or modifications with respect
thereto.

     SECTION 3.12. Federal Reserve Regulations.

     (a) No Company is engaged principally, or as one of its important activities, in the business
of extending credit for the purpose of buying or carrying Margin Stock.

     (b) No part of the proceeds of any Loan or any Letter of Credit will be used, whether directly
or indirectly, and whether immediately, incidentally or ultimately, for any purpose that entails a
violation of, or that is inconsistent with, the provisions of the regulations of the Board,
including Regulation T, U or X. The pledge of the Securities Collateral pursuant to the Security
Agreement does not violate such regulations.

     SECTION 3.13. Investment Company Act. No Company is an “investment company” or a company
“controlled” by an “investment company,” as defined in, or subject to regulation under, the
Investment Company Act of 1940, as amended.

     SECTION 3.14. Use of Proceeds. Borrower will use the proceeds of the Revolving Loans for working
capital and general corporate purposes (including to effect Permitted Acquisitions).

     SECTION 3.15. Taxes. Each Company has (a) timely filed or caused to be timely filed all federal Tax
Returns and all material, state, local and foreign Tax Returns or materials required to have been
filed by it and all such Tax Returns are true and correct in all material respects and (b) duly and
timely paid or caused to be duly and timely paid all Taxes (whether or not shown on any Tax Return)
due and payable by it and all assessments received by it, except Taxes (i) that are being contested
in good

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faith by appropriate proceedings and for which such Company shall have set aside on its books
adequate reserves in accordance with GAAP or (ii) which could not, individually or in the
aggregate, have a Material Adverse Effect; provided that any such contest of Taxes with respect to
Collateral shall also satisfy the Contested Collateral Lien Conditions. Each Company has made
adequate provision in accordance with GAAP for all Taxes not yet due and payable. Each Company is
unaware of any proposed or pending tax assessments, deficiencies or audits that could be reasonably
expected to, individually or in the aggregate, result in a Material Adverse Effect.

     SECTION 3.16. No Material Misstatements. No information, report, financial statement, exhibit or
schedule furnished by or on behalf of any Company to the Administrative Agent or any Lender in
connection with the negotiation of any Loan Document or included therein or delivered pursuant
thereto (including the Confidential Information Memorandum) contained, contains or will contain,
any material misstatement of fact or omitted, omits or will omit to state any material fact
necessary to make the statements therein, taken as a whole, in the light of the circumstances under
which they were, are or will be made, not misleading as of the date such information is dated or
certified; provided that to the extent any such information, report, financial statement, exhibit
or schedule was based upon or constitutes a forecast or projection, each Company represents only
that it acted in good faith and utilized reasonable assumptions and due care in the preparation of
such information, report, financial statement, exhibit or schedule.

     SECTION 3.17. Labor Matters. As of the date hereof and the Fourth Amendment and Restatement
Effective Date, there are no strikes, lockouts or slowdowns against any Company pending or, to the
knowledge of any Company, threatened. The hours worked by and payments made to employees of any
Company have not been in violation of the Fair Labor Standards Act or any other applicable federal,
state, local or foreign law dealing with such matters in any manner which could reasonably be
expected to result in a Material Adverse Effect. All payments due from any Company, or for which
any claim may be made against any Company, on account of wages and employee health and welfare
insurance and other benefits, have been paid or accrued as a liability on the books of such Company
except where the failure to do so could not reasonably be expected to result in a Material Adverse
Effect. The consummation of the Transactions will not give rise to any right of termination or
right of renegotiation on the part of any union under any collective bargaining agreement to which
any Company is bound.

     SECTION 3.18. Solvency. Immediately after the consummation of the Transactions to occur on the
Fourth Amendment and Restatement Effective Date and immediately following the making of each Loan
and after giving effect to the application of the proceeds of each Loan, (a) the fair value of the
assets of each Loan Party (individually and on a consolidated basis with its Subsidiaries) will
exceed its debts and liabilities, subordinated, contingent or otherwise; (b) the present fair
saleable value of the property of each Loan Party (individually and on a consolidated basis with
its Subsidiaries) will be greater than the amount that will be required to pay the probable
liability of its debts and other liabilities, subordinated, contingent or otherwise, as such debts
and other liabilities become absolute and matured; (c) each Loan Party (individually and on a
consolidated basis with its Subsidiaries) will be able to pay its debts and liabilities,
subordinated, contingent or otherwise, as such debts and liabilities become absolute and matured;
and (d) each Loan Party (individually and on a consolidated basis with its Subsidiaries) will not
have unreasonably small capital with which to conduct its business in which it is engaged as such
business is now conducted and is proposed to be conducted following the Fourth Amendment and
Restatement Effective Date.

     SECTION 3.19. Employee Benefit Plans. Each Company and its ERISA Affiliates is in compliance in all
material respects with the applicable provisions of ERISA and the Code and the regulations and
published interpretations thereunder. No ERISA Event has occurred or is reasonably expected to
occur that, when taken together with all other such ERISA Events, could reasonably be expected to

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result in material liability of any Company or any of its ERISA Affiliates or the imposition
of a Lien on any of the assets of a Company. The present value of all accumulated benefit
obligations of all underfunded Plans (based on the assumptions used for purposes of Statement of
Financial Accounting Standards No. 87) did not, as of the date of the most recent financial
statements reflecting such amounts, exceed by more than $250,000 the fair market value of the
assets of all such underfunded Plans. Using actuarial assumptions and computation methods
consistent with subpart 1 of subtitle E of Title IV of ERISA, the aggregate liabilities of each
Company or its ERISA Affiliates to all Multiemployer Plans in the event of a complete withdrawal
therefrom, as of the close of the most recent fiscal year of each such Multiemployer Plan, could
not reasonably be expected to result in a Material Adverse Effect.

     SECTION 3.20. Environmental Matters.

     (a) Except as set forth in this Schedule 3.20 and except as, individually or in the
aggregate, could not reasonably be expected to result in a Material Adverse Effect:

     (1) The Companies and their businesses, operations and Real Property are and in the
last six years have been in compliance with, and the Companies have no liability under,
Environmental Law;

     (2) The Companies have obtained all Environmental Permits required for the conduct of
their businesses and operations, and the ownership, operation and use of their assets, under
Environmental Law, all such Environmental Permits are valid and in good standing and, under
the currently effective business plan of the Companies, no expenditures or operational
adjustments will be required in order to renew or modify such Environmental Permits during
the next five years;

     (3) There has been no Release or threatened Release of Hazardous Material on, at, under
or from any real property or facility presently or formerly owned, leased or operated by the
Companies or their predecessors in interest that could result in liability by the Companies
under Environmental Law;

     (4) There is no Environmental Claim pending or, to the knowledge of the Companies,
threatened against the Companies, or relating to the real property currently or formerly
owned, leased or operated by the Companies or relating to the operations of the Companies,
and there are no actions, activities, circumstances, conditions, events or incidents that
could form the basis of such an Environmental Claim; and

     (5) No person with an indemnity or contribution obligation to the Companies relating to
compliance with or liability under Environmental Law is in default with respect to such
obligation.

     (b) Except as set forth in Schedule 3.20:

     (1) No Company is obligated to perform any action or otherwise incur any expense under
Environmental Law pursuant to any order, decree, judgment or agreement by which it is bound
or has assumed by contract or agreement, and no Company is conducting or financing any
Response pursuant to any Environmental Law with respect to any Real Property or any other
location;

     (2) No Real Property or facility owned, operated or leased by the Companies and, to the
knowledge of the Companies, no real property or facility formerly owned, operated or leased

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by the Companies or any of their predecessors in interest is (i) listed or proposed for
listing on the National Priorities List promulgated pursuant to CERCLA or (ii) listed on the
Comprehensive Environmental Response, Compensation and Liability Information System
promulgated pursuant to CERCLA or (iii) included on any similar list maintained by any
Governmental Authority including, without limitation, any such list relating to petroleum;

     (3) No Lien has been recorded or, to the knowledge of any Company, threatened under any
Environmental Law with respect to any Real Property or assets of the Companies;

     (4) The execution, delivery and performance of this Agreement and the consummation of
the transactions contemplated hereby will not require any notification, registration,
filing, reporting, disclosure, investigation, remediation or cleanup pursuant to any
Governmental Real Property Disclosure Requirements or any other Environmental Law; and

     (5) The Companies have made available to Lenders all material records and files in the
possession, custody or control of, or otherwise reasonably available to, the Companies
concerning compliance with or liability under Environmental Law including, without
limitation, those concerning the existence of Hazardous Material at real property or
facilities currently or formerly owned, operated, leased or used by the Companies.

     SECTION 3.21. Insurance. Schedule 3.21 sets forth a true, complete and correct description
of all insurance maintained by each Company as of the Fourth Amendment and Restatement Effective
Date. As of each such date, such insurance is in full force and effect and all premiums have been
duly paid. Each Company has insurance in such amounts and covering such risks and liabilities as
are in accordance with normal industry practice.

     SECTION 3.22. Security Documents.

     (a) The Security Agreement is effective to create in favor of the Collateral Agent for the
benefit of the Secured Parties, a legal, valid and enforceable security interest in and Lien on the
Security Agreement Collateral and, when (i) financing statements and other filings in appropriate
form are filed in the offices specified on Schedule 7 to the Perfection Certificate and
(ii) upon the taking of possession or control by the Collateral Agent of the Security Agreement
Collateral with respect to which a security interest may be perfected only by possession or control
(which possession or control shall be given to the Collateral Agent to the extent possession or
control by the Collateral Agent is required by each Security Agreement), the Lien created by the
Security Agreement shall constitute a fully perfected Lien on, and security interest in, all right,
title and interest of the grantors thereunder in the Security Agreement Collateral (other than (A)
the Intellectual Property Collateral (as defined in the Security Agreement) and (B) such Security
Agreement Collateral in which a security interest cannot be perfected under the UCC as in effect at
the relevant time in the relevant jurisdiction), in each case subject to no Liens other than
Permitted Liens.

     (b) When the Security Agreement or a short form thereof is filed in the United States Patent
and Trademark Office and the United States Copyright Office, the Lien created by such Security
Agreement shall constitute a fully perfected Lien on, and security interest in, all right, title
and interest of the grantors thereunder in the Intellectual Property Collateral (as defined in such
Security Agreement), in each case subject to no Liens other than Permitted Liens.

     (c) Each Mortgage executed and delivered prior to the date hereof is effective to create, in
favor of the Collateral Agent, for its benefit and the benefit of the Secured Parties, a legal,
valid and enforceable first priority Lien on and security interest in all of the Loan Parties’
right, title and interest in

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and to the Mortgaged Properties thereunder and the proceeds thereof, and the Mortgages shall
constitute fully perfected Liens on, and security interests in, all right, title and interest of
the Loan Parties in the Mortgaged Properties and the proceeds thereof, in each case prior and
superior in right to any other person, other than Liens reasonably acceptable to Administrative
Agent.

     (d) Each Security Document delivered pursuant to Sections 5.11 and 5.12 will,
upon execution and delivery thereof, be effective to create in favor of the Collateral Agent, for
the benefit of the Secured Parties, a legal, valid and enforceable security interest in and Lien on
all of the Loan Parties’ right, title and interest in and to the Collateral thereunder, and when
all appropriate filings or recordings are made in the appropriate offices as may be required under
applicable law, such Security Document will constitute a fully perfected Lien on, and security
interest in, all right, title and interest of the Loan Parties in such Collateral, in each case
subject to no Liens other than the applicable Permitted Liens.

     SECTION 3.23. No Material Adverse Effect. Since December 31, 2005, there has been no event, change
or occurrence that, individually or in the aggregate, has had or could reasonably be expected to
result in a Material Adverse Effect.

     SECTION 3.24. Anti-Terrorism Law.

     (a) No Loan Party and, to the knowledge of the Loan Parties, none of its Affiliates is in
violation of any Requirement of Law relating to terrorism or money laundering (“Anti-Terrorism
Laws”), including Executive Order No. 13224 on Terrorist Financing, effective September 24, 2001
(the “Executive Order”), and the Uniting and Strengthening America by Providing Appropriate Tools
Required to Intercept and Obstruct Terrorism Act of 2001, Public Law 107-56.

     (b) No Loan Party and to the actual knowledge of the Loan Parties, no Affiliate or broker or
other agent of any Loan Party acting or benefiting in any capacity in connection with the Loans is
any of the following:

     (i) a person that is listed in the annex to, or is otherwise subject to the
provisions of, the Executive Order;

     (ii) a person owned or controlled by, or acting for or on behalf of, any person
that is listed in the annex to, or is otherwise subject to the provisions of, the
Executive Order;

     (iii) a person with which any Lender is prohibited from dealing or otherwise
engaging in any transaction by any Anti-Terrorism Law;

     (iv) a person that commits, threatens or conspires to commit or supports
“terrorism” as defined in the Executive Order; or

     (v) a person that is named as a “specially designated national and blocked
person” on the most current list published by the U.S. Treasury Department Office of
Foreign Assets Control (“OFAC”) at its official website or any replacement website
or other replacement official publication of such list.

     (c) No Loan Party and, to the actual knowledge of the Loan Parties, no broker or other agent
of any Loan Party acting in any capacity in connection with the Loans (i) conducts any business or
engages in making or receiving any contribution of funds, goods or services to or for the benefit
of any person described in paragraph (b) above, (ii) deals in, or otherwise engages in any
transaction relating to, any

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property or interests in property blocked pursuant to the Executive Order, or (iii) engages in
or conspires to engage in any transaction that evades or avoids, or has the purpose of evading or
avoiding, or attempts to violate, any of the prohibitions set forth in any Anti-Terrorism Law.

ARTICLE IV

CONDITIONS TO CREDIT EXTENSIONS

     SECTION 4.01. Conditions to Initial Credit Extension. The following conditions precedent to the
obligation of each Original Lender to fund the initial Credit Extension requested to be made by it
were satisfied on the Closing Date.

     (a) Loan Documents. All legal matters incident to this Agreement, the Borrowings and
extensions of credit hereunder and the other Loan Documents shall be satisfactory to the Original
Lenders, to the Issuing Bank and to the Administrative Agent and there shall have been delivered to
the Administrative Agent an executed counterpart of each of the Loan Documents, including this
Agreement and the Security Agreement, each Mortgage, the Perfection Certificate and each other
applicable Loan Document.

     (b) Corporate Documents. The Administrative Agent shall have received:

     (i) a certificate of the Secretary or Assistant Secretary or general partner of each
Loan Party dated the Closing Date and certifying (A) that attached thereto is a true and
complete copy of the certificate or articles of incorporation or other constitutive
documents, including all amendments thereto certified as of a recent date by the Secretary
of State of the state of its organization, (B) that attached thereto is a true and complete
copy of the by laws of such Loan Party as in effect on the Closing Date and at all times
since a date prior to the date of the resolutions described in clause (C) below, (C) that
attached thereto is a true and complete copy of resolutions duly adopted by the board of
directors of such Loan Party authorizing the execution, delivery and performance of the Loan
Documents to which such person is a party and, in the case of Borrower, the borrowings
hereunder, and that such resolutions have not been modified, rescinded or amended and are in
full force and effect, and (D) as to the incumbency and specimen signature of each officer
executing any Loan Document or any other document delivered in connection herewith on behalf
of such Loan Party (together with a certificate of another officer as to the incumbency and
specimen signature of the Secretary or Assistant Secretary executing the certificate in this
clause (i));

     (ii) a long form certificate as to the good standing of each Loan Party as of a recent
date, from such Secretary of State; and

     (iii) such other documents as the Original Lenders, the Issuing Bank or the
Administrative Agent may reasonably request.

     (c) Officers’ Certificate. The Administrative Agent shall have received a
certificate, dated the Closing Date and signed by the Chief Executive Officer and the Chief
Financial Officer of Borrower, confirming compliance with the conditions precedent set forth in
paragraphs (b), (c), (d) and (e) of Section 4.02.

     (d) The Original Lenders shall be satisfied with the capitalization, the terms and conditions
of any equity arrangements and the corporate or other organizational structure of the Companies.
The Original Lenders shall be satisfied that Borrower and its subsidiaries have adequate working
capital and capital expenditure funds and availability.

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     (e) Financial Statements; Pro Forma Balance Sheet; Projections. The Original Lenders
shall have received and shall be satisfied with the form and substance of the financial statements
described in Section 3.04 and with the forecasts of the financial performance of Borrower
and its Subsidiaries.

     (f) Indebtedness. After giving effect to the Transactions and the other transactions
contemplated hereby, no Company shall have outstanding any Indebtedness, preferred stock or
minority interests other than (i) the Loans and extensions of credit hereunder, (ii) up to $8.0
million of Purchase Money Obligations and the other Indebtedness listed on Schedule
6.01(b), (iii) Indebtedness owed to Borrower or any Subsidiary Guarantor and (iv) preferred
stock to be converted, exchanged or extended in term as set forth in Section 5.15.

     (g) Opinions of Counsel. The Administrative Agent shall have received, on behalf of
itself, the other Agents, the Arranger, the Original Lenders and the Issuing Bank, a favorable
written opinion of (i) Andrews Kurth LLP, special counsel for the Loan Parties, substantially to
the effect set forth in Exhibit J-1, (ii) each local counsel listed on Schedule
4.01(g), substantially to the effect set forth in Exhibit J-2, in each case (A) dated
the Closing Date, (B) addressed to the Agents, the Issuing Bank and the Original Lenders and (C)
covering such other matters relating to the Loan Documents and the Transactions as the
Administrative Agent shall reasonably request, and (iii) a copy of each legal opinion delivered
under the other Transaction Documents, and Borrower shall use its best efforts to deliver reliance
letters from the party delivering such opinion authorizing the Agents, Original Lenders and the
Issuing Bank to rely thereon as if such opinion were addressed to them.

     (h) Solvency Certificate, Other Reports and Transaction Structure.

     (i) The Original Lenders shall have received all other reports and opinions of
appraisers, consultants or other advisors retained by it to review the business, operation
or condition of Borrower and its Subsidiaries giving effect to the Transactions, and shall
be satisfied with such reports and opinions.

     (ii) The Administrative Agent shall have received a solvency certificate in the form of
Exhibit M, dated the Closing Date and signed by the Chief Financial Officer of
Borrower and an equivalent officer for each Borrower.

     (iii) The Original Lenders shall have reviewed, and be satisfied with, the ownership,
corporate, legal, tax, management and capital structure of Borrower and its Subsidiaries
(after giving effect to the Transactions) and any securities issued, and any indemnities,
employment and other arrangements entered into, in connection with the Transactions.

     (i) Requirements of Law. The Original Lenders shall be satisfied that the
Transactions shall be in full compliance with all material Requirements of Law, including without
limitation Regulations T, U and X of the Board. The Original Lenders shall have received
satisfactory evidence of compliance with all applicable Requirements of Law, including all
applicable environmental laws and regulations.

     (j) Consents. The Original Lenders shall be satisfied that all requisite Governmental
Authorities and third parties shall have approved or consented to the Transactions, and there shall
be no governmental or judicial action, actual or threatened, that has or would have, singly or in
the aggregate, a reasonable likelihood of restraining, preventing or imposing burdensome conditions
on the Transactions or the other transactions contemplated hereby.

     (k) Litigation. There shall be no litigation, public or private, or administrative
proceedings, governmental investigation or other legal or regulatory developments, actual or
threatened, that, singly or

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in the aggregate, could reasonably be expected to result in a Material Adverse Effect, or
could materially and adversely affect the ability of Borrower and the Subsidiaries to fully and
timely perform their respective obligations under the Transaction Documents, or the ability of the
parties to consummate the financings contemplated hereby or the other Transactions.

     (l) Sources and Uses. The sources and uses of the Loans shall be as set forth in
Section 3.14.

     (m) Fees. The Arranger and Administrative Agent shall have received all Fees and
other amounts due and payable on or prior to the Closing Date, including, to the extent invoiced,
reimbursement or payment of all out of pocket expenses (including the legal fees and expenses of
Cahill Gordon & Reindel llp, special counsel to the Agents, and the fees and expenses of
any local counsel, appraisers, consultants and other advisors) required to be reimbursed or paid by
Borrower hereunder or under any other Loan Document.

     (n) Personal Property Requirements. The Collateral Agent shall have received:

     (i) all certificates, agreements or instruments representing or evidencing the Pledged
Securities and the Pledged Intercompany Notes (each as defined in the Security Agreement)
accompanied by instruments of transfer and stock powers endorsed in blank shall have been
delivered to the Collateral Agent;

     (ii) all other certificates, agreements, including control agreements, or instruments
necessary to perfect the Collateral Agent’s security interest in all Chattel Paper, all
Instruments, all Deposit Accounts and all Investment Property of each Loan Party (as each
such term is defined in the Security Agreement and to the extent required by Section 3.3 of
the Security Agreement);

     (iii) UCC financing statement s in appropriate form for filing under the UCC, filings
with the United States Patent, Trademark and Copyright offices and such other documents
under applicable Requirements of Law in each jurisdiction as may be necessary or appropriate
or, in the opinion of the Collateral Agent, desirable to perfect the Liens created, or
purported to be created, by the Security Documents and, with respect to all UCC financing
statement s required to be filed pursuant to the Loan Documents, evidence satisfactory to
the Administrative Agent that Borrower has retained, at its sole cost and expense, a service
provider acceptable to the Administrative Agent for the tracking of all such financing
statements and notification to the Administrative Agent, of, among other things, the
upcoming lapse or expiration thereof;

     (iv) certified copies of UCC, tax and judgment lien searches, bankruptcy and pending
lawsuit searches or equivalent reports or searches, listing all effective financing
statements, lien notices or comparable documents that name any Loan Party as debtor and that
are filed in those state and county jurisdictions in which any property of any Loan Party is
located and the state and county jurisdictions in which any Loan Party is organized or
maintains its principal place of business, none of which encumber the Collateral covered or
intended to be covered by the Security Documents (other than those relating to Liens
acceptable to the Collateral Agent);

     (v) with respect to each Real Property set forth on Schedule 4.01(n), such Loan
Party shall use its commercially reasonable efforts to obtain a Landlord Lien Waiver and
Access Agreement; and

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     (vi) evidence acceptable to the Collateral Agent of payment by the Loan Parties of all
applicable recording taxes, fees, charges, costs and expenses required for the recording of
the Security Documents.

     (o) Real Property Requirements. The Collateral Agent shall have received:

     (i) a Mortgage encumbering each Mortgaged Property that, together with any
improvements thereon, individually has a fair market value of at least $2.0 million,
in favor of the Collateral Agent, for the benefit of the Secured Parties, duly
executed and acknowledged by each Loan Party that is the owner or holder of any
interest in such Mortgaged Property, and otherwise in proper form for recording in
the recording office of each political subdivision where such Mortgaged Property is
situated, together with such certificates, affidavits, questionnaires or returns as
shall be required in connection with the recording or filing thereof to create a
lien under applicable law, and such UCC 1 financing statements, all of which shall
be in form and substance reasonably satisfactory to the Collateral Agent, and any
other instruments necessary to grant a mortgage lien under the laws of any
applicable jurisdiction, all of which Mortgages and instruments shall be duly
recorded or filed in such manner and in such places as are required by law to
establish, perfect, preserve and protect the Liens in favor of the Collateral Agent
required to be granted pursuant to the Mortgages and all taxes, fees and other
charges payable in connection therewith shall be paid in full. Such Mortgages shall
constitute valid and enforceable perfected Liens subject only to Liens reasonably
acceptable to the Administrative Agent;

     (ii) with respect to each Mortgaged Property, such consents, approvals,
amendments, supplements, estoppels, tenant subordination agreements, access
agreements or other instruments as necessary or required to consummate the
Transactions or as shall reasonably be deemed necessary by the Collateral Agent in
order for the owner or holder of the fee or leasehold interest constituting such
Mortgaged Property to grant the Lien contemplated by the Mortgage with respect to
such Mortgaged Property;

     (iii) with respect to each Mortgage, a policy of title insurance (on ALTA 1992
form) (or commitment to issue a title policy) insuring (or committing to insure) the
Lien of such Mortgage as a valid first mortgage Lien on the Mortgaged Property and
fixtures described therein in the amount set forth on Schedule 4.01(o)(iii)
hereto with respect to such Mortgaged Property 115% of the fair market value of such
Mortgaged Property, which policies (each, a “Title Policy”) shall (A) be issued by
the Title Company, (B) to the extent necessary, include such reinsurance
arrangements (with provisions for direct access, if necessary) as shall be
reasonably acceptable to the Collateral Agent, (C) contain a “tie in” or “cluster”
endorsement (if available under applicable law) (i.e., policies which insure against
losses regardless of location or allocated value of the insured property up to a
stated maximum coverage amount), (D) have been supplemented by such endorsements (or
where such endorsements are not available, opinions of special counsel, architects
or other professionals reasonably acceptable to the Collateral Agent to the extent
that such opinions can be obtained at a cost which is reasonable with respect to the
value of the Mortgaged Property subject to such Mortgage) as shall be reasonably
requested by the Collateral Agent (including, without limitation, endorsements on
matters relating to usury, first loss, last dollar, zoning, contiguity, revolving
credit, doing business, non imputation, public road access, survey, variable rate,
environmental lien and so called comprehensive coverage over covenants and
restrictions), and (E) contain no exceptions to title other than exceptions
acceptable to the Collateral Agent;

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     (iv) with respect to each Mortgaged Property, such affidavits, certificates,
information (including financial data) and instruments of indemnification
(including, without limitation, a so called “gap” indemnification) as shall be
required to induce the Title Company to issue the Title Policy/ies and endorsements
contemplated in subparagraph (iii) above;

     (v) evidence reasonably acceptable to the Collateral Agent of payment by
Borrower of all Title Policy premiums, search and examination charges, escrow
charges, and related charges, mortgage recording taxes, fees, charges, costs and
expenses required for the recording of the Mortgages and issuance of the Title
Policies referred to subparagraph (iii) above;

     (vi) with respect to each Real Property or Mortgaged Property, copies of all
Leases in which Borrower or any Subsidiary holds the lessor’s interest or other
agreements relating to possessory interests, if any. To the extent any of the
foregoing affect any Mortgaged Property, such agreement shall be subordinate to the
Lien of the Mortgage to be recorded against such Mortgaged Property, either
expressly by its terms or pursuant to a subordination, non disturbance and
attornment agreement, and shall otherwise be acceptable to the Collateral Agent;

     (vii) with respect to each Mortgaged Property, each Borrower and each
Subsidiary shall have made all notification, registrations and filings, to the
extent required by, and in accordance with, all Governmental Real Property
Disclosure Requirements applicable to such Mortgaged Property;

     (viii) surveys with respect to each Mortgaged Property; and

     (ix) with respect to each Mortgaged Property, local counsel opinions in form
and substance reasonably satisfactory to the Collateral Agent;

     (x) with respect to each Mortgaged Property, policies or certificates of
insurance, all as required by the Mortgage related thereto and Section 5.04
hereof, which policies or insurance shall comply with the insurance requirements
contained in Section 5.04 hereof; and

     (xi) a Real Property Officer’s Certificate in form and substance reasonably
satisfactory to the Collateral Agent;.

     (p) Insurance. The Administrative Agent shall have received a copy of, or a
certificate as to coverage under, the insurance policies required by Section 5.04 and the
applicable provisions of the Security Documents, each of which shall be endorsed or otherwise
amended to include a “standard” or “New York” lender’s loss payable endorsement and to name the
Collateral Agent as additional insured, in form and substance satisfactory to the Administrative
Agent.

     (q) EBITDA. The Original Lenders shall have received a written certificate of the
Chief Executive Officer and the Chief Financial Officer Borrower that the Consolidated EBITDA for
the last four quarter period ending more than 30 days prior to the Closing Date (last twelve months
ended July 31, 2003) calculated on a pro forma basis consistent with the requirements set forth in
Section 5.01(a) was not less than $37.0 million.

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     SECTION 4.02. Conditions to All Credit Extensions. The obligation of each Lender and each Issuing
Bank to make any Credit Extension shall be subject to, and to the satisfaction of, each of the
conditions precedent set forth below.

     (a) Notice. The Administrative Agent shall have received a Borrowing Request as
required by Section 2.03 (or such notice shall have been deemed given in accordance with
Section 2.03) if Loans are being requested or, in the case of the issuance, amendment,
extension or renewal of a Letter of Credit, the Issuing Bank and the Administrative Agent shall
have received a notice requesting the issuance, amendment, extension or renewal of such Letter of
Credit as required by Section 2.18(b) or, in the case of the Borrowing of a Swingline Loan,
the Swingline Lender and the Administrative Agent shall have received a notice requesting such
Swingline Loan as required by Section 2.17(b).

     (b) No Default. Borrower and each other Loan Party shall be in compliance in all
material respects with all the terms and provisions set forth herein and in each other Loan
Document on its part to be observed or performed, and, at the time of and immediately after such
Credit Extension, no Default shall have occurred and be continuing on such date or after giving
effect to the Credit Extension requested to be made on such date.

     (c) Representations and Warranties. Each of the representations and warranties made
by any Loan Party set forth in Article III hereof or in any other Loan Document shall be
true and correct in all material respects (except that any representation and warranty that is
qualified as to “materiality” or “Material Adverse Effect” shall be true and correct in all
respects) on and as of the date of such Credit Extension with the same effect as though made on and
as of such date, except to the extent such representations and warranties expressly relate to an
earlier date.

     (d) No Material Adverse Effect. There has been no event, condition and/or contingency
that has had or is reasonably likely to have a Material Adverse Effect.

     (e) No Legal Bar. No order, judgment or decree of any Governmental Authority shall
purport to restrain any Lender from making any Loans to be made by it. No injunction or other
restraining order shall have been issued, shall be pending or noticed with respect to any action,
suit or proceeding seeking to enjoin or otherwise prevent the consummation of, or to recover any
damages or obtain relief as a result of, the transactions contemplated by this Agreement or the
making of Loans hereunder.

     Each of the delivery of a Borrowing Request or notice requesting the issuance, amendment,
extension or renewal of a Letter of Credit and the acceptance by Borrower of the proceeds of such
Credit Extension shall constitute a representation and warranty by Borrower and each other Loan
Party that on the date of such Credit Extension (both immediately before and after giving effect to
such Credit Extension and the application of the proceeds thereof) the conditions contained in this
Section 4.02 have been satisfied. Borrower shall provide such information (including
calculations in reasonable detail of the covenants in Section 6.08) as the Administrative
Agent may reasonably request to confirm that the conditions in this Section 4.02 have been
satisfied.

     SECTION 4.03. Intentionally omitted.

     SECTION 4.04. Conditions to Effectiveness of the Fourth Amendment and Restatement. This Agreement
shall become effective on and as of the first date (the “Fourth Amendment and Restatement Effective
Date”) on which all of the following conditions precedent shall have been satisfied:

     (a) Expenses. All of the reasonable fees and expenses of counsel for the
Agents in connection with the amendment and restatement shall have been paid in full.

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     (b) No Default or Event of Default. No Default or Event of Default shall have
occurred and be continuing on the Fourth Amendment and Restatement Effective Date.

     (c) Representations and Warranties. Each of the representations and warranties
made in or pursuant to Article III or which are contained in any other Loan Document shall
be true and correct in all material respects on and as of the Fourth Amendment and
Restatement Effective Date as if made on and as of such date (unless stated to relate to a
specific earlier date, in which case such representations and warranties shall be true and
correct in all material respects as of such earlier date).

     (d) Authorization. The execution, delivery and performance of this Agreement
shall have been duly authorized by all necessary action on the part of Borrower and the
Subsidiary Guarantors, and the Administrative Agent shall have received satisfactory
evidence thereof.

     (e) Opinions and Certificates. The Administrative Agent shall have received
opinions and certificates dated the Fourth Amendment and Restatement Effective Date, in form
and substance satisfactory to the Administrative Agent and including a representation by the
Chief Financial Officer of Borrower that, as of the Fourth Amendment and Restatement
Effective Date, no tax or judgment liens have been filed against any Loan Party or any of
their respective properties since the Closing Date.

ARTICLE V

AFFIRMATIVE COVENANTS

     Each Loan Party covenants and agrees with each Lender that so long as this Agreement shall
remain in effect (except for provisions which by their terms survive termination, such as
indemnification provisions) and until the Commitments have been terminated and the principal of and
interest on each Loan, all Fees and all other expenses or amounts payable under any Loan Document
shall have been paid in full and all Letters of Credit have been canceled or have expired or been
fully cash collateralized and all amounts drawn thereunder have been reimbursed in full, unless the
Required Lenders shall otherwise consent in writing, each Loan Party will, and will cause each of
its subsidiaries to:

     SECTION 5.01. Financial Statements, Reports, etc. Borrower will furnish to the Administrative Agent
and each Lender:

     (a) Annual Reports. Within 120 days after the end of each fiscal year, (i) the
consolidated balance sheet of Borrower and its Subsidiaries as of the end of such fiscal
year and related consolidated statements of income, cash flows and stockholders’ equity for
such fiscal year, and notes thereto, all prepared in accordance with Regulation S-X under
the Securities Act and accompanied by an opinion of KPMG LLP or other independent public
accountants of recognized national standing satisfactory to the Administrative Agent (which
opinion shall not be qualified as to scope or contain any going concern or other
qualification), stating that such financial statements fairly present, in all material
respects, the consolidated financial condition, results of operations, cash flows and
changes in stockholders’ equity of the Consolidated Companies as of the end of and for such
fiscal year in accordance with GAAP consistently applied, (ii) a management report in a form
reasonably satisfactory to the Administrative Agent setting forth, on a consolidated basis,
the financial condition, results of operations and cash flows of the Consolidated Companies
as of the end of and for such fiscal year, as compared to the Consolidated Companies’
budgeted financial conditions, results of operations and cash flows, and (iii) a
management’s discussion and analysis of the financial condition and results of operations for such
fiscal year, as compared to the previous fiscal year;

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     (b) Quarterly Reports. Within 45 days after the end of each of the first three
fiscal quarters of each fiscal year, (i) the consolidated balance sheet of Borrower and its
Subsidiaries as of the end of such fiscal quarter and related consolidated statements of
income and cash flows for such fiscal quarter and for the then elapsed portion of the fiscal
year, in comparative form with the consolidated statements of income and cash flows for the
comparable periods in the previous fiscal year, all prepared in accordance with Regulation
S-X under the Securities Act and accompanied by a certificate of a Financial Officer stating
that such financial statements fairly present, in all material respects, the consolidated
financial condition, results of operations and cash flows of the Consolidated Companies as
of the date and for the periods specified in accordance with GAAP consistently applied, and
on a basis consistent with audited financial statements referred to in clause (a) if this
Section, subject to normal year end audit adjustments, and (ii) a management’s discussion
and analysis of the financial condition and results of operations for such fiscal quarter
and the then elapsed portion of the fiscal year, as compared to the comparable periods in
the previous fiscal year;

     (c) [Intentionally omitted];

     (d) Financial Officer’s Certificate. (i) Concurrently with any delivery of
financial statements under paragraph (a) or (b) above, a Compliance Certificate of a
Financial Officer certifying that no Default has occurred or, if such a Default has
occurred, specifying the nature and extent thereof and any corrective action taken or
proposed to be taken with respect thereto; (ii) concurrently with any delivery of financial
statements under subparagraph (a) or (b) above, a certificate of a Financial Officer setting
forth computations in reasonable detail satisfactory to the Administrative Agent
demonstrating compliance with the covenants contained in Section 6.08; and (iii) in the case
of paragraph (a) above, a report of the accounting firm opining on or certifying such
financial statements stating that in the course of its regular audit of the financial
statements of Borrower and its Subsidiaries, which audit was conducted in accordance with
GAAP, such accounting firm obtained no knowledge that any Default has occurred or, if in the
opinion of such accounting firm such a Default has occurred, specifying the nature and
extent thereof;

     (e) Financial Officer’s Certificate Regarding Collateral. Concurrently with
any delivery of financial statements under paragraph (a), above, a Perfection Certificate or
Perfection Certificate Supplement;

     (f) Public Reports. Promptly after the same become publicly available, copies
of all periodic and other reports, proxy statements and other materials filed by any Company
with the Securities and Exchange Commission, or any Governmental Authority succeeding to any
or all of the functions of said Commission, or with any national securities exchange, or
distributed to holders of its Indebtedness pursuant to the terms of the documentation
governing such Indebtedness (or any trustee, agent or other representative therefor), as the
case may be;

     (g) Management Letters. Promptly after the receipt thereof by any Company, a
copy of any “management letter” received by any such person from its certified public
accountants and the management’s responses thereto;

     (h) Budgets. No later than 60 days after the end of each fiscal year of
Borrower and its Subsidiaries, a budget in form reasonably satisfactory to the
Administrative Agent (including budgeted statements of income, balance sheets and statements
of cash flow of the Consolidated

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Companies) for each fiscal quarter of such fiscal year prepared in detail and on a
consolidated basis, with appropriate presentation and discussion of the principal
assumptions upon which such budgets are based, accompanied by the statement of a Financial
Officer of Borrower to the effect that the budget of the Consolidated Companies is a
reasonable estimate for the period covered thereby;

     (i) Annual Meetings with Lenders. Within 120 days after the close of each
fiscal year of Borrower shall, at the request of the Administrative Agent or Required
Lenders, hold a meeting (at a mutually agreeable location and time) with all Lenders who
choose to attend such meeting at which meeting shall be reviewed the financial results of
the previous fiscal year and the financial condition of the Companies and the budgets
presented for the current fiscal year of the Companies; and

     (j) Other Information. Promptly, from time to time, such other information
regarding the operations, business affairs and financial condition of any Company, or
compliance with the terms of any Loan Document, as the Administrative Agent or any Lender
may reasonably request.

     SECTION 5.02. Litigation and Other Notices. Furnish to the Administrative Agent and each Lender
prompt written notice of the following:

     (a) any Default, specifying the nature and extent thereof and the corrective action (if
any) taken or proposed to be taken with respect thereto;

     (b) the filing or commencement of, or any threat or notice of intention of any person
to file or commence, any action, suit or proceeding, whether at law or in equity by or
before any Governmental Authority, (i) against any Company or any Affiliate thereof that
could reasonably be expected to result in a Material Adverse Effect or (ii) with respect to
any Loan Document;

     (c) any development that has resulted in, or could reasonably be expected to result in
a Material Adverse Effect;

     (d) the occurrence of a Casualty Event and will ensure that the Net Cash Proceeds of
any such event (whether in the form of insurance proceeds, condemnation awards or otherwise)
are collected and applied in accordance with the applicable provisions of this Agreement and
the Security Documents; and

     (e) (i) the incurrence of any material Lien (other than Permitted Liens) on, or claim
asserted against any of the Collateral or (ii) the occurrence of any other event which could
materially affect the value of the Collateral.

     SECTION 5.03. Existence; Businesses and Properties.

     (a) Do or cause to be done all things necessary to preserve, renew and keep in full force and
effect its legal existence, except as otherwise expressly permitted under Section 6.05 or,
in the case of any Subsidiary, where the failure to perform such obligations, individually or in
the aggregate, could not reasonably be expected to result in a Material Adverse Effect.

     (b) Do or cause to be done all things necessary to obtain, preserve, renew, extend and keep in
full force and effect the rights, licenses, permits, franchises, authorizations, patents,
copyrights, trademarks and trade names material to the conduct of its business; maintain and
operate such business in sub

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stantially the manner in which it is presently conducted and operated; comply with all
applicable Requirements of Law (including any and all zoning, building, Environmental Law,
ordinance, code or approval or any building permits or any restrictions of record or agreements
affecting the Real Property) and decrees and orders of any Governmental Authority, whether now in
effect or hereafter enacted, except where the failure to comply, individually or in the aggregate,
could not reasonably be expected to result in a Material Adverse Effect; pay and perform its
obligations under all Leases except where the failure to pay and perform, individually or in the
aggregate, could not reasonably be expected to result in a Material Adverse Effect; pay and perform
its obligations under all Loan Documents; and at all times maintain and preserve all property
material to the conduct of such business and keep such property in good repair, working order and
condition and from time to time make, or cause to be made, all needful and proper repairs,
renewals, additions, improvements and replacements thereto necessary in order that the business
carried on in connection therewith may be properly conducted in the ordinary course at all times;
provided that nothing in this Section 5.03(b) shall prevent (i) sales of assets,
consolidations or mergers by or involving any Company in accordance with Section 6.05; (ii)
the withdrawal by any Company of its qualification as a foreign corporation in any jurisdiction
where such withdrawal, individually or in the aggregate, could not reasonably be expected to result
in a Material Adverse Effect; or (iii) the abandonment by any Company of any rights, franchises,
licenses, trademarks, trade names, copyrights or patents that such person reasonably determines are
not useful to its business.

     SECTION 5.04. Insurance.

     (a) Keep its insurable property adequately insured at all times by financially sound and
reputable insurers; maintain such other insurance, to such extent and against such risks, including
fire and other risks insured against by extended coverage, as is customary with companies in the
same or similar businesses operating in the same or similar locations, including public liability
insurance against claims for personal injury or death or property damage occurring upon, in, about
or in connection with the use of any property owned, occupied or controlled by it; and maintain
such other insurance as may be required by law; and, with respect to the Collateral, otherwise
maintain all insurance coverage required under each applicable Security Document, such policies to
be in such form and amounts and having such coverage as may be reasonably satisfactory to the
Administrative Agent and the Collateral Agent.

     (b) All such insurance shall (i) provide that no cancellation, material reduction in amount or
material change in coverage thereof shall be effective until at least 30 days after receipt by the
Collateral Agent of written notice thereof, (ii) name the Collateral Agent as mortgagee (in the
case of property insurance) or additional insured (in the case of liability insurance) or loss
payee (in the case of casualty insurance), as applicable, (iii) if reasonably requested by the
Collateral Agent, include a breach of warranty clause and (iv) be reasonably satisfactory in all
other respects to the Collateral Agent.

     (c) Notify the Administrative Agent and the Collateral Agent immediately whenever any separate
insurance concurrent in form or contributing in the event of loss with that required to be
maintained under this Section 5.04 is taken out by any Company; and promptly deliver to the
Administrative Agent and the Collateral Agent a duplicate original copy of such policy or policies.

     (d) Obtain flood insurance in such total amount as the Administrative Agent or the Required
Lenders may from time to time require, if at any time the area in which any improvements located on
any real property covered by a Mortgage is designated a “flood hazard area” in any Flood Insurance
Rate Map published by the Federal Emergency Management Agency (or any successor agency) and
otherwise comply with the National Flood Insurance Program as set forth in the Flood Disaster
Protection Act of 1975, as amended from time to time.

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     (e) Deliver to the Administrative Agent and the Collateral Agent and the Lenders a report of a
reputable insurance broker with respect to such insurance and such supplemental reports with
respect thereto as the Administrative Agent or the Collateral Agent may from time to time
reasonably request.

     SECTION 5.05. Obligations and Taxes.

     (a) Pay its Indebtedness and other obligations promptly and in accordance with their terms and
pay and discharge promptly when due all Taxes, assessments and governmental charges or levies
imposed upon it or upon its income or profits or in respect of its property, before the same shall
become delinquent or in default, as well as all lawful claims for labor, materials and supplies or
otherwise that, if unpaid, might give rise to a Lien other than a Permitted Lien upon such
properties or any part thereof; provided that such payment and discharge shall not be required with
respect to any such Tax, assessment, charge, levy or claim so long as the validity or amount
thereof shall be contested in good faith by appropriate proceedings and the applicable Company
shall have set aside on its books adequate reserves with respect thereto in accordance with GAAP
and such contest operates to suspend collection of the contested obligation, Tax, assessment or
charge and enforcement of a Lien other than a Permitted Lien and, in the case of Collateral, the
applicable Company shall have otherwise complied with the Contested Collateral Lien Conditions.

     (b) Timely and correctly file all material Tax Returns required to be filed by it.

     SECTION 5.06. Employee Benefits. Comply in all material respects with the applicable provisions of
ERISA and the Code and (b) furnish to the Administrative Agent (x) as soon as possible after, and
in any event within 10 days after any Responsible Officer of the Companies or their ERISA
Affiliates or any ERISA Affiliate knows or has reason to know that, any ERISA Event has occurred
that, alone or together with any other ERISA Event, could reasonably be expected to result in a
Material Adverse Effect or the imposition of a Lien, a statement of a Financial Officer of Borrower
setting forth details as to such ERISA Event and the action, if any, that the Companies propose to
take with respect thereto, and (y) upon request by the Administrative Agent, copies of: (i) each
Schedule B (Actuarial Information) to the annual report (Form 5500 Series) filed by any Company or
any ERISA Affiliate with the Internal Revenue Service with respect to each Plan; (ii) the most
recent actuarial valuation report for each Plan; (iii) all notices received by any Company or any
ERISA Affiliate from a Multiemployer Plan sponsor or any governmental agency concerning an ERISA
Event; and (iv) such other documents or governmental reports or filings relating to any Plan (or
employee benefit plan sponsored or contributed to by any Company) as the Administrative Agent shall
reasonably request.

     SECTION 5.07. Maintaining Records; Access to Properties and Inspections. Keep proper books of
record and account in which full, true and correct entries in conformity with GAAP and all
Requirements of Law are made of all dealings and transactions in relation to its business and
activities. Each Company will permit any representatives designated by the Administrative Agent or
any Lender to visit and inspect the financial records and the property of such Company at
reasonable times and as often as reasonably requested and to make extracts from and copies of such
financial records, and permit any representatives designated by the Administrative Agent or any
Lender to discuss the affairs, finances and condition of any Company with the officers thereof and,
after reasonable notice to such Company, the independent accountants therefor.

     SECTION 5.08. Use of Proceeds. Use the proceeds of the Loans and request the issuance of Letters of
Credit only for the purposes set forth in Section 3.14.

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     SECTION 5.09. Compliance with Environmental Laws; Environmental Reports.

     (a) Comply, and cause all lessees and other persons occupying Real Property owned, operated or
leased by any Company to comply, in all material respects with all Environmental Laws and
Environmental Permits applicable to its operations and Real Property; obtain and renew all material
Environmental Permits applicable to its operations and Real Property; and conduct any Response in
accordance with Environmental Laws; provided that no Company shall be required to undertake any
Response to the extent that its obligation to do so is being contested in good faith and by proper
proceedings and appropriate reserves are being maintained with respect to such circumstances in
accordance with GAAP.

     (b) If a Default caused by reason of a breach of Section 3.20 or Section
5.09(a) shall have occurred and be continuing for more than 20 days without the Companies
commencing activities reasonably likely to cure such Default, at the written request of the
Required Lenders through the Administrative Agent, provide to the Lenders within 45 days after such
request, at the expense of Borrower, an environmental assessment report regarding the matters which
are the subject of such default, including where appropriate, any soil and/or groundwater sampling,
prepared by an environmental consulting firm and in the form and substance reasonably acceptable to
the Administrative Agent and indicating the presence or absence of Hazardous Materials and the
estimated cost of any compliance or Response to address them.

     SECTION 5.10. Interest Rate Protection. Borrower shall maintain or cause to be maintained, until
the earlier of (i) the date on which all Term B Loans (as defined in the Original Credit Agreement)
are discharged or paid in accordance with the terms hereof and (ii) through May 28, 2006, Interest
Rate Agreements acceptable to the Administrative Agent that result in at least $65.0 million of the
aggregate principal amount of Borrower’s Consolidated Indebtedness being effectively subject to a
fixed or maximum interest rate acceptable to the Administrative Agent.

     SECTION 5.11. Additional Collateral; Additional Guarantors.

     (a) Subject to this Section 5.11, with respect to any property acquired on or after
the date hereof by Borrower or any other Loan Party that is intended to be subject to the Lien
created by any of the Security Documents but is not so subject (but, in any event, excluding any
property described in paragraph (b) of this subsection) promptly (and in any event within 30 days
after the acquisition thereof: (i) execute and deliver to the Administrative Agent and the
Collateral Agent such amendments or supplements to the relevant Security Documents or such other
documents as the Administrative Agent or the Collateral Agent shall deem necessary or advisable to
grant to the Collateral Agent, for its benefit and for the benefit of the other Secured Parties, a
Lien on such property subject to no Liens other than Permitted Liens, and (ii) take all actions
necessary to cause such Lien to be duly perfected to the extent required by such Security Document
in accordance with all applicable Requirements of Law, including, without limitation, the filing of
financing statements in such jurisdictions as may be reasonably requested by the Administrative
Agent. Borrower shall otherwise take such actions and execute and/or deliver to the Collateral
Agent such documents as the Administrative Agent or the Collateral Agent shall require to confirm
the validity, perfection and priority of the Lien of the Security Documents against such
after-acquired properties or assets.

     (b) With respect to any person that is or becomes a Wholly Owned Subsidiary (other than any
Non-Guarantor Subsidiary or any Foreign Subsidiary that is not a direct Subsidiary of a Loan Party)
promptly (and in any event within 30 days after such person becomes a Subsidiary) (i) deliver to
the Collateral Agent the certificates, if any, representing the Equity Interests of such Subsidiary
(provided that with respect to any Foreign Subsidiary of Borrower, in no event shall more than 66%
of the Equity Interests of any Foreign Subsidiary be subject to any Lien or pledged under any
Security Document), together with undated stock powers or other appropriate instruments of transfer
executed and delivered in blank by

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a duly authorized officer of such Subsidiary’s parent, as the case may be, and all
intercompany notes owing from such Subsidiary to any Loan Party together with instruments of
transfer executed and delivered in blank by a duly authorized officer of such Subsidiary, and (ii)
cause such new Subsidiary (other than any Non-Guarantor Subsidiary or any Foreign Subsidiary) (A)
to execute a Joinder Agreement or such comparable documentation and a joinder agreement to the
Security Agreement, and (B) to take all actions necessary or advisable in the opinion of the
Administrative Agent or the Collateral Agent to cause the Lien created by the Security Agreement to
be duly perfected to the extent required by such agreement in accordance with all applicable
Requirements of Law, including, without limitation, the filing of financing statements in such
jurisdictions as may be reasonably requested by the Administrative Agent or the Collateral Agent.

     (c) If at any time any two or more Wholly Owned Subsidiaries in the aggregate (other than any
Foreign Subsidiary of Borrower that is not a “first-tier” Foreign Subsidiary) not otherwise subject
to Section 5.11(b) have assets having either a book value or fair market value in excess of
$10.0 million, then Borrower shall, and shall cause one or more of such Subsidiaries to, comply
with Section 5.11(b) within the time frames set forth in such subsection so that no two or
more such Subsidiaries hold assets having either a book value or fair market value in excess of
$10.0 million.

     SECTION 5.12. Security Interests; Further Assurances. Promptly, upon the reasonable request of the
Administrative Agent, the Collateral Agent or any Lender, at Borrower’s expense, execute,
acknowledge and deliver, or cause the execution, acknowledgment and delivery of, and thereafter
register, file or record, or cause to be registered, filed or recorded, in an appropriate
governmental office, any document or instrument supplemental to or confirmatory of the Security
Documents or otherwise deemed by the Administrative Agent or the Collateral Agent reasonably
necessary or desirable for the continued validity, perfection and priority of the Liens on the
Collateral covered thereby superior to and prior to the rights of all third persons other than the
holders of Existing Liens and subject to no other Liens except as permitted by the applicable
Security Document, or obtain any consents, including, without limitation, landlord or similar lien
waivers and consents, as may be necessary or appropriate in connection therewith. Deliver or cause
to be delivered to the Administrative Agent and the Collateral Agent from time to time such other
documentation, consents, authorizations, approvals and orders in form and substance reasonably
satisfactory to the Administrative Agent and the Collateral Agent as the Administrative Agent and
the Collateral Agent shall reasonably deem necessary to perfect or maintain the Liens on the
Collateral pursuant to the Security Documents. Upon the exercise by the Administrative Agent, the
Collateral Agent or the Lenders of any power, right, privilege or remedy pursuant to any Loan
Document which requires any consent, approval, registration, qualification or authorization of any
Governmental Authority execute and deliver all applications, certifications, instruments and other
documents and papers that the Administrative Agent, the Collateral Agent or the Lenders may be so
required to obtain. If the Administrative Agent, the Collateral Agent or the Required Lenders
determine that they are required by law or regulation to have appraisals prepared in respect of the
Real Property of any Loan Party constituting Collateral, Borrower shall provide to the
Administrative Agent appraisals that satisfy the applicable requirements of the Real Estate
Appraisal Reform Amendments of FIRREA and are otherwise in form and substance satisfactory to the
Administrative Agent and the Collateral Agent.

     SECTION 5.13. Information Regarding Collateral.

     (a) Furnish to the Administrative Agent and the Collateral Agent prompt written notice of any
change (i) in any Loan Party’s corporate name or in any trade name used to identify it in the
conduct of its business or in the ownership of its properties, (ii) in the location of any Loan
Party’s chief executive office, its principal place of business, any office in which it maintains
books or records relating to Collateral owned by it or any office or facility at which Collateral
owned by it is located (including the establishment of any such new office or facility), (iii) in
any Loan Party’s identity or corporate structure, (iv) in

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any Loan Party’s Federal Taxpayer Identification Number or (v) in any Loan Party’s
jurisdiction of organization. Borrower agrees not to effect or permit any change referred to in
the preceding sentence unless all filings have been made under the UCC or otherwise that are
required in order for the Collateral Agent to continue at all times following such change to have a
valid, legal and perfected security interest in all the Collateral. Borrower also agrees promptly
to notify the Administrative Agent and the Collateral Agent if any material portion of the
Collateral is subject to a Casualty Event.

     (b) Each year, at the time of delivery of annual financial statements with respect to the
preceding fiscal year pursuant to clause (a) of Section 5.01, deliver to the Administrative
Agent and the Collateral Agent a certificate of a Financial Officer and the chief legal officer of
each Borrower and a Perfection Certificate Supplement confirming that there has been no change in
such information since the date of the Perfection Certificate delivered on the Closing Date or the
date of the most recent certificate delivered pursuant to this Section 5.13(b) and (ii)
certifying that all UCC financing statements (including fixture filings, as applicable) or other
appropriate filings, recordings or registrations, including all refilings, rerecordings and
reregistrations, containing a description of the Collateral have been filed of record in each
governmental, municipal or other appropriate office in each jurisdiction identified pursuant to
clause (i) above to the extent necessary to protect and perfect the security interests and Liens
under the Security Documents for a period of not less than 18 months after the date of such
certificate (except as noted therein with respect to any continuation statements to be filed within
such period).

ARTICLE VI

NEGATIVE COVENANTS

     Each Loan Party covenants and agrees with each Lender that, so long as this Agreement shall
remain in effect (except for provisions which by their terms survive termination, such as
indemnification provisions) and until the Commitments have been terminated and the principal of and
interest on each Loan, all Fees and all other expenses or amounts payable under any Loan Document
have been paid in full and all Letters of Credit have been canceled or have expired or been fully
cash collateralized and all amounts drawn thereunder have been reimbursed in full, unless the
Required Lenders shall otherwise consent in writing, no Loan Party will, nor will they cause or
permit any Subsidiaries to:

     SECTION 6.01. Indebtedness. Incur, create, assume or permit to exist, directly or indirectly, any
Indebtedness, except:

     (a) Indebtedness incurred pursuant to this Agreement and the other Loan Documents;

     (b) (i) Indebtedness actually outstanding on the Third Amendment and Restatement
Effective Date and listed on Schedule 6.01(b) or (ii) refinancings or renewals
thereof; provided that (A) any such refinancing Indebtedness is in an aggregate principal
amount not greater than the aggregate principal amount of the Indebtedness being renewed or
refinanced, plus the amount of any premiums required to be paid thereon and fees and
expenses associated therewith, (B) such refinancing Indebtedness has a later or equal final
maturity and longer or equal weighted average life than the Indebtedness being renewed or
refinanced and (C) the covenants, events of default subordination and other provisions
thereof (including any guarantees thereof) shall be, in the aggregate, no less favorable to
the Lenders than those contained in the Indebtedness being renewed or refinanced;

     (c) Indebtedness of any Company under Interest Rate Agreements entered into in order to
fix the effective rate of interest on the Loans in compliance with Section 5.10 and
such

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other non-speculative Interest Rate Agreements which may be entered into from time to
time by any Company and which such Company in good faith believes will provide benefits or
protection with respect to Indebtedness then outstanding, and permitted to remain
outstanding, pursuant to the other provisions of this Section 6.01;

     (d) Indebtedness under Hedging Agreements (other than Interest Rate Agreements) entered
into from time to time by any Company in accordance with Section 6.04(c);

     (e) intercompany Indebtedness of the Companies outstanding to the extent permitted by
Sections 6.04(e) and (i);

     (f) Indebtedness in respect of Purchase Money Obligations and Capital Lease Obligations
and refinancings or renewals thereof, in an aggregate amount not to exceed the greater of
(i) $50.0 million or (ii) 15% of Consolidated Tangible Assets at any time outstanding;

     (g) Permitted Unsecured Indebtedness; provided that the proceeds thereof are applied in
accordance with Sections 2.10(d) and (h).

     (h) Indebtedness in respect of workers’ compensation claims, self insurance
obligations, performance bonds, surety appeal or similar bonds and completion guarantees
provided by a Company in the ordinary course of its business;

     (i) Contingent Obligations of any Loan Party in respect of Indebtedness otherwise
permitted under Section 6.01; and

     (j) other unsecured Indebtedness of the Companies not to exceed $40.0 million in
aggregate principal amount at any time outstanding.

     SECTION 6.02. Liens. Create, incur, assume or permit to exist, directly or indirectly, any Lien on
any property now owned or hereafter acquired by it or on any income or revenues or rights in
respect of any thereof, except (the “Permitted Liens”):

     (a) inchoate Liens for taxes, assessments or governmental charges or levies not yet due
and payable or delinquent and Liens for taxes, assessments or governmental charges or
levies, which (i) are being contested in good faith by appropriate proceedings for which
adequate reserves have been established in accordance with GAAP, which proceedings (or
orders entered in connection with such proceedings) have the effect of preventing the
forfeiture or sale of the property or assets subject to any such Lien, or (ii) in the case
of any such charge or claim which has or may become a Lien against any of the Collateral,
such Lien and the contest thereof shall satisfy the Contested Collateral Lien Conditions.

     (b) Liens in respect of property of any Company imposed by law, which were incurred in
the ordinary course of business and do not secure Indebtedness for borrowed money, such as
carriers’, warehousemen’s, materialmen’s, landlords’, workmen’s, suppliers’, repairmen’s and
mechanics’ Liens and other similar Liens arising in the ordinary course of business, and (i)
which do not in the aggregate materially detract from the value of the property of the
Companies, taken as a whole, and do not materially impair the use thereof in the operation
of the business of the Companies, taken as a whole, (ii) which are being contested in good
faith by appropriate proceedings for which adequate reserves have been established in
accordance with GAAP, which proceedings (or orders entered in connection with such
proceedings) have the effect of preventing the forfeiture or sale of the property or assets
subject to any such Lien, and (iii) in the case of any

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such Lien which has or may become a Lien against any of the Collateral, such Lien and
the contest thereof shall satisfy the Contested Collateral Lien Conditions.

     (c) Liens in existence on the Third Amendment and Restatement Effective Date and set
forth on Schedule 6.02(c); provided that (i) the aggregate principal amount of the
Indebtedness, if any, secured by such Liens does not increase; and (ii) such Liens do not
encumber any property other than the property subject thereto on the date hereof;

     (d) easements, rights of way, restrictions (including zoning restrictions), covenants,
encroachments, protrusions and other similar charges or encumbrances, and minor title
deficiencies on or with respect to any Real Property, in each case whether now or hereafter
in existence, not (i) securing Indebtedness, (ii) individually or in the aggregate
materially impairing the value or marketability of such Real Property and (iii) individually
or in the aggregate materially interfering with the conduct of the business of the Companies
at such Real Property;

     (e) Liens arising out of judgments or awards not resulting in a Default or an Event of
Default;

     (f) Liens (other than any Lien imposed by ERISA) (i) imposed by law or deposits made in
connection therewith in the ordinary course of business in connection with workers’
compensation, unemployment insurance and other types of social security, (ii) incurred in
the ordinary course of business to secure the performance of tenders, statutory obligations
(other than excise taxes), surety, stay, customs and appeal bonds, statutory bonds, bids,
leases, government contracts, trade contracts, performance and return of money bonds and
other similar obligations (exclusive of obligations for the payment of borrowed money) or
(iii) arising by virtue of deposits made in the ordinary course of business to secure
liability for premiums to insurance carriers; provided that (w) with respect to clauses (i),
(ii) and (iii) hereof, such Liens are for amounts not yet due and payable or delinquent or,
to the extent such amounts are so due and payable, such amounts are being contested in good
faith by appropriate proceedings for which adequate reserves have been established in
accordance with GAAP, which proceedings for orders entered in connection with such
proceedings have the effect of preventing the forfeiture or sale of the property or assets
subject to any such Lien, (x) to the extent such Liens are not imposed by law, such Liens
shall in no event encumber any property other than cash and Cash Equivalents, (y) in the
case of any such Lien against any of the Collateral, such Lien and the contest thereof shall
satisfy the Contested Collateral Lien Conditions and (z) the aggregate amount of deposits at
any time pursuant to clause (ii) and clause (iii) shall not exceed $10.0 million in the
aggregate;

     (g) Leases with respect to the assets or properties of any Company, in each case
entered into in the ordinary course of such Company’s business so long as such Leases are
subordinate in all respects to the Liens granted and evidenced by the Security Documents and
do not, individually or in the aggregate, (i) interfere in any material respect with the
ordinary conduct of the business of any Company or (ii) materially impair the use (for its
intended purposes) or the value of the property subject thereto;

     (h) Liens arising out of conditional sale, title retention, consignment or similar
arrangements for the sale of goods entered into by any Company in the ordinary course of
business in accordance with the past practices of such Company;

     (i) Liens arising pursuant to Purchase Money Obligations or Capital Lease Obligations
incurred pursuant to Section 6.01(f); provided that (i) the Indebtedness secured by
any such Lien (including refinancings thereof) does not exceed 100% of the cost of the
property being

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acquired or leased at the time of the incurrence of such Indebtedness and (ii) any such
Liens attach only to the property being financed pursuant to such Purchase Money Obligations
or Capital Lease Obligations and do not encumber any other property of any Company;

     (j) bankers’ Liens, rights of setoff and other similar Liens existing solely with
respect to cash and Cash Equivalents on deposit in one or more accounts maintained by any
Company, in each case granted in the ordinary course of business in favor of the bank or
banks with which such accounts are maintained, securing amounts owing to such bank with
respect to cash management and operating account arrangements, including those involving
pooled accounts and netting arrangements; provided that in no case shall any such Liens
secure (either directly or indirectly) the repayment of any Indebtedness;

     (k) Liens on property of a person existing at the time such person is acquired or
merged with or into or consolidated with any Company (and not created in anticipation or
contemplation thereof); provided that such Liens do not extend to property not subject to
such Liens at the time of acquisition (other than improvements thereon) and are no more
favorable to the lienholders than the existing Lien;

     (l) Liens granted pursuant to the Security Documents;

     (m) licenses of Intellectual Property granted by any Company in the ordinary course of
business and not interfering in any material respect with the ordinary conduct of the
business of such Company;

     (n) other Liens incurred in the ordinary course of business of any Company with respect
to obligations (other than Indebtedness) that do not in the aggregate exceed the greater of
(i) $15.0 million or (ii) 3% of Consolidated Tangible Assets at any time outstanding; and

     (o) the filing of financing statements solely as a precautionary measure in connection
with operating leases or consignment of goods;

provided, however, that no Liens shall be permitted to exist, directly or indirectly, on any
Securities Collateral.

     SECTION 6.03. Sale and Leaseback Transactions. Enter into any arrangement, directly or indirectly,
with any person whereby it shall sell or transfer any property, real or personal, used or useful in
its business, whether now owned or hereafter acquired, and thereafter rent or lease such property
or other property which it intends to use for substantially the same purpose or purposes as the
property being sold or transferred unless (i) the sale of such property is permitted by Section
6.05 and (ii) any Liens arising in connection with its use of such property are permitted by
Section 6.02.

     SECTION 6.04. Investment, Loan and Advances. Directly or indirectly, lend money or credit or make
advances to any person, or purchase or acquire any stock, obligations or securities of, or any
other interest in, or make any capital contribution to, any other person, or purchase or own a
futures contract or otherwise become liable for the purchase or sale of currency or other
commodities at a future date in the nature of a futures contract (all of the foregoing,
collectively, “Investments”), except that the following shall be permitted:

     (a) Investments outstanding on the Third Amendment and Restatement Effective Date and
identified on Schedule 6.04(b);

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     (b) the Companies may (i) acquire and hold accounts receivables owing to any of them if
created or acquired in the ordinary course of business and payable or dischargeable in
accordance with customary terms, (ii) acquire and hold cash and Cash Equivalents, (iii)
endorse negotiable instruments for collection in the ordinary course of business or (iv)
make lease, utility and other similar deposits in the ordinary course of business;

     (c) Borrower may enter into Interest Rate Agreements to the extent permitted by
Section 6.01(c) and may enter into and perform its obligations under Hedging
Agreements entered into in the ordinary course of business and so long as any such Hedging
Agreement is not speculative in nature and is (i) related to income derived from foreign
operations of any Company or otherwise related to purchases permitted hereunder from foreign
suppliers or (ii) entered into to protect such Companies against fluctuations in the prices
of raw materials used in their businesses;

     (d) any Company may make intercompany loans to any Loan Party and any Loan Party may
make intercompany loans and advances to any other Loan Party; provided that such loan shall
be evidenced by a promissory note and shall be pledged (and delivered) by such Loan Party
that is the lender of such intercompany loan as Collateral pursuant to the Security
Agreement, provided further that (i) no Loan Party may make loans to any Foreign Subsidiary
or Non-Guarantor Subsidiary pursuant to this paragraph (e) and (ii) any loans made by any
Foreign Subsidiary or Non-Guarantor Subsidiary to any Loan Party pursuant to this paragraph
(e) shall be subordinated to the obligations of the Loan Parties pursuant to an intercompany
note in substantially the form of Exhibit K;

     (e) Borrower and the Subsidiaries may make loans and advances (including payroll,
travel and entertainment related advances) in the ordinary course of business to their
respective employees (other than any loans or advances to any director or executive officer
(or equivalent thereof) that would be in violation of Section 402 of the Sarbanes Oxley Act)
so long as the aggregate principal amount thereof at any time outstanding (determined
without regard to any write downs or write offs of such loans and advances) shall not exceed
$50,000 individually and $250,000 in the aggregate outstanding at one time;

     (f) Borrower and the Subsidiaries may sell or transfer amounts to the extent permitted
by Section 6.05;

     (g) Borrower may establish (i) Wholly Owned Subsidiaries to the extent permitted by
Section 6.12 and (ii) non Wholly Owned Subsidiaries and/or joint ventures to the
extent that Investments in such non Wholly Owned Subsidiaries and/or joint ventures shall
not exceed $20.0 million at any time outstanding, after taking into account amounts returned
in cash (including upon disposition);

     (h) Investments (other than as described in Section 6.04(e)) (i) by Borrower in
any Subsidiary Guarantor, (ii) by any Company in Borrower or any Subsidiary Guarantor and
(iii) by a Subsidiary Guarantor in another Subsidiary Guarantor;

     (i) Investments in securities of trade creditors or customers in the ordinary course of
business and consistent with such Company’s past practices that are received in settlement
of bona fide disputes or pursuant to any plan of reorganization or liquidation or similar
arrangement upon the bankruptcy or insolvency of such trade creditors or customers;

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     (j) Investments made by Borrower or any Subsidiary as a result of consideration
received in connection with an Asset Sale made in compliance with Section 6.05;

     (k) Borrower may make loans to senior management of Borrower and the Subsidiary
Guarantors for purposes of purchasing the capital stock of Borrower in an aggregate
principal amount not to exceed $2.5 million at any one time outstanding; and

     (l) scheduled payments of Earn Out Obligations.

     SECTION 6.05. Mergers, Consolidations, Sales of Assets and Acquisitions. Wind up, liquidate or
dissolve its affairs or enter into any transaction of merger or consolidation, or convey, sell,
lease or otherwise dispose of (or agree to do any of the foregoing at any future time) all or any
part of its property or assets, or purchase or otherwise acquire (in one or a series of related
transactions) any part of the property or assets of any person (or agree to do any of the foregoing
at any future time), except that:

     (a) (i) purchases or other acquisitions of inventory, materials, equipment and
intangible assets in the ordinary course of business shall be permitted, (ii) subject to
Section 2.10(c), Asset Sales of used, worn out, obsolete or surplus property by any
Company in the ordinary course of business and the abandonment or other Asset Sale of
Intellectual Property that is, in the reasonable judgment of Borrower, no longer
economically practicable to maintain or useful in the conduct of the business of the
Companies taken as a whole shall be permitted and (iii) subject to Section 2.10(c),
the sale, lease or other disposal of any assets shall be permitted; provided that the
aggregate consideration received in respect of all Asset Sales pursuant to this clause
(a)(iii) shall not exceed $5.0 million individually or $15.0 million in any four consecutive
fiscal quarters of Borrower;

     (b) Investments in connection with any such transaction may be made to the extent
permitted by Section 6.04;

     (c) Borrower and the Subsidiaries may sell Cash Equivalents in the ordinary course of
business;

     (d) Borrower and the Subsidiaries may lease (as lessee or lessor) real or personal
property and may guaranty such lease, in each case, in the ordinary course of business and
in accordance with the applicable Security Documents;

     (e) Borrower and the Subsidiaries may consummate Permitted Acquisitions;

     (f) any Loan Party may transfer property or lease to or acquire or lease property from
any Loan Party and any Loan Party may be merged into another Loan Party (as long as such
Loan Party is the surviving corporation of such merger and remains a direct or indirect
Wholly Owned Subsidiary of Borrower) or any other Wholly Owned Subsidiary Guarantor;
provided that the Lien on and security interest in such property granted or to be granted in
favor of the Collateral Agent under the Security Documents shall be maintained or created in
accordance with the provisions of Section 5.11 or Section 5.12, as
applicable;

     (g) any Subsidiary may dissolve, liquidate or wind up its affairs at any time; provided
that such dissolution, liquidation or winding up, as applicable, could not reasonably be
expected to have a Material Adverse Effect; and

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     (h) Asset Sales by any Company to any other Company shall be permitted; provided that
such Asset Sale involving a Subsidiary that it is not a Loan Party be made in compliance
with Section 6.05(a).

To the extent the Required Lenders (or all Lenders, as applicable) waive the provisions of this
Section 6.05 with respect to the sale of any Collateral, or any Collateral is sold as
permitted by this Section 6.05, such Collateral (unless sold to a Company) shall be sold
free and clear of the Liens created by the Security Documents, and the Agents shall take all
actions deemed appropriate in order to effect the foregoing.

     SECTION 6.06. Dividends. Authorize, declare or pay, directly or indirectly, any Dividends with
respect to any Company, except that:

     (a) any Subsidiary of Borrower (i) may pay cash Dividends to Borrower or any Wholly
Owned Subsidiary of Borrower and (ii) if such Subsidiary is not a Wholly Owned Subsidiary of
Borrower, may pay cash Dividends to its shareholders generally so long as Borrower or its
Subsidiary which owns the equity interest or interests in the Subsidiary paying such
Dividends receives at least its proportionate share thereof (based upon its relative
holdings of equity interests in the Subsidiary paying such Dividends and taking into account
the relative preferences, if any, of the various classes of equity interests in such
Subsidiary); and

     (b) Borrower may pay cash Dividends from time to time, so long as (x) no (A) Event of
Default exists or (B) (on a Pro Forma Basis after giving effect to payment of such
Dividends) Default would result therefrom at the time of declaration thereof and (y) the
amount of such Dividend, when added to the aggregate amount of all Dividends made after the
Senior Notes Issue Date, does not exceed the sum of (without duplication):

     (i) 50% of Consolidated Net Income for the period (taken as one accounting
period) commencing on the first day of the fiscal quarter in which the Senior Notes
Issue Date occurs to and including the last day of the fiscal quarter ended
immediately prior to the date of such calculation for which consolidated financial
statements are available (or, if such Consolidated Net Income shall be a deficit,
minus 100% of such deficit), plus

     (ii) 100% of (A) (i) the aggregate net cash proceeds and (ii) the Fair Market
Value of (x) marketable securities (other than marketable securities of Borrower),
(y) Equity Interests of a person (other than Borrower or an Affiliate of Borrower)
engaged in a Permitted Business and (z) other assets used in any Permitted Business,
in the case of clauses (i) and (ii), received by Borrower since the Senior Notes
Issue Date as a contribution to its common equity capital or from the issue or sale
of Qualified Capital Stock of Borrower or from the issue or sale of convertible or
exchangeable Disqualified Capital Stock or convertible or exchangeable debt
securities of Borrower that have been converted into or exchanged for such Qualified
Capital Stock (other than Equity Interests or debt securities sold to a Subsidiary
of Borrower), and (B) the aggregate net cash proceeds, if any, received by Borrower
or any of its Restricted Subsidiaries upon any conversion or exchange described in
clause (A) above, plus

     (iii) 100% of (A) the aggregate amount by which Indebtedness (other than any
Permitted Unsecured Indebtedness) of Borrower or any Restricted Subsidiary is
reduced on Borrower’s consolidated balance sheet upon the conversion or exchange
after the Senior Notes Issue Date of any such Indebtedness into or for Qualified
Capital Stock of Borrower and (B) the aggregate net cash proceeds, if any, received
by Borrower or any
of its Restricted Subsidiaries upon any conversion or exchange described in
clause (A) above.

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     SECTION 6.07. Transactions with Affiliates. Enter into, directly or indirectly, any transaction or
series of related transactions, whether or not in the ordinary course of business, with any
Affiliate of any Company (other than between or among Borrower and the Subsidiary Guarantors),
other than in the ordinary course of business and on terms and conditions substantially as
favorable to such Company as would reasonably be obtained by such Company at that time in a
comparable arm’s length transaction with a person other than an Affiliate, except that:

     (a) Dividends may be paid to the extent provided in Section 6.06;

     (b) loans may be made and other transactions may be entered into between and among any
Company and its Affiliates to the extent permitted by Sections 6.01 and
6.04; and

     (c) customary fees may be paid to non officer directors of Borrower and customary
indemnities may be provided to all directors of Borrower.

     SECTION 6.08. Financial Covenants.

     (a) Maximum Leverage Ratio. Permit the Leverage Ratio, as of the last day of any Test
Period ending during any period set forth in the table below, to exceed the ratio set forth
opposite such period in the table below:

	 	 	 	 	 
	 	 	Leverage Ratio	 	 

	October 1, 2005 - March 31, 2007
	 	3.50 to 1.00	 	 
	April 1, 2007 and thereafter
	 	3.25 to 1.00	 	 

     (b) Minimum Interest Coverage Ratio. Permit the Consolidated Interest Coverage Ratio,
as of the last day of any Test Period, to be less than 3.00 to 1.0.

     (c) Limitation on Capital Expenditures. Make any Capital Expenditures in any period
of four consecutive quarters in excess of 20% of Consolidated Net Worth (determined as of the last
day of the most recent quarter for which financial statements have been delivered); provided,
however, that the foregoing limitation shall not apply if (i) Liquidity (determined as of such day)
is greater than $10.0 million and (ii) either:

     (A) (1) no Default or Event of Default then exists that has not been cured or waived,
and (2) the Leverage Ratio (determined as of such day) is less than 2.75 to 1.0; or

     (B) the Leverage Ratio is less than 2.75 to 1.0 for both the quarter ending on such day
(determined as of such day) and for the preceding quarter (determined as of the last day of
such preceding quarter).

     SECTION 6.09. Limitation on Modifications or Prepayment of Indebtedness; Modifications of Certificate of
Incorporation, or Other Constitutive Documents, By-laws and Certain Other Agreements, etc. (i)
Optionally prepay, retire, redeem, purchase, defease or exchange, or make or arrange for any
mandatory prepayment, retirement, redemption, purchase or defeasance of, any outstanding
Indebtedness (other than (1) any refinancing of Indebtedness permitted by this Agreement, (2) the
Obligations and (3) the conversion or exchange of Indebtedness for or into Equity Interest); (ii)
amend or modify, or permit the amendment or modification of, any provision of existing Indebtedness
or of any

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agreement (including any purchase agreement, indenture, loan agreement or security agreement)
relating thereto other than any amendments or modifications to Indebtedness which do not in any way
materially adversely affect the interests of the Lenders and are otherwise permitted under Section
6.01(b); (iii) make (or give any notice in respect thereof) any voluntary or optional payment or
prepayment on or redemption or acquisition for value of, or any prepayment or redemption as a
result of any asset sale, change of control or similar event of, any indebtedness outstanding under
any document or agreement relating to any Permitted Unsecured Indebtedness; (iv) amend or modify,
or permit the amendment or modification of, any provision of any document or agreement relating to
any Permitted Unsecured Indebtedness other than amendments or modifications which do not in any way
materially adversely affect the interests of the Lenders; or (v) amend, modify or change its
articles of incorporation or other constitutive documents (including by the filing or modification
of any certificate of designation) or by-laws, or any agreement entered into by it, with respect to
its capital stock (including the Shareholders’ Agreement, any other shareholders’ agreement,
limited liability company operating agreement or limited partnership agreement), or enter into any
new agreement with respect to its capital stock, other than any amendments, modifications,
agreements or changes pursuant to this clause (v) or any such new agreements pursuant to this
clause (v) which do not in any way materially adversely affect in any material respect the
interests of the Lenders; and provided that Borrower may issue such capital stock as is not
prohibited by Section 6.11 or any other provision of this Agreement and may amend articles of
incorporation or other constitutive documents to authorize any such capital stock.

     SECTION 6.10. Limitation on Certain Restrictions on Subsidiaries. Directly or indirectly, create or
otherwise cause or suffer to exist or become effective any encumbrance or restriction on the
ability of any Subsidiary to (a) pay dividends or make any other distributions on its Equity
Interests owned by Borrower or any Subsidiary of Borrower, or pay any Indebtedness owed to Borrower
or a Subsidiary of Borrower, (b) make loans or advances to Borrower or any of Borrower’s
Subsidiaries or (c) transfer any of its properties to Borrower or any of Borrower’s Subsidiaries,
except for such encumbrances or restrictions existing under or by reason of (i) applicable law;
(ii) this Agreement and the other Loan Documents; (iii) any document or agreement relating to
Permitted Unsecured Indebtedness; (iv) customary provisions restricting subletting or assignment of
any lease governing a leasehold interest of Borrower or a Subsidiary of Borrower; (v) customary
provisions restricting assignment of any agreement entered into by Borrower or a Subsidiary of
Borrower in the ordinary course of business; (vi) any holder of a Lien permitted by Section
6.02 may restrict the transfer of the asset or assets subject thereto; (vii) restrictions which
are not more restrictive than those contained in this Agreement contained in any documents
governing any Indebtedness incurred after the Closing Date in accordance with the provisions of
this Agreement; (viii) customary restrictions and conditions contained in any agreement relating to
the sale of any property permitted under Section 6.05 pending the consummation of such
sale; (ix) any agreement in effect at the time such Subsidiary becomes a Subsidiary of Borrower, so
long as such agreement was not entered into in contemplation of such person becoming a Subsidiary
of Borrower; or (x) in the case of any joint venture which is not a Loan Party in respect of any
matters referred to in clauses (b) and (c) above, restrictions in such person’s organizational or
governing documents or pursuant to any joint venture agreement or stockholders agreements solely to
the extent of the Equity Interests of or assets held in the subject joint venture or other entity.

     SECTION
6.11. Limitation on Issuance of Capital Stock.

     (a) With respect to Borrower, issue any Equity Interest that is not Qualified Capital Stock.

     (b) Borrower will not, and will not permit any Subsidiary to, issue any Equity Interest
(including by way of sales of treasury stock) or any options or warrants to purchase, or securities
convertible into, Equity Interest, except (i) for stock splits, stock dividends and additional
Equity Interests issuances which do not decrease the percentage ownership of Borrower or any
Subsidiaries in any class of the

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Equity Interest of such Subsidiary; (ii) Subsidiaries of Borrower formed after the Closing Date
pursuant to Section 6.12 may issue Equity Interests to Borrower or the Subsidiary of
Borrower which is to own such stock; and (iii) Borrower may issue common stock that is Qualified
Capital Stock to Borrower. All Equity Interests issued in accordance with this Section
6.11(b) shall, to the extent required by Section 5.12 or the Security Agreement, be
delivered to the Collateral Agent for pledge pursuant to the Security Agreement.

     SECTION 6.12. Limitation on Creation of Subsidiaries. Establish, create or acquire any additional
Subsidiaries without the prior written consent of the Required Lenders; provided that Borrower may
establish, create or acquire one or more Wholly Owned Subsidiaries of Borrower or one of its Wholly
Owned Subsidiaries without such consent so long as (a) 100% of the Equity Interest of any new
Subsidiary is upon the creation or establishment of any such new Subsidiary pledged and delivered
to the Collateral Agent for the benefit of the Secured Parties under the Security Agreement, (other
than non-Wholly Owned Subsidiaries acquired in connection with a Permitted Acquisition or pursuant
to Investments pursuant to Section 6.04(h)); (b) upon the creation or establishment of any
such new Wholly Owned Subsidiary, such Subsidiary becomes a party to the applicable Security
Documents and shall become a Subsidiary Guarantor hereunder and execute a Joinder Agreement and the
other Loan Documents all in accordance with Section 5.11(a) above and (c) such new
Subsidiary is a Domestic Subsidiary.

     SECTION 6.13. Business. With respect to Borrower and its Subsidiaries, engage (directly or
indirectly) in any business other than those businesses in which each of Borrower and its
Subsidiaries, respectively, is engaged on the Fourth Amendment and Restatement Effective Date (or
which are substantially related thereto or are reasonable extensions thereof).

     SECTION 6.14. Limitation on Accounting Changes. Make or permit any change in accounting policies or
reporting practices, without the consent of the Required Lenders, which consent shall not be
unreasonably withheld, except changes that, in the aggregate, could not reasonably be expected to
result in a Material Adverse Effect or are required by GAAP.

     SECTION 6.15. Fiscal Year. Change its fiscal year end to a date other than December 31.

     SECTION 6.16. [Intentionally Omitted].

     SECTION 6.17. Limitation on Further Negative Pledges. Except with respect to prohibitions against
other encumbrances on specific property encumbered to secured payment of particular Indebtedness
permitted hereunder or prohibitions in license agreements under which Borrower or any of its
Subsidiaries is the licensee, enter into any agreement to create, incur, assume or suffer to exist
any Lien upon any of its property, assets or revenues, whether now owned or hereafter acquired,
except pursuant to (a) the Loan Documents, (b) any other agreement that does not restrict in any
manner (directly or indirectly) Liens created pursuant to the Loan Documents on property or assets
of Borrower or any of its Subsidiaries (whether now owned or hereafter acquired) securing the Loans
or any Interest Rate Agreement and does not require the direct or indirect granting of any Lien
securing any Indebtedness or other obligation by virtue of the granting of Liens on or pledge of
property of Borrower of any of its Subsidiaries to secure the Loans, any Interest Rate Agreement or
any other Obligations and (c) any industrial revenue or development bonds, acquisition agreement or
operating leases of real property and equipment entered into in the ordinary course of business.
Notwithstanding any of the foregoing, Indebtedness incurred by a Non-Guarantor Subsidiary may
contain a provision that no Lien on the assets of such Non-Guarantor Subsidiary may exist unless
such Indebtedness is equally and ratably secured with any other Indebtedness secured by such
assets.

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     SECTION 6.18. Anti-Terrorism Law; Anti-Money Laundering.

     (a) Directly or indirectly, (i) knowingly conduct any business or engage in making or
receiving any contribution of funds, goods or services to or for the benefit of any person
described in Section 3.24, (ii) knowingly deal in, or otherwise engage in any transaction
relating to, any property or interests in property blocked pursuant to the Executive Order or any
other Anti-Terrorism Law, or (iii) knowingly engage in or conspire to engage in any transaction
that evades or avoids, or has the purpose of evading or avoiding, or attempts to violate, any of
the prohibitions set forth in any Anti-Terrorism Law (and the Loan Parties shall deliver to the
Lenders any certification or other evidence requested from time to time by any Lender in its
reasonable discretion, confirming the Loan Parties’ compliance with this Section 6.18).

     (b) Knowingly cause or permit any of the funds of such Loan Party that are used to repay the
Loans to be derived from any unlawful activity with the result that the making of the Loans would
be in violation of any Requirement of Law.

ARTICLE VII

GUARANTEE

     SECTION 7.01. The Guarantee. The Subsidiary Guarantors hereby jointly and severally guarantee as a
primary obligor and not as a surety to each Secured Party and their respective successors and
assigns the prompt payment in full when due (whether at stated maturity, by acceleration or
otherwise) of the principal of and interest (including any interest, fees, costs or charges that
would accrue but for the provisions of the Title 11 of the United States Code after any bankruptcy
or insolvency petition under Title 11 of the United States Code) on the Loans made by the Lenders
to, and the Notes held by each Lender of, Borrower, and all other Obligations from time to time
owing to the Secured Parties by any Loan Party under any Loan Document or Interest Rate Agreement
relating to the Loans, in each case strictly in accordance with the terms thereof (such obligations
being herein collectively called the “Guaranteed Obligations”). The Subsidiary Guarantors hereby
jointly and severally agree that if Borrower or other Subsidiary Guarantor(s) shall fail to pay in
full when due (whether at stated maturity, by acceleration or otherwise) any of the Guaranteed
Obligations, the Subsidiary Guarantors will promptly pay the same, without any demand or notice
whatsoever, and that in the case of any extension of time of payment or renewal of any of the
Guaranteed Obligations, the same will be promptly paid in full when due (whether at extended
maturity, by acceleration or otherwise) in accordance with the terms of such extension or renewal.

     SECTION 7.02. Obligations Unconditional. The obligations of the Subsidiary Guarantors under Section
7.01 shall constitute a guaranty of payment and are absolute, irrevocable and unconditional, joint
and several, irrespective of the value, genuineness, validity, regularity or enforceability of the
Guaranteed Obligations of Borrower under this Agreement, the Notes, if any, or any other agreement
or instrument referred to herein or therein, or any substitution, release or exchange of any other
guarantee of or security for any of the Guaranteed Obligations, and, to the fullest extent
permitted by applicable law, irrespective of any other circumstance whatsoever that might otherwise
constitute a legal or equitable discharge or defense of a surety or guarantor (except for payment
in full). Without limiting the generality of the foregoing, it is agreed that the occurrence of
any one or more of the following shall not alter or impair the liability of the Subsidiary
Guarantors hereunder which shall remain absolute, irrevocable and unconditional under any and all
circumstances as described above:

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     (i) at any time or from time to time, without notice to the Subsidiary
Guarantors, the time for any performance of or compliance with any of the Guaranteed
Obligations shall be extended, or such performance or compliance shall be waived;

     (ii) any of the acts mentioned in any of the provisions of this Agreement or
the Notes, if any, or any other agreement or instrument referred to herein or
therein shall be done or omitted;

     (iii) the maturity of any of the Guaranteed Obligations shall be accelerated,
or any of the Guaranteed Obligations shall be amended in any respect, or any right
under the Loan Documents or any other agreement or instrument referred to herein or
therein shall be amended or waived in any respect or any other guarantee of any of
the Guaranteed Obligations or any security therefor shall be released or exchanged
in whole or in part or otherwise dealt with;

     (iv) any lien or security interest granted to, or in favor of, Issuing Bank or
any Lender or Agent as security for any of the Guaranteed Obligations shall fail to
be perfected; or

     (v) the release of any other Subsidiary Guarantor.

     The Subsidiary Guarantors hereby expressly waive diligence, presentment, demand of payment,
protest and all notices whatsoever, and any requirement that any Subsidiary Guarantor thereof
exhaust any right, power or remedy or proceed against Borrower under this Agreement or the Notes,
if any, or any other agreement or instrument referred to herein or therein, or against any other
person under any other guarantee of, or security for, any of the Guaranteed Obligations. The
Subsidiary Guarantors waive any and all notice of the creation, renewal, extension, waiver,
termination or accrual of any of the Guaranteed Obligations and notice of or proof of reliance by
any Secured Party upon this Guarantee or acceptance of this Guarantee, and the Guaranteed
Obligations, and any of them, shall conclusively be deemed to have been created, contracted or
incurred in reliance upon this Guarantee, and all dealings between Borrower and the Secured Parties
shall likewise be conclusively presumed to have been had or consummated in reliance upon this
Guarantee. This Guarantee shall be construed as a continuing, absolute, irrevocable and
unconditional guarantee of payment without regard to any right of offset with respect to the
Guaranteed Obligations at any time or from time to time held by Secured Parties, and the
obligations and liabilities of the Subsidiary Guarantors hereunder shall not be conditioned or
contingent upon the pursuit by the Secured Parties or any other person at any time of any right or
remedy against Borrower or against any other person which may be or become liable in respect of all
or any part of the Guaranteed Obligations or against any collateral security or guarantee therefor
or right of offset with respect thereto. This Guarantee shall remain in full force and effect and
be binding in accordance with and to the extent of its terms upon the Subsidiary Guarantors and the
successors and assigns thereof, and shall inure to the benefit of the Lenders, and their respective
successors and assigns, notwithstanding that from time to time during the term of this Agreement
there may be no Guaranteed Obligations outstanding.

     SECTION 7.03. Reinstatement. The obligations of the Subsidiary Guarantors under this Article
VII shall be automatically reinstated if and to the extent that for any reason any payment by
or on behalf of Borrower or other Loan Party in respect of the Guaranteed Obligations is rescinded
or must be otherwise restored by any holder of any of the Guaranteed Obligations, whether as a
result of any proceedings in bankruptcy or reorganization or otherwise. The Subsidiary Guarantors
jointly and severally agree that they will indemnify each Secured Party on demand for all
reasonable costs and expenses (including reasonable fees of counsel) incurred by such Secured Party
in connection with such rescission or restoration, including any such costs and expenses incurred
in defending against any claim alleging that

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such payment constituted a preference, fraudulent
transfer or similar payment under any bankruptcy, insolvency or similar law, other than any costs
or expenses resulting from the bad faith or willful misconduct of such Secured Party.

     SECTION 7.04. Subrogation; Subordination. Each Subsidiary Guarantor hereby agrees that until the
indefeasible payment and satisfaction in full in cash of all Guaranteed Obligations and the
expiration and termination of the Commitments of the Lenders under this Agreement it shall not
exercise any right or remedy arising by reason of any performance by it of its guarantee in
Section 7.01, whether by subrogation or otherwise, against Borrower or any other Subsidiary
Guarantor of any of the Guaranteed Obligations or any security for any of the Guaranteed
Obligations. The payment of any amounts due with respect to any Indebtedness of Borrower or any
other Subsidiary Guarantor now or hereafter owing to any Subsidiary Guarantor or Borrower by reason
of any payment by such Subsidiary Guarantor under the Guarantee in this Article VII is
hereby subordinated to the prior indefeasible payment in full in cash of the Guaranteed
Obligations. In addition, any Indebtedness of Borrower now or hereafter held by any Subsidiary
Guarantor is hereby subordinated in right of payment in full in cash to the Guaranteed Obligations.
Each Subsidiary Guarantor agrees that it will not demand, sue for or otherwise attempt to collect
any such Indebtedness of Borrower to such Subsidiary Guarantor until the Obligations shall have
been indefeasibly paid in full in cash. If, notwithstanding the foregoing sentence, any Subsidiary
Guarantor shall prior to the indefeasible payment in full in cash of the Guaranteed Obligations
collect, enforce or receive any amounts in respect of such Indebtedness, such amounts shall be
collected, enforced and received by such Subsidiary Guarantor as trustee for the Secured Parties
and be paid over to Administrative Agent on account of the Guaranteed Obligations without affecting
in any manner the liability of such Subsidiary Guarantor under the other provisions of the guaranty
contained herein.

     SECTION 7.05. Remedies. The Subsidiary Guarantors jointly and severally agree that, as between the
Subsidiary Guarantors and the Lenders, the obligations of Borrower under this Agreement and the
Notes, if any, may be declared to be forthwith due and payable as provided in Article VIII
(and shall be deemed to have become automatically due and payable in the circumstances provided in
said Article VIII) for purposes of Section 7.01, notwithstanding any stay,
injunction or other prohibition preventing such declaration (or such obligations from becoming
automatically due and payable) as against Borrower and that, in the event of such declaration (or
such obligations being deemed to have become automatically due and payable), such obligations
(whether or not due and payable by Borrower) shall forthwith become due and payable by the
Subsidiary Guarantors for purposes of Section 7.01.

     SECTION 7.06. Instrument for the Payment of Money. Each Subsidiary Guarantor hereby acknowledges
that the guarantee in this Article VII constitutes an instrument for the payment of money,
and consents and agrees that any Lender or Agent, at its sole option, in the event of a dispute by
such Subsidiary Guarantor in the payment of any moneys due hereunder, shall have the right to bring
a motion action under New York CPLR Section 3213.

     SECTION 7.07. Continuing Guarantee. The guarantee in this Article VII is a continuing
guarantee of payment, and shall apply to all Guaranteed Obligations whenever arising.

     SECTION 7.08. General Limitation on Guarantee Obligations. In any action or proceeding involving
any state corporate law, or any state, federal or foreign bankruptcy, insolvency, reorganization or
other law affecting the rights of creditors generally, if the obligations of any Subsidiary
Guarantor under Section 7.01 would otherwise be held or determined to be void, voidable,
invalid or unenforceable, or subordinated to the claims of any other creditors, on account of the
amount of its liability under Section 7.01, then, notwithstanding any other provision to
the contrary, the amount of such liability shall, without any further action by such Subsidiary
Guarantor, any Loan Party or any other person, be automatically

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limited and reduced to the highest
amount that is valid and enforceable and not subordinated to the claims of other creditors as
determined in such action or proceeding.

ARTICLE VIII

EVENTS OF DEFAULT

     SECTION 8.01. Events of Default. In case of the happening of any of the following events (“Events
of Default”):

     (a) default shall be made in the payment of any principal of any Loan or any
Reimbursement Obligation when and as the same shall become due and payable, whether at the
due date thereof or at a date fixed for prepayment thereof or by acceleration thereof or
otherwise;

     (b) default shall be made in the payment of any interest on any Loan or any Fee or any
other amount (other than an amount referred to in (a) above) due under any Loan Document,
when and as the same shall become due and payable, and such default shall continue
unremedied for a period of 10 Business Days;

     (c) any representation or warranty made or deemed made in or in connection with any
Loan Document or the borrowings or issuances of Letters of Credit hereunder, or any
representation, warranty, statement or information contained in any report, certificate,
financial statement or other instrument furnished in connection with or pursuant to any Loan
Document, shall prove to have been false or misleading in any material respect when so made,
deemed made or furnished;

     (d) default shall be made in the due observance or performance by any Company of any
covenant, condition or agreement contained in Section 5.02, 5.03 or
5.08 or in Article VI;

     (e) default shall be made in the due observance or performance by any Company of any
covenant, condition or agreement contained in any Loan Document (other than those specified
in (a), (b) or (d) above) and such default shall continue unremedied or shall not be waived
for a period of 30 days after written notice thereof from the Administrative Agent or any
Lender to Borrower;

     (f) any Company shall (i) fail to pay any principal or interest, regardless of amount,
due in respect of any Indebtedness (other than the Obligations), when and as the same shall
become due and payable, or (ii) fail to observe or perform (after applicable grace periods,
if any) any other term, covenant, condition or agreement contained in any agreement or
instrument evidencing or governing any such Indebtedness if the effect of any failure
referred to in this clause (ii) is to cause, or to permit the holder or holders of such
Indebtedness or a trustee on its or their behalf (with or without the giving of notice, the
lapse of time or both) to cause, such Indebtedness to become due prior to its stated
maturity; provided that it shall not constitute an Event of Default pursuant to this
paragraph (f) unless the aggregate amount of all such Indebtedness referred to in clauses
(i) and (ii) exceeds $10.0 million at any one time;

     (g) an involuntary proceeding shall be commenced or an involuntary petition shall be
filed in a court of competent jurisdiction seeking (i) relief in respect of any Company, or
of a substantial part of the property or assets of any Company, under Title 11 of the United
States Code, as now constituted or hereafter amended, or any other federal, state or foreign
bankruptcy, insolvency, receivership or similar law; (ii) the appointment of a receiver,
trustee, custodian,

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sequestrator, conservator or similar official for any Company or for a
substantial part of the property or assets of any Company; or (iii) the winding up or
liquidation of any Company; and such proceeding or petition shall continue undismissed for
60 days or an order or decree approving or ordering
any of the foregoing shall be entered (excluding, for purposes of clarification, any
Liens on bonds or other collateral posted pursuant to a court order while there exists an
effective stay of enforcement of a judgment);

     (h) any Company shall (i) voluntarily commence any proceeding or file any petition
seeking relief under Title 11 of the United States Code, as now constituted or hereafter
amended, or any other federal, state or foreign bankruptcy, insolvency, receivership or
similar law; (ii) consent to the institution of, or fail to contest in a timely and
appropriate manner, any proceeding or the filing of any petition described in (g) above;
(iii) apply for or consent to the appointment of a receiver, trustee, custodian,
sequestrator, conservator or similar official for any Company or for a substantial part of
the property or assets of any Company; (iv) file an answer admitting the material
allegations of a petition filed against it in any such proceeding; (v) make a general
assignment for the benefit of creditors; (vi) become unable, admit in writing its inability
or fail generally to pay its debts as they become due; (vii) take any action for the purpose
of effecting any of the foregoing; or (viii) wind up or liquidate;

     (i) one or more judgments for the payment of money in an aggregate amount in excess of
$2.5 million shall be rendered against any Company or any combination thereof and the same
shall remain undischarged for a period of 30 consecutive days during which execution shall
not be effectively stayed, or any action shall be legally taken by a judgment creditor to
levy upon assets or properties of any Company to enforce any such judgment;

     (j) an ERISA Event shall have occurred that, in the opinion of the Required Lenders,
when taken together with all other such ERISA Events, could reasonably be expected to result
in a Material Adverse Effect or the imposition of a Lien on any assets of a Company;

     (k) any security interest and Lien purported to be created by any Security Document
shall cease to be in full force and effect, or shall cease to give the Collateral Agent, for
the benefit of the Secured Parties, the Liens, rights, powers and privileges purported to be
created and granted under such Security Documents (including a perfected first priority
security interest in and Lien on, all of the Collateral thereunder (except as otherwise
expressly provided in such Security Document)) in favor of the Collateral Agent, or shall be
asserted by Borrower or any other Loan Party not to be, a valid, perfected, first priority
(except as otherwise expressly provided in this Agreement or such Security Document)
security interest in or Lien on the Collateral covered thereby unless such occurrence
results solely from action of the Collateral Agent or any Lender and involves no Default by
Borrower or any Subsidiary Guarantor hereunder or under any Security Document;

     (l) the Guarantees shall cease to be in full force effect;

     (m) any Loan Document or any material provisions thereof shall at any time and for any
reason be declared by a court of competent jurisdiction to be null and void, or a proceeding
shall be commenced by any Loan Party or any other person, or by any Governmental Authority,
seeking to establish the invalidity or unenforceability thereof (exclusive of questions of
interpretation of any provision thereof), or any Loan Party shall repudiate or deny that it
has any liability or obligation for the payment of principal or interest or other
obligations purported to be created under any Loan Document;

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     (n) there shall have occurred a Change in Control; or

     (o) any Loan Party shall be prohibited or otherwise restrained from conducting the
business theretofore conducted by it in any manner that has or could reasonably be expected
to result in a Material Adverse Effect by virtue of any determination, ruling, decision,
decree or order of any court or Governmental Authority of competent jurisdiction;

then, and in every such event (other than an event with respect to Borrower described in paragraph
(g) or (h) above), and at any time thereafter during the continuance of such event, the
Administrative Agent may, and at the request of the Required Lenders shall, by notice to Borrower,
take either or both of the following actions, at the same or different times: (i) terminate
forthwith the Commitments and (ii) declare the Loans and Reimbursement Obligations then outstanding
to be forthwith due and payable in whole or in part, whereupon the principal of the Loans and
Reimbursement Obligations so declared to be due and payable, together with accrued interest thereon
and any unpaid accrued Fees and all other liabilities of Borrower accrued hereunder and under any
other Loan Document, shall become forthwith due and payable, without presentment, demand, protest
or any other notice of any kind, all of which are hereby expressly waived by Borrower and the
Subsidiary Guarantors, anything contained herein or in any other Loan Document to the contrary
notwithstanding; and in any event with respect to Borrower described in paragraph (g) or (h) above,
the Commitments shall automatically terminate and the principal of the Loans and Reimbursement
Obligations then outstanding, together with accrued interest thereon and any unpaid accrued Fees
and all other liabilities of Borrower accrued hereunder and under any other Loan Document, shall
automatically become due and payable, without presentment, demand, protest or any other notice of
any kind, all of which are hereby expressly waived by Borrower and the Subsidiary Guarantors,
anything contained herein or in any other Loan Document to the contrary notwithstanding.

ARTICLE IX

COLLATERAL ACCOUNT; APPLICATION OF COLLATERAL PROCEEDS

     SECTION 9.01. Collateral Account.

     (a) The Collateral Agent is hereby authorized to establish and maintain at its office at 677
Washington Boulevard, Stamford, Connecticut 06901, in the name of the Collateral Agent and pursuant
to a Control Agreement, a restricted deposit account designated “Basic Energy Services Collateral
Account”. Each Loan Party shall deposit into the Collateral Account from time to time (i) the cash
proceeds of any of the Collateral (including pursuant to any disposition thereof) to the extent
contemplated herein or in any other Loan Document, (ii) the cash proceeds of any Casualty Event
with respect to Collateral, to the extent contemplated herein or in any other Loan Document, and
(iii) any cash such Loan Party is required to pledge as additional collateral security hereunder
pursuant to the Loan Documents.

     (b) The balance from time to time in the Collateral Account shall constitute part of the
Collateral and shall not constitute payment of the Obligations until applied as hereinafter
provided. So long as no Event of Default has occurred and is continuing or will result therefrom,
the Collateral Agent shall within two Business Days of receiving a request of the applicable Loan
Party for release of cash proceeds (i) from the Collateral Account constituting Net Cash Proceeds
relating to any Casualty Event or Asset Sale remit such cash proceeds on deposit in the Collateral
Account to or upon the order of such Loan Party, so long as such Loan Party has satisfied the
conditions relating thereto set forth in Section 9.02 and (ii) with respect to the LC Sub Account,
remit such Net Cash Proceeds on deposit in the LC Sub Account to or upon the order of such Loan
Party at such time as all Letters of Credit shall have been terminated and all of the liabilities
in respect of the Letters of Credit have been paid in full. At any time following the occurrence
and during the continuance of an Event of Default, the Collateral Agent may (and, if

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instructed by
the Required Lenders as specified herein, shall) in its (or their) discretion apply or cause to be
applied (subject to collection) the balance from time to time outstanding to the credit of the
Collateral Account to the payment of the Obligations in the manner specified in Section 9.03 hereof
subject, however, in the case of amounts deposited in the LC Sub Account, to the provisions of
Sections 2.18(i) and 9.03. The Loan Parties shall have no right to withdraw,
transfer or otherwise receive any funds deposited in the Collateral Account except to the extent
specifically provided herein.

     (c) Amounts on deposit in the Collateral Account shall be invested from time to time in Cash
Equivalents as the applicable Loan Party (or, after the occurrence and during the continuance of an
Event of Default, the Collateral Agent) shall determine, which Cash Equivalents shall be held in
the name and be under the control of the Collateral Agent (or any sub agent); provided that at any
time after the occurrence and during the continuance of an Event of Default, the Collateral Agent
may (and, if instructed by the Required Lenders as specified herein, shall) in its (or their)
discretion at any time and from time to time elect to liquidate any such Cash Equivalents and to
apply or cause to be applied the proceeds thereof to the payment of the Obligations in the manner
specified in Section 9.03 hereof.

     (d) Amounts deposited into the Collateral Account as cover for liabilities in respect of
Letters of Credit under any provision of this Agreement requiring such cover shall be held by the
Administrative Agent in a separate sub account designated as the “LC Sub Account” (the “LC Sub
Account”) and, notwithstanding any other provision hereof to the contrary, all amounts held in the
LC Sub Account shall constitute collateral security first for the liabilities in respect of Letters
of Credit outstanding from time to time and second for the other Obligations hereunder until such
time as all Letters of Credit shall have been terminated and all of the liabilities in respect of
Letters of Credit have been paid in full.

     SECTION 9.02. Proceeds of Destruction, Taking and Collateral Dispositions. So long as no Event of
Default shall have occurred and be continuing, in the event the applicable Loan Party elects to
reinvest Net Cash Proceeds in respect of any Asset Sale or Casualty Event in accordance with the
provisions of Sections 2.10(c) and 2.10(f) as applicable, the Collateral Agent
shall receive at least 10 days’ prior notice of each request for payment and shall not release any
part of such Net Cash Proceeds, until the applicable Loan Party has furnished to the Collateral
Agent (i) an Officers’ Certificate setting forth: (A) a brief description of the reinvestment to
be made, (B) the dollar amount of the expenditures to be made, or costs incurred by such Loan Party
in connection with such reinvestment and (C) evidence that the properties or assets acquired in
connection with such reinvestment have a fair market value at least equal to the amount of such Net
Cash Proceeds requested to be released from the Collateral Account and (ii) all security agreements
and Mortgages and other items required by the provisions of Sections 5.11 and 5.12
to, among other things, subject such reinvestment properties or assets to the Lien of the Security
Documents in favor of the Collateral Agent, for its benefit and for the benefit of the other
Secured Parties.

     SECTION 9.03. Application of Proceeds. The proceeds received by the Collateral Agent in respect of
any sale of, collection from or other realization upon all or any part of the Collateral pursuant
to the exercise by the Collateral Agent of its remedies shall be applied, together with any other
sums then held by the Collateral Agent pursuant to this Agreement, promptly by the Collateral Agent
as follows:

     (a) First, to the payment of all reasonable costs and expenses, fees, commissions and
taxes of such sale, collection or other realization including, without limitation,
compensation to the Collateral Agent and its agents and counsel, and all expenses,
liabilities and advances made or incurred by the Collateral Agent in connection therewith,
together with interest on each such amount at the highest rate then in effect under this
Agreement from and after the date such amount is due, owing or unpaid until paid in full;

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     (b) Second, to the payment of all other reasonable costs and expenses of such sale,
collection or other realization including, without limitation, compensation to the other
Secured Parties and their agents and counsel and all costs, liabilities and advances made or
incurred by the
other Secured Parties in connection therewith, together with interest on each such
amount at the highest rate then in effect under this Agreement from and after the date such
amount is due, owing or unpaid until paid in full;

     (c) Third, without duplication of amounts applied pursuant to clauses (a) and (b)
above, to the indefeasible payment in full in cash, pro rata, of (i) interest, principal and
other amounts constituting Obligations (other than the obligations arising under the Hedging
Agreements and the principal amount of Reimbursement Obligations) in each case equally and
ratably in accordance with the respective amounts thereof then due and owing and (ii) the
Obligations arising under the Hedging Agreements in accordance with the terms of the Hedging
Agreements;

     (d) Fourth, to the indefeasible payment in full in cash, pro rata, of the principal
amount of Reimbursement Obligations; and

     (e) Fifth, the balance, if any, to the person lawfully entitled thereto (including the
applicable Loan Party or its successors or assigns).

     In the event that any such proceeds are insufficient to pay in full the items described in
clauses (a) through (e) of this Section 9.03, the Loan Parties shall remain jointly and
severally liable for any deficiency.

ARTICLE X

THE ADMINISTRATIVE AGENT AND THE COLLATERAL AGENT

     SECTION 10.01. Appointment. Each Lender hereby irrevocably designates and appoints each of the
Administrative Agent and the Collateral Agent as an agent of such Lender under this Agreement and
the other Loan Documents. Each Lender irrevocably authorizes each Agent, in such capacity, through
its agents or employees, to take such actions on its behalf under the provisions of this Agreement
and the other Loan Documents and to exercise such powers and perform such duties as are expressly
delegated to such Agent by the terms of this Agreement and the other Loan Documents, together with
such actions and powers as are reasonably incidental thereto.

     SECTION 10.02. Agent in Its Individual Capacity. Each person serving as an Agent hereunder shall
have the same rights and powers in its capacity as a Lender as any other Lender and may exercise
the same as though it were not an Agent, and such person and its Affiliates may accept deposits
from, lend money to and generally engage in any kind of business with Borrower or any Subsidiary or
other Affiliate thereof as if it were not an Agent hereunder.

     SECTION 10.03. Exculpatory Provisions. No Agent shall have any duties or obligations except those
expressly set forth in the Loan Documents. Without limiting the generality of the foregoing, (a)
no Agent shall be subject to any fiduciary or other implied duties, regardless of whether a Default
has occurred and is continuing, (b) no Agent shall have any duty to take any discretionary action
or exercise any discretionary powers, except discretionary rights and powers expressly contemplated
by the Loan Documents that such Agent is required to exercise in writing by the Required Lenders
(or such other number or percentage of the Lenders as shall be necessary under the circumstances as
provided in Section 11.02), and (c) except as expressly set forth in the Loan Documents, no
Agent shall have any duty to disclose or shall be liable for the failure to disclose, any
information relating to Borrower or any of its

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Subsidiaries that is communicated to or obtained by
the bank serving as such Agent or any of its Affiliates in any capacity. No Agent shall be liable
for any action taken or not taken by it with the consent or at the request of the Required Lenders
(or such other number or percentage of the Lenders as shall be necessary
under the circumstances as provided in Section 11.02) or in the absence of its own
gross negligence or willful misconduct. No Agent shall be deemed to have knowledge of any Default
unless and until written notice thereof is given to such Agent by Borrower or a Lender, and no
Agent shall be responsible for or have any duty to ascertain or inquire into (i) any statement,
warranty or representation made in or in connection with any Loan Document, (ii) the contents of
any certificate, report or other document delivered thereunder or in connection therewith, (iii)
the performance or observance of any of the covenants, agreements or other terms or conditions set
forth in any Loan Document, (iv) the validity, enforceability, effectiveness or genuineness of any
Loan Document or any other agreement, instrument or document or (v) the satisfaction of any
condition set forth in Article IV or elsewhere in any Loan Document.

     SECTION 10.04. Reliance by Agent. Each Agent shall be entitled to rely upon, and shall not incur any
liability for relying upon, any notice, request, certificate, consent, statement, instrument,
document or other writing believed by it to be genuine and to have been signed or sent by a proper
person. Each Agent also may rely upon any statement made to it orally or by telephone and believed
by it to be made by a proper person, and shall not incur any liability for relying thereon. Each
Agent may consult with legal counsel (who may be counsel for Borrower), independent accountants and
other advisors selected by it, and shall not be liable for any action taken or not taken by it in
accordance with the advice of any such counsel, accountants or advisors.

     SECTION 10.05. Delegation of Duties. Each Agent may perform any and all its duties and exercise its
rights and powers by or through any one or more sub agents appointed by such Agent. Each Agent and
any such sub agent may perform any and all its duties and exercise its rights and powers through
their respective Affiliates. The exculpatory provisions of the preceding paragraphs shall apply to
any such sub agent and to the Affiliates of each Agent and any such sub agent, and shall apply to
their respective activities in connection with the syndication of the credit facilities provided
for herein as well as activities as Agent.

     SECTION 10.06. Successor Agent. Each Agent may resign as such at any time upon at least 30 days’
prior notice to the Lenders, the Issuing Bank and Borrower. Upon any such resignation, the
Required Lenders shall have the right, in consultation with Borrower, to appoint a successor Agent
from among the Lenders. If no successor shall have been so appointed by the Required Lenders and
shall have accepted such appointment within 30 days after the retiring Agent gives notice of its
resignation, then the retiring Agent may, on behalf of the Lenders and the Issuing Bank, appoint a
successor Agent, which successor shall be a commercial banking institution organized under the laws
of the United States (or any State thereof) or a United States branch or agency of a commercial
banking institution, in each case, having combined capital and surplus of at least $250 million;
provided that if such retiring Agent is unable to find a commercial banking institution which is
willing to accept such appointment and which meets the qualifications set forth above, the retiring
Agent’s resignation shall nevertheless thereupon become effective, and the Lenders shall assume and
perform all of the duties of the Agent hereunder until such time, if any, as the Required Lenders
appoint a successor Agent.

     Upon the acceptance of its appointment as an Agent hereunder by a successor, such successor
shall succeed to and become vested with all the rights, powers, privileges and duties of the
retiring Agent, and the retiring Agent shall be discharged from its duties and obligations
hereunder. The fees payable by Borrower to a successor Agent shall be the same as those payable to
its predecessor unless otherwise agreed between Borrower and such successor. After an Agent’s
resignation hereunder, the provisions of this Article X and Section 11.03 shall
continue in effect for the benefit of such retiring Agent, its sub agents and their respective
Affiliates in respect of any actions taken or omitted to be taken by any of them while it was
acting as Agent.

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     SECTION 10.07. Non-Reliance on Agent and Other Lenders. Each Lender acknowledges that it has,
independently and without reliance upon any Agent or any other Lender and based on such documents
and information as it has deemed appropriate, made its own credit analysis and decision to enter
into this Agreement. Each Lender also acknowledges that it will, independently and without
reliance upon any Agent or any other Lender and based on such documents and information as it shall
from time to time deem appropriate, continue to make its own decisions in taking or not taking
action under or based upon this Agreement, any other Loan Document or related agreement or any
document furnished hereunder or thereunder.

     SECTION 10.08. No Other Administrative Agent. The Lenders identified in this Agreement, the
Syndication Agent and the Documentation Agent shall not have any right, power, obligation,
liability, responsibility or duty under this Agreement other than those applicable to all Lenders.
Without limiting the foregoing, neither the Syndication Agent nor the Documentation Agent shall
have or be deemed to have a fiduciary relationship with any Lender. Each Lender hereby makes the
same acknowledgments with respect to the Syndication Agent and the Documentation Agent as it makes
with respect to the Administrative Agent or any other Lender in this Article X.
Notwithstanding the foregoing, the parties hereto acknowledge that the Documentation Agent and the
Syndication Agent hold such titles in name only, and that such titles confer no additional rights
or obligations relative to those conferred on any Lender hereunder.

     SECTION 10.09. Indemnification. The Lenders severally agree to indemnify each Agent in its capacity
as such (to the extent not reimbursed by Borrower or the Subsidiary Guarantors and without limiting
the obligation of Borrower or the Subsidiary Guarantors to do so), ratably according to their
respective outstanding Loans and Commitments in effect on the date on which indemnification is
sought under this Section (or, if indemnification is sought after the date upon which all
Commitments shall have terminated and the Loans and Reimbursement Obligations shall have been paid
in full, ratably in accordance with such outstanding Loans and Commitments as in effect immediately
prior to such date), from and against any and all liabilities, obligations, losses, damages,
penalties, actions, judgments, suits, costs, expenses or disbursements of any kind whatsoever that
may at any time (whether before or after the payment of the Loans and Reimbursement Obligations) be
imposed on, incurred by or asserted against such Agent in any way relating to or arising out of,
the Commitments, this Agreement, any of the other Loan Documents or any documents contemplated by
or referred to herein or therein or the transactions contemplated hereby or thereby or any action
taken or omitted by such Agent under or in connection with any of the foregoing; provided that no
Lender shall be liable for the payment of any portion of such liabilities, obligations, losses,
damages, penalties, actions, judgments, suits, costs, expenses or disbursements that are found by a
final and nonappealable decision of a court of competent jurisdiction to have resulted from such
Agent’s gross negligence or willful misconduct. The agreements in this Section shall survive the
payment of the Loans and all other amounts payable hereunder.

ARTICLE XI

MISCELLANEOUS

     SECTION 11.01. Notices. Notices and other communications provided for herein shall be in writing and
shall be delivered by hand or overnight courier service, mailed by certified or registered mail or
sent by telecopy, as follows:

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     (a) if to any Loan Party, to Borrower at:

Basic Energy Services, Inc.

400 W. Illinois

Midland, Texas 79701

Attention: Kenneth V. Huseman

Telecopy No.: (432) 620 5501

Telephone No.: (432) 620 5500

E mail: ken.huseman@basicenergyservices.com

with a copy to:

Andrews Kurth LLP

600 Travis, Suite 4200

Houston, Texas 77002

Attention: Douglas Dillon, Esq.

Telecopy No.: (713) 220 4285

Telephone No.: (713) 220 4200

E mail: ddillon@akllp.com

     (b) if to the Administrative Agent or the Collateral Agent, to it at:

UBS AG, Stamford Branch

677 Washington Boulevard

Stamford, Connecticut 06901

Attention: Tara Cimbrello

Telecopy No.: (203) 719-4176

with a copy to:

Cahill Gordon & Reindel llp

80 Pine Street

New York, New York 10005

Attention: Michael E. Michetti, Esq.

Telecopy: (212) 269 5420

Telephone: (212) 701 3000

E mail: mmichetti@cahill.com

     (c) if to the Documentation Agent, to it at:

Capital One, National Association (f/k/a Hibernia National Bank)

5718 Westheimer, Suite 600

Houston, Texas 77057

Attention: Energy Banking

Telecopy No.: (713) 435-5106

     (d) if to a Lender, to it at its address (or telecopy number) set forth on the
applicable Lender Addendum or in the Assignment and Acceptance pursuant to which such Lender
shall have become a party hereto.

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All notices and other communications given to any party hereto in accordance with the provisions of
this Agreement shall be deemed to have been given on the date of receipt if delivered by hand or
overnight courier service or sent by telecopy or by certified or registered mail, in each case
delivered, sent or mailed (properly addressed) to such party as provided in this Section
11.01 or in accordance with the latest unrevoked direction from such party given in accordance
with this Section 11.01 and failure to deliver cour
tesy copies of notices and other communications shall in no event affect the validity or
effectiveness of such notices and other communications.

     SECTION 11.02. Waivers; Amendment.

     (a) No failure or delay by any Agent, the Collateral Agent, the Issuing Bank or any Lender in
exercising any right or power hereunder or under any other Loan Document shall operate as a waiver
thereof, nor shall any single or partial exercise of any such right or power, or any abandonment or
discontinuance of steps to enforce such a right or power, preclude any other or further exercise
thereof or the exercise of any other right or power. The rights and remedies of each Agent, the
Issuing Bank and the Lenders hereunder and under the other Loan Documents are cumulative and are
not exclusive of any rights or remedies that they would otherwise have. No waiver of any provision
of any Loan Document or consent to any departure by any Loan Party therefrom shall in any event be
effective unless the same shall be permitted by paragraph (b) of this Section 11.02, and
then such waiver or consent shall be effective only in the specific instance and for the purpose
for which given. Without limiting the generality of the foregoing, the making of a Loan or
issuance of a Letter of Credit shall not be construed as a waiver of any Default, regardless of
whether any Agent, any Lender or the Issuing Bank may have had notice or knowledge of such Default
at the time.

     (b) Neither this Agreement nor any other Loan Document nor any provision hereof or thereof may
be waived, amended or modified except, in the case of this Agreement, pursuant to an agreement or
agreements in writing entered into by Borrower and the Required Lenders or, in the case of any
other Loan Document, pursuant to an agreement or agreements in writing entered into by the
Administrative Agent and the Loan Party or Loan Parties that are parties thereto, in each case with
the written consent of the Required Lenders; provided that no such agreement shall:

     (i) increase the Commitment of any Lender without the written consent of such
Lender;

     (ii) reduce the principal amount of any Loan or LC Disbursement or reduce the
rate of interest thereon, or reduce any Fees payable hereunder, without the written
consent of each Lender affected thereby;

     (iii) postpone or extend the maturity of any Loan, or the required date of
payment of any Reimbursement Obligation, or any date for the payment of any interest
or fees payable hereunder, or reduce the amount of, waive or excuse any such
payment, or postpone the scheduled date of expiration of any Commitment or postpone
the scheduled date of expiration of any Letter of Credit beyond the Revolving
Maturity Date, without the written consent of each Lender affected thereby;

     (iv) change Section 2.14(b) or (c) in a manner that would alter
the pro rata sharing of payments or setoffs required thereby, without the written
consent of each Lender;

     (v) change the percentage set forth in the definition of “Required Lenders” or
any other provision of any Loan Document (including this Section) specifying the

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number or percentage of Lenders (or Lenders of any Class) required to waive, amend
or modify any rights thereunder or make any determination or grant any consent
thereunder, without the written consent of each Lender (or each Lender of such
Class, as the case may be);

     (vi) release Borrower or any Subsidiary Guarantor from its Guarantee (except as
expressly provided in Article VII), or limit its liability in respect of
such Guarantee, without the written consent of each Lender;

     (vii) release all or a substantial portion of the Collateral from the Liens of
the Security Documents or alter the relative priorities of the Obligations entitled
to the Liens of the Security Documents (except in connection with securing
additional Obligations equally and ratably with the other Obligations), in each case
without the written consent of each Lender; or

     (viii) change any provisions of any Loan Document in a manner that by its terms
adversely affects the rights in respect of payments due to Lenders holding Loans of
any Class differently than those holding Loans of any other Class, without the
written consent of Lenders holding a majority in interest of the outstanding Loans
and unused Commitments of each affected Class;

provided, further, that (1) no such agreement shall amend, modify or otherwise affect the rights or
duties of the Administrative Agent, the Collateral Agent, the Issuing Bank or the Swingline Lender
without the prior written consent of the Administrative Agent, the Issuing Bank or the Swingline
Lender, as the case may be and (2) any waiver, amendment or modification of this Agreement that by
its terms affects the rights or duties under this Agreement of the Revolving Lenders at a time in
which an Affiliate of the Administrative Agent is a Revolving Lender shall also require the
approval of at least one Revolving Lender not affiliated with the Administrative Agent (if any such
Revolving Lenders exist at such time). Notwithstanding the foregoing, any provision of this
Agreement may be amended by an agreement in writing entered into by Borrower, the Required Lenders
and the Administrative Agent (and, if their rights or obligations are affected thereby, the Issuing
Bank and the Swingline Lender) if (x) by the terms of such agreement the Commitment of each Lender
not consenting to the amendment provided for therein shall terminate upon the effectiveness of such
amendment and (y) at the time such amendment becomes effective, each Lender not consenting thereto
receives payment in full of the principal of and interest accrued on each Loan made by it and all
other amounts owing to it or accrued for its account under this Agreement.

     (c) If, in connection with any proposed change, waiver, discharge or termination of the
provisions of this Agreement as contemplated by Section 11.02(b) (other than clause (iii)
of such Section), the consent of the Supermajority Lenders is obtained but the consent of one or
more of such other Lenders whose consent is required is not obtained, then Borrower shall have the
right to replace all, but not less than all, of such non consenting Lender or Lenders (so long as
all non consenting Lenders are so replaced) with one or more persons pursuant to Section
2.16 so long as at the time of such replacement each such new Lender consents to the proposed
change, waiver, discharge or termination; provided, however, that Borrower shall not have the right
to replace a Lender solely as a result of the exercise of such Lender’s rights (and the withholding
of any required consent by such Lender) pursuant to clause (iii) of Section 11.02(b).

     SECTION 11.03. Expenses; Indemnity.

     (a) Borrower agrees to promptly pay all reasonable out of pocket costs and expenses (including
but not limited to expenses incurred in connection with due diligence and travel, courier,
reproduction,

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printing and delivery expenses) (i) incurred by the Administrative Agent and
Collateral Agent, the Swingline Lender and the Issuing Bank in connection with the syndication of
the credit facilities provided for herein and the preparation, execution, delivery and
administration of this Agreement and the other Loan Documents and the perfection and maintenance of
the Liens securing the Collateral or in connection with any amendments, consents, enforcement
costs, documentary taxes or waivers of the provisions
hereof or thereof (whether or not the transactions hereby or thereby contemplated shall be
consummated) or (ii) incurred by the Agents or after the occurrence and during the continuation of
an Event of Default any Lender in connection with the enforcement or protection of its rights in
connection with this Agreement and the other Loan Documents or in connection with the Loans made or
Letters of Credit issued hereunder, including the reasonable fees, charges and disbursements of
Cahill Gordon & Reindel llp, counsel for the Administrative Agent and the Collateral
Agent, and any auditors, accountants, consultants, appraisers or other advisors and, in connection
with any such enforcement or protection, the fees, charges and disbursements of any other counsel
for the Agents or any Lender.

     (b) The Loan Parties agree, jointly and severally, to indemnify the Agents, each Lender, the
Issuing Bank and the Swingline Lender, each Affiliate of any of the foregoing persons and each of
their respective partners, controlling persons, directors, officers, trustees, employees and agents
(each such person being called an “Indemnitee”) against, and to hold each Indemnitee harmless from,
all reasonable out of pocket costs and any and all losses, claims, damages, liabilities, penalties,
judgments, suits and related expenses, including reasonable counsel fees, charges and
disbursements, incurred by or asserted against any Indemnitee arising out of, in any way connected
with, or as a result of (i) the execution, delivery, performance, administration or enforcement of
the Loan Documents, (ii) any actual or proposed use of the proceeds of the Loans or issuance of
Letters of Credit, (iii) any claim, litigation, investigation or proceeding relating to any of the
foregoing, whether or not any Indemnitee is a party thereto, or (iv) any actual or alleged presence
or Release or threatened Release of Hazardous Materials, on, at, under or from any property owned,
leased or operated by any Company, or any Environmental Claim related in any way to any Company;
provided that such indemnity shall not, as to any Indemnitee, be available to the extent that such
losses, claims, damages, liabilities or related expenses are determined by a court of competent
jurisdiction by final and nonappealable judgment to have resulted from the gross negligence or
willful misconduct of such Indemnitee.

     (c) The provisions of this Section 11.03 shall remain operative and in full force and
effect regardless of the expiration of the term of this Agreement, the consummation of the
transactions contemplated hereby, the repayment of any of the Loans or Reimbursement Obligations,
the expiration of the Commitments, the expiration of any Letter of Credit, the invalidity or
unenforceability of any term or provision of this Agreement or any other Loan Document, or any
investigation made by or on behalf of the Agents, the Issuing Bank or any Lender. All amounts due
under this Section 11.03 shall be payable on written demand therefor accompanied by
reasonable documentation with respect to any reimbursement, indemnification or other amount
requested.

     (d) To the extent that Borrower fails to promptly pay any amount required to be paid by it to
the Administrative Agent and the Collateral Agent, the Issuing Bank or the Swingline Lender under
paragraph (a) or (b) of this Section, each Lender severally agrees to pay to the Agents, the
Issuing Bank or the Swingline Lender, as the case may be, such Lender’s pro rata share (determined
as of the time that the applicable unreimbursed expense or indemnity payment is sought) of such
unpaid amount; provided that the unreimbursed expense or indemnified loss, claim, damage, liability
or related expense, as the case may be, was incurred by or asserted against any of the Agents, the
Issuing Bank or the Swingline Lender in its capacity as such. For purposes hereof, a Lender’s “pro
rata share” shall be determined based upon its share of the sum of the total Revolving Exposure and
unused Commitments at the time.

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     SECTION 11.04. Successors and Assigns.

     (a) The provisions of this Agreement shall be binding upon and inure to the benefit of the
parties hereto and their respective successors and assigns permitted hereby (including any
Affiliate of the Issuing Bank that issues any Letter of Credit), except that Borrower may not
assign or otherwise transfer any of its rights or obligations hereunder without the prior written
consent of the Agents and each Lender

     (and any attempted assignment or transfer by Borrower without such consent shall be null and
void). Nothing in this Agreement, expressed or implied, shall be construed to confer upon any
person (other than the parties hereto, their respective successors and assigns permitted hereby
(including any Affiliate of the Issuing Bank that issues any Letter of Credit) and, to the extent
expressly contemplated hereby, the Affiliates of each of the Administrative Agent, the Issuing Bank
and the Lenders) any legal or equitable right, remedy or claim under or by reason of this
Agreement.

     (b) Any Lender shall have the right at any time to assign to one or more banks, insurance
companies, investment companies or funds or other institutions (other than Borrower or any
Affiliate or Subsidiary thereof) all or a portion of its rights and obligations under this
Agreement (including all or a portion of its Commitment and the Loans at the time owing to it);
provided that (i) except in the case of an assignment to a Lender, an Affiliate of a Lender or a
Lender Affiliate, each of Borrower and the Administrative Agent (and, in the case of an assignment
of all or a portion of a Revolving Commitment or any Lender’s obligations in respect of its LC
Exposure or Swingline Exposure, the Issuing Bank and the Swingline Lender) must give their prior
written consent to such assignment (which consent shall not be unreasonably withheld or delayed),
(ii) except in the case of an assignment to a Lender, an Affiliate of a Lender or a Lender
Affiliate, any assignment made in connection with the syndication of the Commitment and Loans by
the Arranger or an assignment of the entire remaining amount of the assigning Lender’s Commitment
or Loans, the amount of the Commitment or Loans of the assigning Lender subject to each such
assignment (determined as of the date the Assignment and Acceptance with respect to such assignment
is delivered to the Administrative Agent) shall not be less than, in the case of Revolving Loans,
$2.5 million, unless each of Borrower and the Administrative Agent otherwise consent, (iii) each
partial assignment shall be made as an assignment of a proportionate part of all the assigning
Lender’s rights and obligations under this Agreement, except that this clause (iii) shall not be
construed to prohibit the assignment of a proportionate part of all the assigning Lender’s rights
and obligations in respect of one Class of Commitments or Loans, (iv) the parties to each
assignment shall execute and deliver to the Administrative Agent an Assignment and Acceptance in
the form of Exhibit B, together with a processing and recordation fee of $3,500, and (v)
the assignee, if it shall not be a Lender, shall deliver to the Administrative Agent an
Administrative Questionnaire; and provided, further, that any consent of Borrower otherwise
required under this paragraph shall not be required if an Event of Default has occurred and is
continuing or prior to the date on which the Syndication Agent shall have notified Borrower that
the primary syndication of the Commitments has been completed (in which case the Administrative
Agent shall consult with Borrower). Subject to acceptance and recording thereof pursuant to
paragraph (d) of this Section, from and after the effective date specified in each Assignment and
Acceptance the assignee thereunder shall be a party hereto and, to the extent of the interest
assigned by such Assignment and Acceptance, have the rights and obligations of a Lender under this
Agreement (provided that any liability of Borrower to such assignee under Section 2.12,
2.13 or 2.15 shall be limited to the amount, if any, that would have been payable
thereunder by Borrower in the absence of such assignment, except to the extent any such amounts are
attributable to a Change in Law occurring after the date of such assignment), and the assigning
Lender thereunder shall, to the extent of the interest assigned by such Assignment and Acceptance,
be released from its obligations under this Agreement (and, in the case of an Assignment and
Acceptance covering all of the assigning Lender’s rights and obligations under this Agreement, such
Lender shall cease to be a party hereto but shall continue to be entitled to the benefits of
Sections 2.12, 2.13, 2.15 and 11.03).

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     (c) The Administrative Agent, acting for this purpose as an agent of Borrower, shall maintain
at one of its offices a copy of each Assignment and Acceptance delivered to it and a register for
the recordation of the names and addresses of the Lenders, and the Commitment of, and principal
amount of the Loans and LC Disbursements owing to, each Lender pursuant to the terms hereof from
time to time (the “Register”). The entries in the Register shall be conclusive in the absence of
manifest error, and the Administrative Agent, the Issuing Bank and the Lenders may treat each
person whose name is recorded in
the Register pursuant to the terms hereof as a Lender hereunder for all purposes of this
Agreement, notwithstanding notice to the contrary. The Register shall be available for inspection
by Borrower, the Issuing Bank, the Collateral Agent, the Swingline Lender and any Lender (with
respect to its own interest only), at any reasonable time and from time to time upon reasonable
prior notice.

     (d) Upon its receipt of a duly completed Assignment and Acceptance executed by an assigning
Lender and an assignee, the assignee’s completed Administrative Questionnaire (unless the assignee
shall already be a Lender hereunder), the processing and recordation fee referred to in paragraph
(b) of this Section and any written consent to such assignment required by paragraph (b) of this
Section, the Administrative Agent shall accept such Assignment and Acceptance and record the
information contained therein in the Register. No assignment shall be effective for purposes of
this Agreement unless it has been recorded in the Register as provided in this paragraph.

     (e) Any Lender shall have the right at any time, without the consent of Borrower, the
Administrative Agent, the Issuing Bank or the Swingline Lender, sell participations to one or more
banks or other entities (a “Participant”) in all or a portion of such Lender’s rights and
obligations under this Agreement (including all or a portion of its Commitment and the Loans owing
to it); provided that (i) such Lender’s obligations under this Agreement shall remain unchanged,
(ii) such Lender shall remain solely responsible to the other parties hereto for the performance of
such obligations and (iii) Borrower, the Administrative Agent, the Issuing Bank and the other
Lenders shall continue to deal solely and directly with such Lender in connection with such
Lender’s rights and obligations under this Agreement. Any agreement or instrument pursuant to
which a Lender sells such a participation shall provide that such Lender shall retain the sole
right to enforce the Loan Documents and to approve any amendment, modification or waiver of any
provision of the Loan Documents; provided that such agreement or instrument may provide that such
Lender will not, without the consent of the Participant, agree to any amendment, modification or
waiver described in clause (i), (ii) or (iii) of the first proviso to Section 11.02(b) that
affects such Participant. Subject to paragraph (f) of this Section, Borrower agrees that each
Participant shall be entitled to the benefits of Sections 2.12, 2.13 and
2.15 to the same extent as if it were a Lender and had acquired its interest by assignment
pursuant to paragraph (b) of this Section. To the extent permitted by law, each Participant also
shall be entitled to the benefits of Section 11.08 as though it were a Lender; provided
that such Participant agrees to be subject to Section 2.14(c) as though it were a Lender.
Each Lender shall, acting for this purpose as an agent of Borrower, maintain at one of its offices
a register for the recordation of the names and addresses of its Participants, and the amount and
terms of its participations, provided that no Lender shall be required to disclose or share the
information contained in such register with Borrower or any other party, except as required by
applicable law.

     (f) A Participant shall not be entitled to receive any greater payment under Section
2.12, 2.13 or 2.15 than the applicable Lender would have been entitled to
receive with respect to the participation sold to such Participant, unless the sale of the
participation to such Participant is made with the prior written consent of Borrower (which consent
shall not be unreasonably withheld or delayed). A Participant that would be a Foreign Lender if it
were a Lender shall not be entitled to the benefits of Section 2.15 unless Borrower is
notified of the participation sold to such Participant and such Participant agrees, for the benefit
of Borrower, to comply with Sections 2.15(e) and (f) as though it were a Lender.

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     (g) Any Lender may at any time pledge or assign a security interest in all or any portion of
its rights under this Agreement to secure obligations of such Lender, including any pledge or
assignment to secure obligations to a Federal Reserve Bank, and this Section shall not apply to any
such pledge or assignment of a security interest; provided that no such pledge or assignment of a
security interest shall release a Lender from any of its obligations hereunder or substitute any
such pledgee or assignee for such Lender as a party hereto. In the case of any Lender that is a
fund that invests in bank loans, such Lender may, without the consent of Borrower or the
Administrative Agent, collaterally assign or pledge all or any
portion of its rights under this Agreement, including the Loans and Notes or any other
instrument evidencing its rights as a Lender under this Agreement, to any holder of, trustee for,
or any other representative of holders of, obligations owed or securities issued, by such fund, as
security for such obligations or securities.

     SECTION 11.05. Survival of Agreement. All covenants, agreements, representations and warranties made
by the Loan Parties in the Loan Documents and in the certificates or other instruments delivered in
connection with or pursuant to this Agreement or any other Loan Document shall be considered to
have been relied upon by the other parties hereto and shall survive the execution and delivery of
the Loan Documents and the making of any Loans and issuance of any Letters of Credit, regardless of
any investigation made by any such other party or on its behalf and notwithstanding that the
Agents, the Issuing Bank or any Lender may have had notice or knowledge of any Default or incorrect
representation or warranty at the time any credit is extended hereunder, and shall continue in full
force and effect as long as the principal of or any accrued interest on any Loan or any fee or any
other amount payable under this Agreement is outstanding and unpaid or any Letter of Credit is
outstanding and so long as the Commitments have not expired or terminated. The provisions of
Sections 2.12, 2.13, 2.14, 2.15 and 11.03 and Article
X shall survive and remain in full force and effect regardless of the consummation of the
transactions contemplated hereby, the repayment of the Loans, the payment of the Reimbursement
Obligations, the expiration or termination of the Letters of Credit and the Commitments or the
termination of this Agreement or any provision hereof.

     SECTION 11.06. Counterparts; Integration; Effectiveness. This Agreement may be executed in
counterparts (and by different parties hereto on different counterparts), each of which shall
constitute an original, but all of which when taken together shall constitute a single contract.
This Agreement, the other Loan Documents, the Fee Letter and the Engagement Letter constitute the
entire contract among the parties relating to the subject matter hereof and supersede any and all
previous agreements and understandings, oral or written, relating to the subject matter hereof,
including the Original Credit Agreement, except to the extent set forth in Section 11.05 of
the Original Credit Agreement. Except as provided in Section 4.04, this Agreement shall
become effective when it shall have been executed by the Administrative Agent and when the
Administrative Agent shall have received counterparts hereof which, when taken together, bear the
signatures of each of the other parties hereto, and thereafter shall be binding upon and inure to
the benefit of the parties hereto and their respective successors and assigns. Borrower, the
Subsidiary Guarantors, the Agents and the Lenders agree that (a) all obligations under the Original
Credit Agreement, as amended and restated hereby, shall continue to exist under and be evidenced by
this Agreement and the other Loan Documents and shall constitute Obligations except to the extent
prepaid and exchanged in accordance with Section 2.23 and (b) except as expressly stated
herein or amended, the other Loan Documents are ratified and confirmed as remaining unmodified and
in full force and effect with respect to all Obligations. Delivery of an executed counterpart of a
signature page of this Agreement by telecopy shall be effective as delivery of a manually executed
counterpart of this Agreement. Notwithstanding the foregoing, each Lender by signing a
Confidential Lender Authorization with the Administrative Agent shall be deemed to have consented
to the Administrative Agent signing this Agreement on its behalf pursuant to the provisions thereof
and, effective upon the Administrative Agent signing a counterpart of such Confidential Lender
Authorization, shall be further deemed in this Agreement and the other Loan Documents to have been
a signatory hereto. Each Lender signatory to a Confidential Lender

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Authorization agrees that such
Lender shall not be entitled to receive a copy of any other Lender’s Confidential Lender
Authorization.

     SECTION 11.07. Severability. Any provision of this Agreement held to be invalid, illegal or
unenforceable in any jurisdiction shall, as to such jurisdiction, be ineffective to the extent of
such invalidity, illegality or unenforceability without affecting the validity, legality and
enforceability of the remaining provisions hereof; and the invalidity of a particular provision in a particular
jurisdiction shall not invalidate such provision in any other jurisdiction.

     SECTION 11.08. Right of Setoff. If an Event of Default shall have occurred and be continuing, each
Lender and each of its Affiliates are hereby authorized at any time and from time to time, to the
fullest extent permitted by law, to set off and apply any and all deposits (general or special,
time or demand, provisional or final) at any time held and other obligations at any time owing by
such Lender or Affiliate to or for the credit or the account of Borrower against any of and all the
obligations of Borrower now or hereafter existing under this Agreement held by such Lender,
irrespective of whether or not such Lender shall have made any demand under this Agreement and
although such obligations may be unmatured. The rights of each Lender under this Section are in
addition to other rights and remedies (including other rights of setoff) which such Lender may
have.

     SECTION 11.09. Governing Law; Jurisdiction; Consent to Service of Process.

     (a) This Agreement shall be construed in accordance with and governed by the law of the State
of New York, without regard to conflicts of law principles that would require the application of
the laws of another jurisdiction.

     (b) Each Loan Party hereby irrevocably and unconditionally submits, for itself and its
property, to the nonexclusive jurisdiction of the Supreme Court of the State of New York sitting in
New York County and of the United States District Court of the Southern District of New York, and
any appellate court from any thereof, in any action or proceeding arising out of or relating to any
Loan Document, or for recognition or enforcement of any judgment, and each of the parties hereto
hereby irrevocably and unconditionally agrees that all claims in respect of any such action or
proceeding may be heard and determined in such New York State or, to the extent permitted by law,
in such federal court. Each of the parties hereto agrees that a final judgment in any such action
or proceeding shall be conclusive and may be enforced in other jurisdictions by suit on the
judgment or in any other manner provided by law. Nothing in this Agreement or any other Loan
Document shall affect any right that the Administrative Agent, the Issuing Bank or any Lender may
otherwise have to bring any action or proceeding relating to this Agreement or any other Loan
Document against any Loan Party or its properties in the courts of any jurisdiction.

     (c) Each Loan Party hereby irrevocably and unconditionally waives, to the fullest extent it
may legally and effectively do so, any objection which it may now or hereafter have to the laying
of venue of any suit, action or proceeding arising out of or relating to this Agreement or any
other Loan Document in any court referred to in paragraph (b) of this Section 11.09. Each
of the parties hereto hereby irrevocably waives, to the fullest extent permitted by law, the
defense of an inconvenient forum to the maintenance of such action or proceeding in any such court.

     Each party to this Agreement irrevocably consents to service of process in the manner provided
for notices in Section 11.01. Nothing in this Agreement or any other Loan Document will
affect the right of any party to this Agreement to serve process in any other manner permitted by
applicable law.

-98-

 

     SECTION 11.10. Waiver of Jury Trial. EACH PARTY HERETO HEREBY WAIVES, TO THE FULLEST EXTENT
PERMITTED BY APPLICABLE LAW, ANY RIGHT IT MAY HAVE TO A TRIAL BY JURY IN ANY LEGAL PROCEEDING
DIRECTLY OR INDIRECTLY ARISING OUT OF OR RELATING TO THIS AGREEMENT, ANY OTHER LOAN DOCUMENT OR THE
TRANSACTIONS CONTEMPLATED HEREBY (WHETHER BASED ON CONTRACT, TORT OR ANY OTHER THEORY). EACH PARTY
HERETO (A) CERTIFIES THAT NO REPRESENTATIVE, AGENT OR ATTORNEY OF ANY OTHER PARTY HAS REPRESENTED,
EXPRESSLY OR OTHERWISE, THAT SUCH OTHER PARTY WOULD NOT, IN THE EVENT OF LITIGATION, SEEK TO ENFORCE THE
FOREGOING WAIVER AND (B) ACKNOWLEDGES THAT IT AND THE OTHER PARTIES HERETO HAVE BEEN INDUCED TO
ENTER INTO THIS AGREEMENT BY, AMONG OTHER THINGS, THE MUTUAL WAIVERS AND CERTIFICATIONS IN THIS
SECTION.

     SECTION 11.11. Headings. Article and Section headings and the Table of Contents used herein are for
convenience of reference only, are not part of this Agreement and shall not affect the construction
of, or be taken into consideration in interpreting, this Agreement.

     SECTION 11.12. Confidentiality. Each of the Administrative Agent, the Issuing Bank and the Lenders
agrees to maintain the confidentiality of the Information (as defined below), except that
Information may be disclosed (a) to its Affiliates and its Lender Affiliates and to its, its
Affiliates’ and its Lender Affiliates’ directors, officers, employees and agents, including
accountants, legal counsel and other advisors (it being understood that the persons to whom such
disclosure is made will be informed of the confidential nature of such Information and instructed
to keep such Information confidential pursuant to the terms hereof), (b) to the extent requested by
any regulatory authority or self-regulatory body, (c) to the extent required by applicable laws or
regulations or by any subpoena or similar legal process, (d) to any other party to this Agreement,
(e) in connection with the exercise of any remedies hereunder or any suit, action or proceeding
relating to this Agreement or any other Loan Document or the enforcement of rights hereunder or
thereunder, (f) subject to an agreement containing provisions substantially the same as those of
this Section 11.12, to (i) any assignee of or Participant in, or any prospective assignee
of or Participant in, any of its rights or obligations under this Agreement or (ii) any actual or
prospective counterparty (or its advisors) to any swap or derivative transaction relating to
Borrower and its obligations, (g) with the consent of Borrower or (h) to the extent such
Information (i) is publicly available at the time of disclosure or becomes publicly available other
than as a result of a breach of this Section 11.12 or (ii) becomes available to the
Administrative Agent, the Issuing Bank or any Lender on a nonconfidential basis from a source other
than Borrower or any Subsidiary. For the purposes of this Section, “Information” shall mean all
information received from Borrower or any Subsidiary relating to Borrower or any Subsidiary or its
business that is clearly identified at the time of delivery as confidential, other than any such
information that is available to the Administrative Agent, the Issuing Bank or any Lender on a
nonconfidential basis prior to disclosure by Borrower or any Subsidiary. Any person required to
maintain the confidentiality of Information as provided in this Section 11.12 shall be
considered to have complied with its obligation to do so if such person has exercised the same
degree of care to maintain the confidentiality of such Information as such person would accord to
its own confidential information.

     SECTION 11.13. Interest Rate Limitation. Notwithstanding anything herein to the contrary, if at any
time the interest rate applicable to any Loan, together with all fees, charges and other amounts
which are treated as interest on such Loan under applicable law (collectively, the “Charges”),
shall exceed the maximum lawful rate (the “Maximum Rate”) which may be contracted for, charged,
taken, received or reserved by the Lender holding such Loan in accordance with applicable law, the
rate of interest payable in respect of such Loan hereunder, together with all Charges payable in
respect thereof, shall be limited to the Maximum Rate and, to the extent lawful, the interest and
Charges that would have been payable in respect of such Loan but were not payable as a result of
the operation of this Section shall be cumulated and the interest and Charges payable to such
Lender in respect of other Loans or periods shall

-99-

 

be increased (but not above the Maximum Rate
therefor) until such cumulated amount, together with interest thereon at the Federal Funds
Effective Rate to the date of repayment, shall have been received by such Lender.

     SECTION 11.14. Lender Addendum. Each Original Lender to become a party to this Agreement on the
Closing Date shall do so by delivering to the Administrative Agent a Lender Addendum duly executed
by such Original Lender, Borrower and the Administrative Agent.

     SECTION 11.15. Integration. This Agreement and the other Loan Documents constitute the entire
contract among the parties relating to the subject matter hereof and supersede any and all previous
agreements and understandings, oral or written, relating to the subject matter hereof. Borrower,
the Subsidiary Guarantors, the Agents and the Lenders agree that (a) all obligations under the
Original Credit Agreement, as amended and restated hereby, shall continue to exist under and be
evidenced by this Agreement and the other Loan Documents and shall constitute Obligations (except
to the extent prepaid and exchanged in accordance with Section 2.23) and (b) except as
expressly stated herein or amended, the other Loan Documents are ratified and confirmed as
remaining unmodified and in full force and effect with respect to all Obligations.

     SECTION 11.16. USA PATRIOT Act Notice. Each Lender that is subject to the Act (as hereinafter
defined) and the Administrative Agent (for itself and not on behalf of any Lender) hereby notifies
Borrower that pursuant to the requirements of the USA PATRIOT Act (Title III of Pub. L. 107-56
(signed into law October 26, 2001)) (the “Act”), it is required to obtain, verify and record
information that identifies Borrower, which information includes the name, address and tax
identification number of Borrower and other information regarding Borrower that will allow such
Lender or the Administrative Agent, as applicable, to identify Borrower in accordance with the Act.
This notice is given in accordance with the requirements of the Act and is effective as to the
Lenders and the Administrative Agent.

     SECTION 11.17. Certain Subsidiary Guarantors. The Lenders hereby waive any Defaults and Events of
Default that may have arisen under Section 5.11(b) of this Agreement and Section 3.5 of the
Security Agreement with respect to LeBus Oil Field Service Co., Inc., Globe Well Service, Inc., SCH
Disposal, LLC, Hennesseey Rental Tools, Inc. and Chaparral Services, Inc. so long as Borrower
complies with the requirements of Section 5.11(b) of this Agreement and Section 3.5 of the Security
Agreement with respect to such Wholly Owned Subsidiaries within 30 days of the Fourth Amendment and
Restatement Effective Date.

[Signature Pages Follow]

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     IN WITNESS WHEREOF, the parties hereto have caused this Agreement to be duly executed by their
respective authorized officers as of the day and year first above written.

	 	 	 	 	 
	 	BASIC ENERGY SERVICES, INC.

 	 
	 	By:  	/s/ Kenneth V. Husenan 	 
	 	 	Name:  	Kenneth V. Husenan 	 
	 	 	Title:  	President & CEO 	 
	 
	 	FIRST ENERGY SERVICES COMPANY,

as a Subsidiary Guarantor

 	 
	 	By:  	/s/ Kenneth V. Husenan 	 
	 	 	Name:  	Kenneth V. Husenan 	 
	 	 	Title:  	President 	 
	 
	 	BASIC ENERGY SERVICES, L.P.,

as a Subsidiary Guarantor

 	 
	 	By:  	BASIC ENERGY SERVICES GP, LLC,
 	 
	 	 	its General Partner 	 
	 	 	 
	 	By:  	/s/ Kenneth V. Husenan 	 
	 	 	Name:  	Kenneth V. Husenan 	 
	 	 	Title:  	President & CEO 	 
	 
	 	BASIC ENERGY SERVICES GP, LLC,

as a Subsidiary Guarantor

 	 
	 	By:  	/s/ Kenneth V. Husenan 	 
	 	 	Name:  	Kenneth V. Husenan 	 
	 	 	Title:  	President & CEO 	 
	 
	 	BASIC ENERGY SERVICES LP, LLC,

as a Subsidiary Guarantor

 	 
	 	By:  	/s/ Jerry Tufly 	 
	 	 	Name:  	Jerry Tufly 	 
	 	 	Title:  	Sole Manager 	 
	 

[Fourth Amended and Restated Credit Agreement]

S-1 

 

	 	 	 	 	 
	 	BASIC ESA, INC., as a Subsidiary Guarantor

 	 
	 	By:  	/s/
Kenneth V. Huseman 	 
	 	 	Name:  Kenneth V. Huseman	 	 
	 	 	Title:    President & CEO	 	 
	 
	 	BASIC MARINE SERVICES, INC.,

as a Subsidiary Guarantor

 	 
	 	By:  	/s/ Kenneth V. Huseman	 
	 	 	Name:  Kenneth V. Huseman	 	 
	 	 	Title:    President & CEO	 	 
	 
	 	ENERGY AIR DRILLING SERVICE CO.,

as a Subsidiary Guarantor

 	 
	 	By:  	/s/ Kenneth V. Huseman	 
	 	 	Name:  Kenneth V. Huseman	 	 
	 	 	Title:    President & CEO	 	 
	 
	 	R&R HOT OIL SERVICE INC.,

as a Subsidiary Guarantor

 	 
	 	By:  	/s/ Kenneth V. Huseman	 
	 	 	Name:  Kenneth V. Huseman	 	 
	 	 	Title:    President	 	 
	 
	 	OILWELL FRACTURING SERVICES, INC.,

as a Subsidiary Guarantor

 	 
	 	By:  	/s/ Kenneth V. Huseman	 
	 	 	Name:  Kenneth V. Huseman	 	 
	 	 	Title:    President & CEO	 	 
	 

[Fourth Amended and Restated Credit Agreement]

S-2 

 

	 	 	 	 	 
	 	LEBUS OIL FIELD SERVICE CO.,

as a Subsidiary Guarantor

 	 
	 	By:  	/s/
Kenneth V. Huseman 	 
	 	 	Name:  	Kenneth V. Huseman 	 
	 	 	Title:  	President 	 
	 
	 	GLOBE WELL SERVICE, INC.,

as a Subsidiary Guarantor

 	 
	 	By:  	/s/
Kenneth V. Huseman 	 
	 	 	Name:  	Kenneth V. Huseman 	 
	 	 	Title:  	President and Sole Director 	 
	 
	 	SCH DISPOSAL, L.L.C.,

as a Subsidiary Guarantor

 	 
	 	By:  	/s/ Kenneth V. Huseman 	 
	 	 	Name:  	Kenneth V. Huseman 	 
	 	 	Title:  	President and Sole Director 	 
	 
	 	HENNESSEY RENTAL TOOLS, INC.,

as a Subsidiary Guarantor

 	 
	 	By:  	/s/ Kenneth V. Huseman 	 
	 	 	Name:  	Kenneth V. Huseman 	 
	 	 	Title:  	President and Sole Director 	 
	 
	 	CHAPARRAL SERVICES, INC.,

as a Subsidiary Guarantor

 	 
	 	By:  	/s/ Kenneth V. Huseman 	 
	 	 	Name:  	Kenneth V. Huseman 	 
	 	 	Title:  	President and CEO 	 
	 

[Fourth Amended and Restated Credit Agreement]

S-3 

 

	 	 	 	 	 
	 	UBS AG, STAMFORD BRANCH, as Issuing Bank,

Administrative Agent and Collateral Agent

 	 
	 	By:  	/s/
Irja R. Otsa 	 
	 	 	Name:  	Irja R. Otsa 	 
	 	 	Title:  	Associate Director 	 
	 	 	 
	 	By:  	
/s/ Mary E. Evans 	 
	 	 	Name:  	Mary E. Evans 	 
	 	 	Title:  	Associate Director 	 
	 
	 	UBS LOAN FINANCE LLC, as a Lender and Swingline

Lender

 	 
	 	By:  	/s/
Richard L. Tavrow 	 
	 	 	Name:  	Richard L. Tavrow 	 
	 	 	Title:  	Director 	 
	 	 	 
	 	By:  	
/s/ Irja R. Otsa 	 
	 	 	Name:  	Irja R. Otsa 	 
	 	 	Title:  	Associate Director 	 
	 

[Fourth Amended and Restated Credit Agreement]

S-4 

 

	 	 	 	 	 
	 	BANK OF AMERICA, N.A., as Syndication Agent

 	 
	 	By:  	/s/ David A. Batson 	 
	 	 	Name:  	David A. Batson 	 
	 	 	Title: 	SVP 	 
	 

Fourth Amended and Restated Credit Agreement]

S-5 

 

	 	 	 	 	 
	 	CAPITAL ONE, NATIONAL ASSOCIATION 

(f/k/a Hibernia National Bank), as a 

Documentation Agent

 	 
	 	By:  	/s/ David L. Denbina, P.E.	 
	 	 	Name:  	David L. Denbina, P.E.	 
	 	 	Title:  	Senior Vice President	 
	 

[Fourth Amended and Restated Credit Agreement]

S-6 

 

	 	 	 	 	 
	 	BNP PARIBAS, as a Documentation Agent

 	 
	 	By:  	/s/ Mark A. Cox	 
	 	 	Name:  	Mark A. Cox	 
	 	 	Title:  	Director	 
	 

[Fourth Amended and Restated Credit Agreement]

S-7 

 

Annex I

Applicable Margin

	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	Revolving Loans	 	 
	Applicable Leverage Ratio	 	Eurodollar	 	ABR	 	Applicable Fee
	Level I < 2.0:1.0

	 	 	1.25	%	 	 	0.25	%	 	 	0.375	%
	Level II 3 2.0:1.0

	 	 	1.50	%	 	 	0.50	%	 	 	0.375	%

     Each change in the Applicable Margin or Applicable Fee resulting from a change in the Leverage
Ratio shall be effective with respect to all Loans and Letters of Credit outstanding on and after
the date of delivery to the Administrative Agent of the financial statements and certificates
required by Section 5.01(a) or (b) and Section 5.01(d), respectively,
indicating such change until the date immediately preceding the next date of delivery of such
financial statements and certificates indicating another such change.

     Notwithstanding the foregoing:

     (a) from the Fourth Amendment and Restatement Effective Date to the date of delivery to
the Administrative Agent of the financial statements and certificate required by Section
5.01(a) and Section 5.01(d) for the fiscal year ending December 31, 2006, (i) the Applicable
Margin for Revolving Loans shall be 1.50% with respect to Eurodollar Revolving Loans and
0.50% with respect to ABR Revolving Loans and (ii) the Applicable Fee shall be 0.375%; and

     (b) the Leverage Ratio shall be deemed to be in Level II at any time (i) during which
Borrower has failed to deliver the financial statements and certificates required by
Section 5.01(a) or (b) and Section 5.01(d), respectively, and (ii)
during the existence of an Event of Default.

Annex II-1

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