Document:

<PAGE>

                                                                     Exhibit 4.1

                     MERRILL LYNCH MORTGAGE INVESTORS, INC.,
                                    Depositor

                             WELLS FARGO BANK, N.A.,
                  Master Servicer and Securities Administrator

                                       and

                      HSBC BANK USA, NATIONAL ASSOCIATION,
                                     Trustee

                         POOLING AND SERVICING AGREEMENT

                           Dated as of January 1, 2007

                                   ----------

             Mortgage Pass-Through Certificates, MANA Series 2007-A1

<PAGE>

                                TABLE OF CONTENTS

<TABLE>
<CAPTION>
                                                                                             Page
                                                                                             ----
<S>                                                                                          <C>
ARTICLE I DEFINITIONS.....................................................................      7
   Section 1.02  Accounting...............................................................     51

ARTICLE II CONVEYANCE OF MORTGAGE LOANS; ORIGINAL ISSUANCE OF CERTIFICATES................     52
   Section 2.01  Conveyance of Mortgage Loans to Trustee..................................     52
   Section 2.02  Acceptance of Mortgage Loans by Trustee..................................     55
   Section 2.03  Assignment of Interest in the Mortgage Loan Purchase Agreement...........     58
   Section 2.04  Substitution of Mortgage Loans...........................................     59
   Section 2.05  Issuance of Certificates.................................................     61
   Section 2.06  Representations and Warranties Concerning the Depositor..................     61
   Section 2.07  Representations and Warranties Concerning the Master Servicer and
                 Securities Administrator.................................................     62

ARTICLE III ADMINISTRATION AND SERVICING OF MORTGAGE LOANS................................     64
   Section 3.01  Master Servicer..........................................................     64
   Section 3.02  REMIC-Related Covenants..................................................     65
   Section 3.03  Monitoring of Servicers..................................................     65
   Section 3.04  Fidelity Bond............................................................     66
   Section 3.05  Power to Act; Procedures.................................................     66
   Section 3.06  Due-on-Sale Clauses; Assumption Agreements...............................     67
   Section 3.07  Release of Mortgage Files................................................     67
   Section 3.08  Documents, Records and Funds in Possession of Master Servicer To Be Held
                 for Trustee..............................................................     68
   Section 3.09  Standard Hazard Insurance and Flood Insurance Policies...................     69
   Section 3.10  Presentment of Claims and Collection of Proceeds.........................     69
   Section 3.11  Maintenance of the Primary Mortgage Insurance Policies...................     70
   Section 3.12  Trustee to Retain Possession of Certain Insurance Policies and
                 Documents................................................................     70
   Section 3.13  Realization Upon Defaulted Mortgage Loans................................     71
   Section 3.14  Compensation for the Master Servicer.....................................     71
   Section 3.15  REO Property.............................................................     71
   Section 3.16  Annual Statement as to Compliance........................................     72
   Section 3.17  Reports on Assessment of Compliance and Attestation......................     73
   Section 3.18  Periodic Filings.........................................................     75
   Section 3.19  Compliance with Regulation AB............................................     82

ARTICLE IV ACCOUNTS.......................................................................     83
   Section 4.01  Protected Accounts.......................................................     83
   Section 4.02  Master Servicer Collection Account.......................................     84
</TABLE>

<PAGE>

<TABLE>
<S>                                                                                          <C>
   Section 4.03  Permitted Withdrawals and Transfers from the Master Servicer Collection
                 Account..................................................................     85
   Section 4.04  Distribution Account.....................................................     86
   Section 4.05  Permitted Withdrawals and Transfers from the Distribution Account........     86
   Section 4.06  [Reserved.]..............................................................     88

ARTICLE V CERTIFICATES....................................................................     90
   Section 5.01  The Certificates.........................................................     90
   Section 5.02  Certificate Register; Registration of Transfer and Exchange of
                 Certificates.............................................................     90
   Section 5.03  Mutilated, Destroyed, Lost or Stolen Certificates........................     94
   Section 5.04  Persons Deemed Owners....................................................     95
   Section 5.05  Access to List of Certificateholders' Names and Addresses................     95
   Section 5.06  Book-Entry Certificates..................................................     95
   Section 5.07  Notices to Depository....................................................     96
   Section 5.08  Definitive Certificates..................................................     96
   Section 5.09  Maintenance of Office or Agency..........................................     97

ARTICLE VI PAYMENTS TO CERTIFICATEHOLDERS.................................................     98
   Section 6.01  Distributions on the Certificates........................................     98
   Section 6.02  Allocation of Losses.....................................................    103
   Section 6.03  Payments.................................................................    104
   Section 6.04  Statements to Certificateholders.........................................    104
   Section 6.05  Monthly Advances.........................................................    107
   Section 6.06  Compensating Interest Payments...........................................    107

ARTICLE VII THE MASTER SERVICER AND THE DEPOSITOR.........................................    108
   Section 7.01  Liabilities of the Master Servicer.......................................    108
   Section 7.02  Merger or Consolidation of the Master Servicer...........................    108
   Section 7.03  Indemnification from the Master Servicer and the Depositor...............    108
   Section 7.04  Limitations on Liability of the Master Servicer and Others...............    109
   Section 7.05  Master Servicer Not to Resign............................................    110
   Section 7.06  Successor Master Servicer................................................    110
   Section 7.07  Sale and Assignment of Master Servicing..................................    110

ARTICLE VIII DEFAULT......................................................................    112
   Section 8.01  Events of Default........................................................    112
   Section 8.02  Trustee to Act; Appointment of Successor.................................    113
   Section 8.03  Notification to Certificateholders.......................................    114
   Section 8.04  Waiver of Defaults.......................................................    114
   Section 8.05  List of Certificateholders...............................................    115

ARTICLE IX CONCERNING THE TRUSTEE AND THE SECURITIES ADMINISTRATOR........................    116
</TABLE>

                                       iii

<PAGE>

<TABLE>
<S>                                                                                          <C>
   Section 9.01  Duties of Trustee........................................................    116
   Section 9.02  Certain Matters Affecting the Trustee and the Securities Administrator...    118
   Section 9.03  Trustee and Securities Administrator Not Liable for Certificates or
                 Mortgage Loans...........................................................    120
   Section 9.04  Trustee and Securities Administrator May Own Certificates................    120
   Section 9.05  Trustee's and Securities Administrator's Fees and Expenses...............    120
   Section 9.06  Eligibility Requirements for Trustee and Securities Administrator........    121
   Section 9.07  Insurance................................................................    122
   Section 9.08  Resignation and Removal of the Trustee and Securities Administrator......    122
   Section 9.09  Successor Trustee and Successor Securities Administrator.................    123
   Section 9.10  Merger or Consolidation of Trustee or Securities Administrator...........    123
   Section 9.11  Appointment of Co-Trustee or Separate Trustee............................    124
   Section 9.12  Federal Information Returns and Reports to Certificateholders; REMIC
                 Administration...........................................................    125

ARTICLE X TERMINATION.....................................................................    130
   Section 10.01 Termination upon Liquidation or Repurchase of all Mortgage Loans.........    130
   Section 10.02 Final Distribution on the Certificates...................................    131
   Section 10.03 Additional Termination Requirements......................................    132

ARTICLE XI MISCELLANEOUS PROVISIONS.......................................................    134
   Section 11.01 Intent of Parties........................................................    134
   Section 11.02 Amendment................................................................    134
   Section 11.03 Recordation of Agreement.................................................    136
   Section 11.04 Limitation on Rights of Certificateholders...............................    136
   Section 11.05 Acts of Certificateholders...............................................    136
   Section 11.06 Governing Law............................................................    138
   Section 11.07 Notices..................................................................    138
   Section 11.08 Severability of Provisions...............................................    139
   Section 11.09 Successors and Assigns...................................................    139
   Section 11.10 Article and Section Headings.............................................    139
   Section 11.11 Counterparts.............................................................    139
   Section 11.12 Notice to Rating Agencies................................................    139

ARTICLE XII REMIC ADMINISTRATION..........................................................    140
   Section 12.01 REMIC Administration.....................................................    140
   Section 12.02 Prohibited Transactions and Activities...................................    140
   Section 12.03 Indemnification with Respect to Prohibited Transactions or Loss of REMIC
                 Status...................................................................    140
   Section 12.04 REO Property.............................................................    141
</TABLE>

                                       iv

<PAGE>

EXHIBITS
Exhibit A-1        - Form of Senior Certificates and Class M Certificates
Exhibit A-2        - Form of Class B Certificates
Exhibit A-3        - Form of Class R Certificate
Exhibit A-4        - Form of Class P Certificate
Exhibit A-5        - Form of Class C Certificate
Exhibit B          - Mortgage Loan Schedule
Exhibit C          - [Reserved]
Exhibit D          - Request for Release of Documents
Exhibit E-1        - Form of Transferee's Letter
Exhibit E-2        - Form of Transferor Certificate
Exhibit F-1        - Form of Transferor Representation Letter
Exhibit F-2        - Form of Investor Representation Letter
Exhibit F-3        - Form of Rule 144A Letter
Exhibit G          - Form of Custodial Agreement
Exhibit H-1        - Class A-1 One-Month LIBOR Cap Table
Exhibit H-2        - Class A-2 One-Month LIBOR Cap Table
Exhibit H-3        - Subordinate Certificate One-Month LIBOR Cap Table
Exhibit I-1 to I-3 - Assignment Agreements
Exhibit J-1        - Mortgage Loan Purchase Agreement
Exhibit J-2        - Mortgage Loan Purchase Agreement
Exhibit K          - Servicing Criteria To Be Addressed in Assessment of
                     Compliance
Exhibit L          - Form of Sarbanes-Oxley Certification
Exhibit M          - Form of Back-up Sarbanes-Oxley Certification
Exhibit N-1        - Form of Class A-1 Corridor Contract
Exhibit N-2        - Form of Class A-2 Corridor Contract
Exhibit N-3        - Form of Subordinate Certificate Corridor Contract
Exhibit O          - Additional Disclosure Notification
Exhibit P          - Form of Item 1123 Certification of Servicer
Exhibit Q-1        - Additional Form 10-D Disclosure
Exhibit Q-2        - Additional Form 10-K Disclosure
Exhibit Q-3        - Form 8-K Disclosure Information
Exhibit R          - Form of Swap Agreement
Exhibit S          - Form of Cap Contract

                                        v
<PAGE>

     This Pooling and Servicing Agreement, dated as of January 1, 2007 (this
"Agreement" or this "Pooling and Servicing Agreement"), among MERRILL LYNCH
MORTGAGE INVESTORS, INC., as depositor (the "Depositor"), WELLS FARGO BANK,
N.A., as master servicer (in such capacity, the "Master Servicer") and as
securities administrator (in such capacity, the "Securities Administrator"), and
HSBC BANK USA, NATIONAL ASSOCIATION, as trustee (the "Trustee").

                              PRELIMINARY STATEMENT

     The Depositor has acquired the Mortgage Loans from the Sponsor and at the
Closing Date is the owner of the Mortgage Loans and the other related property
being conveyed by the Depositor to the Trustee hereunder on behalf of the
Issuing Entity for inclusion in the Trust Fund. On the Closing Date, the
Depositor will acquire the Certificates from the Trustee as consideration for
the Depositor's transfer to the Issuing Entity of the Mortgage Loans and the
other related property constituting that portion of the Trust Fund relating to
the Certificates. The Depositor has duly authorized the execution and delivery
of this Agreement to provide for the conveyance to the Issuing Entity of the
Mortgage Loans and the other related property constituting that portion of the
Trust Fund relating to the Certificates. All covenants and agreements made by
the Sponsor in the Mortgage Loan Purchase Agreement and in this Agreement and
all covenants and agreements made by the Depositor, the Trustee, the Securities
Administrator and the Master Servicer herein with respect to the Mortgage Loans
and the other related property constituting that portion of the Trust Fund
relating to the Certificates are for the benefit of the Holders from time to
time of the Certificates. The Depositor, the Trustee, the Securities
Administrator and the Master Servicer are entering into this Agreement, and the
Trustee on behalf of the Issuing Entity is accepting the Trust Fund created
hereby, for good and valuable consideration, the receipt and sufficiency of
which are hereby acknowledged.

     As provided herein, the Securities Administrator shall elect that the Trust
Fund be treated for federal income tax purposes as consisting of (i) three real
estate mortgage investment conduits, (ii) the right to receive payments
distributable to the Class P Certificates, (iii) each Corridor Contract and the
Corridor Contract Account, (iv) the grantor trusts described in Section 9.12
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.

<PAGE>

     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          $ 12,668,822.604            (1)
1-SW1A         $  1,246,309.242            (2)
1-SW1B         $  1,246,309.242            (3)
1-SW2A         $  1,301,543.754            (2)
1-SW2B         $  1,301,543.754            (3)
1-SW3A         $  1,347,695.903            (2)
1-SW3B         $  1,347,695.903            (3)
1-SW4A         $  1,353,495.070            (2)
1-SW4B         $  1,353,495.070            (3)
1-SW5A         $  1,283,686.885            (2)
1-SW5B         $  1,283,686.885            (3)
1-SW6A         $  1,217,396.847            (2)
1-SW6B         $  1,217,396.847            (3)
1-SW7A         $  1,154,607.869            (2)
1-SW7B         $  1,154,607.869            (3)
1-SW8A         $  1,095,131.513            (2)
1-SW8B         $  1,095,131.513            (3)
1-SW9A         $  1,038,739.608            (2)
1-SW9B         $  1,038,739.608            (3)
1-SW10A        $    985,003.387            (2)
1-SW10B        $    985,003.387            (3)
1-SW11A        $    929,481.041            (2)
1-SW11B        $    929,481.041            (3)
1-SW12A        $    874,885.387            (2)
1-SW12B        $    874,885.387            (3)
1-SW13A        $    827,590.852            (2)
1-SW13B        $    827,590.852            (3)
1-SW14A        $    843,784.269            (2)
1-SW14B        $    843,784.269            (3)
1-SW15A        $    889,125.529            (2)
1-SW15B        $    889,125.529            (3)
1-SW16A        $    835,529.248            (2)
1-SW16B        $    835,529.248            (3)
1-SW17A        $    729,286.429            (2)
1-SW17B        $    729,286.429            (3)
1-SW18A        $    671,629.510            (2)
1-SW18B        $    671,629.510            (3)
1-SW19A        $    644,121.345            (2)
</TABLE>

                                       -2-

<PAGE>

<TABLE>
<S>       <C>                         <C>
1-SW19B        $    644,121.345            (3)
1-SW20A        $    600,818.698            (2)
1-SW20B        $    600,818.698            (3)
1-SW21A        $    568,255.855            (2)
1-SW21B        $    568,255.855            (3)
1-SW22A        $    537,253.183            (2)
1-SW22B        $    537,253.183            (3)
1-SW23A        $    505,393.472            (2)
1-SW23B        $    505,393.472            (3)
1-SW24A        $    474,456.250            (2)
1-SW24B        $    474,456.250            (3)
1-SW25A        $    482,303.341            (2)
1-SW25B        $    482,303.341            (3)
1-SW26A        $    531,734.347            (2)
1-SW26B        $    531,734.347            (3)
1-SW27A        $    971,308.313            (2)
1-SW27B        $    971,308.313            (3)
1-SW28A        $  1,232,262.828            (2)
1-SW28B        $  1,232,262.828            (3)
1-SW29A        $    353,312.329            (2)
1-SW29B        $    353,312.329            (3)
1-SW30A        $    303,704.229            (2)
1-SW30B        $    303,704.229            (3)
1-SW31A        $    102,364.835            (2)
1-SW31B        $    102,364.835            (3)
1-SW32A        $    269,742.536            (2)
1-SW32B        $    269,742.536            (3)
1-SW33A        $    253,588.307            (2)
1-SW33B        $    253,588.307            (3)
1-SW34A        $    238,870.898            (2)
1-SW34B        $    238,870.898            (3)
1-SW35A        $    225,021.150            (2)
1-SW35B        $    225,021.150            (3)
1-SW36A        $    212,142.434            (2)
1-SW36B        $    212,142.434            (3)
1-SW37A        $    200,176.894            (2)
1-SW37B        $    200,176.894            (3)
1-SW38A        $    195,649.792            (2)
1-SW38B        $    195,649.792            (3)
1-SW39A        $    184,121.067            (2)
1-SW39B        $    184,121.067            (3)
1-SW40A        $    164,329.454            (2)
1-SW40B        $    164,329.454            (3)
1-SW41A        $    155,634.229            (2)
1-SW41B        $    155,634.229            (3)
</TABLE>

                                       -3-

<PAGE>

<TABLE>
<S>       <C>                         <C>
1-SW42A        $    145,550.911            (2)
1-SW42B        $    145,550.911            (3)
1-SW43A        $    137,703.820            (2)
1-SW43B        $    137,703.820            (3)
1-SW44A        $    139,991.982            (2)
1-SW44B        $    139,991.982            (3)
1-SW45A        $    133,206.459            (2)
1-SW45B        $    133,206.459            (3)
1-SW46A        $    112,294.925            (2)
1-SW46B        $    112,294.925            (3)
1-SW47A        $    106,410.059            (2)
1-SW47B        $    106,410.059            (3)
1-SW48A        $    103,052.147            (2)
1-SW48B        $    103,052.147            (3)
1-SW49A        $    115,733.791            (2)
1-SW49B        $    115,733.791            (3)
1-SW50A        $    157,805.550            (2)
1-SW50B        $    157,805.550            (3)
1-SW51A        $    508,629.209            (2)
1-SW51B        $    508,629.209            (3)
1-SW52A        $    674,140.735            (2)
1-SW52B        $    674,140.735            (3)
2-SW2          $127,472,850.966            (4)
2-SW1A         $ 12,540,280.758            (5)
2-SW1B         $ 12,540,280.758            (6)
2-SW2A         $ 13,096,046.746            (5)
2-SW2B         $ 13,096,046.746            (6)
2-SW3A         $ 13,560,426.597            (5)
2-SW3B         $ 13,560,426.597            (6)
2-SW4A         $ 13,618,777.430            (5)
2-SW4B         $ 13,618,777.430            (6)
2-SW5A         $ 12,916,372.115            (5)
2-SW5B         $ 12,916,372.115            (6)
2-SW6A         $ 12,249,366.153            (5)
2-SW6B         $ 12,249,366.153            (6)
2-SW7A         $ 11,617,587.631            (5)
2-SW7B         $ 11,617,587.631            (6)
2-SW8A         $ 11,019,140.487            (5)
2-SW8B         $ 11,019,140.487            (6)
2-SW9A         $ 10,451,728.892            (5)
2-SW9B         $ 10,451,728.892            (6)
2-SW10A        $  9,911,038.613            (5)
2-SW10B        $  9,911,038.613            (6)
2-SW11A        $  9,352,376.459            (5)
2-SW11B        $  9,352,376.459            (6)
</TABLE>

                                       -4-

<PAGE>

<TABLE>
<S>       <C>                         <C>
2-SW12A        $  8,803,038.613            (5)
2-SW12B        $  8,803,038.613            (6)
2-SW13A        $  8,327,164.148            (5)
2-SW13B        $  8,327,164.148            (6)
2-SW14A        $  8,490,101.231            (5)
2-SW14B        $  8,490,101.231            (6)
2-SW15A        $  8,946,321.971            (5)
2-SW15B        $  8,946,321.971            (6)
2-SW16A        $  8,407,039.752            (5)
2-SW16B        $  8,407,039.752            (6)
2-SW17A        $  7,338,031.571            (5)
2-SW17B        $  7,338,031.571            (6)
2-SW18A        $  6,757,891.490            (5)
2-SW18B        $  6,757,891.490            (6)
2-SW19A        $  6,481,106.155            (5)
2-SW19B        $  6,481,106.155            (6)
2-SW20A        $  6,045,397.802            (5)
2-SW20B        $  6,045,397.802            (6)
2-SW21A        $  5,717,752.645            (5)
2-SW21B        $  5,717,752.645            (6)
2-SW22A        $  5,405,805.817            (5)
2-SW22B        $  5,405,805.817            (6)
2-SW23A        $  5,085,235.528            (5)
2-SW23B        $  5,085,235.528            (6)
2-SW24A        $  4,773,947.250            (5)
2-SW24B        $  4,773,947.250            (6)
2-SW25A        $  4,852,904.159            (5)
2-SW25B        $  4,852,904.159            (6)
2-SW26A        $  5,350,275.653            (5)
2-SW26B        $  5,350,275.653            (6)
2-SW27A        $  9,773,239.687            (5)
2-SW27B        $  9,773,239.687            (6)
2-SW28A        $ 12,398,946.672            (5)
2-SW28B        $ 12,398,946.672            (6)
2-SW29A        $  3,555,005.171            (5)
2-SW29B        $  3,555,005.171            (6)
2-SW30A        $  3,055,851.771            (5)
2-SW30B        $  3,055,851.771            (6)
2-SW31A        $  1,029,988.165            (5)
2-SW31B        $  1,029,988.165            (6)
2-SW32A        $  2,714,131.464            (5)
2-SW32B        $  2,714,131.464            (6)
2-SW33A        $  2,551,588.693            (5)
2-SW33B        $  2,551,588.693            (6)
2-SW34A        $  2,403,503.102            (5)
</TABLE>

                                       -5-

<PAGE>

<TABLE>
<S>       <C>                         <C>
2-SW34B        $  2,403,503.102            (6)
2-SW35A        $  2,264,147.850            (5)
2-SW35B        $  2,264,147.850            (6)
2-SW36A        $  2,134,563.066            (5)
2-SW36B        $  2,134,563.066            (6)
2-SW37A        $  2,014,166.606            (5)
2-SW37B        $  2,014,166.606            (6)
2-SW38A        $  1,968,615.208            (5)
2-SW38B        $  1,968,615.208            (6)
2-SW39A        $  1,852,613.933            (5)
2-SW39B        $  1,852,613.933            (6)
2-SW40A        $  1,653,472.046            (5)
2-SW40B        $  1,653,472.046            (6)
2-SW41A        $  1,565,981.271            (5)
2-SW41B        $  1,565,981.271            (6)
2-SW42A        $  1,464,523.589            (5)
2-SW42B        $  1,464,523.589            (6)
2-SW43A        $  1,385,566.680            (5)
2-SW43B        $  1,385,566.680            (6)
2-SW44A        $  1,408,590.018            (5)
2-SW44B        $  1,408,590.018            (6)
2-SW45A        $  1,340,314.541            (5)
2-SW45B        $  1,340,314.541            (6)
2-SW46A        $  1,129,904.075            (5)
2-SW46B        $  1,129,904.075            (6)
2-SW47A        $  1,070,690.941            (5)
2-SW47B        $  1,070,690.941            (6)
2-SW48A        $  1,036,903.853            (5)
2-SW48B        $  1,036,903.853            (6)
2-SW49A        $  1,164,505.709            (5)
2-SW49B        $  1,164,505.709            (6)
2-SW50A        $  1,587,828.950            (5)
2-SW50B        $  1,587,828.950            (6)
2-SW51A        $  5,117,793.291            (5)
2-SW51B        $  5,117,793.291            (6)
2-SW52A        $  6,783,159.265            (5)
2-SW52B        $  6,783,159.265            (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 1 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 1 Net WAC, subject
     to a maximum rate of 2 times the REMIC Swap Rate for such Distribution
     Date.

                                       -6-
<PAGE>

(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 1 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 2 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 2 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 2 Net WAC over (ii) 2 times the REMIC Swap
     Rate for such Distribution Date and (y) 0.00%.

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

THE LOWER TIER REMIC

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

<TABLE>
<CAPTION>
                                                 Class(es) of
                                                Corresponding
         Initial Principal                     Certificates or
Class        Balance         Interest Rate   Related Loan 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-3           (1)                (8)               A-3
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)          Loan Group 1
LTII1B          (4)                (9)          Loan Group 1
LTII2A          (5)                (8)          Loan Group 2
LTII2B          (6)               (10)          Loan Group 2
</TABLE>

                                      -7-

<PAGE>

<TABLE>
<S>      <C>                 <C>             <C>
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 Class Certificate 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 1 Mortgage Loans over (ii) the aggregate of the initial Class
     Certificate Balances of the Group 1 Certificates.

(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 1
     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 2 Mortgage Loans over (ii) the aggregate of the initial Class
     Certificate Balances of the Group 2 Certificates.

(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 2
     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.

                                      -8-

<PAGE>

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

<TABLE>
<CAPTION>
                      SWAP REMIC
Distribution Date   Regular Interest
-----------------   ----------------
<S>                 <C>
7                   Class 1-SW1A
                    Class 2-SW1A
7-8                 Class 1-SW2A
                    Class 2-SW2A
7-9                 Class 1-SW3A
                    Class 2-SW3A
7-10                Class 1-SW4A
                    Class 2-SW4A
7-11                Class 1-SW5A
                    Class 2-SW5A
7-12                Class 1-SW6A
                    Class 2-SW6A
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
</TABLE>

                                      -9-

<PAGE>

<TABLE>
<S>                 <C>
                    Class 2-SW24A
7-31                Class 1-SW25A
                    Class 2-SW25A
7-32                Class 1-SW26A
                    Class 2-SW26A
7-33                Class 1-SW27A
                    Class 2-SW27A
7-34                Class 1-SW28A
                    Class 2-SW28A
7-35                Class 1-SW29A
                    Class 2-SW29A
7-36                Class 1-SW30A
                    Class 2-SW30A
7-37                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
</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-3                                    (1)           (2)         A-3
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 and
     the Residual Interest shall equal the initial principal balance of its
     Class of Related Certificates.

(2)  The interest rates on each of these REMIC Regular Interests and the
     Residual Interest shall be an annual rate equal to the Certificate Rate for
     the Class of Related Certificates, provided that in lieu of the applicable
     Available Funds Cap set forth in the definition of an applicable
     Certificate 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.

                                      -11-

<PAGE>

THE CERTIFICATES

     The following table sets forth (or describes) the Class designation,
initial Class Certificate Balance or initial notional amount, 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 minimum denomination for each Class of Certificates
comprising interests in the Trust Fund created hereunder.

<TABLE>
<CAPTION>
               Initial Class Certificate    Integral Multiples         Minimum
   Class      Balance or Initial Notional      in Excess of        Denominations or
Designation             Amount                   Minimum         Percentage Interest
-----------   ---------------------------   ------------------   -------------------
<S>           <C>                           <C>                  <C>
Class A-1             $ 68,226,000                 $1.00              $25,000.00
Class A-2A            $313,025,000                 $1.00              $25,000.00
Class A-2B            $ 87,648,000                 $1.00              $25,000.00
Class A-2C            $117,164,000                 $1.00              $25,000.00
Class A-3             $100,000,000                 $1.00              $25,000.00
Class A-2D            $ 68,649,000                 $1.00              $25,000.00
Class R               $        100                   N/A              $      100
Class M-1             $ 10,961,000                 $1.00              $25,000.00
Class M-2             $  9,743,000                 $1.00              $25,000.00
Class M-3             $  6,495,000                 $1.00              $25,000.00
Class M-4             $  4,871,000                 $1.00              $25,000.00
Class M-5             $  4,059,000                 $1.00              $25,000.00
Class M-6             $  3,653,000                 $1.00              $25,000.00
Class B-1             $  2,841,000                 $1.00              $25,000.00
Class B-2             $  2,841,000                 $1.00              $25,000.00
Class B-3             $  4,059,000                 $1.00              $25,000.00
Class P                        N/A(1)                  1%                    100%
Class C                           (2)                  1%                       (2)
</TABLE>

----------
(1)  The Class P Certificates shall not have minimum dollar denominations or
     Class Certificate Balance and shall be issued in a minimum percentage
     interest of 10% and an aggregate percentage interest of 100%. The Class P
     Certificates will be entitled to receive Prepayment Penalties on the
     Prepayment Penalty Mortgage Loans.

(2)  The Class C Certificates shall not have minimum dollar denominations as the
     Class Certificate Balance thereof shall vary over time as described herein
     and shall be issued in a minimum percentage interest of 10% and an
     aggregate percentage interest of 100%.

     As of the Cut-off Date, the Mortgage Loans had an aggregate Stated
Principal Balance of $811,955,191.57.

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

                                      -12-
<PAGE>

                                   ARTICLE I
                                  DEFINITIONS

     Whenever used in this Agreement, the following words and phrases, unless
otherwise expressly provided or unless the context otherwise requires, shall
have the meanings specified in this Article.

     Accepted Master Servicing Practices: With respect to any Mortgage Loan, as
applicable, either (x) those customary mortgage master servicing practices of
prudent mortgage servicing institutions that master service mortgage loans of
the same type and quality as such Mortgage Loan in the jurisdiction where the
related Mortgaged Property is located, to the extent applicable to the Trustee
or the Master Servicer (except in its capacity as successor to a Servicer), or
(y) as provided in the applicable Servicing Agreement, to the extent applicable
to any Servicer, but in no event below the standard set forth in clause (x).

     Account: The Master Servicer Collection Account, Distribution Account and
any Protected Account as the context may require.

     Accountant's Attestation: As defined in Section 3.17.

     Accrual Period: With respect to the Certificates, their Corresponding REMIC
Regular Interests and the Lower Tier REMIC Interests and a Distribution Date,
the period from and including the preceding Distribution Date (or from the
Closing Date in the case of the first Distribution Date) to and including the
day prior to 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
with respect to the 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 Disclosure Notification: As defined in Section 3.18(b).

     Additional Form 10-D Disclosure: As defined in Section 3.18(e).

     Additional Form 10-K Disclosure: As defined in Section 3.18(h).

     Adjustment Date: means, with respect to a Mortgage Loan, generally the
first day of the month or months specified in the related mortgage note.

     Adverse REMIC Event: As defined in Section 9.12(g).

     Affiliate: As to any Person, any other Person controlling, controlled by or
under common control with such Person. "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. "Controlled" and
"Controlling" have meanings correlative to the foregoing. The Master Servicer
may conclusively presume that a Person is not an Affiliate of another Person
unless a Responsible Officer of the Master Servicer has actual knowledge to the
contrary.

                                      -13-

<PAGE>

     Agreement: This Pooling and Servicing Agreement, dated as of January 1,
2007, by and among the Depositor, the Master Servicer, the Securities
Administrator and the Trustee, including the exhibits hereto, and all amendments
hereof and supplements hereto.

     Applicable Credit Rating: For any long-term deposit or security, a credit
rating of "AAA" in the case of S&P or "Aaa" in the case of Moody's. For any
short-term deposit or security, a rating of "A-l+" in the case of S&P or "P-1"
in the case of Moody's.

     Applied Realized Loss Amount: With respect to any class of Subordinate
Certificates and as to any Distribution Date, the sum of the Realized Losses
with respect to the Mortgage Loans which have been applied in reduction of the
Class Certificate Balance of such class.

     Appraised Value: For any Mortgaged Property related to a Mortgage Loan, the
amount set forth as the appraised value of such Mortgaged Property in an
appraisal made for the mortgage originator in connection with its origination of
the related Mortgage Loan.

     Assessment of Compliance: As defined in Section 3.17.

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

     Assignment Agreements: The CitiMortgage Assignment Agreement, the
GreenPoint Assignment Agreement, the PHH Assignment Agreement and the Wells
Fargo Assignment Agreement, which are attached hereto as Exhibits I-1 through
I-5, respectively.

     Auction: The one-time auction conducted by the Securities Administrator, as
described in Section 10.01(b) hereof.

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

     Back-Up Certification: As defined in Section 3.18(k).

     Bankruptcy Code: The United States Bankruptcy Code, as amended as codified
in 11 U.S.C. Sections 101-1330.

     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 5.02 hereof). On the Closing Date, the
Certificates (other than the Class R Certificate) shall be Book-Entry
Certificates.

                                      -14-

<PAGE>

     Business Day: Any day other than (i) a Saturday or a Sunday, or (ii) a day
on which the New York Stock Exchange or Federal Reserve is closed or on which
banking institutions in the jurisdiction in which the Trustee, the Master
Servicer, any Servicer or the Securities Administrator are authorized or
obligated by law or executive order to be closed.

     Cap Contract: The confirmation and agreement, including the schedule
thereto and the related credit support annex, between the Cap Contract
Counterparty and the Supplemental Interest Trust Trustee for the benefit of the
Certificateholders (in the form of Exhibit B of Exhibit Q attached hereto).

     Cap Contract Account: The separate Eligible Account created and maintained
by the Supplemental Interest Trust Trustee pursuant to Section 6.01(m) in the
name of the Supplemental Interest Trust Trustee for the benefit of the Issuing
Entity and designated "Wells Fargo Bank, National Association, as Supplemental
Interest Trust Trustee of Merrill Lynch Mortgage Investors, Inc., Mortgage
Pass-Through Certificates, MANA Series 2007-A1 - Cap Contract Account." 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 Royal Bank of Scotland plc with whom the
Supplemental Interest Trust Trustee, on behalf of the Supplemental Interest
Trust, entered into each of the Corridor Contracts and with whom the
Supplemental Interest Trust Trustee, on behalf of the Supplemental Interest
Trust, entered into 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 for such Distribution Date over (B) the Swap Agreement Notional Balance
for such Distribution Date, if LIBOR exceeds 6.000%.

     Cap/Corridor Posted Collateral Account: The segregated Eligible Account
created and maintained by the Supplemental Interest Trust Trustee pursuant to
Section 6.01(l) in the name of the Supplemental Interest Trust Trustee for the
benefit of the Issuing Entity and designated "Wells Fargo Bank, N.A., as
Supplemental Interest Trust Trustee, in trust for registered holders of First
Merrill Lynch Alternative Note Asset Trust, Mortgage Loan Asset-Backed
Certificates, Series 2007-A1." Funds in the Cap/Corridor Posted Collateral
Account shall be held in trust for the Issuing Entity for the uses and purposes
set forth in the Cap Contract and Corridor Contracts.

     Certificate: Any mortgage pass-through certificate issued pursuant to this
Agreement evidencing a beneficial ownership interest in that portion of the
Trust Fund related to the Mortgage Loans, signed and countersigned by the
Securities Administrator.

     Certificate Margin: Means the Class A-1 Certificate Margin, the Class A-2A
Certificate Margin, the Class A-2B Certificate Margin, the Class A-2C
Certificate Margin, the Class A-3 Certificate Margin, the Class A-2D Certificate
Margin, the Class M-1 Certificate Margin, the Class M-2 Certificate Margin, the
Class M-3 Certificate Margin, the Class M-4 Certificate Margin, the Class M-5
Certificate Margin, the Class M-6 Certificate Margin, the Class B-1

                                      -15-

<PAGE>

Certificate Margin, the Class B-2 Certificate Margin, the Class B-3 Certificate
Margin, and the Class R Certificate Margin.

     Certificate Owner: With respect to each Book-Entry Certificate, any
beneficial owner thereof.

     Certificate Rate: Means, with respect to any class of the LIBOR
Certificates on any Distribution Date, the lesser of (1) One-Month LIBOR plus
the related Certificate Margin for such class of Certificates, (2) the related
Available Funds Cap and (3) the related Maximum Rate Cap.

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

     Certificateholder or Holder: The Person in whose name a Regular Certificate
is registered in the Certificate Register, except that a Disqualified
Organization or non-U.S. Person shall not be a Holder of the Class R Certificate
for any purpose hereof.

     Certification Parties: As defined in Section 3.18(k).

     Certifying Person: As defined in Section 3.18(k).

     CitiMortgage: CitiMortgage, Inc., or any successor thereto.

     CitiMortgage Assignment Agreement: The Assignment, Assumption and
Recognition Agreement, dated as of January 1, 2007, among CitiMortgage, the
Depositor and the Sponsor pursuant to which the CitiMortgage Servicing
Agreements and the rights of the Sponsor thereunder (other than the rights to
enforce the representations and warranties with respect to the CitiMortgage
Loans) were assigned to the Depositor for the benefit of the Certificateholders.

     CitiMortgage Loans: The Mortgage Loans serviced by CitiMortgage pursuant to
the CitiMortgage Servicing Agreement.

     CitiMortgage Servicing Agreements: Each of (i) the Mortgage Servicing
Purchase and Sale Agreement, dated as of September 1, 2006, between the Sponsor
and CitiMortgage; (i) the Mortgage Servicing Purchase and Sale Agreement, dated
as of February 27, 2006, between the Sponsor and CitiMortgage; and (iii) the
Mortgage Servicing Purchase and Sale Agreement, dated as of May 31, 2006,
between the Sponsor and CitiMortgage.

     Class: Collectively, Certificates which have the same priority of payment
and bear the same class designation and the form of which is identical except
for variation in the Percentage Interest evidenced thereby.

     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 1 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 1 Mortgage Loans
to the Stated Principal Balance of the total pool of Mortgage Loans) allocable
to the Group 1 Mortgage Loans of any Net Swap Payments or Swap Termination
Payments (other

                                      -16-

<PAGE>

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 1 as of the first day of the related Accrual Period (or, in the
case of the first Distribution Date, as of the Cut-off Date) and (iii) a
fraction, the numerator of which is 30, and the denominator of which is the
actual number of days in the related Accrual Period. The Class A-1 Available
Funds Cap shall relate to the Class A-1 and Class R Certificates.

     Class A-1 Certificate: Any Certificate designated as a "Class A-1
Certificate" on the face thereof substantially in the form annexed hereto as
Exhibit A-1, executed by the Securities Administrator and authenticated and
delivered by the Securities Administrator, representing the right to
distributions as set forth herein and therein.

     Class A-1 Certificate Rate: For the first Distribution Date, 5.5440% 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 Class Certificate Balance: As of any date of determination, the
aggregate Class Certificate Balance of the Class A-1 Certificates.

     Class A-1 Corridor Contract: The confirmation and agreement, including the
schedule thereto and the related credit support annex, between the Supplemental
Interest Trust Trustee on behalf of the Supplemental Interest Trust and the Cap
Contract Counterparty (in the form of Exhibit N-1 hereto).

     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 One-Month LIBOR Cap Table attached
hereto as Exhibit H-1.

     Class A-1 Current Interest: As of any Distribution Date, the interest
accrued during the related Accrual Period at the Class A-1 Certificate Rate on
the Class A-1 Class Certificate Balance as of such Distribution Date plus the
portion of any previous distributions on such Class in respect of 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 Prepayment Interest
Shortfalls 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 interest on such prior Distribution Dates and
(2) interest on such excess (to the extent permitted by applicable law) at the
Class A-1 Certificate Rate for the related Accrual Period.

     Class A-1 Lower Collar: With respect to each Distribution Date, the
applicable per annum rate set forth under the heading "1ML Strike Lower Collar"
in the Class A-1 One-Month LIBOR Cap Table (set forth on Exhibit H-1).

                                      -17-

<PAGE>

     Class A-1 Margin: As of any Distribution Date, (i) on or before the Initial
Optional Termination Date, 0.160% per annum, and (ii) after the Initial Optional
Termination Date, 0.320% 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 1 Mortgage Loans had
the Group 1 Mortgage Loans provided for interest at their maximum lifetime Net
Mortgage Rates less the pro rata portion (calculated based on the ratio of the
Stated Principal Balance of the Group 1 Mortgage Loans to the Stated Principal
Balance of the total pool of Mortgage Loans) allocable to the Group 1 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 1
Mortgage Loans as of the first day of the related Accrual Period (or, in the
case of the first Distribution Date, as of the Cut-off Date) and (iii) a
fraction, the numerator of which is 30 and the denominator of which is the
actual number of days in the related Accrual Period. The Class A-1 Maximum Rate
Cap shall relate to the Class A-1 Certificates.

     Class A-1 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 10.840% 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 Mortgage Loans in Group 2 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 2 Mortgage Loans
to the Stated Principal Balance of the total pool of Mortgage Loans) allocable
to the Group 2 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 2 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.

     Class A-2 Certificate: Any one of the Class A-2A, Class A-2B, Class A-2C,
Class A-3 and Class A-2D Certificates as designated on the face thereof
substantially in the form annexed hereto as Exhibit A-1, executed by the
Securities Administrator and authenticated and delivered by the Securities
Administrator, representing the right to distributions as set forth herein and
therein.

     Class A-2 Corridor Contract: The confirmation and agreement, including the
schedule thereto and the related credit support annex, between the Supplemental
Interest Trust Trustee on behalf of the Supplemental Interest Trust and the Cap
Contract Counterparty (in the form of Exhibit N-2 hereto).

                                      -18-

<PAGE>

     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 One-Month LIBOR Cap Table attached
hereto as Exhibit H-2.

     Class A-2 Lower Collar: With respect to each Distribution Date, the
applicable per annum rate set forth under the heading "1ML Strike Lower Collar"
in the Class A-2 One-Month LIBOR Cap Table (set forth on Exhibit H-2).

     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 2 Mortgage Loans had
the Group 2 Mortgage Loans provided for interest at their maximum lifetime Net
Mortgage Rates less the pro rata portion (calculated based on the ratio of the
Stated Principal Balance of the Group 2 Mortgage Loans to the Stated Principal
Balance of the total pool of Mortgage Loans) allocable to the Group 2 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 2
Mortgage Loans as of the first day of the related Accrual Period (or, in the
case of the first Distribution Date, as of the Cut-off Date) and (iii) a
fraction, the numerator of which is 30 and the denominator of which is the
actual number of days in the related Accrual Period. The Class A-2 Maximum Rate
Cap shall relate to the Class A-2 Certificates.

     Class A-2 Upper Collar: With respect to each Distribution Date with respect
to which payments are received on the Class A-2 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, in the form of Exhibit A-1 hereto,
representing the right to distributions as set forth herein.

     Class A-2A Certificate Rate: For the first Distribution Date, 5.4540% 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-2A Current Interest: As of any Distribution Date, the interest
accrued during the related Accrual Period at the Class A-2A Certificate Rate on
the Class A-2A Class Certificate Balance as of such Distribution Date plus the
portion of any previous distributions on such Class in respect of 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 Prepayment Interest
Shortfalls 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 interest on such

                                      -19-

<PAGE>

prior Distribution Dates and (2) interest on such excess (to the extent
permitted by applicable law) at the Class A-2A Certificate Rate for the related
Accrual Period.

     Class A-2A Margin: As of any Distribution Date, (i) on or before the
Initial Optional Termination Date, 0.070% per annum, and (ii) after the Initial
Optional Termination Date, 0.140% per annum.

     Class A-2B Certificate: Any Certificate designated as a "Class A-2B
Certificate" on the face thereof, in the form of Exhibit A-1 hereto,
representing the right to distributions as set forth herein.

     Class A-2B Certificate Rate: For the first Distribution Date, 5.5340% 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-2B Current Interest: As of any Distribution Date, the interest
accrued during the related Accrual Period at the Class A-2B Certificate Rate on
the Class A-2B Class Certificate Balance as of such Distribution Date plus the
portion of any previous distributions on such Class in respect of 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 interest on such prior Distribution Dates and
(2) interest on such excess (to the extent permitted by applicable law) at the
Class A-2B Certificate Rate for the related Accrual Period.

     Class A-2B Margin: As of any Distribution Date, (i) on or before the
Initial Optional Termination Date, 0.150% per annum, and (ii) after the Initial
Optional Termination Date, 0.300% per annum.

     Class A-2C Certificate: Any Certificate designated as a "Class A-2C
Certificate" on the face thereof, in the form of Exhibit A-1 hereto,
representing the right to distributions as set forth herein.

     Class A-2C Certificate Rate: For the first Distribution Date, 5.6140% 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-2C Current Interest: As of any Distribution Date, the interest
accrued during the related Accrual Period at the Class A-2C Certificate Rate on
the Class A-2C Class Certificate Balance as of such Distribution Date plus the
portion of any previous distributions on such Class in respect of Current
Interest or a Class A-2C Interest Carry Forward Amount that is recovered

                                      -20-

<PAGE>

as a voidable preference by a trustee in bankruptcy, less any Prepayment
Interest Shortfalls 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 interest on such prior Distribution Dates and
(2) interest on such excess (to the extent permitted by applicable law) at the
Class A-2C Certificate Rate for the related Accrual Period.

     Class A-2C Margin: As of any Distribution Date, (i) on or before the
Initial Optional Termination Date, 0.230% per annum, and (ii) after the Initial
Optional Termination Date, 0.460% per annum.

     Class A-2D Certificate: Any Certificate designated as a "Class A-2D
Certificate" on the face thereof, in the form of Exhibit A-1 hereto,
representing the right to distributions as set forth herein.

     Class A-2D Certificate Rate: For the first Distribution Date, 5.6040% 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 A-2D Current Interest: As of any Distribution Date, the interest
accrued during the related Accrual Period at the Class A-2D Certificate Rate on
the Class A-2D Class Certificate Balance as of such Distribution Date plus the
portion of any previous distributions on such Class in respect of 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 Prepayment Interest
Shortfalls 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 interest on such prior Distribution Dates and
(2) interest on such excess (to the extent permitted by applicable law) at the
Class A-2D Certificate Rate for the related Accrual Period.

     Class A-2D Margin: As of any Distribution Date, (i) on or before the
Initial Optional Termination Date, 0.220% per annum, and (ii) after the Initial
Optional Termination Date, 0.440% per annum.

     Class A-3 Certificate: Any Certificate designated as a "Class A-3
Certificate" on the face thereof, in the form of Exhibit A-1 hereto,
representing the right to distributions as set forth herein.

                                      -21-

<PAGE>

     Class A-3 Certificate Rate: For the first Distribution Date, 5.5440% per
annum. As of any Distribution Date thereafter, the least of (1) One-Month LIBOR
plus the Class A-3 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-3 Current Interest: As of any Distribution Date, the interest
accrued during the related Accrual Period at the Class A-3 Certificate Rate on
the Class A-3 Class Certificate Balance as of such Distribution Date plus the
portion of any previous distributions on such Class in respect of Current
Interest or a Class A-3 Interest Carry Forward Amount that is recovered as a
voidable preference by a trustee in bankruptcy, less any Prepayment Interest
Shortfalls allocated on such Distribution Date to the Class A-3 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-3 Interest Carry Forward Amount: As of any Distribution Date, the
sum of (1) the excess of (A) the Class A-3 Current Interest with respect to
prior Distribution Dates over (B) the amount actually distributed to the Class
A-3 Certificates with respect to interest on such prior Distribution Dates and
(2) interest on such excess (to the extent permitted by applicable law) at the
Class A-3 Certificate Rate for the related Accrual Period.

     Class A-3 Margin: As of any Distribution Date, (i) on or before the Initial
Optional Termination Date, 0.160% per annum, and (ii) after the Initial Optional
Termination Date, 0.320% per annum.

     Class B Certificate: Any one of the Class B-1, Class B-2 or Class B-3
Certificates as designated on the face thereof substantially in the form annexed
hereto as Exhibit A-2, executed by the Securities Administrator and
authenticated and delivered by the Securities Administrator, representing the
right to distributions as set forth herein and therein.

     Class B Certificateholder: Any Holder of a Class B Certificate.

     Class B-1 Certificate: Any Certificate designated as "Class B-1 Certificate
"on the face thereof in the form of Exhibit A-2 hereto, representing the right
to distributions as set forth herein.

     Class B-1 Certificate Rate: For the first Distribution Date, 6.1840% per
annum. As of any Distribution Date thereafter, the least of (1) One-Month LIBOR
plus the Class B-1 Margin, (2) the Weighted Average Available Funds Cap for such
Distribution Date and (3) the Weighted Average Maximum Rate Cap for such
Distribution Date.

     Class B-1 Class Certificate Balance: As of any date of determination, the
aggregate Class Certificate 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 Certificate Rate on
the Class B-1 Class Certificate Balance as of such Distribution Date plus the
portion of any previous distributions on such Class in respect of Current
Interest or Class B-1 Interest Carry Forward Amount that is recovered as a

                                      -22-

<PAGE>

voidable preference by a trustee in bankruptcy, less any Prepayment Interest
Shortfalls 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 interest on such prior Distribution Dates and
(2) interest on such excess (to the extent permitted by applicable law) at the
Class B-1 Certificate Rate for the related Accrual Period.

     Class B-1 Margin: As of any Distribution Date, (i) on or before the Initial
Optional Termination Date, 0.800% per annum, and (ii) after the Initial Optional
Termination Date, 1.200% per annum.

     Class B-1 Principal Distribution Amount: means, with respect to any
Distribution Date on or after the Stepdown Date, 100% of the Principal
Distribution Amount if the aggregate Class Certificate Balance of the Senior
Certificates and Class M Certificates 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 Certificate Balance of the Senior
Certificates (after taking into account distributions of the Senior Principal
Distribution Amount to the Senior Certificates for such Distribution Date), (B)
the Class Certificate Balance of the Class M-1 Certificates (after taking into
account distributions of the Class M-1 Principal Distribution Amount to the
Class M-1 Certificates for such Distribution Date), (C) the Class Certificate
Balance of the Class M-2 Certificates (after taking into account distributions
of the Class M-2 Principal Distribution Amount to the Class M-2 Certificates for
such Distribution Date), (D) the Class Certificate Balance of the Class M-3
Certificates (after taking into account distributions of the Class M-3 Principal
Distribution Amount to the Class M-3 Certificates for such Distribution Date),
(E) the Class Certificate Balance of the Class M-4 Certificates (after taking
into account distributions of the Class M-4 Principal Distribution Amount to the
Class M-4 Certificates for such Distribution Date), (F) the Class Certificate
Balance of the Class M-5 Certificates (after taking into account distributions
of the Class M-5 Principal Distribution Amount to the Class M-5 Certificates for
such Distribution Date), (G) the Class Certificate Balance of the Class M-6
Certificates (after taking into account distributions of the Class M-6 Principal
Distribution Amount to the Class M-6 Certificates for such Distribution Date)
and (H) the Class Certificate Balance of the Class B-1 Certificates immediately
prior to such Distribution Date over (2) the lesser of (A) 96.40% of the
aggregate Stated Principal Balance of the Mortgage Loans as of such Distribution
Date and (B) the excess of the aggregate Stated Principal Balance of the
Mortgage Loans as of as of such Distribution Date over the Minimum Required
Overcollateralization Amount. Notwithstanding the above, (1) on any Distribution
Date prior to the Stepdown Date on which the aggregate Class Certificate Balance
of the Senior Certificates and Class M Certificates has been reduced to zero,
the Class B-1 Principal Distribution Amount will equal the lesser of (A) the
outstanding Class Certificate Balance of the Class B-1 Certificates and (B) 100%
of the Principal Distribution Amount remaining after any distributions on the
Senior Certificates and Class M Certificates and (2) in no event will the Class
B-1 Principal Distribution Amount with respect to any Distribution Date exceed
the Class Certificate Balance of the Class B-1 Certificates.

     Class B-2 Certificate: Any Certificate designated as "Class B-2 Certificate
"on the face thereof in the form of Exhibit A-2 hereto, representing the right
to distributions as set forth herein.

                                      -23-

<PAGE>

     Class B-2 Certificate Rate: For the first Distribution Date, 6.3840% per
annum. As of any Distribution Date thereafter, the least of (1) One-Month LIBOR
plus the Class B-2 Margin, (2) the Weighted Average Available Funds Cap for such
Distribution Date and (3) the Weighted Average Maximum Rate Cap for such
Distribution Date.

     Class B-2 Class Certificate Balance: As of any date of determination, the
aggregate Class Certificate 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 Certificate Rate on
the Class B-2 Class Certificate Balance as of such Distribution Date plus the
portion of any previous distributions on such Class in respect of Current
Interest or Class B-2 Interest Carry Forward Amount that is recovered as a
voidable preference by a trustee in bankruptcy, less any Prepayment Interest
Shortfalls 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 interest on such prior Distribution Dates and
(2) interest on such excess (to the extent permitted by applicable law) at the
Class B-2 Certificate Rate for the related Accrual Period.

     Class B-2 Margin: As of any Distribution Date, (i) on or before the Initial
Optional Termination Date, 1.000% per annum, and (ii) after the Initial Optional
Termination Date, 1.500% per annum.

     Class B-2 Principal Distribution Amount: With respect to any Distribution
Date on or after the Stepdown Date, 100% of the Principal Distribution Amount if
the aggregate Class Certificate Balance of the Class A, Class M and Class B-1
Certificates 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 Certificate Balance of the Senior Certificates (after taking into
account distributions of the Senior Principal Distribution Amount to the Senior
Certificates for such Distribution Date), (B) the Class Certificate Balance of
the Class M-1 Certificates (after taking into account distributions of the Class
M-1 Principal Distribution Amount to the Class M-1 Certificates for such
Distribution Date), (C) the Class Certificate Balance of the Class M-2
Certificates (after taking into account distributions of the Class M-2 Principal
Distribution Amount to the Class M-2 Certificates for such Distribution Date),
(D) the Class Certificate Balance of the Class M-3 Certificates (after taking
into account distributions of Class M-3 Principal Distribution Amount to the
Class M-3 Certificates for such Distribution Date), (E) the Class Certificate
Balance of the Class M-4 Certificates (after taking into account distributions
of the Class M-4 Principal Distribution Amount to the Class M-4 Certificates for
such Distribution Date), (F) the Class Certificate Balance of the Class M-5
Certificates (after taking into account distributions of the Class M-5 Principal
Distribution Amount to the Class M-5 Certificates for such Distribution Date),
(G) the Class Certificate Balance of the Class M-6 Certificates (after taking
into account distributions of the Class M-6 Principal Distribution Amount to the
Class M-6 Certificates for such Distribution Date), (H) the Class Certificate
Balance of the Class B-1 Certificates (after taking into account distributions
of the Class B-1 Principal Distribution Amount to the Class B-1 Certificates for
such Distribution Date), and (I) the Class Certificate

                                      -24-

<PAGE>

Balance of the Class B-2 Certificates immediately prior to such Distribution
Date over (2) the lesser of (A) 97.10% of the aggregate Stated Principal Balance
of the Mortgage Loans as of such Distribution Date and (B) the excess of the
aggregate Stated Principal Balance of the Mortgage Loans as of such Distribution
Date over the Minimum Required Overcollateralization Amount. Notwithstanding the
above, (1) on any Distribution Date prior to the Stepdown Date on which the
aggregate Class Certificate Balance of the 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 (A) the outstanding Class Certificate Balance of
the Class B-2 Certificates and (B) 100% of the Principal Distribution Amount
remaining after any distributions on the Class A, Class M and Class B-1
Certificates and (2) in no event will the Class B-2 Principal Distribution
Amount with respect to any Distribution Date exceed the Class Certificate
Balance of the Class B-2 Certificates.

     Class B-3 Certificate: Any Certificate designated as "Class B-3 Certificate
"on the face thereof in the form of Exhibit A-2 hereto, representing the right
to distributions as set forth herein.

     Class B-3 Certificate Rate: For the first Distribution Date, 6.6840% per
annum. As of any Distribution Date thereafter, the least of (1) One-Month LIBOR
plus the Class B-3 Margin, (2) the Weighted Average Available Funds Cap for such
Distribution Date and (3) the Weighted Average Maximum Rate Cap for such
Distribution Date.

     Class B-3 Class Certificate Balance: As of any date of determination, the
aggregate Class Certificate 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 Certificate Rate on
the Class B-3 Class Certificate Balance as of such Distribution Date plus the
portion of any previous distributions on such Class in respect of Current
Interest or Class B-3 Interest Carry Forward Amount that is recovered as a
voidable preference by a trustee in bankruptcy, less any Prepayment Interest
Shortfalls allocated on such Distribution Date to the Class B-3 Certificates.

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

     Class B-3 Margin: As of any Distribution Date, (i) on or before the Initial
Optional Termination Date, 1.300% per annum, and (ii) after the Initial Optional
Termination Date, 1.9500% per annum.

     Class B-3 Principal Distribution Amount: With respect to any Distribution
Date on or after the Stepdown Date, 100% of the Principal Distribution Amount if
the aggregate Class Certificate Balance of the Class A, Class M, Class B-1 and
Class B-2 Certificates 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 Certificate Balance of the Senior

                                      -25-

<PAGE>

Certificates (after taking into account distributions of the Senior Principal
Distribution Amount to the Senior Certificates for such Distribution Date), (B)
the Class Certificate Balance of the Class M-1 Certificates (after taking into
account distributions of the Class M-1 Principal Distribution Amount to the
Class M-1 Certificates for such Distribution Date), (C) the Class Certificate
Balance of the Class M-2 Certificates (after taking into account distributions
of the Class M-2 Principal Distribution Amount to the Class M-2 Certificates for
such Distribution Date), (D) the Class Certificate Balance of the Class M-3
Certificates (after taking into account distributions of Class M-3 Principal
Distribution Amount to the Class M-3 Certificates for such Distribution Date),
(E) the Class Certificate Balance of the Class M-4 Certificates (after taking
into account distributions of the Class M-4 Principal Distribution Amount to the
Class M-4 Certificates for such Distribution Date), (F) the Class Certificate
Balance of the Class M-5 Certificates (after taking into account distributions
of the Class M-5 Principal Distribution Amount to the Class M-5 Certificates for
such Distribution Date), (G) the Class Certificate Balance of the Class M-6
Certificates (after taking into account distributions of the Class M-6 Principal
Distribution Amount to the Class M-6 Certificates for such Distribution Date),
(H) the Class Certificate Balance of the Class B-1 Certificates (after taking
into account distributions of the Class B-1 Principal Distribution Amount to the
Class B-1 Certificates for such Distribution Date), (I) the Class Certificate
Balance of the Class B-2 Certificates (after taking into account distributions
of the Class B-2 Principal Distribution Amount to the Class B-2 Certificates for
such Distribution Date), and (J) the Class Certificate Balance of the Class B-3
Certificates immediately prior to such Distribution Date over (2) the lesser of
(A) 98.10% of the aggregate Stated Principal Balance of the Mortgage Loans as of
such Distribution Date and (B) the excess of the aggregate Stated Principal
Balance of the Mortgage Loans as of such Distribution Date over the Minimum
Required Overcollateralization Amount. Notwithstanding the above, (1) on any
Distribution Date prior to the Stepdown Date on which the aggregate Class
Certificate Balance of the 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 (A) the outstanding Class Certificate Balance of
the Class B-3 Certificates and (B) 100% of the Principal Distribution Amount
remaining after any distributions on the Class A, Class M, Class B-1 and Class
B-2 Certificates and (2) in no event will the Class B-3 Principal Distribution
Amount with respect to any Distribution Date exceed the Class Certificate
Balance of the Class B-3 Certificates.

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

     Class C Certificate: Any Certificate designated as a "Class C Certificate"
on the face thereof, in the form of Exhibit A-5 hereto, representing the right
to distributions as set forth herein.

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

                                      -26-

<PAGE>

is recovered as a voidable preference by a trustee in bankruptcy, less any
Prepayment Interest Shortfalls 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
Class Certificate 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 Class Certificate
Balance of such Class C Certificates (A) pursuant to the last sentence of the
definition of "Class Certificate Balance" or (B) attributable to distributions
of proceeds of the Swap Agreement or Cap Contract.

     Class Certificate Balance: As to any Certificate and as of any Distribution
Date, the Initial Class Certificate Balance of such Certificate less the sum of
(1) all amounts distributed with respect to such Certificate in reduction of the
Class Certificate Balance thereof on previous Distribution Dates pursuant to
Section 6.01, and (2) any Realized Loss Amounts allocated to such Certificate on
previous Distribution Dates pursuant to Section 6.01(j). 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 Class Certificate 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 related Servicer, the
Class Certificate Balance of any Class of Certificates then outstanding for
which any 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

                                      -27-

<PAGE>

Amount for such Class of Certificates and (ii) the total of any Subsequent
Recovery distributed on such date to the Certificateholders (reduced by the
amount of the increase in the Class Certificate Balance of any more senior Class
of Certificates pursuant to this sentence on such Distribution Date).

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

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

     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 LTA-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 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 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 Stated Principal Balance of the Mortgage Loans as of the Cut-off Date
over (ii) the initial principal balance of the Lower Tier REMIC I Marker
Interests, and with an interest rate equal to the Net Rate.

                                      -28-

<PAGE>

     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 Stated Principal Balance of the Group 1 Mortgage Loans as of the
Cut-off Date over (ii) the aggregate of the initial Class Certificate Balances
of the Group 1 Certificates, 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 Stated
Principal Balance of the Group 1 Mortgage Loans as of the Cut-off Date, 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 Stated Principal Balance of the Group 2 Mortgage Loans as of the
Cut-off Date over (ii) the aggregate of the initial Class Certificate Balances
of the Group 2 Certificates, 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 Stated
Principal Balance of the Group 2 Mortgage Loans as of the Cut-off Date, 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 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 Stated Principal Balance of the Mortgage Loans as of the Cut-off Date
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 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.

                                      -29-

<PAGE>

     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 Certificate: Any one of the Class M-1, Class M-2, Class M-3, Class
M-4, Class M-5 and Class M-6 Certificates as designated on the face thereof
substantially in the form annexed hereto as Exhibit A-1, executed by the
Securities Administrator and authenticated and delivered by the Securities
Administrator, representing the right to distributions as set forth herein and
therein.

     Class M Certificateholder: Any Holder of a Class M Certificate.

     Class M-1 Certificate: Any Certificate designated as a "Class M-1
Certificate" on the face thereof, in the form of Exhibit A hereto, representing
the right to distributions as set forth herein.

     Class M-1 Certificate Rate: For the first Distribution Date, 5.6440% per
annum. As of any Distribution Date thereafter, the least of (1) One-Month LIBOR
plus the Class M-1 Margin, (2) the Weighted Average Available Funds Cap for such
Distribution Date and (3) the Weighted Average Maximum Rate Cap for such
Distribution Date.

     Class M-1 Class Certificate Balance: As of any date of determination, the
aggregate Class Certificate 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 Certificate Rate on
the Class M-1 Class Certificate Balance as of such Distribution Date plus the
portion of any previous distributions on such Class in respect of Current
Interest or Class M-1 Interest Carry Forward Amount that is recovered as a
voidable preference by a trustee in bankruptcy, less any Prepayment Interest
Shortfalls 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 interest on such prior Distribution Dates and
(2) interest on such excess (to the extent permitted by applicable law) at the
Class M-1 Certificate Rate for the related Accrual Period.

     Class M-1 Margin: As of any Distribution Date, (i) on or before the Initial
Optional Termination Date, 0.260% per annum, and (ii) after the Initial Optional
Termination Date, 0.390% per annum.

     Class M-1 Principal Distribution Amount: with respect to any Distribution
Date on or after the Stepdown Date, 100% of the Principal Distribution Amount if
the aggregate Class Certificate Balance of the Senior Certificates 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 aggregate
Class Certificate Balance of the Senior Certificates (after taking into account

                                      -30-

<PAGE>

distributions of the Senior Principal Distribution Amount to the Senior
Certificates for such Distribution Date) and (B) the Class Certificate Balance
of the Class M-1 Certificates immediately prior to such Distribution Date over
(2) the lesser of (A) 88.60% of the aggregate Stated Principal Balance of the
Mortgage Loans as of such Distribution Date and (B) the excess of the aggregate
Stated Principal Balance of the Mortgage Loans as of such Distribution Date over
the Minimum Required Overcollateralization Amount. Notwithstanding the above,
(1) on any Distribution Date prior to the Stepdown Date on which the aggregate
Class Certificate Balance of the Senior Certificates has been reduced to zero,
the Class M-1 Principal Distribution Amount will equal the lesser of (A) the
outstanding Class Certificate Balance of the Class M-1 Certificates and (B) 100%
of the Principal Distribution Amount remaining after any distributions on the
Senior Certificates and (2) in no event will the Class M-1 Principal
Distribution Amount with respect to any Distribution Date exceed the Class
Certificate Balance of the Class M-1 Certificates.

     Class M-2 Certificate: Any Certificate designated as a "Class M-2
Certificate" on the face thereof, in the form of Exhibit A hereto, representing
the right to distributions as set forth herein.

     Class M-2 Certificate Rate: For the first Distribution Date, 5.6640% per
annum. As of any Distribution Date thereafter, the least of (1) One-Month LIBOR
plus the Class M-2 Margin, (2) the Weighted Average Available Funds Cap for such
Distribution Date and (3) the Weighted Average Maximum Rate Cap for such
Distribution Date.

     Class M-2 Class Certificate Balance: As of any date of determination, the
aggregate Class Certificate 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 Certificate Rate on
the Class M-2 Class Certificate Balance as of such Distribution Date plus the
portion of any previous distributions on such Class in respect of Current
Interest or Class M-2 Interest Carry Forward Amount that is recovered as a
voidable preference by a trustee in bankruptcy, less any Prepayment Interest
Shortfalls 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 interest on such prior Distribution Dates and
(2) interest on such excess (to the extent permitted by applicable law) at the
Class M-2 Certificate Rate for the related Accrual Period.

     Class M-2 Margin: As of any Distribution Date, (i) on or before the Initial
Optional Termination Date, 0.280% per annum, and (ii) after the Initial Optional
Termination Date, 0.420% per annum.

     Class M-2 Principal Distribution Amount: with respect to any Distribution
Date on or after the Stepdown Date, 100% of the Principal Distribution Amount if
the Class Certificate Balance of each class of Senior Certificates and Class M-1
Certificates has been reduced to zero and a Stepdown Trigger Event exists, or,
as long as a Stepdown Trigger Event does not exist, the

                                      -31-

<PAGE>

excess of (1) the sum of (A) the aggregate Class Certificate Balance of the
Senior Certificates (after taking into account distributions of the Senior
Principal Distribution Amount to the Senior Certificates for such Distribution
Date), (B) the Class Certificate Balance of the Class M-1 Certificates (after
taking into account distributions of the Class M-1 Principal Distribution Amount
to the Class M-1 Certificates for such Distribution Date) and (C) the Class
Certificate Balance of the Class M-2 Certificates immediately prior to such
Distribution Date over (2) the lesser of (A) 91.00% of the aggregate Stated
Principal Balance of the Mortgage Loans as of such Distribution Date and (B) the
excess of the aggregate Stated Principal Balance of the Mortgage Loans as of
such Distribution Date over the Minimum Required Overcollateralization Amount.
Notwithstanding the above, (1) on any Distribution Date prior to the Stepdown
Date on which the aggregate Class Certificate Balance of the Senior Certificates
and the Class M-1 Certificates has been reduced to zero, the Class M-2 Principal
Distribution Amount will equal the lesser of (A) the outstanding Class
Certificate Balance of the Class M-2 Certificates and (B) 100% of the Principal
Distribution Amount remaining after any distributions on the Senior Certificates
and Class M-1 Certificates and (2) in no event will the Class M-2 Principal
Distribution Amount with respect to any Distribution Date exceed the Class
Certificate Balance of the Class M-2 Certificates

     Class M-3 Certificate: Any Certificate designated as a "Class M-3
Certificate" on the face thereof, in the form of Exhibit A hereto, representing
the right to distributions as set forth herein.

     Class M-3 Certificate Rate: For the first Distribution Date, 5.6840% per
annum. As of any Distribution Date thereafter, the least of (1) One-Month LIBOR
plus the Class M-3 Margin, (2) the Weighted Average Available Funds Cap for such
Distribution Date and (3) the Weighted Average Maximum Rate Cap for such
Distribution Date.

     Class M-3 Class Certificate Balance: As of any date of determination, the
aggregate Class Certificate 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 Certificate Rate on
the Class M-3 Class Certificate Balance as of such Distribution Date plus the
portion of any previous distributions on such Class in respect of Current
Interest or Class M-3 Interest Carry Forward Amount that is recovered as a
voidable preference by a trustee in bankruptcy, less any Prepayment Interest
Shortfalls 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 interest on such prior Distribution Dates and
(2) interest on such excess (to the extent permitted by applicable law) at the
Class M-3 Certificate Rate for the related Accrual Period.

     Class M-3 Margin: As of any Distribution Date, (i) on or before the Initial
Optional Termination Date, 0.300% per annum, and (ii) after the Initial Optional
Termination Date, 0.450% per annum.

                                      -32-

<PAGE>

     Class M-3 Principal Distribution Amount: with respect to any Distribution
Date on or after the Stepdown Date, 100% of the Principal Distribution Amount if
the Class Certificate Balance of each class of Class A, Class M-1 and Class M-2
Certificates 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 aggregate Class Certificate Balance of the Senior Certificates (after
taking into account distributions of the Senior Principal Distribution Amount to
the Senior Certificates for such Distribution Date), (B) the Class Certificate
Balance of the Class M-1 Certificates (after taking into account distributions
of the Class M-1 Principal Distribution Amount to the Class M-1 Certificates for
such Distribution Date), (C) the Class Certificate Balance of the Class M-2
Certificates (after taking into account distributions of the Class M-2 Principal
Distribution Amount to the Class M-2 Certificates for such Distribution Date)
and (D) the Class Certificate Balance of the Class M-3 Certificates immediately
prior to such Distribution Date over (2) the lesser of (A) 92.60% of the
aggregate Stated Principal Balance of the Mortgage Loans as of such Distribution
Date and (B) the excess of the aggregate Stated Principal Balance of the
Mortgage Loans as of such Distribution Date over the Minimum Required
Overcollateralization Amount. Notwithstanding the above, (1) on any Distribution
Date prior to the Stepdown Date on which the aggregate Class Certificate Balance
of the Class A, Class M-1 and Class M-2 Certificates has been reduced to zero,
the Class M-3 Principal Distribution Amount will equal the lesser of (A) the
outstanding Class Certificate Balance of the Class M-3 Certificates and (B) 100%
of the Principal Distribution Amount remaining after any distributions on the
Class A, Class M-1 and Class M-2 Certificates and (2) in no event will the Class
M-3 Principal Distribution Amount with respect to any Distribution Date exceed
the Class Certificate Balance of the Class M-3 Certificates.

     Class M-4 Certificate: Any Certificate designated as a "Class M-4
Certificate" on the face thereof, in the form of Exhibit A hereto, representing
the right to distributions as set forth herein.

     Class M-4 Certificate Rate: For the first Distribution Date, 5.7440% per
annum. As of any Distribution Date thereafter, the least of (1) One-Month LIBOR
plus the Class M-4 Margin, (2) the Weighted Average Available Funds Cap for such
Distribution Date and (3) the Weighted Average Maximum Rate Cap for such
Distribution Date.

     Class M-4 Class Certificate Balance: As of any date of determination, the
aggregate Class Certificate 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 Certificate Rate on
the Class M-4 Class Certificate Balance as of such Distribution Date plus the
portion of any previous distributions on such Class in respect of Current
Interest or Class M-4 Interest Carry Forward Amount that is recovered as a
voidable preference by a trustee in bankruptcy, less any Prepayment Interest
Shortfalls 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 interest on such

                                      -33-

<PAGE>

prior Distribution Dates and (2) interest on such excess (to the extent
permitted by applicable law) at the Class M-4 Certificate Rate for the related
Accrual Period.

     Class M-4 Margin: As of any Distribution Date, (i) on or before the Initial
Optional Termination Date, 0.360% per annum, and (ii) after the Initial Optional
Termination Date, 0.540% per annum.

     Class M-4 Principal Distribution Amount: with respect to any Distribution
Date on or after the Stepdown Date, 100% of the Principal Distribution Amount if
the Class Certificate Balance of each class of Class A, Class M-1, Class M-2 and
Class M-3 Certificates 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 aggregate Class Certificate Balance of the Senior
Certificates (after taking into account distributions of the Senior Principal
Distribution Amount to the Senior Certificates for such Distribution Date), (B)
the Class Certificate Balance of the Class M-1 Certificates (after taking into
account distributions of the Class M-1 Principal Distribution Amount to the
Class M-1 Certificates for such Distribution Date), (C) the Class Certificate
Balance of the Class M-2 Certificates (after taking into account distributions
of the Class M-2 Principal Distribution Amount to the Class M-2 Certificates for
such Distribution Date), (D) the Class Certificate Balance of the Class M-3
Certificates (after taking into account distributions of the Class M-3 Principal
Distribution Amount to the Class M-3 Certificates for such Distribution Date)
and (E) the Class Certificate Balance of the Class M-4 Certificates immediately
prior to such Distribution Date over (2) the lesser of (A) 93.80% of the
aggregate Stated Principal Balance of the Mortgage Loans as of such Distribution
Date and (B) the excess of the aggregate Stated Principal Balance of the
Mortgage Loans as of such Distribution Date over the Minimum Required
Overcollateralization Amount. Notwithstanding the above, (1) on any Distribution
Date prior to the Stepdown Date on which the aggregate Class Certificate Balance
of the Class A, Class M-1, Class M-2 and Class M-3 Certificates has been reduced
to zero, the Class M-4 Principal Distribution Amount will equal the lesser of
(A) the outstanding Class Certificate Balance of the Class M-4 Certificates and
(B) 100% of the Principal Distribution Amount remaining after any distributions
on the Class A, Class M-1, Class M-2 and Class M-3 Certificates and (2) in no
event will the Class M-4 Principal Distribution Amount with respect to any
Distribution Date exceed the Class Certificate Balance of the Class M-4
Certificates.

     Class M-5 Certificate: Any Certificate designated as a "Class M-5
Certificate" on the face thereof, in the form of Exhibit A hereto, representing
the right to distributions as set forth herein.

     Class M-5 Certificate Rate: For the first Distribution Date, 5.7840% per
annum. As of any Distribution Date thereafter, the least of (1) One-Month LIBOR
plus the Class M-5 Margin, (2) the Weighted Average Available Funds Cap for such
Distribution Date and (3) the Weighted Average Maximum Rate Cap for such
Distribution Date.

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

                                      -34-

<PAGE>

     Class M-5 Current Interest: As of any Distribution Date, the interest
accrued during the related Accrual Period at the Class M-5 Certificate Rate on
the Class M-5 Class Certificate Balance as of such Distribution Date plus the
portion of any previous distributions on such Class in respect of Current
Interest or Class M-5 Interest Carry Forward Amount that is recovered as a
voidable preference by a trustee in bankruptcy, less any Prepayment Interest
Shortfalls 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 interest on such prior Distribution Dates and
(2) interest on such excess (to the extent permitted by applicable law) at the
Class M-5 Certificate Rate for the related Accrual Period.

     Class M-5 Margin: Means As of any Distribution Date, (i) on or before the
Initial Optional Termination Date, 0.400% per annum, and (ii) after the Initial
Optional Termination Date, 0.600% per annum.

     Class M-5 Principal Distribution Amount: With respect to any Distribution
Date on or after the Stepdown Date, 100% of the Principal Distribution Amount if
the Class Certificate Balance of each class of Class A, Class M-1, Class M-2,
Class M-3 and Class M-4 Certificates 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 aggregate Class Certificate Balance of the
Senior Certificates (after taking into account distributions of the Senior
Principal Distribution Amount to the Senior Certificates for such Distribution
Date), (B) the Class Certificate Balance of the Class M-1 Certificates (after
taking into account distributions of the Class M-1 Principal Distribution Amount
to the Class M-1 Certificates for such Distribution Date), (C) the Class
Certificate Balance of the Class M-2 Certificates (after taking into account
distributions of the Class M-2 Principal Distribution Amount to the Class M-2
Certificates for such Distribution Date), (D) the Class Certificate Balance of
the Class M-3 Certificates (after taking into account distributions of the Class
M-3 Principal Distribution Amount to the Class M-3 Certificates for such
Distribution Date), (E) the Class Certificate Balance of the Class M-4
Certificates (after taking into account distributions of the Class M-4 Principal
Distribution Amount to the Class M-4 Certificates for such Distribution Date)
and (F) the Class Certificate Balance of the Class M-5 Certificates immediately
prior to such Distribution Date over (2) the lesser of (A) 94.80% of the
aggregate Stated Principal Balance of the Mortgage Loans as of such Distribution
Date and (B) the excess of the aggregate Stated Principal Balance of the
Mortgage Loans as of such Distribution Date over the Minimum Required
Overcollateralization Amount. Notwithstanding the above, (1) on any Distribution
Date prior to the Stepdown Date on which the aggregate Class Certificate Balance
of the Class A, Class M-1, Class M-2, Class M-3 and Class M-4 Certificates has
been reduced to zero, the Class M-5 Principal Distribution Amount will equal the
lesser of (A) the outstanding Class Certificate Balance of the Class M-5
Certificates and (B) 100% of the Principal Distribution Amount remaining after
any distributions on the Class A, Class M-1, Class M-2, Class M-3 and Class M-4
Certificates and (2) in no event will the Class M-5 Principal Distribution
Amount with respect to any Distribution Date exceed the Class Certificate
Balance of the Class M-5 Certificates.

                                      -35-

<PAGE>

     Class M-6 Certificate: Any Certificate designated as a "Class M-6
Certificate" on the face thereof, in the form of Exhibit A hereto, representing
the right to distributions as set forth herein.

     Class M-6 Certificate Rate: For the first Distribution Date, 5.8340% per
annum. As of any Distribution Date thereafter, the least of (1) One-Month LIBOR
plus the Class M-6 Margin, (2) the Weighted Average Available Funds Cap for such
Distribution Date and (3) the Weighted Average Maximum Rate Cap for such
Distribution Date.

     Class M-6 Class Certificate Balance: As of any date of determination, the
aggregate Class Certificate 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 Certificate Rate on
the Class M-6 Class Certificate Balance as of such Distribution Date plus the
portion of any previous distributions on such Class in respect of Current
Interest or Class M-6 Interest Carry Forward Amount that is recovered as a
voidable preference by a trustee in bankruptcy, less any Prepayment Interest
Shortfalls 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 interest on such prior Distribution Dates and
(2) interest on such excess (to the extent permitted by applicable law) at the
Class M-6 Certificate Rate for the related Accrual Period.

     Class M-6 Margin: As of any Distribution Date, (i) on or before the Initial
Optional Termination Date, 0.450% per annum, and (ii) after the Initial Optional
Termination Date, 0.675% per annum.

     Class M-6 Principal Distribution Amount: with respect to any Distribution
Date on or after the Stepdown Date, 100% of the Principal Distribution Amount if
the Class Certificate Balance of each class of Class A, Class M-1, Class M-2,
Class M-3, Class M-4 and Class M-5 Certificates 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 aggregate Class Certificate Balance
of the Senior Certificates (after taking into account distributions of the
Principal Distribution Amount to the Senior Certificates for such Distribution
Date), (B) the Class Certificate Balance of the Class M-1 Certificates (after
taking into account distributions of the Class M-1 Principal Distribution Amount
to the Class M-1 Certificates for such Distribution Date), (C) the Class
Certificate Balance of the Class M-2 Certificates (after taking into account
distributions of the Class M-2 Principal Distribution Amount to the Class M-2
Certificates for such Distribution Date), (D) the Class Certificate Balance of
the Class M-3 Certificates (after taking into account distributions of the Class
M-3 Principal Distribution Amount to the Class M-3 Certificates for such
Distribution Date), (E) the Class Certificate Balance of the Class M-4
Certificates (after taking into account distributions of the Class M-4 Principal
Distribution Amount to the Class M-4 Certificates for such Distribution Date),
(F) the Class Certificate Balance of the Class M-5 Certificates (after taking
into account distributions of the Class M-5 Principal Distribution Amount to the
Class M-5 Certificates for such Distribution Date) and (G)

                                      -36-

<PAGE>

the Class Certificate Balance of the Class M-6 Certificates immediately prior to
such Distribution Date over (2) the lesser of (A) 95.70% of the aggregate Stated
Principal Balance of the Mortgage Loans as of such Distribution Date and (B) the
excess of the aggregate Stated Principal Balance of the Mortgage Loans as of
such Distribution Date over the Minimum Required Overcollateralization Amount.
Notwithstanding the above, (1) on any Distribution Date prior to the Stepdown
Date on which the aggregate Class Certificate Balance of the Class A, Class M-1,
Class M-2, Class M-3, Class M-4 and Class M-5 Certificates has been reduced to
zero, the Class M-6 Principal Distribution Amount will equal the lesser of (A)
the outstanding Class Certificate Balance of the Class M-6 Certificates and (B)
100% of the Principal Distribution Amount remaining after any distributions on
the Class A, Class M-1, Class M-2, Class M-3, Class M-4 and Class M-5
Certificates and (2) in no event will the Class M-6 Principal Distribution
Amount with respect to any Distribution Date exceed the Class Certificate
Balance of the Class M-6 Certificates.

     Class P Certificate: Any one of the Class P Certificates as designated on
the face thereof substantially in the forum of annexed hereto as Exhibit A-4,
executed by the Securities Administrator and authenticated and delivered by the
Securities Administrator representing the right to distributions of Prepayment
Penalties received on the Prepayment Penalty Mortgage Loans as set forth herein.

     Class R Certificate: The Class R Certificate executed, authenticated and
delivered by the Securities Administrator substantially in the form annexed
hereto as Exhibit A-3 and evidencing the ownership of the residual interest in
each REMIC.

     Class R Certificate Rate: For the first Distribution Date, 5.5440% 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 R Class Certificate Balance: As of any date of determination, the
aggregate Class Certificate Balance of the Class R Certificate.

     Class R Current Interest: As of any Distribution Date, the interest accrued
during the related Accrual Period at the Class R Certificate Rate on the Class R
Class Certificate Balance as of such Distribution Date plus the portion of any
previous distributions on such Class in respect of Current Interest or a Class R
Interest Carry Forward Amount that is recovered as a voidable preference by a
trustee in bankruptcy, less any Prepayment Interest Shortfalls 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 interest on such prior Distribution Dates and (2)
interest on such excess (to the extent permitted by applicable law) at the Class
R Certificate Rate for the related Accrual Period.

                                      -37-

<PAGE>

     Class R Margin: With respect to any Distribution Date, (i) on or before the
Initial Optional Termination Date, 0.160%, and (ii) after the Initial Optional
Termination Date, 0.320%.

     Class Subordination Percentage: With respect to any Distribution Date and
each Class of Subordinate Certificates, the fraction (expressed as a percentage)
the numerator of which is the Class Certificate Balance of such Class of
Subordinate Certificates immediately prior to such Distribution Date and the
denominator of which is the aggregate of the Class Certificate Balances of all
Classes of Certificates immediately prior to such Distribution Date.

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

     Closing Date: February 9, 2007.

     Code: The Internal Revenue Code of 1986, as amended.

     Commission: The Securities and Exchange Commission.

     Compensating Interest Payment: As defined in Section 6.05.

     Cooperative: A corporation that has been formed for the purpose of
cooperative apartment ownership.

     Cooperative Assets: Shares issued by Cooperatives, the related Cooperative
Lease and any other collateral securing the Cooperative Loans.

     Cooperative Lease: With respect to a Cooperative Loan, the proprietary
lease or occupancy agreement with respect to the cooperative apartment occupied
by the Mortgagor and relating to the related Cooperative Assets, which lease or
agreement confers an exclusive right to the holder of such Cooperative Assets to
occupy such apartment.

     Cooperative Loan: The indebtedness of a Mortgagor evidenced by a Mortgage
Note which is secured by Cooperative Assets and which is being sold to the
Depositor pursuant to this Agreement, the Mortgage Loans so sold being
identified in the Mortgage Loan Schedule.

     Cooperative Stock: With respect to a Cooperative Loan, the single
outstanding class of stock, partnership interest or other ownership instrument
in the related Cooperative.

     Corporate Trust Office: With respect to the Trustee, the principal
corporate trust office of the Trustee at which at any particular time its
corporate trust business in connection with this Agreement shall be
administered, which office at the date of the execution of this instrument is
located at HSBC Bank USA, National Association, 452 Fifth Avenue, New York, New
York 10018, Attention: Issuer Services - Merrill Lynch Mortgage Investors, Inc.,
MANA Series 2007-A1, or at such other address as the Trustee may designate from
time to time by notice to the Certificateholders, the Depositor and the Master
Servicer and with respect to the Securities Administrator, for Certificate
transfer purposes, Wells Fargo Center, Sixth Street and Marquette Avenue,
Minneapolis, Minnesota 55479, Attn: Corporate Trust Services - MANA 2007-A1, and
for all other purposes, 9062 Old Annapolis Road, Columbia, Maryland, 21045,
Attn: Client Service Manager - MANA 2007-A1.

                                      -38-

<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 LTA-3 Interest, the Class A-3
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 Certificates Corridor Contract.

     Corridor Contract Account: The separate Eligible Account created and
maintained by the Supplemental Interest Trust Trustee pursuant to Section
6.01(l) in the name of the Supplemental Interest Trust Trustee for the benefit
of the Issuing Entity and designated "Wells Fargo Bank, National Association, as
Supplemental Interest Trust Trustee for Merrill Lynch Mortgage Investors, Inc.,
Mortgage Pass-Through Certificates, MANA Series 2007-A1 - Corridor Contract
Account." 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
Subordinate Certificates Corridor Contract Notional Balance.

     Corridor Contract Termination Date: The Distribution Date in July 2007.

     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-3 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.

     Curtailment: Any Principal Prepayment made by a Mortgagor which is not a
Principal Prepayment in Full.

     Custodial Agreement: An agreement, dated as of the Closing Date among the
Depositor, the Master Servicer, the Securities Administrator, the Trustee and
the Custodian in substantially the form of Exhibit G hereto.

                                      -39-

<PAGE>

     Custodian: Wells Fargo Bank, N.A., including any successors in interest, or
any successor custodian appointed pursuant to the provisions hereof and of the
Custodial Agreement.

     Cut-off Date: January 1, 2007.

     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.

     Debt Service Reduction: Any reduction of the Monthly Payments which a
Mortgagor is obligated to pay with respect to a Mortgage Loan as a result of any
proceeding under the Bankruptcy Code or any other similar state law or other
proceeding.

     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).

     Defective Mortgage Loan: A Mortgage Loan replaced or to be replaced by one
or more Substitute Mortgage Loans.

     Deficient Valuation: With respect to any Mortgage Loan, a valuation of the
related Mortgaged Property by a court of competent jurisdiction in an amount
less than the then outstanding principal balance of the Mortgage Loan, which
valuation results from a proceeding initiated under the Bankruptcy Code.

     Definitive Certificates: As defined in Section 5.06.

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

     Depository: The Depository Trust Company, the nominee of which is Cede &
Co., or any successor thereto.

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

     Designated Depository Institution: A depository institution (commercial
bank, federal savings bank, mutual savings bank or savings and loan association)
or trust company (which may include the Trustee), the deposits of which are
fully insured by the FDIC to the extent provided by law.

                                      -40-

<PAGE>

     Determination Date: With respect to each Mortgage Loan, the Determination
Date as defined in the related Servicing Agreement.

     Disqualified Organization: A "disqualified organization" as defined in
Section 860 E(e)(5) of the Code.

     Distribution Account: The trust account or accounts created and maintained
pursuant to Section 4.04, which shall be denominated "Wells Fargo Bank, National
Association, as Securities Administrator for HSBC Bank USA, National
Association, as Trustee f/b/o holders of Merrill Lynch Mortgage Investors, Inc.,
Mortgage Pass-Through Certificates, MANA Series 2007-A1 - Distribution Account."
The Distribution Account shall be an Eligible Account.

     Distribution Account Deposit Date: The Business Day prior to each
Distribution Date.

     Distribution Date: The 25th day of any month, beginning in February 2007,
or, if such 25th day is not a Business Day, the Business Day immediately
following.

     Due Date: With respect to each Mortgage Loan, the date in each month on
which its Monthly Payment is due if such due date is the first day of a month
and otherwise is deemed to be the first day of the following month or such other
date specified in the related Servicing Agreement.

     Due Period: With respect to any Distribution Date and each Mortgage Loan,
the period commencing on the second day of the month preceding the month in
which the Distribution Date occurs and ending at the close of business on the
first day of the month in which the Distribution Date occurs.

     Eligible Account: Any of (i) a segregated account maintained with a federal
or state chartered depository institution (A) the short-term obligations of
which are rated A-1 or better by S&P and P-1 by Moody's at the time of any
deposit therein or (B) insured by the FDIC (to the limits established by such
Corporation), the uninsured deposits (as evidenced in writing by the Rating
Agencies that use of any such account as the Distribution Account will not have
an adverse effect on the then-current ratings assigned to the Classes of
Certificates then rated by the Rating Agencies) in which account are otherwise
secured such that, as evidenced by an Opinion of Counsel (obtained by the Person
requesting that the account be held pursuant to this clause (i)) delivered to
the Securities Administrator prior to the establishment of such account, the
Certificateholders will have a claim with respect to the funds in such account
and a perfected first priority security interest against any collateral (which
shall be limited to Permitted Investments, each of which shall mature not later
than the Business Day immediately preceding the Distribution Date next following
the date of investment in such collateral or the Distribution Date if such
Permitted Investment is an obligation of the institution that maintains the
Distribution Account) securing such funds that is superior to claims of any
other depositors or general creditors of the depository institution with which
such account is maintained, (ii) a segregated trust account or accounts
maintained with a federal or state chartered depository institution or trust
company with trust powers acting in its fiduciary capacity or (iii) a segregated
account or accounts of a depository institution acceptable to the Rating
Agencies (as evidenced in writing by the Rating Agencies that use of any such
account as the Distribution Account will

                                      -41-

<PAGE>

not have an adverse effect on the then-current ratings assigned to the Classes
of the Certificates then rated by the Rating Agencies). Eligible Accounts may
bear interest.

     ERISA: The Employee Retirement Income Security Act of 1974, as amended.

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

     ERISA-Qualifying Underwriting: A best efforts or firm commitment
underwriting or private placement that would satisfy the requirements of
Prohibited Transaction Exemption 90-29, Exemption Application No. D-8012, 55
Fed. Reg. 21459 (1990), as amended, granted to the underwriter by the United
States Department of Labor (or any other applicable underwriter's exemption
granted 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 the Rating
Agencies.

     Event of Default: An event of default described in Section 8.01.

     Excess Interest: On any Distribution Date, for the Senior Certificates,
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 Liquidation Proceeds: To the extent that such amount is not required
by law to be paid to the related Mortgagor, the amount, if any, by which
Liquidation Proceeds with respect to a Liquidated Mortgage Loan exceed the sum
of (i) the Outstanding Principal Balance of such Mortgage Loan and accrued but
unpaid interest at the related Mortgage Interest Rate through the last day of
the month in which the related Liquidation Date occurs, plus (ii) related
Liquidation Expenses.

     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, if any, of (A) the sum of (x) the
aggregate Class Certificate Balance of the Certificates (other than the Class C
Certificates) reduced by the Principal Funds with respect to such Distribution
Date and (y) $7,713,574 over (B) the aggregate Stated Principal Balance of the
Mortgage Loans as of such Distribution Date and (2) on and after the Stepdown
Date, the excess, if any, of (A) the sum of (x) the aggregate Class Certificate
Balance of the Certificates (other than the Class C Certificates) reduced by the
Principal Funds with respect to such Distribution Date and (y) the greater of
(a) 1.90% of the aggregate Stated Principal Balance of the Mortgage Loans as of
such Distribution Date and (b) the Minimum Required Overcollateralization Amount
less (B) the aggregate Stated Principal Balance of the Mortgage Loans; 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 then-current aggregate Stated Principal Balance of the Mortgage
Loans (and will remain fixed at the

                                      -42-

<PAGE>

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

     Extraordinary Trust Fund Expenses: Any amounts reimbursable to the Master
Servicer or the Depositor pursuant to this Agreement, including but not limited
to Sections 4.03, 4.05 and 7.04, any amounts reimbursable to the Trustee and the
Securities Administrator from the Trust Fund pursuant to this Agreement,
including but not limited to Section 9.05, and any other costs, expenses,
liabilities and losses borne by the Trust Fund (exclusive of any cost, expense,
liability or loss that is specific to a particular Mortgage Loan or REO Property
and is taken into account in calculating a Realized Loss in respect thereof) for
which the Trust Fund has not and, in the reasonable good faith judgment of the
Securities Administrator, shall not, obtain reimbursement or indemnification
from any other Person.

     Fannie Mae: Federal National Mortgage Association or any successor thereto.

     FDIC: Federal Deposit Insurance Corporation or any successor thereto.

     Final Certification: The certification substantially in the form of Exhibit
Two to the Custodial Agreement.

     Fitch: Fitch Ratings or its successor in interest.

     Floating Rate Certificate Carryover: With respect to a Distribution Date,
in the event that the Certificate Rate for a class of Senior, 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
Certificate 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 and (II) the aggregate Class
Certificate 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, (B) the unpaid portion of any such excess from prior
Distribution Dates (and interest accrued thereon at the then applicable
Certificate Rate for such class, 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.

                                      -43-

<PAGE>

     Form 8-K Disclosure Information: As defined in Section 3.18(a).

     Freddie Mac: Freddie Mac, formerly the Federal Home Loan Mortgage
Corporation, or any successor thereto.

     GreenPoint: GreenPoint Mortgage Funding, Inc., or any successor thereto.

     GreenPoint Assignment Agreement: The Assignment, Assumption and Recognition
Agreement, dated as of January 1, 2007, among GreenPoint, the Depositor and the
Sponsor pursuant to which the GreenPoint Servicing Agreement and the rights of
the Sponsor thereunder (other than the rights to enforce the representations and
warranties with respect to the GreenPoint Loans) were assigned to the Depositor
for the benefit of the Certificateholders.

     GreenPoint Loans: The Mortgage Loans serviced by GreenPoint pursuant to the
GreenPoint Servicing Agreement.

     GreenPoint Servicing Agreement: The Master Mortgage Loan Purchase and
Servicing Agreement, dated as of April 1, 2003, between the Terwin Advisors LLC
and GreenPoint.

     Gross Margin: As to each Mortgage Loan, the fixed percentage set forth in
the related Mortgage Note and indicated on the Mortgage Loan Schedule which
percentage is added to the related Index on each Interest Adjustment Date to
determine (subject to rounding, the minimum and maximum Mortgage Interest Rate
and the Periodic Rate Cap) the Mortgage Interest Rate until the next Interest
Adjustment Date.

     Group 1 Certificates: The Class A-1 and Class R Certificates.

     Group 1 Mortgage Loans: The Mortgage Loans identified as such on the
Mortgage Loan Schedule.

     Group 1 Net WAC: The Net WAC of Loan Group 1.

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

     Group 1 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 the Group 1 Mortgage Loans and the
denominator of which is the amount of Principal Funds received from all of the
Mortgage Loans.

                                      -44-

<PAGE>

     Group 2 Certificates: The Class A-2A, Class A-2B, Class A-2C, Class A-3 and
Class A-2D Certificates.

     Group 2 Mortgage Loans: The Mortgage Loans identified as such on the
Mortgage Loan Schedule.

     Group 2 Net WAC: The Net WAC of Loan Group 2.

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

     Group 2 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 the Group 2 Mortgage Loans and the
denominator of which is the amount of Principal Funds received from all of the
Mortgage Loans.

     Indemnified Persons: The Trustee, the Master Servicer, the Depositor and
the Securities Administrator and their officers, directors, agents and employees
and, with respect to the Trustee, any separate co-trustee and its officers,
directors, agents and employees.

     Independent: When used with respect to any specified Person, any such
Person who (a) is in fact independent of the Depositor, the Master Servicer and
their respective Affiliates, (b) does not have any direct financial interest in
or any material indirect financial interest in the Depositor or the Master
Servicer or any Affiliate thereof, and (c) is not connected with the Depositor
or the Master Servicer or any Affiliate thereof as an officer, employee,
promoter, underwriter, trustee, partner, director or Person performing similar
functions; provided, however, that a Person shall not fail to be Independent of
the Depositor or the Master Servicer or any Affiliate thereof merely because
such Person is the beneficial owner of 1% or less of any class of securities
issued by the Depositor or the Master Servicer or any Affiliate thereof, as the
case may be.

     Index: The index, if any, specified in a Mortgage Note by reference to
which the related Mortgage Interest Rate will be adjusted from time to time.

     Initial Certification: The certification substantially in the form of
Exhibit One to the Custodial Agreement.

     Initial Class Certificate Balance: With respect to any Regular Certificate,
the amount designated "Initial Class Certificate Balance" on the face thereof.

                                      -45-

<PAGE>

     Initial Optional Termination Date: The first Distribution Date following
the date on which the aggregate Stated Principal Balance of the Mortgage Loans
is 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, any standard hazard
insurance policy, flood insurance policy or title insurance policy.

     Insurance Proceeds: Amounts paid by the insurer under any Insurance Policy
covering any Mortgage Loan or Mortgaged Property other than amounts required to
be paid over to the Mortgagor pursuant to law or the related Mortgage Note or
Security Instrument and other than amounts used to repair or restore the
Mortgaged Property or to reimburse insured expenses.

     Interest Adjustment Date: With respect to a Mortgage Loan, the date, if
any, specified in the related Mortgage Note on which the Mortgage Interest Rate
is subject to adjustment.

     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-3 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: Each date that is the second LIBOR Business
Day preceding the commencement of each Accrual Period for the Certificates.

     Interest Funds: With respect to any Distribution Date and the Mortgage
Loans, the sum, without duplication, of (1) all scheduled interest due during
the related Due Period that is received before the related Servicer Remittance
Date or advanced on or before the related Servicer Remittance Date less the
Servicing Fee and the mortgage insurance premiums, (2) all Advances relating to
interest, (3) all Compensating Interest Payments, (4) liquidation proceeds
collected during the related Prepayment Period (to the extent such liquidation
proceeds relate to interest), (5) proceeds of any Mortgage Loan purchased by the
Depositor or any transferor under the Pooling and Servicing Agreement during the
related Prepayment Period for document defects, breach of a representation or
warranty, realization upon default or optional termination (to the extent such
proceeds relate to interest) and (6) Prepayment Penalties received with respect
to the related Mortgage Loans, less all non-recoverable Advances relating to
interest and certain indemnification amounts, expenses reimbursed to the
Trustee, Securities Administrator, Master Servicer and the Servicers.

     Investor Representation Letter: As defined in Section 5.02(b).

     Issuing Entity: Merrill Lynch Alternative Note Asset Trust, Series 2007-A1.

                                      -46-

<PAGE>

     Latest Possible Maturity Date: With respect to the Certificates, the
Distribution Date in January 2037.

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

     LIBOR Certificates: Any of the Certificates (other than the Class C and
Class P Certificates).

     Liquidated Mortgage Loan: Any defaulted Mortgage Loan (including any REO
Property) as to which the related Servicer has determined that all amounts it
expects to recover from or on account of such Mortgage Loan have been recovered.

     Liquidation Date: With respect to any Liquidated Mortgage Loan, the date on
which the related Servicer has certified that such Mortgage Loan has become a
Liquidated Mortgage Loan.

     Liquidation Expenses: With respect to a Mortgage Loan in liquidation,
unreimbursed expenses paid or incurred by or for the account of the Master
Servicer or the related Servicer in connection with the liquidation of such
Mortgage Loan and the related Mortgaged Property, such expenses including (a)
property protection expenses, (b) property sales expenses, (c) foreclosure and
sale costs, including court costs and reasonable attorneys' fees, and (d)
similar expenses reasonably paid or incurred in connection with liquidation.

     Liquidation Proceeds: With respect to any Mortgage Loan, cash received in
connection with the liquidation of a defaulted Mortgage Loan, whether through
trustee's sale, foreclosure sale or otherwise, and amounts received through
Insurance Proceeds and condemnation proceeds.

     Loan Group: Loan Group 1 or Loan Group 2, as applicable.

     Loan Group 1: The group of Mortgage Loans designated as belonging to Loan
Group 1 on the Mortgage Loan Schedule.

     Loan Group 2: The group of Mortgage Loans designated as belonging to Loan
Group 2 on the Mortgage Loan Schedule.

     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
Original Value of the related Mortgaged Property.

     Lower Tier REMIC: As described in the Preliminary Statement and Section
9.12.

     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-3 Interest, the Class LTA-2D Interest, the Class LTM-1 Interest, the Class
LTM-2 Interest, the Class LTM-3 Interest, the Class LTM-4 Interest, the Class
LTM-5 Interest, the Class LTM-6 Interest, the Class LTB-1 Interest, the Class
LTB-2 Interest, the Class LTB-3 Interest, the Class LTIX Interest, the

                                      -47-

<PAGE>

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 the Group 1 Mortgage Loans over (B) the
current Class Certificate Balance of the Class A-1 and Class R Certificates to
(ii) the excess of (A) the aggregate Stated Principal Balance of the Group 2
Mortgage Loans over (B) the current Class Certificate Balance of the Class A-2
Certificates.

     Master Servicer: Wells Fargo Bank, N.A. including any successors in
interest who meet the qualifications for a master servicer set forth in this
Agreement, and any successor master servicer appointed hereunder.

     Master Servicer Collection Account: The trust account or accounts created
and maintained pursuant to Section 4.02, which shall be denominated "Wells Fargo
Bank, National Association as Master Servicer for HSBC Bank USA, National
Association, as Trustee f/b/o holders of Merrill Lynch Mortgage Investors, Inc.,
Mortgage Pass-Through Certificates, MANA Series 2007-A1 - Master Servicer
Collection Account." The Master Servicer Collection Account shall be an Eligible
Account.

     Master Servicing Compensation: The meaning specified in Section 3.14.

     Maximum Lifetime Mortgage Rate: The maximum level to which a Mortgage
Interest Rate can adjust in accordance with its terms, regardless of changes in
the applicable Index.

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

     Minimum Lifetime Mortgage Rate: The minimum level to which a Mortgage
Interest Rate can adjust in accordance with its terms, regardless of changes in
the applicable Index.

     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.

     MLML: Merrill Lynch Mortgage Lending, Inc., a Delaware corporation, or any
successor in interest.

                                      -48-

<PAGE>

     Monthly Advance: An advance of principal or interest required to be made by
the applicable Servicer pursuant to the related Servicing Agreement or the
Master Servicer pursuant to Section 6.04.

     Monthly Payment: With respect to any Mortgage Loan, the scheduled monthly
payment of principal and interest on such Mortgage Loan which is payable by the
related Mortgagor from time to time under the related Mortgage Note, determined:
(a) after giving effect to (i) any Deficient Valuation and/or Debt Service
Reduction with respect to such Mortgage Loan and (ii) any reduction in the
amount of interest collectible from the related Mortgagor pursuant to the Relief
Act; (b) without giving effect to any extension granted or agreed to by the
related Servicer pursuant to related Servicing Agreement; and (c) on the
assumption that all other amounts, if any, due under such Mortgage Loan are paid
when due.

     Monthly Statement: The statement distributed to Certificateholders pursuant
to Section 6.03.

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

     Mortgage: The mortgage, deed of trust or other instrument creating a first
lien on, or first priority security interest in, a Mortgaged Property securing a
Mortgage Note.

     Mortgage File: The mortgage documents listed in Section 2.01(b) pertaining
to a particular Mortgage Loan and any additional documents required to be added
to the Mortgage File pursuant to this Agreement.

     Mortgage Interest Rate: The annual rate at which interest accrues from time
to time on any Mortgage Loan pursuant to the related Mortgage Note, which rate
is equal to the "Mortgage Interest Rate" set forth with respect thereto on the
Mortgage Loan Schedule.

     Mortgage Loan: A mortgage loan transferred and assigned to the Trustee
pursuant to Section 2.01 or Section 2.04 and held as a part of the Trust Fund,
as identified in the Mortgage Loan Schedule, including a mortgage loan the
property securing which has become an REO Property.

     Mortgage Loan Purchase Agreement: The Mortgage Loan Purchase Agreement,
dated as of January 1, 2007, between the Sponsor and the Depositor, as
purchaser, and all amendments thereof and supplements thereto, attached hereto
as Exhibit J-2.

     Mortgage Loan Schedule: The Mortgage Loan Schedule, attached hereto as
Exhibit B, with respect to the Mortgage Loans and as amended from time to time
to reflect the repurchase or substitution of Mortgage Loans pursuant to this
Agreement.

     Mortgage Note: The originally executed note or other evidence of the
indebtedness of a Mortgagor under the related Mortgage Loan.

     Mortgage Pool: The pool of Mortgage Loans, identified on Exhibits B-1 and
B-2 from time to time, and any REO Properties acquired in respect thereof.

                                      -49-

<PAGE>

     Mortgaged Property: Land and improvements securing the indebtedness of a
Mortgagor under the related Mortgage Loan or, in the case of REO Property, such
REO Property.

     Mortgagor: The obligor on a Mortgage Note.

     Net Excess Cashflow: Any Interest Funds and Principal Funds not otherwise
required to be distributed with respect to principal of and interest on the
Certificates and not otherwise required to be distributed to the Class P
Certificates.

     Net Liquidation Proceeds: As to any Liquidated Mortgage Loan, Liquidation
Proceeds net of (i) Liquidation Expenses which are payable therefrom by the
related Servicer or the Master Servicer in accordance with the related Servicing
Agreement or this Agreement and (ii) unreimbursed advances by the related
Servicer or the Master Servicer and Monthly Advances.

     Net Mortgage Rate: With respect to each Mortgage Loan, the Mortgage
Interest Rate in effect from time to time less the Servicing Fee Rate and the
rate paid to mortgage insurance providers (each expressed as a per annum 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 Loan Group, the
weighted average Net Mortgage Rate for the Mortgage Loans in such Loan 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).

     Offered Certificate: Any Senior Certificate or Subordinate Certificate
issued hereunder.

     Officer's Certificate: A certificate signed by the Chairman of the Board,
the Vice Chairman of the Board, the President or a Vice President or Assistant
Vice President or other authorized officer of the Master Servicer or the
Depositor, as applicable, and delivered to the Trustee, as required by this
Agreement.

     One-Month LIBOR: With respect to any Accrual Period, the rate determined by
the Securities Administrator on the related Interest Determination Date on the
basis of (a) the offered rates for one-month United States dollar deposits, as
such rates appear on Telerate page 3750, as of 11:00 a.m. (London time) on such
Interest Determination Date or (b) if such rate does not appear on Telerate Page
3750 as of 11:00 a.m. (London time), the offered rates of the

                                      -50-

<PAGE>

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 Securities Administrator 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 is or are acceptable
to the Trustee and who, unless required to be Independent (an "Opinion of
Independent Counsel"), may be internal counsel for the Master Servicer or the
Depositor.

     Optional Termination: The termination hereunder of that portion of the
Trust Fund related to the Certificates pursuant to Section 10.01(a) hereof.

     Optional Termination Amount: The amount received by the Securities
Administrator in connection with any purchase of all of the Mortgage Loans and
REO Properties pursuant to Section 10.01(b) hereof.

     Optional Termination Price: On any date after the Initial Optional
Termination Date, an amount equal to the sum of (A) the aggregate Stated
Principal Balance of each Mortgage Loan (other than any Mortgage Loan that has
become an REO Property) as of the Distribution Date on which the proceeds of the
Optional Termination are distributed to the Certificateholders, plus accrued
interest thereon at the applicable Mortgage Rate as of the Due Date preceding
the Distribution Date on which the proceeds of the Optional Termination are
distributed to Certificateholders and the fair market value of any REO Property,
plus accrued interest thereon as of the Distribution Date on which the proceeds
of the Optional Termination are distributed to Certificateholders, (B) any
unreimbursed out-of-pocket costs and expenses owed to the Master Servicer, the
Trustee or the Securities Administrator (including any amounts incurred by the
Securities Administrator in connection with conducting the Auction), a Servicer
or the Master Servicer and any unpaid or unreimbursed Servicing Fees, Monthly
Advances and Servicing Advances, (C) 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, (D) in the
event an Auction has been conducted, all reasonable fees and expenses incurred
by the Securities Administrator to conduct the Auction and (E) any unpaid Net
Swap Payments, any Swap Termination Payment and any other amounts owed to the
Swap Counterparty and determined in accordance with the Swap Agreement.

                                      -51-

<PAGE>

     Original Value: The lesser of (i) the Appraised Value or (ii) the sales
price of a Mortgaged Property at the time of origination of a Mortgage Loan,
except in instances where either clauses (i) or (ii) is unavailable, the other
may be used to determine the Original Value, or if both clauses (i) and (ii) are
unavailable, Original Value may be determined from other sources reasonably
acceptable to the Depositor.

     Outstanding Mortgage Loan: With respect to any Due Date, a Mortgage Loan
which, prior to such Due Date, was not the subject of a Principal Prepayment in
Full, did not become a Liquidated Mortgage Loan and was not purchased or
replaced.

     Outstanding Principal Balance: As of the time of any determination, the
principal balance of a Mortgage Loan remaining to be paid by the Mortgagor, or,
in the case of an REO Property, the principal balance of the related Mortgage
Loan remaining to be paid by the Mortgagor at the time such property was
acquired by the Trust Fund less any Net Liquidation Proceeds with respect
thereto to the extent applied to principal.

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

     Ownership Interest: As to any Certificate, any ownership or security
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, as owner or as pledgee.

     PHH: PHH, Inc., or any successor thereto.

     PHH Assignment Agreement: The Assignment, Assumption and Recognition
Agreement, dated as of January 1, 2007, among PHH, the Depositor and the Sponsor
pursuant to which the PHH Servicing Agreement and the rights of the Sponsor
thereunder (other than the rights to enforce the representations and warranties
with respect to the PHH Loans) were assigned to the Depositor for the benefit of
the Certificateholders.

     PHH Loans: The Mortgage Loans serviced by PHH pursuant to the PHH Servicing
Agreement.

     PHH MLMC Assignment Agreement: The Assignment, Assumption and Recognition
Agreement, dated as of January 1, 2007, among Merrill Lynch Mortgage Capital,
Inc., the Sponsor and PHH.

     PHH Servicing Agreement: The Mortgage Loan Flow Purchase, Sale and
Servicing Agreement, dated as of March 27, 2001, among Merrill Lynch Mortgage
Capital, Inc., PHH and Bishop's Gate Residential Mortgage Trust.

     Percentage Interest: With respect to any Certificate (other than the Class
R and Class P Certificates), a fraction, expressed as a percentage, the
numerator of which is the Initial Class Certificate Balance represented by such
Certificate and the denominator of which is the Initial Class Certificate
Balance of the related Class. With respect to the Class R and Class P

                                      -52-

<PAGE>

Certificates, the Percentage Interest evidenced thereby shall be as specified on
the face thereof, or otherwise, be equal to 100%.

     Periodic Rate Cap: With respect to each Mortgage Loan, the maximum
adjustment that can be made to the Mortgage Interest Rate on each Interest
Adjustment Date in accordance with its terms, regardless of changes in the
applicable Index.

     Permitted Investments: Any one or more of the following obligations or
securities held in the name of the Trustee for the benefit of the
Certificateholders (provided that such obligation or security must be a
"permitted investment" within the meaning of such term as provided for in
Section 860G(a)(5) of the Code):

          (i) direct obligations of, and obligations the timely payment of which
     are fully guaranteed by the United States of America or any agency or
     instrumentality of the United States of America the obligations of which
     are backed by the full faith and credit of the United States of America;

          (ii) (a) demand or time deposits, federal funds or bankers'
     acceptances issued by any depository institution or trust company
     incorporated under the laws of the United States of America or any state
     thereof (including the Trustee or the Master Servicer or its Affiliates
     acting in its commercial banking capacity) and subject to supervision and
     examination by federal and/or state banking authorities, provided that the
     commercial paper and/or the short-term debt rating and/or the long-term
     unsecured debt obligations of such depository institution or trust company
     at the time of such investment or contractual commitment providing for such
     investment have the Applicable Credit Rating or better from each Rating
     Agency and (b) any other demand or time deposit or certificate of deposit
     that is fully insured by the Federal Deposit Insurance Corporation;

          (iii) repurchase obligations with respect to (a) any security
     described in clause (i) above or (b) any other security issued or
     guaranteed by an agency or instrumentality of the United States of America,
     the obligations of which are backed by the full faith and credit of the
     United States of America, in either case entered into with a depository
     institution or trust company (acting as principal) described in clause
     (ii)(a) above where the Trustee holds the security therefor;

          (iv) securities bearing interest or sold at a discount issued by any
     corporation (including the Trustee, the Securities Administrator or the
     Master Servicer or its Affiliates) incorporated under the laws of the
     United States of America or any state thereof that have the Applicable
     Credit Rating or better from each Rating Agency at the time of such
     investment or contractual commitment providing for such investment;
     provided, however, that securities issued by any particular corporation
     will not be Permitted Investments to the extent that investments therein
     will cause the then outstanding principal amount of securities issued by
     such corporation and held as part of the Issuing Entity to exceed 10% of
     the aggregate Outstanding Principal Balances of all the Mortgage Loans and
     Permitted Investments held as part of the Issuing Entity;

                                      -53-

<PAGE>

          (v) commercial paper (including both non-interest-bearing discount
     obligations and interest-bearing obligations payable on demand or on a
     specified date not more than one year after the date of issuance thereof)
     having the Applicable Credit Rating or better from each Rating Agency at
     the time of such investment;

          (vi) a Reinvestment Agreement issued by any bank, insurance company or
     other corporation or entity;

          (vii) any other demand, money market or time deposit, obligation,
     security or investment as may be acceptable to either Rating Agency as
     evidenced in writing by each Rating Agency to the Trustee, the Securities
     Administrator or Master Servicer;

          (viii) any money market or common trust fund having the Applicable
     Credit Rating or better from each Rating Agency (if such fund is rated by
     each such Rating Agency), including any such fund for which the Trustee,
     Securities Administrator or Master Servicer or any affiliate of the
     Trustee, Securities Administrator or Master Servicer acts as a manager or
     an advisor; provided, however, that no instrument or security shall be a
     Permitted Investment if such instrument or security evidences a right to
     receive only interest payments with respect to the obligations underlying
     such instrument or if such security provides for payment of both principal
     and interest with a yield to maturity in excess of 120% of the yield to
     maturity at par or if such instrument or security is purchased at a price
     greater than par; and

          (ix) units of a taxable money-market portfolio having the highest
     rating assigned by each Rating Agency (except if S&P is a Rating Agency,
     "AAAm" or "AAAM-G" by S&P) and restricted to obligations issued or
     guaranteed by the United States of America or entities whose obligations
     are backed by the full faith and credit of the United States of America and
     repurchase agreements collateralized by such obligations.

     Permitted Transferee: Any Person other than a Disqualified Organization or
an "electing large partnership" (as defined by Section 775 of the Code).

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

     Physical Certificate: The Residual Certificate.

     Pooling and Servicing Agreement: The Pooling and Servicing Agreement
relating to the Mortgage Pass-Through Certificates, MANA Series 2007-A1.

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

     Prepayment Interest Shortfall: As to any Distribution Date and any Mortgage
Loan (other than a Mortgage Loan relating to an REO Property) that was the
subject of (a) a Principal Prepayment in Full during the related Prepayment
Period, an amount equal to the excess of one

                                      -54-

<PAGE>

month's interest at the Net Mortgage Rate on the Stated Principal Balance of
such Mortgage Loan over the amount of interest (adjusted to the Net Mortgage
Rate) paid by the Mortgagor for such Prepayment Period to the date of such
Principal Prepayment in Full or (b) a Curtailment during the prior calendar
month, an amount equal to one month's interest at the Net Mortgage Rate on the
amount of such Curtailment. The obligations of the Master Servicer in respect of
any Prepayment Interest Shortfall are set forth in Section 6.05.

     Prepayment Penalty: With respect to any Prepayment Period, any prepayment
premium, charge or penalty payable by a Mortgagor in connection with any
Principal Prepayment on the Prepayment Penalty Mortgage Loans.

     Prepayment Penalty Mortgage Loans: Any of the Mortgage Loans that are
subject to existing prepayment premiums.

     Prepayment Period: With respect to any Mortgage Loan and any Distribution
Date(a) for each Servicer other than Wells Fargo (with respect to prepayments in
full only), the calendar month preceding the month of such Distribution Date and
(b) for Wells Fargo and with respect to prepayments in full only, the period
from and including the 14th day of the calendar month preceding the month in
which such Distribution Date occurs (or, in the case of the first Distribution
Date, beginning on the Cut-off Date) and including the 13th day of the calendar
month in which such Distribution Date occurs.

     Primary Mortgage Insurance Policy: Any primary mortgage guaranty insurance
policy issued in connection with a Mortgage Loan which provides compensation to
a Mortgage Note holder in the event of default by the obligor under such
Mortgage Note or the related Security Instrument, if any or any replacement
policy therefor through the related Accrual Period for such Class relating to a
Distribution Date.

     Principal Distribution Amount: with respect to each Distribution Date, the
sum of (1) the Principal Funds for such Distribution Date and (2) any Extra
Principal Distribution Amount for such Distribution Date.

     Principal Funds: means, with respect to any Distribution Date and the
Mortgage Loans, 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 of principal 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 in connection with an optional termination, 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 Loans is less than the
aggregate unpaid principal balance of any Mortgage Loans delivered by the
Sponsor in connection with a substitution of a Mortgage Loan, (5) all
liquidation proceeds collected during the related Prepayment Period (to the
extent such liquidation proceeds related to principal), (6) all Subsequent
Recoveries received during the related Due Period and (7) all other collections
and recoveries in respect of principal during the related Prepayment Period less
(A) all non-recoverable Advances relating to principal and all non-recoverable
servicing advances reimbursed during the related Prepayment Period and (B)
indemnification

                                      -55-

<PAGE>

amounts and expenses reimbursable to the Trustee, Securities Administrator,
Master Servicer and the Servicer hereunder.

     Principal Prepayment: Any Principal Prepayment in Full or Curtailment or
other recovery of principal on a Mortgage Loan which is received in advance of
its scheduled Due Date to the extent that it 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, including Insurance
Proceeds and Repurchase Proceeds, but excluding the principal portion of Net
Liquidation Proceeds.

     Principal Prepayment in Full: Any Principal Prepayment made by a Mortgagor
of the entire unpaid principal balance of the Mortgage Loan.

     Prospectus Supplement: The Prospectus Supplement dated February 7, 2007,
relating to the public offering of the Offered Certificates.

     Protected Account: An account established and maintained for the benefit of
Certificateholders by each Servicer with respect to the related Mortgage Loans
and with respect to REO Property pursuant to the respective Servicing Agreement.
The Protected Account shall be an Eligible Account.

     Purchase Price: With respect to any Mortgage Loan or REO Property to be
purchased pursuant to or as contemplated by Section 2.03 or 10.01, and as
confirmed by an Officers' Certificate from the Master Servicer to the Trustee,
an amount equal to the sum of (i) 100% of the Stated Principal Balance thereof
as of the date of purchase (or such other price as provided in Section 10.01),
(ii) accrued interest on such Stated Principal Balance at the applicable
Mortgage Interest Rate in effect from time to time from the Due Date as to which
interest was last covered by a payment by the Mortgagor or an advance by the
related Servicer or Master Servicer, which payment or advance had as of the date
of purchase been distributed to Certificateholders, through the end of the
calendar month in which the purchase is to be effected less any unreimbursed
Monthly Advances and any unpaid Servicing Fees payable to the purchaser of the
Mortgage Loan and (iii) any costs and damages incurred by the Issuing Entity in
connection with any violation by such Mortgage Loan or REO Property of any
predatory or abusive-lending law.

     Qualified Servicer: Any servicer with a servicer rating by each of the
Rating Agencies equal to or better than the servicer rating of Wilshire Credit
Corporation or PHH Mortgage Corporation, as applicable, at the time of any such
servicing transfer.

     Rating Agencies: Moody's and S&P.

     Rating Agency Condition: As defined in the Swap Agreement.

     Realized Loss: With respect to a Liquidated Mortgage Loan, the amount by
which the remaining unpaid principal balance of the Mortgage Loan exceeds the
amount of Liquidation Proceeds applied to the principal balance of the related
Mortgage Loan. To the extent the Master Servicer receives Subsequent Recoveries
with respect to any Mortgage Loan, the amount of the Realized Loss with respect
to that Mortgage Loan will be reduced to the extent such recoveries

                                      -56-

<PAGE>

are applied to reduce the Class Certificate Balance of any Class of Certificates
on any Distribution Date.

     Realized Loss Amount: With respect to any Distribution Date, the amount, if
any, by which the aggregate Class Certificate Balance of the Certificates after
distributions of principal on such Distribution Date exceeds the aggregate
Stated Principal Balance of the Mortgage Loans as of such Distribution Date.

     Record Date: With respect to each Distribution Date and each class of
Offered Certificates, the close of business on the last Business Day of the
month immediately preceding the month in which the related Distribution Date
occurs (or the Closing Date in the case of the first Distribution Date).

     Regular Certificates: Any of the Class A-1, Class A-2A, Class A-2B, Class
A-2C, Class A-3, Class A-2D, Class M-1, Class M-2, Class M-3, Class M-4, Class
M-5, Class M-6, Class B-1, Class B-2 or Class B-3 Certificates.

     Regulation AB: Subpart 22.1100 - 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. 1,506-1,631 (January 7, 2005) or by the staff
of the Commission, or as may be provided by the Commission or its staff from
time to time.

     Reinvestment Agreements: One or more reinvestment agreements, acceptable to
each of the Rating Agencies, from a bank, insurance company or other corporation
or entity (including the Trustee).

     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.

     Relevant Servicing Criteria: The Servicing Criteria applicable to the
various parties, as set forth on Exhibit K hereto. For clarification purposes,
multiple parties can have responsibility for the same Relevant Servicing
Criteria. With respect to a Servicing Function Participant engaged by the Master
Servicer, the Securities Administrator, the Trustee, the Custodian or a
Servicer, the term "Relevant Servicing Criteria" may refer to one or more
discrete functions specified in the Relevant Servicing Criteria applicable to
such parties.

     Relief Act: The Servicemembers Civil Relief Act, as amended.

     Relief Act Mortgage Loan: Any Mortgage Loan as to which the Monthly Payment
thereof has been reduced due to the application of the Relief Act.

     REMIC: Each pool of assets in the Trust Fund designated as a REMIC as
described in the Preliminary Statement and Section 9.12.

     REMIC 1: Not applicable.

                                      -57-

<PAGE>

     REMIC 1 Interest: Not applicable.

     REMIC 1 Regular Interest: Not applicable.

     REMIC 1 Subordinate Balance Ratio: Not applicable.

     REMIC 2: Not applicable.

     REMIC 2 Interest: Not applicable.

     REMIC 2 Regular Interest: Not applicable.

     REMIC Opinion: An Opinion of Counsel to the effect that a contemplated
action will neither adversely affect the status as a REMIC of any REMIC created
hereunder nor subject any such REMIC to any tax under the REMIC Provisions.

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

     REMIC Provisions: The 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
regulations, including proposed regulations and rulings, and administrative
pronouncements promulgated thereunder, as the foregoing may be in effect from
time to time.

     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.

     REO Property: A Mortgaged Property acquired by the Servicer or Master
Servicer on behalf of the Trust Fund through foreclosure or deed-in-lieu of
foreclosure, as described in Section 3.15 in connection with a defaulted
Mortgage Loan.

     Reportable Event: As defined in Section 3.18(a).

     Reporting Servicer: As defined in Section 3.18(h).

     Repurchase Proceeds: The Repurchase Price in connection with any repurchase
of a Mortgage Loan by the Sponsor and any cash deposit in connection with the
substitution of a Mortgage Loan.

     Request for Release: A request for release in the form attached hereto as
Exhibit D.

                                      -58-

<PAGE>

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

     Required Percentage: With respect to a Distribution Date, the quotient of
(x) the excess of (1) the aggregate Stated Principal Balance of the Mortgage
Loans over (2) the Class Certificate 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 (y) the Stated Principal
Balances of the Mortgage Loans. As used herein, the Class Certificate Balance of
the most senior class of Certificates will equal the aggregate Class Certificate
Balance of the Senior Certificates as of such date of calculation.

     Reserve Interest Rate: The rate per annum that the Securities Administrator
determines to be either (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 Securities Administrator
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 Securities Administrator can determine no such arithmetic mean, the lowest
one-month United States dollar lending rate which New York City banks selected
by the Securities Administrator are quoting on such Interest Determination Date
to leading European banks.

     Residual Certificate: The Class R Certificate.

     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 (i) distributions in respect of the Class SWR Interest and the Class LTR
Interest and (ii) distributions on the Class R Certificate in respect of Excess
Interest.

     Responsible Officer: Any officer assigned to the Corporate Trust Office (or
any successor thereto), including any Vice President, Assistant Vice President,
Trust Officer, any Assistant Secretary, any trust officer or any other officer
of the Trustee or Securities Administrator customarily performing functions
similar to those performed by any of the above designated officers and having
direct responsibility for the administration of this Agreement, and any other
officer of the Trustee or Securities Administrator to whom a matter arising
hereunder may be referred because of such officers familiarity with the subject
matter thereof.

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

     Sarbanes-Oxley Act: The Sarbanes-Oxley Act of 2002 and the rules and
regulations of the Commission promulgated thereunder (including any
interpretations thereof by the Commission's staff).

     Sarbanes-Oxley Certification: A written certification signed by an officer
of the Master Servicer that complies with (i) the Sarbanes-Oxley Act, and (ii)
Exchange Act Rules 13a-14(d) and 15d-14(d), as in effect from time to time;
provided that if, after the Closing Date (a) the Sarbanes-Oxley Act is amended,
(b) the Rules referred to in clause (ii) are modified or

                                      -59-

<PAGE>

superseded by any subsequent statement, rule or regulation of the Commission or
any statement of a division thereof, or (c) any future releases, rules and
regulations are published by the Commission from time to time pursuant to the
Sarbanes-Oxley Act, which in any such case affects the form or substance of the
required certification and results in the required certification being, in the
reasonable judgment of the Master Servicer, materially more onerous that then
form of the required certification as of the Closing Date, the Sarbanes-Oxley
Certification shall be as agreed to by the Master Servicer and the Depositor
following a negotiation in good faith to determine how to comply with any such
new requirements.

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

     Scheduled Payment: With respect to any Mortgage Loan and any month, the
scheduled payment or payments of principal and interest due during such month on
such Mortgage Loan which either is payable by a Mortgagor in such month under
the related Mortgage Note or, in the case of REO Property, would otherwise have
been payable under the related Mortgage Note.

     Scheduled Principal: The principal portion of any Scheduled Payment.

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

     Securities Administrator: Wells Fargo Bank, N.A., or any successor in
interest, or any successor securities administrator appointed as herein
provided.

     Security Agreement: With respect to a Cooperative Loan, the agreement
creating a security interest in favor of the originator in the related
Cooperative Stock.

     Security Instrument: A written instrument creating a valid first lien on a
Mortgaged Property securing a Mortgage Note, which may be any applicable form of
mortgage, deed of trust, deed to secure debt or security deed, including any
riders or addenda thereto.

     Senior Class Certificate Balance: As of any date of determination, the sum
of the Class A-1 Class Certificate Balance, the Class A-2A Class Certificate
Balance, the Class A-2B Class Certificate Balance, the Class A-2C Class
Certificate Balance, the Class A-3 Class Certificate Balance, the Class A-2D
Class Certificate Balance and the Class R Class Certificate Balance.

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

     Senior Principal Distribution Amount: (1) With respect to any Distribution
Date prior to the related Stepdown Date or as to which a Stepdown Trigger Event
exists, 100% of the Principal Distribution Amount for such Distribution Date and
(2) with respect to any Distribution Date on or after the Stepdown Date and as
to which a Stepdown Trigger Event does not exist, the excess of (A) the Class
Certificate Balance of the Senior Certificates immediately prior to such
Distribution Date over (B) the lesser of (i) 82.40% of the aggregate Stated
Principal Balance of the Mortgage Loans as of such Distribution Date and (ii)
the excess of the aggregate Stated Principal Balance of the Mortgage Loans as of
such Distribution Date over the Minimum Required Overcollateralization Amount;
provided, however, that in no event will the Senior

                                      -60-

<PAGE>

Principal Distribution Amount with respect to any Distribution Date exceed the
aggregate Class Certificate Balance of the Senior Certificates.

     Servicer: With respect to each Mortgage Loan, CitiMortgage, GreenPoint,
PHH, Wells Fargo or Wilshire, as applicable, and as specified on the Mortgage
Loan Schedule.

     Servicer Remittance Date: With respect to each Mortgage Loan, the date set
forth in the related Servicing Agreement.

     Servicing Advances: With respect to any Mortgage Loan, all customary,
reasonable and necessary "out-of-pocket" costs and expenses incurred by the
Servicer in the performance of its servicing obligations, including, but not
limited to, the cost of (i) preservation, restoration, protection and repair of
a Mortgaged Property or cooperative unit, as applicable, (ii) any enforcement or
judicial proceedings with respect to a Mortgage Loan, including foreclosure
actions and (iii) the management and liquidation of REO Property.

     Servicing Agreements: The CitiMortgage Servicing Agreement, the GreenPoint
Servicing Agreement, the PHH Servicing Agreement, the Wells Fargo Servicing
Agreement and the Wilshire Servicing Agreement.

     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 any Mortgage Loan and Distribution Date, an amount
equal to the product of (i) the Stated Principal Balance of such Mortgage Loan
as of the preceding Distribution Date and (ii) the applicable Servicing Fee
Rate. Such fee shall be payable monthly, computed on the basis of the same
principal amount and period respectively which any related interest payment on a
Mortgage Loan is computed. If the Index and/or Gross Margin are adjusted as
provided in the related Mortgage Note, the Servicing Fee shall be the rate per
annum in effect immediately prior to such adjustment.

     Servicing Fee Rate: As to any Mortgage Loan, a per annum rate as set forth
in the Mortgage Loan Schedule.

     Servicing Function Participant: Any Sub-Servicer, Subcontractor or any
other Person engaged by a Servicer, the Custodian, the Master Servicer, the
Paying Agent, the Securities Administrator and the Trustee.

     Servicing Officer: Any officer of the Master Servicer involved in, or
responsible for, the administration and servicing of the Mortgage Loans whose
names and specimen signatures appear on a list of servicing officers furnished
to the Trustee by the Master Servicer, as such list may be amended from time to
time.

     Servicing Rights Owner: With respect to the loans serviced by Wilshire
Credit Corporation or PHH Mortgage Loans, MLML, or its transferee or assignee,
in its capacity as owner of the servicing rights.

     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

                                      -61-

<PAGE>

estimate by the Depositor or its affiliate (and reported to the Securities
Administrator) 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
any successor in interest.

     Startup Day: The Closing Date.

     Stated Principal Balance: With respect to any Mortgage Loan and
Distribution Date, the unpaid principal balance of such Mortgage Loan as of the
Due Date in the related Due Period, as specified in the amortization schedule at
the time relating thereto (before any adjustment to such amortization schedule
by reason of any moratorium or similar waiver or grace period), after giving
effect to any previous partial prepayments and Liquidation Proceeds received and
to the payment of principal due on such Due Date and irrespective of any
delinquency in payment by the related Mortgagor. With respect to any Mortgage
Loan and the Cut-off Date, the Cut-off Date Principal Balance thereof.

     Stepdown Date: The earlier of: (A) the first Distribution Date on which the
aggregate Class Certificate Balance of the Senior Certificates has been reduced
to zero; and (B) the later to occur of (1) the Distribution Date in February
2010 or (2) the first Distribution Date on which the Class Certificate Balance
of the Senior Certificates (after giving effect to distributions of the
Principal Funds amount for such Distribution Date) is less than or equal to
85.90% of the aggregate Stated Principal Balances 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:

                                      -62-

<PAGE>

<TABLE>
<CAPTION>
DISTRIBUTION DATE               STEPDOWN REQUIRED
OCCURRING IN                    LOSS PERCENTAGE
-----------------------------   ------------------
<S>                             <C>
February 2009 -- January 2010   0.25% with respect to February 2009, plus an
                                additional 1/12th of 0.40% for each month
                                thereafter

February 2010 -- January 2011   0.65% with respect to February 2010, plus an
                                additional 1/12th of 0.45% for each month
                                thereafter

February 2011 -- January 2012   1.10% with respect to February 2011, plus an
                                additional 1/12th of 0.50% for each month
                                thereafter

February 2012 -- January 2013   1.60% with respect to February 2012, plus an
                                additional 1/12th of 0.30% for each month
                                thereafter

February 2013 and thereafter    1.90%
</TABLE>

     Stepdown Trigger Event: The situation that exists with respect to any
Distribution Date on or after the Stepdown Date, if (a) the quotient of (1) the
aggregate Stated Principal Balance of all Mortgage Loans 60 or more days
delinquent, measured on a rolling three-month basis (including Mortgage Loans in
foreclosure, REO Properties and Mortgage Loans with respect to which the
applicable mortgagor is in bankruptcy) and (2) the Stated Principal Balance of
all of the Mortgage Loans as of the preceding Servicer Remittance Date, equals
or exceeds the product of (i) 40.00% and (ii) the Required Percentage or (b) the
quotient (expressed as a percentage) of (1) the aggregate Realized Losses
incurred from the Cut-off Date through the last day of the calendar month
preceding such Distribution Date and (2) the aggregate principal balance of the
Mortgage Loans as of the Cut-off Date exceeds the Stepdown Required Loss
Percentage.

     Subcontractor: Any vendor, subcontractor or other Person that is not
responsible for the overall servicing of Mortgage Loans but performs one or more
discrete functions identified in Item 1122(d) of Regulation AB with respect to
Mortgage Loans under the direction or authority of any Servicer (or a
Sub-Servicer of any Servicer), the Master Servicer, the Trustee, the Custodian
or the Securities Administrator.

     Subordinate Certificate Corridor Contract: means a confirmation and
agreement between the Supplemental Interest Trust Trustee and the Cap Contract
Counterparty for the benefit of 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
One-Month LIBOR Cap Table attached hereto as Exhibit H-3.

     Subordinate Certificates Lower Collar: With respect to each Distribution
Date, the applicable per annum rate set forth under the heading "1ML Strike
Lower Collar" in the Subordinate Certificate One-Month LIBOR Cap Table (set
forth on Exhibit H-3).

                                      -63-

<PAGE>

     Subordinate Certificates 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 9.995% per
annum.

     Subsequent Recoveries: Any amount recovered by a Servicer or the Master
Servicer (net of reimbursable expenses) with respect to a Liquidated Mortgage
Loan with respect to which a Realized Loss was incurred after the liquidation or
disposition of such Mortgage Loan.

     Sub-Servicer: Any Person that services Mortgage Loans on behalf of a
Servicer, and is responsible for the performance (whether directly or through
sub-servicers or Subcontractors) of servicing functions required to be performed
under this Agreement, any related Servicing Agreement or any sub-servicing
agreement that are identified in Item 1122(d) of Regulation AB.

     Substitute Mortgage Loan: With respect to any Mortgage Loan, which is
tendered to the Trustee pursuant to the related Servicing Agreement, the related
Mortgage Loan Purchase Agreement or Section 2.04 of this Agreement, as
applicable, in each case, (i) which has an Outstanding Principal Balance not
greater nor materially less than the Mortgage Loan for which it is to be
substituted; (ii) which has a Mortgage Interest Rate and Net Rate not less than,
and not materially greater than, such Mortgage Loan; (iii) which has a maturity
date not materially earlier or later than such Mortgage Loan and not later than
the latest maturity date of any Mortgage Loan; (iv) which is of the same
property type and occupancy type as such Mortgage Loan; (v) which has a
Loan-to-Value Ratio not greater than the Loan-to-Value Ratio of such Mortgage
Loan; (vi) which is current in payment of principal and interest as of the date
of substitution; (vii) as to which the payment terms do not vary in any material
respect from the payment terms of the Mortgage Loan for which it is to be
substituted and (viii) which has a Gross Margin, Periodic Rate Cap and Maximum
Lifetime Mortgage Rate no less than those of such Mortgage Loan, has the same
Index and interval between Interest Adjustment Dates as such Mortgage Loan, and
a Minimum Lifetime Mortgage Rate no lower than that of such Mortgage Loan.

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

     Supplemental Interest Trust: The separate trust, established pursuant to
Section 6.01(m) of this Agreement and held by the Securities Administrator for
the benefit of the holders of the Certificates as a segregated subtrust of the
Trust Fund, (i) in which the Cap Contract, the Corridor Contracts and the Swap
Agreement will be held, any Swap Termination Payments or Net Swap Payments
received from the Swap Counterparty will be deposited, any payments received
from the Cap Contract Counterparty pursuant to the Corridor Contracts will be
deposited and any Cap Payments received from the Cap Contract Counterparty will
be deposited as set forth in Section 6.01 hereof and (ii) out of which certain
distributions to the Certificateholders will be made and any Swap Termination
Payments or Net Swap Payments owed to the Swap Counterparty will be paid.

     Supplemental Interest Trust Trustee: Wells Fargo Bank, N.A., 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

                                      -64-

<PAGE>

consolidation or merger to which it or its successors may be a party and any
successor trustee as may from time to time be serving as successor trustee
hereunder.

     Swap Account: The separate Eligible Account created and maintained by the
Supplemental Interest Trust Trustee pursuant to Section 6.01(m) in the name of
the Supplemental Interest Trust Trustee for the benefit of the Supplemental
Interest Trust and designated "Wells Fargo Bank, N.A., as supplemental interest
trust trustee, in trust for registered holders of Merrill Lynch Alternative Note
Asset Trust, Series 2007-A1." Funds in the Swap Account shall be held in trust
for the Supplemental Interest Trust for the uses and purposes set forth in this
Agreement.

     Swap Agreement: The confirmation and agreement, including the schedule
thereto and the related credit support annex, between the Swap Counterparty and
the trustee of the Supplemental Interest Trust for the benefit of the
Certificateholders (attached as Exhibit R hereto) or any other swap agreement
(including any related schedules) held by the Supplemental Interest Trust
pursuant to Section 6.01(m) hereof.

     Swap Agreement Notional Balance: As defined in the Swap Agreement.

     Swap Counterparty: The Royal Bank of Scotland plc, 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
6.01(m) in the name of the Supplemental Interest Trust Trustee for the benefit
of the Supplemental Interest Trust and designated "Wells Fargo Bank, N.A., as
supplemental interest trust trustee, in trust for registered holders of Merrill
Lynch Alternative Note Asset Trust, Series 2007-A1." 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.

     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 determined
in accordance with the Swap Agreement.

                                      -65-

<PAGE>

     Tax Matters Person: The Securities Administrator or any successor thereto
or assignee thereof shall serve as tax administrator hereunder and as agent for
the Tax Matters Person. The Holder of the Residual Certificates shall be the Tax
Matters Person for the related REMIC, as more particularly set forth in Section
9.12 hereof.

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

     Transferor Representation Letter: As defined in Section 5.02(b).

     Trust Fund: The corpus of the Issuing Entity created pursuant to Article II
of this Agreement.

     Trustee: HSBC Bank USA, National Association, or its successor in interest,
or any successor trustee appointed as herein provided.

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

     Undercollateralized Group: On any Distribution Date, a Mortgage Group
having aggregate Stated Principal Balance which is less than the aggregate Class
Certificate Balance of the Senior Certificates related to such Mortgage Group.

     Uninsured Cause: Any cause of damage to a Mortgaged Property or related REO
Property such that the complete restoration of such Mortgaged Property or
related REO Property is not fully reimbursable by the hazard insurance policies
required to be maintained pursuant the related Servicing Agreement, without
regard to whether or not such policy is maintained.

     United States Person: A citizen or resident of the United States, a
corporation or partnership (including an entity treated as a corporation or
partnership for 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
(except, in the case of a partnership, to the extent provided in regulations),
provided that, for purposes solely of the Class R Certificate, no partnership or
other entity treated as a partnership for United States federal income tax
purposes shall be treated as a United States Person unless all persons that own
an interest in such partnership either directly or through any entity that is
not a corporation for United States federal income tax purposes are United
States Persons, or an estate whose income is subject to United States federal
income tax regardless of its source, 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 United States Persons have the authority to control
all substantial decisions of the trust. To the extent prescribed in regulations
by the Secretary of the Treasury, which have not yet been issued, a trust which
was in existence on August 20, 1996 (other than a trust treated as owned by the
grantor under subpart E of part I of subchapter J of chapter 1 of the Code), and
which was treated as a United States person on August 20, 1996 may elect to
continue to be treated as a United States person notwithstanding the previous
sentence.

     Unpaid Realized Loss Amount: With respect to any class of the Subordinate
Certificates and as to any Distribution Date, the excess of (1) Applied Realized
Loss Amounts with respect to such class over (2) the sum of (x) all
distributions in reduction of the Unpaid Applied Realized

                                      -66-

<PAGE>

Loss Amounts on all previous Distribution Dates and (y) all increases in the
Class Certificate Balance of such class pursuant to the last sentence of the
definition of "Class Certificate Balance." Any amounts distributed to a class of
Subordinate Certificates in respect of any Unpaid Realized Loss Amount will not
be applied to reduce the Class Certificate Balance of such class.

     Upper Collar: Any of the Class A-1 Upper Collar, the Class A-2 Upper Collar
or the Subordinate Certificates Upper Collar.

     Upper Tier REMIC: As described in the Preliminary Statement and Section
9.12.

     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, Class UTA-3 and Class
UTA-2D Interests, a per annum rate equal to the weighted average of the interest
rate for the Class LTII2B for such Distribution Date. In the case of the Class
UTM-1, Class UTM-2, Class UTM-3, Class UTM-4, Class UTM-5, Class UTM-6, Class
UTB-1, Class UTB-2 and Class UTB-3 Interests, a per annum rate equal to the
weighted average of the interest rates of Class LTII1B and Class LTII2B
Interests for such Distribution weighted, respectively, on the basis of the
uncertificated principal balances of the Class LTII1A and the Class LTII2A
Interests.

     Voting Rights: The portion of the voting rights of all of the Certificates
which is allocated to any Certificate. The Voting Rights allocated among Holders
of such Certificates outstanding shall be the fraction, expressed as a
percentage, the numerator of which is the aggregate Class Certificate Balance of
all the Certificates of such Class then outstanding and the denominator of which
is the aggregate Class Certificate Balance of all the Certificates then
outstanding (other than the Class R Certificate). 99.00% of all Voting Rights
will be allocated among all holders of the Certificates (other than the Class R
Certificate) in proportion to their then outstanding Class Certificate Balances,
and 1.00% of the Voting Rights shall be allocated to the Class R Certificate;
provided, however, that any Certificate registered in the name of the Master
Servicer, the Depositor or the Securities Administrator or any of their
respective affiliates shall not be included in the calculation of Voting Rights.
The Class P Certificates shall have no voting rights.

     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 the
related Loan Group, the current Class Certificate Balance of the Class A-1 and
Class R certificates, in the case of Loan Group 1, or the Class A-2
Certificates, in the case of Loan Group 2).

     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 the
related Loan Group, the current Class Certificate Balance of the Class A-1 and
Class R Certificates, in the case of Loan Group 1, or the

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<PAGE>

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

     Wells Fargo: Wells Fargo Bank, N.A., or any successor thereto.

     Wells Fargo Assignment Agreement: The Assignment, Assumption and
Recognition Agreement, dated as of January 1, 2007, among Wells Fargo, the
Depositor and the Sponsor pursuant to which the Wells Fargo Servicing Agreements
and the rights of the Sponsor thereunder (other than the rights to enforce the
representations and warranties with respect to the Wells Fargo Loans) were
assigned to the Depositor for the benefit of the Certificateholders.

     Wells Fargo Loans: The Mortgage Loans serviced by Wells Fargo pursuant to
the Wells Fargo Servicing Agreement.

     Wells Fargo Servicing Agreement: The Seller's Warranties and Servicing
Agreement, dated as of November 1, 2006, between the Merrill Lynch Bank, USA and
Wells Fargo.

     Section 1.02 Accounting.

     Unless otherwise specified herein, for the purpose of any definition or
calculation, whenever amounts are required to be netted, subtracted or added or
any distributions are taken into account such definition or calculation and any
related definitions or calculations shall be determined without duplication of
such functions.

                                   ARTICLE II
                             CONVEYANCE OF MORTGAGE
                    LOANS; ORIGINAL ISSUANCE OF CERTIFICATES

     Section 2.01 Conveyance of Mortgage Loans to Trustee.

     (a) The Depositor concurrently with the execution and delivery of this
Agreement, sells, transfers and assigns to the Issuing Entity without recourse
all its right, title and interest in and to (i) the Mortgage Loans identified in
the Mortgage Loan Schedule, including all interest and principal due with
respect to the Mortgage Loans after the Cut-off Date, but excluding any payments
of principal and interest due on or prior to the Cut-off Date; (ii) such assets
as shall from time to time be credited or are required by the terms of this
Agreement to be credited to the Master Servicer Collection Account, (iii) such
assets relating to the Mortgage Loans as from time to time may be held by the
Servicers in Protected Accounts, the Master Servicer in the Master Servicer
Collection Account and the Securities Administrator in the Distribution Account
for the benefit of the Trustee on behalf of the Certificateholders, (iv) any REO
Property, (v) the Required Insurance Policies and any amounts paid or payable by
the insurer under any Insurance Policy (to the extent the mortgagee has a claim
thereto), (vi) the Mortgage Loan Purchase Agreement to the extent provided in
Subsection 2.03(a), (vii) the rights with respect to the Servicing Agreements as
assigned to the Depositor on behalf of the Certificateholders by the Assignment
Agreements, (viii) the Corridor Contracts and Corridor Contract Account, (ix)
the Cap Contract and Cap Contract Account, (x) the Swap Agreement and Swap
Account and (xi) any proceeds of the foregoing. Although it is the intent of the
parties to this Agreement that the conveyance of the Depositor's right, title
and interest in and to the Mortgage Loans and other

                                      -68-

<PAGE>

assets in the Trust Fund pursuant to this Agreement shall constitute a purchase
and sale and not a loan, in the event that such conveyance is deemed to be a
loan, it is the intent of the parties to this Agreement that the Depositor shall
be deemed to have granted to the Trustee a first priority perfected security
interest in all of the Depositor's right, title and interest in, to and under
the Mortgage Loans and other assets in the Trust Fund, and that this Agreement
shall constitute a security agreement under applicable law.

     (b) In connection with the above transfer and assignment, the Depositor
hereby deposits with the Trustee or the Custodian, as its agent, the following
documents or instruments

     (I) with respect to each Mortgage Loan, other than a Cooperative Loan:

          (i) the original Mortgage Note, endorsed in the following form: "Pay
     to the order of HSBC Bank USA, National Association, as Trustee for the
     registered holders of the Merrill Lynch Mortgage Investors, Inc., Mortgage
     Pass-Through Certificates, Series 2007-A1, without recourse," with all
     prior and intervening endorsements showing a complete chain of endorsement
     from the originator to the Person so endorsing to the Trustee;

          (ii) the original recorded Mortgage or a copy of the Mortgage
     certified by the public recording office in which such Mortgage has been
     recorded;

          (iii) an original Assignment of the Mortgage executed in the following
     form: "HSBC Bank USA, National Association, as Trustee for the registered
     holders of the Merrill Lynch Mortgage Investors, Inc., Mortgage
     Pass-Through Certificates, Series 2007-A1.

          (iv) the original recorded Assignment or Assignments of the Mortgage
     showing a complete chain of assignment from the originator to the Person
     assigning the Mortgage to the Trustee as contemplated by the immediately
     preceding clause (iii), if applicable and only to the extent available to
     the Depositor with evidence of recording thereon;

          (v) the originals of all assumption, modification, consolidation or
     extension agreements, with evidence of recording thereon, if any;

          (vi) the original of any guarantee executed in connection with the
     Mortgage Note;

          (vii) the original mortgagee title insurance policy;

          (viii) the original of any security agreement, chattel mortgage or
     equivalent document executed in connection with the Mortgage; and

          (ix) the original power of attorney, if applicable.

     and (II) with respect to each Mortgage Loan that is a Cooperative Loan:

                                      -69-

<PAGE>

          (x) the original Mortgage Note, endorsed in the following form: "Pay
     to the order of HSBC Bank USA, National Association, as Trustee for the
     registered holders of the Merrill Lynch Mortgage Investors, Inc., Mortgage
     Pass-Through Certificates, Series 2007-A1, without recourse," with all
     prior and intervening endorsements showing a complete chain of endorsement
     from the originator to the Person so endorsing to the Trustee;

          (xi) the original duly executed assignment of Security Agreement to
     the Trustee;

          (xii) the acknowledgment copy of the original executed Form UCC-1 (or
     certified copy thereof) with respect to the Security Agreement, and any
     required continuation statements;

          (xiii) the acknowledgment copy of the original executed Form UCC-3
     with respect to the Security Agreement, indicating the Trustee as the
     assignee of the secured party;

          (xiv) the stock certificate representing the Cooperative Assets
     allocated to the cooperative unit, with a stock power in blank attached;

          (xv) the original collateral assignment of the proprietary lease by
     Mortgagor to the originator;

          (xvi) a copy of the recognition agreement;

          (xvii) if applicable and to the extent available, the original
     intervening assignments, including warehousing assignments, if any,
     showing, to the extent available, an unbroken chain of the related Mortgage
     Loan to the Trustee, together with a copy of the related Form UCC-3 with
     evidence of filing thereon; and

          (xviii) the originals of each assumption, modification or substitution
     agreement, if any, relating to the Mortgage Loan;

provided, however, that in lieu of the foregoing, the Depositor may deliver the
following documents, under the circumstances set forth below: (w) the Depositor
may deliver a Mortgage Note pursuant to (a)(i) and (b)(i) endorsed in blank,
provided that the endorsement is completed within 60 days of the Closing Date;
(x) in lieu of the original Mortgage, assignments to the Trustee or its
Custodian, as applicable, or intervening assignments thereof which have been
delivered, are being delivered or will, upon receipt of recording information
relating to the Mortgage required to be included thereon, be delivered to
recording offices for recording and have not been returned to the Depositor in
time to permit their delivery as specified above, the Depositor may deliver a
true copy thereof with a certification by the Depositor on the face of such
copy, substantially as follows: "Certified to be a true and correct copy of the
original, which has been transmitted for recording"; and (y) in lieu of the
Mortgage, assignment to the Trustee or intervening assignments thereof, if the
applicable jurisdiction retains the originals of such documents (as evidenced by
a certification from the Depositor or the Master Servicer, to such effect) the
Depositor may deliver photocopies of such documents containing an original

                                      -70-

<PAGE>

certification by the judicial or other governmental authority of the
jurisdiction where such documents were recorded; and provided, further, however,
that in the case of Mortgage Loans which have been prepaid in full after the
Cut-off Date and prior to the Closing Date, the Depositor, in lieu of delivering
the above documents, may deliver to the Trustee or its Custodian, as applicable,
a certification to such effect and shall deposit all amounts paid in respect of
such Mortgage Loans in the Distribution Account on the Closing Date. The
Depositor shall deliver such original documents (including any original
documents as to which certified copies had previously been delivered) to the
Trustee or its Custodian, as applicable, promptly after they are received. As of
the date hereof, recordation of the assignment of the Mortgage Loans to the
Trustee or the Custodian, as applicable, is not required in any state by either
Rating Agency to obtain the initial rating on the Certificates (upon which
statement the Master Servicer, the Trustee and the Custodian may each
conclusively rely).

     If any original Mortgage Note referred to in Section 2.01(b)(I)(i) or
2.01(b)(II)(i) above cannot be located, the obligations of the Depositor to
deliver such documents shall be deemed to be satisfied upon delivery to the
Trustee or its Custodian, as applicable, of a photocopy of such Mortgage Note,
if available, with a lost note affidavit. If any of the original Mortgage Notes
for which a lost note affidavit was delivered to the Trustee or its Custodian,
as applicable, is subsequently located, such original Mortgage Note shall be
delivered to the Trustee or its Custodian, as applicable, within three Business
Days.

     (c) The parties hereto agree that it is not intended that any mortgage loan
be included in the Trust Fund that is, without limitation, a "High Cost Loan" as
defined by the Home Ownership and Equity Protection Act of 1994 or any other
applicable anti-predatory lending laws, including but not limited to (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 or (iv) a "High-Cost Home Loan" as defined by the
Indiana High Cost Home Loan Law effective January 1, 2005.

     (d) Notwithstanding anything to the contrary contained herein, the parties
hereto acknowledge that the functions of the Trustee with respect to the
custody, acceptance, inspection and release of Mortgage Files, including but not
limited to certain insurance policies and documents contemplated by Section 3.12
of this Agreement, and preparation and delivery of the certifications shall be
performed by the Custodian(s) pursuant to the terms and conditions of the
Custodial Agreement(s).

     Section 2.02 Acceptance of Mortgage Loans by Trustee.

     (a) The Trustee acknowledges the sale, transfer and assignment of the Trust
Fund to it by the Depositor and its receipt thereof, subject to further review
and the exceptions which may be noted pursuant to the procedures described
below, and declares that it, or the Custodian on its behalf, holds the documents
(or certified copies thereof) delivered to it pursuant to Section 2.01,
including three Corridor Contracts (forms of which are attached hereto as
Exhibits N-1, N-2 and N-3), and declares that it will continue to hold those
documents and any amendments, replacements or supplements thereto and all other
assets of the Trust Fund delivered to it as

                                      -71-

<PAGE>

Trustee in trust for the use and benefit of all present and future Holders of
the Certificates. On or before the Closing Date (or, with respect to any
Substitute Mortgage Loan, within five Business Days after the receipt by the
Trustee or Custodian thereof), the Trustee agrees, for the benefit of the
Certificateholders, to review or cause to be reviewed by the Custodian on its
behalf (under the Custodial Agreement), each Mortgage File delivered to it and
to execute and deliver, or cause to be executed and delivered, to the Depositor
on the Closing Date a Initial Certification. In conducting such review, the
Trustee or Custodian will certify as to each Mortgage Loan listed in the
Mortgage Loan Schedule (other than any Mortgage Loan paid in full or any
Mortgage Loan specifically identified in the exception report annexed thereto as
not being covered by such certification), (i) all documents constituting part of
such Mortgage File (other than such documents described in Section
2.01(b)(I)(iii)) required to be delivered to it pursuant to this Agreement are
in its possession, provided that with respect to the documents described in
Section 2.01(b)(I)(v), (vi), (viii) and (ix) and 2.01(b)(II)(viii) and (ix) to
the extent the Trustee or the Custodian on its behalf has actual knowledge that
such documents exist, (ii) such documents have been reviewed by it and are not
torn, mutilated, defaced or otherwise altered (except if initialed by the
obligor) and appear to relate on their face to such Mortgage Loan, (iii) based
on its examination and only as to the foregoing, the information set forth in
the Mortgage Loan Schedule corresponding to the loan number for the Mortgage
Loan, the Mortgagor's name, including the street address but excluding the zip
code, the Mortgage Interest Rate and the original principal balance of the
Mortgage Loan accurately reflects information set forth in the Mortgage File and
(iv) with respect to Mortgage Loans with a Mortgage Interest Rate subject to
adjustment, the Gross Margin, the lifetime cap and the periodic cap for such
Mortgage Loan. In performing any such review, the Trustee, or the Custodian, as
its agent, may conclusively rely on the purported due execution and genuineness
of any such document and on the purported genuineness of any signature thereon.
Notwithstanding anything to the contrary in this Agreement, it is herein
acknowledged that, in conducting such review, the Trustee or the Custodian on
its behalf is under no duty or obligation to inspect, review or examine any such
documents, instruments, certificates or other papers to determine whether they
are genuine, enforceable, or appropriate for the represented purpose or whether
they have actually been recorded or that they are other than what they purport
to be on their face, or to determine whether any Person executing any documents
is authorized to do so or whether any signature is genuine.

     If the Trustee or the Custodian, as its agent, finds any document
constituting part of the Mortgage File not to have been executed or received, or
to be unrelated to the Mortgage Loans identified in Exhibit B or to appear to be
defective on its face, the Trustee or the Custodian, as its agent, shall
promptly notify the Sponsor. In accordance with the Mortgage Loan Purchase
Agreement, the Sponsor shall correct or cure any such defect within ninety (90)
days from the date of notice from the Trustee or the Custodian, as its agent, of
the defect and if the Sponsor fails to correct or cure the defect within such
period, and such defect materially and adversely affects the interests of the
Certificateholders in the related Mortgage Loan, the Trustee, shall enforce the
Sponsor's obligation pursuant to the Mortgage Loan Purchase Agreement, within 90
days from the Trustee's or the Custodian's notification, to purchase such
Mortgage Loan at the Purchase Price; provided that, if such defect would cause
the Mortgage Loan to be other than a "qualified mortgage" as defined in Section
860G(a)(3) of the Code, any such cure or repurchase must occur within 90 days
from the date such breach was discovered; provided, however, that if such defect
relates solely to the inability of the Sponsor to deliver the original Security
Instrument or intervening assignments thereof, or a certified copy because the
originals of such

                                      -72-

<PAGE>

documents, or a certified copy have not been returned by the applicable
jurisdiction, the Sponsor shall not be required to purchase such Mortgage Loan
if the Sponsor delivers such original documents or certified copy promptly upon
receipt, but in no event later than 360 days after the Closing Date. The
foregoing repurchase obligation shall not apply in the event that the Sponsor
cannot deliver such original or copy of any document submitted for recording to
the appropriate recording office in the applicable jurisdiction because such
document has not been returned by such office; provided that the Sponsor shall
instead deliver a recording receipt of such recording office or, if such receipt
is not available, a certificate confirming that such documents have been
accepted for recording, and delivery to the Trustee or the Custodian, as its
agent, shall be effected by the Sponsor within thirty days of its receipt of the
original recorded document.

     (b) No later than 180 days after the Closing Date, the Trustee or the
Custodian, as its agent, will review, for the benefit of the Certificateholders,
the Mortgage Files delivered to it and will execute and deliver or cause to be
executed and delivered to the Depositor a Final Certification. In conducting
such review, the Trustee or the Custodian, as its agent, will certify as to each
Mortgage Loan listed in the Mortgage Loan Schedule (other than any Mortgage Loan
paid in full or any Mortgage Loan specifically identified in the exception
report annexed thereto as not being covered by such certification), that (i) all
documents constituting part of such Mortgage File (other than such documents
described in Section 2.01(b)(I)(v) and (ix)) required to be delivered to it
pursuant to this Agreement are in its possession, provided that with respect to
the documents described in Section 2.01(b)(I)(v), (vi), (viii) and (ix) and
2.01(b)(II)(viii) and (ix) to the extent the Trustee or the Custodian on its
behalf has actual knowledge that such documents exist, (ii) such documents have
been reviewed by it and are not torn, mutilated, defaced or otherwise altered
(except if initialed by the obligor) and appear regular on their face and relate
to such Mortgage Loan, (iii) based on its examination and only as to the
foregoing, the information set forth in the Mortgage Loan Schedule corresponding
to the loan number for the Mortgage Loan, the Mortgagor's name, including the
street address but excluding the zip code, the Mortgage Interest Rate and the
original principal balance of the Mortgage Loan accurately reflects information
set forth in the Mortgage File. In performing any such review, the Trustee, or
the Custodian, as its agent, may conclusively rely on the purported due
execution and genuineness of any such document and on the purported genuineness
of any signature thereon. Notwithstanding anything to the contrary in this
Agreement, it is herein acknowledged that, in conducting such review, the
Trustee or the Custodian on its behalf is under no duty or obligation (i) to
inspect, review or examine any such documents, instruments, certificates or
other papers to determine whether they are genuine, enforceable, or appropriate
for the represented purpose or whether they have actually been recorded or that
they are other than what they purport to be on their face, or to determine
whether any Person executing any documents is authorized to do so or whether any
signature is genuine. If the Trustee or the Custodian, as its agent, finds any
document constituting part of the Mortgage File not to have been executed or
received, or to be unrelated to the Mortgage Loans identified in Exhibit B or to
appear to be defective on its face, the Trustee or the Custodian, as its agent,
shall promptly notify the Sponsor. In accordance with the Mortgage Loan Purchase
Agreement, the Sponsor shall correct or cure any such defect within 90 days from
the date of notice from the Trustee of the defect and if the Sponsor is unable
to cure such defect within such period, and if such defect materially and
adversely affects the interests of the Certificateholders in the related
Mortgage Loan, the Trustee shall enforce the Sponsor's obligation under the
Mortgage Loan Purchase Agreement to purchase such Mortgage Loan at the Purchase
Price, provided, however, that if such defect relates solely to the inability of
the

                                      -73-

<PAGE>

Sponsor to deliver the original Security Instrument or intervening assignments
thereof, or a certified copy, because the originals of such documents, or a
certified copy, have not been returned by the applicable jurisdiction, the
Sponsor shall not be required to purchase such Mortgage Loan, if the Sponsor
delivers such original documents or certified copy promptly upon receipt, but in
no event later than 360 days after the Closing Date.

     (c) In the event that a Mortgage Loan is purchased by the Sponsor in
accordance with Subsections 2.02(a) or (b) above, the Sponsor shall remit to the
Master Servicer the Purchase Price for deposit in the Master Servicer Collection
Account and the Sponsor shall provide to the Trustee written notification
detailing the components of the Purchase Price. Upon deposit of the Purchase
Price in the Master Servicer Collection Account, the Depositor shall give
written notice thereof to the Trustee and the Custodian and the Trustee or the
Custodian, as its agent (upon receipt of a Request for Release in the form of
Exhibit D attached hereto with respect to such Mortgage Loan), shall release to
the Sponsor the related Mortgage File and the Trustee shall execute and deliver
all instruments of transfer or assignment, without recourse, furnished to it by
the Sponsor as are necessary to vest in the Sponsor title to and rights under
the Mortgage Loan. Such purchase shall be deemed to have occurred on the date on
which the Purchase Price in available funds is received by the Trustee. The
Depositor or Master Servicer shall amend the Mortgage Loan Schedule, to reflect
such repurchase and shall promptly notify the Rating Agencies and the Master
Servicer of such amendment. The obligation of the Sponsor to repurchase any
Mortgage Loan as to which such a defect in a constituent document exists shall
be the sole remedy respecting such defect available to the Certificateholders or
to the Trustee on their behalf.

     Section 2.03 Assignment of Interest in the Mortgage Loan Purchase
Agreement.

     (a) The Depositor hereby assigns to the Trustee, on behalf of the
Certificateholders, all of its right, title and interest in the Mortgage Loan
Purchase Agreement, including but not limited to Depositor's rights pursuant to
the Servicing Agreements (noting that the Sponsor has retained the right in the
event of breach of the representations, warranties and covenants, if any, with
respect to the related Mortgage Loans of the related Servicer under the related
Servicing Agreement to enforce the provisions thereof and to seek all or any
available remedies). The obligations of the Sponsor to substitute or repurchase,
as applicable, a Mortgage Loan shall be the Trustee's and the
Certificateholders' sole remedy for any breach thereof. At the request of the
Trustee, the Depositor shall take such actions as may be necessary to enforce
the above right, title and interest on behalf of the Trustee and the
Certificateholders or shall execute such further documents as the Trustee may
reasonably require in order to enable the Trustee to carry out such enforcement.
With respect to the representations and warranties described in the Mortgage
Loan Purchase Agreement that are made to the best of the Sponsor's knowledge, if
it is discovered by any of the Depositor, the Sponsor, the Master Servicer, the
Securities Administrator or the Trustee that the substance of such
representation and warranty is inaccurate and such inaccuracy materially and
adversely affects the value of the related Mortgage Loan, then notwithstanding
the Sponsor's lack of knowledge with respect to the substance of such
representation and warranty, such inaccuracy shall be deemed a breach of the
applicable representation or warranty.

     (b) If the Depositor, the Master Servicer, Securities Administrator or the
Trustee discovers a breach of any of the representations and warranties set
forth in the Mortgage Loan

                                      -74-

<PAGE>

Purchase Agreement, which breach materially and adversely affects the value of
the interests of Certificateholders or the Trustee in the related Mortgage Loan,
the party discovering the breach shall give prompt written notice of the breach
to the other parties. The Sponsor, within 90 days of its discovery or receipt of
notice that such breach has occurred (whichever occurs earlier), shall cure the
breach in all material respects or, subject to the Mortgage Loan Purchase
Agreement or Section 2.04 of this Agreement, as applicable, shall purchase the
Mortgage Loan or any property acquired with respect thereto from the Trustee;
provided, however, that if there is a breach of any representation set forth in
the Mortgage Loan Purchase Agreement or Section 2.04 of this Agreement, as
applicable, and the Mortgage Loan or the related property acquired with respect
thereto has been sold, then the Sponsor shall pay, in lieu of the Purchase
Price, any excess of the Purchase Price over the Net Liquidation Proceeds
received upon such sale. (If the Net Liquidation Proceeds exceed the Purchase
Price, any excess shall be paid to the Sponsor to the extent not required by law
to be paid to the borrower.) Any such purchase by the Sponsor shall be made by
providing an amount equal to the Purchase Price to the Master Servicer for
deposit in the Master Servicer Collection Account and written notification
detailing the components of such Purchase Price. The Depositor shall notify the
Trustee in writing of the deposit of the Purchase Price and submit to the
Trustee or the Custodian, as its agent, a Request for Release, and the Trustee
shall release, or the Trustee shall cause the Custodian to release, to the
Sponsor the related Mortgage File and the Trustee shall execute and deliver all
instruments of transfer or assignment furnished to it by the Sponsor, without
recourse, as are necessary to vest in the Sponsor title to and rights under the
Mortgage Loan or any property acquired with respect thereto. Such purchase shall
be deemed to have occurred on the date on which the Purchase Price in available
funds is received by the Master Servicer. The Depositor or the Master Servicer
shall amend the Mortgage Loan Schedule to reflect such repurchase and shall
promptly notify the Master Servicer and the Rating Agencies of such amendment.
Enforcement of the obligation of the Sponsor to purchase (or substitute a
Substitute Mortgage Loan for) any Mortgage Loan or any property acquired with
respect thereto (or pay the Purchase Price as set forth in the above proviso) as
to which a breach has occurred and is continuing shall constitute the sole
remedy respecting such breach available to the Certificateholders or the Trustee
on their behalf.

     Section 2.04 Substitution of Mortgage Loans. Notwithstanding anything to
the contrary in this Agreement, in lieu of purchasing a Mortgage Loan pursuant
to the Mortgage Loan Purchase Agreement or Sections 2.02 or 2.03 of this
Agreement, the Sponsor may, no later than the date by which such purchase by the
Sponsor would otherwise be required, tender to the Trustee a Substitute Mortgage
Loan accompanied by a certificate of an authorized officer of the Sponsor that
such Substitute Mortgage Loan conforms to the requirements set forth in the
definition of "Substitute Mortgage Loan" in the Mortgage Loan Purchase Agreement
or this Agreement, as applicable; provided, however, that substitution pursuant
to the Mortgage Loan Purchase Agreement or Section 2.04 of this Agreement, as
applicable, in lieu of purchase shall not be permitted after the termination of
the two-year period beginning on the Startup Day; provided, further, that if the
breach would cause the Mortgage Loan to be other than a "qualified mortgage" as
defined in Section 860G(a)(3) of the Code, any such cure or substitution must
occur within 90 days from the date the breach was discovered. The Trustee or the
Custodian, as its agent, shall examine the Mortgage File for any Substitute
Mortgage Loan in the manner set forth in Section 2.02(a) and the Trustee or the
Custodian, as its agent, shall notify the Sponsor, in writing, within five
Business Days after receipt, whether or not the documents relating to the
Substitute Mortgage Loan satisfy the requirements of the fourth sentence of
Subsection 2.02(a).

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<PAGE>

Within two Business Days after such notification, the Sponsor shall provide to
the Securities Administrator for deposit in the Distribution Account the amount,
if any, by which the Outstanding Principal Balance as of the next preceding Due
Date of the Mortgage Loan for which substitution is being made, after giving
effect to Scheduled Principal due on such date, exceeds the Outstanding
Principal Balance as of such date of the Substitute Mortgage Loan, after giving
effect to Scheduled Principal due on such date, which amount shall be treated
for the purposes of this Agreement as if it were the payment by the Sponsor of
the Purchase Price for the purchase of a Mortgage Loan by the Sponsor. After
such notification to the Sponsor and, if any such excess exists, upon written
notification of the receipt of such deposit, the Trustee shall accept such
Substitute Mortgage Loan which shall thereafter be deemed to be a Mortgage Loan
hereunder. In the event of such a substitution, accrued interest on the
Substitute Mortgage Loan for the month in which the substitution occurs and any
Principal Prepayments made thereon during such month shall be the property of
the Issuing Entity and accrued interest for such month on the Mortgage Loan for
which the substitution is made and any Principal Prepayments made thereon during
such month shall be the property of the Sponsor. The Scheduled Principal on a
Substitute Mortgage Loan due on the Due Date in the month of substitution shall
be the property of the Sponsor and the Scheduled Principal on the Mortgage Loan
for which the substitution is made due on such Due Date shall be the property of
the Issuing Entity. Upon acceptance of the Substitute Mortgage Loan (and
delivery to the Trustee or Custodian of a Request for Release for such Mortgage
Loan), the Trustee shall release to the Sponsor the related Mortgage File
related to any Mortgage Loan released pursuant to the Mortgage Loan Purchase
Agreement or Section 2.04 of this Agreement, as applicable, and shall execute
and deliver all instruments of transfer or assignment, without recourse, in form
as provided to it as are necessary to vest in the Sponsor title to and rights
under any Mortgage Loan released pursuant to the Mortgage Loan Purchase
Agreement or Section 2.04 of this Agreement, as applicable. The Sponsor shall
deliver the documents related to the Substitute Mortgage Loan in accordance with
the provisions of the Mortgage Loan Purchase Agreement or Subsections 2.01(b)
and 2.02(b) of this Agreement, as applicable, with the date of acceptance of the
Substitute Mortgage Loan deemed to be the Closing Date for purposes of the time
periods set forth in those Subsections. The representations and warranties set
forth in the Mortgage Loan Purchase Agreement shall be deemed to have been made
by the Sponsor with respect to each Substitute Mortgage Loan as of the date of
acceptance of such Mortgage Loan by the Trustee. The Master Servicer shall amend
the Mortgage Loan Schedule to reflect such substitution and shall provide a copy
of such amended Mortgage Loan Schedule to the Trustee and the Rating Agencies.

     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 Mortgage Loan shall be made
unless the Securities Administrator and 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.

     Section 2.05 Issuance of Certificates. The Trustee acknowledges the
assignment to it on behalf of the Issuing Entity of the Mortgage Loans and the
other assets comprising the Trust Fund and, concurrently therewith, the
Securities Administrator has signed, and countersigned

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<PAGE>

and delivered to the Depositor, in exchange therefor, Certificates in such
authorized denominations representing such Percentage Interests as the Depositor
has requested. The Trustee agrees that it will hold the Mortgage Loans and such
other assets as may from time to time be delivered to it segregated on the books
of the Trustee in trust for the benefit of the Certificateholders.

     Section 2.06 Representations and Warranties Concerning the Depositor. The
Depositor hereby represents and warrants to the Trustee, the Master Servicer and
the Securities Administrator as follows:

          (i) the Depositor (a) is a corporation duly organized, validly
     existing and in good standing under the laws of the State of Delaware and
     (b) is qualified and in good standing as a foreign corporation to do
     business in each jurisdiction where such qualification is necessary, except
     where the failure so to qualify would not reasonably be expected to have a
     material adverse effect on the Depositor's business as presently conducted
     or on the Depositor's ability to enter into this Agreement and to
     consummate the transactions contemplated hereby;

          (ii) the Depositor has full corporate power to own its property, to
     carry on its business as presently conducted and to enter into and perform
     its obligations under this Agreement;

          (iii) the execution and delivery by the Depositor of this Agreement
     have been duly authorized by all necessary corporate action on the part of
     the Depositor; and neither the execution and delivery of this Agreement,
     nor the consummation of the transactions herein contemplated, nor
     compliance with the provisions hereof, will conflict with or result in a
     breach of, or constitute a default under, any of the provisions of any law,
     governmental rule, regulation, judgment, decree or order binding on the
     Depositor or its properties or the articles of incorporation or by-laws of
     the Depositor, except those conflicts, breaches or defaults which would not
     reasonably be expected to have a material adverse effect on the Depositor's
     ability to enter into this Agreement and to consummate the transactions
     contemplated hereby;

          (iv) the execution, delivery and performance by the Depositor of this
     Agreement and the consummation of the transactions contemplated hereby do
     not require the consent or approval of, the giving of notice to, the
     registration with, or the taking of any other action in respect of, any
     state, federal or other governmental authority or agency, except those
     consents, approvals, notices, registrations or other actions as have
     already been obtained, given or made;

          (v) this Agreement has been duly executed and delivered by the
     Depositor and, assuming due authorization, execution and delivery by the
     other parties hereto, constitutes a valid and binding obligation of the
     Depositor enforceable against it in accordance with its terms (subject to
     applicable bankruptcy and insolvency laws and other similar laws affecting
     the enforcement of the rights of creditors generally);

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<PAGE>

          (vi) there are no actions, suits or proceedings pending or, to the
     knowledge of the Depositor, threatened against the Depositor, before or by
     any court, administrative agency, arbitrator or governmental body (i) with
     respect to any of the transactions contemplated by this Agreement or (ii)
     with respect to any other matter which in the judgment of the Depositor
     will be determined adversely to the Depositor and will if determined
     adversely to the Depositor materially and adversely affect the Depositor's
     ability to enter into this Agreement or perform its obligations under this
     Agreement; and the Depositor is not in default with respect to any order of
     any court, administrative agency, arbitrator or governmental body so as to
     materially and adversely affect the transactions contemplated by this
     Agreement; and

          (vii) immediately prior to the transfer and assignment to the Trustee,
     each Mortgage Note and each Mortgage were not subject to an assignment or
     pledge, and the Depositor had good and marketable title to and was the sole
     owner thereof and had full right to transfer and sell such Mortgage Loan to
     the Trustee free and clear of any encumbrance, equity, lien, pledge,
     charge, claim or security interest.

     Section 2.07 Representations and Warranties Concerning the Master Servicer
and Securities Administrator. Wells Fargo Bank, N.A., in its capacity as Master
Servicer and Securities Administrator hereby represents and warrants to the
Sponsor, the Depositor and the Trustee as follows, as of the Closing Date:

          (i) It is a national banking association duly formed, validly existing
     and in good standing under the laws of the United States of America and is
     duly authorized and qualified to transact any and all business contemplated
     by this Agreement to be conducted by the Master Servicer and the Securities
     Administrator, to the extent necessary to ensure its ability to master
     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) It 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 has duly authorized by all necessary corporate action
     on its part 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 its legal, valid and
     binding obligation, enforceable against it 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 it, the
     consummation of any other of the transactions contemplated by this
     Agreement, and the fulfillment of or compliance with the terms hereof are
     in its ordinary course of business and will not (A) result in a material
     breach of any term or provision of its charter or by-laws or (B) materially
     conflict with, result in a material breach, violation or acceleration of,
     or result

                                      -78-

<PAGE>

     in a material default under, the terms of any other material agreement or
     instrument to which it is a party or by which it may be bound, or (C)
     constitute a material violation of any statute, order or regulation
     applicable to it of any court, regulatory body, administrative agency or
     governmental body having jurisdiction over it; and it 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 its
     ability to perform or meet any of its obligations under this Agreement.

          (iv) No litigation is pending or, to the best of its knowledge,
     threatened, against it that would materially and adversely affect the
     execution, delivery or enforceability of this Agreement or its ability to
     perform any of its other obligations under this 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 its execution, delivery and
     performance of, or compliance with, this Agreement or the consummation of
     the transactions contemplated hereby, or if any such consent, approval,
     authorization or order is required, it has obtained the same.

                                  ARTICLE III
                 ADMINISTRATION AND SERVICING OF MORTGAGE LOANS

     Section 3.01 Master Servicer. The Master Servicer shall supervise, monitor
and oversee the obligation of the Servicers to service and administer their
respective Mortgage Loans in accordance with the terms of the applicable
Servicing Agreement and shall have full power and authority to do any and all
things which it may deem necessary or desirable in connection with such master
servicing and administration. In performing its obligations hereunder, the
Master Servicer shall act in a manner consistent with Accepted Master Servicing
Practices. Furthermore, the Master Servicer shall oversee and consult with each
Servicer as necessary from time-to-time to carry out the Master Servicer's
obligations hereunder, shall receive, review and evaluate all reports,
information and other data provided to the Master Servicer by each Servicer and
shall cause each Servicer to perform and observe the covenants, obligations and
conditions to be performed or observed by such Servicer under the applicable
Servicing Agreement. The Master Servicer shall independently and separately
monitor each Servicer's servicing activities with respect to each related
Mortgage Loan, reconcile the results of such monitoring with such information
provided in the previous sentence on a monthly basis and coordinate corrective
adjustments to the Servicers' and Master Servicer's records, and based on such
reconciled and corrected information, the Master Servicer shall provide such
information to the Securities Administrator as shall be necessary in order for
it to prepare the statements specified in Section 6.03, and prepare any other
information and statements required to be forwarded by the Master Servicer
hereunder. The Master Servicer shall reconcile the results of its monitoring
with the actual remittances of the Servicers to the Master Servicer Collection
Account pursuant to the applicable Servicing Agreements.

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<PAGE>

     If the Master Servicer and the Securities Administrator are the same
entity, then at any time the Master Servicer is terminated as Master Servicer,
the Securities Administrator shall likewise be removed as securities
administrator.

     The Trustee shall furnish the Servicers and the Master Servicer with any
limited powers of attorney and other documents in form acceptable to it
necessary or appropriate to enable the Servicers and the Master Servicer to
service and administer the related Mortgage Loans and REO Property. The Trustee
shall have no liability with respect to the use of any such limited power of
attorney.

     The Trustee or the Custodian shall provide access to the records and
documentation in possession of the Trustee or the Custodian regarding the
related Mortgage Loans and REO Property and the servicing thereof to the
Certificateholders, the FDIC, and the supervisory agents and examiners of the
FDIC, such access being afforded only upon reasonable prior written request and
during normal business hours at the office of the Trustee or the Custodian;
provided, however, that, unless otherwise required by law, the Trustee or the
Custodian shall not be required to provide access to such records and
documentation if the provision thereof would violate the legal right to privacy
of any Mortgagor. The Trustee or the Custodian shall allow representatives of
the above entities to photocopy any of the records and documentation and shall
provide equipment for that purpose at a charge that covers the Trustee's or the
Custodian's actual costs.

     The Trustee shall execute and deliver to the related Servicer and the
Master Servicer upon request any court pleadings, requests for trustee's sale or
other documents necessary or desirable to (i) the foreclosure or trustee's sale
with respect to a Mortgaged Property; (ii) any legal action brought to obtain
judgment against any Mortgagor on the Mortgage Note or Security Instrument;
(iii) obtain a deficiency judgment against the Mortgagor; or (iv) enforce any
other rights or remedies provided by the Mortgage Note or Security Instrument or
otherwise available at law or equity.

     Section 3.02 REMIC-Related Covenants. For as long as each REMIC shall
exist, the Trustee and the Securities Administrator shall act in accordance
herewith to assure continuing treatment of such REMIC as a REMIC, and the
Trustee and the Securities Administrator shall comply with any directions of the
Depositor, the related Servicer or the Master Servicer to assure such continuing
treatment. In particular, the Trustee shall not (a) sell or permit the sale of
all or any portion of the Mortgage Loans or of any investment of deposits in an
Account unless such sale is as a result of a repurchase of the Mortgage Loans
pursuant to this Agreement or the Trustee and Securities Administrator have
received a REMIC Opinion prepared at the expense of the Issuing Entity; and (b)
other than with respect to a substitution pursuant to the Mortgage Loan Purchase
Agreement or Section 2.04 of this Agreement, as applicable, accept any
contribution to any REMIC after the Startup Day without receipt of a REMIC
Opinion.

     Section 3.03 Monitoring of Servicers.

     (a) The Master Servicer shall be responsible for reporting to the Trustee,
Securities Administrator and the Depositor the compliance by each Servicer with
its duties under the related Servicing Agreement. In the review of each
Servicer's activities, the Master Servicer may

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<PAGE>

rely upon an officer's certificate of the Servicer with regard to such
Servicer's compliance with the terms of its Servicing Agreement. In the event
that the Master Servicer, in its judgment, determines that a Servicer should be
terminated in accordance with its Servicing Agreement, or that a notice should
be sent pursuant to such Servicing Agreement with respect to the occurrence of
an event that, unless cured, would constitute grounds for such termination, the
Master Servicer shall notify the Depositor, Securities Administrator and the
Trustee thereof and the Master Servicer shall issue such notice or take such
other action as it deems appropriate.

     (b) The Master Servicer, for the benefit of the Trustee and the
Certificateholders, shall enforce the obligations of each Servicer under the
related Servicing Agreement, and shall, in the event that a Servicer fails to
perform its obligations in accordance with the related Servicing Agreement,
subject to the preceding paragraph, terminate the rights and obligations of such
Servicer thereunder and act as servicer of the related Mortgage Loans or, if the
Master Servicer is unwilling or unable to act as a Servicer, the Master Servicer
shall cause the Trustee to enter in to a new Servicing Agreement with a
successor servicer selected by the Master Servicer that is eligible in
accordance with the criteria specified in this Agreement; provided, however, it
is understood and acknowledged by the parties hereto that there will be a period
of transition (not to exceed 90 days) before the actual servicing functions can
be fully transferred to such successor servicer. In either event, such
enforcement, including, without limitation, the legal prosecution of claims,
termination of the Servicing Agreements and the pursuit of other appropriate
remedies, shall be in such form and carried out to such an extent and at such
time as the Master Servicer, in its good faith business judgment, would require
were it the owner of the related Mortgage Loans. The Master Servicer shall pay
the costs of such enforcement at its own expense subject to Section 3.03(c),
provided that the Master Servicer shall not be required to prosecute or defend
any legal action except to the extent that the Master Servicer shall have
received reasonable indemnity for its costs and expenses in pursuing such
action.

     (c) To the extent that the costs and expenses of the Master Servicer
related to any termination of a Servicer, appointment of a successor Servicer or
the transfer and assumption of servicing by the Master Servicer with respect to
any Servicing Agreement (including, without limitation, (i) all legal costs and
expenses and all due diligence costs and expenses associated with an evaluation
of the potential termination of a Servicer as a result of an event of default by
such Servicer and (ii) all costs and expenses associated with the complete
transfer of servicing, including all servicing files and all servicing data and
the completion, correction or manipulation of such servicing data as may be
required by the successor servicer to correct any errors or insufficiencies in
the servicing data or otherwise to enable the successor service to service the
Mortgage Loans in accordance with the related Servicing Agreement) are not fully
and timely reimbursed by the terminated Servicer, the Master Servicer shall be
entitled to reimbursement of such costs and expenses from the Master Servicer
Collection Account pursuant to Section 4.03(b).

     (d) The Master Servicer shall require each Servicer to comply with the
remittance requirements and other obligations set forth in the related Servicing
Agreement.

     (e) If the Master Servicer acts as Servicer, it will not assume liability
for the representations and warranties of such Servicer, if any, that it
replaces.

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<PAGE>

     Section 3.04 Fidelity Bond. The Master Servicer, at its expense, shall
maintain in effect a blanket fidelity bond and an errors and omissions insurance
policy, affording coverage with respect to all directors, officers, employees
and other Persons acting on such Master Servicer's behalf, and covering errors
and omissions in the performance of the Master Servicer's obligations hereunder.
The errors and omissions insurance policy and the fidelity bond shall be in such
form and amount generally acceptable for entities serving as master servicers or
trustees.

     Section 3.05 Power to Act; Procedures. The Master Servicer shall master
service the Mortgage Loans and shall have full power and authority, subject to
the REMIC Provisions and the provisions of Article X hereof, to do any and all
things that it may deem necessary or desirable in connection with the master
servicing and administration of the Mortgage Loans, including but not limited to
the power and authority (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, (iii) to
collect any Insurance Proceeds and Liquidation Proceeds, and (iv) to effectuate
foreclosure or other conversion of the ownership of the Mortgaged Property
securing any Mortgage Loan, in each case, in accordance with the provisions of
this Agreement and the related Servicing Agreement, as applicable; provided,
however, that the Master Servicer shall not (and, consistent with its
responsibilities under Section 3.03, shall not permit any Servicer to) knowingly
or intentionally take any action, or fail to take (or fail to cause to be taken)
any action reasonably within its control and the scope of duties more
specifically set forth herein, that, under the REMIC Provisions, if taken or not
taken, as the case may be, would cause any REMIC created hereunder to fail to
qualify as a REMIC or result in the imposition of a tax upon the Issuing Entity
(including but not limited to the tax on prohibited transactions as defined in
Section 860F(a)(2) of the Code and the tax on contributions to a REMIC set forth
in Section 860G(d) of the Code) unless the Master Servicer has received an
Opinion of Counsel (but not at the expense of the Master Servicer) to the effect
that the contemplated action will not would cause any REMIC created hereunder to
fail to qualify as a REMIC or result in the imposition of a tax upon any REMIC
created hereunder. The Trustee shall furnish the Master Servicer, upon written
request from a Servicing Officer, with any limited powers of attorney (in form
acceptable to the Trustee) empowering the Master Servicer or any Servicer to
execute and deliver instruments of satisfaction or cancellation, or of partial
or full release or discharge, and to foreclose upon or otherwise liquidate
Mortgaged Property, and to appeal, prosecute or defend in any court action
relating to the Mortgage Loans or the Mortgaged Property, in accordance with the
applicable Servicing Agreement and this Agreement, and the Trustee shall execute
and deliver such other documents, as the Master Servicer may request, to enable
the Master Servicer to master service and administer the Mortgage Loans and
carry out its duties hereunder, in each case in accordance with Accepted Master
Servicing Practices (and the Trustee shall have no liability for misuse of any
such powers of attorney by the Master Servicer or any Servicer). If the Master
Servicer or the Trustee has been advised that it is likely that the laws of the
state in which action is to be taken prohibit such action if taken in the name
of the Trustee or that the Trustee would be adversely affected under the "doing
business" or tax laws of such state if such action is taken in its name, the
Master Servicer shall join with the Trustee in the appointment of a co-trustee
pursuant to Section 9.11 hereof. In the performance of its duties hereunder, the
Master Servicer shall be an independent contractor and shall not, except in
those instances where it is taking action in the name of the Trustee, be deemed
to be the agent of the Trustee.

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     Section 3.06 Due-on-Sale Clauses; Assumption Agreements. To the extent
provided in the applicable Servicing Agreement, to the extent Mortgage Loans
contain enforceable due-on-sale clauses, the Master Servicer shall cause the
Servicers to enforce such clauses in accordance with the applicable Servicing
Agreement. If applicable law prohibits the enforcement of a due-on-sale clause
or such clause is otherwise not enforced in accordance with the applicable
Servicing Agreement, and, as a consequence, a Mortgage Loan is assumed, the
original Mortgagor may be released from liability in accordance with the
applicable Servicing Agreement.

     Section 3.07 Release of Mortgage Files.

     (a) Upon becoming aware of the payment in full of any Mortgage Loan, or the
receipt by any Servicer of a notification that payment in full has been escrowed
in a manner customary for such purposes for payment to Certificateholders on the
next Distribution Date, the Servicers or the Master Servicer will, if required
under the applicable Servicing Agreement, promptly furnish to the Custodian, on
behalf of the Trustee, two copies of a certification substantially in the form
of Exhibit D hereto signed by a Servicing Officer or in a mutually agreeable
electronic format which will, in lieu of a signature on its face, originate from
a Servicing Officer (which certification shall include a statement to the effect
that all amounts received in connection with such payment that are required to
be deposited in the Protected Account maintained by the applicable Servicer
pursuant to its Servicing Agreement have been or will be so deposited) and shall
request that the Custodian, on behalf of the Trustee, deliver to the applicable
Servicer the related Mortgage File. Upon receipt of such certification and
request, the Custodian, on behalf of the Trustee, shall no later than five
Business Days (or, to the extent that the applicable Servicer notifies the
Sponsor that a document is not in the Servicer's possession as part of the
Servicing File which is needed for purposes of the Servicer complying with any
applicable law, within such shorter period as may be necessary to enable the
Servicer to comply with such law), release the related Mortgage File to the
applicable Servicer and the Trustee and Custodian shall have no further
responsibility with regard to such Mortgage File. Upon any such payment in full,
each Servicer is authorized, to give, as agent for the Trustee, as the mortgagee
under the Mortgage that secured the Mortgage Loan, an instrument of satisfaction
(or assignment of mortgage without recourse) regarding the Mortgaged Property
subject to the Mortgage, which instrument of satisfaction or assignment, as the
case may be, shall be delivered to the Person or Persons entitled thereto
against receipt therefor of such payment, it being understood and agreed that no
expenses incurred in connection with such instrument of satisfaction or
assignment, as the case may be, shall be chargeable to the Protected Account.

     (b) From time to time and as appropriate for the servicing or foreclosure
of any Mortgage Loan and in accordance with the applicable Servicing Agreement,
the Trustee shall execute such documents as requested and as shall be prepared
and furnished to the Trustee by a Servicer or the Master Servicer and as are
necessary to the prosecution of any such proceedings. In connection with the
foregoing, the Custodian, on behalf of the Trustee, shall, upon the request of a
Servicer or the Master Servicer, and delivery to the Custodian, on behalf of the
Trustee, of two copies of a Request for Release signed by a Servicing Officer
substantially in the form of Exhibit D (or in a mutually agreeable electronic
format which will, in lieu of a signature on its face, originate from a
Servicing Officer), release the related Mortgage File held in its possession or
control to the related Servicer or the Master Servicer, as applicable. Such
trust receipt shall

                                      -83-

<PAGE>

obligate the related Servicer or the Master Servicer to return the Mortgage File
to the Custodian on behalf of the Trustee, when the need therefor by the
Servicer or the Master Servicer no longer exists unless the Mortgage Loan shall
be liquidated, in which case, upon receipt of a certificate of a Servicing
Officer similar to that hereinabove specified, the Mortgage File shall be
released by the Custodian, on behalf of the Trustee, to the related Servicer or
the Master Servicer.

     Section 3.08 Documents, Records and Funds in Possession of Master Servicer
To Be Held for Trustee.

     (a) The Master Servicer shall transmit and each Servicer (to the extent
required by the related Servicing Agreement) shall transmit to the Trustee or
Custodian such documents and instruments coming into the possession of the
Master Servicer or such Servicer from time to time as are required by the terms
hereof, or in the case of the Servicers, the applicable Servicing Agreement, to
be delivered to the Trustee or Custodian. Any funds received by the Master
Servicer or by a Servicer in respect of any Mortgage Loan or which otherwise are
collected by the Master Servicer or by a Servicer as Liquidation Proceeds or
Insurance Proceeds in respect of any Mortgage Loan shall be held for the benefit
of the Trustee and the Certificateholders subject to the Master Servicer's right
to retain or withdraw from the Master Servicer Collection Account the Master
Servicing Compensation and other amounts provided in this Agreement, and to the
right of each Servicer to retain its Servicing Fee and other amounts as provided
in the applicable Servicing Agreement. The Master Servicer shall, and (to the
extent provided in the applicable Servicing Agreement) shall cause each Servicer
to, provide access to information and documentation regarding the Mortgage Loans
to the Trustee, its agents and accountants at any time upon reasonable request
and during normal business hours, and to Certificateholders that are savings and
loan associations, banks or insurance companies, the Office of Thrift
Supervision, the FDIC and the supervisory agents and examiners of such Office
and Corporation or examiners of any other federal or state banking or insurance
regulatory authority if so required by applicable regulations of the Office of
Thrift Supervision or other regulatory authority, such access to be afforded
without charge but only upon reasonable request in writing and during normal
business hours at the offices of the Master Servicer designated by it. In
fulfilling such a request, the Master Servicer shall not be responsible for
determining the sufficiency of such information.

     (b) All Mortgage Files and funds collected or held by, or under the control
of, the Master Servicer, in respect of any Mortgage Loans, whether from the
collection of principal and interest payments or from Liquidation Proceeds or
Insurance Proceeds, shall be held by the Master Servicer for and on behalf of
the Trustee and the Certificateholders and shall be and remain the sole and
exclusive property of the Trustee; provided, however, that the Master Servicer
and each Servicer shall be entitled to setoff against, and deduct from, any such
funds any amounts that are properly due and payable to the Master Servicer or
such Servicer under this Agreement or the applicable Servicing Agreement.

     Section 3.09 Standard Hazard Insurance and Flood Insurance Policies.

     (a) For each Mortgage Loan, the Master Servicer shall enforce any
obligation of the Servicers under the related Servicing Agreements to maintain
or cause to be maintained standard fire and casualty insurance and, where
applicable, flood insurance, all in accordance with the

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<PAGE>

provisions of the related Servicing Agreements. It is understood and agreed that
such insurance shall be with insurers meeting the eligibility requirements set
forth in the applicable Servicing Agreement and that no earthquake or other
additional insurance is to be required of any Mortgagor or to be maintained on
property acquired in respect of a defaulted loan, other than pursuant to such
applicable laws and regulations as shall at any time be in force and as shall
require such additional insurance.

     (b) Pursuant to Sections 4.01 and 4.02, any amounts collected by the
Servicers or the Master Servicer, under any insurance policies (other than
amounts to be applied to the restoration or repair of the property subject to
the related Mortgage or released to the Mortgagor in accordance with the
applicable Servicing Agreement) shall be deposited into the Master Servicer
Collection Account, subject to withdrawal pursuant to Sections 4.02 and 4.03 in
accordance with the terms and conditions of the related Servicing Agreement. Any
cost incurred by the Master Servicer or any Servicer in maintaining any such
insurance if the Mortgagor defaults in its obligation to do so shall be added to
the amount owing under the Mortgage Loan where the terms of the Mortgage Loan so
permit; provided, however, that the addition of any such cost shall not be taken
into account for purposes of calculating the distributions to be made to
Certificateholders and shall be recoverable by the Master Servicer or such
Servicer pursuant to Sections 4.02 and 4.03.

     Section 3.10 Presentment of Claims and Collection of Proceeds. The Master
Servicer shall (to the extent provided in the applicable Servicing Agreement)
cause the related Servicer to, prepare and present on behalf of the Trustee and
the Certificateholders all claims under the Insurance Policies and take such
actions (including the negotiation, settlement, compromise or enforcement of the
insured's claim) as shall be necessary to realize recovery under such policies.
Any proceeds disbursed to the Master Servicer (or disbursed to a Servicer and
remitted to the Master Servicer) in respect of such policies, bonds or contracts
shall be promptly deposited in the Master Servicer Collection Account upon
receipt, except that any amounts realized that are to be applied to the repair
or restoration of the related Mortgaged Property as a condition precedent to the
presentation of claims on the related Mortgage Loan to the insurer under any
applicable Insurance Policy need not be so deposited (or remitted).

     Section 3.11 Maintenance of the Primary Mortgage Insurance Policies.

     (a) The Master Servicer shall not take, or permit any Servicer (to the
extent such action is prohibited under the applicable Servicing Agreement) to
take, any action that would result in noncoverage under any applicable Primary
Mortgage Insurance Policy of any loss which, but for the actions of such Master
Servicer or Servicer, would have been covered thereunder. The Master Servicer
shall use its best reasonable efforts to cause each Servicer (to the extent
required under the related Servicing Agreement) to keep in force and effect (to
the extent that the Mortgage Loan requires the Mortgagor to maintain such
insurance), primary mortgage insurance applicable to each Mortgage Loan in
accordance with the provisions of this Agreement and the related Servicing
Agreement, as applicable. The Master Servicer shall not, and shall not permit
any Servicer (to the extent required under the related Servicing Agreement) to,
cancel or refuse to renew any such Primary Mortgage Insurance Policy that is in
effect at the date of the initial issuance of the Mortgage Note and is required
to be kept in force hereunder

                                      -85-

<PAGE>

except in accordance with the provisions of this Agreement and the related
Servicing Agreement, as applicable.

     (b) The Master Servicer agrees to present, or to cause each Servicer (to
the extent required under the related Servicing Agreement) to present, on behalf
of the Trustee and the Certificateholders, claims to the insurer under any
Primary Mortgage Insurance Policies and, in this regard, to take such reasonable
action as shall be necessary to permit recovery under any Primary Mortgage
Insurance Policies respecting defaulted Mortgage Loans. Pursuant to Section 4.01
and 4.02, any amounts collected by the Master Servicer or any Servicer under any
Primary Mortgage Insurance Policies shall be deposited in the Master Servicer
Collection Account, subject to withdrawal pursuant to Section 4.03.

     Section 3.12 Trustee to Retain Possession of Certain Insurance Policies and
Documents. The Trustee or the Custodian shall retain possession and custody of
the originals (to the extent available) of any Primary Mortgage Insurance
Policies, or certificate of insurance if applicable, and any certificates of
renewal as to the foregoing as may be issued from time to time as contemplated
by this Agreement. Until all amounts distributable in respect of the
Certificates have been distributed in full and the Master Servicer otherwise has
fulfilled its obligations under this Agreement, the Trustee or its Custodian
shall also retain possession and custody of each Mortgage File in accordance
with and subject to the terms and conditions of this Agreement. The Master
Servicer shall promptly deliver or cause to be delivered to the Trustee or the
Custodian upon the execution or receipt thereof the originals of any Primary
Mortgage Insurance Policies, any certificates of renewal, and such other
documents or instruments that constitute portions of the Mortgage File that come
into the possession of the Master Servicer from time to time.

     Section 3.13 Realization Upon Defaulted Mortgage Loans. The Master Servicer
shall cause each Servicer (to the extent required under the related Servicing
Agreement) to foreclose upon, repossess or otherwise comparably convert the
ownership of Mortgaged 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, all in accordance with the terms and
conditions of the applicable Servicing Agreement.

     Section 3.14 Compensation for the Master Servicer. The Master Servicer will
be entitled to all income and gain realized from any investment of funds in the
Master Servicer Collection Account, pursuant to Article IV, for the performance
of its activities hereunder. Servicing compensation in the form of assumption
fees, if any, late payment charges, as collected, if any, or otherwise (but not
including any prepayment premium or penalty) shall be retained by the applicable
Servicer and shall not be deposited in the Protected Account. The Master
Servicer shall be required to pay all expenses incurred by it in connection with
its activities hereunder and shall not be entitled to reimbursement therefor
except as provided in this Agreement.

     Section 3.15 REO Property.

     (a) In the event the Issuing Entity acquires ownership of any REO Property
in respect of any related Mortgage Loan, the deed or certificate of sale shall
be issued to the Trustee, or to

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its nominee, on behalf of the related Certificateholders. The Master Servicer
shall, to the extent provided in the applicable Servicing Agreement, cause the
applicable Servicer to sell, any REO Property as expeditiously as possible and
in accordance with the provisions of this Agreement and the related Servicing
Agreement, as applicable. Pursuant to its efforts to sell such REO Property, the
Master Servicer shall cause the applicable Servicer to protect and conserve,
such REO Property in the manner and to the extent required by the applicable
Servicing Agreement, in accordance with the REMIC Provisions and in a manner
that does not result in a tax on "net income from foreclosure property" or cause
such REO Property to fail to qualify as "foreclosure property" within the
meaning of Section 860G(a)(8) of the Code.

     (b) The Master Servicer shall, to the extent required by the related
Servicing Agreement, cause the applicable Servicer to deposit all funds
collected and received in connection with the operation of any REO Property in
the Protected Account.

     (c) The Master Servicer and the applicable Servicer, upon the final
disposition of any REO Property, shall be entitled to reimbursement for any
related unreimbursed Monthly Advances and other unreimbursed advances as well as
any unpaid Servicing Fees from Liquidation Proceeds received in connection with
the final disposition of such REO Property; provided, that any such unreimbursed
Monthly Advances as well as any unpaid Servicing Fees may be reimbursed or paid,
as the case may be, prior to final disposition, out of any net rental income or
other net amounts derived from such REO Property.

     (d) To the extent provided in the related Servicing Agreement, the
Liquidation Proceeds from the final disposition of the REO Property, net of any
payment to the Master Servicer and the applicable Servicer as provided above
shall be deposited in the Protected Account on or prior to the Determination
Date in the month following receipt thereof and be remitted by wire transfer in
immediately available funds to the Master Servicer for deposit into the related
Master Servicer Collection Account on the next succeeding Servicer Remittance
Date.

     Section 3.16 Annual Statement as to Compliance.

     Not later than March 1 of each calendar year (other than the calendar year
during which the Closing Date occurs), each Servicer shall deliver (or otherwise
make available) and each Servicer shall cause any Servicing Function Participant
engaged by it to deliver to the Master Servicer, the Securities Administrator
and the Depositor, an Officer's Certificate in the form attached hereto as
Exhibit P stating, as to each signatory thereof, that (i) a review of the
activities of such signatory during the preceding calendar year, or portion
thereof, and of the performance of such signatory under the related Servicing
Agreement or such other applicable agreement in the case of a Servicing Function
Participant has been made under such officer's supervision, and (ii) to the best
of such officer's knowledge, based on such review, such signatory has fulfilled
all its obligations under this Agreement, the related Servicing Agreement or
such other applicable 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.

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<PAGE>

     The Master Servicer and the Securities Administrator shall deliver (or
otherwise make available) (and the Master Servicer and Securities Administrator
shall cause any Servicing Function Participant engaged by it to deliver) to the
Depositor and the Securities Administrator on or before March 1 (with a
ten-calendar day cure period) of each year, commencing in March 2008, an
Officer's Certificate stating, as to the signer thereof, that (A) a review of
such party's activities during the preceding calendar year or portion thereof
and of such party's performance under this Agreement, or such other applicable
agreement in the case of a Servicing Function Participant, has been made under
such officer's supervision and (B) to the best of such officer's knowledge,
based on such review, such party has fulfilled all its obligations under this
Agreement, or such other applicable agreement in the case of a Servicing
Function Participant, in all material respects throughout such year or 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.

     The Master Servicer shall include all annual statements of compliance
received by it from each Servicer with its own annual statement of compliance to
be submitted to the Securities Administrator pursuant to this Section.

     In the event the Master Servicer, the Securities Administrator or any
Servicing Function Participant engaged by any such party is terminated, assigns
its rights and obligations under or resigns pursuant to the terms of this
Agreement, or such other applicable agreement in the case of a Servicing
Function Participant, as the case may be, such party shall provide, an annual
statement of compliance pursuant to this Section 3.16 or to such applicable
agreement, as the case may be, notwithstanding any such termination, assignment
or resignation.

     Section 3.17 Reports on Assessment of Compliance and Attestation.

     (a) Not later than March 1 of each calendar year (other than the calendar
year during which the Closing Date occurs) each Servicer at its own expense,
shall furnish, and shall cause any Servicing Function Participant engaged by it
to furnish (unless in the case of a Subcontractor, such Servicer has notified
the Depositor and the Master Servicer in writing that such compliance statement
is not required for the Subcontractor) to the Master Servicer, the Securities
Administrator and the Depositor an officer's assessment of its compliance with
the Relevant 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 contain (A) a statement
by such party of its responsibility for assessing compliance with the Relevant
Servicing Criteria, (B) a statement that such party used the Relevant Servicing
Criteria to assess compliance with the Relevant Servicing Criteria, (C) such
party's assessment of compliance with the Relevant Servicing Criteria as of and
for the fiscal year covered by the Form 10-K required to be filed pursuant to
Section 3.18, including, if there has been any material instance of
noncompliance with the Relevant Servicing Criteria, a discussion of each such
failure and the nature and status thereof, which assessment shall be based on
the activities it performs with respect to asset-backed securities transactions
taken as a whole involving such party that are backed by the same asset type as
the Mortgage Loans, and (D) a statement that a registered public accounting firm
has issued an attestation report on such party's assessment of compliance with
the Relevant Servicing Criteria as of and for such period.

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<PAGE>

     By March 1 (with a ten-calendar day cure period) of each year, commencing
in March 2008, the Master Servicer, the Securities Administrator and the
Custodian each at its own expense, shall furnish or otherwise make available,
and each such party shall cause any Servicing Function Participant engaged by it
to furnish, each at its own expense, to the Securities Administrator and the
Depositor, a report on an assessment of compliance with the Relevant Servicing
Criteria that contains (A) a statement by such party of its responsibility for
assessing compliance with the Relevant Servicing Criteria, (B) a statement that
such party used the Relevant Servicing Criteria to assess compliance with the
Relevant Servicing Criteria, (C) such party's assessment of compliance with the
Relevant Servicing Criteria as of and for the fiscal year covered by the Form
10-K required to be filed pursuant to Sections 3.18(h), (i), (j) and (k),
including, if there has been any material instance of noncompliance with the
Relevant Servicing Criteria, a discussion of each such failure and the nature
and status thereof, and (D) a statement that a registered public accounting firm
has issued an attestation report on such party's assessment of compliance with
the Relevant Servicing Criteria as of and for such period.

     No later than the end of each fiscal year for the Issuing Entity for which
a 10-K is required to be filed, the Master Servicer and the Custodian shall each
forward to the Securities Administrator and the Depositor the name of each
Servicing Function Participant engaged by it and what Relevant Servicing
Criteria will be addressed in the report on assessment of compliance prepared by
such Servicing Function Participant (provided, however, that the Master Servicer
need not provide such information to the Securities Administrator so long as the
Master Servicer and the Securities Administrator are the same Person). When the
Master Servicer, and the Securities Administrator (or any Servicing Function
Participant engaged by them) submit their assessments to the Securities
Administrator, such parties will also at such time include the assessment and
attestation pursuant to this Section 3.17 of each Servicing Function Participant
engaged by it.

     Promptly after receipt of each report on assessment of compliance, (i) the
Depositor shall review each such report and, if applicable, consult with such
Servicer, the Master Servicer, the Securities Administrator and any Servicing
Function Participant engaged by any such party as to the nature of any material
instance of noncompliance with the Relevant Servicing Criteria by such Servicer
by each such party, and (ii) the Securities Administrator shall confirm that the
assessments individually address the Relevant Servicing Criteria for each party
as set forth on Exhibit K or any similar exhibit set forth in each Servicing
Agreement in respect of each Servicer and notify the Depositor of any
exceptions.

     The Master Servicer shall include all annual reports on assessment of
compliance received by it from the Servicers with its own assessment of
compliance to be submitted to the Securities Administrator pursuant to this
Section.

     In the event the Master Servicer, the Securities Administrator or any
Servicing Function Participant engaged by any such party is terminated, assigns
its rights and obligations under or resigns pursuant to the terms of this
Agreement, or any other applicable agreement, as the case may be, such party
shall provide, an assessment of compliance pursuant to this Section 3.17,
coupled with an attestation as required in this Section 3.17, or such applicable
agreement notwithstanding any such termination, assignment or resignation.

                                      -89-

<PAGE>

     (b) Not later than March 1 of each calendar year (other than the calendar
year during which the Closing Date occurs) each Servicer at its own expense,
shall cause, and shall cause any Servicing Function Participant engaged by it to
cause (unless in the case of a Subcontractor, such Servicer has notified the
Depositor and the Master Servicer in writing that such report is not required
for the Subcontractor) a nationally or regionally recognized firm of independent
registered public accountants (who may also render other services to such
Servicer, the Master Servicer or any affiliate thereof) which is a member of the
American Institute of Certified Public Accountants to furnish a report (the
"Accountant's Attestation") to the Master Servicer, the Securities Administrator
and the Depositor to the effect that (i) it has obtained a representation
regarding certain matters from the management of such party, which includes an
assertion that such party has complied with the Relevant Servicing Criteria, and
(ii) on the basis of an examination conducted by such firm in accordance with
standards for attestation engagements issued or adopted by the Public Company
Accounting Oversight Board, it is expressing an opinion as to whether such
party's compliance with the Relevant Servicing Criteria was fairly stated in all
material respects, or it cannot express an overall opinion regarding such
party's assessment of compliance with the Relevant Servicing Criteria. In the
event that an overall opinion cannot be expressed, such registered public
accounting firm shall state in such report why it was unable to express such an
opinion. Such report must be available for general use and not contain
restricted use language. 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.

     By March 1 (with a ten-calendar day cure period) of each year, commencing
in March 2008, the Master Servicer, the Securities Administrator and the
Custodian, each at its own expense, shall cause, and each such party shall cause
any Servicing Function Participant engaged by it to cause, each at its own
expense, a registered public accounting firm (which may also render other
services to the Master Servicer, the Trustee, the Securities Administrator, or
such other Servicing Function Participants, as the case may be) and that is a
member of the American Institute of Certified Public Accountants to furnish an
attestation report to the Securities Administrator and the Depositor, to the
effect that (i) it has obtained a representation regarding certain matters from
the management of such party, which includes an assertion that such party has
complied with the Relevant Servicing Criteria, and (ii) on the basis of an
examination conducted by such firm in accordance with standards for attestation
engagements issued or adopted by the Public Company Accounting Oversight Board,
it is expressing an opinion as to whether such party's compliance with the
Relevant Servicing Criteria was fairly stated in all material respects, or it
cannot express an overall opinion regarding such party's assessment of
compliance with the Relevant Servicing Criteria. In the event that an overall
opinion cannot be expressed, such registered public accounting firm shall state
in such report why it was unable to express such an opinion. Such report must be
available for general use and not contain restricted use language.

     (c) Promptly after receipt of each assessment of compliance and attestation
report, the Securities Administrator shall confirm that each assessment
submitted pursuant to Section 3.17(a) is coupled with an attestation meeting the
requirements of Section 3.17(b) and notify the Depositor of any exceptions.

     The Master Servicer shall include each such attestation furnished to it by
the Servicers with its own attestation to be submitted to the Securities
Administrator pursuant to this Section.

                                      -90-

<PAGE>

     In the event the Master Servicer, the Securities Administrator, the
Custodian, any Servicer or any Servicing Function Participant engaged by any
such party, is terminated, assigns its rights and duties under, or resigns
pursuant to the terms of, this Agreement, or any applicable Custodial Agreement,
Servicing Agreement or sub-servicing agreement, as the case may be, such party
shall cause a registered public accounting firm to provide an attestation
pursuant to this Section 3.17, or such other applicable agreement,
notwithstanding any such termination, assignment or resignation.

     Section 3.18 Periodic Filings.

     (a) Within four (4) Business Days after the occurrence of an event
requiring disclosure on Form 8-K (each such event, a "Reportable Event"), and if
requested by the Depositor, the Securities Administrator shall prepare and file
on behalf of the Issuing Entity a Form 8-K, as required by the Exchange Act,
provided that the Depositor shall file the initial Form 8-K in connection with
the issuance of the Certificates. Any disclosure or information related to a
Reportable Event or that is otherwise required to be included on Form 8-K (other
than the initial Form 8-K) ("Form 8-K Disclosure Information") shall be reported
by the parties set forth on Exhibit Q-3 to the Depositor and the Securities
Administrator and directed and approved by the Depositor, and the Securities
Administrator will have no duty or liability for any failure hereunder to
determine or prepare any Form 8-K Disclosure Information or any Form 8-K except
as set forth in the next paragraph.

     (b) For so long as the Issuing Entity is subject to the reporting
requirements of the Exchange Act, following the occurrence of a Reportable Event
(A) each party listed on Exhibit Q-3 hereto shall use commercially reasonable
best efforts to provide immediate notice to the Master Servicer, the Securities
Administrator and the Depositor, by fax and by phone or by e-mail and by phone,
(B) each such party shall be required to provide to the Securities Administrator
and the Depositor, to the extent known, in EDGAR-compatible format or in such
other format as agreed upon by the Securities Administrator and such party, the
form and substance of any Form 8-K Disclosure Information if applicable,
together with the form set forth on Exhibit O (the "Additional Disclosure
Notification") by the close of business New York City time on the 2nd Business
Day following the occurrence of such Reportable Event and (C) the Depositor,
shall approve, as to form and substance, or disapprove, as the case may be, the
inclusion of the Form 8-K Disclosure Information on Form 8-K. The Securities
Administrator has no duty under this Agreement to monitor or enforce the
performance by the parties listed on Exhibit Q-3 of their duties under this
paragraph or proactively solicit or procure from such parties any Form 8-K
Disclosure Information. The Depositor will be responsible for any reasonable
fees and expenses assessed or incurred by the Securities Administrator in
connection with including any Form 8-K Disclosure Information on Form 8-K
pursuant to this paragraph.

     (c) After preparing the Form 8-K, the Securities Administrator shall, upon
request, forward electronically a copy of the Form 8-K to the Depositor.
Promptly, but no later than the close of business on the third Business Day
after the Reportable Event, the Depositor shall notify the Securities
Administrator in writing (which may be furnished electronically) of any changes
to or approval of such Form 8-K. In the absence of receipt of any written
changes or approval, or if the Depositor does not request a copy of a Form 8-K,
the Securities Administrator shall be entitled to assume that such Form 8-K is
in final form and the Securities Administrator may

                                      -91-

<PAGE>

proceed with the process for execution and filing of the Form 8-K. A duly
authorized representative of the Master Servicer shall sign each 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 Securities Administrator will follow the procedures set forth in
Section 3.18(n).

     (d) Promptly (but no later than one Business Day) after filing with the
Commission, the Securities Administrator will make available on its internet
website a final executed copy of each Form 8-K prepared and filed by the
Securities Administrator. The parties to this Agreement acknowledge that the
performance by the Master Servicer and the Securities Administrator of its
duties under this Section 3.18 related to the timely preparation, execution and
filing of Form 8-K is contingent upon the other parties hereto strictly
observing all applicable deadlines in the performance of their duties under this
Section 3.18. The Depositor acknowledges that the performance by the Master
Servicer and the Securities Administrator of its duties under this Section 3.18
related to the timely preparation, execution and filing of Form 8-K is also
contingent upon the Servicers, the Custodian and any Servicing Function
Participant strictly observing deadlines no later than those set forth in this
paragraph that are applicable to the parties to this Agreement in the delivery
to the Securities Administrator of any necessary Form 8-K Disclosure Information
pursuant to the related Servicing Agreements, the Custodial Agreement or any
other applicable agreement. Neither the Master Servicer nor the Securities
Administrator shall have any liability for any loss, expense, damage or claim
arising out of or with respect to any failure to properly prepare, execute
and/or timely file such Form 8-K, where such failure results from the Securities
Administrator's inability or failure to obtain or receive, on a timely basis,
any information from any other party hereto or any Servicer, Custodian or
Servicing Function Participant needed to prepare, arrange for execution or file
such Form 8-K.

     (e) Within fifteen (15) days after each Distribution Date (subject to
permitted extensions under the Exchange Act), the Securities Administrator
shall, on behalf of the Issuing Entity and in accordance with industry
standards, prepare and file with the Commission via the Electronic Data
Gathering and Retrieval System (EDGAR), a Form 10-D with a copy of the Monthly
Statement for such Distribution Date as an exhibit thereto. Any disclosure in
addition to the Monthly Statement that is required to be included on Form 10-D
("Additional Form 10-D Disclosure") shall be reported by the parties set forth
on Exhibit Q-1 to the Depositor and the Securities Administrator and directed
and approved by the Depositor pursuant to the following paragraph, and the
Securities Administrator will have no duty or liability for any failure
hereunder to determine or prepare any Additional Form 10-D Disclosure except as
set forth in the next paragraph.

     (f) As set forth in Exhibit Q-1 hereto, for so long as the Issuing Entity
is subject to the reporting requirements of the Exchange Act, within five (5)
calendar days after the related Distribution Date (i) each party listed on
Exhibit Q-1 hereto shall be required to provide to the Depositor and the
Securities Administrator, to the extent known, in EDGAR-compatible format or in
such other format as agreed upon by the Securities Administrator and such party,
the form and substance of any Additional Form 10-D Disclosure if applicable
together with an Additional Disclosure Notification, and (ii) the Depositor will
approve, as to form and substance, or disapprove, as the case may be, the
inclusion of the Additional Form 10-D Disclosure on Form 10-D. The Securities
Administrator has no duty under this Agreement to monitor or enforce the
performance by the parties listed on Exhibit Q-1 of their duties under this
paragraph or

                                      -92-

<PAGE>

proactively solicit or procure from such parties any Additional Form 10-D
Disclosure Information. The Depositor will be responsible for any reasonable
fees and expenses incurred by the Securities Administrator in connection with
including any Additional Form 10-D Disclosure on Form 10-D pursuant to this
paragraph.

     (g) After preparing the Form 10-D, the Securities Administrator shall, upon
request, forward electronically a copy of the Form 10-D to the Depositor
(provided that such Form 10-D includes any Additional Form 10-D Disclosure).
Within two Business Days after receipt of such copy, but no later than the 12th
calendar day after the Distribution Date, the Depositor shall notify the
Securities Administrator in writing (which may be furnished electronically) of
any changes to or approval of such Form 10-D. In the absence of receipt of any
written changes or approval, or if the Depositor does not request a copy of a
Form 10-D, the Securities Administrator shall be entitled to assume that such
Form 10-D is in final form and the Securities Administrator may proceed with the
process for execution and filing of the Form 10-D. A duly authorized
representative of the Master Servicer shall sign each Form 10-D. If a Form 10-D
cannot be filed on time or if a previously filed Form 10-D needs to be amended,
the Securities Administrator will follow the procedures set forth in Section
3.18(n). Promptly (but not later than one Business Day) after filing with the
Commission, the Securities Administrator will make available on its internet
website a final executed copy of each Form 10-D prepared and filed by the
Securities Administrator. Form 10-D requires the registrant to indicate (by
checking "yes" or "no") that it "(1) has filed all reports required to be filed
by Section 13 or 15(d) of the Exchange Act during the preceding 12 months (or
for such shorter period that the registrant was required to file such reports),
and (2) has been subject to such filing requirements for the past 90 days." The
Depositor hereby represents to the Securities Administrator that the Depositor
has filed all such required reports during the preceding 12 months and that it
has been subject to such filing requirement for the past 90 days. The Depositor
shall notify the Securities Administrator in writing, no later than the fifth
calendar day after the related Distribution Date with respect to the filing of a
report on Form 10-D, if the answer to the questions should be "no." The
Securities Administrator shall be entitled to rely on such representations in
preparing, executing and/or filing any such Form 10-D. The parties to this
Agreement acknowledge that the performance by the Master Servicer and the
Securities Administrator of its respective duties under this Section 3.18
related to the timely preparation, execution and filing of Form 10-D is
contingent upon the other parties hereto strictly observing all applicable
deadlines in the performance of their duties under this Section 3.18. The
Depositor acknowledges that the performance by the Master Servicer and the
Securities Administrator of its duties under this Section 3.18 related to the
timely preparation, execution and filing of Form 10-D is also contingent upon
the Servicers, the Custodian and any Servicing Function Participant strictly
observing deadlines no later than those set forth in this paragraph that are
applicable to the parties to this Agreement in the delivery to the Securities
Administrator of any necessary Additional Form 10-D Disclosure pursuant to the
related Servicing Agreements, the Custodial Agreement or any other applicable
agreement. Neither the Master Servicer nor the Securities Administrator will
have any liability for any loss, expense, damage or claim arising out of or with
respect to any failure to properly prepare, execute and/or timely file such Form
10-D resulting from the Securities Administrator'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.

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<PAGE>

     (h) On or prior to the 90th calendar day after the end of the fiscal year
for the Issuing Entity or such earlier date as may be required by the Exchange
Act (the "10-K Filing Deadline") (it being understood that the fiscal year for
the Issuing Entity ends on December 31st of each year) commencing in March 2008,
the Securities Administrator 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, as applicable, to the extent they
have been delivered to the Securities Administrator within the applicable time
frames set forth in this Agreement, the related Servicing Agreements and
Custodial Agreement: (i) an annual compliance statement for the Master Servicer,
each Servicer, the Securities Administrator and any Servicing Function
Participant engaged by any such party (together with the Custodian, each a
"Reporting Servicer"), as described in Section 3.16 of this Agreement, the
related Servicing Agreement and the Custodial Agreement; provided, however, that
the Securities Administrator, at its discretion, may omit from the Form 10-K any
annual compliance statement that is not required to be filed with such Form 10-K
pursuant to Regulation AB; (ii)(A) the annual reports on assessment of
compliance with Servicing Criteria for each Reporting Servicer (unless the
Depositor has determined that such compliance statement is not required by
Regulation AB), as described in Section 3.17 of this Agreement, the related
Servicing Agreement and the Custodial Agreement, and (B) if any Reporting
Servicer's report on assessment of compliance with Servicing Criteria described
in Section 3.17 identifies any material instance of noncompliance, disclosure
identifying such instance of noncompliance, or if any Reporting Servicer's
report on assessment of compliance with Servicing Criteria described in Section
3.17 of this 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; provided, however, that the Securities Administrator, at its
discretion, may omit from the Form 10-K any assessment of compliance or
attestation report described in clause (iii) below that is not required to be
filed with such Form 10-K pursuant to Regulation AB; (iii)(A) the registered
public accounting firm attestation report for each Reporting Servicer, as
described in Section 3.17 of this Agreement, the related Servicing Agreement and
the Custodial Agreement, and (B) if any registered public accounting firm
attestation report described under Section 3.17 of this 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 L,
executed by the senior officer in charge of securitizations of the Master
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 reported by the parties as set forth in Exhibit Q-2 to the Depositor
and the Securities Administrator and directed and approved by the Depositor
pursuant to the following paragraph and the Securities Administrator will have
no duty or liability for any failure hereunder to determine or prepare any
Additional Form 10-K Disclosure except or set forth in the next paragraph.

     (i) As set forth in Exhibit Q-2 hereto, no later than March 1 (with a ten
calendar day cure period) of each year that the Issuing Entity is subject to the
Exchange Act reporting requirements, commencing in March 2008, (i) the parties
listed on Exhibit Q-2 hereto shall be required to provide to the Depositor and
the Securities Administrator, to the extent known, in EDGAR-compatible format or
in such other format as agreed upon by the Securities

                                      -94-

<PAGE>

Administrator and such party, the form and substance of any Additional Form 10-K
Disclosure, if applicable together with an Additional Disclosure Notification,
and (ii) the Depositor will approve, as to form and substance, or disapprove, as
the case may be, the inclusion of the Additional Form 10-K Disclosure and shall
forward such Additional Form 10-K Disclosure. The Securities Administrator has
no duty under this Agreement to monitor or enforce the performance by the
parties listed on Exhibit Q-2 of their duties under this paragraph or
proactively solicit or procure from such parties any Additional Form 10-K
Disclosure Information. The Depositor will be responsible for any reasonable
fees and expenses incurred by the Securities Administrator in connection with
including any Additional Form 10-K Disclosure on Form 10-K pursuant to this
paragraph.

     (j) After preparing the Form 10-K, the Securities Administrator shall, upon
request, forward electronically a copy of the Form 10-K to the Depositor. Within
three Business Days after receipt of such copy, but no later than March 25th,
the Depositor shall notify the Securities Administrator in writing (which may be
furnished electronically) of any changes to or approval of such Form 10-K. In
the absence of receipt of any written changes or approval, or if the Depositor
does not request a copy of a Form 10-K, the Securities Administrator shall be
entitled to assume that such Form 10-K is in final form and the Securities
Administrator may proceed with the process for execution and filing of the Form
10-K. A senior officer of the Master Servicer in charge of the master servicing
function shall sign the Form 10-K. If a Form 10-K cannot be filed on time or if
a previously filed Form 10-K needs to be amended, the Securities Administrator
will follow the procedures set forth in Section 3.18(n). Promptly (but no later
than one Business Day) after filing with the Commission, the Securities
Administrator will make available on its internet website a final executed copy
of each Form 10-K prepared and filed by the Securities Administrator. Form 10-K
requires the registrant to indicate (by checking "yes" or "no") that it "(1) has
filed all reports required to be filed by Section 13 or 15(d) of the Exchange
Act during the preceding 12 months (or for such shorter period that the
registrant was required to file such reports), and (2) has been subject to such
filing requirements for the past 90 days." The Depositor hereby represents to
the Securities Administrator that the Depositor has filed all such required
reports during the preceding 12 months and that it has been subject to such
filing requirement for the past 90 days. The Depositor shall notify the
Securities Administrator in writing, no later than the 15th calendar day of
March in any year in which the Trust is subject to the reporting requirements of
the Exchange Act, if the answer to the questions should be "no." The Securities
Administrator shall be entitled to rely on such representations in preparing,
executing and/or filing any such Form 10-D. The parties to this Agreement
acknowledge that the performance by the Master Servicer and the Securities
Administrator of its duties under this Section 3.18 related to the timely
preparation, execution and filing of Form 10-K is contingent upon such parties
(and any Servicing Function Participant) strictly observing all applicable
deadlines in the performance of their duties under this Section 3.18, Section
3.16 and Section 3.17. The Depositor acknowledges that the performance by the
Master Servicer and the Securities Administrator of its duties under this
Section 3.18 related to the timely preparation, execution and filing of Form
10-K is also contingent upon the Servicers, the Custodian and any Servicing
Function Participant strictly observing deadlines no later than those set forth
in this paragraph that are applicable to the parties to this Agreement in the
delivery to the Securities Administrator of any necessary Additional Form 10-K
Disclosure, any annual statement of compliance and any assessment of compliance
and attestation pursuant to the related Servicing Agreement, the Custodial
Agreement or any other applicable agreement. Neither the Master

                                      -95-

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Servicer nor the Securities Administrator shall have any liability for any loss,
expense, damage or claim arising out of or with respect to any failure to
properly prepare, execute and/or timely file such Form 10-K resulting from the
Securities Administrator's inability or failure to obtain or receive any
information from any other party hereto or any Servicer, Custodian or Servicing
Function Participant needed to prepare, execute or file such Form 10-K.

     (k) Each Form 10-K shall include a Sarbanes-Oxley Certification, which
shall be in the form attached hereto as Exhibit L. Each Servicer shall sign and
provide, and each of the Servicers, the Master Servicer and the Securities
Administrator shall cause any Servicing Function Participant engaged by it to
sign and provide, to the person who signs the Sarbanes-Oxley Certification (the
"Certifying Person") by March 1 (with a ten day cure period) of each year in
which the Issuing Entity is subject to the reporting requirements of the
Exchange Act and otherwise within a reasonable period of time upon request, a
certification (a "Back-Up Certification") (in the form attached hereto as
Exhibit M) upon which the Certifying Person, the entity for which the Certifying
Person acts as an officer and such entity's officers, directors and affiliates
(collectively, with the Certifying Person, the "Certification Parties") can
reasonably rely. The senior officer of the Master Servicer in charge of the
master servicing function shall serve as the Certifying Person on behalf of the
Issuing Entity. Such officer of the Certifying Person can be contacted by e-mail
at cts.sec.notifications@wellsfargo.com or by facsimile at 410-715-2380. In the
event any such party or Servicing Function Participant engaged by any such party
is terminated or resigns pursuant to the terms of this Agreement, or any other
applicable agreement, as the case may be, such party shall provide a Back-Up
Certification to the Master Servicer pursuant to this Section 3.18 with respect
to the period of time it was subject to this Agreement or any other applicable
agreement, as the case may be. Notwithstanding the foregoing, (i) the Master
Servicer and the Securities Administrator shall not be required to deliver a
Back-Up Certification to each other if both are the same Person and the Master
Servicer is the Certifying Person and (ii) the Master Servicer shall not be
obligated to sign the Sarbanes-Oxley Certification in the event that it does not
receive any Back-Up Certification required to be furnished to it pursuant to
this section or any Servicing Agreement or Custodial Agreement.

     (l) The Securities Administrator shall have no responsibility to file any
items with the Commission other than those specified in this section and the
Master Servicer shall execute any and all Form 10-Ds, 8-Ks and 10-Ks required
hereunder.

     (m) On or prior to January 30 of the first year in which the Securities
Administrator is able to do so under applicable law, the Securities
Administrator shall prepare and file a Form 15 Suspension Notification relating
to the automatic suspension of reporting in respect of the Issuing Entity under
the Exchange Act.

     (n) In the event that the Securities Administrator is unable to timely file
with the Commission all or any required portion of any Form 8-K, 10-D or 10-K
required to be filed by this Agreement because required disclosure information
was either not delivered to it or delivered to it after the delivery deadlines
set forth in this Agreement or for any other reason, the Securities
Administrator will promptly notify electronically the Depositor of such
inability to make a timely filing with the Commission. In the case of Form 10-D
and 10-K, the parties to this Agreement will cooperate to prepare and file a
Form 12b-25 and a 10-D/A and 10K/A, as applicable, pursuant to Rule 12b-25 of
the Exchange Act. In the case of Form 8-K, the Securities

                                      -96-

<PAGE>

Administrator will, upon receipt of all required Form 8-K Disclosure Information
and upon the approval and direction of the Depositor, include such disclosure
information on the next succeeding Form 10-D to be filed for the Issuing Entity.
In the event that any previously filed Form 8-K, 10-D or 10-K needs to be
amended, in connection with any Additional Form 10-D Disclosure (other than, in
the case of Form 10-D, for the purpose of restating any Monthly Statement),
Additional Form 10-K Disclosure or Form 8-K Disclosure Information, the
Securities Administrator will electronically notify the Depositor and such other
parties to the transaction as are affected by such amendment, and such parties
will cooperate to prepare any necessary 8-K/A, 10-D/A or 10-K/A. Any Form 15,
Form 12b-25 or any amendment to Form 8-K, 10-D or 10-K shall be signed by duly
authorized representative or a senior officer in charge of master servicing, as
applicable, of the Master Servicer. The parties to this Agreement acknowledge
that the performance by the Master Servicer of its duties under this Section
3.18 related to the timely preparation, execution and filing of Form 15, a Form
12b-25 or any amendment to Form 8-K, 10-D or 10-K is contingent upon each such
party performing its duties under this Section. Neither the Master Servicer nor
the Securities Administrator shall have any liability for any loss, expense,
damage or claim arising out of or with respect to any failure to properly
prepare, execute and/or timely file any such Form 15, Form 12b-25 or any
amendments to Forms 8-K, 10-D or 10-K, where such failure results from the
Securities Administrator's inability or failure to receive, on a timely basis,
any information from any other party hereto or any Servicer, any Custodian or
any Servicing Function Participant needed to prepare, arrange for execution or
file such Form 15, Form 12b-25 or any amendments to Forms 8-K, 10-D or 10-K.

     (o) The Depositor and the Securities Administrator agree to use their good
faith efforts to cooperate in complying with the requirements of this Section
3.18.

     (p) Each of the parties agrees to provide to the Securities Administrator
such additional information related to such party as the Securities
Administrator may reasonably request, including evidence of the authorization of
the person signing any certificate or statement, financial information and
reports, and such other information related to such party or its performance
hereunder.

     (q) Any notice or notification required to be delivered by the Securities
Administrator or Master Servicer to the Depositor pursuant to this Section 3.18,
may be delivered via facsimile to (212) 449-2700, via email to paul_park@ml.com
or telephonically by calling Paul Park at (212) 449-6380.

     Section 3.19 Compliance with Regulation AB. Each of the parties hereto
acknowledges and agrees that the purpose of Sections 3.16, 3.17 and 3.18 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 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 Depositor for delivery of additional or different information as the
Depositor may determine in good faith is necessary to comply with the provisions
of Regulation AB. Any such supplementation or modification shall be made in
accordance with Section 11.02 without the consent of the

                                      -97-

<PAGE>

Certificateholders, and may result in a change in the reports filed by the
Securities Administrator on behalf of the Issuing Entity under the Exchange Act.

     Section 3.20 Servicing Rights Owner. At the Servicing Rights Owner's
request, PHH or Wilshire Credit Corporation, as applicable, shall resign as
Servicer of the loans serviced by Wilshire Credit Corporation or the PHH
Mortgage Loans, as applicable, upon the selection and appointment of a successor
servicer by the Servicing Rights Owner; provided that the Servicing Rights Owner
delivers to the Master Servicer, the Trustee and the Securities Administrator a
letter indicating that such successor servicer designated by the Servicing
Rights Owner meets the eligibility requirements for a successor servicer,
including that such successor servicer is a Qualified Servicer. No appointment
of a successor servicer hereunder shall be effective until the Master Servicer
shall have consented thereto. Upon such appointment, at the date specified in
such letter such successor servicer will become a servicer pursuant to the terms
of this Agreement. 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, the Securities Administrator
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 PHH or Wilshire Credit
Corporation, as applicable, 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.

                                   ARTICLE IV
                                    ACCOUNTS

     Section 4.01 Protected Accounts.

     (a) The Master Servicer shall enforce the obligation of each Servicer to
establish and maintain a Protected Account in accordance with the applicable
Servicing Agreement, with records to be kept with respect thereto on a Mortgage
Loan by Mortgage Loan basis, into which accounts shall be deposited within two
Business Days (or as of such other time specified in the related Servicing
Agreement) of receipt all collections of principal and interest on any Mortgage
Loan and with respect to any REO Property received by a Servicer, including
Principal Prepayments, Insurance Proceeds, Liquidation Proceeds, Subsequent
Recoveries and advances made from the Servicer's own funds (less servicing
compensation as permitted by the applicable Servicing Agreement in the case of
the Servicer) and all other amounts to be deposited in the Protected Account.
The Servicer is hereby authorized to make withdrawals from and deposits to the
related Protected Account for purposes required or permitted by this Agreement.
To the extent provided in the related Servicing Agreement, the Protected Account
shall be held in a Designated Depository Institution and segregated on the books
of such institution in the name of the Trustee for the benefit of
Certificateholders.

     (b) To the extent provided in the related Servicing Agreement, amounts on
deposit in a Protected Account may be invested in Permitted Investments in the
name of the Trustee for the benefit of Certificateholders and, except as
provided in the preceding paragraph, not commingled with any other funds, such
Permitted Investments to mature, or to be subject to redemption or withdrawal,
no later than the date on which such funds are required to be withdrawn for
deposit

                                      -98-

<PAGE>

in the Master Servicer Collection Account, and shall be held until required for
such deposit. The income earned from Permitted Investments made pursuant to this
Section 4.01 shall be paid to the related Servicer under the applicable
Servicing Agreement, and the risk of loss of moneys required to be distributed
to the Certificateholders resulting from such investments shall be borne by and
be the risk of the related Servicer, as set forth in the applicable Servicing
Agreement. The related Servicer (to the extent provided in the related Servicing
Agreement) shall deposit the amount of any such loss in the Protected Account
within two Business Days of receipt of notification of such loss but not later
than the second Business Day prior to the Distribution Date on which the moneys
so invested are required to be distributed to the Certificateholders.

     (c) To the extent provided in the related Servicing Agreement and subject
to this Article IV, on or before each Servicer Remittance Date, the related
Servicer shall withdraw or shall cause to be withdrawn from the Protected
Accounts and shall immediately deposit or cause to be deposited in the Master
Servicer Collection Account amounts representing the following collections and
payments (other than with respect to principal of or interest on the Mortgage
Loans due on or before the Cut-off Date) with respect to each Loan Group:

          (i) Monthly Payments on the Mortgage Loans received or any related
     portion thereof advanced by such Servicer pursuant to the related Servicing
     Agreement which were due on or before the related Due Date, net of the
     amount thereof comprising the Servicing Fees;

          (ii) Principal Prepayments in Full and any Liquidation Proceeds
     received by such Servicer with respect to such Mortgage Loans in the
     related Prepayment Period, with interest to the date of prepayment or
     liquidation, net of the amount thereof comprising the Servicing Fees;

          (iii) Curtailments received by such Servicer for such Mortgage Loans
     in the related Prepayment Period; and

          (iv) Any amount to be used as a Monthly Advance.

     (d) Withdrawals by the Master Servicer may be made from an Account only to
make remittances as provided in Section 4.01(c), 4.02 and 4.03; to reimburse the
Master Servicer or a Servicer for Monthly Advances which have been recovered by
subsequent collection from the related Mortgagor; to remove amounts deposited in
error; to remove fees, charges or other such amounts deposited on a temporary
basis; or to clear and terminate the account at the termination of this
Agreement in accordance with Section 10.01. As provided in Sections 4.01(c) and
4.02(b) certain amounts otherwise due to the Servicers may be retained by them
as set forth in the related Servicing Agreements and need not be deposited in
the Master Servicer Collection Account.

     Section 4.02 Master Servicer Collection Account.

     (a) The Master Servicer shall establish and maintain in the name of the
Trustee, for the benefit of the Certificateholders, the Master Servicer
Collection Account as a segregated trust account or accounts. The Master
Servicer Collection Account may be a sub-account of the Distribution Account.
The Master Servicer will deposit in the Master Servicer Collection

                                      -99-

<PAGE>

Account as identified by the Master Servicer and as received by the Master
Servicer, the following amounts:

          (i) Any amounts withdrawn from a Protected Account or other permitted
     account;

          (ii) Any Monthly Advance and any Compensating Interest Payments;

          (iii) Any Insurance Proceeds, Liquidation Proceeds or Subsequent
     Recoveries received by or on behalf of the Master Servicer or which were
     not deposited in a Protected Account or other permitted account;

          (iv) The repurchase price with respect to any Mortgage Loans
     repurchased and all proceeds of any Mortgage Loans or property acquired in
     connection with the optional termination of the trust;

          (v) Any amounts required to be deposited with respect to losses on
     investments of deposits in an Account; and

          (vi) Any other amounts received by or on behalf of the Master Servicer
     and required to be deposited in the Master Servicer Collection Account
     pursuant to this Agreement.

     (b) All amounts deposited to the Master Servicer Collection Account shall
be held by the Master Servicer in the name of the Trustee in trust for the
benefit of the Certificateholders in accordance with the terms and provisions of
this Agreement. The requirements for crediting the Master Servicer Collection
Account or the Distribution Account shall be exclusive, it being understood and
agreed that, without limiting the generality of the foregoing, payments in the
nature of (i) prepayment or late payment charges or assumption, tax service,
statement account or payoff, substitution, satisfaction, release and other like
fees and charges and (ii) the items enumerated in Subsections 4.05(a)(i), (ii),
(iii), (iv), (vi), (vii), (viii), (ix), (xi) and (xii) with respect to the
Securities Administrator, need not be credited by the Master Servicer or the
related Servicer to the Distribution Account or the Master Servicer Collection
Account, as applicable. In the event that the Master Servicer shall deposit or
cause to be deposited to the Distribution Account any amount not required to be
credited thereto, the Securities Administrator, upon receipt of a written
request therefor signed by a Servicing Officer of the Master Servicer, shall
promptly transfer such amount to the Master Servicer from the Distribution
Account, any provision herein to the contrary notwithstanding.

     (c) The amount at any time credited to the Master Servicer Collection
Account shall be invested, in the name of the Trustee, or its nominee, for the
benefit of the Certificateholders, in Permitted Investments as directed by
Master Servicer. All Permitted Investments shall mature or be subject to
redemption or withdrawal on or before, and shall be held until, the next
succeeding Distribution Account Deposit Date. Any and all investment earnings on
amounts on deposit in the Master Servicer Collection Account from time to time
shall be for the account of the Master Servicer. The Master Servicer from time
to time shall be permitted to withdraw or receive distribution of any and all
investment earnings from the Master Servicer Collection Account. The risk of
loss of moneys required to be distributed to the Certificateholders resulting

                                     -100-

<PAGE>

from such investments shall be borne by and be the risk of the Master Servicer.
The Master Servicer shall deposit the amount of any such loss in the Master
Servicer Collection Account within two Business Days of receipt of notification
of such loss but not later than the second Business Day prior to the
Distribution Date on which the moneys so invested are required to be distributed
to the Certificateholders.

     Section 4.03 Permitted Withdrawals and Transfers from the Master Servicer
Collection Account.

     (a) The Master Servicer will, from time to time on demand of the Master
Servicer, the Trustee or the Securities Administrator, make or cause to be made
such withdrawals or transfers from the Master Servicer Collection Account as the
Master Servicer has designated for such transfer or withdrawal pursuant to the
Servicing Agreements. The Master Servicer may clear and terminate the Master
Servicer Collection Account pursuant to Section 10.01 and remove amounts from
time to time deposited in error.

     (b) On an ongoing basis, the Master Servicer shall withdraw from the Master
Servicer Collection Account (i) any expenses recoverable by the Trustee, the
Master Servicer or the Securities Administrator pursuant to this Agreement,
including but not limited to Sections 2.01(b), 3.03, 7.04 and 9.05 and (ii) any
amounts payable to the Master Servicer as set forth in Section 3.14.

     (c) In addition, on or before each Distribution Account Deposit Date, the
Master Servicer shall deposit in the Distribution Account (or remit to the
Securities Administrator for deposit therein) any Monthly Advances required to
be made by the Master Servicer with respect to the Mortgage Loans.

     (d) No later than 3:00 p.m. New York time on each Distribution Account
Deposit Date, the Master Servicer will transfer all Available Funds on deposit
in the Master Servicer Collection Account with respect to the related
Distribution Date to the Securities Administrator for deposit in the
Distribution Account.

     Section 4.04 Distribution Account.

     (a) The Securities Administrator shall establish and maintain in the name
of the Trustee, for the benefit of the Certificateholders, the Distribution
Account as a segregated trust account or accounts.

     (b) All amounts deposited to the Distribution Account shall be held by the
Securities Administrator in the name of the Trustee in trust for the benefit of
the Certificateholders in accordance with the terms and provisions of this
Agreement.

     (c) The Distribution Account shall constitute a trust account of the Trust
Fund segregated on the books of the Securities Administrator and held by the
Securities Administrator in trust in its Corporate Trust Office, and the
Distribution Account and the funds deposited therein shall not be subject to,
and shall be protected to the maximum extent permitted by applicable law from,
all claims, liens, and encumbrances of any creditors or depositors of the
Securities Administrator, the Trustee or the Master Servicer (whether made
directly, or indirectly

                                     -101-

<PAGE>

through a liquidator or receiver of the Securities Administrator, the Trustee or
the Master Servicer). The Distribution Account shall be an Eligible Account. The
amount at any time credited to the Distribution Account shall be (i) fully
insured by the FDIC to the maximum coverage provided thereby or (ii) invested in
the name of the Trustee, in such Permitted Investments selected by the Master
Servicer or deposited in demand deposits with such depository institutions as
selected by the Master Servicer, provided that time deposits of such depository
institutions would be a Permitted Investment. All Permitted Investments shall
mature or be subject to redemption or withdrawal on or before, and shall be held
until, the next succeeding Distribution Date if the obligor for such Permitted
Investment is the Master Servicer or, if such obligor is any other Person, the
Business Day preceding such Distribution Date. All investment earnings on
amounts on deposit in the Distribution Account or benefit from funds uninvested
therein from time to time shall be for the account of the Securities
Administrator. The Securities Administrator shall be permitted to withdraw or
receive distribution of any and all investment earnings from the Distribution
Account on each Distribution Date. If there is any loss on a Permitted
Investment or demand deposit, the Securities Administrator shall deposit such
amount in the Distribution Account. With respect to the Distribution Account and
the funds deposited therein, the Securities Administrator shall take such action
as may be necessary to ensure that the Certificateholders shall be entitled to
the priorities afforded to such a trust account (in addition to a claim against
the estate of the Trust) as provided by 12 U.S.C. Section 92a(e), and applicable
regulations pursuant thereto, if applicable, or any applicable comparable state
statute applicable to state chartered banking corporations.

     Section 4.05 Permitted Withdrawals and Transfers from the Distribution
Account.

     (a) The Securities Administrator will, from time to time on demand of the
Master Servicer, make or cause to be made such withdrawals or transfers from the
Distribution Account as the Master Servicer has designated for such transfer or
withdrawal pursuant to the Servicing Agreements for the following purposes
(limited in the case of amounts due the Master Servicer to those not withdrawn
from the Master Servicer Collection Account in accordance with the terms of this
Agreement):

          (i) to reimburse the Master Servicer or any Servicer for any Monthly
     Advance of its own funds or any advance of such Servicer's own funds, the
     right of the Master Servicer or a Servicer to reimbursement pursuant to
     this subclause (i) being limited to amounts received on a particular
     Mortgage Loan (including, for this purpose, the Purchase Price therefor,
     Insurance Proceeds and Liquidation Proceeds) which represent late payments
     or recoveries of the principal of or interest on such Mortgage Loan
     respecting which such Monthly Advance or advance was made;

          (ii) to reimburse the Master Servicer or any Servicer from Insurance
     Proceeds or Liquidation Proceeds relating to a particular Mortgage Loan for
     amounts expended by the Master Servicer or such Servicer in good faith as a
     Servicing Advance in connection with the restoration of the related
     Mortgaged Property which was damaged by an Uninsured Cause or in connection
     with the liquidation of such Mortgage Loan;

          (iii) to reimburse the Master Servicer or any Servicer from Insurance
     Proceeds relating to a particular Mortgage Loan for insured expenses
     incurred with respect to such

                                     -102-

<PAGE>

     Mortgage Loan and to reimburse the Master Servicer or such Servicer from
     Liquidation Proceeds from a particular Mortgage Loan for Liquidation
     Expenses incurred with respect to such Mortgage Loan; provided that the
     Master Servicer shall not be entitled to reimbursement for Liquidation
     Expenses with respect to a Mortgage Loan to the extent that (i) any amounts
     with respect to such Mortgage Loan were paid as Excess Liquidation Proceeds
     pursuant to clause (xi) of this Subsection 4.03 (a) to the Master Servicer;
     and (ii) such Liquidation Expenses were not included in the computation of
     such Excess Liquidation Proceeds;

          (iv) to pay the Master Servicer or any Servicer, as appropriate, from
     Liquidation Proceeds or Insurance Proceeds received in connection with the
     liquidation of any Mortgage Loan, the amount which it or such Servicer
     would have been entitled to receive under subclause (ix) of this Subsection
     4.03(a) as servicing compensation on account of each defaulted scheduled
     payment on such Mortgage Loan if paid in a timely manner by the related
     Mortgagor;

          (v) to pay the Master Servicer or any Servicer from the Purchase Price
     for any Mortgage Loan, the amount which it or such Servicer would have been
     entitled to receive under subclause (ix) of this Subsection 4.03 (a) as
     servicing compensation;

          (vi) to reimburse the Master Servicer or any Servicer for advances of
     funds pursuant to Sections, and the right to reimbursement pursuant to this
     subclause being limited to amounts received on the related Mortgage Loan
     (including, for this purpose, the Purchase Price therefor, Insurance
     Proceeds and Liquidation Proceeds) which represent late recoveries of the
     payments for which such advances were made;

          (vii) to reimburse the Master Servicer or any Servicer for any Monthly
     Advance or advance, after a Realized Loss has been allocated with respect
     to the related Mortgage Loan if the Monthly Advance or advance has not been
     reimbursed pursuant to clauses (i) and (vi);

          (viii) to pay the Master Servicer as set forth in Section 3.14;

          (ix) to reimburse the Master Servicer for expenses, costs and
     liabilities incurred by and reimbursable to it pursuant to this Agreement,
     including but not limited to Sections 3.03, 7.04(c) and (d);

          (x) to pay to the Master Servicer, as additional servicing
     compensation, any Excess Liquidation Proceeds to the extent not retained by
     the related Servicer;

          (xi) to reimburse or pay any Servicer any such amounts as are due
     thereto under the applicable Servicing Agreement and have not been retained
     by or paid to the Servicer, to the extent provided in the related Servicing
     Agreement;

          (xii) to reimburse the Trustee or the Securities Administrator for
     expenses, costs and liabilities incurred by or reimbursable to it pursuant
     to this Agreement;

          (xiii) to remove amounts deposited in error; and

                                      -103-

<PAGE>

          (xiv) to clear and terminate the Distribution Account pursuant to
     Section 9.01.

     (b) The Master Servicer shall keep and maintain separate accounting, on a
Mortgage Loan by Mortgage Loan basis, for the purpose of accounting for any
reimbursement from the Distribution Account pursuant to subclauses (i) through
(vi), inclusive, and (viii) or with respect to any such amounts which would have
been covered by such subclauses had the amounts not been retained by the Master
Servicer without being deposited in the Distribution Account under Section
4.02(b).

     (c) On each Distribution Date, the Securities Administrator shall
distribute the Available Funds for each Loan Group to the Holders of the
Certificates in accordance with Section 6.01.

                                    ARTICLE V
                                  CERTIFICATES

     Section 5.01 The Certificates. The Certificates shall be executed by manual
or facsimile signature on behalf of the Securities Administrator 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 Securities Administrator 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 Securities Administrator 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 Securities Administrator shall authenticate the
Certificates to be issued at the written direction of the Depositor, or any
Affiliate thereof.

     Section 5.02 Certificate Register; Registration of Transfer and Exchange of
Certificates.

     (a) The Securities Administrator shall maintain, or cause to be maintained
in accordance with the provisions of Section 5.09 hereof, a Certificate Register
for the Trust Fund in which, subject to the provisions of subsections (b) and
(c) below and to such reasonable regulations as it may prescribe, the Securities
Administrator 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 Securities Administrator 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 Securities Administrator. Whenever any
Certificates are so surrendered for exchange, the Securities Administrator shall
execute, authenticate and deliver the Certificates that the

                                     -104-

<PAGE>

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
Securities Administrator 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 the Securities Administrator in
accordance with such Securities Administrator's customary procedures.

     (b) 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.) each certify to each Securities Administrator in writing the facts
surrounding the Transfer in substantially the form set forth in Exhibit F-1 (the
"Transferor Representation Letter") and (i) deliver a letter in substantially
the form of either Exhibit F-2 (the "Investor Representation Letter") or Exhibit
F-3 (the "Rule 144A Letter") or (ii) there shall be delivered to the Securities
Administrator 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 Securities Administrator. 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
Securities Administrator 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 Securities
Administrator 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 Securities Administrator 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.

     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 Securities Administrator 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 Agreement, 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.

                                     -105-

<PAGE>

     No transfer of an ERISA Restricted Certificate or a Class R Certificate
will be registered unless the Securities Administrator 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")
(collectively, a "Plan"), and is not directly or indirectly acquiring such
Certificate for, on behalf of, or with any assets of any such Plan, or (B)
solely in the case of an ERISA Restricted Certificate (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 contained in 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 a
Definitive Certificate, an Opinion of Counsel satisfactory to the Securities
Administrator, and upon which the Securities Administrator 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 Securities Administrator, the Master Servicer, the Trustee 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 Securities
Administrator, the Master Servicer, the Trustee 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(b),
other than clause (B)(II) in the immediately preceding paragraph, shall be
deemed to have been made to the Securities Administrator by the transferee's
acceptance of a Certificate (or the acceptance by a Certificate Owner of the
beneficial interest in any Class of Certificate).

     Notwithstanding any other provision herein to the contrary, any purported
transfer of a Certificate or a Class R Certificate to or on behalf of a Plan
without the delivery to the Securities Administrator of a representation or an
Opinion of Counsel satisfactory to the Securities Administrator as described
above shall be void and of no effect. The Securities Administrator 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(b), nor shall the
Trustee or the Securities Administrator 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 Securities Administrator in
accordance with the foregoing requirements. The Trustee or the Securities
Administrator 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(b) 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.

     (c) 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:

                                     -106-

<PAGE>

          (i) Each Person holding or acquiring any Ownership Interest in a Class
     R Certificate shall be a Permitted Transferee and shall promptly notify the
     Securities Administrator 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
     Securities Administrator shall not register the Transfer of any Class R
     Certificate unless, in addition to the certificates required to be
     delivered to the Securities Administrator under subparagraph (b) above, the
     Securities Administrator shall have been furnished with an affidavit (a
     "Transferee's Letter") of the initial owner or the proposed transferee in
     the form attached hereto as Exhibit E-1 and an affidavit (a "Transferor
     Certificate") 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
     Transferee's Letter may be left blank. If the transferor requests by
     written notice to the Securities Administrator prior to the date of the
     proposed transfer that one of the two other forms of declaration (11) in
     Appendix A of the Transferee's Letter be used, then the requirements of
     this Section 5.02(c)(ii) shall not have been satisfied unless the
     Transferee's Letter 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 Transferee's Letter from
     any other Person to whom such Person attempts to Transfer its Ownership
     Interest in a Class R Certificate, (B) to obtain a Transferee's Letter 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 Securities Administrator with
     a duly completed and effective Internal Revenue Service Form W-8ECI (or any
     successor thereto) and the Securities Administrator consents to such
     transfer, sale or other disposition in writing.

          (iv) Any attempted or purported Transfer of any Ownership Interest in
     a Class R Certificate in violation of the provisions of this Section
     5.02(c) 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(c), 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 Securities Administrator 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(b) and
     this Section 5.02(c) 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 Transferee's Letter. The Securities
     Administrator shall be entitled but not

                                     -107-

<PAGE>

     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 Securities Administrator shall be
     paid and delivered by the Securities Administrator 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 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 Securities Administrator receives a REMIC Opinion 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(b) and (c) will apply to each such
     separate certificate as if the separate certificate were a Class R
     Certificate. If, as evidenced by a REMIC Opinion, 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 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(c) 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 Securities Administrator of an Opinion of Counsel, which
Opinion of Counsel shall not be an expense of the Securities Administrator 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 Securities Administrator, 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.

     (d) The transferor of the Class R Certificate shall notify the Securities
Administrator in writing upon the transfer of the Class R Certificate.

     (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 Securities Administrator.

                                     -108-

<PAGE>

     Section 5.03 Mutilated, Destroyed, Lost or Stolen Certificates. If (a) any
mutilated Certificate is surrendered to the Securities Administrator or the
Securities Administrator 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 Securities Administrator such security or
indemnity as may be required by them to save each of them harmless, then, in the
absence of notice to the Securities Administrator that such Certificate has been
acquired by a bona fide purchaser, the Securities Administrator 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 Securities Administrator 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 Securities Administrator) 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 Securities Administrator under the
terms of this Section 5.03 shall be canceled and destroyed by the Securities
Administrator in accordance with its standard procedures without liability on
its part.

     Section 5.04 Persons Deemed Owners. The Securities Administrator and any
agent of the Securities Administrator 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 neither the Securities Administrator, nor any agent of the
Securities Administrator 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 Securities Administrator, (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 Securities
Administrator, then the Securities Administrator 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 Trust Fund held by the Securities Administrator, if
any. The Depositor and every Certificateholder, by receiving and holding a
Certificate, agree that the Securities Administrator shall not be held
accountable by reason of the disclosure of any such information as to the list
of the Certificateholders hereunder, regardless of the source from which such
information was derived.

     Section 5.06 Book-Entry Certificates. The Regular Certificates, upon
original issuance, shall be issued in the form of one or more typewritten
Certificates representing the Book-Entry Certificates, to be delivered to the
Depository by or on behalf of the Depositor. The 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

                                     -109-

<PAGE>

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 Securities Administrator 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 Securities Administrator 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 Securities Administrator 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.

     Section 5.07 Notices to Depository. Whenever any notice or other
communication is required to be given to Certificateholders of the Class with
respect to which Book-Entry Certificates have been issued, unless and until
Definitive Certificates shall have been issued to the related Certificate
Owners, the Securities Administrator 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 Securities Administrator 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 Securities
Administrator or the Depositor is unable to locate a qualified successor, (b)
the Depositor notifies the Securities Administrator and the Depository of its
intent to terminate the

                                     -110-

<PAGE>

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 Securities Administrator 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 Securities Administrator shall notify
all Certificate Owners of such Book-Entry Certificates, through the Depository,
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 Securities Administrator with an adequate inventory
of certificates to facilitate the issuance and transfer of Definitive
Certificates. Upon surrender to the Securities Administrator of any such
Certificates by the Depository, accompanied by registration instructions from
the Depository for registration, the Securities Administrator shall authenticate
and deliver such Definitive Certificates. Neither the Depositor nor the
Securities Administrator 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 Securities Administrator, to the extent applicable with respect to such
Definitive Certificates and the Securities Administrator shall recognize the
Holders of such Definitive Certificates as Certificateholders hereunder.

     Section 5.09 Maintenance of Office or Agency. The Securities Administrator
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 Securities Administrator initially designates its
offices at Sixth Street and Marquette Avenue, Minneapolis, Minnesota 55479,
Attention: Client Service Manager - Merrill Lynch Alternative Note Asset Trust,
Series 2007-A1 as offices for such purposes. The Securities Administrator will
give prompt written notice to the Certificateholders of any change in such
location of any such office or agency.

                                   ARTICLE VI
                         PAYMENTS TO CERTIFICATEHOLDERS

     Section 6.01 Distributions on the Certificates.

     (a) [Reserved]

     (b) On each Distribution Date, amounts on deposit in the Distribution
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 this
Section 6.01.

                                     -111-

<PAGE>

     On each Distribution Date, the interest distributable with respect to the
Certificates is the interest which has accrued thereon at the then applicable
related Certificate Rate during the related Accrual Period less applicable
related Prepayment Interest Shortfalls, if any.

     All calculations of interest on the Certificates will be made on the basis
of a 360-day year and the actual number of days elapsed in the applicable
Accrual Period.

     (c) On each Distribution Date (or on the related Swap Payment Date, with
respect to payments to the Supplemental Interest Trust), the Interest Funds for
such Distribution Date are required to be distributed in the following order of
priority, until such Interest Funds have been fully distributed:

          (i) to the Class P Certificates, any Prepayment Penalties collected on
     the Prepayment Penalty Mortgage Loans and (A) any amounts paid by the
     Sponsor or the related Servicer in respect of Prepayment Penalties pursuant
     to this Agreement or the related Servicing Agreement and (B) any amounts
     received in respect of any indemnification paid as a result of a Prepayment
     Penalty being unenforceable in breach of the representations and warranties
     set forth in the Mortgage Loan Purchase Agreement received during 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 Senior 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 Senior Certificates,
     Interest Funds will be distributed pro rata among each class of the Senior
     Certificates based upon the ratio of (x) the Current Interest and Interest
     Carry Forward Amount for each class of the Senior Certificates to (y) the
     total amount of Current Interest and any Interest Carry Forward Amount for
     the Senior 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;

                                     -112-

<PAGE>

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

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

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

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

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

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

          (xiv) any remainder pursuant to Section 6.01(g) hereof.

     On each Distribution Date, subject to the proviso in (iv) above, the
Interest Funds received on the Group 1 Mortgage Loans will be deemed to be
distributed to the Class R and Class A-1 Certificates and Interest Funds
received on the Group 2 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 or classes of Senior
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 Senior Certificates that are not
related to such group of Mortgage Loans.

     With respect to any Distribution Date, to the extent that the Prepayment
Interest Shortfall exceeds the Compensating Interest Payment payable by the
Servicers or the Master Servicer, such amount 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.

     (d) [RESERVED]

     (e) On each Distribution Date (or in the case of any Net Swap Payments owed
to the Swap Counterparty, one business day (as defined in the Swap Agreement)
prior to such Distribution Date), the Securities Administrator shall, to the
extent of funds then available, make the following distributions from the
Distribution 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 6.01(c) 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
     6.01(c)(ii);

                                     -113-

<PAGE>

          (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 6.01(c)(iii);

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

               (1) the Group 1 Principal Distribution Amount shall be
     distributed as follows: (I) first, to the Class R Certificate until its
     Class Certificate Balance has been reduced to zero, and second, to the
     Class A-1 Certificates, until the Class Certificate Balance of such Class
     has been reduced to zero; and

               (2) the Group 2 Principal Distribution Amount will be
     distributed, pro rata, based on the Class Certificate Balance for each
     Class of the Class A-2 Certificates, (A) sequentially, to the Class A-2A
     Certificates until the Class Certificate Balance thereof has been reduced
     to zero, then to the Class A-2B Certificates until the Class Certificate
     Balance thereof has been reduced to zero, and then to the Class A-2C
     Certificates until the Class Certificate Balance thereof has been reduced
     to zero, (B) to the Class A-3 Certificates until the Class Certificate
     Balance thereof has been reduced to zero and (C) to the Class A-2D
     Certificates, until the Class Certificate Balance thereof has been reduced
     to zero; provided, however, that on and after the Distribution Date on
     which the aggregate Class Certificate Balance of the Class M, Class B and
     Class C Certificates has been reduced to zero and the Stated Principal
     Balance of the Mortgage Loans is equal to or less than the aggregate Class
     Certificate Balance of the Senior Certificates, any principal distributions
     allocated sequentially (i) first, to the Class A-2A, Class A-2B, Class A-2C
     and Class A-3 Certificates pro rata, among such classes, based on their
     respective Class Certificate Balances, until their Class Certificate
     Balances have been reduced to zero, and then (ii) to the Class A-2D
     Certificates, until its Class Certificate Balance is reduced to zero;

          (iv) to the Class M-1 Certificates, the Class M-1 Principal
     Distribution Amount;

          (v) to the Class M-2 Certificates, the Class M-2 Principal
     Distribution Amount;

          (vi) to the Class M-3 Certificates, the Class M-3 Principal
     Distribution Amount;

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

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

                                     -114-

<PAGE>

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

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

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

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

          (xiii) any remainder pursuant to Section 6.01(g) hereof.

     If on any Distribution Date any Mortgage Group would be an
Undercollateralized Group after distributions on such date, then payments that
would otherwise be made pursuant to clauses (iv) through (xiii) above (such
reallocations to be made first from the most subordinated Class of Certificates)
shall be made to the Senior Certificates of the Undercollateralized Group until
such Loan Group is no longer an Undercollateralized Group.

     (f) [RESERVED]

     (g) On each Distribution Date (or in the case of any Net Swap Payments owed
to the Swap Counterparty, one business day (as defined in the Swap Agreement)
prior to such Distribution Date), the Securities Administrator shall, to the
extent of Interest Funds and Principal Funds then available, make the following
distributions up to the following amounts from the Distribution Account of the
remainders pursuant to Section 6.01(c)(xiv) and (e)(xiii) hereof and each such
distribution shall be made only after all distributions pursuant to Sections
6.01(c) and (e) above shall have been made until such remainders shall have been
fully distributed for such Distribution Date:

          (i) to the Senior Certificates, any amounts due as described in the
     same order of priority as set forth in Section 6.01(c)(iv) to the extent
     unpaid by Interest Funds;

          (ii) to the Subordinate Certificates, any amounts due as described in
     the same order of priority as set forth in Section 6.01(c)(v) through
     (xiii) to the extent unpaid by Interest Funds;

          (iii) the Extra Principal Distribution Amount;

          (iv) to the Class M-1 Certificates, any Unpaid Realized Loss Amount
     for such class;

          (v) to the Class M-2 Certificates, any Unpaid Realized Loss Amount for
     such class;

                                     -115-

<PAGE>

          (vi) to the Class M-3 Certificates, any Unpaid Realized Loss Amount
     for such class;

          (vii) to the Class M-4 Certificates, any Unpaid Realized Loss Amount
     for such class;

          (viii) to the Class M-5 Certificates, any Unpaid Realized Loss Amount
     for such class;

          (ix) to the Class M-6 Certificates, any Unpaid Realized Loss Amount
     for such class;

          (x) to the Class B-1 Certificates, any Unpaid Realized Loss Amount for
     such class;

          (xi) to the Class B-2 Certificates, any Unpaid Realized Loss Amount
     for such class;

          (xii) to the Class B-3 Certificates, any Unpaid Realized Loss Amount
     for such class;

          (xiii) to the Offered 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;

          (xiv) to the Supplemental Interest Trust, any Defaulted Swap
     Termination Payment to the extent not already paid; and

          (xv) the remainder pursuant to Section 6.01(h) hereof.

     (h) on each Distribution Date, the Securities Administrator shall allocate
the remainders pursuant to Section 6.01(g)(xv) as follows:

          (i) 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 Class
     Certificate Balance of the Class C Certificates has been reduced to zero
     and (IV) the Class C Unpaid Realized Loss Amount; and

          (ii) the remainder pursuant to Section 6.01(i) hereof.

     (i) On each Distribution Date, the Securities Administrator shall allocate
the remainder pursuant to Section 6.01(h)(ii) hereof (i) to the Securities
Administrator to reimburse amounts or pay indemnification amounts owing to the
Securities Administrator from the Issuing Entity pursuant to Section 7.03 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.

                                     -116-

<PAGE>

     (j) On each Distribution Date, after giving effect to distributions on such
Distribution Date, the Securities Administrator shall allocate the Realized Loss
Amount for the Certificates to reduce the Class Certificate 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 Class Certificate
     Balance is reduced to zero;

          (ii) to the Class B-3 Certificates until the Class B-3 Class
     Certificate Balance is reduced to zero;

          (iii) to the Class B-2 Certificates until the Class B-2 Class
     Certificate Balance is reduced to zero;

          (iv) to the Class B-1 Certificates until the Class B-1 Class
     Certificate Balance is reduced to zero;

          (v) to the Class M-6 Certificates until the Class M-6 Class
     Certificate Balance is reduced to zero;

          (vi) to the Class M-5 Certificates until the Class M-5 Class
     Certificate Balance is reduced to zero;

          (vii) to the Class M-4 Certificates until the Class M-4 Class
     Certificate Balance is reduced to zero;

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

          (ix) to the Class M-2 Certificates until the Class M-2 Class
     Certificate Balance is reduced to zero; and

          (x) to the Class M-1 Certificates until the Class M-1 Class
     Certificate Balance is reduced to zero.

     (k) Subject to Section 10.02 hereof respecting the final distribution, on
each Distribution Date the Securities Administrator 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 Securities Administrator 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 10.02 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 Master Servicer shall prepare and
deliver an electronic report (the "Remittance Report") to the Securities
Administrator (or by such other

                                     -117-

<PAGE>

means as the Master Servicer and the Securities Administrator may agree from
time to time) containing such data and information as to permit the Securities
Administrator to prepare the Monthly Statement to Certificateholders and make
the required distributions for the related Distribution Date. The Securities
Administrator will prepare the Monthly Report based solely upon the information
received from the Master Servicer, which in turn shall be based on information
from the Servicers and the Cap Contract Counterparty.

     (l) The Supplemental Interest Trust Trustee is hereby directed by the
Depositor to execute the Corridor Contracts on behalf of the Supplemental
Interest Trust 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 Supplemental Interest Trust 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 Supplemental Interest 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 and Class R Certificates,
Class A-2 Certificates and Subordinate Certificates up to the amount of any
Floating Rate Certificate Carryovers remaining after all other distributions
required under this Section 6.01 are made on such Distribution Date, other than
Floating Rate Certificate Carryovers attributable to the fact that Realized Loss
Amounts are not allocated to the Senior 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 and Class R Certificates, Class A-2 Certificates
and Subordinate Certificates, pro rata based upon such Floating Rate Certificate
Carryovers for each such class of Class A-1 and Class R Certificates, Class A-2
Certificates and Subordinate Certificates. Amounts received on the Class A-1
Corridor Contract will only be available to make payments on the Class A-1 and
Class R Certificates, amounts received on the Class A-2 Corridor Contract will
only be available to make payments on the Class A-2 Certificates, and amounts
received on the Subordinate Certificates Corridor Contract will only be
available to make payments on the Subordinate Certificates.

          (i) The Supplemental Interest Trust Trustee shall establish and
     maintain, for the benefit of the Supplemental Interest Trust and the
     Certificateholders, the Corridor Contract Account. On or prior to the
     Corridor Contract Termination Date, amounts, if any, received by the
     Supplemental Interest Trust Trustee for the benefit of the Trust Fund in
     respect of the related Corridor Contract shall be deposited by the
     Supplemental Interest Trust Trustee into the Corridor Contract Account and
     will be used to pay Floating Rate Certificate Carryovers on the related
     Class A-1 and Class R Certificates, Class A-2 Certificates and Subordinate
     Certificates to the extent provided in the immediately preceding paragraph.
     With respect to any Distribution Date on or prior to the 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

                                     -118-

<PAGE>

     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 Class Certificate
     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
     Supplemental Interest Trust under a Corridor Contract and the Securities
     Administrator 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 Securities Administrator's website pursuant to Section 6.03 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 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, the termination of the Trust Fund, the related Corridor
     Contract becoming illegal or subject to certain kinds of taxation and
     certain other events of default and termination events (as further detailed
     in each Corridor Contract).

          (iv) 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 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 Supplemental Interest Trust Trustee shall
establish a Cap/Corridor 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 Corridor
Contracts, the Supplemental Interest Trust Trustee shall, upon receipt of the
Posted Collateral, deposit the Posted Collateral into the Cap/Corridor Posted
Collateral Account and shall hold, release and disburse such collateral in
accordance with the terms and provisions of the Corridor Contracts. Where a
termination event occurs with respect to the Cap Contract Counterparty under the
Corridor Contracts, or where the Cap Contract Counterparty fulfills certain
obligations to the Issuing Entity such as finding a replacement cap contract
counterparty or a guarantor that meets the criteria described in the Corridor
Contracts, the Supplemental Interest Trust Trustee shall make payments from the
Cap/Corridor Posted Collateral Account in accordance with the provisions of the
Corridor

                                     -119-

<PAGE>
Contract. Amounts held in the Cap/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 Cap/Corridor
Posted Collateral Account shall be invested by the Supplemental Interest Trust
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 Supplemental
Interest Trust Trustee shall not be responsible for any losses. Cap/Corridor
Posted Collateral that is cash shall be deposited by the Supplemental Interest
Trust Trustee into an account established by the Supplemental Interest Trust
Trustee the deposits in which are fully insured by the FDIC and which pays a
prevailing rate of interest. Any earnings shall be remitted to the Cap Contract
Counterparty in accordance with the Corridor Contracts. Cap/Corridor Posted
Collateral that is not cash shall be held by the Supplemental Interest Trust
Trustee and remain uninvested.

     (m) 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 hold the Corridor Contract Account,
the Cap Contract Account and the Swap Account, each of which shall be an
Eligible Account, and funds deposited in each Account therein shall be held
separate and apart from, and shall not be commingled with, any other moneys,
including, without limitation, other moneys of the Securities Administrator or
the Supplemental Interest Trust Trustee held pursuant to this Agreement. In no
event shall any funds deposited in each Account within the Supplemental Interest
Trust be credited to or made available to any other Account of the Trust Fund.
The records of the Securities Administrator 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 Securities Administrator 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, Corridor Contracts 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), at the
direction of the Depositor, enter into a replacement swap agreement with a
replacement counterparty appointed by the Depositor 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 Supplemental Interest
Trust Trustee by the Depositor within five (5) Business Days prior to the
Distribution Date), calculate the Significance Percentage of each of the Swap
Agreement, the Corridor Contracts 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

                                     -120-

<PAGE>

shall promptly notify the Depositor and the Depositor 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 following such Distribution Date, deliver
to the Securities Administrator the financial information provided to it by the
Swap Counterparty or Cap Contract Counterparty, as applicable, in
Edgar-compatible format for inclusion in the Form 10-D relating to such
Distribution Date.

     Any Swap Termination Payment received by the Supplemental Interest Trust
Trustee shall be deposited in the Swap Account and shall be used to make any
upfront payment required under a replacement swap agreement and any upfront
payment received from the counterparty to a replacement swap agreement shall be
used to pay any Swap Termination Payment owed to the Swap Counterparty.

     Notwithstanding anything contained herein, in the event that a replacement
swap agreement cannot be obtained within thirty (30) days after receipt by the
Supplemental Interest Trust Trustee of the Swap Termination Payment paid by the
terminated Swap Counterparty, the Supplemental Interest Trust Trustee shall
deposit such Swap Termination Payment into a separate, segregated non-interest
bearing account 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 account, 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 6.01(m)(i)-(viii) of this Agreement. Any such account
shall not be an asset of any REMIC. Any amounts remaining in such account 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 10.01 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, any payments received from the Cap Contract Counterparty
pursuant to the Corridor Contracts will be deposited into the Corridor Contract
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, the Corridor Contract Accounts and the Cap
Contract Account within the Supplemental Interest Trust shall be distributed in
the following order of priority by the Securities Administrator (provided,
however, amounts relating 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):

                                     -121-

<PAGE>

          (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 Senior Certificates, on a pro rata basis,
     any Current Interest and any Interest Carry Forward Amount with respect to
     such class to the extent unpaid;

          (iv) sequentially, to the Class M-1 Certificates, the Class M-2
     Certificates, the Class M-3 Certificates, the Class M-4 Certificates, the
     Class M-5 Certificates, the Class M-6 Certificates, the Class B-1
     Certificates, the Class B-2 Certificates and the Class B-3 Certificates in
     that order, any Current Interest for such class to the extent unpaid;

          (v) sequentially, to the Class M-1 Certificates, the Class M-2
     Certificates, the Class M-3 Certificates, the Class M-4 Certificates, the
     Class M-5 Certificates, the Class M-6 Certificates, the Class B-1
     Certificates, the Class B-2 Certificates and the Class B-3 Certificates in
     that order, any Interest Carry Forward with respect to such class to the
     extent unpaid;

          (vi) to the Offered Certificates, to pay principal as described and in
     the same manner and order of priority as set forth in Sections 6.01(e)(iii)
     through 6.01(e)(xii) 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 Offered 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

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<PAGE>

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 and the Cap Contract Account within the Supplemental Interest Trust
shall be distributed pursuant to the priorities set forth in this Section
6.01(m).

     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 Securities Administrator has actual knowledge
or written notice of any such failure, breach or termination).

     On the Closing Date, the Swap Counterparty and the Supplemental Interest
Trust Trustee (which is hereby authorized and directed to enter into such credit
support annex) will enter into a credit support annex in relation to the Swap
Agreement, which annex is intended to protect the Supplemental Interest Trust
from certain ratings downgrades that might hinder the ability of the Swap
Counterparty to continue its obligations under the Swap Agreement.

     Pursuant to and in accordance with the terms and provisions of the Swap
Agreement, the Swap Counterparty may be required to post additional collateral
in connection with its obligations under the Swap Agreement. In connection with
the foregoing, on the Closing Date, the Supplemental Interest Trust Trustee
shall establish and maintain a Swap Posted Collateral Account.

     To the extent that the Swap Counterparty remits any Posted Collateral to
the Supplemental Interest Trust Trustee under the Swap Agreement, the
Supplemental Interest Trust Trustee shall, upon receipt of the Posted
Collateral, deposit the Posted Collateral into the Swap Posted Collateral
Account and shall hold, release and disburse such collateral in accordance with
the terms and provisions of the Swap Agreement. Where a termination event occurs
with respect to the Swap Counterparty under the Swap Agreement, or where the
Swap Counterparty fulfills certain obligations to the Supplemental Interest
Trust such as finding a replacement swap counterparty or a guarantor that meets
established criteria of the 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 Supplemental
Interest Trust 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. Swap Posted Collateral
that is cash shall be deposited by the Supplemental Interest Trust Trustee into
an account established by the Supplemental Interest Trust Trustee the deposits
in which are fully insured by the FDIC and which pays a prevailing rate of
interest. Any earnings shall be remitted to the Swap Counterparty in accordance
with the Swap Agreement. Swap Posted Collateral that is not cash shall be held
by the Supplemental Interest Trust Trustee and 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

                                     -123-

<PAGE>

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/Corridor 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/Corridor 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/Corridor Posted Collateral Account to the Cap Contract Counterparty
in accordance with the provisions of the Cap Contract. Amounts held in the
Cap/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 Cap Contract Account pursuant to the Cap Contract. Any
funds held in the Cap/Corridor Posted Collateral Account shall be invested by
the Supplemental Interest Trust 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 Supplemental Interest Trust Trustee shall not be responsible for any losses.
Cap/Corridor Posted Collateral that is cash shall be deposited by the
Supplemental Interest Trust Trustee into an account established by the
Supplemental Interest Trust Trustee the deposits in which are fully insured by
the FDIC and which pays a prevailing rate of interest. Any earnings shall be
remitted to the Cap Contract Counterparty in accordance with the Cap Contract.
Cap/Corridor Posted Collateral that is not cash shall be held by the
Supplemental Interest Trust Trustee and remain uninvested.

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<PAGE>

     Section 6.02 Distributions.

     (a) On each Distribution Date, other than the final Distribution Date, the
Securities Administrator shall distribute to each Certificateholder of record on
the directly preceding Record Date the Certificateholder's pro rata share of its
Class (based on the aggregate Percentage Interest represented by such Holder's
Certificates) of all amounts required to be distributed on such Distribution
Date to such Class, based solely on information provided to the Securities
Administrator by the Master Servicer. The Securities Administrator shall
calculate the amount to be distributed to each Class and, based on such amounts,
the Securities Administrator shall determine the amount to be distributed to
each Certificateholder. All of the Securities Administrator's calculations of
payments shall be based solely on information provided to the Securities
Administrator by the Master Servicer or the applicable Servicer. The Securities
Administrator shall not be required to confirm, verify or recompute any such
information but shall be entitled to rely conclusively on such information.

     (b) Payment of the above amounts to each Certificateholder shall be made
(i) by check mailed to each Certificateholder entitled thereto at the address
appearing in the Certificate Register or (ii) upon receipt by the Securities
Administrator on or before the fifth Business Day preceding the Record Date of
written instructions from a Certificateholder by wire transfer to a United
States dollar account maintained by the payee at any United States depository
institution with appropriate facilities for receiving such a wire transfer;
provided, however, that the final payment in respect of each Class of
Certificates will be made only upon presentation and surrender of such
respective Certificates at the office or agency of the Securities Administrator
specified in the notice to Certificateholders of such final payment.

     Section 6.03 Statements to Certificateholders.

     (a) On each Distribution Date, the Securities Administrator will make
available to each Certificateholder and any other interested party a statement
(the "Monthly Statement"), based solely on information provided by the Master
Servicer and the Servicers generally setting forth among other information with
respect to the Certificates and Mortgage Loans:

     (1)  the amount of the related distribution to holders of each class of
          certificates allocable to principal, separately identifying (A) the
          aggregate amount of any principal prepayments included therein, (B)
          the aggregate amount of all scheduled payments of principal included
          therein and (C) any Extra Principal Distribution Amount, in the
          aggregate and with respect to the Group 1 Mortgage Loans and Group 2
          Mortgage Loans;

     (2)  the amount of such distribution to holders of each class of
          Certificates allocable to interest;

     (3)  the Interest Carry Forward Amount for each class of Certificates;

     (4)  the Class Certificate Balance of each class of Certificates after
          giving effect to the distribution of principal on such Distribution
          Date;

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<PAGE>

     (5)  the aggregate outstanding principal balance of each class of
          Certificates for the following Distribution Date;

     (6)  the amount of the Servicing Fee paid to or retained by the Servicers
          and any amounts constituting reimbursement or indemnification of the
          Servicers, the Master Servicer, the Trustee or the Securities
          Administrator;

     (7)  the Certificate Rate for each class of Certificates for such
          Distribution Date;

     (8)  the amount of Monthly Advances on Mortgage Loans included in the
          distribution on such Distribution Date;

     (9)  the cumulative amount of (A) Realized Losses and (B) Applied Realized
          Loss Amounts to date, in the aggregate and with respect to the Group 1
          Mortgage Loans and the Group 2 Mortgage Loans;

     (10) 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 1 Mortgage Loans and the Group 2 Mortgage
          Loans;

     (11) 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, (B) in foreclosure
          and delinquent (1) 31 to 60 days, (2) 61 to 90 days and (3) 91 or more
          days, and (C) in bankruptcy (determined in accordance with the OTS
          method), 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 1 Mortgage Loans and Group 2 Mortgage
          Loans;

     (12) 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
          Determination Date and the date of acquisition thereof, in the
          aggregate;

     (13) whether a Stepdown Trigger Event has occurred and is in effect;

     (14) the total number and principal balance of any REO Properties as of the
          close of business on the related Determination Date, in the aggregate;

     (15) any Floating Rate Certificate Carryover paid and all Floating Rate
          Certificate Carryover remaining on each class of the Certificates on
          such Distribution Date;

     (16) the number and amount of Prepayment Penalties and the amount of late
          payment fees received during the related Prepayment Period in the
          aggregate;

     (17) as of each Distribution Date, the amount, if any, received pursuant to
          each Corridor Contract and the amount thereof to be paid to each class
          of Certificates;

     (18) as of each Distribution Date, the amount of any Cap Payments paid or
          received by the Supplemental Interest Trust pursuant to the Cap
          Contract;

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     (19) as of each Distribution Date, the amount of any Net Swap Payments or
          Swap Termination Payments paid or received by the Supplemental
          Interest Trust pursuant to the Swap Agreement and the amount of any
          Defaulted Swap Termination Payments paid by the Supplemental Interest
          Trust;

     (20) 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 Servicemembers Civil 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 1 Mortgage Loans and the
          Group 2 Mortgage Loans;

     (21) the amounts distributed as interest in respect of the portion of each
          class of Certificates that represents a regular or residual interest
          in a REMIC and the amount of distributions on each class of
          certificates not treated as distributions on a regular or residual
          interest in a REMIC;

     (22) the aggregate amount of all Advances with respect to the Mortgage
          Loans recovered during the related Due Period:

     (23) the allocation to each Class of Certificates of any Realized Losses
          during the related Due Period:

     (24) with respect to each Class of Certificates, the amount of any
          Prepayment Interest Shortfalls on such Distribution Date; and

     (25) information regarding any pool asset changes (other than in connection
          with a pool asset converting into cash in accordance with its terms),
          such as additions or removals in connection with pool asset
          substitutions and repurchases (and purchase rates, if applicable).

     The Securities Administrator may make available each month, to any
interested party, the monthly statement via the Securities Administrator's
website. The Securities Administrator will also make available on its website
any reports on Form 10-D, 10-K and 8-K that have been prepared and filed by the
Securities Administrator with respect to the Issuing Entity promptly after such
material is electronically filed with, or furnished to, the Securities and
Exchange Commission. The Securities Administrator's website will be located at
www.ctslink.com, and assistance in using the website can be obtained by calling
the Securities Administrator's customer service desk at (301) 815-6600. Parties
that are unable to use the above distribution option are entitled to have a
paper copy mailed to them via first class mail by notifying the Securities
Administrator at the following address: Wells Fargo Bank, N.A., 9062 Old
Annapolis Road, Columbia, Maryland 21045, Attention: Client Manager -- MLMI
2007-A1. The Securities Administrator will have the right to change the way such
reports are distributed in order to make such distributions more convenient
and/or more accessible, and the Securities

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Administrator will provide timely and adequate notification to such parties
regarding any such changes.

     In addition, within a reasonable period of time after the end of each
calendar year, the Securities Administrator will, upon request, prepare and
deliver to each Holder of a Certificate of record during the previous calendar
year a statement containing information necessary to enable Holders of the
Certificates to prepare their tax returns. These statements will not have been
examined and reported upon by an independent public accountant.

     (b) By January 30 of each year beginning in 2008, if so requested in
writing, the Securities Administrator will furnish such report to each Holder of
the Certificates of record at any time during the prior calendar year as to the
aggregate of amounts reported pursuant to subclauses (a)(ii) and (a)(v) above
with respect to the Certificates, plus information with respect to the amount of
servicing compensation and such other customary information as the Securities
Administrator may determine to be necessary and/or to be required by the
Internal Revenue Service or by a federal or state law or rules or regulations to
enable such Holders to prepare their tax returns for such calendar year. Such
obligations shall be deemed to have been satisfied to the extent that
substantially comparable information shall be provided by the Securities
Administrator pursuant to the requirements of the Code.

     Section 6.04 Monthly Advances. If the Monthly Payment on a Mortgage Loan
that was due on a related Due Date and is delinquent other than as a result of
application of the Relief Act and for which the related Servicer was required to
make an advance pursuant to the related Servicing Agreement exceeds the amount
deposited in the Master Servicer Collection Account that will be used for a
Monthly Advance with respect to such Mortgage Loan, the Master Servicer will
deposit in the Master Servicer Collection Account not later than the
Distribution Account Deposit Date immediately preceding the related Distribution
Date an amount equal to such deficiency, net of the Servicing Fee for such
Mortgage Loan, except to the extent the Master Servicer determines any such
Monthly Advance to be nonrecoverable from Liquidation Proceeds, Insurance
Proceeds or future payments on the Mortgage Loan for which such Monthly Advance
was made. If the Master Servicer has not deposited the amount described above as
of the related Distribution Account Deposit Date, the Trustee will, subject to
applicable law and its determination of recoverability, deposit in the Master
Servicer Collection Account not later than the related Distribution Date, an
amount equal to the remaining deficiency as of the Distribution Account Deposit
Date. Subject to the foregoing, the Master Servicer shall continue to make such
Monthly Advances through the date that the related Servicer is required to do so
under its Servicing Agreement. If applicable, on the Distribution Account
Deposit Date, the Master Servicer shall present an Officer's Certificate to the
Securities Administrator (i) stating that the Master Servicer elects not to make
a Monthly Advance in a stated amount and (ii) detailing the reason it deems the
advance to be nonrecoverable.

     Section 6.05 Compensating Interest Payments. The Master Servicer shall
deposit in the Master Servicer Collection Account not later than each
Distribution Account Deposit Date an amount equal to the aggregate amounts
required to be paid by the Servicers under the Servicing Agreements with respect
to subclause (a) of the definition of Prepayment Interest Shortfall with respect
to the Mortgage Loans for the related Distribution Date, and not so paid by the
related Servicers (such amount, the "Compensating Interest Payment"). The Master
Servicer shall not

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<PAGE>

be entitled to any reimbursement of any Compensating Interest Payment; provided,
however, the aggregate compensating interest payments made by the Master
Servicer shall not exceed the Master Servicing Compensation.

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<PAGE>

                                   ARTICLE VII
                      THE MASTER SERVICER AND THE DEPOSITOR

     Section 7.01 Liabilities of the Master Servicer. The Master Servicer shall
be liable in accordance herewith only to the extent of the obligations
specifically imposed upon and undertaken by the Master Servicer, as the case may
be, herein. The Depositor shall be liable in accordance herewith only to the
extent of the obligations specifically imposed upon and undertaken by the
Depositor.

     Section 7.02 Merger or Consolidation of the Master Servicer.

     (a) Each of the Master Servicer and the Depositor will keep in full force
and effect its existence, rights and franchises as a corporation under the laws
of the state of its incorporation, and will 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, the Certificates or any of the Mortgage Loans
and to perform its duties under this Agreement.

     (b) Any Person into which the Master Servicer or the Depositor may be
merged or consolidated, or any corporation resulting from any merger or
consolidation to which the Master Servicer shall be a party, or any Person
succeeding to the business of the Master Servicer, shall be the successor of the
Master Servicer hereunder, 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.

     Section 7.03 Indemnification from the Master Servicer and the Depositor.

     (a) The Master Servicer agrees to indemnify the Indemnified Persons for,
and to hold them harmless against, any loss, liability or expense (including
reasonable legal fees and disbursements of counsel) incurred on their part that
may be sustained in connection with, arising out of, or relating to, any claim
or legal action (including any pending or threatened claim or legal action)
relating to this Agreement or the Certificates (i) related to the Master
Servicer's failure to perform its duties in compliance with this Agreement
(except as any such loss, liability or expense shall be otherwise reimbursable
pursuant to this Agreement) or (ii) incurred by reason of the Master Servicer's
willful misfeasance, bad faith or gross negligence in the performance of duties
hereunder or by reason of reckless disregard of obligations and duties
hereunder, provided, in each case, that with respect to any such claim or legal
action (or pending or threatened claim or legal action), the Trustee or the
Securities Administrator shall have given the Master Servicer and the Depositor
written notice of such claim or legal action promptly after the Trustee or the
Securities Administrator shall have received knowledge thereof. This indemnity
shall survive the resignation or removal of the Trustee, Master Servicer or the
Securities Administrator and the termination of this Agreement.

     (b) The Depositor will indemnify any Indemnified Person for any loss,
liability or expense of any Indemnified Person not otherwise referred to in
Subsection (a) above.

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     Section 7.04 Limitations on Liability of the Master Servicer and Others.
Subject to the obligation of the Master Servicer to indemnify the Indemnified
Persons pursuant to Section 7.03:

     (a) Neither the Master Servicer nor any of the directors, officers,
employees or agents of the Master Servicer shall be under any liability to the
Indemnified Persons, the Depositor, the Issuing Entity or the Certificateholders
for taking any action or for refraining from taking any action in good faith
pursuant to this Agreement, or for errors in judgment; provided, however, that
this provision shall not protect the Master Servicer or any such Person against
any breach of warranties or representations made herein or any liability which
would otherwise be imposed by reason of such Person's willful misfeasance, bad
faith or gross negligence in the performance of duties or by reason of reckless
disregard of obligations and duties hereunder.

     (b) The Master Servicer and any director, officer, employee or agent of the
Master 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.

     (c) The Master Servicer, the Custodian and any director, officer, employee
or agent of the Master Servicer or the Custodian shall be indemnified by the
Issuing Entity and held harmless thereby against any loss, liability or expense
(including reasonable legal fees and disbursements of counsel) incurred on their
part that may be sustained in connection with, arising out of, or related to,
any claim or legal action (including any pending or threatened claim or legal
action) relating to this Agreement, the Certificates or any Servicing Agreement
(except to the extent that the Master Servicer or the Custodian, as the case may
be, is indemnified by a Servicer thereunder), other than (i) any such loss,
liability or expense related to the Master Servicer's failure to perform its
duties in compliance with this Agreement (except as any such loss, liability or
expense shall be otherwise reimbursable pursuant to this Agreement), or to the
Custodian's failure to perform its duties under the Custodial Agreement,
respectively, or (ii) any such loss, liability or expense incurred by reason of
the Master Servicer's or the Custodian's willful misfeasance, bad faith or gross
negligence in the performance of duties hereunder or under the Custodial
Agreement, as applicable, or by reason of reckless disregard of obligations and
duties hereunder or under the Custodial Agreement, as applicable.

     (d) The Master Servicer shall not be under any obligation to appear in,
prosecute or defend any legal action that is not incidental to its duties under
this Agreement and that in its opinion may involve it in any expense or
liability; provided, however, the Master Servicer may in its discretion,
undertake any such action which it may deem necessary or desirable with respect
to this Agreement and the rights and duties of the parties hereto and the
interests of 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 Master Servicer
shall be entitled to be reimbursed therefor out of the Master Servicer
Collection Account as provided by Section 4.03. Nothing in this Subsection
7.04(d) shall affect the Master Servicer's obligation to supervise, or to take
such actions as are necessary to ensure, the servicing and administration of the
Mortgage Loans pursuant to Subsection 3.01(a).

     (e) In taking or recommending any course of action pursuant to this
Agreement, unless specifically required to do so pursuant to this Agreement, the
Master Servicer shall not be required to investigate or make recommendations
concerning potential liabilities which the

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<PAGE>

Issuing Entity might incur as a result of such course of action by reason of the
condition of the Mortgaged Properties but shall give notice to the Trustee if it
has notice of such potential liabilities.

     (f) The Master Servicer shall not be liable for any acts or omissions of
any Servicer, except as otherwise expressly provided herein.

     Section 7.05 Master Servicer Not to Resign. Except as provided in Section
7.07, the Master Servicer shall not resign from the obligations and duties
hereby imposed on it except upon a determination that any such duties hereunder
are no longer permissible under applicable law and such impermissibility cannot
be cured. Any such determination permitting the resignation of the Master
Servicer shall be evidenced by an Opinion of Independent Counsel to such effect
delivered to the Trustee. No such resignation by the Master Servicer shall
become effective until MLML or the Trustee or a successor to the Master Servicer
reasonably satisfactory to the Trustee shall have assumed the responsibilities
and obligations of the Master Servicer in accordance with Section 8.02 hereof.
The Trustee shall notify the Rating Agencies of the resignation of the Master
Servicer. If the Master Servicer and the Securities Administrator are the same
entity, then at any time the Master Servicer is terminated as master servicer,
the Securities Administrator shall likewise be removed as securities
administrator.

     Section 7.06 Successor Master Servicer. In connection with the appointment
of any successor Master Servicer or the assumption of the duties of the Master
Servicer, MLML or the Trustee may make such arrangements for the compensation of
such successor master servicer out of payments on the Mortgage Loans as MLML or
the Trustee and such successor master servicer shall agree. If the successor
master servicer does not agree that such market value is a fair price, such
successor master servicer shall obtain two quotations of market value from third
parties actively engaged in the servicing of single-family mortgage loans.

          Notwithstanding anything herein to the contrary, in no event shall the
Trustee be liable for any Servicing Fee or Master Servicing Compensation or for
any differential in the amount of the Servicing Fee or Master Servicing
Compensation paid hereunder and the amount necessary to induce any successor
servicer or successor master servicer to act as successor servicer or successor
master servicer, as applicable, under this Agreement and the transactions set
forth or provided for herein.

     Section 7.07 Sale and Assignment of Master Servicing. The Master Servicer
may sell and assign its rights and delegate its duties and obligations in its
entirety as Master Servicer under this Agreement; provided, however, that: (i)
the purchaser or transferee accepting such assignment and delegation (a) shall
be a Person which shall be qualified to service mortgage loans for Fannie Mae or
Freddie Mac; (b) shall have a net worth of not less than $10,000,000 (unless
otherwise approved by each Rating Agency pursuant to clause (ii) below); (c)
shall be reasonably satisfactory to the Trustee (as evidenced in a writing
signed by the Trustee); and (d) shall execute and deliver to the Trustee an
agreement, in form and substance reasonably satisfactory to the Trustee, which
contains an assumption by such Person of the due and punctual performance and
observance of each covenant and condition to be performed or observed by it as
master servicer under this Agreement, any custodial agreement from and after the
effective date of such agreement; (ii) each Rating Agency shall be given prior
written notice of the identity of

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<PAGE>

the proposed successor to the Master Servicer and each Rating Agency's rating of
the Certificates in effect immediately prior to such assignment, sale and
delegation will not be downgraded, qualified or withdrawn as a result of such
assignment, sale and delegation, as evidenced by a letter to such effect
delivered to the Master Servicer and the Trustee; and (iii) the Master Servicer
assigning and selling the master servicing shall deliver to the Trustee an
Officer's Certificate and an Opinion of Independent Counsel, each stating that
all conditions precedent to such action under this Agreement have been completed
and such action is permitted by and complies with the terms of this Agreement.
No such assignment or delegation shall affect any liability of the Master
Servicer arising prior to the effective date thereof.

                                  ARTICLE VIII
                                     DEFAULT

     Section 8.01 Events of Default. "Event of Default," wherever used herein,
means any one of the following events (whatever the reason for such Event of
Default and whether it shall be voluntary or involuntary or be effected by
operation of law or pursuant to any judgment, decree or order of any court or
any order, rule or regulation of any administrative or governmental body) and
only with respect to the defaulting Master Servicer:

          (i) The Master Servicer fails to cause to be deposited in the
     Distribution Account any amount so required to be deposited pursuant to
     this Agreement, and such failure continues unremedied for a period of three
     Business Days after the date upon which written notice of such failure,
     requiring the same to be remedied, shall have been given to the Master
     Servicer; or

          (ii) The Master Servicer fails to observe or perform in any material
     respect any other material covenants and agreements set forth in this
     Agreement to be performed by it, which covenants and agreements materially
     affect the rights of Certificateholders, and such failure continues
     unremedied for a period of 60 days after the date on which written notice
     of such failure, properly requiring the same to be remedied, shall have
     been given to the Master Servicer by the Trustee or to the Master Servicer
     and the Trustee by the Holders of Certificates evidencing Percentage
     Interests aggregating not less than 25% of the Trust Fund; or

          (iii) There is entered against the Master Servicer a decree or order
     by a court or agency or supervisory authority having jurisdiction in the
     premises for the appointment of a conservator, 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, and the continuance of any such decree or order is unstayed and in
     effect for a period of 60 consecutive days, or an involuntary case is
     commenced against the Master Servicer under any applicable insolvency or
     reorganization statute and the petition is not dismissed within 60 days
     after the commencement of the case; or

          (iv) The Master Servicer consents to the appointment of a conservator
     or receiver or liquidator in any insolvency, readjustment of debt,
     marshaling of assets and liabilities or similar proceedings of or relating
     to the Master Servicer or substantially all of its property; or the Master
     Servicer admits in writing its inability to pay its debts

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<PAGE>

     generally as they become due, files a petition to take advantage of any
     applicable insolvency or reorganization statute, makes an assignment for
     the benefit of its creditors, or voluntarily suspends payment of its
     obligations; or

          (v) The Master Servicer assigns or delegates its duties or rights
     under this Agreement in contravention of the provisions permitting such
     assignment or delegation under Sections 7.05 or 7.07.

In each and every such case, so long as such Event of Default with respect to
the Master Servicer shall not have been remedied, either the Trustee or the
Holders of Certificates evidencing Percentage Interests aggregating not less
than 51% of the Class Certificate Balance of the Certificates, by notice in
writing to the Master Servicer (and to the Trustee if given by such
Certificateholders), with a copy to the Rating Agencies, and with the consent of
the Sponsor, may terminate all of the rights and obligations (but not the
liabilities) of the Master Servicer under this Agreement and in and to the
Mortgage Loans and/or the REO Property serviced by the Master Servicer and the
proceeds thereof. Upon the receipt by the Master Servicer of the written notice,
all authority and power of the Master Servicer under this Agreement, whether
with respect to the Certificates, the Mortgage Loans, REO Property or under any
other related agreements (but only to the extent that such other agreements
relate to the Mortgage Loans or related REO Property) shall, subject to Section
8.02, automatically and without further action pass to and be vested in the
Trustee pursuant to this Section 8.01; and, without limitation, the Trustee is
hereby authorized and empowered to execute and deliver, on behalf of the Master
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. The Master Servicer agrees to cooperate with
the Trustee in effecting the termination of the Master Servicer's rights and
obligations hereunder, including, without limitation, the transfer to the
Trustee of (i) the property and amounts which are then or should be part of the
Issuing Entity or which thereafter become part of the Issuing Entity; and (ii)
originals or copies of all documents of the Master Servicer reasonably requested
by the Trustee to enable it to assume the Master Servicer's duties thereunder.
In addition to any other amounts which are then, or, notwithstanding the
termination of its activities under this Agreement, may become payable to the
Master Servicer under this Agreement, the Master Servicer shall be entitled to
receive, out of any amount received on account of a Mortgage Loan or related REO
Property, that portion of such payments which it would have received as
reimbursement under this Agreement if notice of termination had not been given.
The termination of the rights and obligations of the Master Servicer shall not
affect any obligations incurred by the Master Servicer prior to such
termination.

     Section 8.02 Trustee to Act; Appointment of Successor.

     (a) Upon the receipt by the Master Servicer of a notice of termination
pursuant to Section 8.01 or an Opinion of Independent Counsel pursuant to
Section 7.05 to the effect that the Master Servicer is legally unable to act or
to delegate its duties to a Person which is legally able to act, the Trustee
shall automatically become the successor in all respects to the Master Servicer
in its capacity under this Agreement and the transactions set forth or provided
for herein and shall thereafter be subject to all the responsibilities, duties,
liabilities and limitations on liabilities

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<PAGE>

relating thereto placed on the Master Servicer by the terms and provisions
hereof; provided, however, that MLML shall have the right to either (a)
immediately assume the duties of the Master Servicer or (b) select a successor
master servicer; provided further, however, that the Trustee shall have no
obligation whatsoever with respect to any liability (other than advances deemed
recoverable and not previously made) incurred by the Master Servicer at or prior
to the time of termination. As compensation therefor, the Trustee shall be
entitled to all funds relating to the Mortgage Loans which the Master Servicer
would have been entitled to retain if the Master Servicer had continued to act
hereunder, except for those amounts due the Master Servicer as reimbursement
permitted under this Agreement for advances previously made or expenses
previously incurred. Notwithstanding the above, or anything herein to the
contrary, the Trustee, if it becomes Master Servicer, shall have no
responsibility or obligation (i) to repurchase or substitute any Mortgage Loan,
(ii) for any representation or warranty of the Master Servicer hereunder, and
(iii) for any act or omission of either a predecessor or successor Master
Servicer other than the Trustee. The Trustee may conduct any activity required
of it as Master Servicer hereunder through an Affiliate or through an agent.
Neither the Trustee (as successor Master Servicer) nor any other successor
Master Servicer shall be deemed to be in default hereunder due to any act or
omission of a predecessor Master Servicer, including but not limited to failure
to timely deliver to the Trustee distribution instructions, any funds required
to be deposited to the Trust Fund, or any breach of its duty to cooperate with a
transfer of master servicing. Neither the Trustee nor any other successor Master
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 solely by the failure of the
Master Servicer to deliver or provide, or any delay in delivering or providing,
any cash, information, documents or records required to be provided to it by the
Master Servicer. Notwithstanding the above, the Trustee may, if it shall be
unwilling so to act, or shall, if it is legally unable so to act, appoint or
petition a court of competent jurisdiction to appoint, any established housing
and home finance institution which is a Fannie Mae- or Freddie Mac-approved
servicer, and with respect to a successor to the Master Servicer only, having a
net worth of not less than $10,000,000 and meeting such other standards for a
successor Master Servicer as are set forth in this Agreement, as the successor
to the Master Servicer hereunder in the assumption of all or any part of the
responsibilities, duties or liabilities of the Master Servicer hereunder.
Pending appointment of a successor to the Master Servicer hereunder, the Trustee
shall 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 the Mortgage Loans as it and
such successor shall agree; provided, however, in the event that the provisions
of Section 7.06 shall apply, no such compensation shall be in excess of that
permitted the Trustee under this Subsection 8.02(a), and that such successor
shall undertake and assume the obligations of the Trustee to pay compensation to
any third Person acting as an agent or independent contractor in the performance
of master servicing responsibilities hereunder. The Trustee and such successor
shall take such action, consistent with this Agreement, as shall be necessary to
effectuate any such succession.

     (b) If the Trustee shall succeed to any duties of the Master Servicer
respecting the Mortgage Loans as provided herein, it shall do so in a separate
capacity and not in its capacity as Trustee and, accordingly, the provisions of
Article IX shall be inapplicable to the Trustee in its duties as the successor
to the Master Servicer in the servicing of the Mortgage Loans (although

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such provisions shall continue to apply to the Trustee in its capacity as
Trustee); the provisions of Article VII, however, shall apply to it in its
capacity as successor master servicer.

     Section 8.03 Notification to Certificateholders. Upon any termination or
appointment of a successor to the Master Servicer, the Trustee shall give prompt
written notice thereof to Certificateholders at their respective addresses
appearing in the Certificate Register and to the Rating Agencies.

     Section 8.04 Waiver of Defaults. The Trustee shall transmit by mail to all
Certificateholders, within 60 days after the occurrence of any Event of Default
known to the Trustee, unless such Event of Default shall have been cured, notice
of each such Event of Default hereunder known to the Trustee. The Holders of
Certificates evidencing Percentage Interests aggregating not less than 51% of
the Class Certificate Balance of the Certificates may, on behalf of all
Certificateholders, waive any default by the Master Servicer in the performance
of its obligations hereunder and the consequences thereof, except a default in
the making of or the causing to be made any required distribution on the
Certificates. Upon any such waiver of a past default, such default shall be
deemed to cease to exist, and any Event of Default arising therefrom shall be
deemed to have been timely remedied for every purpose of this Agreement. No such
waiver shall extend to any subsequent or other default or impair any right
consequent thereon except to the extent expressly so waived. The Trustee shall
give notice of any such waiver to the Rating Agencies.

     Section 8.05 List of Certificateholders. Upon reasonable, prior written
request of three or more Certificateholders of record, for purposes of
communicating with other Certificateholders with respect to their rights under
this Agreement, the Trustee will afford such Certificateholders access during
business hours to the most recent list of Certificateholders held by the
Trustee.

                                   ARTICLE IX
            CONCERNING THE TRUSTEE AND THE SECURITIES ADMINISTRATOR

     Section 9.01 Duties of Trustee.

     (a) The Trustee, prior to the occurrence of an Event of Default and after
the curing or waiver of all Events of Default which may have occurred, and the
Securities Administrator each undertake to perform such duties and only such
duties as are specifically set forth in this Agreement as duties of the Trustee
and the Securities Administrator, respectively. If an Event of Default has
occurred and has not been cured or waived, the Trustee shall exercise such of
the rights and powers vested in it by this Agreement, and subject to Section
8.02(b) use the same degree of care and skill in their exercise, as a prudent
person would exercise under the circumstances in the conduct of his own affairs.

     (b) Upon receipt of all resolutions, certificates, statements, opinions,
reports, documents, orders or other instruments which are specifically required
to be furnished to the Trustee and the Securities Administrator pursuant to any
provision of this Agreement, the

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Trustee and the Securities Administrator, respectively, shall examine them to
determine whether they are in the form required by this Agreement; provided,
however, that neither the Trustee nor the Securities Administrator shall be
responsible for the accuracy or content of any resolution, certificate,
statement, opinion, report, document, order or other instrument furnished by the
Master Servicer; provided, further, that neither the Trustee nor the Securities
Administrator shall be responsible for the accuracy or verification of any
calculation provided to it pursuant to this Agreement. If any such instrument is
found not to conform to the requirements of this Agreement in a material manner,
the Trustee shall take such action as it deems appropriate to have the
instrument corrected and if the instrument is not corrected to its satisfaction,
the Trustee will provide notice thereof to the Certificateholders and take such
further action as directed by the Certificateholders.

     (c) On each Distribution Date, the Securities Administrator shall make
monthly distributions and the final distribution to the Certificateholders from
funds in the Distribution Account as provided in Sections 6.01 and 10.01 herein
based solely on the report of the Master Servicer or the Servicers.

     (d) No provision of this Agreement shall be construed to relieve the
Trustee or the Securities Administrator from liability for its own negligent
action, its own negligent failure to act or its own willful misconduct;
provided, however, that:

          (i) Prior to the occurrence of an Event of Default, and after the
     curing or waiver of all such Events of Default which may have occurred, the
     duties and obligations of the Trustee and the Securities Administrator
     shall be determined solely by the express provisions of this Agreement,
     neither the Trustee nor the Securities Administrator shall be liable except
     for the performance of their respective 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 or the
     Securities Administrator and, in the absence of bad faith on the part of
     the Trustee or the Securities Administrator, respectively, the Trustee or
     the Securities Administrator, respectively, 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 or the
     Securities Administrator, respectively, and conforming to the requirements
     of this Agreement;

          (ii) Neither the Trustee nor the Securities Administrator shall be
     liable in its individual capacity for an error of judgment made in good
     faith by a Responsible Officer or Responsible Officers of the Trustee or an
     officer of the Securities Administrator, respectively, unless it shall be
     proved that the Trustee or the Securities Administrator, respectively, was
     negligent in ascertaining the pertinent facts;

          (iii) Neither the Trustee nor the Securities Administrator shall be
     liable with respect to any action taken, suffered or omitted to be taken by
     it in good faith in accordance with the directions of the Holders of
     Certificates evidencing Percentage Interests aggregating not less than 25%
     of the Class Certificate Balance of the Certificates, if such action or
     non-action relates to the time, method and place of conducting any
     proceeding for any remedy available to the Trustee or the Securities

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     Administrator, respectively, or exercising any trust or other power
     conferred upon the Trustee or the Securities Administrator, respectively,
     under this Agreement;

          (iv) The Trustee shall not be required to take notice or be deemed to
     have notice or knowledge of any default or Event of Default unless a
     Responsible Officer of the Trustee's Corporate Trust Office shall have
     actual knowledge thereof. In the absence of such notice, the Trustee may
     conclusively assume there is no such default or Event of Default;

          (v) The Trustee shall not in any way be liable by reason of any
     insufficiency in any Account held by or in the name of Trustee unless it is
     determined by a court of competent jurisdiction that the Trustee's gross
     negligence or willful misconduct was the primary cause of such
     insufficiency (except to the extent that the Trustee is obligor and has
     defaulted thereon);

          (vi) Anything in this Agreement to the contrary notwithstanding, in no
     event shall the Trustee or the Securities Administrator be liable for
     special, indirect or consequential loss or damage of any kind whatsoever
     (including but not limited to lost profits), even if the Trustee or the
     Securities Administrator, respectively, has been advised of the likelihood
     of such loss or damage and regardless of the form of action; and

          (vii) None of the Securities Administrator, the Depositor, the Master
     Servicer, any Servicer or the Trustee shall be responsible for the acts or
     omissions of the other, it being understood that this Agreement shall not
     be construed to render them partners, joint venturers or agents of one
     another.

     Neither the Trustee nor the Securities Administrator shall be required to
expend or risk its own funds or otherwise incur financial liability in the
performance of any of its duties hereunder, or in the exercise of any of its
rights or powers, if there is reasonable ground for believing that the repayment
of such funds or adequate indemnity against such risk or liability is not
reasonably assured to it, and none of the provisions contained in this Agreement
shall in any event require the Trustee or the Securities Administrator to
perform, or be responsible for the manner of performance of, any of the
obligations of the Master Servicer hereunder or under the Servicing Agreements,
except during such time, if any, as the Trustee shall be the successor to, and
be vested with the rights, duties, powers and privileges of, the Master Servicer
in accordance with the terms of this Agreement.

     (e) All funds received by the Master Servicer and the Securities
Administrator and required to be deposited in the Master Servicer Collection
Account or Distribution Account pursuant to this Agreement will be promptly so
deposited by the Master Servicer and the Securities Administrator.

     (f) The Issuing Entity hereby authorizes and directs the Securities
Administrator to enter into the three Corridor Contracts on behalf of the
Issuing Entity and to perform the duties and obligations of the Issuing Entity
under the Corridor Contracts and any other agreement or instrument related
thereto, in each case in such form as the Depositor shall direct or shall

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<PAGE>

approve in writing, the execution and delivery of any such agreement by the
Depositor to be conclusive evidence of its approval thereof.

     (g) Except for those actions that the Trustee or the Securities
Administrator is required to take hereunder, neither the Trustee nor the
Securities Administrator shall have any obligation or liability to take any
action or to refrain from taking any action hereunder in the absence of written
direction as provided hereunder.

     Section 9.02 Certain Matters Affecting the Trustee and the Securities
Administrator. Except as otherwise provided in Section 9.01:

          (i) The Trustee and the Securities Administrator may rely and shall be
     protected in acting or refraining from acting in reliance on any
     resolution, certificate of a Depositor, Master Servicer or Servicer,
     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 and the Securities Administrator may consult with
     counsel and any advice of such counsel or any Opinion of Counsel shall be
     full and complete authorization and protection with respect to any action
     taken or suffered or omitted by it hereunder in good faith and in
     accordance with such advice or Opinion of Counsel;

          (iii) Neither the Trustee nor the Securities Administrator shall be
     under any obligation to exercise any of the trusts or powers vested in it
     by this Agreement, other than its obligation to give notices pursuant to
     this Agreement, 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
     such Certificateholders shall have offered to the Trustee reasonable
     security or indemnity against the costs, expenses and liabilities which may
     be incurred therein or thereby. Nothing contained herein shall, however,
     relieve the Trustee of the obligation, upon the occurrence of an Event of
     Default of which a Responsible Officer of the Trustee's Corporate Trust
     Office has actual knowledge (which has not been cured or waived), subject
     to Section 8.02(b), to exercise such of the rights and powers vested in it
     by this Agreement, and to use the same degree of care and skill in their
     exercise, as a prudent person would exercise under the circumstances in the
     conduct of his own affairs;

          (iv) Prior to the occurrence of an Event of Default hereunder and
     after the curing or waiver of all Events of Default which may have
     occurred, neither the Trustee nor the Securities Administrator shall be
     liable in its individual capacity 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;

          (v) Neither the Trustee nor the Securities Administrator shall 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 to do so by Holders of Certificates

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<PAGE>

     evidencing Percentage Interests aggregating not less than 25% of the Class
     Certificate Balance of the Certificates and provided that the payment
     within a reasonable time to the Trustee or the Securities Administrator, as
     applicable, of the costs, expenses or liabilities likely to be incurred by
     it in the making of such investigation is, in the opinion of the Trustee or
     the Securities Administrator, as applicable, reasonably assured to the
     Trustee or the Securities Administrator, as applicable, by the security
     afforded to it by the terms of this Agreement. The Trustee or the
     Securities Administrator may require reasonable indemnity against such
     expense or liability as a condition to taking any such action. The
     reasonable expense of every such examination shall be paid by the
     Certificateholders requesting the investigation;

          (vi) The Trustee and the Securities Administrator may execute any of
     the trusts or powers hereunder or perform any duties hereunder either
     directly or through Affiliates, agents or attorneys; provided, however,
     that the Trustee may not appoint any agent to perform its custodial
     functions with respect to the Mortgage Files or paying agent functions
     under this Agreement without the express written consent of the Securities
     Administrator, which consent will not be unreasonably withheld. Neither the
     Trustee nor the Securities Administrator shall be liable or responsible for
     the misconduct or negligence of any of the Trustee's or the Securities
     Administrator's agents or attorneys or a custodian or paying agent
     appointed hereunder by the Trustee or the Securities Administrator with due
     care and, when required, with the consent of the Securities Administrator;

          (vii) Should the Trustee or the Securities Administrator deem the
     nature of any action required on its part, other than a payment or transfer
     under Subsection 4.01(b) or Section 4.02, to be unclear, the Trustee or the
     Securities Administrator, respectively, may require prior to such action
     that it be provided by the Depositor with reasonable further instructions;

          (viii) The right of the Trustee or the Securities Administrator to
     perform any discretionary act enumerated in this Agreement shall not be
     construed as a duty, and neither the Trustee nor the Securities
     Administrator shall be accountable for other than its negligence or willful
     misconduct in the performance of any such act;

          (ix) Neither the Trustee nor the Securities Administrator shall be
     required to give any bond or surety with respect to the execution of the
     trust created hereby or the powers granted hereunder, except as provided in
     Subsection 9.07; and

          (x) Neither the Trustee nor the Securities Administrator shall have
     any duty to conduct any affirmative investigation as to the occurrence of
     any condition requiring the repurchase of any Mortgage Loan by the Sponsor
     pursuant to this Agreement or the Mortgage Loan Purchase Agreement, as
     applicable, or the eligibility of any Mortgage Loan for purposes of this
     Agreement.

          (xi) Any permissive right of the Trustee hereunder shall not be
     construed as a duty.

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     Section 9.03 Trustee and Securities Administrator Not Liable for
Certificates or Mortgage Loans. The recitals contained herein and in the
Certificates (other than the signature and countersignature of the Securities
Administrator on the Certificates) shall be taken as the statements of the
Depositor, and neither the Trustee nor the Securities Administrator shall have
any responsibility for their correctness. Neither the Trustee nor the Securities
Administrator makes any representation as to the validity or sufficiency of the
Certificates (other than the signature and countersignature of the Securities
Administrator on the Certificates) or of any Mortgage Loan except as expressly
provided in Sections 2.02 and 2.05 hereof; provided, however, that the foregoing
shall not relieve the Trustee or the Custodian of the obligation to review the
Mortgage Files pursuant to Sections 2.02 and 2.04. The Securities
Administrator's signature and countersignature (or countersignature of its
agent) on the Certificates shall be solely in its capacity as Securities
Administrator of the Trust Fund and shall not constitute the Certificates an
obligation of the Securities Administrator in any other capacity. Neither the
Trustee or the Securities Administrator shall be accountable for the use or
application by the Depositor of any of the Certificates or of the proceeds of
such Certificates, or for the use or application of any funds paid to the
Depositor with respect to the Mortgage Loans. Subject to the provisions of
Section 2.05, neither the Trustee nor the Securities Administrator shall be
responsible for the legality or validity of this Agreement or any document or
instrument relating to this Agreement, the validity of the execution of this
Agreement or of any supplement hereto or instrument of further assurance, or the
validity, priority, perfection or sufficiency of the security for the
Certificates issued hereunder or intended to be issued hereunder. Neither the
Trustee nor the Securities Administrator shall at any time have any
responsibility or liability for or with respect to the legality, validity and
enforceability of any Mortgage or any Mortgage Loan, or the perfection and
priority of any Mortgage or the maintenance of any such perfection and priority,
or for or with respect to the sufficiency of the Trust Fund or its ability to
generate the payments to be distributed to Certificateholders, under this
Agreement. Neither the Trustee nor the Securities Administrator shall have any
responsibility for filing any financing or continuation statement in any public
office at any time or to otherwise perfect or maintain the perfection of any
security interest or lien granted to it hereunder or to record this Agreement.

     Section 9.04 Trustee and Securities Administrator May Own Certificates. The
Trustee and the Securities Administrator in its individual capacity or in any
capacity other than as Trustee hereunder may become the owner or pledgee of any
Certificates with the same rights it would have if it were not Trustee or the
Securities Administrator, as applicable, and may otherwise deal with the parties
hereto.

     Section 9.05 Trustee's and Securities Administrator's Fees and Expenses.
The fees and expenses of the Trustee and the Securities Administrator shall be
paid by the Master Servicer in accordance with a side letter agreement. In
addition, the Trustee and the Securities Administrator will be entitled to
recover from the Master Servicer Collection Account pursuant to Section 4.03(b)
all reasonable out-of-pocket expenses, disbursements and advances and the
expenses of the Trustee and the Securities Administrator, respectively, in
connection with any Event of Default, any breach of this Agreement or any claim
or legal action (including any pending or threatened claim or legal action)
incurred or made by the Trustee or the Securities Administrator, respectively,
in the administration of the trusts hereunder (including the reasonable
compensation, expenses and disbursements of its counsel) except any such
expense, disbursement or advance as may arise from its negligence or intentional
misconduct or which is

                                     -141-

<PAGE>

the responsibility of the Certificateholders or the Trust Fund hereunder. If
funds in the Master Servicer Collection Account are insufficient therefor, the
Trustee and the Securities Administrator shall recover such expenses from the
Depositor. Such compensation and reimbursement obligation shall not be limited
by any provision of law in regard to the compensation of a trustee of an express
trust.

     Section 9.06 Eligibility Requirements for Trustee and Securities
Administrator.

     (a) The Trustee and any successor Trustee and the Securities Administrator
and any successor Securities Administrator shall during the entire duration of
this Agreement be a state bank or trust company or a national banking
association organized and doing business under the laws of such state or the
United States of America, authorized under such laws to exercise corporate trust
powers, having a combined capital and surplus and undivided profits of at least
$40,000,000 or, in the case of a successor Trustee, $50,000,000, subject to
supervision or examination by federal or state authority and, in the case of the
Trustee, rated "BBB" or higher by S&P and "Aaa1" or higher by Moody's with
respect to their long-term rating and rated "BBB" or higher by S&P and "Baa1" or
higher by Moody's with respect to any outstanding long-term unsecured
unsubordinated debt, and, in the case of a successor Trustee or successor
Securities Administrator other than pursuant to Section 9.10, rated in one of
the two highest long-term debt categories of, or otherwise acceptable to, each
of the Rating Agencies. If the Trustee 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 9.06 the combined
capital and surplus of such corporation shall be deemed to be its total equity
capital (combined capital and surplus) as set forth in its most recent report of
condition so published. In case at any time the Trustee or the Securities
Administrator shall cease to be eligible in accordance with the provisions of
this Section 9.06, the Trustee or the Securities Administrator shall resign
immediately in the manner and with the effect specified in Section 9.08.

     (b) In addition, the Securities Administrator (i) may not be an Originator,
Master Servicer, Servicer, the Depositor or an affiliate of the Depositor unless
the Securities Administrator is in an institutional trust department of the
relevant entity, (ii) must be authorized to exercise corporate trust powers
under the laws of its jurisdiction of organization, and (iii) must be rated at
least "A" by S&P or "A" Moody's. If no successor Securities Administrator shall
have been appointed and shall have accepted appointment within 60 days after the
Securities Administrator ceases to be the Securities Administrator pursuant to
Section 9.08, then the Trustee shall either (i) perform the duties of the
Securities Administrator pursuant to this Agreement until such time as a new
Securities Administrator is appointed or (ii) petition a court of competent
jurisdiction to appoint a successor securities administrator. The Trustee shall
notify the Rating Agencies of any change of Securities Administrator.

     Section 9.07 Insurance. The Securities Administrator, at its own expense,
shall at all times maintain and keep in full force and effect: (i) fidelity
insurance, (ii) theft of documents insurance and (iii) forgery insurance (which
may be collectively satisfied by a "Financial Institution Bond" and/or a
"Bankers' Blanket Bond"). All such insurance shall be in amounts, with standard
coverage and subject to deductibles, as are customary for insurance typically
maintained by banks or their affiliates which act as custodians for
investor-owned mortgage pools. A certificate of an officer of the Securities
Administrator as to the Securities

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<PAGE>

Administrator's compliance with this Section 9.07 shall be furnished to any
Certificateholder upon reasonable written request.

     Section 9.08 Resignation and Removal of the Trustee and Securities
Administrator.

     (a) The Trustee and the Securities Administrator may at any time resign and
be discharged from the trust hereby created by giving written notice thereof to
the Depositor and the Master Servicer, with a copy to the Rating Agencies. Upon
receiving such notice of resignation, the Depositor shall promptly appoint a
successor Trustee or successor Securities Administrator, as applicable, by
written instrument, in triplicate, one copy of which instrument shall be
delivered to each of the resigning Trustee or Securities Administrator, as
applicable, the successor Trustee or Securities Administrator, as applicable. If
no successor Trustee or Securities Administrator shall have been so appointed
and have accepted appointment within 30 days after the giving of such notice of
resignation, the resigning Trustee or Securities Administrator may petition any
court of competent jurisdiction for the appointment of a successor Trustee or
Securities Administrator. If the Securities Administrator and the Master
Servicer are the same entity, then at any time the Securities Administrator
resigns or is removed as Securities Administrator, the Master Servicer shall
likewise be terminated as Master Servicer.

     (b) If at any time the Trustee or the Securities Administrator shall cease
to be eligible in accordance with the provisions of Section 9.06 and shall fail
to resign after written request therefor by the Depositor or if at any time the
Trustee or the Securities Administrator shall become incapable of acting, or
shall be adjudged a bankrupt or insolvent, or a receiver of the Trustee or the
Securities Administrator, as applicable, or of its property shall be appointed,
or any public officer shall take charge or control of the Trustee or the
Securities Administrator, as applicable, or of its property or affairs for the
purpose of rehabilitation, conservation or liquidation, then the Depositor shall
promptly remove the Trustee, or shall be entitled to remove the Securities
Administrator, as applicable, and appoint a successor Trustee or Securities
Administrator, as applicable, by written instrument, in triplicate, one copy of
which instrument shall be delivered to each of the Trustee or Securities
Administrator, as applicable, so removed, the successor Trustee or Securities
Administrator, as applicable.

     (c) The Holders of Certificates evidencing Percentage Interests aggregating
not less than 51% of the Trust Fund may at any time remove the Trustee or the
Securities Administrator and appoint a successor Trustee or Securities
Administrator by written instrument or instruments, in quadruplicate, signed by
such Holders or their attorneys-in-fact duly authorized, one complete set of
which instruments shall be delivered to the Depositor, the Trustee, the
Securities Administrator (if the Trustee is removed), the Trustee (if the
Securities Administrator is removed), and the Trustee or Securities
Administrator so removed and the successor so appointed.

     (d) No resignation or removal of the Trustee or the Securities
Administrator and appointment of a successor Trustee or Securities Administrator
pursuant to any of the provisions of this Section 9.08 shall become effective
except upon appointment of and acceptance of such appointment by the successor
Trustee or Securities Administrator as provided in Section 9.09.

     Section 9.09 Successor Trustee and Successor Securities Administrator.

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<PAGE>

     (a) Any successor Trustee or Securities Administrator appointed as provided
in Section 9.08 shall execute, acknowledge and deliver to the Depositor, the
Master Servicer and its predecessor Trustee or Securities Administrator an
instrument accepting such appointment hereunder. The resignation or removal of
the predecessor Trustee or Securities Administrator shall then become effective
and such successor Trustee or Securities Administrator, without any further act,
deed or conveyance, shall become fully vested with all the rights, powers,
duties and obligations of its predecessor hereunder, with like effect as if
originally named as Trustee or Securities Administrator herein. The predecessor
Trustee or Securities Administrator shall after payment of its outstanding fees
and expenses promptly deliver to the successor Trustee or Securities
Administrator, as applicable, all assets and records of the Trust held by it
hereunder, and the Depositor and the predecessor Trustee or Securities
Administrator, as applicable, shall execute and deliver such instruments and do
such other things as may reasonably be required for more fully and certainly
vesting and confirming in the successor Trustee or Securities Administrator, as
applicable, all such rights, powers, duties and obligations.

     (b) No successor Trustee or Securities Administrator shall accept
appointment as provided in this Section 9.09 unless at the time of such
acceptance such successor Trustee or Securities Administrator shall be eligible
under the provisions of Section 9.06.

     (c) Upon acceptance of appointment by a successor Trustee or Securities
Administrator as provided in this Section 9.09, the successor Trustee or
Securities Administrator shall mail notice of the succession of such Trustee or
Securities Administrator hereunder to all Certificateholders at their addresses
as shown in the Certificate Register and to the Rating Agencies. The Depositor
shall pay the cost of any mailing by the successor Trustee or Securities
Administrator.

     Section 9.10 Merger or Consolidation of Trustee or Securities
Administrator. Any state bank or trust company or national banking association
into which the Trustee or the Securities Administrator may be merged or
converted or with which it may be consolidated or any state bank or trust
company or national banking association resulting from any merger, conversion or
consolidation to which the Trustee or the Securities Administrator,
respectively, shall be a party, or any state bank or trust company or national
banking association succeeding to all or substantially all of the corporate
trust business of the Trustee or the Securities Administrator, respectively,
shall be the successor of the Trustee or the Securities Administrator,
respectively, hereunder, provided such state bank or trust company or national
banking association shall be eligible under the provisions of Section 9.06. Such
succession shall be valid 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.

     Section 9.11 Appointment of Co-Trustee or Separate Trustee.

     (a) Notwithstanding any other provisions hereof, at any time, for the
purpose of meeting any legal requirements of any jurisdiction in which any part
of the Trust or property constituting the same may at the time be located, the
Depositor 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 and the Depositor 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, and to vest in such Person or

                                     -144-

<PAGE>

Persons, in such capacity, such title to the Trust, or any part thereof, and,
subject to the other provisions of this Section 9.11, such powers, duties,
obligations, rights and trusts as the Depositor and the Trustee may consider
necessary or desirable.

     (b) If the Depositor shall not have joined in such appointment within 15
days after the receipt by it of a written request so to do, the Trustee shall
have the power to make such appointment without the Depositor.

     (c) No co-Master Servicer or separate trustee hereunder shall be required
to meet the terms of eligibility as a successor trustee under Section 9.06
hereunder and no notice to Certificateholders of the appointment of
co-trustee(s) or separate trustee(s) shall be required under Section 9.08
hereof.

     (d) In the case of any appointment of a co-trustee or separate trustee
pursuant to this Section 9.11, all rights, powers, duties and obligations
conferred or imposed upon the Trustee and required to be conferred on such
co-trustee shall be conferred or imposed upon and exercised or performed by the
Trustee and such separate trustee or co-trustee jointly, 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 Master
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 or any portion thereof in any such
jurisdiction) shall be exercised and performed by such separate trustee or
co-trustee at the direction of the Trustee.

     (e) 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 IX. 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.

     (f) To the extent not prohibited by law, any separate trustee or co-trustee
may, at any time, request the Trustee, its agent or attorney-in-fact, with full
power and authority, to do any lawful act under or with respect to 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.

     (g) No Trustee under this Agreement shall be personally liable by reason of
any act or omission of another Trustee under this Agreement. The Depositor and
the Trustee acting jointly may at any time accept the resignation of or remove
any separate trustee or co-trustee.

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<PAGE>

     Section 9.12 Federal Information Returns and Reports to Certificateholders;
REMIC Administration.

     (a) REMIC elections as set forth in the Preliminary Statement and this
Section 9.12 shall be made on Forms 1066 or other appropriate federal tax or
information return for the taxable year ending on the last day of the calendar
year in which the Certificates are issued. The regular interests and residual
interest in each REMIC shall be as designated in the Preliminary Statement and
this Section 9.12.

     (b) The Closing Date is hereby designated as the "Startup Day" of each
REMIC within the meaning of section 860G(a)(9) of the Code. The latest possible
maturity date for purposes of Treasury Regulation 1.860G-1(a)(4) will be the
Latest Possible Maturity Date.

     (c) The Securities Administrator shall, for federal income tax purposes,
maintain books and records with respect to each REMIC on a calendar year and on
an accrual basis.

     (d) The Securities Administrator shall represent the Trust Fund in any
administrative or judicial proceeding relating to an examination or audit by any
governmental taxing authority with respect thereto. The Securities Administrator
shall pay any and all tax-related expenses (not including taxes) of each REMIC,
including but not limited to any professional fees or expenses related to audits
or any administrative or judicial proceedings with respect to such REMIC that
involve the Internal Revenue Service or state tax authorities, but only to the
extent that (i) such expenses are ordinary or routine expenses, including
expenses of a routine audit but not expenses of litigation (except as described
in (ii)); or (ii) such expenses or liabilities (including taxes and penalties)
are attributable to the negligence or willful misconduct of the Securities
Administrator in fulfilling its duties hereunder (including its duties as tax
return preparer). The Securities Administrator shall be entitled to
reimbursement of expenses to the extent provided in clause (i) above from the
Distribution Account, provided, however, the Securities Administrator shall not
be entitled to reimbursement for expenses incurred in connection with the
preparation of tax returns and other reports as required by this Section.

     (e) The Securities Administrator shall prepare and file, and the Trustee
shall sign, all of each REMIC's and the Trust Fund's federal and appropriate
state tax and information returns as such REMIC's direct representative. The
expenses of preparing and filing such returns shall be borne by the Securities
Administrator.

     (f) The Securities Administrator or its designee shall perform on behalf of
each REMIC all reporting and other tax compliance duties that are the
responsibility of such REMIC under the Code, the REMIC Provisions, or other
compliance guidance issued by the Internal Revenue Service or any state or local
taxing authority. Among its other duties, if required by the Code, the REMIC
Provisions, or other such guidance, the Securities Administrator shall provide,
upon receipt of additional reasonable compensation, to the Treasury or other
governmental authority such information as is necessary for the application of
any tax relating to the transfer of a Residual Certificate to any disqualified
person or organization pursuant to Treasury Regulation 1.860E-2(a)(5) and any
person designated in Section 860E(e)(3) of the Code.

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<PAGE>

     (g) The Securities Administrator and the Holders of Certificates shall take
any action or cause any REMIC to take any action necessary to create or maintain
the status of any REMIC as a REMIC under the REMIC Provisions and shall assist
each other as necessary to create or maintain such status. Neither the
Securities Administrator nor the Holder of any Residual Certificate shall
knowingly take any action, cause any REMIC to take any action or fail to take
(or fail to cause to be taken) any action that, under the REMIC Provisions, if
taken or not taken, as the case may be, could (i) endanger the status of any
REMIC as a REMIC or (ii) result in the imposition of a tax upon any REMIC
(including but not limited to the tax on prohibited transactions as defined in
Code Section 860F(a)(2) and the tax on prohibited contributions set forth on
Section 860G(d) of the Code) (either such event, an "Adverse REMIC Event")
unless the Securities Administrator has received a REMIC Opinion (at the expense
of the party seeking to take such action) to the effect that the contemplated
action will not endanger such status or result in the imposition of such a tax.
In addition, prior to taking any action with respect to any REMIC or the assets
therein, or causing any REMIC to take any action, which is not expressly
permitted under the terms of this Agreement, any Holder of a Residual
Certificate will consult with the Securities Administrator, in writing, with
respect to whether such action could cause an Adverse REMIC Event to occur with
respect to any REMIC, and no such Person shall take any such action or cause any
REMIC to take any such action as to which the Securities Administrator has
advised it in writing that an Adverse REMIC Event could occur; provided,
however, that if no Adverse REMIC Event would occur but such action could result
in the imposition of additional taxes on the Residual Certificateholders, no
such Person shall take any such action, or cause any REMIC to take any such
action without the written consent of the Residual Certificateholders.

     (h) Each Holder of a Residual Certificate shall pay when due any and all
taxes imposed on the related REMIC by federal or state governmental authorities.
To the extent that such taxes are not paid by a Residual Certificateholder, the
Securities Administrator shall pay any remaining REMIC taxes out of current or
future amounts otherwise distributable to the Holder of the Residual Certificate
in any such REMIC or, if no such amounts are available, out of other amounts
held in the Distribution Account, and shall reduce amounts otherwise payable to
holders of regular interests in any such REMIC, as the case may be.

     (i) The Securities Administrator shall prepare and file with the Internal
Revenue Service ("IRS"), on behalf of each REMIC created hereunder, an
application for an employer identification number on IRS Form SS-4 or by any
other acceptable method. The Securities Administrator shall also file a Form
8811 as required. The Securities Administrator, upon receipt from the IRS of the
Notice of Taxpayer Identification Number Assigned, shall upon request promptly
forward a copy of such notice to the Depositor. The Securities Administrator
shall furnish any other information that is required by the Code and regulations
thereunder to be made available to Certificateholders. The Depositor shall cause
each Servicer to provide the Securities Administrator with such information as
is necessary for the Securities Administrator to prepare such reports.

     (j) No additional contributions of assets shall be made to any REMIC,
except as expressly provided in this Agreement.

                                     -147-

<PAGE>

     (k) The Securities Administrator shall not enter into any arrangement by
which any REMIC will receive a fee or other compensation for services.

     (l) The Class R Holder shall act as "tax matters person" with respect to
each REMIC and irrevocably appoints the Securities Administrator to act as its
agent in such roles.

     (m) The Securities Administrator shall prepare or cause to be prepared on
behalf of the Trust Fund, based upon information calculated in accordance with
this Agreement pursuant to instructions given by the Depositor, the Trustee
shall sign, and the Securities Administrator shall file federal tax returns, all
in accordance with Section 9.12 hereof. The Securities Administrator shall
prepare and file, and the Trustee shall sign, such state income tax returns and
such other returns as may be required by applicable law relating to the Trust
Fund, and, if required by state law, and shall file any other documents to the
extent required by applicable state tax law (to the extent such documents are in
the Securities Administrator's possession). The Securities Administrator shall
forward copies to the Depositor of all such returns and Form 1099 supplemental
tax information and such other information within the control of the Securities
Administrator as the Depositor may reasonably request in writing, and shall
distribute to each Certificateholder such forms and furnish such information
within the control of the Securities Administrator as are required by the Code
and the REMIC Provisions to be furnished to them, and will prepare and
distribute to Certificateholders Form 1099 (supplemental tax information) (or
otherwise furnish information within the control of the Securities
Administrator) to the extent required by applicable law.

     (n) None of the Securities Administrator, the Trustee or the Depositor, as
assignees under this Agreement, shall provide any consent pursuant to this
Agreement or knowingly take any action under this Agreement that would conflict
with or violate the provisions of this Section 9.12.

     (o) The parties intend that the portion of the Trust Fund consisting of the
right to receive the payments distributable to the Class P Certificates 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
Securities Administrator 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, and the Trustee shall sign, Form 1041
(together with any necessary attachments) and such other forms as may be
applicable.

     (p) Notwithstanding any other provision of this Agreement, the Trustee and
the Securities Administrator shall comply with all federal withholding
requirements respecting payments to Certificateholders of interest or original
issue discount on the Mortgage Loans, that the Trustee or the Securities
Administrator reasonably believes are applicable under the Code. The consent of
Certificateholders shall not be required for such withholding. In the event the
Trustee or the Securities Administrator withholds any amount from interest or
original issue discount payments or advances thereof to any Certificateholder
pursuant to federal withholding requirements, the Trustee or the Securities
Administrator shall, together with its monthly report to such
Certificateholders, indicate such amount withheld.

                                     -148-

<PAGE>

     (q) The Trustee and the Securities Administrator agree to indemnify the
Trust Fund and the Depositor for any taxes and costs including, without
limitation, any reasonable attorneys fees imposed on or incurred by the Trust
Fund, the Depositor or the Trustee, as a result of a breach of the Trustee's
covenants and the Securities Administrator's covenants, respectively, set forth
in this Section 9.12; provided, however, such liability and obligation to
indemnify in this paragraph shall not be joint and several and neither the
Trustee nor the Securities Administrator shall be liable or be obligated to
indemnify the Trust Fund for the failure by the other to perform any duty under
this Agreement or the breach by the other of any covenant in this Agreement.

     (r) The Securities Administrator covenants and agrees that it shall act as
agent (and the Securities Administrator is hereby appointed to act as agent) of
the Tax Matters Person on behalf of each of the REMICs provided for herein and
that in such capacity it shall: (a) to the extent that they are under its
control conduct the affairs of each of the REMICs 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; (b) 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; (c) not knowingly
or intentionally take any action or omit to take any action that would cause the
termination of the grantor trust status under Subpart E, Part I of Subchapter J
of the Code of any of the grantor trusts provided for herein or result in the
imposition of tax upon any such grantor trust; and (d) 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.

     (s) Each of the Depositor, the Master Servicer, the Securities
Administrator and the Trustee agrees not to take or omit to take knowingly or
intentionally, 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.

     (t) [reserved].

     (u) The SWAP REMIC shall consist of all of the assets of the Trust Fund,
other than (i) amounts distributable to the Class P Certificates, (ii) the
interests issued by the SWAP REMIC and the interests issued by the Lower Tier
REMIC, (iii) the grantor trusts described in Section 9.12 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 9.12.

                                     -149-

<PAGE>
          The Depositor hereby instructs and authorizes the Securities
Administrator 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 which are provided to it. 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.

     (v) 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 that 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, the Preliminary
Statement and this Section 9.12.

          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 and 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.

     (w) (i) It is intended that the rights of each Class of the Certificates
(other than the Class C and Class P Certificates) to receive payments in respect
of Excess Interest shall be treated as a right in interest rate cap agreements
written by the Class C Certificateholders in favor of the holders of each Class
of the Certificates (other than the Class C and Class P 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 Senior 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
Certificates (other than the Class C and Class P 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 Certificates (other than the Class C and Class P 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 6.01(h) and
then paid to the relevant Class of Certificates pursuant to the related interest
rate cap agreement.

                                     -150-

<PAGE>

          (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 Certificate
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 Certificate 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.

     (x) 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 Certificates (other than the Class
P and Class C Certificates) in respect of notional principal contracts described
in Section 9.12(w)(ii), the Corridor Contracts, the Corridor Contract Account,
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 Certificates (other
than the Class C and Class P 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 Securities Administrator 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 Certificates
(other than the Class P Certificates) as may be applicable under the Code.

     (y) 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 9.12(w)(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

                                     -151-

<PAGE>

amounts specified in Section 6.01(h) 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.

     (z) 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) 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 Securities Administrator 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 Securities Administrator shall distribute the aggregate
Principal Funds with respect to the Group 1 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 1 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 Securities
Administrator shall distribute the aggregate Principal Funds with respect to the
Group 2 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 2 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 1 and Group 2 Mortgage Loans shall be
allocated in the reverse fashion from the manner in which losses are allocated.

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

                                     -152-

<PAGE>

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 Loan
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 Loan
Group over (II) the aggregate principal balance of the Group 1 Certificates, in
the case of the Class LTII1A Interest, or the Group 2 Certificates, 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 Loan 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 Loan Group over
(II) the aggregate principal balance of the Group 1 Certificates, in the case of
the Class LTII1A Interest, or the Group 2 Certificates, 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 Class Certificate Balance of any Class
of Certificates is increased pursuant to the last sentence of the definition of
"Class Certificate 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

                                     -153-

<PAGE>

the allocation of losses on the Lower Tier REMIC Regular Interests on such
Distribution Date) among the Lower Tier REMIC Regular Interests so that, to the
greatest extent possible, (i) each of the Lower Tier REMIC I Marker Interests
has a principal balance equal to 25% of the principal balance of the
Corresponding Certificates, (ii) the Class LTIX Interest has a principal balance
equal to the excess of (x) 50% of the remaining principal balance of the
Mortgage Loans over (y) the aggregate principal balance of the Lower Tier REMIC
I Marker Interests and (iii) the aggregate principal amount of the Lower Tier
REMIC II Marker Interests and the Class LTIIX Interest shall equal 50% of the
remaining principal balance of the Mortgage Loans. Allocations in connection
with clause (iii) shall be made so that, to the greatest extent possible, (a)
the principal balance of each Lower Tier REMIC II Marker Interest with "B" at
the end of its designation equals 0.05% of the aggregate scheduled principal
balance of the Mortgage Loans in related Loan 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 Loan Group over (y) the aggregate
principal balance of the Group 1 Certificates in the case of the Class LTII1A
Interest, or the Group 2 Certificates in the case of the Class LTII2A Interest
and (c) any remaining allocations are made to the Class LTIIX Interest.

          For purposes of this Section 9.12, (i) the Class LTII1A Interest and
Class LTII1B Interest shall be related to Loan Group 1, and (ii) the Class
LTII2A Interest and Class LTII2B Interest shall be related to Loan Group 2.

                                     -154-

<PAGE>

                                   ARTICLE X
                                  TERMINATION

     Section 10.01 Termination upon Liquidation or Repurchase of all Mortgage
Loans.

     (a) Subject to Section 10.03, the obligations and responsibilities of the
Depositor, the Master Servicer, the Securities Administrator and the Trustee
created hereby with respect to that portion of the Trust Fund relating to the
Certificates shall terminate upon the earlier of (a) an Optional Termination and
(b) the later of (i) the maturity or other liquidation of the last Mortgage Loan
remaining in the Trust Fund (or any Monthly Advance with respect thereto) 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 Securities Administrator shall attempt to terminate that
portion of the Trust Fund relating to the Certificates 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
Securities Administrator 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 Securities Administrator 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 Issuing Entity). The Securities Administrator shall accept the highest
bid received at the Auction; provided that the amount of such bid equals or
exceeds the Optional Termination Price. The Securities Administrator shall
determine the Optional Termination Price based upon information provided by (i)
the Master Servicer with respect to the amounts described in clauses (A) and (B)
of the definition of "Optional Termination Price" (other than Securities
Administrator's expenses) and (ii) the Depositor with respect to the information
described in clause (C) of the definition of "Optional Termination Price." The
Securities Administrator may conclusively rely upon the information provided to
it in accordance with the immediately preceding sentence and shall not have any
liability for the failure of any party to provide such information.
Notwithstanding anything herein to the contrary, only an amount equal to the
Optional Termination Price, reduced by the portion thereof consisting of the sum
of (x) any Swap Termination Payment and (y) the amount of any unpaid Net Swap
Payments and any other amounts owed to the Swap Counterparty that would not
otherwise be funded by the Optional Termination Price but for clause (E) 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
Securities Administrator 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.

                                     -155-

<PAGE>

     If an Optional Termination does not occur as a result of the Auction's
failure to achieve the Optional Termination Price, the Master Servicer may, on
any Distribution Date following such Auction, at its option, terminate that
portion of the Trust Fund relating to the Certificates 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 Securities Administrator no later than the Business Day
immediately preceding the related Distribution Date. Notwithstanding anything to
the contrary herein, the Optional Termination Amount paid to the Securities
Administrator by the winning bidder at the Auction or by the Master Servicer
shall be deposited by the Securities Administrator directly into the
Distribution Account immediately upon receipt. Upon any termination as a result
of an Auction, the Securities Administrator shall, out of the Optional
Termination Amount deposited into the Distribution Account, (x) pay the
Securities Administrator its costs and expenses necessary to conduct the Auction
and any other unreimbursed amounts owing to it and (y) pay to the Master
Servicer or Servicer, the aggregate amount of any unreimbursed out-of-pocket
costs and expenses owed to the Master Servicer or Servicer and any unpaid or
unreimbursed Servicing Fees, Monthly Advances and Servicing Advances.

     (c) Notwithstanding anything to the contrary in clause (b) above, in the
event that the Securities Administrator and the Trustee receive 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 Securities Administrator need not conduct the Auction. In
such event, the Master 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 10.02 Final Distribution on the Certificates.

     If on any Determination Date, (i) the Securities Administrator determines
that there are no Outstanding Mortgage Loans and no other funds or assets in the
Trust Fund relating to the Mortgage Loans other than the funds in the Master
Servicer Collection Account, the Securities Administrator shall send a final
distribution notice promptly to each Certificateholder or (ii) the Securities
Administrator determines that a Class of Certificates shall be retired after a
final distribution on such Class, the Securities Administrator shall notify the
Certificateholders within seven (7) Business Days 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
Securities Administrator.

     Notice of any partial termination of the Issuing Entity, 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 Securities Administrator by letter to Certificateholders mailed no later
than the last calendar day of the month immediately preceding the month of such
final distribution (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

                                     -156-

<PAGE>

office or agency at which such presentation and surrender must be made, and (c)
that the Record Date otherwise applicable to such Distribution Date is not
applicable, distributions being made only upon presentation and surrender of the
Certificates at the office therein specified. The Securities Administrator 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 Master Servicer shall cause all
funds in the Master Servicer Collection Account to be deposited in the
Distribution Account on the Business Day prior to the applicable Distribution
Date in an amount equal to the final distribution in respect of the
Certificates. Upon receipt of written notice of such final deposit with respect
to the Issuing Entity and the receipt by the Trustee, or its Custodian, of a
Request for Release therefor, the Trustee, or its Custodian, shall promptly
release to the Securities Administrator or the Master Servicer, as applicable,
the Mortgage Files for the Mortgage Loans.

     Upon presentation and surrender of the Certificates, the Securities
Administrator shall cause to be distributed to Certificateholders of each Class
the amounts allocable to such Certificates held in the Distribution Account in
the order and priority set forth in Section 6.01 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 Securities Administrator 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 Securities
Administrator 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 Issuing Entity. 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 Issuing Entity that remain subject
hereto. Upon payment to the Class R Certificateholders of such funds and assets,
the Securities Administrator shall have no further duties or obligations with
respect thereto.

     Section 10.03 Additional Termination Requirements.

     (a) In the event the Securities Administrator or the Master Servicer
exercises its purchase option as provided in Section 10.01, that portion of the
Trust Fund relating to the Mortgage Loans shall be terminated in accordance with
the following additional requirements, unless the Securities Administrator shall
have been furnished with an Opinion of Counsel to the effect that the failure of
the Issuing Entity to comply with the requirements of this Section will not (i)
result in the imposition of taxes on "prohibited transactions" of the Issuing
Entity as defined in Section 860F of the Code or (ii) cause any REMIC
constituting part of the Issuing Entity to fail to qualify as a REMIC at any
time that any Certificates are outstanding:

          (i) Within 90 days prior to the final Distribution Date, the
     Securities Administrator shall adopt and sign a plan of complete
     liquidation of the Issuing Entity as

                                     -157-

<PAGE>

     provided to it by the terminating purchaser, meeting the requirements of a
     "qualified liquidation" under Section 860F of the Code and any regulations
     thereunder; and

          (ii) At or after the time of adoption of such a plan of complete
     liquidation and at or prior to the final Distribution Date, the Securities
     Administrator shall sell all of the assets of the Issuing Entity for cash
     pursuant to the terms of the plan of complete liquidation.

     (b) By their acceptance of Certificates, the Holders thereof hereby agree
to appoint the Securities Administrator as their attorney in fact to: (i) adopt
such a plan of complete liquidation (and the Certificateholders hereby appoint
the Securities Administrator as their attorney in fact to sign such plan) as
appropriate and (ii) to take such other action in connection therewith as may be
reasonably required to carry out such plan of complete liquidation all in
accordance with the terms hereof.

                                   ARTICLE XI
                            MISCELLANEOUS PROVISIONS

     Section 11.01 Intent of Parties. The parties intend that each REMIC shall
be treated as a REMIC for federal income tax purposes and that the provisions of
this Agreement should be construed in furtherance of this intent.

     Section 11.02 Amendment.

     (a) This Agreement may be amended from time to time by the Depositor, the
Master Servicer, the Securities Administrator and the Trustee, and without the
consent of any of the Certificateholders to:

          (i) to cure any ambiguity or correct any mistake,

          (ii) to correct, modify or supplement any provision herein which may
     be inconsistent with 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 addressed to the Securities Administrator to such
     effect, adversely affect in any material respect the interests of any
     Certificateholder; 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

                                     -158-

<PAGE>

     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.

     The Securities Administrator 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 prior written
consent of the Cap Contract Counterparty or Swap Counterparty, respectively.

     Notwithstanding the foregoing, without the consent of the
Certificateholders, the Depositor, the Master Servicer, the Securities
Administrator 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 Issuing Entity or any of the REMICs
provided for herein pursuant to the Code that would be a claim against the
Issuing Entity at any time prior to the final redemption of the Certificates,
provided that the Trustee and the Securities Administrator shall have been
provided an Opinion of Counsel addressed to the Trustee and the Securities
Administrator, which opinion shall be an expense of the party requesting such
amendment but in any case shall not be an expense of the Trustee and the
Securities Administrator, 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.

     (b) This Agreement may also be amended from time to time by the Master
Servicer, the Depositor, the Securities Administrator and the Trustee, and the
Assignment Agreements may also be amended from time to time by the Master
Servicer and the Trustee, with the consent of the Holders of Certificates
evidencing Percentage Interests aggregating not less than 51% of the Class
Certificate Balance of the Certificates or of the applicable Class or Classes,
if such amendment affects only such Class or Classes, 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
Certificateholders; provided, however, that no such amendment shall (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 Regular Certificate
without the consent of the Holder of such Regular Certificate, or (ii) reduce
the aforesaid percentage of Certificates the Holders of which are required to
consent to any such amendment, without the consent of the Holders of all
Certificates then outstanding. Notwithstanding any contrary provision of this
Agreement, the Trustee shall not consent to any amendment to this Agreement
unless it shall have first received an Opinion of Counsel addressed to the
Trustee, 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 is permitted hereunder and will not cause the imposition of
any tax on the Issuing Entity, 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.

     (c) Promptly after the execution of any such amendment, the Securities
Administrator shall furnish a copy of such amendment or written notification of
the substance of such amendment to each Certificateholder, with a copy to the
Rating Agencies.

                                     -159-

<PAGE>

     (d) In the case of an amendment under Subsection 11.02(b) above, it shall
not be necessary for the Certificateholders to approve the particular form of
such an amendment. Rather, it shall be sufficient if the Certificateholders
approve the substance of the amendment. 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.

     (e) Prior to the execution of any amendment to this Agreement, the Trustee
shall be entitled to receive and rely upon an Opinion of Counsel stating that
the execution of such amendment is authorized or permitted by this Agreement and
will not adversely affect the status of any REMIC created hereunder. The Trustee
and the Securities Administrator may, but shall not be obligated to, enter into
any such amendment which affects the Trustee's or the Securities Administrator's
own respective rights, duties or immunities under this Agreement.

     Section 11.03 Recordation of Agreement. To the extent permitted by
applicable law, this Agreement is subject to recordation in all appropriate
public offices for real property records in all the counties or other comparable
jurisdictions in which any or all of the Mortgaged Properties are situated, and
in any other appropriate public recording office or elsewhere. The Depositor
shall effect such recordation, at the expense of the Issuing Entity upon the
request in writing of a Certificateholder, but only if such direction is
accompanied by an Opinion of Counsel (provided at the expense of the
Certificateholder requesting recordation) to the effect that such recordation
would materially and beneficially affect the interests of the Certificateholders
or is required by law.

     Section 11.04 Limitation on Rights of Certificateholders.

     (a) The death or incapacity of any Certificateholder shall not terminate
this Agreement or the Issuing Entity, nor entitle such Certificateholder's legal
representatives or heirs to claim an accounting or to take any action or
proceeding in any court for a partition or winding up of the Issuing Entity, nor
otherwise affect the rights, obligations and liabilities of the parties hereto
or any of them.

     (b) Except as expressly provided in this Agreement, no Certificateholders
shall have any right to vote or in any manner otherwise control the operation
and management of the Issuing Entity, or the obligations of the parties hereto,
nor shall anything herein set forth, or contained in the terms of the
Certificates, be construed so as to establish the Certificateholders from time
to time as partners or members of an association; nor shall any
Certificateholders be under any liability to any third Person by reason of any
action taken by the parties to this Agreement pursuant to any provision hereof.

     (c) No Certificateholder shall have any right by virtue of any provision of
this Agreement to institute any suit, action or proceeding in equity or at law
upon, under or with respect to this Agreement against the Depositor, the
Securities Administrator, the Master Servicer or any successor to any such
parties unless (i) such Certificateholder previously shall have given to the
Trustee a written notice of a continuing default, as herein provided, (ii) the
Holders of Certificates evidencing Percentage Interests aggregating not less
than 51% of the Trust Fund shall have made written request upon the Trustee to
institute such action, suit or

                                     -160-

<PAGE>

proceeding in its own name as Trustee hereunder and shall have offered to the
Trustee such reasonable indemnity as it may require against the costs and
expenses and liabilities to be incurred therein or thereby, and (iii) the
Trustee, for 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.

     (d) No one or more Certificateholders shall have any right by virtue of any
provision of this Agreement to affect the rights of any other Certificateholders
or to obtain or seek to obtain priority or preference over any other such
Certificateholder, or to enforce any right under this Agreement, except in the
manner herein provided and for the equal, ratable and common benefit of all
Certificateholders. For the protection and enforcement of the provisions of this
Section 11.04, each and every Certificateholder and the Trustee shall be
entitled to such relief as can be given either at law or in equity.

     Section 11.05 Acts of Certificateholders.

     (a) Any request, demand, authorization, direction, notice, consent, waiver
or other action provided by this Agreement to be given or taken by
Certificateholders may be embodied in and evidenced by one or more instruments
of substantially similar tenor signed by such Certificateholders in person or by
an agent duly appointed in writing. Except as herein otherwise expressly
provided, such action shall become effective when such instrument or instruments
are delivered to the Trustee and, where it is expressly required, to the
Depositor. Proof of execution of any such instrument or of a writing appointing
any such agent shall be sufficient for any purpose of this Agreement and
conclusive in favor of the Trustee and the Depositor, if made in the manner
provided in this Section 11.05.

     (b) The fact and date of the execution by any Person of any such instrument
or writing may be proved by the affidavit of a witness of such execution or by a
certificate of a notary public or other officer authorized by law to take
acknowledgments of deeds, certifying that the individual signing such instrument
or writing acknowledged to him the execution thereof. Where such execution is by
a signer acting in a capacity other than his or her individual capacity, such
certificate or affidavit shall also constitute sufficient proof of his or her
authority. The fact and date of the execution of any such instrument or writing,
or the authority of the individual executing the same, may also be proved in any
other manner which the Trustee deems sufficient.

     (c) The ownership of Certificates (notwithstanding any notation of
ownership or other writing on such Certificates, except an endorsement in
accordance with Section 5.02 made on a Regular Certificate presented in
accordance with Section 5.04) shall be proved by the Certificate Register, and
neither the Trustee, the Securities Administrator, the Depositor, the Master
Servicer nor any successor to any such parties shall be affected by any notice
to the contrary.

     (d) Any request, demand, authorization, direction, notice, consent, waiver
or other action of the holder of any Regular Certificate shall bind every future
holder of the same Regular Certificate and the holder of every Regular
Certificate issued upon the registration of transfer or exchange thereof, if
applicable, or in lieu thereof with respect to anything done, omitted or

                                     -161-

<PAGE>

suffered to be done by the Trustee, the Securities Administrator, the Depositor,
the Master Servicer or any successor to any such party in reliance thereon,
whether or not notation of such action is made upon such Certificates.

     (e) In determining whether the Holders of the requisite percentage of
Certificates evidencing Percentage Interests have given any request, demand,
authorization, direction, notice, consent or waiver hereunder, Certificates
owned by the Trustee, the Securities Administrator, the Depositor, the Master
Servicer or any Affiliate thereof shall be disregarded, except as otherwise
provided in Section 11.02(b) and except that, in determining whether the
Securities Administrator or the Trustee shall be protected in relying upon any
such request, demand, authorization, direction, notice, consent or waiver, only
Certificates which a Responsible Officer of the Trustee knows to be so owned
shall be so disregarded. Certificates which have been pledged in good faith to
the Trustee, the Securities Administrator, the Depositor, the Master Servicer or
any Affiliate thereof may be regarded as outstanding if the pledgor establishes
to the satisfaction of the Securities Administrator the pledgor's right to act
with respect to such Certificates and that the pledgor is not an Affiliate of
the Trustee, the Securities Administrator, the Depositor, or the Master
Servicer, as the case may be.

     Section 11.06 Governing Law. THIS AGREEMENT AND THE CERTIFICATES SHALL BE
CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK WITHOUT REFERENCE
TO ITS CONFLICT OF LAWS RULES AND THE OBLIGATIONS, RIGHTS AND REMEDIES OF THE
PARTIES HEREUNDER SHALL BE DETERMINED IN ACCORDANCE WITH SUCH LAWS.

     Section 11.07 Notices. All demands and notices hereunder shall be in
writing and shall be deemed given when delivered at (including delivery by
facsimile) or mailed by registered mail, return receipt requested, postage
prepaid, or by recognized overnight courier, to (i) in the case of the
Depositor, 4 World Financial Center, New York, New York 10281, Attention: Vice
President-Servicing, telecopier number: (212) 449-1000, or to such other address
as may hereafter be furnished to the other parties hereto in writing; (ii) in
the case of the Trustee, at its Corporate Trust Office, or such other address as
may hereafter be furnished to the other parties hereto in writing; (iii) in the
case of the Master Servicer or Securities Administrator, Wells Fargo Bank, N.A.,
P.O. Box 98, Columbia, Maryland 21046, Attention: Client Service Manager MANA
Series 2007-A1, or, in the case of overnight deliveries, 9062 Old Annapolis
Road, Columbia, Maryland 21045-1951, Attention: Client Service Manager MANA
Series 2007-A1, facsimile no.: (410) 715-2380, or such other address as may
hereafter be furnished to the other parties hereto in writing; (iv) in the case
of the Custodian, Wells Fargo Bank, N.A., 1015 10th Avenue Southeast, MS 0031,
Minneapolis, Minnesota 55414, Attention: MANA Series 2007-A1; or such other
address as may hereafter be furnished to the other parties hereto in writing;
(v) in the case of the Rating Agencies, Moody's Investors Service, Inc., 99
Church Street, 4th Floor, New York, New York 10007 and Standard & Poor's, a
division of The McGraw-Hill Companies, Inc., 55 Water Street, New York, New York
10041; or (vi) in the case of the Cap Contract Counterparty, The Royal Bank of
Scotland plc, 280 Bishopsgate, London EC2M 4RB, Attention: Legal
Department--Derivatives Documentation, telephone no. (203) 618-2531, facsimile
no. (203) 618-2533, with a copy to Greenwich Capital Markets, Inc., 600
Steamboat Road, Greenwich, Connecticut 06830, Attention: Legal Department -
Derivatives Documentation. Any notice delivered to the Depositor, the Trustee,
the Securities Administrator or the Master

                                     -162-

<PAGE>

Servicer under this Agreement shall be effective only upon receipt. Any notice
required or permitted to be mailed to a Certificateholder, unless otherwise
provided herein, shall be given by first-class mail, postage prepaid, at the
address of such Certificateholder as shown in the Certificate Register. Any
notice so mailed within the time prescribed in this Agreement shall be
conclusively presumed to have been duly given when mailed, whether or not the
Certificateholder receives such notice.

     Section 11.08 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 severed 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 11.09 Successors and Assigns. The provisions of this Agreement
shall be binding upon and inure to the benefit of the respective successors and
assigns of the parties hereto.

     Section 11.10 Article and Section Headings. The article and section
headings herein are for convenience of reference only, and shall not limit or
otherwise affect the meaning hereof.

     Section 11.11 Counterparts. This Agreement may be executed in two or more
counterparts each of which when so executed and delivered shall be an original
but all of which together shall constitute one and the same instrument.

     Section 11.12 Notice to Rating Agencies. The article and section headings
herein are for convenience of reference only, and shall not limited or otherwise
affect the meaning hereof. The Trustee shall promptly provide notice to each
Rating Agency with respect to each of the following of which it has actual
knowledge:

     1. Any material change or amendment to this Agreement or the Servicing
Agreements;

     2. The occurrence of any Event of Default that has not been cured;

     3. The resignation or termination of the Trustee, the Master Servicer or
the Securities Administrator;

     4. The repurchase or substitution of Mortgage Loans;

     5. The final payment to Certificateholders; and

     6. Any change in the location of the Master Servicer Collection Account or
the Distribution Account.

     Section 11.13 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,

                                     -163-

<PAGE>

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

                                  ARTICLE XII
                            PROHIBITED TRANSACTIONS

     Section 12.01 [Reserved].

     Section 12.02 Prohibited Transactions and Activities. Neither the Depositor
nor the Securities Administrator shall sell, dispose of, or substitute for any
of the Mortgage Loans, except in a disposition pursuant to (i) the foreclosure
of a Mortgage Loan, (ii) the bankruptcy of the Trust Fund, (iii) the termination
of each REMIC pursuant to Article X of this Agreement, (iv) a substitution
pursuant to Article II of this Agreement or (v) a repurchase of Mortgage Loans
pursuant to Article II of this Agreement, nor acquire any assets for any REMIC,
nor sell or dispose of any investments in the Distribution Account for gain, nor
accept any contributions to any REMIC after the Closing Date, unless it has
received an Opinion of Counsel (at the expense of the party causing such sale,
disposition, or substitution) that such disposition, acquisition, substitution,
or acceptance will not (a) affect adversely the status of any such REMIC as a
REMIC or of the interests therein other than the Residual Certificate as the
regular interests therein, (b) affect the distribution of interest or principal
on the Certificates, (c) result in the encumbrance of the assets transferred or
assigned to the Trust Fund (except pursuant to the provisions of this Agreement)
or (d) cause any such REMIC to be subject to any tax including a tax on
prohibited transactions or prohibited contributions pursuant to the REMIC
Provisions.

     Section 12.03 Indemnification with Respect to Prohibited Transactions or
Loss of REMIC Status. In the event that a REMIC 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 Securities Administrator of
its duties and obligations set forth herein, the Securities Administrator shall
indemnify the Certificateholders of the related Residual Certificate against any
and all losses, claims, damages, liabilities or expenses ("Losses") resulting
from such negligence; provided, however, that the Securities Administrator shall
not be liable for any such Losses attributable to the action or inaction of the
Depositor or the Holder of the Residual Certificate, nor for any such Losses
resulting from misinformation provided by any of the foregoing parties on which
the Securities Administrator has relied. Notwithstanding the foregoing, however,
in no event shall the Trustee or the Securities Administrator 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 or the Mortgage Loan Purchase Agreement, (2) for any
Losses other than arising out of malfeasance, willful misconduct or negligent
performance by the Securities Administrator with respect to its duties and
obligations set forth herein, and (3) for any special or consequential damages
to Certificateholders of the related Residual Certificate (in addition to
payment of principal and interest on the Certificates).

     Section 12.04 REO Property.

     (a) Notwithstanding any other provision of this Agreement, the Securities
Administrator shall not, except to the extent provided in this Agreement for
which the Securities

                                     -164-

<PAGE>

Administrator is obligated to perform, knowingly permit any Servicer to rent,
lease, otherwise earn income or take any other action on behalf of any REMIC
with respect to any REO Property which might cause such REO Property to fail to
qualify as "foreclosure property" within the meaning of section 860G(a)(8) of
the Code or result in the receipt by any REMIC of any "income from non-permitted
assets" within the meaning of section 860F(a)(2) of the Code or any "net income
from foreclosure property" which is subject to tax under the REMIC Provisions
unless the Servicer has provided to the Securities Administrator an Opinion of
Counsel concluding that, under the REMIC Provisions, such action would not
adversely affect the status of any REMIC as a REMIC and any income generated for
any REMIC by the REO Property would not result in the imposition of a tax upon
such REMIC.

     (b) The Depositor shall cause each Servicer (to the extent provided in the
applicable Servicing Agreement) to make reasonable efforts to sell any REO
Property for its fair market value. In any event, however, the Depositor shall,
or shall cause the Servicer (to the extent provided in this Agreement) to,
dispose of any REO Property within three years of its acquisition by the Issuing
Entity unless the Depositor or such Servicer (on behalf of the Issuing Entity)
has received a grant of extension from the Internal Revenue Service to the
effect that, under the REMIC Provisions and any relevant proposed legislation
and under applicable state law, the REMIC may hold REO Property for a longer
period without adversely affecting the REMIC status of such REMIC or causing the
imposition of a Federal or state tax upon such REMIC. If such an extension has
been received, then the Depositor, acting on behalf of the Trustee hereunder,
shall, or shall cause the Servicer to, continue to attempt to sell the REO
Property for its fair market value for such period longer than three years as
such extension permits (the "Extended Period"). If such an extension has not
been received and the Depositor or the Servicer, acting on behalf of the Issuing
Entity hereunder, is unable to sell the REO Property within 33 months after its
acquisition by the Issuing Entity or if such an extension, has been received and
the Depositor or the Servicer is unable to sell the REO Property within the
period ending three months before the close of the Extended Period, the
Depositor shall cause the Servicer, before the end of the three year period or
the Extended Period, as applicable, to (i) purchase such REO Property at a price
equal to the REO Property's fair market value or (ii) auction the REO Property
to the highest bidder (which may be the Servicer) in an auction reasonably
designed to produce a fair price prior to the expiration of the three-year
period or the Extended Period, as the case may be.

                                     -165-

<PAGE>

     IN WITNESS WHEREOF, the Depositor, the Trustee, the Master Servicer and the
Securities Administrator 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

                                        HSBC BANK USA, NATIONAL ASSOCIATION,
                                        as Trustee

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

                                        WELLS FARGO BANK, N.A.,
                                        as Master Servicer

                                        By:
                                            ------------------------------------
                                        Name: Michael Pinzon
                                        Title: Assistant Vice President

                                        WELLS FARGO BANK, N.A.,
                                        as Securities Administrator

                                        By:
                                            ------------------------------------
                                        Name: Michael Pinzon
                                        Title: Assistant Vice President
<PAGE>

                                   EXHIBIT A-1

                    FORM OF CLASS A AND CLASS M CERTIFICATES

                             [INTENTIONALLY OMITTED]

                                      A-1-1

<PAGE>

                                   EXHIBIT A-2

                          FORM OF CLASS B CERTIFICATES

                             [INTENTIONALLY OMITTED]

                                      A-2-1

<PAGE>

                                   EXHIBIT A-3

                           FORM OF CLASS R CERTIFICATE

                             [INTENTIONALLY OMITTED]

                                      A-3-1

<PAGE>

                                   EXHIBIT A-4

                           FORM OF CLASS P CERTIFICATE

                             [INTENTIONALLY OMITTED]

                                      A-4-1

<PAGE>

                                   EXHIBIT A-5

                           FORM OF CLASS C CERTIFICATE

                             [INTENTIONALLY OMITTED]

                                     A-5-1

<PAGE>

                                   EXHIBIT B-1

                             MORTGAGE LOAN SCHEDULE

                             [INTENTIONALLY OMITTED]

                                      B-1-1

<PAGE>

                                    EXHIBIT C

                                   [RESERVED]

                                       C-1

<PAGE>

                                    EXHIBIT D

                        REQUEST FOR RELEASE OF DOCUMENTS

To:  Wells Fargo Bank, N.A.
     1015 10th Avenue S.E.
     Minneapolis Minnesota 55414
     Attn: ______________________

     Re:  Custodial Agreement, dated as of February 9, 2007 among HSBC Bank USA,
          National Association, Merrill Lynch Mortgage Investors, Inc. and Wells
          Fargo Bank, N.A.

     In connection with the administration of the Mortgage Loans held by you as
Custodian for the Owner pursuant to the above-captioned Custodial Agreement, we
request the release, and hereby acknowledge receipt, of the Custodian's 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             Reason:
                                                --------------------------------

                                        By:
                                            ------------------------------------
                                            (authorized signer)

                                        Issuer:
                                                --------------------------------
                                        Address:
                                                 -------------------------------
                                        Date:
                                              ----------------------------------

                                       D-1

<PAGE>

          Custodian

          Wells Fargo Bank, N.A.

          Please acknowledge the execution of the above request by your
signature and date below:

          Please acknowledge the execution of the above request by your
signature and date below:

-------------------------------------   -------------------
Signature                               Date

Documents returned to Custodian:

-------------------------------------   -------------------
Custodian                               Date

                                       D-2
<PAGE>

                                   EXHIBIT E-1

                           FORM OF TRANSFEREE'S LETTER
                                     [DATE]

Wells Fargo Bank, N.A.
9062 Old Annapolis Road
Columbia, Maryland 21045
Attention: Corporate Trust Services - Merrill Lynch Alternative Note Asset
Trust, Series 2007-A1

          Ladies and Gentlemen:

          We propose to purchase Merrill Lynch Alternative Note Asset Trust,
Series 2007-A1 Mortgage Pass-Through Certificates, Class R, described in the
Prospectus Supplement, dated February 7, 2007, and the Prospectus, dated
September 8, 2006. Capitalized terms used but not defined herein shall have the
meanings assigned to them in the Pooling and Servicing Agreement, dated January
1, 2007 relating to this issuance of the Merrill Lynch Alternative Note Asset
Trust, Series 2007-A1 Mortgage Pass-Through Certificates (the "Pooling and
servicing Agreement").

          1. 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.

          2. 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>

          3. We acknowledge that we will be the beneficial owner of the Class R
Certificate and:(1)

          _________ 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.

          4. 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.

          5. 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 Securities
Administrator 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.

          6. 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 Securities
Administrator 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 Securities Administrator a letter in the form of this
letter (including the affidavit appended hereto) and, we will provide the
Securities Administrator a written statement substantially in the form of
Exhibit E-2 to the Pooling and Servicing Agreement.

----------
(1)  Check appropriate box and if necessary fill in the name of the Transferee's
     nominee.

                                      E-1-2

<PAGE>

          7. 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 in which the Class R Certificate represents the residual
interest.

                                        Very truly yours,

                                        [Purchaser]

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

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
               "Investor"),

          2.   the Investor's Employer Identification number is __________,

          3.   the Investor is not a "disqualified organization" (as defined
               below), has no plan or intention of becoming a disqualified
               organization, and is not acquiring any of its interest in the
               Merrill Lynch Alternative Note Asset Trust, Series 2007-A1
               Mortgage Pass-Through Certificates, Class R Certificate on behalf
               of a disqualified organization or any other entity,

          4.   unless Merrill Lynch Mortgage Investors, Inc. ("MLMI") has
               consented to the transfer to the Investor, the Investor is a
               "U.S. person" (as defined below),

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

          6.   the Investor has historically paid its debts as they became due,

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

          8.   the Investor 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,

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

          10.  the Investor consents to any amendment of the Pooling and
               Servicing Agreement that shall be deemed necessary by MLMI (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

          11.  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
               Investor, 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:

                                      E-1-4

<PAGE>

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

               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 Investor 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 Investor 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
          Investor;]

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

     (B)  the Investor 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 Investor 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 Investor to make this
declaration or to satisfy the requirements of Treasury regulation Section
1.860E-1(c)(5)(i).]

     (12) The Investor 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
          Investor or another U.S. taxpayer.

                                      E-1-5

<PAGE>

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 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).

                                      E-1-6

<PAGE>

IN WITNESS WHEREOF, the Investor has caused this instrument to be executed on
its behalf, pursuant to authority of its Board of Directors, by its
_____________ this ___ day of ______________, 20__.

                                        [INVESTOR]

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

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 ______________, 20__.

NOTARY PUBLIC

-------------------------------------

COUNTY OF_____________________

STATE OF______________________

My commission expires the _____ day of __________ 20__.

                                      E-1-7

<PAGE>

                                   EXHIBIT E-2

                         FORM OF TRANSFEROR CERTIFICATE

                                     [DATE]

Wells Fargo Bank, N.A.
9062 Old Annapolis Road
Columbia, MD 21045
Attention: Corporate Trust Services - Merrill Lynch Alternative Note Asset
Trust, Series 2007-A1

Re: Merrill Lynch Alternative Note Asset Trust, Series 2007-A1

          _______________________ (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,

                                        [Transferor]

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

                                      E-2-1

<PAGE>

                                   EXHIBIT F-1

                    FORM OF TRANSFEROR REPRESENTATION LETTER

                                                          ______________, 200___

Merrill Lynch Mortgage Investors, Inc.
4 World Financial Center
New York, New York 10281

Wells Fargo Bank, N.A.
9062 Old Annapolis Road
Columbia, MD 21045

     Re: Merrill Lynch Alternative Note Asset Trust, Series 2007-A1 Mortgage
         Pass-Through Certificates, Class [ _] -----

Ladies and Gentlemen:

     In connection with the sale by ___________ (the "Seller") to ________ (the
"Purchaser") of $_________ Initial Certificate Principal Balance of Mortgage
Pass-Through Certificates, Class _____ (the "Certificates"), issued pursuant to
the Pooling and Servicing Agreement (the "Pooling and Servicing Agreement"),
dated as of January 1, 2007 among Merrill Lynch Mortgage Investors, Inc., as
depositor (the "Depositor"), Wells Fargo Bank, N.A. as master servicer (in such
capacity, the "Master Servicer") and securities administrator (in such capacity,
the "Securities Administrator"), and HSBC Bank USA, National Association, as
trustee (the "Trustee"). The Seller hereby certifies, represents and warrants
to, and covenants with, the Depositor and the Securities Administrator that:

     Neither the Seller nor anyone acting on its behalf has (a) offered,
pledged, sold, disposed of or otherwise transferred any Certificate, any
interest in any Certificate or any other similar security to any person in any
manner, (b) has solicited any offer to buy or to accept a pledge, disposition or
other transfer of any Certificate, any interest in any Certificate or any other
similar security from any person in any manner, (c) has otherwise approached or
negotiated with respect to any Certificate, any interest in any Certificate or
any other similar security with any person in any manner, (d) has made any
general solicitation by means of general advertising or in any other manner, or
(e) has taken any other action, that (as to any of (a) through (e) above) would
constitute a distribution of the Certificates under the Securities Act of 1933
(the "Act"), that would render the disposition of any Certificate a violation of
Section 5 of the Act or any state securities law, or that would require
registration or qualification pursuant thereto. The Seller will not act in any
manner set forth in the foregoing sentence with respect to any Certificate. The

                                      F-1-1

<PAGE>

Seller has not and will not sell or otherwise transfer any of the Certificates,
except in compliance with the provisions of the Pooling and Servicing Agreement.

                                        Very truly yours,

                                        ----------------------------------------
                                        (Seller)

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

                                      F-1-2

<PAGE>

                                   EXHIBIT F-2

             FORM OF INVESTOR REPRESENTATION LETTER (NON-RULE 144A)

                                                               __________, 200__

Merrill Lynch Mortgage Investors, Inc.
4 World Financial Center
New York, New York 10281

Wells Fargo Bank, N.A.
9062 Old Annapolis Road
Columbia, MD 21045

     Re: Merrill Lynch Alternative Note Asset Trust, Series 2007-A1 Mortgage
         Pass-Through Certificates, Class [__]

Ladies and Gentlemen:

     In connection with our acquisition of the above 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 are an
institutional "accredited investor," as defined in Regulation D under the Act,
and 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 Certificates and all
matters relating thereto or any additional information deemed necessary to our
decision to purchase the Certificates, (d) solely in the case of an ERISA
Restricted Certificate, we (i) are not an employee benefit plan or arrangement
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 to any provisions under any
federal, state, local, non-U.S. or other laws or regulations that are
substantively similar to foregoing provisions of ERISA or the Code ("Similar
Law") (collectively, a "Plan"), and are not directly or indirectly acquiring
this Certificate for, on behalf of or with any assets of any such Plan, (ii) if
the Certificate has been the subject of an ERISA-Qualifying Underwriting, 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
(iii) solely in the case of a Definitive Certificate, shall deliver herewith an
Opinion of Counsel satisfactory to the Securities Administrator, and upon which
the Securities Administrator shall be entitled to rely, to the effect that the
acquisition and holding of this certificate by the transferee will not result in
a nonexempt prohibited transaction under ERISA or the Code, or a violation of
Similar Law, and will not subject the Depositor, the Master Servicer, the
Securities Administrator or the Trustee to any obligation in addition to those
undertaken by such entities in the Pooling and Servicing Agreement, which
Opinion of Counsel

                                      F-2-1

<PAGE>

shall not be an expense of the Depositor, the Master Servicer, the Securities
Administrator or the Trustee, (e) we are acquiring the Certificates for
investment for our own account and not with a view to any distribution of such
Certificates (but without prejudice to our right at all times to sell or
otherwise dispose of the Certificates in accordance with clause (g) below), (f)
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, or taken any other action which would result in a
violation of Section 5 of the Act, and (g) we will not sell, transfer or
otherwise dispose of any Certificates unless (1) such sale, transfer or other
disposition is made pursuant to an effective registration statement under the
Act or is exempt from such registration requirements, and if requested, we will
at our expense provide an opinion of counsel satisfactory to the addressees of
this Certificate that such sale, transfer or other disposition may be made
pursuant to an exemption from the Act, (2) The purchaser or transferee of such
Certificate has executed and delivered to you a certificate to substantially the
same effect as this certificate, and (3) The purchaser or transferee has
otherwise complied with any conditions for transfer set forth in the Pooling and
Servicing Agreement.

                                        Very truly yours,

                                        ----------------------------------------
                                        Print Name of Transferee

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

                                      F-2-2

<PAGE>

                                   EXHIBIT F-3

                            FORM OF RULE 144A LETTER

                                                              ____________, 2006

Merrill Lynch Mortgage Investors, Inc.
4 World Financial Center
New York, New York 10281

Wells Fargo Bank, N.A.
9062 Old Annapolis Road
Columbia, MD 21045

     Re: Merrill Lynch Alternative Note Asset Trust, Series 2007-A1 Mortgage
         Pass-Through Certificates, Class [__]

Ladies and Gentlemen:

     In connection with our acquisition of the above 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 Certificates and all matters relating
thereto or any additional information deemed necessary to our decision to
purchase the Certificates, (d) solely in the case of an ERISA Restricted
Certificate, we (i) are not an employee benefit plan or arrangement 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 to any provisions under any federal,
state, local, non-U.S. or other laws or regulations that are substantively
similar to foregoing provisions of ERISA or the Code ("Similar Law")
(collectively, a "Plan"), and are not directly or indirectly acquiring this
Certificate for, on behalf of or with any assets of any such Plan, (ii) if the
Certificate has been the subject of an ERISA-Qualifying Underwriting, 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
(iii) solely in the case of a Definitive Certificate, shall deliver herewith an
Opinion of Counsel satisfactory to the Securities Administrator, and upon which
the Securities Administrator shall be entitled to rely, to the effect that the
acquisition and holding of this certificate by the transferee will not result in
a nonexempt prohibited transaction under ERISA or the Code, or a violation of
Similar Law, and will not subject the Depositor, the Master Servicer, the
Securities Administrator or the Trustee 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 Depositor, the Master
Servicer, the Securities Administrator or the

                                      F-3-1

<PAGE>

Trustee, (e) 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 Act or that would render the
disposition of the Certificates a violation of Section 5 of the 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,
(f) we are a "qualified institutional buyer" as that term is defined in Rule
144A under the Act ("Rule 144A") and have completed either of the forms of
certification to that effect attached hereto as Annex 1 or Annex 2, (g) we are
aware that the sale to us is being made in reliance on Rule 144A, and (h) we are
acquiring the 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 (A) to a person reasonably believed 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 (B) pursuant to another
exemption from registration under the Act.

                                        Very truly yours,

                                        ----------------------------------------
                                        Print Name of Transferee

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

                                      F-3-2

<PAGE>

                                                          ANNEX I TO EXHIBIT F-3

            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.

     2. In connection with 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 $___________(1) in securities (except for the
1 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 the 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 any such institutions or is a foreign savings
and loan association or equivalent institution and (b) has an audited net worth
of at least $25,000,000 as demonstrated in its latest annual financial
statements, a copy of which is attached hereto.

     ___ Broker-dealer. The Buyer is a dealer registered pursuant to Section 15
of the Securities Exchange Act of 1934.

----------
(1)  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.

                                      F-3-3

<PAGE>

     ___ Insurance Company. The Buyer is an insurance company whose primary and
predominant business activity is the writing of insurance or the reinsuring of
risks underwritten by insurance companies and which is subject to supervision by
the insurance commissioner or a similar official or agency of a 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 within the meaning of
Title I of the Employee Retirement Income Security Act of 1974.

     ___ Investment Advisor. The Buyer is an investment advisor registered under
the Investment Advisors Act of 1940.

     ___ 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.

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

     3. The term "securities" as used herein does not include (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.

     4. 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.

     5. 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.

                                     F-3-4

<PAGE>

     6. 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 is provided above, The Buyer agrees that it will
furnish to such parties updated annual financial statements promptly after they
become available.

                                        ----------------------------------------
                                        Print Name of Buyer

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

                                     F-3-5

<PAGE>

                                                         ANNEX II TO EXHIBIT F-3

            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.

          2. In connection with purchases by Buyer, The Buyer is a "qualified
institutional buyer" as defined in SEC 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).

          3. 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).

          4. 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,

                                     F-3-6

<PAGE>

(vi) securities owned but subject to a repurchase agreement and (vii) currency,
interest rate and commodity swaps.

          5. 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.

          6. 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.

                                        ----------------------------------------
                                        Print Name of Buyer or Adviser

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

                                        IF AN ADVISER:

                                        ----------------------------------------
                                        Print Name of Buyer

                                        Date:
                                              ----------------------------------

                                     F-3-7

<PAGE>

                                    EXHIBIT G

                           Form of Custodial Agreement

                               CUSTODIAL AGREEMENT

          THIS CUSTODIAL AGREEMENT (as amended and supplemented from time to
time, the "Agreement"), dated as of February 9, 2007, by and among HSBC BANK
USA, NATIONAL ASSOCIATION, as trustee (including its successors under the
Pooling and Servicing Agreement defined below, the "Trustee"), MERRILL LYNCH
MORTGAGE INVESTORS, INC., as company (together with any successor in interest,
the "Company"), WELLS FARGO BANK, N.A., as securities administrator and master
servicer (together with any successor in interest or successor under the Pooling
and Servicing Agreement referred to below, the "Master Servicer") and WELLS
FARGO BANK, N.A., as custodian (together with any successor in interest or any
successor appointed hereunder, the "Custodian").

                                WITNESSETH THAT:

          WHEREAS, the Company, the Master Servicer and the Trustee have entered
into a Pooling and Servicing Agreement, dated as of January 1, 2007, relating to
the issuance of Merrill Lynch Alternative Note Asset Trust, Series 2007-A1
Mortgage Pass-Through Certificates, (as amended and supplemented from time to
time, the "Pooling and Servicing Agreement"); and

          WHEREAS, the Custodian has agreed to act as agent for the Trustee for
the purposes of receiving and holding certain documents and other instruments
delivered by the Company or the Master Servicer under the Pooling and Servicing
Agreement and the Servicers under their respective Servicing Agreements, all
upon the terms and conditions and subject to the limitations hereinafter set
forth;

          NOW, THEREFORE, in consideration of the premises and the mutual
covenants and agreements hereinafter set forth, the Trustee, the Company, the
Master Servicer and the Custodian hereby agree as follows:

                                   DEFINITIONS

          Capitalized terms used in this Agreement and not defined herein shall
have the meanings assigned in the Pooling and Servicing Agreement, unless
otherwise required by the context herein.

                                      G-1

<PAGE>

                          CUSTODY OF MORTGAGE DOCUMENTS

1.   Custodian to Act as Agent: Acceptance of Mortgage Files, Attestations and
     Assessments of Compliance.

          a.   The Custodian, as the duly appointed agent of the Trustee for
               these purposes, acknowledges (subject to any exceptions noted in
               the Initial Certification referred to in Section 2.3(a)) receipt
               of the Mortgage Files relating to the Mortgage Loans identified
               on the schedule attached hereto (the "Mortgage Files") and
               declares that it holds and will hold such Mortgage Files as agent
               for the Trustee, in trust, for the use and benefit of all present
               and future Certificateholders.

          b.   On or before March 1st of each calendar year, beginning with
               March 1, 2008, the Custodian shall, at its own expense, cause a
               firm of independent public accountants (who may also render other
               services to Custodian), that is a member of the American
               Institute of Certified Public Accountants, to furnish to the
               Company and the Master Servicer a report to the effect that such
               firm attests to, and reports on, the assessment made by such
               asserting party pursuant to Section 2.01(c) below, which report
               shall be made in accordance with standards for attestation
               engagements issued or adopted by the Public Company Accounting
               Oversight Board.

          c.   On or before March 1st of each calendar year, beginning with
               March 1, 2008, the Custodian shall deliver to the Company and the
               Master Servicer a report regarding its assessment of compliance
               with the servicing criteria identified in Exhibit Three attached
               hereto, as of and for the period ending the end of the fiscal
               year ending no later than December 31 of the year prior to the
               year of delivery of the report, with respect to asset-backed
               security transactions taken as a whole in which the Custodian is
               performing any of the servicing criteria specified in Exhibit
               Three and that are backed by the same asset type backing such
               asset-backed securities. Each such report shall include (a) a
               statement of the party's responsibility for assessing compliance
               with the servicing criteria applicable to such party, (b) a
               statement that such party used the criteria identified in Item
               1122(d) of Regulation AB (Section 229.1122(d)) to assess the
               compliance with the applicable servicing criteria, (c) disclosure
               of any material instance of noncompliance identified by such
               party, and (d) a statement that a registered public accounting
               firm has issued an attestation report on such party's assessment
               of compliance with the applicable servicing criteria, which
               report shall be delivered by the Custodian as provided in this
               Section 2.01(c). However, the Custodian's obligation to provide a
               report on assessment of compliance or an attestation with respect
               to itself and with respect to any Subcontractor shall be
               suspended in any year in which the Issuing Entity's reporting
               obligations under the Exchange Act are suspended.

          d.   The Custodian has not and shall not engage any Subcontractor
               which is "participating in the servicing function" within the
               meaning of Item 1122 of

                                      G-2

<PAGE>

               Regulation AB, unless such Subcontractor agrees to provide in any
               year in which a Form 10-K will be filed by the Trust., no later
               than March 1st of such year, an assessment and a statement of
               registered public accounting firm certifying its compliance with
               the applicable servicing criteria in Item 1122(d) of Regulation
               AB as of and for the period ending the end of the fiscal year
               ending no later than December 31 of the year prior to the year of
               delivery of the report. "Subcontractor" as used herein means any
               vendor, subcontractor or other Person that is not responsible for
               the overall servicing (as "servicing" is commonly understood by
               participants in the mortgage-backed securities market) of the
               Mortgage Loans but performs one or more discrete functions
               identified in Item 1122(d) of Regulation AB with respect to the
               Mortgage Loans under the direction or authority of the Custodian.

          e.   The Custodian agrees to indemnify the Company, the Master
               Servicer, the Trust Fund and each of their respective directors,
               officers, employees and agents and hold each of them harmless
               from and against any losses, damages, penalties, fines,
               forfeitures, legal fees and expenses and related costs,
               judgments, and any other costs, fees and expenses that any of
               them may sustain arising out of or based upon the engagement of
               any Subcontractor in violation of Section 2.01(d) or any failure
               by the Custodian to deliver any information, report,
               certification, accountants' letter or other material when and as
               required under this Agreement, including any report under
               Sections 2.01(b) or 2.01(c).

2.   Reserved.

3.   Review of Mortgage Files.

          a.   On or prior to the Closing Date, the Custodian agrees, for the
               benefit of Certificateholders, to review, in accordance with the
               provisions of Section 2.02 of the Pooling and Servicing
               Agreement, each such document, and shall deliver to the Trustee
               an Initial Certification in the form annexed hereto as Exhibit
               One evidencing receipt (subject to any exceptions noted therein)
               of a Mortgage File for each of the Mortgage Loans listed on the
               Schedule attached hereto (the "Mortgage Loan Schedule") and
               certifying that all such documents have been executed and
               received and that such documents relate to the Mortgage Loans
               identified on the Mortgage Loan Schedule, except for any
               exceptions listed on Schedule A attached to such Initial
               Certification. The Custodian shall be under no duty or obligation
               to inspect, review or examine said documents, instruments,
               certificates or other papers to determine that the same are
               genuine, enforceable, or appropriate for the represented purpose
               or that they have actually been recorded or that they are other
               than what they purport to be on their face.

          b.   Not later than 180 days after the Closing Date, the Custodian
               shall review the Mortgage Files as provided in Section 2.02 of
               the Pooling and Servicing Agreement and deliver to the Trustee a
               Final Certification in the form annexed hereto as Exhibit Two
               evidencing the completeness of the Mortgage Files (subject to any
               exceptions noted therein).

                                      G-3

<PAGE>

          c.   In reviewing the Mortgage Files as provided herein and in the
               Pooling and Servicing Agreement, the Custodian shall make no
               representation as to and shall not be responsible to verify (i)
               the validity, legality, enforceability, due authorization,
               recordability, sufficiency or genuineness of any of the documents
               included in any Mortgage File or (ii) the collectibility,
               insurability, effectiveness or suitability of any of the
               documents in any Mortgage File.

          d.   Upon receipt of written request from the Trustee, the Custodian
               shall as soon as practicable supply the Trustee with a list of
               all of the documents relating to the Mortgage Loans then
               contained in the Mortgage Files.

4.   Notification of Breaches of Representations and Warranties. Upon discovery
     by the Custodian of a breach of any representation or warranty made by the
     Company as set forth in the Pooling and Servicing Agreement with respect to
     a Mortgage Loan relating to a Mortgage File, the Custodian shall give
     prompt written notice to the Company, the related Servicer and the Trustee.

5.   Custodian to Cooperate: Release of Mortgage Files. Upon receipt of written
     notice from the Master Servicer that the Mortgage Loan Seller has
     repurchased a Mortgage Loan pursuant to Article II of the Pooling and
     Servicing Agreement, and that the purchase price therefor has been
     deposited in the Master Servicer Collection Account or the Distribution
     Account, then the Custodian agrees to promptly release to the Mortgage Loan
     Seller the related Mortgage File.

          a.   Upon the Custodian's receipt of a request for release (a "Request
               for Release") substantially in the form of Exhibit D to the
               Pooling and Servicing Agreement signed by a Servicing Officer of
               the related Servicer stating that it has received payment in full
               of a Mortgage Loan or that payment in full will be escrowed in a
               manner customary for such purposes, the Custodian agrees promptly
               to release to such Servicer the related Mortgage File. The
               Company shall deliver to the Custodian and the Custodian agrees
               to accept the Mortgage Note and other documents constituting the
               Mortgage File with respect to any Substitute Mortgage Loan.

          b.   From time to time as is appropriate for the servicing or
               foreclosure of any Mortgage Loan, including, for this purpose,
               collection under any Primary Mortgage Insurance Policy, the
               related Servicer shall deliver to the Custodian a Request for
               Release signed by a Servicing Officer requesting that possession
               of all of the Mortgage File be released to such Servicer and
               certifying as to the reason for such release and that such
               release will not invalidate any insurance coverage provided in
               respect of the Mortgage Loan under any of the Insurance Policies.
               Upon receipt of the foregoing, the Custodian shall deliver the
               Mortgage File to such Servicer. The related Servicer shall cause
               each Mortgage File or any document therein so released to be
               returned to the Custodian when the need therefore by such
               Servicer no longer exists, unless (i) the Mortgage Loan has been
               liquidated and the Liquidation Proceeds relating to the Mortgage
               Loan have been deposited in the Master Servicer Collection
               Account or the Distribution Account

                                      G-4

<PAGE>

               or (ii) the Mortgage File or such document has 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 either judicially or non-judicially, and the related
               Servicer has delivered to the Custodian a certificate of a
               Servicing Officer certifying as to the name and address of the
               Person to which such Mortgage File or such document was delivered
               and the purpose or purposes of such delivery.

          c.   At any time that a Servicer is required to deliver to the
               Custodian a Request for Release, such Servicer shall deliver two
               copies of the Request for Release if delivered in hard copy or
               such Servicer may furnish such Request for Release electronically
               to the Custodian, in which event the Servicing Officer
               transmitting the same shall be deemed to have signed the Request
               for Release. In connection with any Request for Release of a
               Mortgage File because of a repurchase of a Mortgage Loan, the
               related Servicer shall send to the Trustee an assignment of
               mortgage, without recourse, representation or warranty from the
               Trustee to the Mortgage Loan Seller and the related Mortgage Note
               which shall be endorsed without recourse, representation or
               warranty by the Trustee and the Trustee shall forward such
               documents to the Mortgage Loan Seller. In connection with any
               Request for Release of a Mortgage File because of the payment in
               full of a Mortgage Loan, the related Servicer shall send to the
               Trustee a certificate of satisfaction or other similar instrument
               to be executed by or on behalf of the Trustee and returned to
               such Servicer.

6.   Assumption Agreements. In the event that any assumption agreement or
     substitution of liability agreement is entered into with respect to any
     Mortgage Loan subject to this Agreement in accordance with the terms and
     provisions of the Pooling and Servicing Agreement, the Master Servicer, to
     the extent provided in the related Servicing Agreement, shall cause the
     related Servicer to notify the Custodian that such assumption or
     substitution agreement has been completed by forwarding to the Custodian
     the original of such assumption or substitution agreement, which shall be
     added to the related Mortgage File and, for all purposes, shall be
     considered a part of such Mortgage File to the same extent as all other
     documents and instruments constituting parts thereof.

                            CONCERNING THE CUSTODIAN

1.   Custodian a Bailee and Agent of the Trustee. With respect to each Mortgage
     Note, Mortgage and other documents constituting each Mortgage File which
     are delivered to the Custodian, the Custodian is exclusively the bailee and
     agent of the Trustee and has no instructions to hold any Mortgage Note or
     Mortgage for the benefit of any person other than the Trustee and the
     Certificateholders and undertakes to perform such duties and only such
     duties as are specifically set forth in this Agreement. Except upon
     compliance with the provisions of Section 2.5 of this Agreement, no
     Mortgage Note, Mortgage or Mortgage File shall be delivered by the
     Custodian to the Company, the Servicer or the Master Servicer or otherwise
     released from the possession of the Custodian.

2.   Reserved.

                                      G-5

<PAGE>

3.   Custodian May Own Certificates. The Custodian in its individual or any
     other capacity may become the owner or pledgee of Certificates with the
     same rights it would have if it were not Custodian.

4.   Master Servicer to Pay Custodian's Fees and Expenses. The Master Servicer
     covenants and agrees to pay to the Custodian from time to time, and the
     Custodian shall be entitled to, reasonable compensation for all services
     rendered by it in the exercise and performance of any of the powers and
     duties hereunder of the Custodian, and the Master Servicer will pay or
     reimburse the Custodian upon its request for all reasonable expenses,
     disbursements and advances incurred or made by the Custodian in accordance
     with any of the provisions of this Agreement (including the reasonable
     compensation and the expenses and disbursements of its counsel and of all
     persons not regularly in its employ), except any such expense, disbursement
     or advance as may arise from its negligence or bad faith or to the extent
     that such cost or expense is indemnified by the Company pursuant to the
     Pooling and Servicing Agreement.

5.   Custodian May Resign; Trustee May Remove Custodian. The Custodian may
     resign from the obligations and duties hereby imposed upon it as such
     obligations and duties relate to its acting as Custodian of the Mortgage
     Loans. Upon receiving such notice of resignation, the Trustee shall either
     take custody of the Mortgage Files itself and give prompt notice thereof to
     the Company, the Master Servicer and the Custodian, or promptly appoint a
     successor Custodian by written instrument, in duplicate, one copy of which
     instrument shall be delivered to the resigning Custodian and one copy to
     the successor Custodian. If the Trustee shall not have taken custody of the
     Mortgage Files and no successor Custodian shall have been so appointed and
     have accepted appointment within 30 days after the giving of such notice of
     resignation, the resigning Custodian may petition any court of competent
     jurisdiction for the appointment of a successor Custodian.

          a.   The Trustee may remove the Custodian at any time with the consent
               of the Master Servicer. In such event, the Trustee shall appoint,
               or petition a court of competent jurisdiction to appoint, a
               successor Custodian hereunder. Any successor Custodian shall be a
               depository institution subject to supervision or examination by
               federal or state authority, shall be able to satisfy the other
               requirements contained in Section 3.7 and shall be unaffiliated
               with the Servicer or the Company.

          b.   Any resignation or removal of the Custodian and appointment of a
               successor Custodian pursuant to any of the provisions of this
               Section 3.5 shall become effective upon acceptance of appointment
               by the successor Custodian. The Trustee shall give prompt notice
               to the Company and the Master Servicer of the appointment of any
               successor Custodian. No successor Custodian shall be appointed by
               the Trustee without the prior approval of the Company and the
               Master Servicer.

6.   Merger or Consolidation of Custodian. Any Person into which the Custodian
     may be merged or converted or with which it may be consolidated, or any
     Person resulting from any merger, conversion or consolidation to which the
     Custodian shall be a party, or any

                                      G-6

<PAGE>

     Person succeeding to the business of the Custodian, shall be the successor
     of the Custodian 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.

7.   Representations of the Custodian. The Custodian hereby represents that it
     is a depository institution subject to supervision or examination by a
     federal or state authority, has a combined capital and surplus of at least
     $15,000,000 and is qualified to do business in the jurisdictions in which
     it will hold any Mortgage File.

                            MISCELLANEOUS PROVISIONS

1.   Notices. All notices, requests, consents, demands and other communications
     required under this Agreement or pursuant to any other instrument or
     document delivered hereunder shall be in writing and, unless otherwise
     specifically provided, may be delivered personally, by telegram or telex,
     or by registered or certified mail, postage prepaid, return receipt
     requested, at the addresses specified on the signature page hereof (unless
     changed by the particular party whose address is stated herein by similar
     notice in writing), in which case the notice will be deemed delivered when
     received.

2.   Amendments. No modification or amendment of or supplement to this Agreement
     shall be valid or effective unless the same is in writing and signed by all
     parties hereto, and neither the Company, the Master Servicer nor the
     Trustee shall enter into any amendment hereof except as permitted by the
     Pooling and Servicing Agreement. The Trustee shall give prompt notice to
     the Custodian of any amendment or supplement to the Pooling and Servicing
     Agreement and furnish the Custodian with written copies thereof.

3.   GOVERNING LAW. THIS AGREEMENT SHALL BE DEEMED A CONTRACT MADE UNDER THE
     LAWS OF THE STATE OF NEW YORK AND SHALL BE CONSTRUED AND ENFORCED IN
     ACCORDANCE WITH AND GOVERNED BY THE LAWS OF THE STATE OF NEW YORK.

4.   Recordation of Agreement. To the extent permitted by applicable law, this
     Agreement is subject to recordation in all appropriate public offices for
     real property records in all the counties or other comparable jurisdictions
     in which any or all of the properties subject to the Mortgages are
     situated, and in any other appropriate public recording office or
     elsewhere, such recordation to be effected by the Company and at the
     Trust's expense on direction by the Trustee, but only upon direction
     accompanied by an Opinion of Counsel (which shall be at the expense of the
     party requesting such recordation and in no event at the expense of the
     Trustee) reasonably satisfactory to the Company to the effect that the
     failure to effect such recordation is likely to materially and adversely
     affect the interests of the Certificateholders.

          a.   For the purpose of facilitating the recordation of this Agreement
               as herein provided and for other purposes, this Agreement may be
               executed simultaneously in any number of counterparts, each of
               which counterparts shall be deemed to be

                                      G-7

<PAGE>

               an original, and such counterparts shall constitute but one and
               the same instrument.

5.   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.

                                      G-8

<PAGE>

          IN WITNESS WHEREOF, this Agreement is executed as of the date first
above written.

Address:                                HSBC BANK USA, NATIONAL ASSOCIATION, as
                                        Trustee
452 Fifth Avenue
New York, NY 10018

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

Address:                                MERRILL LYNCH MORTGAGE INVESTORS, INC.

4 World Financial Center
New York, NY 10281

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

Address:                                WELLS FARGO BANK, N.A.,
                                        as Master Servicer

9062 Old Annapolis Road
Columbia, Maryland 21045-1951

                                        By:
                                            ------------------------------------
                                        Name: Michael Pinzon
                                        Title: Vice President

Address:                                WELLS FARGO BANK, N.A.,
                                        as Custodian

1015 10th Avenue Southeast, MS 0031
Minneapolis, MN 55414

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

                                      G-9

<PAGE>

                                   EXHIBIT ONE

                     FORM OF CUSTODIAN INITIAL CERTIFICATION

                                                              ___________, 200__

Merrill Lynch Mortgage Investors, Inc.
4 World Financial Center, 10th Floor
New York, New York 10281

HSBC Bank USA, National Association
452 Fifth Avenue
New York, NY 10018

     Re:  Pooling and Servicing Agreement, dated as of January 1, 2007, among
          Merrill Lynch Mortgage Investors, Inc., as depositor, Wells Fargo
          Bank, N.A., as master servicer and securities administrator, and HSBC
          Bank USA, National Association, as trustee, Mortgage Pass-Through
          Certificates, Series 2007-A1

          Ladies and Gentlemen:

     Attached is the Custodian's preliminary exception report delivered in
accordance with Section 2.02 of the referenced Pooling and Servicing Agreement
(the "Pooling and Servicing Agreement"). Capitalized terms used but not
otherwise defined herein shall have the meanings set forth in the Pooling and
Servicing Agreement.

     The Custodian has made no independent examination of any documents
contained in each Mortgage File beyond the review specifically required in the
Pooling and Servicing Agreement. The Custodian makes no representations as to
(i) the validity, legality, sufficiency, enforceability or genuineness of any of
the documents contained in the Mortgage File pertaining to the Mortgage Loans
identified on the Mortgage Loan Schedule, (ii) the collectability, insurability,
effectiveness or suitability of any such Mortgage Loan or (iii) the existence of
any assumption, modification, written assurance, or substitution agreement, with
respect to any Mortgage File if no such documents appear in the Mortgage File
delivered to the Custodian.

                                        WELLS FARGO BANK, N.A.,
                                        as Custodian

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

                                      G-10

<PAGE>

                                   EXHIBIT TWO

                      FORM OF CUSTODIAN FINAL CERTIFICATION

                                                              ____________, 2006

Merrill Lynch Mortgage Investors, Inc.
4 World Financial Center, 10th Floor
New York, New York 10281
Attention: ____________________

HSBC Bank USA, National Association
452 Fifth Avenue
New York, NY 10018

     Re:  Pooling and Servicing Agreement, dated as of January 1, 2007, among
          Merrill Lynch Mortgage Investors, Inc., as depositor, Wells Fargo
          Bank, N.A., as master servicer and securities administrator and HSBC
          Bank USA, National Association, as trustee, Mortgage Pass-Through
          Certificates, Series 2007-A1

          Ladies and Gentlemen:

     In accordance with Section 2.02 of the above-captioned Pooling and
Servicing Agreement, the undersigned, hereby certifies that, except as noted on
the Schedule of Exceptions attached hereto, for each Mortgage Loan listed on the
Mortgage Loan Schedule (other than any Mortgage Loan paid in full or listed on
the attachment hereto), it has received a complete Mortgage File which includes
the documents required to be included in the Mortgage File as set forth in the
Pooling and Servicing Agreement.

     The undersigned has made no independent examination of any documents
contained in each Mortgage File beyond the review specifically required in the
above-referenced Pooling and Servicing Agreement. The undersigned makes no
representation as to: (i) the validity, legality, sufficiency, enforceability or
genuineness of any documents contained in any Mortgage File for any of the
Mortgage Loans listed on the Mortgage Loan Schedule to the Pooling and Servicing
Agreement, (ii) the collectability, insurability, effectiveness or suitability
of any such Mortgage Loan or (iii) whether any Mortgage File should include any
flood insurance policy, any rider, addends, surety or guaranty agreement, power
of attorney, buy down agreement, assumption agreement, modification agreement,
written assurance or substitution agreement.

                                      G-11

<PAGE>

     Capitalized words and phrases used herein shall have the respective
meanings assigned to them in the above-captioned Pooling and Servicing
Agreement.

                                        WELLS FARGO BANK, N.A.,
                                        as Custodian

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

                                      G-12

<PAGE>

                                  EXHIBIT THREE

      FORM OF CERTIFICATION REGARDING SERVICING CRITERIA TO BE ADDRESSED IN
                         REPORT ON ASSESSMENT COMPLIANCE

The assessment of compliance to be delivered by Wells Fargo Bank shall address,
                 at a minimum, the criteria identified below as
                        "Applicable Servicing Criteria":

                               SERVICING CRITERIA

<TABLE>
<CAPTION>
                                                                                   APPLICABLE
                                                                                    SERVICING
    REFERENCE                                CRITERIA                               CRITERIA
    ---------      -------------------------------------------------------------   ----------
<S>                <C>                                                             <C>
                           GENERAL SERVICING CONSIDERATIONS

1122(d)(1)(i)      Policies and procedures are instituted to
                   monitor any performance or other triggers and
                   events of default in accordance with the
                   transaction agreements.

1122(d)(1)(ii)     If any material servicing activities are
                   outsourced to third parties, policies and
                   procedures are instituted to monitor the third
                   party's performance and compliance with such
                   servicing activities.

1122(d)(1)(iii)    Any requirements in the transaction agreements
                   to maintain a back-up servicer for the mortgage
                   loans are maintained.

1122(d)(1)(iv)     A fidelity bond and errors and omissions policy
                   is in effect on the party participating in the
                   servicing function throughout the reporting
                   period in the amount of coverage required by and
                   otherwise in accordance with the terms of the
                   transaction agreements.

                          CASH COLLECTION AND ADMINISTRATION

1122(d)(2)(i)      Payments on mortgage loans are deposited into
                   the appropriate custodial bank accounts and
                   related bank clearing accounts no more than two
                   business days following receipt, or such other
                   number of days specified in the transaction
                   agreements.

1122(d)(2)(ii)     Disbursements made via wire transfer on behalf
                   of an obligor or to an investor are made only by
                   authorized personnel.

1122(d)(2)(iii)    Advances of funds or guarantees regarding
                   collections, cash flows or distributions, and
                   any interest or other fees charged for such
                   advances, are made, reviewed and approved as
                   specified in the transaction agreements.

1122(d)(2)(iv)     The related accounts for the transaction, such
                   as cash reserve accounts or accounts established
                   as a form of overcollateralization, 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
                   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 prevent
                   unauthorized access.

1122(d)(2)(vii)    Reconciliations are prepared on a monthly basis
                   for all asset-backed securities related bank
                   accounts, including custodial accounts and
                   related bank clearing accounts. These
                   reconciliations are (A) mathematically accurate;
                   (B) prepared within 30 calendar days after the
                   bank statement cutoff date, or such other number
                   of days specified in the transaction agreements;
                   (C) reviewed and approved by someone other than
                   the person who prepared the reconciliation; and
                   (D) contain explanations for reconciling items.
                   These reconciling items are resolved within 90
                   calendar days of their original identification,
                   or such other number of days specified in the
                   transaction agreements.
</TABLE>

                                G-13

<PAGE>

                               SERVICING CRITERIA

<TABLE>
<CAPTION>
                                                                                   APPLICABLE
                                                                                    SERVICING
    REFERENCE                                CRITERIA                               CRITERIA
    ---------      -------------------------------------------------------------   ----------
<S>                <C>                                                             <C>
                          INVESTOR REMITTANCES AND REPORTING

1122(d)(3)(i)      Reports to investors, including those to be
                   filed with the Commission, are maintained in
                   accordance with the transaction agreements and
                   applicable Commission requirements.
                   Specifically, such reports (A) are prepared in
                   accordance with timeframes and other terms set
                   forth in the transaction agreements; (B) provide
                   information calculated in accordance with the
                   terms specified in the transaction agreements;
                   (C) are filed with the Commission as required by
                   its rules and regulations; and (D) agree with
                   investors' or the trustee's records as to the
                   total unpaid principal balance and number of
                   mortgage loans serviced by the Servicer.

1122(d)(3)(ii)     Amounts due to investors are allocated and
                   remitted in accordance with timeframes,
                   distribution priority and other terms set forth
                   in the transaction agreements.

1122(d)(3)(iii)    Disbursements made to an investor are posted
                   within two business days to the Servicer's
                   investor records, or such other number of
                   days specified in the transaction agreements.

1122(d)(3)(iv)     Amounts remitted to investors per the investor
                   reports agree with cancelled checks, or other
                   form of payment, or custodial bank statements.

                               POOL ASSET ADMINISTRATION

1122(d)(4)(i)      Collateral or security on mortgage loans is             X
                   maintained as required by the transaction
                   agreements or related mortgage loan documents.

1122(d)(4)(ii)     Mortgage loan and related documents are                 X
                   safeguarded as required by the transaction
                   agreements.

1122(d)(4)(iii)    Any additions, removals or substitutions to the
                   asset pool are made, reviewed and approved in
                   accordance with any conditions or requirements
                   in the transaction agreements.

1122(d)(4)(iv)     Payments on mortgage loans, including any
                   payoffs, made in accordance with the related
                   mortgage loan 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 mortgage
                   loan documents.

1122(d)(4)(v)      The Servicer's records regarding the mortgage
                   loans 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 status of
                   an obligor's mortgage loans (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 (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 are
                   maintained during the period a mortgage loan 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
                   delinquent mortgage loans 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 return
                   for mortgage loans with variable rates are
                   computed based on the related mortgage loan
                   documents.
</TABLE>

                                G-14

<PAGE>

                               SERVICING CRITERIA

<TABLE>
<CAPTION>
                                                                                   APPLICABLE
                                                                                    SERVICING
    REFERENCE                                CRITERIA                               CRITERIA
    ---------      -------------------------------------------------------------   ----------
<S>                <C>                                                             <C>
1122(d)(4)(x)      Regarding any funds held in trust for an obligor
                   (such as escrow accounts): (A) such funds are
                   analyzed, in accordance with the obligor's
                   mortgage loan 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 mortgage loan
                   documents and state laws; and (C) such funds are
                   returned to the obligor within 30 calendar days
                   of full repayment of the related mortgage loans,
                   or such other number of days specified in the
                   transaction agreements.

1122(d)(4)(xi)     Payments made on behalf of an obligor (such as
                   tax or insurance payments) are made on or before
                   the related penalty or expiration dates, as
                   indicated on the appropriate bills or notices
                   for such payments, provided that such support
                   has been received by the servicer at least 30
                   calendar days prior to these dates, or such
                   other number of days specified in the
                   transaction agreements.

1122(d)(4)(xii)    Any late payment penalties in connection with
                   any payment to be made on behalf of an obligor
                   are paid from the servicer's funds and not
                   charged to the obligor, unless the late payment
                   was due to the obligor's error or omission.

1122(d)(4)(xiii)   Disbursements made on behalf of an 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 uncollectible
                   accounts are recognized and recorded in
                   accordance with the transaction agreements.

1122(d)(4)(xv)     Any external enhancement or other support,
                   identified in Item 1114(a)(1) through (3) or
                   Item 1115 of Regulation AB, is maintained as set
                   forth in the transaction agreements.
</TABLE>

                                G-15

<PAGE>

                            EXHIBIT H-1

              CLASS A-1 ONE-MONTH LIBOR CORRIDOR TABLE

<TABLE>
<CAPTION>
         BEGINNING      ENDING         NOTIONAL        1ML STRIKE         1ML STRIKE
PERIOD    ACCRUAL    ACCRUAL (2)     BALANCE ($)    LOWER COLLAR (%)   UPPER COLLAR (%)
------   ---------   -----------    -------------   ----------------   ----------------
<S>      <C>         <C>           <C>              <C>                <C>
   1      02/09/07     02/25/07     68,226,000.00        10.840             10.840
   2      02/25/07     03/25/07     66,056,683.00         7.059             10.840
   3      03/25/07     04/25/07     63,950,790.00         6.360             10.840
   4      04/25/07     05/25/07     61,907,036.00         6.578             10.840
   5      05/25/07     06/25/07     59,923,591.00         6.360             10.840
   6      06/25/07     07/25/07     57,998,678.00         6.578             10.840
</TABLE>

(1)  With respect to any Distribution Date, if One-Month LIBOR (as
     determined by the Cap Contract Counterparty and subject to a
     cap equal to 10.840%) exceeds the Lower Collar, the Issuing
     Entity will receive payments pursuant to the Class A-1
     Corridor Contract.

(2)  The accrual period is the period from and including the date
     in the column headed "Beginning Accrual" to, but excluding,
     the date in the column headed "Ending Accrual."

                               H-1-1

<PAGE>

                            EXHIBIT H-2

              CLASS A-2 ONE-MONTH LIBOR CORRIDOR TABLE

<TABLE>
<CAPTION>
         BEGINNING      ENDING        NOTIONAL         1ML STRIKE         1ML STRIKE
PERIOD    ACCRUAL    ACCRUAL (2)     BALANCE ($)    LOWER COLLAR (%)   UPPER COLLAR (%)
------   ---------   -----------   --------------   ----------------   ----------------
<S>      <C>         <C>           <C>              <C>                <C>
   1      02/09/07     02/25/07    686,486,000.00        10.340              10.34
   2      02/25/07     03/25/07    664,807,345.00         7.054              10.34
   3      03/25/07     04/25/07    643,759,025.00         6.356              10.34
   4      04/25/07     05/25/07    623,328,389.00         6.573              10.34
   5      05/25/07     06/25/07    603,497,318.00         6.356              10.34
   6      06/25/07     07/25/07    584,248,226.00         6.573              10.34
</TABLE>

(1)  With respect to any Distribution Date, if One-Month LIBOR (as
     determined by the Cap Contract Counterparty and subject to a
     cap equal to 10.34%) exceeds the Lower Collar, the Issuing
     Entity will receive payments pursuant to the Class A-2
     Corridor Contract.

(2)  The accrual period is the period from and including the date
     in the column headed "Beginning Accrual" to, but excluding,
     the date in the column headed "Ending Accrual."

                               H-2-1

<PAGE>

                            EXHIBIT H-3

       SUBORDINATE CERTIFICATE ONE-MONTH LIBOR CORRIDOR TABLE

<TABLE>
<CAPTION>
         BEGINNING      ENDING        NOTIONAL         1ML STRIKE         1ML STRIKE
PERIOD    ACCRUAL    ACCRUAL (2)     BALANCE ($)    LOWER COLLAR (%)   UPPER COLLAR (%)
------   ---------   -----------   --------------   ----------------   ----------------
<S>      <C>         <C>           <C>              <C>                <C>
   1      02/09/07     02/25/07     49,523,000.00         9.995              9.995
   2      02/25/07     03/25/07     49,523,000.00         6.709              9.995
   3      03/25/07     04/25/07     49,523,000.00         6.011              9.995
   4      04/25/07     05/25/07     49,523,000.00         6.228              9.995
   5      05/25/07     06/25/07     49,523,000.00         6.011              9.995
   6      06/25/07     07/25/07     49,523,000.00         6.228              9.995
</TABLE>

(1)  With respect to any Distribution Date, if One-Month LIBOR (as
     determined by the Cap Contract Counterparty and subject to a
     cap equal to 9.995%) exceeds the Lower Collar, the Issuing
     Entity will receive payments pursuant to the Subordinate
     Certificates Corridor Contract.

(2)  The accrual period is the period from and including the date
     in the column headed "Beginning Accrual" to, but excluding,
     the date in the column headed "Ending Accrual."

                               H-3-1
<PAGE>

                                   EXHIBIT I-1

                ASSIGNMENT, ASSUMPTION AND RECOGNITION AGREEMENT

                               CITIMORTGAGE, INC.

                             [INTENTIONALLY OMITTED]

                                      I-1-1

<PAGE>

                                   EXHIBIT I-2

                ASSIGNMENT, ASSUMPTION AND RECOGNITION AGREEMENT

                        GREENPOINT MORTGAGE FUNDING, INC.

                             [INTENTIONALLY OMITTED]

                                      I-2-1

<PAGE>

                                   EXHIBIT I-3

                ASSIGNMENT, ASSUMPTION AND RECOGNITION AGREEMENT

                            PHH MORTGAGE CORPORATION

                             [INTENTIONALLY OMITTED]

                                      I-3-1

<PAGE>

                                   EXHIBIT I-4

                ASSIGNMENT, ASSUMPTION AND RECOGNITION AGREEMENT

                             WELLS FARGO BANK, N.A.

                             [INTENTIONALLY OMITTED]

                                      I-4-1

<PAGE>

                                   EXHIBIT I-5

                        RECONSTITUTED SERVICING AGREEMENT

                           WILSHIRE CREDIT CORPORATION

                             [INTENTIONALLY OMITTED]

                                      I-5-1

<PAGE>

                                   EXHIBIT J-1

                    FORM OF MORTGAGE LOAN PURCHASE AGREEMENT

                             [INTENTIONALLY OMITTED]

                                       J-1

<PAGE>

                                    EXHIBIT K

                       SERVICING CRITERIA TO BE ADDRESSED
                           IN ASSESSMENT OF COMPLIANCE
                          (RMBS UNLESS OTHERWISE NOTED)

     KEY: X - obligation

WHERE THERE ARE MULTIPLE CHECKS FOR CRITERIA THE ATTESTING PARTY WILL IDENTIFY
IN ITS MANAGEMENT ASSERTION THAT IT IS ATTESTING ONLY TO THE PORTION OF THE
DISTRIBUTION CHAIN IT IS RESPONSIBLE FOR IN THE RELATED TRANSACTION AGREEMENTS.
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, WELLS FARGO
BANK, N.A., AS MASTER SERVICER AND SECURITIES ADMINISTRATOR, AND HSBC BANK USA,
NATIONAL ASSOCIATION, AS TRUSTEE.

<TABLE>
<CAPTION>
                                                                                  SECURITIES     MASTER
REG AB REFERENCE                       SERVICING CRITERIA                       ADMINISTRATOR   SERVICER
----------------   ----------------------------------------------------------   -------------   --------
<S>                <C>                                                          <C>             <C>
                   GENERAL SERVICING  CONSIDERATIONS

1122(d)(1)(i)      Policies and procedures are instituted to monitor any              X             X
                   performance or other triggers and events of default in
                   accordance with the transaction agreements.

1122(d)(1)(ii)     If any material servicing activities are outsourced to             X             X
                   third parties, policies and procedures are instituted to
                   monitor the third party's performance and compliance with
                   such servicing activities.

1122(d)(1)(iii)    Any requirements in the transaction agreements to maintain        N/A           N/A
                   a back-up servicer for the Pool Assets are maintained.

1122(d)(1)(iv)     A fidelity bond and errors and omissions policy is in                            X
                   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 into the appropriate         X             X
                   custodial bank accounts and related bank clearing accounts
                   no more than two business days following receipt, or such
                   other number of days specified in the transaction
                   agreements.

1122(d)(2)(ii)     Disbursements made via wire transfer on behalf of an               X             X
                   obligor or to an investor are made only by authorized
                   personnel.

1122(d)(2)(iii)    Advances of funds or guarantees regarding collections,                           X
                   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, such as cash             X             X
                   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.
</TABLE>

                                       K-1

<PAGE>

<TABLE>
<CAPTION>
                                                                                  SECURITIES     MASTER
REG AB REFERENCE                       SERVICING CRITERIA                       ADMINISTRATOR   SERVICER
----------------   ----------------------------------------------------------   -------------   --------
<S>                <C>                                                          <C>             <C>
1122(d)(2)(v)      Each custodial account is maintained at a federally                X             X
                   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 prevent
                   unauthorized access.

1122(d)(2)(vii)    Reconciliations are prepared on a monthly basis for all            X             X
                   asset-backed securities related bank accounts, including
                   custodial accounts and related bank clearing accounts.
                   These reconciliations are (A) mathematically accurate; (B)
                   prepared within 30 calendar days after the bank statement
                   cutoff date, or such other number of days specified in the
                   transaction agreements; (C) reviewed and approved by
                   someone other than the person who prepared the
                   reconciliation; and (D) contain explanations for
                   reconciling items.  These reconciling items are resolved
                   within 90 calendar days of their original identification,
                   or such other number of days specified in the transaction
                   agreements.

                   INVESTOR REMITTANCES AND REPORTING

1122(d)(3)(i)      Reports to investors, including those to be filed with the         X             X
                   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 and remitted in             X             X
                   accordance with timeframes, distribution priority and
                   other terms set forth in the transaction agreements.

1122(d)(3)(iii)    Disbursements made to an investor are posted within two            X             X
                   business days to the Servicer's investor records, or such
                   other number of days specified in the transaction
                   agreements.

1122(d)(3)(iv)     Amounts remitted to investors per the investor reports             X             X
                   agree with cancelled checks, or other form of payment, or
                   custodial bank statements.

                   POOL ASSET ADMINISTRATION

1122(d)(4)(i)      Collateral or security on pool assets is maintained as
                   required by the transaction agreements or related pool
                   asset documents.

1122(d)(4)(ii)     Pool assets and related documents are safeguarded as
                   required by the transaction agreements

1122(d)(4)(iii)    Any additions, removals or substitutions to the asset pool
                   are made, reviewed and approved in accordance with any
                   conditions or requirements in the transaction agreements.
</TABLE>

                                       K-2

<PAGE>

<TABLE>
<CAPTION>
                                                                                  SECURITIES     MASTER
REG AB REFERENCE                       SERVICING CRITERIA                       ADMINISTRATOR   SERVICER
----------------   ----------------------------------------------------------   -------------   --------
<S>                <C>                                                          <C>             <C>
1122(d)(4)(iv)     Payments on pool assets, including any payoffs, made in
                   accordance with the related pool asset documents are
                   posted to the Servicer's obligor records maintained no
                   more than two business days after receipt, or such other
                   number of days specified in the transaction agreements,
                   and allocated to principal, interest or other items (e.g.,
                   escrow) in accordance with the related pool asset
                   documents.

1122(d)(4)(v)      The Servicer's records regarding the pool assets agree
                   with the Servicer's records with respect to an obligor's
                   unpaid principal balance.

1122(d)(4)(vi)     Changes with respect to the terms or status of an
                   obligor's pool assets (e.g., loan modifications or
                   re-agings) are made, reviewed and approved by authorized
                   personnel in accordance with the transaction agreements
                   and related pool asset documents.

1122(d)(4)(vii)    Loss mitigation or recovery actions (e.g., forbearance
                   plans, modifications and deeds in lieu of foreclosure,
                   foreclosures and repossessions, as applicable) are
                   initiated, conducted and concluded in accordance with the
                   timeframes or other requirements established by the
                   transaction agreements.

1122(d)(4)(viii)   Records documenting collection efforts are maintained
                   during the period a pool asset is delinquent in accordance
                   with the transaction agreements. Such records are
                   maintained on at least a monthly basis, or such other
                   period specified in the transaction agreements, and
                   describe the entity's activities in monitoring 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 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 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 (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 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.
</TABLE>

                                       K-3

<PAGE>

<TABLE>
<CAPTION>
                                                                                  SECURITIES     MASTER
REG AB REFERENCE                       SERVICING CRITERIA                       ADMINISTRATOR   SERVICER
----------------   ----------------------------------------------------------   -------------   --------
<S>                <C>                                                          <C>             <C>
1122(d)(4)(xiii)   Disbursements made on behalf of an 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 uncollectible accounts are                        X
                   recognized and recorded in accordance with the transaction
                   agreements.

1122(d)(4)(xv)     Any external enhancement or other support, identified in
                   Item 1114(a)(1) through (3) or Item 1115 of Regulation AB,
                   is maintained as set forth in the transaction agreements.
</TABLE>

                                       K-4
<PAGE>

                                    EXHIBIT L

                          SARBANES-OXLEY CERTIFICATION

                                     [DATE]

Merrill Lynch Mortgage Investors, Inc.
250 Vesey Street
4 World Financial Center, 10th Floor
New York, New York 10080

Wells Fargo Bank, N.A.
9062 Old Annapolis Road
Columbia, MD 21045

Re: Merrill Lynch Alternative Note Asset Trust, Series 2007-A1

          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 Merrill Lynch Alternative Note Asset Trust, Series 2007-A1 (the
"Exchange Act periodic reports");

          2. 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;

          3. 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;

          4. [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) in all material respects; and]

          5. 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.

                                       L-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]

                                       L-2

<PAGE>

                                    EXHIBIT M

                  FORM OF BACK-UP SARBANES-OXLEY CERTIFICATION

Merrill Lynch Mortgage Investors, Inc.
250 Vesey Street
4 World Financial Center, 10th Floor
New York, New York 10080

Wells Fargo Bank, N.A.
9062 Old Annapolis Road
Columbia, MD 21045

Re: Merrill Lynch Alternative Note Asset Trust, Series 2007-A1

          [_______], the [_______] of [_______] (the "Company") hereby certifies
to the Depositor, the Master Servicer and the Securities Administrator, and each
of their officers, directors and affiliates that:

          (1) I have reviewed [the servicer compliance statement of the Company
provided in accordance with Item 1123 of Regulation AB (the "Compliance
Statement"),] the report on assessment of the Company's compliance with the
Servicing Criteria set forth in Item 1122(d) of Regulation AB (the "Servicing
Criteria"), provided in accordance with Rules 13a-18 and 15d-18 under the
Securities Exchange Act of 1934, as amended (the "Exchange Act") and Item 1122
of Regulation AB (the "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 (the "Attestation
Report"), and all servicing reports, officer's certificates and other
information relating to the servicing of the Mortgage Loans by the Company
during 200[ ] that were delivered by the Company to any of the Depositor, the
Master Servicer and the Trustee pursuant to the Agreement (collectively, the
"Company Servicing Information");

          (2) Based on my knowledge, the Company 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 Company Servicing Information;

          (3) Based on my knowledge, all of the Company Servicing Information
required to be provided by the Company under the Agreement has been provided to
the Depositor, the Master Servicer and the Securities Administrator;

          (4) I am responsible for reviewing the activities performed by
[_______] as [_______] under the [_______] (the "Agreement"), and based on my
knowledge [and the compliance review conducted in preparing the Compliance
Statement] and except as disclosed in [the Compliance Statement,] the Servicing
Assessment or the Attestation Report, the Company has fulfilled its obligations
under the Agreement in all material respects; and

                                       M-1

<PAGE>

          (5) [The Compliance Statement required to be delivered by the Company
pursuant to the Agreement, and] [The] [the] Servicing Assessment and Attestation
Report required to be provided by the Company and [by any Subservicer or
Subcontractor] pursuant to the Agreement, have been provided to the Depositor,
the Master Servicer and the Securities Administrator. Any material instances of
noncompliance described in such reports have been disclosed to the Depositor,
the Master Servicer and the Securities Administrator. Any material instance of
noncompliance with the Servicing Criteria has been disclosed in such reports.

          Capitalized terms used but not defined herein have the meanings
ascribed to them in the Pooling and Servicing Agreement, dated as of January 1,
2007, among Merrill Lynch Mortgage Investors, Inc., as depositor (the
"Depositor"), Wells Fargo Bank, N.A., as master servicer (in such capacity, the
"Master Servicer") and securities administrator (in such capacity, the
"Securities Administrator") and HSBC Bank USA, National Association, as trustee
(the "Trustee").

                                        [______________________________________]
                                        as [___________________________________]

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

                                       M-2

<PAGE>

                                                                      (RBS LOGO)
                                                      The Royal Bank of Scotland

                                   EXHIBIT N-1

                       FORM OF CLASS A-1 CORRIDOR CONTRACT

Date:              February 9, 2007

To:                Wells Fargo Bank, N.A., not individually, but solely as
                   supplemental interest trust trustee (the "SUPPLEMENTAL
                   INTEREST TRUST TRUSTEE") for the Supplemental Interest Trust
                   with respect to Merrill Lynch Alternative Note Asset Trust,
                   Series 2007-A1

                   Wells Fargo Bank, N.A.
                   9062 Old Annapolis Road
                   Columbia, Maryland 21045
                   Client Manager - MANA 2007-A1
                   Fax: (410) 715-2380
                   Phone: (410) 884-2000

To:                Merrill Lynch Mortgage Lending, Inc.
                   Attn: John O'Grady
                   Tel: 212-449-1441
                   Fax: 212-738-1110

From:              The Royal Bank of Scotland plc
                   c/o RBS Financial Markets
                   Level 7, 135 Bishopsgate
                   London EC2M 3UR
                   Attn: Head of Legal, Financial Markets
                   Tel: 44 207 085 5000
                   Fax: 44 207 085 8411

Copy To:           600 Steamboat Road
                   Greenwich, CT 06830
                   Attn: Legal Department - Derivatives Documentation
                   Tel.: 203-618-2531/32
                   Fax: 203-618-2533/34

Our Reference No.: IRG16186368.2A/.2B

Re:                Interest Rate Corridor Transaction

Ladies and Gentlemen:

                                     N-1-1

<PAGE>

The purpose of this letter agreement is to set forth the terms and conditions of
the Transaction entered into between Royal Bank of Scotland plc ("Party A") and
Wells Fargo Bank, N.A., not individually, but solely as supplemental interest
trust trustee for the supplemental interest trust (the "Supplemental Interest
Trust") created under the Pooling and Servicing Agreement ("Party B") on the
Trade Date specified below (the "Transaction"). This letter agreement
constitutes a "Confirmation" as referred to in the Agreement specified below.

The definitions and provisions contained in the 2000 ISDA Definitions (the
"Definitions") as published by the International Swaps and Derivatives
Association, Inc. are incorporated by reference herein. In the event of any
inconsistency between the Definitions and this Confirmation, this Confirmation
will govern.

          For the purpose of this Confirmation, all references in the
Definitions or the Agreement to a "Swap Transaction" shall be deemed to be
references to this Transaction.

1.   This Confirmation supplements, forms part of, and is subject to, ISDA
     Master Agreement and Schedule dated as of February 9, 2007 (as the same may
     be amended or supplemented from time to time, the "Agreement"), between
     Party A and Party B. All provisions contained in the Agreement shall govern
     this Confirmation except as expressly modified below.

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

<TABLE>
<S>                              <C>
Notional Amount:                 With respect to any Calculation Period, the
                                 lesser of (i) the amount set forth on Schedule
                                 A attached hereto and (ii) the aggregate
                                 Certificate Balance of the Class A1
                                 Certificates and the Class R Certificates as of
                                 the first day of such Calculation Period (the
                                 "Relevant Balance"). The Supplemental Interest
                                 Trust Trustee shall make available each month
                                 on its website a statement containing the
                                 Relevant Balance at least five (5) Business
                                 Days prior to the related Floating Rate Payer
                                 Payment Date, and Party A shall be entitled to
                                 rely conclusively upon such statement. The
                                 Supplemental Interest Trust Trustee's internet
                                 website is located at http://www.ctslink.com
                                 and assistance in using the website can be
                                 obtained by calling 301-815-6600.

                                 Any payment by Party A to to Party B in excess
                                 of the amount due under this Transaction on any
                                 Floating Rate Payer Payment Date (as a result
                                 of the Notional Amount for the related
                                 Calculation Period being other than the amount
                                 set forth in Schedule A hereto for such
                                 Calculation Period) shall be returned
</TABLE>

                                     N-1-2

<PAGE>

<TABLE>
<S>                              <C>
                                 by Party B to Party A as soon as Party B
                                 becomes aware of such overpayment. Other than
                                 the return of such overpayment, neither Party B
                                 nor Party A shall incur any penalty or
                                 liability hereunder with respect to such
                                 overpayment.

   Trade Date:                   January 26, 2007

   Effective Date:               February 9, 2007

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

Fixed Amounts:

   Fixed Rate Payer:             Party B

   Fixed Rate Payer Payment
   Date:                         February 9, 2007

   Fixed Amount:                 [________________]

Floating Amounts:

   Floating Rate Payer:          Party A

   Strike Rate:                  For each Floating Payer Period End Date the
                                 percentage set forth in Schedule A as the
                                 Strike Rate for such Floating Rate Payer Period
                                 End Date.

   Upper Collar:                 For each Floating Payer Period End Date the
                                 percentage set forth in Schedule A as the Upper
                                 Collar for such Floating Rate Payer Period End
                                 Date.

   Floating Rate Payer Period    The 25th day of each month, commencing February
   End Dates:                    25, 2007, through and including the Termination
                                 Date, subject to adjustment in accordance with
                                 the Business Day Convention.

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

   Floating Rate Option:         USD-LIBOR-BBA.

   Designated Maturity:          1 month

   Spread:                       None
</TABLE>

                                     N-1-3

<PAGE>

<TABLE>
<S>                              <C>
   Floating Rate Day Count       Actual/360
   Fraction:

   Reset Dates:                  The first day of each Calculation Period

   Compounding:                  Inapplicable:

Calculation Agent:               Party A

Business Days:                   New York

Business Day Convention          Modified Following
</TABLE>

3.   Account Details:

     Account Details for Party A:

          For the account of The Royal Bank of Scotland
          Financial Markets Fixed Income and Interest Rate
          Derivative Operations, London SWIFT RBOSGB2RTCM
          with JPMorgan Chase Bank, New York CHASUS33
          ABA # 021000021
          Account Number 400930153

     Account Details for Party B:

          Wells Fargo Bank, N.A.
          San Francisco, California
          ABA#: 121-000-248
          Account#: 3970771416
          Account Name: SAS Clearing
          FFC#: 50980702; Corridor Contract Account

4.   Offices:

     The Office of Party A for this Transaction is London, England

5.   It is expressly understood and agreed by the parties hereto that (i) this
     Confirmation is executed and delivered by Wells Fargo Bank, N.A., not
     individually or personally but solely as supplemental interst trust trustee
     of the Supplemental Interest Trust, in the exercise of the powers and
     authority conferred and vested in it under the Pooling and Servicing
     Agreement, (ii) each of the representations, undertakings and agreements
     herein made on the part of the Supplemental Interest Trust is made and
     intended not as personal representations, undertakings and agreements by
     Wells Fargo Bank, N.A. but is made and intended for the purpose of binding
     only the Supplemental Interest Trust, (iii) nothing herein contained shall
     be construed as creating any liability on the part of Wells Fargo Bank,
     N.A., individually or personally, to perform any covenant either expressed

                                     N-1-4

<PAGE>

     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 shall Wells Fargo
     Bank, N.A. be personally liable for the payment of any indebtedness or
     expenses of the Supplemental Interest Trust or be liable for the breach or
     failure of any obligation, representation, warranty or covenant made or
     undertaken by Party B under this Confirmation or any other related
     documents.

6.   Agency Role of Greenwich Capital Markets, Inc. This Transaction has been
     entered into by Greenwich Capital Markets, Inc., as agent for The Royal
     Bank of Scotland plc. Greenwich Capital Markets, Inc. has not guaranteed
     and is not otherwise responsible for the obligations of Party A under this
     Transaction.

7.   MLML Shall Not Benefit. The parties hereto agree and acknowledge 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 Merrill Lynch
     Mortgage Lending, Inc. ("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
     Securities Administrator (as defined in the Pooling and Servicing
     Agreement), whereupon the Securities Administrator (as defined in the
     Pooling and Servicing Agreement) will promptly remit such amounts to the
     Cap Provider.

8.   In the event that the transaction to which the Pooling and Servicing
     Agreement relates does not occur, and the Merrill Lynch Alternative Note
     Asset Trust, Series 2007-A1 is not formed, Party A and MLML agree that MLML
     shall become the Party B under this Agreement.

                      [Signature Page Immediately Follows]

                                     N-1-5

<PAGE>

Please promptly confirm that the foregoing correctly sets forth the terms of the
Transaction entered into between us by executing this Confirmation and returning
it to us by facsimile to:

The Royal Bank of Scotland plc
Attention: Derivatives Documentation
Fax: 0207 375 6724 / 6486 Phone: 0207 375 4225

For and on behalf of                    For and on behalf of
THE ROYAL BANK OF SCOTLAND PLC          WELLS FARGO BANK, N.A., NOT
BY: GREENWICH CAPITAL MARKETS, INC.,    INDIVIDUALLY, BUT SOLELY AS SUPPLEMENTAL
ITS AGENT                               INTERST TRUST TRUSTEE FOR THE
                                        SUPPLEMENTAL INTEREST TRUST WITH RESPECT
                                        TO THE MERRILL LYNCH ALTERNATIVE NOTE
                                        ASSET TRUST, SERIES 2007-A1

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

For and on behalf of
MERRILL LYNCH MORTGAGE LENDING INC.

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

                                     N-1-6

<PAGE>

                                   SCHEDULE A

     All dates subject to adjustment in accordance with the Modified Following
Business Day Convention.

<TABLE>
<CAPTION>
 From and      To but     Notional Amount
including:   excluding:       (USD):        Strike Rate:    Upper Collar:
----------   ----------   ---------------   ------------   ---------------
<S>          <C>          <C>               <C>            <C>
  2/9/2007    2/25/2007    68,226,000.00       10.840           10.840
 2/25/2007    3/25/2007    66,056,683.00        7.059           10.840
 3/25/2007    4/25/2007    63,950,790.00        6.360           10.840
 4/25/2007    5/25/2007    61,907,036.00        6.578           10.840
 5/25/2007    6/25/2007    59,923,591.00        6.360           10.840
 6/25/2007    7/25/2007    57,998,678.00        6.578           10.840
</TABLE>

                                     N-1-7
<PAGE>

                                                                      (RBS LOGO)
                                                      The Royal Bank of Scotland

                                    FORM N-2

                       FORM OF CLASS A-2 CORRIDOR CONTRACT

Date:                 February 9, 2007

To:                   Wells Fargo Bank, N.A., not individually, but solely as
                      supplemental interest trust trustee ("SUPPLEMENTAL
                      INTEREST TRUST TRUSTEE") for the Supplemental Interest
                      Trust with respect to Merrill Lynch Alternative Note Asset
                      Trust, Series 2007-A1

                      Wells Fargo Bank, N.A.
                      9062 Old Annapolis Road
                      Columbia, Maryland 21045
                      Attn: Client Manager - MANA 2007-A1
                      Fax: (410) 715-2380
                      Phone: (410) 884-2000

To:                   Merrill Lynch Mortgage Lending, Inc.
                      Attn: John O'Grady
                      Tel: 212-449-1441
                      Fax: 212-738-1110

From:                 The Royal Bank of Scotland plc
                      c/o RBS Financial Markets
                      Level 7, 135 Bishopsgate
                      London EC2M 3UR
                      Attn: Head of Legal, Financial Markets
                      Tel: 44 207 085 5000
                      Fax: 44 207 085 8411

Copy To:              600 Steamboat Road
                      Greenwich, CT  06830

                      Attn: Legal Department - Derivatives Documentation
                      Tel.: 203-618-2531/32

                      Fax: 203-618-2533/34

Our Reference No.:    IRG16186363.2A/.2B

Re:                   Interest Rate Corridor Transaction

Ladies and Gentlemen:

                                      N-2-1

<PAGE>

The purpose of this letter agreement is to set forth the terms and conditions of
the Transaction entered into between Royal Bank of Scotland plc ("Party A") and
Wells Fargo Bank, N.A., not individually, but solely as supplemental interest
trust trustee for the supplemental interest trust (the "Supplemental Interest
Trust") created under the Pooling and Servicing Agreement ("Party B") on the
Trade Date specified below (the "Transaction"). This letter agreement
constitutes a "Confirmation" as referred to in the Agreement specified below.

The definitions and provisions contained in the 2000 ISDA Definitions (the
"Definitions") as published by the International Swaps and Derivatives
Association, Inc. are incorporated by reference herein. In the event of any
inconsistency between the Definitions and this Confirmation, this Confirmation
will govern.

               For the purpose of this Confirmation, all references in the
Definitions or the Agreement to a "Swap Transaction" shall be deemed to be
references to this Transaction.

1.   This Confirmation supplements, forms part of, and is subject to, ISDA
     Master Agreement and Schedule dated as of February 9, 2007 (as the same may
     be amended or supplemented from time to time, the "Agreement"), between
     Party A and Party B. All provisions contained in the Agreement shall govern
     this Confirmation except as expressly modified below.

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

<TABLE>
<S>                     <C>
Notional Amount:        With respect to any Calculation Period, the lesser of
                        (i) the amount set forth on Schedule A attached hereto
                        and (ii) the aggregate Certificate Balance of the Class
                        A2 Certificates as of the first day of such Calculation
                        Period (the "Relevant Balance"). The Supplemental
                        Interst Trust Trustee shall make available each month
                        on its website a statement containing the Relevant
                        Balance at least five (5) Business Days prior to the
                        related Floating Rate Payer Payment Date, and Party A
                        shall be entitled to rely conclusively upon such
                        statement. The Supplemental Interest Trust Trustee's
                        internet website is located at http://ctslink.com and
                        assistance in using the website can be obtained by
                        calling 301-815-6600.

                        Any payment by Party A to to Party B in excess of the
                        amount due under this Transaction on any Floating Rate
                        Payer Payment Date (as a result of the Notional Amount
                        for the related Calculation Period being other than the
                        amount set forth in Schedule A hereto for such
                        Calculation Period) shall be returned by Party B to
                        Party A as soon as Party B becomes
</TABLE>

                                     N-2-2

<PAGE>
<TABLE>
<S>                     <C>
                        aware of such overpayment. Other than the return of
                        such overpayment, neither Party B nor Party A shall
                        incur any penalty or liability hereunder with respect
                        to such overpayment.

   Trade Date:          January 26, 2007

   Effective Date:      February 9, 2007

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

Fixed Amounts:

   Fixed Rate Payer:    Party B

   Fixed Rate Payer
     Payment Date:      February 9, 2007

   Fixed Amount:        [__________]

Floating Amounts:

   Floating Rate Payer: Party A

   Strike Rate:         For each Floating Payer Period End Date the percentage
                        set forth in Schedule A as the Strike Rate for such
                        Floating Rate Payer Period End Date.

   Upper Collar:        For each Floating Payer Period End Date the percentage
                        set forth in Schedule A as the Upper Collar for such
                        Floating Rate Payer Period End Date.

   Floating Rate Payer
      Period End Dates: The 25th day of each month, commencing February 25,
                        2007, through and including the Termination Date,
                        subject to adjustment in accordance with the Business
                        Day Convention.

   Floating Rate Payer
      Payment Dates:    Early Payment shall be applicable. The Floating Rate
                        Payer Payment Dates shall be one (1) Business Day prior
                        to each Floating Rate Payer Period End Date. Floating
                        Rate Option: USD-LIBOR-BBA.

   Designated Maturity: 1 month

   Spread:              None

   Floating Rate Day
      Count Fraction:   Actual/360
</TABLE>

                                      N-2-3

<PAGE>
<TABLE>
<S>                     <C>
   Reset Dates:         The first day of each Calculation Period

   Compounding:         Inapplicable:

Calculation Agent:      Party A

Business Days:          New York
</TABLE>

Business Day Convention Modified Following

3.   Account Details:

          Account Details for Party A:

               For the account of The Royal Bank of Scotland
               Financial Markets Fixed Income and Interest Rate
               Derivative Operations, London SWIFT RBOSGB2RTCM
               with JPMorgan Chase Bank, New York CHASUS33
               ABA # 021000021
               Account Number 400930153

          Account Details for Party B:

               Wells Fargo Bank, N.A.
               San Francisco, California
               ABA#: 121-000-248
               Account#: 3970771416
               Account Name: SAS Clearing
               FFC#: 50980702; Corridor Contract Account

4.   Offices:

          The Office of Party A for this Transaction is London, England

5.   It is expressly understood and agreed by the parties hereto that (i) this
     Confirmation is executed and delivered by Wells Fargo Bank, N.A., not
     individually or personally but solely as supplemental interest trust
     trustee of the Supplemental Interest Trust, in the exercise of the powers
     and authority conferred and vested in it under the Pooling and Servicing
     Agreement, (ii) each of the representations, undertakings and agreements
     herein made on the part of the Supplemental Interest Trust is made and
     intended not as personal representations, undertakings and agreements by
     Wells Fargo Bank, N.A. but is made and intended for the purpose of binding
     only the Supplemental Interest Trust, (iii) nothing herein contained shall
     be construed as creating any liability on the part of Wells Fargo Bank,
     N.A., individually or personally, to perform any covenant either expressed
     or implied contained herein, all such liability, if any, being expressly
     waived by the

                                      N-2-4

<PAGE>

     parties hereto and by any Person claiming by, through or under the parties
     hereto and (iv) under no circumstances shall Wells Fargo Bank, N.A. be
     personally liable for the payment of any indebtedness or expenses of the
     Supplemental Interest Trust or be liable for the breach or failure of any
     obligation, representation, warranty or covenant made or undertaken by
     Party B under this Confirmation or any other related documents.

6.   Agency Role of Greenwich Capital Markets, Inc. This Transaction has been
     entered into by Greenwich Capital Markets, Inc., as agent for The Royal
     Bank of Scotland plc. Greenwich Capital Markets, Inc. has not guaranteed
     and is not otherwise responsible for the obligations of Party A under this
     Transaction.

7.   MLML Shall Not Benefit. The parties hereto agree and acknowledge 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 Merrill Lynch
     Mortgage Lending, Inc. ("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
     Securities Administrator, whereupon the Securities Administrator will
     promptly remit such amounts to the Cap Provider.

8.   In the event that the transaction to which the Pooling and Servicing
     Agreement relates does not occur, and the Merrill Lynch Alternative Note
     Asset Trust, Series 2007-A1 is not formed, Party A and MLML agree that MLML
     shall become the Party B under this Agreement.

                      [Signature Page Immediately Follows]

                                      N-2-5

<PAGE>

Please promptly confirm that the foregoing correctly sets forth the terms of the
Transaction entered into between us by executing this Confirmation and returning
it to us by facsimile to:

The Royal Bank of Scotland plc
Attention: Derivatives Documentation
Fax: 0207 375 6724 / 6486 Phone: 0207 375 4225

For and on behalf of                    For and on behalf of
THE ROYAL BANK OF SCOTLAND PLC          WELLS FARGO BANK, N.A., NOT
BY: GREENWICH CAPITAL MARKETS, INC.,    INDIVIDUALLY, BUT SOLELY AS SUPPLEMENTAL
    ITS AGENT                           INTEREST TRUST TRUSTEE FOR THE
                                        SUPPLEMENTAL INTEREST TRUST WITH RESPECT
                                        TO THE MERRILL LYNCH ALTERNATIVE NOTE
                                        ASSET TRUST, SERIES 2007-A1

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

For and on behalf of
MERRILL LYNCH MORTGAGE LENDING INC.

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

                                      N-2-6

<PAGE>

                                   SCHEDULE A

     All dates subject to adjustment in accordance with the Modified Following
Business Day Convention.

<TABLE>
<CAPTION>
From and       To but     Notional Amount   Strike    Upper
including:   excluding:        (USD):        Rate:   Collar:
----------   ----------   ---------------   ------   -------
<S>          <C>          <C>               <C>      <C>
 2/9/2007     2/25/2007    686,486,000.00   10.340    10.34
2/25/2007     3/25/2007    664,807,345.00    7.054    10.34
3/25/2007     4/25/2007    643,759,025.00    6.356    10.34
4/25/2007     5/25/2007    623,328,389.00    6.573    10.34
5/25/2007     6/25/2007    603,497,318.00    6.356    10.34
6/25/2007     7/25/2007    584,248,226.00    6.573    10.34
</TABLE>

                                      N-2-7
<PAGE>

                                                                      (RBS LOGO)
                                                      The Royal Bank of Scotland

                                   EXHIBIT N-3

                FORM OF SUBORDINATE CERTIFICATE CORRIDOR CONTRACT

Date:              February 9, 2007

To:                Wells Fargo Bank, N.A., not individually, but solely as
                   supplemental interest trust trustee ("SUPPLEMENTAL INTEREST
                   TRUST TRUSTEE") for the Supplemental Interest Trust with
                   respect to Merrill Lynch Alternative Note Asset Trust, Series
                   2007-A1

                   Wells Fargo Bank, N.A.
                   9062 Old Annapolis Road
                   Columbia, Maryland 21045
                   Attn: Client Manager - MANA 2007-A1
                   Fax: (410) 715-2380
                   Phone: (410) 884-2000

To:                Merrill Lynch Mortgage Lending, Inc.
                   Attn: John O'Grady
                   Tel: 212-449-1441
                   Fax: 212-738-1110

From:              The Royal Bank of Scotland plc
                   c/o RBS Financial Markets
                   Level 7, 135 Bishopsgate
                   London EC2M 3UR
                   Attn: Head of Legal, Financial Markets
                   Tel: 44 207 085 5000
                   Fax: 44 207 085 8411

Copy To:           600 Steamboat Road
                   Greenwich, CT 06830
                   Attn: Legal Department - Derivatives Documentation
                   Tel.: 203-618-2531/32
                   Fax: 203-618-2533/34

Our Reference No.: IRG16186373.2A/.2B

Re:                Interest Rate Corridor Transaction

Ladies and Gentlemen:

                                      N-3-1

<PAGE>

The purpose of this letter agreement is to set forth the terms and conditions of
the Transaction entered into between Royal Bank of Scotland plc ("Party A") and
Wells Fargo Bank, N.A., not individually, but solely as supplemental interest
trust trustee for the supplemental interest trust (the "Supplemental Interest
Trust") created under the Pooling and Servicing Agreement ("Party B") on the
Trade Date specified below (the "Transaction"). This letter agreement
constitutes a "Confirmation" as referred to in the Agreement specified below.

The definitions and provisions contained in the 2000 ISDA Definitions (the
"Definitions") as published by the International Swaps and Derivatives
Association, Inc. are incorporated by reference herein. In the event of any
inconsistency between the Definitions and this Confirmation, this Confirmation
will govern.

          For the purpose of this Confirmation, all references in the
Definitions or the Agreement to a "Swap Transaction" shall be deemed to be
references to this Transaction.

1.   This Confirmation supplements, forms part of, and is subject to, ISDA
     Master Agreement and Schedule dated as of February 9, 2007 (as the same may
     be amended or supplemented from time to time, the "Agreement"), between
     Party A and Party B. All provisions contained in the Agreement shall govern
     this Confirmation except as expressly modified below.

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

<TABLE>
<S>                              <C>
Notional Amount:                 With respect to any Calculation Period, the
                                 lesser of (i) the amount set forth on Schedule
                                 A attached hereto and (ii) the aggregate
                                 Certificate Balance of the Subordinated
                                 Certificates as of the first day of such
                                 Calculation Period (the "Relevant Balance").
                                 The Supplemental Interest Trust Trustee shall
                                 make available each month on its website a
                                 statement containing the Relevant Balance at
                                 least five (5) Business Days prior to the
                                 related Floating Rate Payer Payment Date, and
                                 Party A shall be entitled to rely conclusively
                                 upon such statement. The Supplemental Interest
                                 Trust Trustee's internet website is located at
                                 http://www.ctslink.com and assistance in using
                                 the website can be obtained by calling
                                 301-815-6600.

                                 Any payment by Party A to to Party B in excess
                                 of the amount due under this Transaction on any
                                 Floating Rate Payer Payment Date (as a result
                                 of the Notional Amount for the related
                                 Calculation Period being other than the amount
                                 set forth in Schedule A hereto for such
                                 Calculation Period) shall be returned by Party
                                 B to Party A as soon as Party B becomes
</TABLE>

                                      N-3-2

<PAGE>

<TABLE>
<S>                              <C>
                                 aware of such overpayment. Other than the
                                 return of such overpayment, neither Party B nor
                                 Party A shall incur any penalty or liability
                                 hereunder with respect to such overpayment.

   Trade Date:                   January 26, 2007

   Effective Date:               February 9, 2007

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

Fixed Amounts:

   Fixed Rate Payer:             Party B

   Fixed Rate Payer Payment
      Date:                      February 9, 2007

   Fixed Amount:                 [________]

Floating Amounts:

   Floating Rate Payer:          Party A

   Strike Rate:                  For each Floating Payer Period End Date the
                                 percentage set forth in Schedule A as the
                                 Strike Rate for such Floating Rate Payer Period
                                 End Date.

   Upper Collar:                 For each Floating Payer Period End Date the
                                 percentage set forth in Schedule A as the Upper
                                 Collar for such Floating Rate Payer Period End
                                 Date.

   Floating Rate Payer
      Period End Dates:          The 25th day of each month, commencing February
                                 25, 2007, through and including the Termination
                                 Date, subject to adjustment in accordance with
                                 the Business Day Convention.

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

   Floating Rate Option:         USD-LIBOR-BBA.

   Designated Maturity:          1 month

   Spread:                       None

   Floating Rate Day Count
      Fraction:                  Actual/360
</TABLE>

                                      N-3-3

<PAGE>

<TABLE>
<S>                              <C>
   Reset Dates:                  The first day of each Calculation Period

   Compounding:                  Inapplicable:

Calculation Agent:               Party A

Business Days:                   New York

Business Day Convention          Modified Following
</TABLE>

3.   Account Details:

          Account Details for Party A:

               For the account of The Royal Bank of Scotland
               Financial Markets Fixed Income and Interest Rate
               Derivative Operations, London SWIFT RBOSGB2RTCM
               with JPMorgan Chase Bank, New York CHASUS33
               ABA # 021000021
               Account Number 400930153

          Account Details for Party B:

               Wells Fargo Bank, N.A.
               San Francisco, California
               ABA#: 121-000-248
               Account#: 3970771416
               Account Name: SAS Clearing
               FFC#: 50980702; Corridor Contract Account

4.   Offices:

          The Office of Party A for this Transaction is London, England

5.   It is expressly understood and agreed by the parties hereto that (i) this
     Confirmation is executed and delivered by Wells Fargo Bank, N.A., not
     individually or personally but solely as supplemental interest trust
     trustee of the Supplemental Interest Trust, in the exercise of the powers
     and authority conferred and vested in it under the Pooling and Servicing
     Agreement, (ii) each of the representations, undertakings and agreements
     herein made on the part of the Supplemental Interest Trust is made and
     intended not as personal representations, undertakings and agreements by
     Wells Fargo Bank, N.A. but is made and intended for the purpose of binding
     only the Supplemental Interest Trust, (iii) nothing herein contained shall
     be construed as creating any liability on the part of Wells

                                      N-3-4

<PAGE>

     Fargo Bank, N.A., individually or personally, to perform any covenant
     either expressed or implied contained herein, all such liability, if any,
     being expressly waived by the parties hereto and by any Person claiming by,
     through or under the parties hereto and (iv) under no circumstances shall
     Wells Fargo Bank, N.A. be personally liable for the payment of any
     indebtedness or expenses of the Supplemental Interest Trust or be liable
     for the breach or failure of any obligation, representation, warranty or
     covenant made or undertaken by Party B under this Confirmation or any other
     related documents.

6.   Agency Role of Greenwich Capital Markets, Inc. This Transaction has been
     entered into by Greenwich Capital Markets, Inc., as agent for The Royal
     Bank of Scotland plc. Greenwich Capital Markets, Inc. has not guaranteed
     and is not otherwise responsible for the obligations of Party A under this
     Transaction.

7.   MLML Shall Not Benefit. The parties hereto agree and acknowledge 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 Merrill Lynch
     Mortgage Lending, Inc. ("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
     Securities Administrator (as defined in the Pooling and Servicing
     Agreement), whereupon the Securities Administrator (as defined in the
     Pooling and Servicing Agreement) will promptly remit such amounts to the
     Cap Provider.

8.   In the event that the transaction to which the Pooling and Servicing
     Agreement relates does not occur, and the Merrill Lynch Alternative Note
     Asset Trust, Series 2007-A1 is not formed, Party A and MLML agree that MLML
     shall become the Party B under this Agreement.

                      [Signature Page Immediately Follows]

                                      N-3-5

<PAGE>

Please promptly confirm that the foregoing correctly sets forth the terms of the
Transaction entered into between us by executing this Confirmation and returning
it to us by facsimile to:

The Royal Bank of Scotland plc
Attention: Derivatives Documentation
Fax: 0207 375 6724 / 6486 Phone: 0207 375 4225

For and on behalf of                    For and on behalf of
THE ROYAL BANK OF SCOTLAND PLC          WELLS FARGO BANK, N.A., NOT
BY: GREENWICH CAPITAL MARKETS, INC.,    INDIVIDUALLY, BUT SOLELY AS SUPPLEMENTAL
ITS AGENT                               INTEREST TRUST TRUSTEE FOR THE
                                        SUPPLEMENTAL INTEREST TRUST WITH RESPECT
                                        TO THE MERRILL LYNCH ALTERNATIVE NOTE
                                        ASSET TRUST, SERIES 2007-A1

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

For and on behalf of
MERRILL LYNCH MORTGAGE LENDING INC.

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

                                      N-3-6

<PAGE>

                                   SCHEDULE A

     All dates subject to adjustment in accordance with the Modified Following
Business Day Convention.

<TABLE>
<CAPTION>
 From and      To but        Notional     Strike    Upper
including:   excluding:   Amount (USD):    Rate:   Collar:
----------   ----------   -------------   ------   -------
<S>          <C>          <C>             <C>      <C>
  2/9/2007    2/25/2007   49,523,000.00    9.995    9.995
 2/25/2007    3/25/2007   49,523,000.00    6.709    9.995
 3/25/2007    4/25/2007   49,523,000.00    6.011    9.995
 4/25/2007    5/25/2007   49,523,000.00    6.228    9.995
 5/25/2007    6/25/2007   49,523,000.00    6.011    9.995
 6/25/2007    7/25/2007   49,523,000.00    6.228    9.995
</TABLE>

                                      N-3-7

<PAGE>

                                    EXHIBIT O

                       ADDITIONAL DISCLOSURE NOTIFICATION

Merrill Lynch Mortgage Investors, Inc.
250 Vesey Street
4 World Financial Center, 10th Floor
New York, New York 10080

Wells Fargo Bank, N.A.
9062 Old Annapolis Road
Columbia, MD 21045

RE: Merrill Lynch Alternative Note Asset Trust, Series 2007-A1
    **Additional Form [10-D][10-K][8-K] Disclosure** Required

Ladies and Gentlemen:

          In accordance with Section 3.18(b) of the Pooling and Servicing
Agreement, dated as of January 1, 2007, among Merrill Lynch Mortgage Investors,
Inc., as depositor, Wells Fargo Bank, N.A., as master servicer and securities
administrator and HSBC Bank USA, National Association, as trustee, the
undersigned, as [_], hereby notifies you that certain events have come to our
attention that [will] [may] need to be disclosed on Form [10-D][10-K][8-K].

Description of Additional Form [10-D][10-K][8-K] Disclosure:

List of any Attachments hereto to be included in the Additional Form
[10-D][10-K][8-K] Disclosure:

     Any inquiries related to this notification should be directed to
[______________], phone number: [_______________]; email address:
[______________].

                                        [NAME OF PARTY],
                                        as [role]

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

                                       O-1

<PAGE>

                                    EXHIBIT P

                   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

Wells Fargo Bank, N.A.
9062 Old Annapolis Road
Columbia, MD 21045

Re: Merrill Lynch Alternative Note Asset Trust, Series 2007-A1 Mortgage
    Pass-Through Certificates

I, [identify name of certifying individual], [title of certifying individual] of
[name of servicing company] (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 [related
servicing agreement] (the "Servicing 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 related Servicing 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:
      -------------------------------

                                        [Servicer]

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

                                       P-1

<PAGE>

                                   EXHIBIT Q-1

                         ADDITIONAL FORM 10-D DISCLOSURE

                         ADDITIONAL FORM 10-D DISCLOSURE

<TABLE>
<CAPTION>
           ITEM ON FORM 10-D                        PARTY RESPONSIBLE
           -----------------                        -----------------
<S>                                     <C>
    ITEM 1: DISTRIBUTION AND POOL
      PERFORMANCE INFORMATION

Information included in the                         Master Servicer
[Monthly Statement]                                     Servicer
                                                Securities Administrator

   Any information required by 1121                     Depositor
which is NOT included on the [Monthly
           Statement]

      ITEM 2: LEGAL PROCEEDINGS

Any legal proceeding pending against
the following entities or their
respective property, that is material
to Certificateholders, including any
proceeding known to be contemplated
by governmental authorities:

-    Issuing Entity (Trust Fund)          Trustee, Master Servicer, Securities
                                               Administrator and Depositor

-    Sponsor (Seller)                     Seller (if a party to the Pooling and
                                            Servicing Agreement) or Depositor

-    Depositor                                           Depositor

-    Trustee                                              Trustee

-    Securities Administrator                   Securities Administrator

-    Master Servicer                                 Master Servicer

-    Custodian                                          Custodian

-    1110(b) Originator                                 Depositor

-    Any 1108(a)(2) Servicer (other                      Servicer
     than the Master Servicer or
     Securities Administrator)

-    Any other party contemplated by                    Depositor
     1100(d)(1)

ITEM 3: SALE OF SECURITIES AND USE OF                   Depositor
               PROCEEDS

Information from Item 2(a) of Part II
of Form 10-Q:

With respect to any sale of
securities by the sponsor, depositor
or issuing entity, that are backed by
the same asset pool or are otherwise
issued by the issuing entity, whether
or not registered, provide the sales
and use of proceeds information in
Item 701 of Regulation S-K. Pricing
information can be omitted if
securities were not registered.
</TABLE>

                                      Q-1-1

<PAGE>

                         ADDITIONAL FORM 10-D DISCLOSURE

<TABLE>
<CAPTION>
           ITEM ON FORM 10-D                        PARTY RESPONSIBLE
           -----------------                        -----------------
<S>                                     <C>
    ITEM 4: DEFAULTS UPON SENIOR                Securities Administrator
              SECURITIES                                Trustee

Information from Item 3 of Part II of
Form 10-Q:

Report the occurrence of any Event of
Default (after expiration of any
grace period and provision of any
required notice)

  ITEM 5: SUBMISSION OF MATTERS TO A            Securities Administrator
       VOTE OF SECURITY HOLDERS                          Trustee

Information from Item 4 of Part II of
Form 10-Q

 ITEM 6: SIGNIFICANT OBLIGORS OF POOL                   Depositor
                ASSETS

Item 1112(b) - Significant Obligor
Financial Information*

*    This information need only be
     reported on the Form 10-D for
     the distribution period in which
     updated information is required
     pursuant to the Item.

   ITEM 7: SIGNIFICANT ENHANCEMENT
         PROVIDER INFORMATION

Item 1114(b)(2) - Credit Enhancement
Provider Financial Information*

-    Determining applicable                             Depositor
     disclosure threshold

-    Requesting required financial                      Depositor
     information (including any
     required accountants' consent to
     the use thereof) or effecting
     incorporation by reference

      Item 1115(b) - Derivative
 Counterparty Financial Information*

-    Determining current maximum                        Depositor
     probable exposure

-    Determining current significance                   Depositor
     percentage

-    Requesting required financial                      Depositor
     information (including any
     required accountants' consent to
     the use thereof) or effecting
     incorporation by reference

*    This information need only be
     reported on the Form 10-D for
     the distribution period in which
     updated information is required
     pursuant to the Items.
</TABLE>

                                      Q-1-2

<PAGE>

                         ADDITIONAL FORM 10-D DISCLOSURE

<TABLE>
<CAPTION>
           ITEM ON FORM 10-D                        PARTY RESPONSIBLE
           -----------------                        -----------------
<S>                                     <C>

      ITEM 8: OTHER INFORMATION               Any party responsible for the
                                           applicable Form 8-K Disclosure item

Disclose any information required to
be reported on Form 8-K during the
period covered by the Form 10-D but
not reported

           ITEM 9: EXHIBITS

         Monthly Statement to                    Securities Administrator
          Certificateholders

   Exhibits required by Item 601 of                     Depositor
   Regulation S-K, such as material
              agreements
</TABLE>

                                      Q-1-3

<PAGE>

                                   EXHIBIT Q-2

                         ADDITIONAL FORM 10-K DISCLOSURE

                         ADDITIONAL FORM 10-K DISCLOSURE

<TABLE>
<CAPTION>
           ITEM ON FORM 10-K                       PARTY RESPONSIBLE
           -----------------                       -----------------
<S>                                     <C>

  ITEM 1B: UNRESOLVED STAFF COMMENTS                    Depositor

     ITEM 9B: OTHER INFORMATION                Any party responsible for
                                              disclosure items on Form 8-K

Disclose any information required to
be reported on Form 8-K during the
fourth quarter covered by the Form
10-K but not reported

     ITEM 15: EXHIBITS, FINANCIAL               Securities Administrator
         STATEMENT SCHEDULES                            Depositor

   REG AB ITEM 1112(B): SIGNIFICANT
       OBLIGORS OF POOL ASSETS

Significant Obligor Financial                           Depositor
Information*

*    This information need only be
     reported on the Form 10-K if
     updated information is required
     pursuant to the Item.

    REG AB ITEM 1114(B)(2): CREDIT
    ENHANCEMENT PROVIDER FINANCIAL
             INFORMATION

-    Determining applicable                             Depositor
     disclosure threshold

-    Requesting required financial                      Depositor
     information (including any
     required accountants' consent to
     the use thereof) or effecting
     incorporation by reference

*    This information need only be
     reported on the Form 10-K if
     updated information is required
     pursuant to the Item.

   REG AB ITEM 1115(B): DERIVATIVE
  COUNTERPARTY FINANCIAL INFORMATION

-    Determining current maximum                        Depositor
     probable exposure

-    Determining current significance                   Depositor
     percentage

-    Requesting required financial                      Depositor
     information (including any
     required accountants' consent to
     the use thereof) or effecting
     incorporation by reference

*    This information need only be
     reported on the Form 10-K if
     updated information is required
     pursuant to the Item.

 REG AB ITEM 1117: LEGAL PROCEEDINGS

Any legal proceeding pending against
the following entities or their
respective property, that is material
to Certificateholders, including any
proceeding known to be contemplated
by
</TABLE>

                                      Q-2-1

<PAGE>

                         ADDITIONAL FORM 10-K DISCLOSURE

<TABLE>
<CAPTION>
           ITEM ON FORM 10-K                       PARTY RESPONSIBLE
           -----------------                       -----------------
<S>                                     <C>
governmental authorities:

-    Issuing Entity (Trust Fund)          Trustee, Master Servicer, Securities
                                              Administrator and Depositor

-    Sponsor (Seller)                     Seller (if a party to the Pooling and
                                           Servicing Agreement) or Depositor

-    Depositor                                      Depositor

-    Trustee                                         Trustee

-    Securities Administrator                  Securities Administrator

-    Master Servicer                              Master Servicer

-    Custodian                                        Custodian

-    1110(b) Originator                               Depositor

-    Any 1108(a)(2) Servicer (other                   Servicer
     than the Master Servicer or
     Securities Administrator)

-    Any other party contemplated by                  Depositor
     1100(d)(1)

  REG AB ITEM 1119: AFFILIATIONS AND
            RELATIONSHIPS

Whether (a) the Sponsor (Seller),                  Depositor as to (a)
Depositor or Issuing Entity is an               Sponsor/Seller as to (a)
affiliate of the following parties,
and (b) to the extent known and
material, any of the following
parties are affiliated with one
another:

-    Master Servicer                                 Master Servicer

-    Securities Administrator                   Securities Administrator

-    Trustee                                          Trustee

-    Any other 1108(a)(3) servicer                   Servicer

-    Any 1110 Originator                         Depositor/Sponsor

-    Any 1112(b) Significant Obligor             Depositor/Sponsor

-    Any 1114 Credit Enhancement                 Depositor/Sponsor
     Provider

-    Any 1115 Derivate Counterparty              Depositor/Sponsor
     Provider

-    Any other 1101(d)(1) material               Depositor/Sponsor
     party

Whether there are any "outside the                 Depositor as to (a)
ordinary course business                        Sponsor/Seller as to (a)
arrangements" other than would be
obtained in an arm's length
transaction between (a) the Sponsor
(Seller), Depositor or Issuing Entity
on the one hand, and (b) any of the
following parties (or their
affiliates) on the other hand, that
exist currently or within the past
two years and that are material to a
Certificateholder's understanding of
the Certificates:

-    Master Servicer                                 Master Servicer

-    Securities Administrator                    Securities Administrator

-    Trustee                                         Depositor

-    Any other 1108(a)(3) servicer                   Servicer

-    Any 1110 Originator                          Depositor/Sponsor

-    Any 1112(b) Significant Obligor              Depositor/Sponsor
</TABLE>

                                      Q-2-2

<PAGE>

                         ADDITIONAL FORM 10-K DISCLOSURE

<TABLE>
<CAPTION>
           ITEM ON FORM 10-K                       PARTY RESPONSIBLE
           -----------------                       -----------------
<S>                                     <C>
-    Any 1114 Credit Enhancement                  Depositor/Sponsor
     Provider

-    Any 1115 Derivate Counterparty               Depositor/Sponsor
     Provider

-    Any other 1101(d)(1) material                Depositor/Sponsor
     party

Whether there are any specific                     Depositor as to (a)
relationships involving the                     Sponsor/Seller as to (a)
transaction or the pool assets
between (a) the Sponsor (Seller),
Depositor or Issuing Entity on the
one hand, and (b) any of the
following parties (or their
affiliates) on the other hand, that
exist currently or within the past
two years and that are material:

-    Master Servicer                               Master Servicer

-    Securities Administrator                  Securities Administrator

-    Trustee                                         Depositor

-    Any other 1108(a)(3) servicer                   Servicer

-    Any 1110 Originator                          Depositor/Sponsor

-    Any 1112(b) Significant Obligor              Depositor/Sponsor

-    Any 1114 Credit Enhancement                  Depositor/Sponsor
     Provider

-    Any 1115 Derivate Counterparty               Depositor/Sponsor
     Provider

-    Any other 1101(d)(1) material                Depositor/Sponsor
     party
</TABLE>

                                      Q-2-3

<PAGE>

                                   EXHIBIT Q-3

                         FORM 8-K DISCLOSURE INFORMATION

                         FORM 8-K DISCLOSURE INFORMATION

<TABLE>
<CAPTION>
           ITEM ON FORM 8-K                        PARTY RESPONSIBLE
           ----------------                        -----------------
<S>                                     <C>
   ITEM 1.01- ENTRY INTO A MATERIAL                    All parties
         DEFINITIVE AGREEMENT

Disclosure is required regarding
entry into or amendment of any
definitive agreement that is material
to the securitization, even if
depositor is not a party.

Examples: servicing agreement,
custodial agreement.

Note: disclosure not required as to
definitive agreements that are fully
disclosed in the prospectus

ITEM 1.02- TERMINATION OF A MATERIAL                   All parties
         DEFINITIVE AGREEMENT

Disclosure is required regarding
termination of any definitive
agreement that is material to the
securitization (other than expiration
in accordance with its terms), even
if depositor is not a party.

Examples: servicing agreement,
custodial agreement.

       ITEM 1.03- BANKRUPTCY OR                         Depositor
             RECEIVERSHIP

Disclosure is required regarding the
bankruptcy or receivership, with
respect to any of the following:

-    Sponsor (Seller)                          Depositor/Sponsor (Seller)

-    Depositor                                          Depositor

-    Master Servicer                                 Master Servicer

-    Affiliated Servicer                                Servicer

-    Other Servicer servicing 20% or                    Servicer
     more  of the  pool assets at the
     time of the report

-    Other material servicers                           Servicer

-    Trustee                                             Trustee

-    Securities Administrator                   Securities Administrator

-    Significant Obligor                                Depositor

-    Credit Enhancer (10% or more)                      Depositor

-    Derivative Counterparty                            Depositor
</TABLE>

                                      Q-3-1

<PAGE>

                         FORM 8-K DISCLOSURE INFORMATION

<TABLE>
<CAPTION>
           ITEM ON FORM 8-K                        PARTY RESPONSIBLE
           ----------------                        -----------------
<S>                                     <C>
-    Custodian                                          Custodian

  ITEM 2.04- TRIGGERING EVENTS THAT                     Depositor
   ACCELERATE OR INCREASE A DIRECT                   Master Servicer
FINANCIAL OBLIGATION OR AN OBLIGATION           Securities Administrator
      UNDER AN OFF-BALANCE SHEET
             ARRANGEMENT

Includes an early amortization,
performance trigger or other event,
including event of default, that
would materially alter the payment
priority/distribution of cash
flows/amortization schedule.

Disclosure will be made of events
other than waterfall triggers which
are disclosed in the monthly
statements to the certificateholders.

 ITEM 3.03- MATERIAL MODIFICATION TO            Securities Administrator
      RIGHTS OF SECURITY HOLDERS                         Trustee
                                                        Depositor

Disclosure is required of any
material modification to documents
defining the rights of
Certificateholders, including the
Pooling and Servicing Agreement.

ITEM 5.03- AMENDMENTS OF ARTICLES OF                    Depositor
  INCORPORATION OR BYLAWS; CHANGE OF
             FISCAL YEAR

Disclosure is required of any
amendment "to the governing documents
of the issuing entity".

   ITEM 6.01- ABS INFORMATIONAL AND                     Depositor
        COMPUTATIONAL MATERIAL

ITEM 6.02- CHANGE OF SERVICER OR               Master Servicer/Securities
SECURITIES ADMINISTRATOR                        Administrator/Depositor/
                                                    Servicer/Trustee

Requires disclosure of any removal,
replacement, substitution or addition
of any master servicer, affiliated
servicer, other servicer servicing
10% or more of pool assets at time of
report, other material servicers or
trustee.

Reg AB disclosure about any new             Servicer/Master Servicer/Depositor
servicer or master servicer is also
required.

Reg AB disclosure about any new                          Trustee
Trustee is also required.

     ITEM 6.03- CHANGE IN CREDIT           Depositor/Securities Administrator
   ENHANCEMENT OR EXTERNAL SUPPORT

Covers termination of any enhancement
in manner other than by its terms,
the addition of an enhancement, or a
material change in the
</TABLE>

                                      Q-3-2

<PAGE>

                         FORM 8-K DISCLOSURE INFORMATION

<TABLE>
<CAPTION>
           ITEM ON FORM 8-K                        PARTY RESPONSIBLE
           ----------------                        -----------------
<S>                                     <C>
enhancement provided. Applies to
external credit enhancements as well
as derivatives.

Reg AB disclosure about any new                         Depositor
enhancement provider is also
required.

     ITEM 6.04- FAILURE TO MAKE A           Securities Administrator Trustee
        REQUIRED DISTRIBUTION

      ITEM 6.05- SECURITIES ACT                         Depositor
         UPDATING DISCLOSURE

If any material pool characteristic
differs by 5% or more at the time of
issuance of the securities from the
description in the final prospectus,
provide updated Reg AB disclosure
about the actual asset pool.

If there are any new servicers or                       Depositor
originators required to be disclosed
under Regulation AB as a result of
the foregoing, provide the
information called for in Items 1108
and 1110 respectively.

     ITEM 7.01- REG FD DISCLOSURE                      All parties

       ITEM 8.01- OTHER EVENTS                          Depositor

   Any event, with respect to which
 information is not otherwise called
for in Form 8-K, that the registrant
        deems of importance to
         certificateholders.

 ITEM 9.01- FINANCIAL STATEMENTS AND              Responsible party for
               EXHIBITS                    reporting/disclosing the financial
                                                  statement or exhibit
</TABLE>

                                      Q-3-3

<PAGE>

                                    EXHIBIT R

                             FORM OF SWAP AGREEMENT

                                                                      (RBS LOGO)
                                                      The Royal Bank of Scotland

                                                      FINANCIAL MARKETS

                                                      280 Bishopsgate

                                                      London EC2M 4RB
Memorandum                                            February 9, 2007

To                    Wells Fargo Bank, N.A., not in its individual capacity,
                      but solely as Supplemental Interest Trust Trustee for
                      the Supplemental Interest Trust with respect to Merrill
                      Lynch Alternative Note Asset Trust, Series 2007-A1
                      ("PARTY B")

                      Wells Fargo Bank, N.A.
                      9062 Old Annapolis Road
                      Columbia, Maryland 21045

                      Attention: Client Manager - MANA 2007-A1
                      Facsimile: (410) 715-2380
                      Phone: (410) 884-2000

To                    Merrill Lynch Mortgage Lending, Inc.
                      Attn: John O'Grady
                      Tel: 212-449-1441
                      Fax: 212-738-1110

CC:                   Greenwich Capital Markets, Inc.
                      600 Steamboat Road
                      Greenwich, CT 06830

                      Attn: Melizza Stotler
                      Tel: (203) 618-2576
                      Fax: (203) 618-2580

From:                 The Royal Bank of Scotland plc
Re:

Our Reference Number: D16186113

Dear Sir or Madam,

The purpose of this letter agreement is to confirm the terms and conditions of
the Transaction entered into between Wells Fargo Bank, N.A., not individually,
but solely as Supplemental Interest Trust Trustee and

                                       R-1

<PAGE>

The Royal Bank of Scotland plc, acting through its agent, Greenwich Capital
Markets, Inc. (each a "PARTY" and together "THE PARTIES") on the Trade Date
specified below (the "TRANSACTION") pursuant to the pooling and servicing
agreement (the "POOLING AND SERVICING AGREEMENT"), dated and effective as of
January 1, 2007, among Merrill Lynch Mortgage Investors, Inc., as depositor (the
"DEPOSITOR"), Wells Fargo Bank, N.A., as master servicer and securities
administrator, and HSBC Bank USA, National Association, as trustee. This letter
agreement constitutes the sole and complete "CONFIRMATION", as referred to in
the Master Agreement as well as a "SCHEDULE" as referred to in the Master
Agreement.

This letter agreement constitutes a "CONFIRMATION" and the definitions and
provisions contained in the 2000 ISDA Definitions (the "DEFINITIONS") as
published by the International Swaps and Derivatives Association, Inc., ("ISDA")
are incorporated into this Confirmation. This Confirmation will be governed by
and subject to the terms and conditions which would be applicable if, prior to
the Trade Date, the parties had executed and delivered an ISDA Master Agreement
(Multicurrency-Cross Border), in the form published by ISDA in 1992 (the "MASTER
AGREEMENT"), with the attached Schedule B as the Schedule to the Master
Agreement and the modifications provided below (collectively, the "AGREEMENT").
In the event of any inconsistency between the provisions of this Confirmation,
the attached Scheduled B, and the Master Agreement, the first mentioned document
will govern. Terms capitalized but not defined herein or in the Definitions
incorporated herein shall have the respective meanings attributed to them in the
Pooling and Servicing Agreement.

This Confirmation evidences a complete binding agreement between the parties as
to the terms of the Transaction to which this Confirmation relates. In addition,
each party represents to the other party and will be deemed to represent to the
other party on the date on which it enters into a Transaction that (absent a
written agreement between the parties that expressly imposes affirmative
obligations to the contrary for that Transaction):

     PRINCIPAL. It is acting as principal and not as agent when entering into
     the Transaction.

     NON-RELIANCE. It is acting for its own account and it has made its own
     independent decisions to enter into the Transaction and as to whether the
     Transaction is appropriate or proper for it based upon its own judgment and
     upon advice from such advisors as it has deemed necessary. It is not
     relying on any communication (written or oral) of the other party as
     investment advice or as a recommendation to enter into the Transaction; it
     being understood that information and explanations related to the terms and
     conditions of the Transaction shall not be considered investment advice or
     a recommendation to enter into the 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.

     EVALUATION AND UNDERSTANDING. It is capable of evaluating and understanding
     (on its own behalf or through independent professional advice), and
     understands and accepts, the terms, conditions and risks of the Agreement
     and that Transaction. It is also capable of assuming, and assumes, the
     financial and other risks of the Agreement and that Transaction.

     STATUS OF PARTIES. The other party is not acting as an agent, fiduciary or
     advisor for it in respect of that Transaction.

The terms of the particular Transaction to which this Confirmation relates are
as follows:

                                       R-2

<PAGE>

<TABLE>
<S>                                     <C>
Notional Amount:                        With respect to any Calculation Period,
                                        the amount set forth on Schedule A
                                        attached hereto.

Trade Date:                             January 26, 2007

Effective Date:                         February 9, 2007

Termination Date:                       November 25, 2011, subject to adjustment
                                        in accordance with the Modified
                                        Following Business Day Convention.

Fixed Amounts:

Fixed Rate Payer:                       Party B

Fixed Rate Payer Period End Dates:      The 25th day of each month of each year
                                        commencing August 25, 2007, through and
                                        including the Termination Date, subject
                                        to No Adjustment.

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

Fixed Rate:                             5.1%

Fixed Rate Day Count Fraction:          30/360

Upfront Fee:                            Party B shall pay Party A USD 1,350,000
                                        on the Effective Date.

Floating Amounts:

Floating Rate Payer:                    Party A

Floating Rate Payer Period End Dates:   The 25th day of each month of each year
                                        commencing August 25, 2007, through and
                                        including the Termination Date, subject
                                        to adjustment in accordance with the
                                        Business Day Convention.

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

Floating Rate Option:                   USD-LIBOR-BBA

Designated Maturity:                    1 month

Floating Rate Day Count Fraction:       Actual/360

Reset Dates:                            The first day of each Calculation
                                        Period.

Compounding:                            Not applicable

Business Days for Payments:             New York
</TABLE>

                                       R-3

<PAGE>

<TABLE>
<S>                                     <C>
Calculation Agent:                      Party A

Account Details:

Account for payments to Party A:        For the account of:
                                        The Royal Bank of Scotland Financial
                                        Markets Fixed Income and Interest Rate
                                        Derivative Operations

                                        London SWIFT RBOSGB2RTCM
                                        with JPMorgan Chase Bank New York
                                        CHASUS33
                                        ABA # 021000021
                                        Account Number 400930153

Account for payments to Party B:        Wells Fargo Bank, N.A.
                                        San Francisco, California
                                        ABA#: 121-000-248
                                        Account#: 3970771416
                                        Account Name: SAS Clearing
                                        FFC#: 50980701; Swap Account
</TABLE>

Offices:

The Office of Party A for this Transaction is: London

The Office of Party B for this Transaction is: Columbia, Maryland

ADDITIONAL PROVISIONS: Each party hereto is hereby advised and acknowledges that
the other party has engaged in (or refrained from engaging in) substantial
financial transactions and has taken (or refrained from taking) other material
actions in reliance upon the entry by the parties into the Transaction being
entered into on the terms and conditions set forth herein and in the
Confirmation relating to such Transaction, as applicable.

AGENCY ROLE OF GREENWICH CAPITAL MARKETS, INC. This Transaction has been entered
into by Greenwich Capital Markets, Inc., as agent for The Royal Bank of Scotland
plc. Greenwich Capital Markets, Inc. has not guaranteed and is not otherwise
responsible for the obligations of Party A under this Transaction.

                                       R-4

<PAGE>

Please promptly confirm that the foregoing correctly sets forth the terms of the
Transaction entered into between us by executing this Confirmation and returning
it to us by facsimile to:

                         THE ROYAL BANK OF SCOTLAND PLC
                      ATTENTION: DERIVATIVES DOCUMENTATION
                 FAX: 0207 375 6724 / 6486 PHONE: 0207 375 4225

THE ROYAL BANK OF SCOTLAND PLC

By: Greenwich Capital Markets, Inc., its agent

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

Accepted and confirmed as of the Trade Date written above:
WELLS FARGO BANK, N.A., NOT IN ITS INDIVIDUAL CAPACITY, BUT SOLELY AS
SUPPLEMENTAL INTEREST TRUST TRUSTEE FOR THE SUPPLEMENTAL INTEREST TRUST WITH
RESPECT TO MERRILL LYNCH ALTERNATIVE NOTE ASSET TRUST, SERIES 2007-A1

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

Solely with respect to Part 5(m) and Part 5(n)

MERRILL LYNCH MORTGAGE LENDING INC.

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

                                       R-5

<PAGE>

Schedule A to the Confirmation dated as of February 9, 2007

RE: REFERENCE NUMBER D16186113

AMORTIZATION SCHEDULE, subject to adjustment in accordance with the Modified
Following Business Day Convention

<TABLE>
<CAPTION>
FROM AND INCLUDING   TO BUT EXCLUDING   NOTIONAL AMOUNT (USD)
------------------   ----------------   ---------------------
<S>                  <C>                <C>
     7/25/2007           8/25/2007           671,813,518
     8/25/2007           9/25/2007           644,240,338
     9/25/2007          10/25/2007           615,445,157
    10/25/2007          11/25/2007           585,628,912
    11/25/2007          12/25/2007           555,684,367
    12/25/2007           1/25/2008           527,284,249
     1/25/2008           2/25/2008           500,350,723
     2/25/2008           3/25/2008           474,806,332
     3/25/2008           4/25/2008           450,577,788
     4/25/2008           5/25/2008           427,596,851
     5/25/2008           6/25/2008           405,804,767
     6/25/2008           7/25/2008           385,241,052
     7/25/2008           8/25/2008           365,885,204
     8/25/2008           9/25/2008           347,575,694
     9/25/2008          10/25/2008           328,907,923
    10/25/2008          11/25/2008           309,237,028
    11/25/2008          12/25/2008           290,751,890
    12/25/2008           1/25/2009           274,617,254
     1/25/2009           2/25/2009           259,758,212
     2/25/2009           3/25/2009           245,507,757
     3/25/2009           4/25/2009           232,215,324
     4/25/2009           5/25/2009           219,643,307
     5/25/2009           6/25/2009           207,757,189
     6/25/2009           7/25/2009           196,575,931
     7/25/2009           8/25/2009           186,079,124
     8/25/2009           9/25/2009           175,408,709
     9/25/2009          10/25/2009           163,644,689
    10/25/2009          11/25/2009           142,155,593
    11/25/2009          12/25/2009           114,893,174
    12/25/2009           1/25/2010           107,076,539
     1/25/2010           2/25/2010           100,357,427
     2/25/2010           3/25/2010            98,092,721
     3/25/2010           4/25/2010            92,124,973
     4/25/2010           5/25/2010            86,514,619
     5/25/2010           6/25/2010            81,229,871
     6/25/2010           7/25/2010            76,251,533
     7/25/2010           8/25/2010            71,558,122
     8/25/2010           9/25/2010            67,129,435
     9/25/2010          10/25/2010            62,800,905
    10/25/2010          11/25/2010            58,727,435
</TABLE>

                                       R-6

<PAGE>

<TABLE>
<CAPTION>
FROM AND INCLUDING   TO BUT EXCLUDING   NOTIONAL AMOUNT (USD)
------------------   ----------------   ---------------------
<S>                  <C>                <C>
    11/25/2010          12/25/2010            55,091,832
    12/25/2010           1/25/2011            51,648,601
     1/25/2011           2/25/2011            48,428,452
     2/25/2011           3/25/2011            45,381,911
     3/25/2011           4/25/2011            42,284,747
     4/25/2011           5/25/2011            39,337,705
     5/25/2011           6/25/2011            36,853,307
     6/25/2011           7/25/2011            34,499,105
     7/25/2011           8/25/2011            32,219,193
     8/25/2011           9/25/2011            29,658,714
     9/25/2011          10/25/2011            26,167,445
    10/25/2011          11/25/2011            14,914,600
</TABLE>

                                       R-7
<PAGE>

           SCHEDULE B TO THE CONFIRMATION DATED AS OF FEBRUARY 9, 2007

RE: REFERENCE NUMBER D16186113

Between The Royal Bank of Scotland plc ("PARTY A") and Wells Fargo Bank, N.A.,
not in its individual capacity, but solely as Supplemental Interest Trust
Trustee for the Supplemental Interest Trust with respect to Merrill Lynch
Alternative Note Asset Trust, Series 2007-A1

PART 1 TERMINATION PROVISIONS.

(A)  "SPECIFIED ENTITY" means (i) in relation to Party A for all purposes of the
     Agreement: None; and (ii) in relation to Party B for all purposes of the
     Agreement: None.

(B)  The "FAILURE TO PAY OR DELIVER" provisions of Section 5(a)(i) will apply to
     Party A and Party B; provided that the word "third" shall be deleted and
     replaced by the word "second".

(C)  The "BREACH OF AGREEMENT" provisions of Section 5(a)(ii) of the Agreement
     will be inapplicable to Party B.

(D)  The "CREDIT SUPPORT DEFAULT" provisions of Section 5(a)(iii) of the
     Agreement will apply to Party A and will not apply to Party B except that
     Section 5(a)(iii)(1) will apply to Party B solely in respect of Party B's
     obligations under Paragraph 3(b) of the Credit Support Annex.

(E)  The "MISREPRESENTATION" provisions of Section 5(a)(iv) of the Agreement
     will be inapplicable to Party B.

(F)  The "DEFAULT UNDER SPECIFIED TRANSACTION" provisions of Section 5(a)(v) of
     the Agreement will be inapplicable to Party A and Party B.

(G)  The "CROSS DEFAULT" provisions of Section 5(a)(vi) of the Agreement will
     apply to Party A with a Threshold Amount of 3% of the shareholder's equity
     of Party A.

     The "CROSS DEFAULT" provisions of Section 5(a)(vi) of the Agreement will be
     inapplicable to Party B.

(H)  The "BANKRUPTCY" provision of Section 5(a)(vii) of the Agreement will be
     applicable to Party A and will be applicable to Party B, subject to the
     following modifications:

     (i)  Section 5(a)(vii)(2) and (7) shall not apply;

     (ii) Section 5(a)(vii)(4) shall not apply to the extent that it refers to
          proceedings or petitions instituted or presented by Party A or its
          affiliates;

     (iii) The phrase "seeks or" in Section 5(a)(vii)(6) shall be deemed
          deleted; and

     (iv) Section 5(a)(vii)(8) shall apply only to the extent that a relevant
          event has an effect that is analogous to an effect described in
          Section 5(a)(vii)(1) through (7) (as amended in this Part 1(h)) that
          applies to Party B.

(I)  The "MERGER WITHOUT ASSUMPTION" provisions of Section 5(a)(viii) will apply
     to Party A and will apply to Party B.

                                      R-8

<PAGE>

(J)  The "TAX EVENT UPON MERGER" provisions of Section 5(b)(iii) shall not apply
     to the extent that Party A is both the Burdened Party and the Affected
     Party.

(K)  The "CREDIT EVENT UPON MERGER" provisions of Section 5(b)(iv) of the
     Agreement will be inapplicable to Party A and Party B.

     The "AUTOMATIC EARLY TERMINATION" provision of Section 6(a) of the
     Agreement will be inapplicable to Party A and Party B.

(L)  PAYMENTS ON EARLY TERMINATION.

     (i)  For the purpose of Section 6(e) of the Agreement:

               (A)  Market Quotation will apply; and

               (B)  The Second Method will apply.

     (ii) Notwithstanding Section 6 of this Agreement, so long as Party A is (A)
          the sole Affected Party in respect of an Additional Termination Event
          or a Tax Event Upon Merger or (B) the Defaulting Party in respect of
          any Event of Default, paragraphs (A) to (F) below shall apply:

          (A)  The definition of "Market Quotation" shall be deleted in its
               entirety and replaced with the following:

          "MARKET QUOTATION" means, with respect to one or more Terminated
          Transactions, an offer which, when made, is capable of becoming
          legally binding upon acceptance (any such offer, a "FIRM OFFER") which
          is (1) made by a Reference Market-maker that is an Eligible
          Replacement, (2) for an amount that would be paid to Party B
          (expressed as a negative number) or by Party B (expressed as a
          positive number) in consideration of an agreement between Party B and
          such Reference Market-maker to enter into a transaction (the
          "REPLACEMENT TRANSACTION") that would have the effect of preserving
          for such party the economic equivalent of any payment or delivery
          (whether the underlying obligation was absolute or contingent and
          assuming the satisfaction of each applicable condition precedent) by
          the parties under Section 2(a)(i) in respect of such Terminated
          Transactions or group of Terminated Transactions that would, but for
          the occurrence of the relevant Early Termination Date, have been
          required after that date, (3) made on the basis that Unpaid Amounts in
          respect of the Terminated Transaction or group of Transactions are to
          be excluded but, without limitation, any payment or delivery that
          would, but for the relevant Early Termination Date, have been required
          (assuming satisfaction of each applicable condition precedent) after
          that Early Termination Date is to be included and (4) made in respect
          of a Replacement Transaction with commercial terms substantially the
          same as those of this Agreement (save for the exclusion of provisions
          relating to Transactions that are not Terminated Transactions)."

          (B)  The definition of "Settlement Amount" shall be deleted in its
               entirety and replaced with the following:

          "SETTLEMENT AMOUNT" means, with respect to any Early Termination Date,
          an amount (as determined by Party B) equal to:

               (1) If a Market Quotation for the relevant Terminated Transaction
               or group of Terminated Transactions is selected by Party A and
               accepted by Party B so as to become legally binding on or before
               the day falling ten Local Business Days after the day on which
               the Early Termination Date is designated (or such later day as
               Party B may specify in writing

                                      R-9

<PAGE>

               to Party A, which in any event will not be later than the Early
               Termination Date) (such day, the "LATEST SETTLEMENT AMOUNT
               DETERMINATION DAY"), the Termination Currency Equivalent of the
               amount (whether positive or negative) of such Market Quotation;
               or

               (2) If no Market Quotation for the relevant Terminated
               Transaction or group of Terminated Transactions has been selected
               by Party A and accepted by Party B so as to become legally
               binding on or before the Latest Settlement Amount Determination
               Day, Party B's Loss (whether positive or negative and without
               reference to any Unpaid amounts) for the relevant Terminated
               Transaction or group of Terminated Transactions.

          (C)  For the purpose of clause (4) of the definition of Market
               Quotation, Party B shall determine in its sole discretion, acting
               in a commercially reasonable manner, whether a Firm Offer is made
               in respect of a Replacement Transaction with commercial terms
               substantially the same as those of this Agreement (save for the
               exclusion of provisions relating to Transactions that are not
               Terminated Transactions).

          (D)  Party B undertakes to use its reasonable efforts to obtain at
               least one Market Quotation before the Latest Settlement Amount
               Determination Day. Party B will be deemed to have discharged its
               obligations under the preceding sentence if it requests Party A
               to obtain Market Quotations, where such request is made in
               writing within two Local Business Days after the day on which the
               Early Termination Date is designated. If Party B requests Party A
               in writing to obtain Market Quotations, Party A shall use its
               reasonable efforts to do so before the Latest Settlement Amount
               Determination Day.

          (E)  Any amount calculated as being due in respect of an Early
               Termination Date will be payable in accordance with Section
               6(d)(ii), provided that if such payment is owed to Party B, it
               will be payable on the day that notice of the amount payable is
               given to Party A.

          (F)  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) Party B shall pay to Party A an amount equal to
          the absolute value of the Settlement Amount in respect of the
          Terminated Transactions, (2) Party B shall pay to Party A the
          Termination Currency Equivalent of the Unpaid Amounts owing to Party A
          and (3) Party A shall pay to Party B the Termination Currency
          Equivalent of the Unpaid Amounts owing to Party B, 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 Party A under (3) shall not be netted-off against any
          amount payable by Party B under (1).

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

(N)  ADDITIONAL TERMINATION EVENTS. Each of the following shall be an Additional
     Termination Event:

     (i)  FIRST RATING TRIGGER EVENT. A First Rating Trigger Event (as defined
          in Part 5(k)) has occurred, and Party A has not, within the period of
          time prescribed, complied with Part 5(k)(ii) below. For purposes of
          this Additional Termination Event, Party A shall be the sole Affected
          Party.

                                      R-10

<PAGE>

     (ii) S&P SECOND RATING TRIGGER EVENT. A Second Rating Trigger Event (as
          defined in Part 5(j)) with respect to S&P has occurred, and Party A
          has not, within 10 days after such event, complied with the
          requirements of Part 5(j)(iii) below. For purposes of this Additional
          Termination Event, Party A shall be the sole Affected Party.

     (iii) MOODY'S SECOND RATING TRIGGER EVENT. (A) A Second Rating Trigger
          Event with respect to Moody's has occurred, and 30 or more Local
          Business Days have elapsed and (B) (i) at least one Eligible
          Replacement (as defined in Part 5(j)) has made a Firm Offer to be the
          transferee of a transfer to be made in accordance with Part 5(j)(iii)
          below and/or (ii) at least one entity with the Acceptable Ratings (as
          defined in Part 5(j)) has made a Firm Offer to provide an Eligible
          Guarantee in respect of all of Party A's present and future
          obligations under this Agreement. For purposes of this Additional
          Termination Event, Party A shall be the sole Affected Party.

     (iv) REGULATION AB. (A) Merrill Lynch Mortgage Investors, Inc. ("MLMI"), as
          depositor under the Pooling and Servicing Agreement still has a
          reporting obligation with respect to this Transaction pursuant to
          Regulation AB and (B) Party A has not, within 30 days after receipt of
          a Swap Disclosure Request complied with the provisions set forth in
          Part 5(k)(iv) below (provided that if the significance percentage
          reaches 10% or 20%, as applicable, after a Swap Disclosure Request has
          been made to Party A, Party A must comply with the provisions set
          forth in Part 5 k(iv) below within 10 days of Party A being informed
          of the significance percentage reaching 10% or 20%, as applicable).
          For purposes of this Additional Termination Event, Party A shall be
          the sole Affected Party.

     (v)  TERMINATION OF TRUST. The Supplemental Interest Trust or the Trust
          Fund is terminated pursuant to the Pooling and Servicing Agreement.
          For purposes of this Additional Termination Event, Party B shall be
          the sole Affected Party.

     (vi) MODIFICATION OF POOLING AND SERVICING AGREEMENT. The Pooling and
          Servicing Agreement is modified without the prior written consent of
          Party A, where such consent is required under the terms of the Pooling
          and Servicing Agreement, and such modification has a material adverse
          effect on Party A. For purposes of this Additional Termination Event,
          Party B shall be the sole Affected Party.

     (vii) OPTIONAL TERMINATION. Party B, as securities administrator under the
          Pooling and Servicing Agreement gives notice of any termination of the
          Trust Fund under Section 10.02 of the Pooling and Servicing Agreement
          to the Certificateholders. For purposes of this Additional Termination
          Event, Party B shall be the sole Affected Party. Notwithstanding the
          provisions of Section 6(b)(iv) of the ISDA Form Master Agreement,
          either Party A or Party B may designate an Early Termination Date in
          respect of this Additional Termination Event.

PART 2 TAX REPRESENTATIONS.

(A)  Payer Representations For the purpose of Section 3(e) of the Agreement,
     Party A will make the following representation and Party B will not make
     the following representation:

     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

                                      R-11

<PAGE>

     account of any Tax from any payment (other than interest under Section
     2(e), 6(d)(ii) or 6(e) of the Agreement) 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) of the Agreement, (ii) the satisfaction of the agreement
     contained in Section 4(a)(i) or 4(a)(iii) of the Agreement and the accuracy
     and effectiveness of any document provided by the other party pursuant to
     Section 4(a)(i) or 4(a)(iii) of the Agreement and (iii) the satisfaction of
     the agreement of the other party contained in Section 4(d) of the
     Agreement, provided that it shall not be a breach of this representation
     where reliance is placed on clause (ii) and the other party does not
     deliver a form or document under Section 4(a)(iii) of the Agreement by
     reason of material prejudice to its legal or commercial position.

(B)  PAYEE REPRESENTATIONS. For the purpose of Section 3(f) of this Agreement:

     (i)  Party A makes the following representation(s):

          (A)  Party A is a tax resident of the United Kingdom;

          (B)  Party A is a "foreign person" within the meaning of the
               applicable U.S. Treasury Regulations concerning information
               reporting and backup withholding tax (as in effect on January 1,
               2001), unless Party A provides written notice to Party B that it
               is no longer a foreign person;

          (C)  in respect of each Transaction Party A enters into through an
               office or discretionary agent in the United States or which
               otherwise is allocated (in whole or part) for United States
               federal income tax purposes to such United States trade or
               business, each payment received or to be received by Party A
               under such Transaction (or portion thereof, if applicable) will
               be effectively connected with its conduct of a trade or business
               in the United States; and

          (D)  in respect of all other Transactions or portions thereof, no such
               payment received or to be received by Party A in connection with
               this Agreement is attributable to a trade or business carried on
               by it through a permanent establishment in the United States.

     (ii) Party B makes the following representation(s):

          (A)  it is the Supplemental Interest Trust Trustee for the
               Supplemental Interest Trust;

          (B)  it is a national banking association and not a foreign
               corporation for United States tax purposes; and

          (C)  the Supplemental Interest Trust is a New York common law trust
               and not a foreign trust for United States tax purposes.

(C)  DEFINITION OF "INDEMNIFIABLE TAX". Notwithstanding the definition of
     "Indemnifiable Tax" in Section 14 of the Agreement, in relation to payments
     by Party A, any Tax shall be an Indemnifiable Tax and, in relation to
     payments by Party B, no Tax shall be an Indemnifiable Tax.

(D)  NO GROSS-UP BY PARTY B. Section 2(d)(i)(4) shall not apply to Party B as X,
     and Section 2(d)(ii) shall not apply to Party B as Y.

                                      R-12

<PAGE>

PART 3 AGREEMENT TO DELIVER DOCUMENTS.

For the purpose of Sections 4(a)(i) and (ii) of the Agreement, Party A and Party
B agree to deliver the following documents, as applicable:

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

<TABLE>
<CAPTION>
PARTY REQUIRED TO                                                    DATE BY WHICH TO BE
DELIVER DOCUMENT              FORM/DOCUMENT/CERTIFICATE                   DELIVERED
-----------------     ----------------------------------------   ---------------------------
<S>                   <C>                                        <C>
Party A               Any form or document required or           Upon reasonable request.
                      reasonably requested to allow the other
                      party to make payments under the
                      Agreement without any deduction or
                      withholding for or on account of any
                      Tax, or with such deduction or
                      withholding at a reduced rate.

Party B               Any form or document required or           (i) Concurrently with the
                      reasonably requested to allow the other    execution and delivery of
                      party to make payments under the           this Confirmation, and (ii)
                      Agreement without any deduction or         anytime when the document
                      withholding for or on account of any       last delivered is incorrect
                      Tax, or with such deduction or             or out-of-date.
                      withholding at a reduced rate.
</TABLE>

(B)  Other documents to be delivered and covered by the Section 3(d)
     representation are:

<TABLE>
<CAPTION>
                                                                                                    COVERED BY
PARTY REQUIRED TO                                                                                  SECTION 3(D)
DELIVER                    FORM/DOCUMENT/OR CERTIFICATE         DATE BY WHICH TO BE DELIVERED     REPRESENTATION
-----------------     -------------------------------------   ---------------------------------   --------------
<S>                   <C>                                     <C>                                 <C>
Party A and Party B   Incumbency Certificate (or, if          Concurrently with the execution     Yes
                      available the current authorized        and delivery of this Confirmation
                      signature book or equivalent            unless previously delivered and
                      authorizing documentation)              still in full force and effect.
                      specifying the names, titles,
                      authority and specimen signatures
                      of the persons authorized to
                      execute the Confirmation which sets
                      forth the specimen signatures of
                      each signatory to the Confirmation
                      signing on its behalf.

Party B               The Pooling and Servicing Agreement.    Concurrently with the execution     No
                                                              and delivery of the Confirmation.

Party B               Legal opinion(s) with respect to such   Concurrently with the execution     No
                      such party relating to the              and delivery of
</TABLE>

                                      R-13

<PAGE>

<TABLE>
<CAPTION>
                                                                                                    COVERED BY
PARTY REQUIRED TO                                                                                  SECTION 3(D)
DELIVER                    FORM/DOCUMENT/OR CERTIFICATE         DATE BY WHICH TO BE DELIVERED     REPRESENTATION
-----------------     -------------------------------------   ---------------------------------   --------------
<S>                   <C>                                     <C>                                 <C>
                      enforceability of the party's           the Confirmation.
                      obligations under this Agreement.
</TABLE>

PART 4 MISCELLANEOUS.

(A)  ADDRESSES FOR NOTICES. For the purposes of Section 12(a) of the Agreement:

     Addresses for notices or communications to Party A and to Party B shall be
     those set forth on the first page of the Confirmation.

(B)  NOTICE BY FACSIMILE TRANSMISSION.

     Section 12(a) of the Agreement is amended by adding in the third line
     thereof after the phrase "messaging system" and before the ")" the words ";
     provided, however, any such notice or other communication may be given by
     facsimile transmission (it being agreed that the burden of proving receipt
     will be on the sender and will not be met by a transmission report
     generated by the sender's facsimile machine)".

     Section 12(a)(ii) of the Agreement is deleted in its entirety.

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

     Party A appoints as its Process Agent: none.

     Party B appoints as its Process Agent: none.

(D)  OFFICES. With respect to Party A, the provisions of Section 10(a) of the
     Agreement will apply.

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

     Party A is a Multibranch Party and may act through its London and New York
     Offices.

     Party B is not a Multibranch Party.

(F)  CALCULATION AGENT. The Calculation Agent is Party A.

(G)  CREDIT SUPPORT DOCUMENT. Details of any Credit Support Document: In the
     case of Party A, the ISDA Credit Support Annex (New York law), dated as of
     the date hereof, between Party A and Party B, and such other
     collateralization agreement or collateralization credit support arrangement
     provided for under the terms of any Confirmation and Transaction evidenced
     thereby, together with any document or agreement that by its terms secures
     or collateralizes the parties' obligations under a Transaction heretofore
     or hereafter entered into between the parties.

(H)  CREDIT SUPPORT PROVIDER.

     Credit Support Provider means in relation to Party A: the guarantor under
     any guarantee in support of Party A's obligations under this Agreement.

                                      R-14

<PAGE>

     Credit Support Provider means in relation to Party B: none.

(I)  GOVERNING LAW. This Agreement will be governed by and construed in
     accordance with the laws of the State of New York (without reference to
     conflicts of law doctrine other than New York General Obligations Law
     Sections 5-1401 and 5-1402).

(J)  NETTING OF PAYMENTS. Subparagraph (ii) of Section 2(c) of the Agreement
     will apply to the Transaction evidenced by the Confirmation.

(K)  AFFILIATES. Party B shall be deemed to not have any Affiliates for purposes
     of this Transaction.

PART 5 OTHER PROVISIONS.

(A)  ADDITIONAL REPRESENTATION. Section 3(a) of the Agreement shall be amended
     to include the following additional representations after paragraph
     3(a)(v):

     (vi) ELIGIBLE CONTRACT PARTICIPANT, ETC. It is an "eligible contract
     participant" as defined in Section 1a(12) of the U.S. Commodity Exchange
     Act (7 U.S.C. 1a), as amended by the Commodity Futures Modernization Act of
     2000 and the Transaction evidenced hereby has been the subject of
     individual negotiations and is intended to be exempt from, or otherwise not
     subject to regulation thereunder.

(B)  WAIVER OF RIGHT TO TRIAL BY JURY. Each party hereby irrevocably waives any
     and all rights to trial by jury in any legal proceeding arising out of or
     relating to this Agreement or any Transaction hereunder.

(C)  ABSENCE OF LITIGATION. In Section 3(c) of the Agreement the words "or any
     of its Affiliates" shall be deleted.

(D)  LIMITATION OF LIABILITY OF SUPPLEMENTAL INTEREST TRUST TRUSTEE.

     It is expressly understood and agreed by the parties hereto that (a) this
     letter agreement is executed and delivered Wells Fargo Bank, N.A., not
     individually or personally but solely as Supplemental Interest Trust
     Trustee of the Supplemental Interest Trust and the Issuing Entity, in the
     exercise of the powers and authority conferred and vested in it under the
     Pooling and Servicing Agreement and pursuant to instructions set forth
     therein, and that the Supplemental Interest Trust Trustee shall perform its
     duties and obligations hereunder in accordance with the standard of care
     set forth in the Pooling and Servicing Agreement, (b) each of the
     representations, undertakings and agreements herein 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 Supplemental Interest Trust, and (c) under no
     circumstances shall the Supplemental Interest Trust Trustee be personally
     liable for the payment of any indebtedness or expenses of the Trust Fund or
     be personally liable for the breach or failure of any obligation,
     representation, warranty or covenant made or undertaken by the Trust Fund
     herein; provided that nothing in this paragraph shall relieve the
     Supplemental Interest Trust Trustee from performing its duties and
     obligations hereunder in accordance with the standard of care set forth in
     the Pooling and Servicing Agreement.

(E)  PROCEEDINGS. Party A shall not institute against or cause any other person
     to institute against, or join any other person in instituting against Party
     B any bankruptcy, reorganization, arrangement,

                                      R-15

<PAGE>

     insolvency or liquidation proceedings, or other proceedings under any
     federal or state bankruptcy, dissolution or similar law, for a period of
     one year and one day (or, if longer, the applicable preference period)
     following indefeasible payment in full of the Notes, provided that nothing
     herein shall preclude, or be deemed to estop Party A from taking any action
     in any case or proceeding voluntarily filed or commenced by or on behalf of
     Party B or in any involuntary case or proceeding after it has been
     commenced. This provision will survive the termination of this Agreement.

(F)  TRANSFER, AMENDMENT AND ASSIGNMENT. Party A shall not unreasonably withhold
     its consent to any Assignment of this Agreement. This Agreement shall not
     be transferred or amended unless Party B shall have received prior written
     confirmation from each of the Rating Agencies that such amendment or
     transfer will not cause such Rating Agency to downgrade or withdraw its
     then-current ratings of any outstanding Certificates.

(G)  RECORDING OF CONVERSATIONS. Each party (i) consents to the recording of the
     telephone conversations of trading and marketing personnel of the parties
     and (ii) agrees to obtain any necessary consent of, and give notice of such
     recording to, such personnel of it.

(H)  NO SET-OFF. Notwithstanding any provision of this Agreement or any other
     existing or future agreement, each party irrevocably waives any and all
     rights it may have to set-off, net recoup or otherwise withhold or suspend
     or condition payment or performance of any obligation between it and the
     other party hereunder against any obligation between it and the other party
     under any other agreements (other than any Transactions under or deemed to
     be under the Master Agreement). The provisions for Set-off set forth in
     Section 6(e) of the Agreement shall not apply for purposes of this
     Transaction.

(I)  TRANSACTION. For purposes of Sections 1(c), 5 and 6 of the Agreement the
     transaction to which this confirmation relates is deemed to be a
     "Transaction" under the ISDA Master Agreement dated February 9, 2007,
     between Party A and Party B. For purposes of clarity, in the event that an
     Event of Default, Termination Event or Additional Termination Event has
     occurred with respect to either party under any Transaction subject to the
     Master Agreement, it shall be deemed to be an Event of Default, Termination
     Event or Additional Termination Event with respect to all Transactions
     under the Master Agreement.

(J)  RATING AGENCY DOWNGRADE.

     (i)  For purposes of this Part 5(j), the following definitions apply:

     An entity has "ACCEPTABLE RATINGS" if (x) its short-term unsecured and
     unsubordinated debt is rated at least "A-1" by S&P (or, if Party A does not
     have a short-term unsecured and unsubordinated debt rating from S&P, its
     long-term unsecured and unsubordinated debt is rated at least "A+" by S&P),
     (y) Party A's long-term unsecured and unsubordinated debt is rated at least
     A3 or Party A's short-term unsecured and unsubordinated debt is rated at
     least "Prime-2" (or if Party A does not have a short-term unsecured and
     unsubordinated debt rating from Moody's, its long-term unsecured and
     unsubordinated debt is rated at least A3), and (z) its short-term unsecured
     and unsubordinated debt is rated at least "F1" by Fitch.

     "ELIGIBLE GUARANTEE" means an unconditional and irrevocable guarantee that
     is provided by a guarantor with Acceptable Ratings as principal debtor
     rather than surety and is directly enforceable by Party B, where either (A)
     a law firm has given a legal opinion confirming that none of the
     guarantor's payments to Party B under such guarantee will be subject to
     withholding for tax

                                      R-16

<PAGE>

     or (B) such guarantee provides that, in the event that any of such
     guarantor's payments to Party B are subject to withholding for tax, such
     guarantor is required to pay such additional amount as is necessary to
     ensure that the net amount actually received by Party B (free and clear of
     any withholding tax) will equal the full amount Party B would have received
     had no such withholding been required.

     "ELIGIBLE REPLACEMENT" means an entity (A) with the Acceptable Ratings or
     (B) whose present and future obligations owing to Party B are guaranteed
     pursuant to an Eligible Guarantee.

     A "FIRST RATING TRIGGER EVENT" shall occur with respect to Party A (or any
     applicable credit support provider), if (x) its short-term unsecured and
     unsubordinated debt ceases to be rated at least "A-1" by S&P (or, if Party
     A does not have a short-term unsecured and unsubordinated debt rating from
     S&P, its long-term unsecured and unsubordinated debt ceases to be rated at
     least "A+" by S&P), (y)(a) its long-term unsecured and unsubordinated debt
     ceases to be rated at least "A2" by Moody's or its short-term unsecured and
     unsubordinated debt cease to be rated at least "Prime-1" by Moody's, or (b)
     if Party A does not have a short-term unsecured and unsubordinated debt
     rating from Moody's, its long-term unsecured and unsubordinated debt ceases
     to be rated at least "A1" by Moody's, or (z) its short-term unsecured and
     unsubordinated debt ceases to be rated at least "F1" by Fitch.

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

     A "SECOND RATING TRIGGER EVENT" shall occur with respect to Party A (or any
     applicable credit support provider), if (A) Party A's long-term unsecured
     and unsubordinated debt ceases to be rated at least "BBB-" or Party A's
     short-term unsecured and unsubordinated debt ceases to be rated at least
     "A-3" or is withdrawn by S&P or (B) Party A's long-term unsecured and
     unsubordinated debt ceases to be rated at least A3 or Party A's short-term
     unsecured and unsubordinated debt ceases to be rated at least "Prime-2" (or
     if Party A does not have a short-term unsecured and unsubordinated debt
     rating from Moody's, its long-term unsecured and unsubordinated debt ceases
     to be rated at least A3).

     (ii) If a First Rating Trigger Event occurs with respect to Party A (or any
          applicable Credit Support Provider), then (unless, within 30 days of
          such First Rating Trigger Event, each of Standard and Poor's, a
          Division of McGraw-Hill Companies, Inc. ("S&P"), Moody's Investors
          Service, Inc. ("MOODY'S") and Fitch Ratings ("FITCH") (each a "RATING
          AGENCY") has reconfirmed its rating of the Certificates which was in
          effect immediately prior to such First Rating Trigger Event) Party A
          shall, within (30) days of such First Rating Trigger Event, at its own
          expense, (A) obtain an Eligible Guarantee in respect of all of Party
          A's present and future obligations under this Agreement, subject to
          the Rating Agency Condition (B) transfer all or substantially all of
          its rights and obligations with respect to this Agreement to an
          Eligible Replacement (provided that Party B shall determine in its
          sole discretion, acting in a commercially reasonable manner, whether
          or not a transfer relates to all or substantially all of Party A's
          rights and obligations under this Agreement), subject to the Rating
          Agency Condition or (C) post collateral in

                                      R-17

<PAGE>
          accordance with the Credit Support Annex to this Agreement, subject to
          the Rating Agency Condition in respect of S&P and Fitch only.

     (iii) If a Second Rating Trigger Events occurs with respect to Party A (or
          any applicable Credit Support Provider), then, within 10 days of such
          Second Rating Trigger Event with respect to S&P, Party A will at its
          own cost use commercially reasonable efforts to, as soon as reasonably
          practicable, either (A) obtain an Eligible Guarantee in respect of all
          of Party A's present and future obligations under this Agreement,
          subject to the Rating Agency Condition, or (B) transfer all or
          substantially all of its rights and obligations with respect to this
          Agreement to an Eligible Replacement (provided that Party B shall
          determine in its sole discretion, acting in a commercially reasonable
          manner, whether or not a transfer relates to all or substantially all
          of Party A's rights and obligations under this Agreement), subject to
          the Rating Agency Condition.

(K)  COMPLIANCE WITH REGULATION AB.

     (i)  Party A acknowledges that for so long as there are reporting
          obligations with respect to this Transaction under Regulation AB
          ("Regulation AB") under the Securities Act of 1933, as amended, and
          the Securities Exchange Act of 1934, as amended (the "1934 Act"), the
          Depositor is required under Regulation AB, to disclose certain
          information set forth in Regulation AB regarding Party A or its group
          of affiliated entities, if applicable, depending on the aggregate
          "significance percentage" of this Agreement and any other derivative
          contracts between Party A or its group of affiliated entities, if
          applicable, and Party B, as calculated from time to time in accordance
          with Item 1115 of Regulation AB.

     (ii) If the Depositor determines, reasonably and in good faith, that the
          significance percentage of this Agreement has increased to nine (9)
          percent, then the Depositor may request from Party A (such request, a
          "Swap Disclosure Request") on a Business Day after the date of such
          determination the same information set forth in Item 1115(b) of
          Regulation AB (such requested information, subject to the last
          sentence of this paragraph, the "Swap Financial Disclosure") that
          would have been required if the significance percentage had in fact
          increased to ten (10) percent. Party B, the Depositor or any of its
          agents shall provide Party A with the calculations and any other
          information reasonably requested by Party A 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 Party
          A's option, either the information set forth in Item 1115(b)(1) or
          Item 1115(b)(2) of Regulation AB.

     (iii) So long as there are reporting obligations with respect to this
          Transaction under the 1934 Act, if the Depositor determines,
          reasonably and in good faith, that the significance percentage of this
          Agreement has increased to 19 percent, then the Depositor may make a
          Swap Disclosure Request to Party A on such date of determination for
          Swap Financial Disclosure that would have been required if the
          significance percentage had in fact increased to 20 percent (and,
          accordingly, consists of the information set forth in Item 1115(b)(2)
          of Regulation AB). Party B or the Depositor shall provide Party A with
          the calculations and any other information reasonably requested by
          Party A with respect to the Depositor's determination that led to the
          Swap Disclosure Request.

                                      R-18

<PAGE>

     (iv) Upon the occurrence of a Swap Disclosure Request, Party A, at its own
          expense, shall (i) provide the Depositor with the Swap Financial
          Disclosure, (ii) subject to Rating Agency Confirmation, secure another
          entity to replace Party A as party to this Agreement on terms
          substantially similar to this Agreement which entity is able to
          provide the Swap Financial Disclosure or (iii) subject to Rating
          Agency Confirmation, obtain a guaranty of Party A's obligations under
          this Agreement from an affiliate of Party A that is able to provide
          the Swap Financial Disclosure, such that disclosure provided in
          respect of the affiliate will satisfy any disclosure requirements
          applicable to Party A, and cause such affiliate to provide Swap
          Financial Disclosure. For purposes of clause (ii) above, the parties
          agree that National Westminster Bank Plc ("NatWest") shall be an
          acceptable replacement for Party A, so long as NatWest satisfies the
          conditions specified in such clause (ii). If permitted by Regulation
          AB, any required Swap Financial Disclosure may be provided by
          incorporation by reference from reports filed pursuant to the 1934
          Act.

     (v)  All information provided pursuant to clause (iv) shall be in a form
          suitable for conversion to the format required for filing by the
          Depositor with the Commission via the Electronic Data Gathering and
          Retrieval System (EDGAR). The parties hereto acknowledge that
          electronic files in Adobe Acrobat format will be deemed to satisfy the
          requirements of this Part 5(k)(v).

(L)  SEVERABILITY. If any term, provision, covenant, or condition of the
     Agreement, or the application thereof to any other party or circumstance,
     shall be held 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 the Agreement has been
     executed with the invalid or unenforceable provision portion eliminated, so
     long as the Agreement as so modified continues to express, without material
     change, the original intentions of the parties as to the subject matter of
     the Agreement and the deletion of such portion of the 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
     conditions 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.

(M)  MLML SHALL NOT BENEFIT. The parties hereto agree and acknowledge 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 Merrill Lynch
     Mortgage Lending, Inc. ("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
     securities administrator under the Pooling and Servicing Agreement,
     whereupon the securities administrator under the Pooling and Servicing
     Agreement will promptly remit such amounts to Party A.

(N)  In the event that the transaction to which the Pooling Agreement relates
     does not occur, and the Merrill Lynch Alternative Note Asset Trust, Series
     2007-A1 is not formed, Party A and MLML agree that MLML shall become Party
     B under this Agreement.

(O)  TRANSFER. Neither Party A nor Party B is permitted to amend, assign, novate
     or transfer (whether by way of security or otherwise) as a whole or in part
     any of its rights, obligations or interests under this Agreement or any
     Transaction without the prior written consent of the other party;

                                      R-19

<PAGE>

     provided, however, that (i) Party A may make such a transfer or assignment
     of this Agreement pursuant to a consolidation or amalgamation with, or
     merger with or into, or transfer of substantially all of its assets to,
     another entity, or an incorporation, reincorporation or reconstitution, and
     (ii) Party A may transfer or assign this Agreement to any Person,
     including, without limitation, another of Party A's offices, branches or
     affiliates (any such Person, office, branch or affiliate, a "TRANSFEREE")
     on at least five Business Days' prior written notice to Party B; provided
     that, with respect to clause (ii), (A) as of the date of such transfer the
     Transferee will not be required to withhold or deduct on account of a Tax
     from any payments under this Agreement unless the Transferee will be
     required to make payments of additional amounts pursuant to Section
     2(d)(i)(4) of the Master Agreement in respect of such Tax (B) a Termination
     Event or Event of Default does not occur under this Agreement as a result
     of such transfer; (C) such notice is accompanied by a written instrument
     pursuant to which the Transferee acquires and assumes the rights and
     obligations of Party A so transferred; and (D) Party A will be responsible
     for any costs or expenses incurred in connection with such transfer. Party
     B will execute such documentation as is reasonably deemed necessary by
     Party A for the effectuation of any such transfer. Notwithstanding the
     foregoing, no transfer by either party shall be made unless the
     transferring party obtains a written acknowledgment from each of the Rating
     Agencies that, notwithstanding such transfer, the then-current ratings of
     the Certificates will not be reduced or withdrawn.

     Except as specified otherwise in the documentation evidencing a transfer or
     assignment, a transfer or assignment of all the obligations of Party A will
     constitute an acceptance and assumption of such obligations (and any
     related interests so transferred) by the Transferee, a novation of the
     transferee in place of Party A with respect to such obligations (and any
     related interests so transferred), and a release and discharge by Party B
     of Party A from, and an agreement by Party B not to make any claim for
     payment, liability, or otherwise against Party A with respect to, such
     obligations from and after the effective date of the transfer.

(P)  AMENDMENT OF THE POOLING AND SERVICING AGREEMENT. Party B shall not amend
     the Pooling and Servicing Agreement without Party A's prior written
     consent, where such consent is required under the terms of the Pooling
     Agreement.

(Q)  COUNTERPARTS. This letter 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.

(R)  USA PATRIOT ACT NOTICE. Party A hereby notifies Party B 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 Party B, which information
     includes the name and address of Party B and other information that will
     allow Party A to identify Party B in accordance with the Act.

                                      R-20

<PAGE>

                                                                      (RBS LOGO)
                                                      The Royal Bank of Scotland

                                    EXHIBIT S

                              FORM OF CAP CONTRACT

Date:              February 9, 2007

To:                Wells Fargo Bank, N.A., not individually, but solely as
                   supplemental interest trust trustee for the Supplemental
                   Interest Trust (the "SUPPLEMENTAL INTERST TRUST TRUSTEE")
                   with respect to Merrill Lynch Alternative Note Asset Trust,
                   Series 2007-A1

                   Wells Fargo Bank, N.A.
                   9062 Old Annapolis Road
                   Columbia, Maryland 21045
                   Attn: Client Manager - MANA 2007-A1
                   Fax: (410) 715-2380
                   Phone: (410) 884-2000

                   Merrill Lynch Mortgage Lending, Inc.
                   Attn: John O'Grady
                   Tel: 212-449-1441
                   Fax: 212-738-1110

From:              The Royal Bank of Scotland plc
                   c/o RBS Financial Markets
                   Level 7, 135 Bishopsgate
                   London EC2M 3UR
                   Attn: Head of Legal, Financial Markets
                   Tel: 44 207 085 5000
                   Fax: 44 207 085 8411

Copy To:           600 Steamboat Road
                   Greenwich, CT  06830
                   Attn: Legal Department - Derivatives Documentation
                   Tel.: 203-618-2531/32
                   Fax: 203-618-2533/34

Our Reference No.: IRG16186205

Re:                Interest Rate Cap Transaction

Ladies and Gentlemen:

                                      S-1

<PAGE>

The purpose of this letter agreement is to set forth the terms and conditions of
the Transaction entered into between Royal Bank of Scotland plc ("Party A") and
Wells Fargo Bank, N.A., not individually, but solely as supplemental interest
trust trustee for the supplemental interest trust (the "Supplemental Interest
Trust") created under the Pooling and Servicing Agreement ("Party B") on the
Trade Date specified below (the "Transaction"). This letter agreement
constitutes a "Confirmation" as referred to in the Agreement specified below.

The definitions and provisions contained in the 2000 ISDA Definitions (the
"Definitions") as published by the International Swaps and Derivatives
Association, Inc. are incorporated by reference herein. In the event of any
inconsistency between the Definitions and this Confirmation, this Confirmation
will govern.

               For the purpose of this Confirmation, all references in the
Definitions or the Agreement to a "Swap Transaction" shall be deemed to be
references to this Transaction.

1.   This Confirmation supplements, forms part of, and is subject to, ISDA
     Master Agreement and Schedule dated as of February 9, 2007 (as the same may
     be amended or supplemented from time to time, the "Agreement"), between
     Party A and Party B. All provisions contained in the Agreement shall govern
     this Confirmation except as expressly modified below.

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

<TABLE>
<S>                                        <C>
Notional Amount:                           With respect to any Calculation
                                           Period, the lesser of (i) the amount
                                           set forth on Schedule A-1 attached
                                           hereto and (ii) the excess, if any,
                                           of (a) the aggregate Certificate
                                           Principal Balance of the Class A,
                                           Class M and Class B Certificates
                                           (together the "Certificates") as of
                                           the first day of such Calculation
                                           Period (the "Relevant Balance") over
                                           (b) the amount set forth on Schedule
                                           A-2 attached hereto. The Supplemental
                                           Interest Trust Trustee shall make
                                           available each month on its website a
                                           statement containing the Relevant
                                           Balance at least five (5) Business
                                           Days prior to the related Floating
                                           Rate Payer Payment Date, and Party A
                                           shall be entitled to rely
                                           conclusively upon such statement. The
                                           Supplemental Interest Trust Trustee's
                                           internet website is located at
                                           http://www.ctslink.com and assistance
                                           in using the website can be obtained
                                           by calling 301-815-6600.

                                           Any payment by Party A to to Party B
                                           in excess of the amount due under
                                           this Transaction on any Floating Rate
                                           Payer Payment Date (as a result of
                                           the Notional Amount for the related
                                           Calculation Period
</TABLE>

                                      S-2

<PAGE>

<TABLE>
<S>                                        <C>
                                           being other than the amount set forth
                                           in Schedule A hereto for such
                                           Calculation Period) shall be returned
                                           by Party B to Party A as soon as
                                           Party B becomes aware of such
                                           overpayment. Other than the return of
                                           such overpayment, neither Party B nor
                                           Party A shall incur any penalty or
                                           liability hereunder with respect to
                                           such overpayment.

   Trade Date:                             January 26, 2007

   Effective Date:                         February 9, 2007

   Termination Date:                       January 25, 2012, subject to
                                           adjustment in accordance with the
                                           Business Day Convention.

Fixed Amounts:

   Fixed Rate Payer:                       Party B

   Fixed Rate Payer Payment Date:          February 9, 2007

   Fixed Amount:                           [__]

Floating Amounts:

   Floating Rate Payer:                    Party A

   Strike Rate:                            For each Floating Payer Period End
                                           Date the percentage set forth in
                                           Schedule A as the Strike Rate for
                                           such Floating Rate Payer Period End
                                           Date.

   Floating Rate Payer Period End Dates:   The 25th day of each month,
                                           commencing August 25, 2007, through
                                           and including the Termination Date,
                                           subject to adjustment in accordance
                                           with the Business Day Convention.

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

   Floating Rate Option:                   USD-LIBOR-BBA.

   Designated Maturity:                    1 month

   Spread:                                 None

   Floating Rate Day Count Fraction:       Actual/360

   Reset Dates:                            The first day of each Calculation
                                           Period
</TABLE>

                                      S-3

<PAGE>

<TABLE>
<S>                                        <C>
   Compounding:                            Inapplicable:

Calculation Agent:                         Party A

Business Days:                             New York

Business Day Convention                    Modified Following
</TABLE>

3.   Account Details:

          Account Details for Party A:

               For the account of The Royal Bank of Scotland
               Financial Markets Fixed Income and Interest Rate
               Derivative Operations, London SWIFT RBOSGB2RTCM
               with JPMorgan Chase Bank, New York CHASUS33
               ABA # 021000021
               Account Number 400930153

          Account Details for Party B:

               Wells Fargo Bank, N.A.
               San Francisco, California
               ABA#: 121-000-248
               Account#: 3970771416
               Account Name: SAS Clearing
               FFC#: 50980703; Cap Contract Account

4.   Offices:

          The Office of Party A for this Transaction is London, England

5.   It is expressly understood and agreed by the parties hereto that (i) this
     Confirmation is executed and delivered by Wells Fargo Bank, N.A., not
     individually or personally but solely as supplemental interest trust
     trustee of the Supplemental Interest Trust, in the exercise of the powers
     and authority conferred and vested in it under the Pooling and Servicing
     Agreement, (ii) each of the representations, undertakings and agreements
     herein made on the part of the Supplemental Interest Trust is made and
     intended not as personal representations, undertakings and agreements by
     Wells Fargo Bank, N.A. but is made and intended for the purpose of binding
     only the Supplemental Interest Trust, (iii) nothing herein contained shall
     be construed as creating any liability on the part of Wells Fargo Bank,
     N.A., individually or personally, to perform any covenant either expressed
     or implied contained herein, all such liability, if any, being expressly
     waived by the

                                      S-4

<PAGE>

     parties hereto and by any Person claiming by, through or under the parties
     hereto and (iv) under no circumstances shall Wells Fargo Bank, N.A. be
     personally liable for the payment of any indebtedness or expenses of the
     Supplemental Interest Trust or be liable for the breach or failure of any
     obligation, representation, warranty or covenant made or undertaken by
     Party B under this Confirmation or any other related documents.

6.   Agency Role of Greenwich Capital Markets, Inc. This Transaction has been
     entered into by Greenwich Capital Markets, Inc., as agent for The Royal
     Bank of Scotland plc. Greenwich Capital Markets, Inc. has not guaranteed
     and is not otherwise responsible for the obligations of Party A under this
     Transaction.

7.   MLML Shall Not Benefit. The parties hereto agree and acknowledge 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 Merrill Lynch
     Mortgage Lending, Inc. ("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
     Securities Administrator, whereupon the Securities Administrator will
     promptly remit such amounts to the Cap Provider.

8.   In the event that the transaction to which the Pooling and Servicing
     Agreement relates does not occur, and the Merrill Lynch Alternative Note
     Asset Trust, Series 2007-A1 is not formed, Party A and MLML agree that MLML
     shall become the Party B under this Agreement.

                      [Signature Page Immediately Follows]

                                      S-5

<PAGE>

Please promptly confirm that the foregoing correctly sets forth the terms of the
Transaction entered into between us by executing this Confirmation and returning
it to us by facsimile to:

The Royal Bank of Scotland plc
Attention: Derivatives Documentation
Fax: 0207 375 6724 / 6486 Phone: 0207 375 4225

For and on behalf of                    For and on behalf of
THE ROYAL BANK OF SCOTLAND PLC          WELLS FARGO BANK, N.A., NOT
BY: GREENWICH CAPITAL MARKETS, INC.,    INDIVIDUALLY, BUT SOLELY AS SUPPLEMENTAL
ITS AGENT                               INTEREST TRUST TRUSTEE FOR THE
                                        SUPPLEMENTAL INTEREST TRUST WITH RESPECT
                                        TO THE MERRILL LYNCH  ALTERNATIVE NOTE
                                        ASSET TRUST, SERIES 2007-A1

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

For and on behalf of
MERRILL LYNCH MORTGAGE LENDING INC.

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

                                      S-6

<PAGE>

                                  SCHEDULE A-1

     All dates subject to adjustment in accordance with the Modified Following
Business Day Convention.

<TABLE>
<CAPTION>
From and       To but        Notional     Strike
including:   excluding:   Amount (USD):    Rate:
----------   ----------   -------------   ------
<S>          <C>          <C>             <C>
 7/25/2007      8/25/07     26,698,968     6.00
 8/25/2007      9/25/07     32,133,135     6.00
 9/25/2007     10/25/07     37,718,070     6.00
10/25/2007     11/25/07     43,385,798     6.00
11/25/2007     12/25/07     48,892,717     6.00
12/25/2007      1/25/08     53,805,117     6.00
 1/25/2008    2/25/2008     58,166,074     6.00
 2/25/2008    3/25/2008     62,016,806     6.00
 3/25/2008    4/25/2008     65,395,815     6.00
 4/25/2008    5/25/2008     68,338,852     6.00
 5/25/2008    6/25/2008     70,878,305     6.00
 6/25/2008    7/25/2008     73,027,078     6.00
 7/25/2008    8/25/2008     74,810,524     6.00
 8/25/2008    9/25/2008     76,280,840     6.00
 9/25/2008   10/25/2008     77,854,271     6.00
10/25/2008   11/25/2008     79,527,649     6.00
11/25/2008   12/25/2008     80,795,386     6.00
12/25/2008    1/25/2009     81,387,343     6.00
 1/25/2009    2/25/2009     81,657,717     6.00
 2/25/2009    3/25/2009     81,893,784     6.00
 3/25/2009    4/25/2009     81,749,946     6.00
 4/25/2009    5/25/2009     81,447,432     6.00
 5/25/2009    6/25/2009     80,992,921     6.00
 6/25/2009    7/25/2009     80,397,494     6.00
 7/25/2009    8/25/2009     79,678,279     6.00
 8/25/2009    9/25/2009     79,433,569     6.00
 9/25/2009   10/25/2009     79,529,317     6.00
10/25/2009   11/25/2009     86,729,921     6.00
11/25/2009   12/25/2009     99,255,449     6.00
12/25/2009    1/25/2010     95,753,067     6.00
 1/25/2010    2/25/2010     92,975,889     6.00
 2/25/2010    3/25/2010     90,235,894     6.00
 3/25/2010    4/25/2010     87,543,993     6.00
 4/25/2010    5/25/2010     84,883,315     6.00
 5/25/2010    6/25/2010     82,268,038     6.00
 6/25/2010    7/25/2010     79,699,788     6.00
 7/25/2010    8/25/2010     77,178,287     6.00
 8/25/2010    9/25/2010     74,698,380     6.00
</TABLE>

                                      S-7

<PAGE>

<TABLE>
<S>          <C>          <C>             <C>
 9/25/2010   10/25/2010     72,405,830     6.00
10/25/2010   11/25/2010     70,156,954     6.00
11/25/2010   12/25/2010     67,781,412     6.00
12/25/2010    1/25/2011     65,494,751     6.00
 1/25/2011    2/25/2011     63,234,410     6.00
 2/25/2011    3/25/2011     61,021,417     6.00
 3/25/2011    4/25/2011     59,057,623     6.00
 4/25/2011    5/25/2011     57,166,020     6.00
 5/25/2011    6/25/2011     55,073,725     6.00
 6/25/2011    7/25/2011     53,067,137     6.00
 7/25/2011    8/25/2011     51,151,796     6.00
 8/25/2011    9/25/2011     49,350,984     6.00
 9/25/2011   10/25/2011     47,503,612     6.00
10/25/2011   11/25/2011     51,922,991     6.00
11/25/2011   12/25/2011     59,846,660     6.00
12/25/2011    1/25/2012     55,490,484     6.00
</TABLE>

                                      S-8

<PAGE>

                                  SCHEDULE A-2

     All dates subject to adjustment in accordance with the Modified Following
Business Day Convention.

     [NB: This is copied from Swap Notional Schedule]

<TABLE>
<CAPTION>
FROM AND INCLUDING   TO BUT EXCLUDING   NOTIONAL AMOUNT (USD)
------------------   ----------------   ---------------------
<S>                  <C>                <C>
     7/25/2007           8/25/2007           671,813,518
     8/25/2007           9/25/2007           644,240,338
     9/25/2007          10/25/2007           615,445,157
    10/25/2007          11/25/2007           585,628,912
    11/25/2007          12/25/2007           555,684,367
    12/25/2007           1/25/2008           527,284,249
     1/25/2008           2/25/2008           500,350,723
     2/25/2008           3/25/2008           474,806,332
     3/25/2008           4/25/2008           450,577,788
     4/25/2008           5/25/2008           427,596,851
     5/25/2008           6/25/2008           405,804,767
     6/25/2008           7/25/2008           385,241,052
     7/25/2008           8/25/2008           365,885,204
     8/25/2008           9/25/2008           347,575,694
     9/25/2008          10/25/2008           328,907,923
    10/25/2008          11/25/2008           309,237,028
    11/25/2008          12/25/2008           290,751,890
    12/25/2008           1/25/2009           274,617,254
     1/25/2009           2/25/2009           259,758,212
     2/25/2009           3/25/2009           245,507,757
     3/25/2009           4/25/2009           232,215,324
     4/25/2009           5/25/2009           219,643,307
     5/25/2009           6/25/2009           207,757,189
     6/25/2009           7/25/2009           196,575,931
     7/25/2009           8/25/2009           186,079,124
     8/25/2009           9/25/2009           175,408,709
     9/25/2009          10/25/2009           163,644,689
    10/25/2009          11/25/2009           142,155,593
    11/25/2009          12/25/2009           114,893,174
    12/25/2009           1/25/2010           107,076,539
     1/25/2010           2/25/2010           100,357,427
     2/25/2010           3/25/2010            98,092,721
     3/25/2010           4/25/2010            92,124,973
     4/25/2010           5/25/2010            86,514,619
     5/25/2010           6/25/2010            81,229,871
     6/25/2010           7/25/2010            76,251,533
     7/25/2010           8/25/2010            71,558,122
     8/25/2010           9/25/2010            67,129,435
     9/25/2010          10/25/2010            62,800,905
    10/25/2010          11/25/2010            58,727,435
</TABLE>

                                      S-9

<PAGE>

<TABLE>
<CAPTION>
FROM AND INCLUDING   TO BUT EXCLUDING   NOTIONAL AMOUNT (USD)
------------------   ----------------   ---------------------
<S>                  <C>                <C>
    11/25/2010          12/25/2010            55,091,832
    12/25/2010           1/25/2011            51,648,601
     1/25/2011           2/25/2011            48,428,452
     2/25/2011           3/25/2011            45,381,911
     3/25/2011           4/25/2011            42,284,747
     4/25/2011           5/25/2011            39,337,705
     5/25/2011           6/25/2011            36,853,307
     6/25/2011           7/25/2011            34,499,105
     7/25/2011           8/25/2011            32,219,193
     8/25/2011           9/25/2011            29,658,714
     9/25/2011          10/25/2011            26,167,445
    10/25/2011          11/25/2011            14,914,600
</TABLE>

                                      S-10exv10w37

 

EXHIBIT 10.37

January 19, 2007

Mr. David M. Moffett

Minneapolis, MN

Dear David:

     I understand that you wish to retire from your position as Chief Financial Officer and Vice
Chairman of U.S. Bancorp and U.S. Bank effective February 28, 2007. In exchange for you continuing
to be a non-executive employee of U.S. Bank for a period of time up to March 1, 2008, we offer the
following:

	1.	 	Your salary will be $20,000 per month for as many months as U.S. Bank chooses to employ you,
up to a maximum of 12 months. You will have no title and will serve as special advisor to the
CEO. You agree to be available as needed for consulting services, including advising the CEO
and CFO of U.S. Bancorp and, at the reasonable request of the CEO, meeting with analysts,
investors, directors, ratings agencies or others with an interest in U.S. Bancorp.
	 
	2.	 	You will not be eligible for any bonus plan or long term incentive award.
	 
	3.	 	Existing option and restricted share grants that you currently hold will continue to vest and
remain outstanding, consistent with their terms, during your period of employment under this agreement.
	 
	4.	 	You agree to voluntarily relinquish as of February 27, 2007, the Executive Severance
Agreement that would have provided you with three times salary and bonus in the event U.S.
Bancorp experiences a change in control and you lose your job.
	 
	5.	 	You will be eligible for various employee benefit programs on the same basis as other,
non-executive employees. Current benefits include group health and dental insurance, life
insurance, disability insurance, defined benefit pension, 401(k) defined contribution plan,
deferred compensation, ten paid holidays each year, free checking, and various other bank
services.
	 
	6.	 	You agree that for the one year period beginning on February 27, 2007, you will not in any
way engage in conduct which is detrimental to the company or engage in, represent, furnish
consulting services to, be employed by, or have any interest in any financial services
company,

- 1 -

 

	 	 	as defined by U.S. Bank. You agree that this paragraph is
reasonable with respect to its duration, geographic area and scope, and acknowledge that compliance
with it is necessary to protect the business and goodwill of U.S. Bancorp.

	 	 	 	 	 
	 	Sincerely,

 	 
	 	/s/ Richard K. Davis
 	 
	 	
Richard K. Davis 	 
	 	 	 
	 

	 	 	 	 	 
	Accepted:

	 	/s/ David M. Moffett
 

	 	 
	 

	 	David M. Moffett	 	 

	 	 	 	 	 
	 
	 	 	 	 
	Date:

	 	January 25, 2007
 

	 	 

- 2 -

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00117-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00117-of-00352.parquet"}]]