Document:

EXHIBIT 10.1

 

 

THIRD AMENDMENT

THIRD AMENDMENT, dated as of August 16, 2006 (the “Amendment”), to the Seventh Amended and Restated Credit Agreement, dated as of July 8, 2004  (as amended, supplemented or otherwise modified from time to time, the “Credit Agreement”), among IRON MOUNTAIN INCORPORATED, a Delaware corporation (the “Company”), IRON MOUNTAIN CANADA CORPORATION, a company organized under the laws of the Province of Nova Scotia, the several banks and other financial institutions or entities from time to time parties to the Credit Agreement (the “Lenders”), [BANK OF AMERICA, N.A.], as syndication agent, WACHOVIA BANK, NATIONAL ASSOCIATION and THE BANK OF NOVA SCOTIA, as co-documentation
agents, JPMORGAN CHASE BANK, TORONTO BRANCH, as Canadian Administrative Agent, JPMORGAN CHASE BANK, N.A., as administrative agent for the Lenders (in such capacity, the “Administrative Agent”) and J.P. MORGAN SECURITIES INC., as arranger and bookrunner. 

W I T N E S S E T H:

WHEREAS, the Company, the Lenders and the Administrative Agent are parties to the Credit Agreement;

WHEREAS, the Company has requested certain amendments and waivers to the Credit Agreement; and

WHEREAS, the Lenders are willing to agree to such amendments, subject to the terms and conditions set forth herein;

NOW, THEREFORE, in consideration of the premises and mutual covenants contained herein, the Company, the Lenders and the Administrative Agent hereby agree as follows:

	
             
  	
            1.
 	
            Defined Terms.  
 

(a)   Unless otherwise defined herein, all capitalized terms used herein shall have the meanings given to them in the Credit Agreement. 

(b)   As used in this Amendment, the “Global Intercompany Transfers” refers to the following transaction:

(i)                  Iron Mountain Global, Inc. contributes its 62% ownership interest in Iron Mountain Group (Europe) Ltd. to Iron Mountain (Netherlands) B.V. for additional shares in Iron Mountain (Netherlands) B.V.;

(ii)                 Iron Mountain Global, Inc. contributes its 100% ownership interest in Iron Mountain Mayflower Ltd. to Iron Mountain (Netherlands) B.V. for additional shares in Iron Mountain (Netherlands) B.V.; and

(iii)                Iron Mountain Global, Inc. contributes its 100% ownership interest in Iron Mountain (Netherlands) B.V. to Iron Mountain Cayman Ltd. for additional shares in Iron Mountain Cayman Ltd.

(c)   As used in this Amendment, the “IME Intercompany Refinancing” refers to a series of transactions in which the Company, directly and indirectly through wholly owned subsidiaries, will 

 

 

 

 

contribute to Iron Mountain Switzerland GmbH, a wholly owned subsidiary of the Company, a loan receivable owing to the Company by Iron Mountain Europe Limited in the aggregate amount not to exceed £205 million. 

2.            Amendment to Section 9.09.  Section 9.09 of the Credit Agreement is hereby amended by deleting the table appearing therein in its entirety and substituting in lieu thereof the following new table:  

	
            Period
  	
            Consolidated

Leverage Ratio
  
	
            From June 30, 2004 through December 31, 2005
 	
            5.25 to 1
 
	
            From January 1, 2006 through June 30, 2006
 	
            5.00 to 1
 
	
            From July 1, 2006 through March 31, 2007
 	
            4.75 to 1
 
	
            From April 1, 2007 through December 31, 2007
 	
            4.50 to 1
 
	
            From January 1, 2008 and thereafter 
 	
            4.25 to 1
 

 

3.            Amendment to Section 9.10.  Section 9.10 of the Credit Agreement is hereby amended by deleting the table appearing therein in its entirety and substituting in lieu thereof the following new table:  

	
            Period
  	
            Domestic

Leverage Ratio
  
	
            From June 30, 2004 through December 31, 2005
 	
            5.50 to 1
 
	
            From January 1, 2006 through March 31, 2007
 	
            5.25 to 1
 
	
            From April 1, 2007 through September 30, 2007
 	
            5.00 to 1
 
	
            From October 1, 2007 through December 31, 2007
 	
            4.75 to 1
 
	
            From January 1, 2008 and thereafter 
 	
            4.50 to 1
 

 

4.            Waivers. The Lenders hereby waive Sections 9.12 and 9.24 to the extent necessary to allow for the sales, assignments and transfers contemplated by the Global Intercompany Transfers. Further, the Lenders hereby waive section 9.24 to the extent necessary to allow for the transactions contemplated by the IME Intercompany Refinancing. The Lenders further acknowledge and agree that the Global Intercompany Transfer and the IME Intercompany Refinancing shall not affect any computation of the available “basket” amount in Section 9.24 (net of any cash returns on any such Investments and any reductions in any such Guaranties received or made after August 16, 2006).

5.            Representations and Warranties.  On and as of the date hereof, the Company hereby confirms, reaffirms and restates the representations and warranties set forth in Section 8 of the Credit Agreement mutatis mutandis, except to the extent that such representations and warranties 

 

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expressly relate to a specific earlier date in which case the Company hereby confirms, reaffirms and restates such representations and warranties as of such earlier date.  The Company represents and warrants that, after giving effect to this Amendment, no Default or Event of Default has occurred and is continuing.

6.            Effectiveness.  This Amendment shall become effective as of the date set forth above (the “Effective Date”) upon the satisfaction of the following conditions precedent:

(a)   Third Amendment.  The Administrative Agent shall have received this Amendment executed and delivered by the Administrative Agent, the Company, and Lenders party to the Credit Agreement constituting the “Majority Lenders” thereunder (or, in the case of any Lender, a lender addendum or joinder agreement in a form specified by the Administrative Agent).  

(b)   Security Documents. The Administrative Agent shall have received the Acknowledgment and Confirmation, substantially in the form of Exhibit A hereto, executed and delivered by an authorized officer of the Company, the Canadian Borrower and each Subsidiary Guarantor.

7.            Valid and Binding.  This Amendment shall be binding upon and inure to the benefit of each of the parties hereto and their respective successors and assigns.

8.            Payment of Expenses.  The Company agrees to pay or reimburse the Administrative Agent for all out-of-pocket costs and expenses incurred in connection with the Amendment, any other documents prepared in connection herewith and the transactions contemplated hereby, including, without limitation, the reasonable fees and disbursements of counsel.

9.            Reference to and Effect on the Credit Agreement; Limited Effect.  On and after the Effective Date, each reference in the Credit Agreement to “this Agreement”, “hereunder”, “hereof” or words of like import referring to the Credit Agreement shall mean and be a reference to the Credit Agreement as amended hereby.  This Amendment shall not constitute an amendment of any other provision of the Credit Agreement not expressly referred to herein and shall not be construed as a waiver or consent to any further or future action on the part of the Company that would require a waiver or consent of the Lenders or the Administrative Agent.  Except as expressly amended hereby, the provisions of the Credit Agreement are and shall remain
in full force and effect.   

10.          Severability.  Any provision of this Amendment which is prohibited or unenforceable in any jurisdiction shall, as to such jurisdiction, be ineffective to the extent of such prohibition or unenforceability without invalidating the remaining provisions hereof, and any such prohibition or unenforceability in any jurisdiction shall not invalidate or render unenforceable such provision in any other jurisdiction.

11.          Loan Document; Integration.  This Amendment shall constitute a Basic Document.  This Amendment and the other Basic Documents represent the agreement of the Company, the Canadian Borrower, each Subsidiary Guarantor, the Administrative Agent and the Lenders with respect to the subject matter hereof, and there are no promises, undertakings, representations or warranties by the Administrative Agent or any Lender relative to the subject matter hereof not expressly set forth or referred to herein or in the other Basic Documents. 

12.          GOVERNING LAW.  THIS AMENDMENT AND THE RIGHTS AND OBLIGATIONS OF THE PARTIES UNDER THIS AMENDMENT SHALL BE GOVERNED BY, AND CONSTRUED AND INTERPRETED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW YORK.

 

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13.          Counterparts.  This Amendment may be executed by one or more of the parties hereto in any number of separate counterparts (which may include counterparts delivered by facsimile transmission), each of which shall be deemed to be an original, and all of which taken together shall be deemed to constitute one and the same instrument.

 

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IN WITNESS WHEREOF, the parties hereto have caused this Amendment to be duly executed and delivered by their proper and duly authorized officers as of the day and year first above written.

IRON MOUNTAIN INCORPORATED

 

 

	
             
 	
            By:
 	
            /s/ J.P. Lawrence
 

	
             
 	
             Name:  J.P. Lawrence
 

	
             
 	
            Title:  Senior Vice President and Treasurer
 

 

 

 

 

JPMORGAN CHASE BANK, as 

Administrative Agent and as a Lender

 

 

	
             
 	
            By:
 	
            /s/ Robert Sacks
 

	
             
 	
            Name:  Robert Sacks
 

	
             
 	
            Title:  Managing Director
 

 

 

 

 

JPMORGAN CHASE BANK, N.A. TORONTO 
BRANCH, as Canadian Administrative Agent and as a 
Canadian Lender

 

 

By: /s/ Christine Chan

	
             
 	
             Name:  Christine Chan
 

	
             
 	
            Title:  Vice President
 

 

 

 

 

Signature page to the Third Amendment 

dated as of [__________], 2006 to the 

IRON MOUNTAIN INCORPORATED 

Seventh Amended and Restated Credit Agreement 

 

	
             
 	
            HSBC Bank USA, N.A.
 
	
             
 	
             
 
	
             
 	
             
 
	
             
 	
            By: /s/ Dan Lobdell

Name:  Dan Lobdell
 Title:  Vice President, Global Relationship Manager
 

 

 

 

 

Signature page to the Third Amendment 

dated as of [__________], 2006 to the 

IRON MOUNTAIN INCORPORATED 

Seventh Amended and Restated Credit Agreement 

 

	
             
 	
            By:  PPM America, Inc., as Attorney-in-fact, on 
behalf of Jackson National Life Insurance Company
 
	
             
 	
             
 
	
             
 	
             
 
	
             
 	
            By: /s/ David C. Wagner

Name:  David C. Wagner
 Title:  Managing Director
 

 

 

 

 

Signature page to the Third Amendment 

dated as of __________, 2006 to the 

IRON MOUNTAIN INCORPORATED 

Seventh Amended and Restated Credit Agreement 

 

	
             
 	
            Bank of America, N.A. 
 
	
             
 	
             
 
	
             
 	
             
 
	
             
 	
            By:   /s/ John F. Lynch

Name:  John F. Lynch
 Title:  Senior Vice President
 

 

 

 

 

Signature page to the Third Amendment 

dated as of [__________], 2006 to the 

IRON MOUNTAIN INCORPORATED 

Seventh Amended and Restated Credit Agreement 

 

	
             
 	
            National City Bank 
 
	
             
 	
             
 
	
             
 	
             
 
	
             
 	
            By:   /s/ Lyle P. Cunningham

Name:  Lyle P. Cunningham
 Title: Senior Vice President
 

 

 

 

 

Signature page to the Third Amendment 

dated as of August 16, 2006 to the 

IRON MOUNTAIN INCORPORATED 

Seventh Amended and Restated Credit Agreement 

 

	
             
 	
            NATIONAL CITY BANK, CANADA BRANCH 
 
	
             
 	
             
 
	
             
 	
             
 
	
             
 	
            By:  /s/ Caroline Stade

Name:  Caroline Stade
 Title:  Senior Vice President

 

By:  /s/ Bill Hines

Name:  Bill Hines

Title:  Senior Vice President &
Principal Officer
 

 

 

 

 

Signature page to the Third Amendment 

dated as of August 14, 2006 to the 

IRON MOUNTAIN INCORPORATED 

Seventh Amended and Restated Credit Agreement 

 

	
             
 	
            PUTNAM FLOATING RATE INCOME FUND
 
	
             
 	
             
 
	
             
 	
             
 
	
             
 	
            By:  See Following Page

Name:
 Title:
 

 

 

 

 

 

	
             
 	
            PUTNAM FLOATING RATE INCOME FUND
 
	
             
 	
             
 
	
             
 	
             
 
	
             
 	
            By:  /s/ Beth Mazor

Name:  Beth Mazor
 Title:  V.P.
 

 

 

 

 

Signature page to the Third Amendment 

dated as of August 14, 2006 to the 

IRON MOUNTAIN INCORPORATED 

Seventh Amended and Restated Credit Agreement 

 

	
             
 	
            PUTNAM BANK LOAN FUND (CAYMAN) MASTER FUND
 
	
             
 	
             
 
	
             
 	
             
 
	
             
 	
            By:  See Following Page

Name:
 Title:
 

 

 

 

 

 

	
             
 	
            PUTNAM BANK LOAN FUND (CAYMAN) MASTER FUND, a series of the PUTNAM OFFSHORE MASTER SERIES TRUST, by The Putnam Advisory Company, LLC
 
	
             
 	
             
 
	
             
 	
             
 
	
             
 	
            By: /s/ Angela Patel

Name:  Angela Patel
 Title:  Vice President
 

 

 

 

 

Signature page to the Third Amendment 

dated as of August 14, 2006 to the 

IRON MOUNTAIN INCORPORATED 

Seventh Amended and Restated Credit Agreement 

 

	
             
 	
            PUTNAM HIGH YIELD TRUST
 
	
             
 	
             
 
	
             
 	
             
 
	
             
 	
            By:  See Following Page

Name:
 Title:
 

 

 

 

 

 

	
             
 	
            PUTNAM HIGH YIELD TRUST
 
	
             
 	
             
 
	
             
 	
             
 
	
             
 	
            By:  /s/ Beth Mazor

Name:  Beth Mazor
 Title:  V.P.
 

 

 

 

 

Signature page to the Third Amendment 

dated as of August 14, 2006 to the 

IRON MOUNTAIN INCORPORATED 

Seventh Amended and Restated Credit Agreement 

 

	
             
 	
            PUTNAM VARIABLE TRUST – PVT 
DIVERSIFIED INCOME FUND
 
	
             
 	
             
 
	
             
 	
             
 
	
             
 	
            By:  See Following Page

Name:
 Title:
 

 

 

 

 

 

	
             
 	
            PUTNAM VARIABLE TRUST – PVT 
DIVERSIFIED INCOME FUND
 
	
             
 	
             
 
	
             
 	
             
 
	
             
 	
            By:  /s/ Beth Mazor

Name:  Beth Mazor
 Title:  V.P.
 

 

 

 

 

Signature page to the Third Amendment 

dated as of [__________], 2006 to the 

IRON MOUNTAIN INCORPORATED 

Seventh Amended and Restated Credit Agreement 

 

	
             
 	
            Bear Stearns Corporate Lending Inc.
 
	
             
 	
             
 
	
             
 	
             
 
	
             
 	
            By: /s/ Victor Bulzacchelli

Name:  Victor Bulzacchelli
 Title:  Vice President
 

 

 

 

 

Signature page to the Third Amendment 

dated as of [__________], 2006 to the 

IRON MOUNTAIN INCORPORATED 

Seventh Amended and Restated Credit Agreement 

 

	
             
 	
            The Sumitomo Trust and Banking Co., Ltd., New 
York Branch 
 
	
             
 	
             
 
	
             
 	
             
 
	
             
 	
            By:  /s/ Elizabeth A. Quirk

Name:  Elizabeth A. Quirk
 Title:  Vice President
 

 

 

 

 

Signature page to the Third Amendment 

dated as of [__________], 2006 to the 

IRON MOUNTAIN INCORPORATED 

Seventh Amended and Restated Credit Agreement 

 

	
             
 	
            The Prudential Insurance Company of America
 
	
             
 	
             
 
	
             
 	
             
 
	
             
 	
            By: Prudential Investment Management Inc., management advisor

            /s/ Hubert Paul

            Name: Hubert Paul

            Title: Senior Account Associate
 

 

 

 

 

Signature page to the Third Amendment 

dated as of [__________], 2006 to the 

IRON MOUNTAIN INCORPORATED 

Seventh Amended and Restated Credit Agreement 

 

	
             
 	
            AIM TRIMARK CANADA FUND INC. (for its TRIMARK DIVERSIFIED INCOME CLASS)
 
	
             
 	
             
 
	
             
 	
             
 
	
             
 	
            By:  /s/ Rex Chong

Name:  AIM Funds Management Inc., in its capacity as manager of TRIMARK 
DIVERSIFIED INCOME CLASS of AIM 
Trimark Canada Fund Inc.
 Title:  Rex Chong, Portfolio Manager
 

 

 

 

 

Signature page to the Third Amendment 

dated as of [__________], 2006 to the 

IRON MOUNTAIN INCORPORATED 

Seventh Amended and Restated Credit Agreement 

 

	
             
 	
            TRIMARK FLOATING RATE INCOME FUND
 
	
             
 	
             
 
	
             
 	
             
 
	
             
 	
            By: /s/ Rex Chong

Name:  AIM Funds management Inc., in its capacity as manager of TRIMARK FLOATING RATE INCOME FUND
 Title:  Rex Chong, Portfolio Manager
 

 

 

 

 

Signature page to the Third Amendment 

dated as of [__________], 2006 to the 

IRON MOUNTAIN INCORPORATED 

Seventh Amended and Restated Credit Agreement 

 

	
             
 	
            Union Bank of California, N.A. 
 
	
             
 	
             
 
	
             
 	
             
 
	
             
 	
            By:  /s/ Albert W. Kelley

Name:  Albert W. Kelley
 Title:  Vice President
 

 

 

 

 

Signature page to the Third Amendment 

dated as of [__________], 2006 to the 

IRON MOUNTAIN INCORPORATED 

Seventh Amended and Restated Credit Agreement 

 

	
             
 	
            SOVEREIGN BANK
 
	
             
 	
             
 
	
             
 	
             
 
	
             
 	
            By:  /s/ Robert H. Rivet

Name:  Robert H. Rivet
 Title:  V.P.
 

 

 

 

 

Signature page to the Third Amendment 

dated as of [8/15/06], 2006 to the 

IRON MOUNTAIN INCORPORATED 

Seventh Amended and Restated Credit Agreement 

 

	
             
 	
            VAN KAMPEN SENIOR LOAN FUND
 
	
             
 	
            By:  Van Kampen Asset Management
 
	
             
 	
             
 
	
             
 	
            By:  /s/ Robert P. Drobny

Name:  Robert P. Drobny
 Title:  Vice President
 

 

 

 

 

Signature page to the Third Amendment 

dated as of [8/15/06], 2006 to the 

IRON MOUNTAIN INCORPORATED 

Seventh Amended and Restated Credit Agreement 

 

	
             
 	
            VAN KAMPEN SENIOR INCOME TRUST
 
	
             
 	
            By:  Van Kampen Asset Management
 
	
             
 	
             
 
	
             
 	
            By:  /s/ Robert P. Drobny

Name:  Robert P. Drobny
 Title:  Vice President
 

 

 

 

 

Signature page to the Third Amendment 

dated as of August 16, 2006 to the 

IRON MOUNTAIN INCORPORATED 

Seventh Amended and Restated Credit Agreement 

 

	
             
 	
            UNITED OVERSEAS BANK LIMITED
 
	
             
 	
             
 
	
             
 	
             
 
	
             
 	
            By:  /s/ K. Jin Koh

Name:  K. Jin Koh
 Title:  General Manager
 

 

 

 

 

Signature page to the Third Amendment 

dated as of [__________], 2006 to the 

IRON MOUNTAIN INCORPORATED 

Seventh Amended and Restated Credit Agreement 

 

	
             
 	
            UNITED OVERSEAS BANK LIMITED, NY AGENCY
 
	
             
 	
             
 
	
             
 	
             
 
	
             
 	
            By:  /s/ George Lim

Name:  George Lim
 Title:  FVP & General Manager

 

By:  /s/ Mario Sheng

Name:  Mario Sheng

Title:  AVP
 

 

 

 

 

Signature page to the Third Amendment 

dated as of [__________], 2006 to the 

IRON MOUNTAIN INCORPORATED 

Seventh Amended and Restated Credit Agreement 

 

	
             
 	
            Wachovia Bank, N.A. 
 
	
             
 	
             
 
	
             
 	
             
 
	
             
 	
            By:  /s/ John G. Taylor

Name:  John G. Taylor
 Title:  Vice President
 

 

 

 

 

Signature page to the Third Amendment 

dated as of [__________], 2006 to the 

IRON MOUNTAIN INCORPORATED 

Seventh Amended and Restated Credit Agreement 

 

	
             
 	
            THE BANK OF NOVA SCOTIA
 
	
             
 	
             
 
	
             
 	
             
 
	
             
 	
            By:  /s/ John Morale

Name:  John Morale
 Title:  Managing Director
 

 

 

 

 

Signature page to the Third Amendment 

dated as of [__________], 2006 to the 

IRON MOUNTAIN INCORPORATED 

Seventh Amended and Restated Credit Agreement 

 

	
             
 	
            JUPITER LOAN FUNDING LLC
 
	
             
 	
             
 
	
             
 	
             
 
	
             
 	
            By:  /s/ Kristi Milton

Name:  Kristi Milton
 Title:  Assistant Vice President
 

 

 

 

 

Signature page to the Third Amendment 

dated as of [__________], 2006 to the 

IRON MOUNTAIN INCORPORATED 

Seventh Amended and Restated Credit Agreement 

 

	
             
 	
            GENERAL ELECTRIC CAPITAL CORPORATION, as Administrator for, GE CFS LOAN HOLDING 
2006-2 LLC 
 
	
             
 	
             
 
	
             
 	
             
 
	
             
 	
            By:  /s/ Amanda J. van Heyst

Name:  Amanda J. van Heyst
 Title:  Duly Authorized Signatory
 

 

 

 

 

Signature page to the Third Amendment 

dated as of [__________], 2006 to the 

IRON MOUNTAIN INCORPORATED 

Seventh Amended and Restated Credit Agreement 

 

	
             
 	
            GENERAL ELECTRIC CAPITAL CORPORATION
 
	
             
 	
             
 
	
             
 	
             
 
	
             
 	
            By:  /s/ Amanda J. van Heyst

Name:  Amanda J. van Heyst
 Title:  Duly Authorized Signatory
 

 

 

 

 

Signature page to the Third Amendment 

dated as of [__________], 2006 to the 

IRON MOUNTAIN INCORPORATED 

Seventh Amended and Restated Credit Agreement 

 

	
             
 	
            Citizens Bank of Massachusetts 
 
	
             
 	
             
 
	
             
 	
             
 
	
             
 	
            By:  /s/ Li-Mei Yang

Name:  Li-Mei Yang
 Title:  Vice President
 

 

 

 

 

Signature page to the Third Amendment 

dated as of [__________], 2006 to the 

IRON MOUNTAIN INCORPORATED 

Seventh Amended and Restated Credit Agreement 

 

	
             
 	
            Metropolitan Insurance & Investment Trust 
 
	
             
 	
             
 
	
             
 	
             
 
	
             
 	
            By:  /s/ James R. Dingler

Name: James R. Dingler
 Title:
 

 

 

 

 

Signature page to the Third Amendment 

dated as of [__________], 2006 to the 

IRON MOUNTAIN INCORPORATED 

Seventh Amended and Restated Credit Agreement 

 

	
             
 	
            Metropolitan Life Insurance Company 
 
	
             
 	
             
 
	
             
 	
             
 
	
             
 	
            By:   /s/ James R. Dingler

Name: James R. Dingler
 Title:
 

 

 

 

 

Signature page to the Third Amendment 

dated as of [__________], 2006 to the 

IRON MOUNTAIN INCORPORATED 

Seventh Amended and Restated Credit Agreement 

 

	
             
 	
            Madison Avenue CDO I, Limited

By:  Metropolitan Life Insurance Company, as Collateral Manager 
 
	
             
 	
             
 
	
             
 	
             
 
	
             
 	
            By:   /s/ James R. Dingler

Name: James R. Dingler
 Title:
 

 

 

 

 

Signature page to the Third Amendment 

dated as of [__________], 2006 to the 

IRON MOUNTAIN INCORPORATED 

Seventh Amended and Restated Credit Agreement 

 

	
             
 	
            FALL CREEK CLO, Ltd. 
 
	
             
 	
             
 
	
             
 	
             
 
	
             
 	
            By:  /s/ Thomas N. Davis

Name:  Thomas N. Davis
 Title:  Authorized Signer
 

 

 

 

 

Signature page to the Third Amendment 

dated as of [  8/16  ], 2006 to the 

IRON MOUNTAIN INCORPORATED 

Seventh Amended and Restated Credit Agreement 

 

	
             
 	
            ING PRIME RATE TRUST
 
	
             
 	
            By:  ING Investment Management Co.

as its investment manager
 
	
             
 	
             
 
	
             
 	
            By:  /s/ Brian Horton

Name:  Brian Horton
 Title:  SVP

 

ING SENIOR INCOME FUND

By:  ING Investment Management Co.

as its investment manager

 

By:  /s/ Brian Horton

Name:  Brian Horton

Title:  SVP
 

 

 

 

 

Signature page to the Third Amendment 

dated as of [__________], 2006 to the 

IRON MOUNTAIN INCORPORATED 

Seventh Amended and Restated Credit Agreement 

 

	
             
 	
            The Bank of New York 
 
	
             
 	
             
 
	
             
 	
             
 
	
             
 	
            By: /s/ Kenneth P. Sneider, Jr.

Name:  Kenneth P. Sneider, Jr.
 Title:  Vice President
 

 

 

 

 

Signature page to the Third Amendment 

dated as of August 16th, 2006 to the 

IRON MOUNTAIN INCORPORATED 

Seventh Amended and Restated Credit Agreement 

 

	
             
 	
            Webster Bank, National Association 
 
	
             
 	
             
 
	
             
 	
             
 
	
             
 	
            By:  /s/ Hans Jung

Name:  Hans Jung
 Title:  Vice President
 

 

 

 

 

Signature page to the Third Amendment 

dated as of [  8/16  ], 2006 to the 

IRON MOUNTAIN INCORPORATED 

Seventh Amended and Restated Credit Agreement 

 

	
             
 	
            BNP Paribas 
 
	
             
 	
             
 
	
             
 	
             
 
	
             
 	
            By:  /s/ Richard Pace

Name:  Richard Pace
 Title:  Managing Director

 

By:  /s/ Angela B. Arnold

Name:  Angela B. Arnold

Title:  Director
 

 

 

 

 

Signature page to the Third Amendment 

dated as of [ Aug. 16 ], 2006 to the 

IRON MOUNTAIN INCORPORATED 

Seventh Amended and Restated Credit Agreement 

 

	
             
 	
            BNP Paribas (Canada) 
 
	
             
 	
             
 
	
             
 	
             
 
	
             
 	
            By:  /s/ T. Baratta

Name:  T. Baratta
 Title:  Director
 

 

 

 

 

 

	
             
 	
            BABSON CLO LTD. 2004-II

BABSON CLO LTD. 2005-I

BABSON CLO LTD. 2006-I

BABSON CLO LTD. 2006-II

BABSON CLO LTD. 2006-III

SUFFIELD CLO, LIMITED

SAPPHIRE VALLEY CDO I, LTD.

By:  Babson Capital Management LLC as Collateral Manager

 

By:  /s/ Vicky S.F. Soo

Name:  Vicky S.F. Soo

Title:  Director

 

C.M. LIFE INSURANCE COMPANY

By:  Babson Capital Management LLC as Investment Sub-Adviser

 

By:  /s/ Vicky S.F. Soo

Name:  Vicky S.F. Soo

Title:  Director
 
	
             
 	
             
 
	
             
 	
            MASSACHUSETTS MUTUAL LIFE INSURANCE COMPANY

By:  Babson Capital Management LLC as Investment Advisor

 
 
	
             
 	
            By:  /s/ Vicky S.F. Soo

Name:  Vicky S.F. Soo
 Title:  Director
 

 

 

 

 

Signature page to the Third Amendment 

dated as of [__________], 2006 to the 

IRON MOUNTAIN INCORPORATED 

Seventh Amended and Restated Credit Agreement 

 

	
             
 	
            Fidelity Central Investment Portfolios LLC:  Fidelity Floating Rate Central Investment Portfolio 
 
	
             
 	
             
 
	
             
 	
             
 
	
             
 	
            By:  /s/ John H. Costello

Name:  John H. Costello
 Title:  Assistant Treasurer
 

 

 

 

 

Signature page to the Third Amendment 

dated as of [__________], 2006 to the 

IRON MOUNTAIN INCORPORATED 

Seventh Amended and Restated Credit Agreement 

 

	
             
 	
            Fidelity Advisor Series II:  Fidelity Advisor Floating Rate High Income Fund 
 
	
             
 	
             
 
	
             
 	
             
 
	
             
 	
            By:   /s/ John H. Costello

Name:  John H. Costello
 Title:  Assistant Treasurer
 

 

 

 

 

Signature page to the Third Amendment 

dated as of [  Aug. 16 ], 2006 to the 

IRON MOUNTAIN INCORPORATED 

Seventh Amended and Restated Credit Agreement 

 

	
             
 	
            PPM SHADOW CREEK FUNDING LLC 
 
	
             
 	
             
 
	
             
 	
             
 
	
             
 	
            By:  /s/ Kristi Milton

Name:  Kristi Milton
 Title:  Assistant Vice President
 

 

 

 

 

Signature page to the Third Amendment 

dated as of [__________], 2006 to the 

IRON MOUNTAIN INCORPORATED 

Seventh Amended and Restated Credit Agreement 

 

	
             
 	
            SENIOR DEBT PORTFOLIO 
 
	
             
 	
            By:  Boston Management and Research as Investment Advisor
 
	
             
 	
             
 
	
             
 	
            By:  /s/ Scott H. Page

Name:  Scott H. Page
 Title:  Vice President
 

 

 

 

 

Signature page to the Third Amendment 

dated as of [__________], 2006 to the 

IRON MOUNTAIN INCORPORATED 

Seventh Amended and Restated Credit Agreement 

 

	
             
 	
            EATON VANCE SENIOR INCOME TRUST
 
	
             
 	
            By:  EATON VANCE MANAGEMENT AS INVESTMENT ADVISOR
 
	
             
 	
             
 
	
             
 	
            By:  /s/ Scott H. Page

Name:  Scott H. Page
 Title:  Vice President
 

 

 

 

 

Signature page to the Third Amendment 

dated as of [__________], 2006 to the 

IRON MOUNTAIN INCORPORATED 

Seventh Amended and Restated Credit Agreement 

 

	
             
 	
            EATON VANCE INSTITUTIONAL SENIOR 
LOAN FUND
 
	
             
 	
            By:  EATON VANCE MANAGEMENT AS INVESTMENT ADVISOR
 
	
             
 	
             
 
	
             
 	
            By:  /s/ Scott H. Page

Name:  Scott H. Page
 Title:  Vice President
 

 

 

 

 

Signature page to the Third Amendment 

dated as of [__________], 2006 to the 

IRON MOUNTAIN INCORPORATED 

Seventh Amended and Restated Credit Agreement 

 

	
             
 	
            EATON VANCE CDO III, LTD. 
 
	
             
 	
            By:  EATON VANCE MANAGEMENT AS INVESTMENT ADVISOR
 
	
             
 	
             
 
	
             
 	
            By:  /s/ Scott H. Page

Name:  Scott H. Page
 Title:  Vice President
 

 

 

 

 

Signature page to the Third Amendment 

dated as of [__________], 2006 to the 

IRON MOUNTAIN INCORPORATED 

Seventh Amended and Restated Credit Agreement 

 

	
             
 	
            EATON VANCE CDO VI LTD. 
 
	
             
 	
            By:  EATON VANCE MANAGEMENT AS INVESTMENT ADVISOR
 
	
             
 	
             
 
	
             
 	
            By:  /s/ Scott H. Page

Name:  Scott H. Page
 Title:  Vice President
 

 

 

 

 

Signature page to the Third Amendment 

dated as of [__________], 2006 to the 

IRON MOUNTAIN INCORPORATED 

Seventh Amended and Restated Credit Agreement 

 

	
             
 	
            Eaton Vance CDO VIII, Ltd. 
 
	
             
 	
            By:  Eaton Vance Management As Investment 
Advisor
 
	
             
 	
             
 
	
             
 	
            By:  /s/ Scott H. Page

Name:  Scott H. Page
 Title: Vice President
 

 

 

 

 

Signature page to the Third Amendment 

dated as of [__________], 2006 to the 

IRON MOUNTAIN INCORPORATED 

Seventh Amended and Restated Credit Agreement 

 

	
             
 	
            GRAYSON & CO. 
 
	
             
 	
            By:  BOSTON MANAGEMENT AND RESEARCH 
AS INVESTMENT ADVISOR
 
	
             
 	
             
 
	
             
 	
            By:  /s/ Scott H. Page

Name:  Scott H. Page
 Title:  Vice President
 

 

 

 

 

Signature page to the Third Amendment 

dated as of [__________], 2006 to the 

IRON MOUNTAIN INCORPORATED 

Seventh Amended and Restated Credit Agreement 

 

	
             
 	
            THE NORINCHUKIN BANK, NEW YORK BRANCH, through State Street Bank and Trust Company N.A. as Fiduciary Custodian 
 
	
             
 	
            By:  Eaton Vance Management, Attorney-in-fact
 
	
             
 	
             
 
	
             
 	
            By:  /s/ Scott H. Page

Name:  Scott H. Page
 Title:  Vice President
 

 

 

 

 

Signature page to the Third Amendment 

dated as of [__________], 2006 to the 

IRON MOUNTAIN INCORPORATED 

Seventh Amended and Restated Credit Agreement 

 

	
             
 	
            BIG SKY III SENIOR LOAN TRUST 
 
	
             
 	
            By:  EATON VANCE MANAGEMENT AS INVESTMENT ADVISOR
 
	
             
 	
             
 
	
             
 	
            By:  /s/ Scott H. Page

Name:  Scott H. Page
 Title:  Vice President
 

 

 

 

 

Signature page to the Third Amendment 

dated as of [__________], 2006 to the 

IRON MOUNTAIN INCORPORATED 

Seventh Amended and Restated Credit Agreement 

 

	
             
 	
            EATON VANCE

VT FLOATING-RATE INCOME FUND
 
	
             
 	
            By:  EATON VANCE MANAGEMENT AS INVESTMENT ADVISOR
 
	
             
 	
             
 
	
             
 	
            By:  /s/ Scott H. Page

Name:  Scott H. Page
 Title:  Vice President
 

 

 

 

 

Signature page to the Third Amendment 

dated as of [__________], 2006 to the 

IRON MOUNTAIN INCORPORATED 

Seventh Amended and Restated Credit Agreement 

 

	
             
 	
            EATON VANCE 

LIMITED DURATION INCOME FUND
 
	
             
 	
            By:  EATON VANCE MANAGEMENT AS INVESTMENT ADVISOR
 
	
             
 	
             
 
	
             
 	
            By:  /s/ Scott H. Page

Name:  Scott H. Page
 Title:  Vice President
 

 

 

 

 

Signature page to the Third Amendment 

dated as of [__________], 2006 to the 

IRON MOUNTAIN INCORPORATED 

Seventh Amended and Restated Credit Agreement 

 

	
             
 	
            EATON VANCE SENIOR FLOATING-RATE 
TRUST 
 
	
             
 	
            By:  EATON VANCE MANAGEMENT AS INVESTMENT ADVISOR
 
	
             
 	
             
 
	
             
 	
            By:  /s/ Scott H. Page

Name:  Scott H. Page
 Title:  Vice President
 

 

 

 

 

Signature page to the Third Amendment 

dated as of [__________], 2006 to the 

IRON MOUNTAIN INCORPORATED 

Seventh Amended and Restated Credit Agreement 

 

	
             
 	
            EATON VANCE FLOATING-RATE INCOME TRUST
 
	
             
 	
            By:  EATON VANCE MANAGEMENT AS INVESTMENT ADVISOR
 
	
             
 	
             
 
	
             
 	
            By:  /s/ Scott H. Page

Name:  Scott H. Page
 Title:  Vice President
 

 

 

 

 

Signature page to the Third Amendment 

dated as of [__________], 2006 to the 

IRON MOUNTAIN INCORPORATED 

Seventh Amended and Restated Credit Agreement 

 

	
             
 	
            KZH Pondview LLC 
 
	
             
 	
             
 
	
             
 	
             
 
	
             
 	
            By:  /s/ Virginia Conway

Name:  Virginia Conway
 Title:  Authorized Signatory
 

 

 

 

 

Signature page to the Third Amendment 

dated as of August 16, 2006 to the 

IRON MOUNTAIN INCORPORATED 

Seventh Amended and Restated Credit Agreement 

 

	
             
 	
            Calyon New York Branch 
 
	
             
 	
             
 
	
             
 	
             
 
	
             
 	
            By:  /s/ Phil Schubert

Name:  Phil Schubert
 Title:  Director

 

By:  /s/ Yuri Muzichenki

Name:  Yuri Muzichenko

Title:  Director
 

 

 

 

 

Signature page to the Third Amendment 

dated as of [ Aug. 16 ], 2006 to the 

IRON MOUNTAIN INCORPORATED 

Seventh Amended and Restated Credit Agreement 

 

	
             
 	
            CHARTER VIEW PORTFOLIO 
 
	
             
 	
            By:  INVESCO Senior Secured Management, Inc. 

As Investment Advisor
 
	
             
 	
             
 
	
             
 	
            By:  /s/ Thomas H.B. Ewald

Name:  Thomas H.B. Ewald
 Title:  Authorized Signatory
 

 

 

 

 

Signature page to the Third Amendment 

dated as of [ Aug. 16 ], 2006 to the 

IRON MOUNTAIN INCORPORATED 

Seventh Amended and Restated Credit Agreement 

 

	
             
 	
            DIVERSIFIED CREDIT PORTFOLIO LTD.
 
	
             
 	
            By:  INVESCO Senior Secured Management, Inc. 

as Investment Advisor
 
	
             
 	
             
 
	
             
 	
            By:  /s/ Thomas H.B. Ewald

Name:  Thomas H.B. Ewald
 Title:  Authorized Signatory
 

 

 

 

 

Signature page to the Third Amendment 

dated as of [ Aug. 16 ], 2006 to the 

IRON MOUNTAIN INCORPORATED 

Seventh Amended and Restated Credit Agreement 

 

	
             
 	
            AIM FLOATING RATE FUND
 
	
             
 	
            By:  INVESCO Senior Secured Management, Inc. 

As Sub-Adviser
 
	
             
 	
             
 
	
             
 	
            By:  /s/ Thomas H.B. Ewald

Name:  Thomas H.B. Ewald
 Title:  Authorized Signatory
 

 

 

 

 

Signature page to the Third Amendment 

dated as of [ Aug. 16 ], 2006 to the 

IRON MOUNTAIN INCORPORATED 

Seventh Amended and Restated Credit Agreement 

 

	
             
 	
            INVESCO CBO 2000-1 LTD. 
 
	
             
 	
            By:  INVESCO Senior Secured Management, Inc. 

As Portfolio Advisor
 
	
             
 	
             
 
	
             
 	
            By:  /s/ Thomas H.B. Ewald

Name:  Thomas H.B. Ewald
 Title:  Authorized Signatory
 

 

 

 

 

Signature page to the Third Amendment 

dated as of [ Aug. 16 ], 2006 to the 

IRON MOUNTAIN INCORPORATED 

Seventh Amended and Restated Credit Agreement 

 

	
             
 	
            NAUTIQUE FUNDING LTD. 
 
	
             
 	
            By:  INVESCO Senior Secured Management, Inc. 

As Collateral Manager
 
	
             
 	
             
 
	
             
 	
            By:  /s/ Thomas H.B. Ewald

Name:  Thomas H.B. Ewald
 Title:  Authorized Signatory
 

 

 

 

 

 

 

 

EXHIBIT A

FORM OF ACKNOWLEDGMENT AND CONFIRMATION

ACKNOWLEDGMENT AND CONFIRMATION, dated as of [___________], 2006 (this “Acknowledgment and Confirmation”) made by each of the signatories hereto.

1.            Reference is made to Third Amendment, dated as of August 16, 2006 (the “Amendment”), to the Seventh Amended and Restated Credit Agreement, dated as of July 8, 2004  (as amended, supplemented or otherwise modified from time to time, the “Credit Agreement”), among IRON MOUNTAIN INCORPORATED, a Delaware corporation (the “Company”), IRON MOUNTAIN CANADA CORPORATION, a company organized under the laws of the Province of Nova Scotia, the several banks and other financial institutions or entities from time to time parties to the Credit Agreement (the “Lenders”), [BANK OF AMERICA, N.A.], as syndication agent, WACHOVIA BANK, NATIONAL ASSOCIATION and THE BANK OF NOVA SCOTIA, as co-documentation agents, J.P. MORGAN BANK CANADA, as Canadian Administrative Agent, JPMORGAN CHASE BANK, as administrative agent for the Lenders (in such capacity, the “Administrative Agent”) and J.P. MORGAN SECURITIES INC., as arranger and bookrunner.

2.            Each of the parties hereto hereby agrees, with respect to each Basic Document to which it is a party: 

(a)           all of its obligations, liabilities and indebtedness under such Basic Document shall remain in full force and effect on a continuous basis after giving effect to the Amendment; and 

(b)           all of the Liens and security interests created and arising under such Basic Document remain in full force and effect on a continuous basis after giving effect to the Amendment, as collateral security for its obligations, liabilities and indebtedness under the Credit Agreement and under its guarantees in the Basic Documents.

3.            THIS ACKNOWLEDGMENT AND CONFIRMATION SHALL BE GOVERNED BY, AND CONSTRUED AND INTERPRETED IN ACCORDANCE WITH, THE LAW OF THE STATE OF NEW YORK.

4.            This Acknowledgment and Confirmation may be executed by one or more of the parties hereto on any number of separate counterparts (including by telecopy), and all of said counterparts taken together shall be deemed to constitute one and the same instrument.

 

[rest of page intentionally left blank]

 

 

IN WITNESS WHEREOF, the parties hereto have caused this Acknowledgement and Confirmation to be duly executed and delivered by their proper and duly authorized officers as of the day and year first above written. 

IRON MOUNTAIN INCORPORATED

 

 

 

 

By:____________________________
        Name:
        Title:

IRON MOUNTAIN CANADA CORPORATION

 

 

By:____________________________
        Name:
        Title:

	
             
 	
             
 

 

 

SUBSIDIARY GUARANTORS

 

COMAC, INC.

IRON MOUNTAIN INTELLECTUAL PROPERTY MANAGEMENT, INC. 

IRON MOUNTAIN GLOBAL, INC.

IRON MOUNTAIN GLOBAL, LLC

	
             
 	
            IRON MOUNTAIN INFORMATION  
 

MANAGEMENT, INC.

MOUNTAIN REAL ESTATE ASSETS, INC., 

MOUNTAIN RESERVE II, INC.

TREELINE SERVICES CORPORATION

 

By:____________________________

	
             
 	
            Name:
 

	
             
 	
            Title:  
 

 

SUBSIDIARY PLEDGORS

 

IRON MOUNTAIN GLOBAL, INC.

IRON MOUNTAIN GLOBAL, LLC

	
             
 	
            IRON MOUNTAIN INFORMATION  
 

MANAGEMENT, INC.

TREELINE SERVICES CORPORATION

 

By:____________________________

	
             
 	
            Name:
 

	
             
 	
            Title:  
 

 

 

 

 

SUBSIDIARY GUARANTORS

 

IRON MOUNTAIN STATUTORY TRUST – 1998

 

By:  U.S. BANK NATIONAL ASSOCIATION, not individually but as Owner Trustee under that certain Amended and Restated Owner Trust Agreement dated as of October 1, 1998, as amended

 

By:______________________________

	
             
 	
            Name:
 

	
             
 	
            Title:
 

 

 

 

IRON MOUNTAIN STATUTORY TRUST – 1999

 

By:  U.S. BANK NATIONAL ASSOCIATION, not individually but as Owner Trustee under that certain 
Owner Trust Agreement dated as of July 1, 1999, as 
amended

 

By:______________________________

	
             
 	
            Name:
 

	
             
 	
            Title:
 

 

 

 

 

SUBSIDIARY PLEDGORS

 

IRON MOUNTAIN STATUTORY TRUST – 1998

 

By:  U.S. BANK NATIONAL ASSOCIATION, not individually but as Owner Trustee under that certain Amended and Restated Owner Trust Agreement dated as 
of October 1, 1998, as amended

 

By:______________________________

	
             
 	
            Name:
 

	
             
 	
            Title:
 

 

 

IRON MOUNTAIN STATUTORY TRUST – 1999

 

By:  U.S. BANK NATIONAL ASSOCIATION, not individually but as Owner Trustee under that certain 
Owner Trust Agreement dated as of July 1, 1999, as 
amended

 

By:______________________________

	
             
 	
            Name:
 

	
             
 	
            Title:EXHIBIT 4.1

                     MERRILL LYNCH MORTGAGE INVESTORS, INC.
                                    Depositor

                                       and

                       WACHOVIA BANK, NATIONAL ASSOCIATION
                              Master Servicer No. 1

                                       and

                        PRUDENTIAL ASSET RESOURCES, INC.
                              Master Servicer No. 2

                                       and

                            J.E. ROBERT COMPANY, INC.
                                Special Servicer

                                       and

                        LASALLE BANK NATIONAL ASSOCIATION
                                     Trustee

                         POOLING AND SERVICING AGREEMENT

                           Dated as of August 1, 2006

         --------------------------------------------------------------

                          $1,542,696,551 (approximate)

                      Merrill Lynch Mortgage Trust 2006-C2
                  Commercial Mortgage Pass-Through Certificates

                                 Series 2006-C2
<PAGE>

                                TABLE OF CONTENTS

                                                                          Page

                                  ARTICLE I

DEFINITIONS................................................................

SECTION 1.01.  Defined Terms...............................................
SECTION 1.02.  Certain Adjustments to the Principal Distributions on
                  the Certificates.........................................

                                  ARTICLE II

 CONVEYANCE OF TRUST MORTGAGE LOANS; REPRESENTATIONS AND WARRANTIES; ORIGINAL
ISSUANCE OF CERTIFICATES...................................................

SECTION 2.01.  Conveyance of Trust Mortgage Loans..........................
SECTION 2.02.  Acceptance of the Trust Fund by Trustee; Receipt of the
                  Mortgage Files by the Trustee............................
SECTION 2.03.  Mortgage Loan Seller's Repurchase or Substitution of
                  Trust Mortgage Loans for Document Defects and
                  Breaches of Representations and Warranties...............
SECTION 2.04.  Representations and Warranties of Depositor.................
SECTION 2.05.  Acceptance of REMIC I and Grantor Trusts by Trustee.........
SECTION 2.06.  Execution, Authentication and Delivery of Class R-I
                  Certificates; Issuance of REMIC I Regular Interests......
SECTION 2.07.  Conveyance of REMIC I Regular Interests; Acceptance of
                  REMIC II by Trustee......................................
SECTION 2.08.  Execution, Authentication and Delivery of REMIC II
                  Certificates.............................................
SECTION 2.09.  Execution, Authentication and Delivery of Class Z
                  Certificates.............................................

                                 ARTICLE III

ADMINISTRATION AND SERVICING OF THE TRUST FUND.............................

SECTION 3.01.  Administration of the Mortgage Loans........................
SECTION 3.02.  Collection of Mortgage Loan Payments........................
SECTION 3.03.  Collection of Taxes, Assessments and Similar Items;
                  Servicing Accounts; Reserve Accounts.....................
SECTION 3.04.  Collection Accounts, Interest Reserve Account,
                  Additional Interest Account, Distribution Account,
                  Gain-on-Sale Reserve Account and Loan Combination
                  Custodial Accounts.......................................
SECTION 3.05.  Permitted Withdrawals from the Collection Accounts, the
                  Interest Reserve Account, the Additional Interest
                  Account, the Distribution Account and the Loan
                  Combination Custodial Accounts...........................
SECTION 3.06.  Investment of Funds in the Servicing Accounts, the
                  Reserve Accounts, the Collection Accounts, the
                  Distribution Account, the Loan Combination Custodial
                  Accounts, the Additional Interest Account, the
                  Gain-on-Sale Reserve Account and the REO Accounts........
SECTION 3.07.  Maintenance of Insurance Policies; Errors and Omissions
                  and Fidelity Coverage....................................
SECTION 3.08.  Enforcement of Alienation Clauses...........................
SECTION 3.09.  Realization upon Defaulted Mortgage Loans; Required
                  Appraisals...............................................
SECTION 3.10.  Trustee to Cooperate; Release of Mortgage Files.............
SECTION 3.11.  Servicing Compensation......................................
SECTION 3.12.  Property Inspections; Collection of Financial
                  Statements; Delivery of Certain Reports..................
SECTION 3.13.  Annual Statement as to Compliance...........................
SECTION 3.14.  Reports on Assessment of Compliance with Servicing
                  Criteria; Registered Public Accounting Firm
                  Attestation Reports......................................
SECTION 3.15.  Access to Certain Information...............................
SECTION 3.16.  Title to REO Property; REO Accounts.........................
SECTION 3.17.  Management of REO Property..................................
SECTION 3.18.  Resolution of Defaulted Mortgage Loans and REO
                  Properties...............................................
SECTION 3.19.  Additional Obligations of the Master Servicers..............
SECTION 3.20.  Modifications, Waivers, Amendments and Consents.............
SECTION 3.21.  Transfer of Servicing between the Master Servicers and
                  the Special Servicer; Record Keeping.....................
SECTION 3.22.  Sub-Servicing Agreements....................................
SECTION 3.23.  Representations and Warranties of the Master Servicers
                  and the Special Servicer.................................
SECTION 3.24.  Sub-Servicing Agreement Representation and Warranty.........
SECTION 3.25.  Designation of Controlling Class Representative.............
SECTION 3.26.  Application of Default Charges..............................
SECTION 3.27.  Controlling Class Representative Contact with Servicer......
SECTION 3.28.  Certain Matters Regarding the Loan Combinations.............
SECTION 3.29.  Certain Matters with Respect to the RLJ Portfolio Loan
                  Combination..............................................

                                  ARTICLE IV

PAYMENTS TO CERTIFICATEHOLDERS.............................................

SECTION 4.01.  Distributions...............................................
SECTION 4.02.  Statements to Certificateholders............................
SECTION 4.03.  P&I Advances; Reimbursement of P&I Advances and
                  Servicing Advances.......................................
SECTION 4.04.  Allocation of Realized Losses and Additional Trust Fund
                  Expenses.................................................
SECTION 4.05.  Calculations................................................

                                  ARTICLE V

THE CERTIFICATES...........................................................

SECTION 5.01.  The Certificates............................................
SECTION 5.02.  Registration of Transfer and Exchange of Certificates.......
SECTION 5.03.  Book-Entry Certificates.....................................
SECTION 5.04.  Mutilated, Destroyed, Lost or Stolen Certificates...........
SECTION 5.05.  Persons Deemed Owners.......................................

                                  ARTICLE VI

THE DEPOSITOR, THE MASTER SERVICERS, THE SPECIAL SERVICER AND THE CONTROLLING
CLASS REPRESENTATIVE.......................................................

SECTION 6.01.  Liability of Depositor, Master Servicers and Special
                  Servicer.................................................
SECTION 6.02.  Merger, Consolidation or Conversion of Depositor or
                  Master Servicers or Special Servicer.....................
SECTION 6.03.  Limitation on Liability of the Depositor, the Master
                  Servicers, the Special Servicer and Others...............
SECTION 6.04.  Resignation of Master Servicers and the Special Servicer....
SECTION 6.05.  Rights of Depositor and Trustee in Respect of Master
                  Servicers and the Special Servicer.......................
SECTION 6.06.  Depositor, Master Servicers and Special Servicer to
                  Cooperate with Trustee...................................
SECTION 6.07.  Depositor, Special Servicer and Trustee to Cooperate
                  with Master Servicer.....................................
SECTION 6.08.  Depositor, Master Servicers and Trustee to Cooperate
                  with Special Servicer....................................
SECTION 6.09.  Designation of Special Servicer by the Controlling Class....
SECTION 6.10.  Either Master Servicer or Special Servicer as Owner of a
                  Certificate..............................................
SECTION 6.11.  The Controlling Class Representative........................

                                 ARTICLE VII

DEFAULT....................................................................

SECTION 7.01.  Events of Default...........................................
SECTION 7.02.  Trustee to Act; Appointment of Successor....................
SECTION 7.03.  Notification to Certificateholders..........................
SECTION 7.04.  Waiver of Events of Default.................................
SECTION 7.05.  Additional Remedies of Trustee upon Event of Default........

                                 ARTICLE VIII

CONCERNING THE TRUSTEE.....................................................

SECTION 8.01.  Duties of Trustee...........................................
SECTION 8.02.  Certain Matters Affecting Trustee...........................
SECTION 8.03.  Trustee Not Liable for Validity or Sufficiency of
                  Certificates or Mortgage Loans...........................
SECTION 8.04.  Trustee May Own Certificates................................
SECTION 8.05.  Fees and Expenses of Trustee; Indemnification of and by
                  the Trustee..............................................
SECTION 8.06.  Eligibility Requirements for Trustee........................
SECTION 8.07.  Resignation and Removal of Trustee..........................
SECTION 8.08.  Successor Trustee...........................................
SECTION 8.09.  Merger or Consolidation of Trustee..........................
SECTION 8.10.  Appointment of Co-Trustee or Separate Trustee...............
SECTION 8.11.  [RESERVED]..................................................
SECTION 8.12.  Appointment of Authenticating Agents........................
SECTION 8.13.  Access to Certain Information...............................
SECTION 8.14.  Appointment of REMIC Administrators.........................
SECTION 8.15.  Representations, Warranties and Covenants of the Trustee....
SECTION 8.16.  Reports to the Commission...................................
SECTION 8.17.  Maintenance of Mortgage File................................

                                  ARTICLE IX

TERMINATION................................................................

SECTION 9.01.  Termination upon Repurchase or Liquidation of All Trust
                  Mortgage Loans...........................................
SECTION 9.02.  Additional Termination Requirements.........................
SECTION 9.03.  Non-Trust Mortgage Loans....................................

                                  ARTICLE X

ADDITIONAL TAX PROVISIONS..................................................

SECTION 10.01. REMIC Administration........................................
SECTION 10.02. Grantor Trust Administration................................

                                  ARTICLE XI

MISCELLANEOUS PROVISIONS...................................................

SECTION 11.01. Amendment...................................................
SECTION 11.02. Recordation of Agreement; Counterparts......................
SECTION 11.03. Limitation on Rights of Certificateholders..................
SECTION 11.04. Governing Law; Waiver of Trial by Jury......................
SECTION 11.05. Notices.....................................................
SECTION 11.06. Severability of Provisions..................................
SECTION 11.07. Grant of a Security Interest................................
SECTION 11.08. Streit Act..................................................
SECTION 11.09. Successors and Assigns; Beneficiaries.......................
SECTION 11.10. Article and Section Headings................................
SECTION 11.11. Notices to Rating Agencies..................................
SECTION 11.12. Complete Agreement..........................................

SCHEDULES AND EXHIBITS
  Schedule No.                        Schedule Description

   Schedule I    Mortgage Loan Schedule

  Schedule II    List of Mortgage Loans with Secured Creditor Environmental
                    Insurance Policies

  Schedule III   [RESERVED]

  Schedule IV    Sub-Servicers as to Which Sub-Servicing Agreements Are in
                    Effect on the Closing Date
   Schedule V    List of Mortgage Loans Requiring Operations and Maintenance
                    Plans

  Schedule VI    List of Merrill Trust Mortgage Loans with Late Payment Charges
                    Due Prior to Expiration of Their Payment Date Grace Periods

  Exhibit No.    Exhibit Description
  -----------    -------------------

      A-1        Form of Class A-1, A-2, A-3, A-4 and A-1A Certificates
      A-2        [RESERVED]
      A-3        Form of Class X Certificate
      A-4        Form of Class AM, AJ, B, C and D Certificates
      A-5        Form of Class E, F, G and H Certificates
      A-6        Form of Class J, K, L, M, N, P and Q Certificates
      A-7        Form of Class R-I and R-II Certificates
      A-8        Form of Class Z Certificate
      A-9        Form of Class XR Certificate
       B         Form of Distribution Date Statement
       C         Form of Custodial Certification
      D-1        Form of Master Servicer Request for Release
      D-2        Form of Special Servicer Request for Release
      E-1        Form of Transferor Certificate for Transfers of Definitive
                    Non-Registered Certificates
                    (Pursuant to Section 5.02(b))
      E-2A       Form I of Transferee Certificate for Transfers of Definitive
                    Non-Registered Certificates
                    (Pursuant to Section 5.02(b))
      E-2B       Form II of Transferee Certificate for Transfers of Definitive
                    Non-Registered Certificates
                    (Pursuant to Section 5.02(b))
      E-2C       Form of Transferee Certificate for Transfers of Interests in
                    Rule 144A Global Certificates
                    (Pursuant to Section 5.02(b))
      E-2D       Form of Transferee Certificate for Transfers of Interests in
                    Regulation S Global Certificates
                    (Pursuant to Section 5.02(b))
      F-1        Form I of Transferee Certificate Regarding ERISA Matters
                    (Definitive Non-Registered Certificates) (Pursuant to
                    Section 5.02(c))
      F-2        Form II of Transferee Certificate Regarding ERISA Matters
                    (Book-Entry Non-Registered Certificates) (Pursuant to
                    Section 5.02(c))
      G-1        Form of Transfer Affidavit and Agreement Regarding Residual
                    Certificates
                    (Pursuant to Section 5.02(d)(i)(4))
      G-2        Form of Transferor Certificate for Transfers of Residual
                    Certificates
                    (Pursuant to Section 5.02(d)(i)(4))
      H-1        Form of Notice and Acknowledgment (Regarding Proposed Special
                    Servicer)
      H-2        Form of Acknowledgment of Proposed Special Servicer
      I-1        Form of Information Request from Certificateholder or
                    Certificate Owner
      I-2        Form of Information Request from Prospective Investor
       J         Form of Exchange Act Reportable Event Notification
       K         Form of S&P Defeasance Certification
       L         Relevant Servicing Criteria
      M-1        Form of Purchase Option Notice
      M-2        Form of Purchase Option Assignment by the Special Servicer
      M-3        Form of Purchase Option Assignment by Plurality Subordinate
                    Certificateholder or Controlling Class Representative
       N         [RESERVED]
       O         Form of Sarbanes-Oxley Certification by the Depositor
      P-1        Form of Certification to Be Provided by the Master Servicers
                    to the Depositor
      P-2        Form of Certification to Be Provided by the Trustee to the
                    Depositor0
      P-3        Form of Certification to Be Provided by the Special Servicer
                    to the Depositor

<PAGE>

                         POOLING AND SERVICING AGREEMENT

            This Pooling and Servicing Agreement is dated and effective as of
August 1, 2006, among MERRILL LYNCH MORTGAGE INVESTORS, INC., as Depositor,
WACHOVIA BANK, NATIONAL ASSOCIATION, as Master Servicer No. 1, PRUDENTIAL ASSET
RESOURCES, INC., as Master Servicer No. 2, J.E. ROBERT COMPANY, INC., as Special
Servicer and LASALLE BANK NATIONAL ASSOCIATION, as Trustee.

                             PRELIMINARY STATEMENT:

            The Depositor intends to sell mortgage pass-through certificates, to
be issued hereunder in multiple classes, which in the aggregate will evidence
the entire beneficial ownership interest in a trust fund to be created
hereunder, the primary assets of which will be the Trust Mortgage Loans.

            As provided herein, the Trustee will elect to treat the segregated
pool of assets consisting of all of the Trust Mortgage Loans (exclusive of the
portion of the interest payments on the Trust Mortgage Loans that constitutes
Additional Interest) and certain other related assets subject to this Agreement
as a REMIC for federal income tax purposes, and such segregated pool of assets
will be designated as "REMIC I". The Class R-I Certificates will evidence the
sole class of "residual interests" in REMIC I for purposes of the REMIC
Provisions under federal income tax law. For federal income tax purposes, each
REMIC I Regular Interest will be designated as a separate "regular interest" in
REMIC I for purposes of the REMIC Provisions under federal income tax law. None
of the REMIC I Regular Interests will be certificated.

            As provided herein, the Trustee will elect to treat the segregated
pool of assets consisting of all of the REMIC I Regular Interests as a REMIC for
federal income tax purposes, and such segregated pool of assets will be
designated as "REMIC II." The Class R-II Certificates will evidence the sole
class of "residual interests" in REMIC II for purposes of the REMIC Provisions
under federal income tax law. For federal income tax purposes, each Class of the
Regular Certificates will be designated as a separate "regular interest" in
REMIC II for purposes of the REMIC Provisions under federal income tax law.

            The following table sets forth: (i) the class designation of each
Class of Sequential Pay Certificates; (ii) the Original Class Principal Balance
or Class XR Notional Amount for each Class of Sequential Pay Certificates or
Class XR Certificates, as applicable; (iii) the corresponding REMIC I Regular
Interest (the "Corresponding REMIC I Regular Interest") for each Class of
Sequential Pay Certificates or Class XR Certificates, as applicable; and (iv)
the initial REMIC I Principal Balance (and in the case of the Class LX-R
Interest, the initial REMIC I Notional Amount) of each such Corresponding REMIC
I Regular Interest.

                       ORIGINAL CLASS                          INITIAL REMIC I
                      PRINCIPAL BALANCE     CORRESPONDING     PRINCIPAL BALANCE
                         OR CLASS XR       REMIC I REGULAR       OR REMIC I
 CLASS DESIGNATION     NOTIONAL AMOUNT        INTEREST         NOTIONAL AMOUNT
 -----------------     ---------------        --------         ---------------
Class A-1                $46,567,000           LA-1              $46,567,000
Class A-2                $95,000,000           LA-2              $95,000,000
Class A-3               $110,000,000           LA-3             $110,000,000
Class A-4               $435,122,000           LA-4             $435,122,000
Class A-1A              $393,198,000           LA-1A            $393,198,000
Class AM                $154,270,000           LAM              $154,270,000
Class AJ                $109,917,000           LAJ              $109,917,000
Class B                  $30,854,000           LB                $30,854,000
Class C                  $15,427,000           LC                $15,427,000
Class D                  $26,997,000           LD                $26,997,000
Class E                  $17,355,000           LE                $17,355,000
Class F                  $25,069,000           LF                $25,069,000
Class G                  $15,427,000           LG                $15,427,000
Class H                  $15,427,000           LH                $15,427,000
Class J                  $9,642,000            LJ                $9,642,000
Class K                  $3,857,000            LK                $3,857,000
Class L                  $5,785,000            LL                $5,785,000
Class M                  $3,856,000            LM                $3,856,000
Class N                  $3,857,000            LN                $3,857,000
Class P                  $3,857,000            LP                $3,857,000
Class Q                  $21,212,551           LQ                $21,212,551
Class XR                $95,367,640*           LXR              $95,367,640**
* Class XR Notional Amount
** REMIC I Notional Amount

            The Lake in the Woods Trust Mortgage Loan is part of a group of
loans comprised of that Lake in the Woods Trust Mortgage Loan and another
mortgage loan, namely the Lake in the Woods B-Note Non-Trust Loan, that are both
secured by the same Mortgage encumbering the Lake in the Woods Mortgaged
Property. The Lake in the Woods Trust Mortgage Loan and the Lake in the Woods
B-Note Non-Trust Loan collectively constitute a Loan Combination. The relative
rights of the holder of the Lake in the Woods Trust Mortgage Loan and the holder
of the Lake in the Woods B-Note Non-Trust Loan are set forth in the Lake in the
Woods Intercreditor Agreement. As and to the extent provided in the Lake in the
Woods Intercreditor Agreement, the Lake in the Woods B-Note Non-Trust Loan is
subordinate in right of payment and in other respects to the Lake in the Woods
A-Note Trust Mortgage Loan.

            The ARC Portfolio Trust Mortgage Loan is part of a group of loans
comprised of that ARC Portfolio Trust Mortgage Loan and another mortgage loan,
namely the ARC Portfolio A-Note Non-Trust Mortgage Loan, that are both secured
by the same Mortgage encumbering the ARC Portfolio Mortgaged Property. The ARC
Portfolio Trust Mortgage Loan and the ARC Portfolio A-Note Non-Trust Loan
collectively constitute a Loan Combination. The relative rights of the holder of
the ARC Portfolio Trust Mortgage Loan and the holder of the ARC Portfolio A-Note
Non-Trust Loan are set forth in the ARC Portfolio Intercreditor Agreement. As
and to the extent provided in the ARC Portfolio Intercreditor Agreement, the ARC
Portfolio A-Note Non-Trust Mortgage Loan is, in general, (i) senior in priority
in respect of payment of principal with the ARC Portfolio A-Note Trust Mortgage
Loan, (ii) equal in priority in respect of payment of interest with the ARC
Portfolio A-Note Trust Mortgage Loan and (iii) senior in priority in respect of
payment of interest and principal to the ARC Portfolio B-Note Trust Mortgage
Loan but, in each case, only to the extent set forth in the ARC Portfolio
Intercreditor Agreement.

            The RLJ Portfolio Trust Mortgage Loan is part of a group of loans
comprised of that RLJ Portfolio Trust Mortgage Loan and three other mortgage
loans, namely the RLJ Portfolio A-Note Non-Trust Loans, that are all secured by
the same Mortgage encumbering the RLJ Portfolio Mortgaged Property. The RLJ
Portfolio Trust Mortgage Loan and the RLJ Portfolio A-Note Non-Trust Loans
collectively constitute the RLJ Portfolio Loan Combination. The RLJ Portfolio
Loan Combination will be serviced and administered pursuant to the Other Pooling
and Servicing Agreement, which provides for servicing arrangements that are
similar but not identical to those under the Agreement. The relative rights of
the holder of the RLJ Portfolio Trust Mortgage Loan and the holders of the RLJ
Portfolio A-Note Non-Trust Loans are set forth in the RLJ Portfolio
Intercreditor Agreement. As and to the extent provided in the RLJ Portfolio
Intercreditor Agreement, the RLJ Portfolio A-Note Non-Trust Loans are equal in
priority in respect of payment with the RLJ Portfolio Trust Mortgage Loan.

            As and to the extent provided herein (except the RLJ Portfolio
A-Note Non-Trust Loans), the Non-Trust Loans, although not part of the Trust
Fund, will be serviced and administered in accordance with this Agreement by the
applicable Master Servicer and by the Special Servicer.

            The portion of the Trust Fund consisting of (i) the Additional
Interest and the Additional Interest Account and (ii) amounts held from time to
time in the Collection Accounts and/or the Additional Interest Account that
represent Additional Interest shall be treated as a grantor trust for federal
income tax purposes, and such grantor trust will be designated as "Grantor Trust
Z". As provided herein, the Trustee shall take all actions reasonably necessary
to ensure that Grantor Trust Z maintains its status as a "grantor trust" under
federal income tax law and is not treated as part of REMIC I or REMIC II.

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

<PAGE>

                                   ARTICLE I

                                   DEFINITIONS

            SECTION 1.01. Defined Terms.

            Whenever used in this Agreement, including in the Preliminary
Statement, the following words and phrases, unless the context otherwise
requires, shall have the meanings specified in this Article.

            "30/360 Basis": The accrual of interest calculated on the basis of a
360-day year consisting of twelve 30-day months.

            "A/B Material Default": A "Material Default" under, and within the
meaning of the Lake in the Woods Intercreditor Agreement.

            "Acceptable Insurance Default": With respect to any Mortgage Loan,
any default under the related Mortgage Loan documents resulting from: (i) the
exclusion of acts of terrorism from coverage under the related "all risk"
casualty insurance policy maintained on the related Mortgaged Property and (ii)
the related Mortgagor's failure to obtain insurance that specifically covers
acts of terrorism, but, in each case, only if the Special Servicer has
determined, in its reasonable judgment (exercised in accordance with the
Servicing Standard), that (a) such insurance is not available at commercially
reasonable rates and the subject hazards are not commonly insured against by
prudent owners of similar real properties in similar locales (but only by
reference to such insurance that has been obtained by such owners at current
market rates) or (b) such insurance is not available at any rate. Subject to the
Servicing Standard, in making any of the determinations required in subclause
(a) or (b) of this definition, the Special Servicer shall be entitled to rely on
the opinion of an insurance consultant.

            "Accountant's Consent" As defined in Section 3.14.

            "Accrued Certificate Interest": With respect to any Class of
Sequential Pay Certificates, for any Distribution Date, one month's interest at
the Pass-Through Rate applicable to such Class of Certificates for such
Distribution Date, accrued on the related Class Principal Balance outstanding
immediately prior to such Distribution Date; and with respect to the Class X
Certificates for any Distribution Date, the aggregate of all Accrued Component
Interest with respect to the Class X Components for such Distribution Date.
Accrued Certificate Interest shall be calculated on a 30/360 Basis and, with
respect to any Class of Regular Certificates for any Distribution Date, shall be
deemed to accrue during the calendar month preceding the month in which such
Distribution Date occurs.

            "Accrued Component Interest": With respect to any Class X Component,
for any Distribution Date, one month's interest at the Class X Strip Rate with
respect to such Class X Component for such Distribution Date, accrued on the
Component Notional Amount of such Class X Component outstanding immediately
prior to such Distribution Date. Accrued Component Interest shall be calculated
on a 30/360 Basis and, with respect to any Class X Component, for any
Distribution Date, shall be deemed to accrue during the calendar month preceding
the month in which such Distribution Date occurs.

            "Actual/360 Basis": The accrual of interest calculated on the basis
of the actual number of days elapsed during any calendar month (or other
applicable accrual period) in a year assumed to consist of 360 days.

            "Actual/360 Mortgage Loan": Each Mortgage Loan that accrues interest
on an Actual/360 Basis.

            "Additional Exclusions": Exclusions relating to terrorism or acts of
war.

            "Additional Interest": With respect to any ARD Loan after its
Anticipated Repayment Date, all interest accrued on the principal balance of
such ARD Loan at the Additional Interest Rate (the payment of which interest
shall, under the terms of such Mortgage Loan, be deferred until the entire
outstanding principal balance of such ARD Loan has been paid), together with all
interest, if any, accrued at the related Mortgage Rate plus the related
Additional Interest Rate on such deferred interest. For purposes of this
Agreement, Additional Interest on an ARD Loan or any successor REO Loan with
respect thereto shall be deemed not to constitute principal or any portion
thereof and shall not be added to the unpaid principal balance or Stated
Principal Balance of such ARD Loan or successor REO Loan, notwithstanding that
the terms of the related Mortgage Loan documents so permit. To the extent that
any Additional Interest is not paid on a current basis, it shall be deemed to be
deferred interest.

            "Additional Interest Account": The segregated account or accounts
(which may be a sub-account of the Distribution Account) created and maintained
by the Trustee pursuant to Section 3.04(d), which shall be entitled "LaSalle
Bank National Association as Trustee, in trust for the registered holders of
Merrill Lynch Mortgage Trust 2006-C2, Commercial Mortgage Pass-Through
Certificates, Series 2006-C2, Additional Interest Account". The Additional
Interest Account shall not be an asset of either REMIC I or REMIC II.

            "Additional Interest Rate": With respect to any ARD Loan after its
Anticipated Repayment Date, the incremental increase in the per annum rate at
which such Mortgage Loan accrues interest after the Anticipated Repayment Date
(in the absence of defaults) as calculated and as set forth in the related
Mortgage Loan documents.

            "Additional Item 1123 Servicer": Any Additional Servicer that meets
the criteria in Item 1108(a)(2)(i), (ii) or (iii) of Regulation AB with respect
to the Subject Securitization Transaction.

            "Additional Servicer": Any Servicer, other than the Master
Servicers, the Special Servicer or the Trustee.

            "Additional Trust Fund Expense": Any Special Servicing Fees, Workout
Fees, Principal Recovery Fees and, in accordance with Sections 3.03(d) and
4.03(d), interest payable to the Master Servicers, the Special Servicer and the
Trustee on Advances (to the extent not offset by Default Charges or amounts
otherwise payable to any related Non-Trust Noteholder as provided herein) and
amounts payable to the Special Servicer in connection with inspections of
Mortgaged Properties required pursuant to the first sentence of Section 3.12(a)
(and not otherwise paid from Default Charges or amounts otherwise payable to any
related Non-Trust Noteholder as provided herein), as well as (without
duplication) any of the expenses of the Trust Fund that may be withdrawn (x)
pursuant to any of clauses (vii)(B), (ix), (xi), (xii), (xiii), (xv) and (xix)
of Section 3.05(a) out of collections on the related Trust Mortgage Loans or REO
Properties or out of general collections on the Trust Mortgage Loans and any REO
Properties on deposit in the Collection Accounts as indicated in such clauses of
Section 3.05(a), (y) pursuant to any of clauses (ix), (xi), (xii), (xiii) and
(xvi) of Section 3.05(e) out of collections on any Loan Combination or any
related Loan Combination REO Property on deposit in the related Loan Combination
Custodial Account as indicated in such clauses of Section 3.05(e) (but only to
the extent that such collections would have otherwise been transferred to the
applicable Collection Account with respect to the related Trust Mortgage Loan or
any successor Trust REO Loan with respect thereto), or (z) pursuant to clause
(ii) or any of clauses (iv) through (vi) of Section 3.05(b) out of general
collections on the Trust Mortgage Loans and any REO Properties on deposit in the
Distribution Account; provided that for purposes of the allocations contemplated
by Section 4.04 no such expense shall be deemed to have been incurred by the
Trust Fund until such time as the payment thereof is actually made from the
applicable Collection Account, the related Loan Combination Custodial Account or
the Distribution Account, as the case may be.

            "Additional Yield and Prepayment Amount": With respect to any Class
of Sequential Pay Certificates (other than any Excluded Class), for any
Distribution Date on which distributions of principal are being made with
respect to that Class of Certificates pursuant to Section 4.01(a), provided that
a Yield Maintenance Charge and/or Prepayment Premium was actually collected
during the related Collection Period on a Trust Mortgage Loan or a Trust REO
Loan (for purposes of this definition, the "Prepaid Loan") in the Loan Group as
to which the Holders of such Class of Certificates are/is receiving payments of
principal on such Distribution Date, the product of (a) such Yield Maintenance
Charge and/or Prepayment Premium, net of Workout Fees and Principal Recovery
Fees payable therefrom and net of any portion of such Yield Maintenance Charges
and/or Prepayment Premiums applied pursuant to Section 4.01(k) to reimburse one
or more Classes of Sequential Pay Certificates in respect of Realized Losses
and/or Additional Trust Fund Expenses previously allocated to such Class(es),
multiplied by (b) a fraction, which in no event will be greater than one, the
numerator of which is equal to the positive excess, if any, of (i) the
Pass-Through Rate for the subject Class of Sequential Pay Certificates over (ii)
the related Discount Rate, and the denominator of which is equal to the positive
excess, if any, of (i) the Mortgage Rate for the Prepaid Loan over (ii) the
related Discount Rate, multiplied by (c) a fraction, the numerator of which is
equal to the amount of principal distributable on the subject Class of
Sequential Pay Certificates on such Distribution Date (or, for so long as the
Class A-4 and Class A-1A Certificates are outstanding, principal distributable
on the subject Class of Sequential Pay Certificates on that Distribution Date
from collections on the applicable Loan Group that includes the Prepaid Loan),
pursuant to Section 4.01(a), and the denominator of which is equal to the
Principal Distribution Amount (or, so long as the Class A-4 and Class A-1A
Certificates are outstanding, the Loan Group 1 Principal Distribution Amount or
the Loan Group 2 Principal Distribution Amount, as applicable, based on which
Loan Group includes the Prepaid Loan) for such Distribution Date.

            "Advance": Any P&I Advance or Servicing Advance.

            "Adverse Grantor Trust Event": As defined in Section 10.02(e).

            "Adverse Rating Event": With respect to each Rating Agency that has
assigned a rating to any Class of rated Certificates, as of any date of
determination, the qualification, downgrade or withdrawal of the rating then
assigned to any such Class of rated Certificates by such Rating Agency (or the
placing of any such Class of rated Certificates on "negative credit watch"
status or "ratings outlook negative" status in contemplation of any such action
with respect thereto).

            "Adverse REMIC Event": As defined in Section 10.01(h).

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

            "Agreement": This Pooling and Servicing Agreement and all amendments
hereof and supplements hereto.

            "Annual Assessment Report": As defined in Section 3.14.

            "Annual Attestation Report": As defined in Section 3.14.

            "Annual Statement of Compliance": As defined in Section 3.13.

            "Anticipated Repayment Date": For each ARD Loan, the date specified
in the related Mortgage Note after which the rate per annum at which interest
accrues on such ARD Loan will increase as specified in the related Mortgage Note
(other than as a result of a default thereunder).

            "Appraisal": With respect to any Mortgage Loan, an appraisal of the
related Mortgaged Property from an Independent Appraiser selected by the Special
Servicer or the applicable Master Servicer, as the case may be, prepared in
accordance with 12 C.F.R. ss. 225.64 and conducted in accordance with the
standards of the Appraisal Institute by an Independent Appraiser, which
Independent Appraiser shall be advised to take into account the factors
specified in Section 3.09(a), any available environmental, engineering or other
third-party reports, and other factors that a prudent real estate appraiser
would consider. The applicable Master Servicer, the Special Servicer, the
Trustee may conclusively rely on any Appraisal obtained in accordance with this
Agreement.

            "Appraisal Reduction Amount": With respect to any Required Appraisal
Mortgage Loan, the excess, if any, of: (a) an amount, as calculated by the
applicable Master Servicer, based on information provided by the Special
Servicer and in consultation with the Controlling Class Representative, as of
the first Determination Date immediately succeeding the date on which the such
Master Servicer obtains knowledge of the subject Mortgage Loan becoming a
Required Appraisal Mortgage Loan, if no new Required Appraisal (or letter update
or internal valuation) is required, or otherwise the date on which a Required
Appraisal (or letter update or internal valuation, if applicable) is obtained,
and each anniversary of such Determination Date thereafter so long as the
subject Mortgage Loan remains a Required Appraisal Mortgage Loan, equal to the
sum (without duplication) of (i) the Stated Principal Balance of such Required
Appraisal Mortgage Loan, (ii) to the extent not previously advanced by or on
behalf of such Master Servicer, the Special Servicer or the Trustee, all unpaid
interest accrued on such Required Appraisal Mortgage Loan through the most
recent Due Date prior to such Determination Date at a per annum rate equal to
the related Net Mortgage Rate (exclusive of any portion thereof that constitutes
Additional Interest), (iii) all accrued but unpaid (from related collections)
Master Servicing Fees and Special Servicing Fees with respect to such Required
Appraisal Mortgage Loan and, without duplication, all accrued or otherwise
incurred but unpaid (from related collections) Additional Trust Fund Expenses
with respect to such Required Appraisal Mortgage Loan, (iv) all related
unreimbursed Advances made by or on behalf of such Master Servicer, the Special
Servicer or the Trustee with respect to such Required Appraisal Mortgage Loan,
together with (A) interest on those Advances and (B) any related Unliquidated
Advances and (v) all currently due and unpaid real estate taxes and unfunded
improvement reserves and assessments, insurance premiums and, if applicable,
ground rents with respect to the related Mortgaged Property; over (b) an amount
equal to the sum of (i) the Required Appraisal Value and (ii) all escrows,
reserves and letters of credit held as additional collateral held with respect
to such Required Appraisal Mortgage Loan. If the Special Servicer fails to
obtain a Required Appraisal (or letter update or internal valuation, if
applicable) within the time limit described in Section 3.09(a), and such
Required Appraisal (or letter update or internal valuation, if applicable) is
required thereunder, then the Appraisal Reduction Amount for the related
Required Appraisal Mortgage Loan will equal 25% of the Stated Principal Balance
of such Required Appraisal Mortgage Loan, to be adjusted upon receipt of a
Required Appraisal or letter update or internal valuation, if applicable.

            Notwithstanding anything herein to the contrary, each Loan
Combination shall be treated as a single Required Appraisal Mortgage Loan for
purposes of calculating an Appraisal Reduction Amount. Any Appraisal Reduction
Amount with respect to the Lake in the Woods Loan Combination shall be allocated
first to the Lake in the Woods B-Note Non-Trust Loan, up to the outstanding
principal balance thereof, and then to the Lake in the Woods Trust Mortgage
Loan. Any Appraisal Reduction Amount with respect to the ARC Portfolio Loan
Combination shall be allocated first to the ARC Portfolio B Note Trust Mortgage
Loan, up to the outstanding principal balance thereof, and then equal in
priority to the ARC Portfolio A-Note Trust Mortgage Loan and the ARC Portfolio
A-Note Non-Trust Mortgage Loan. Any Appraisal Reduction Amount with respect to
the RLJ Portfolio Loan Combination shall be allocated pursuant to the provisions
of the Other Pooling and Servicing Agreement.

            In the case of the RLJ Portfolio Loan Combination (or any successor
RLJ Portfolio REO Loan with respect thereto), any Appraisal Reduction Amount
will be calculated by the Other Special Servicer under and in accordance with
the Other Pooling and Servicing Agreement.

            "Appraised Value": With respect to each Mortgaged Property and REO
Property, the appraised value thereof based upon the most recent Appraisal (or
letter update or internal valuation, if applicable) that is contained in the
related Servicing File upon which the applicable Master Servicer, the Special
Servicer and the Trustee may conclusively rely.

            "ARC Portfolio A Note Non-Trust Mortgage Loan" means that loan that
is (a) not part of the Trust Fund, (b) has been designated under the ARC
Portfolio Intercreditor Agreement as "Note AFL," with an unpaid principal
balance of $60,000,000 as of the Cut-off Date, and (c) is secured by the same
mortgage encumbering the ARC Portfolio Mortgaged Property as is the ARC
Portfolio B Note Trust Mortgage Loan and the ARC Portfolio A Note Trust Mortgage
Loan.

            "ARC Portfolio A Note Trust Mortgage Loan" means that loan that is
(a) part of the Trust Fund, (b) has been designated under the ARC Portfolio
Intercreditor Agreement as "Note AFX," with an unpaid principal balance of
$90,000,000 as of the Cut-off Date, and (c) is secured by the same mortgage
encumbering the ARC Portfolio Mortgaged Property as is the ARC Portfolio B Note
Trust Mortgage Loan and the ARC Portfolio A Note Non-Trust Mortgage Loan.

            "ARC Portfolio B Note Trust Mortgage Loan" means that loan that is
(a) part of the Trust Fund, (b) has been designated under the ARC Portfolio
Intercreditor Agreement as "Note B," with an unpaid principal balance of
$80,000,000 as of the Cut-off Date, and (c) is secured by the same mortgage
encumbering the ARC Portfolio Mortgaged Property as is the ARC Portfolio A Note
Trust Mortgage Loan.

            "ARC Portfolio Borrower" means the Mortgagor under the ARC Portfolio
Loan Combination.

            "ARC Portfolio Controlling Party" means, the controlling class
representative (as the designee of the trust as holder of the ARC Portfolio
Trust Mortgage Loan).

            "ARC Portfolio Intercreditor Agreement" means, the co-lender
agreement by and between the holders of the ARC Portfolio Trust Mortgage Loan
and the ARC Portfolio A Note Non-Trust Mortgage Loan. Following the inclusion of
the ARC Portfolio Trust Mortgage Loan in the Trust Fund, the trust, acting
through the trustee, will be the holder of that mortgage loan and a party to the
ARC Portfolio Intercreditor Agreement.

            "ARC Portfolio Loan Combination" means, collectively, the ARC
Portfolio Trust Mortgage Loan and the ARC Portfolio A Note Non-Trust Mortgage
Loan.

            "ARC Portfolio Mortgaged Property" means the Mortgaged Real Property
identified on Schedule I to this Agreement as ARC Portfolio.

            "ARC Portfolio Triggering Event" means any monetary event of default
or non-monetary event of default of the ARC Portfolio Borrower which caused a
Servicing Transfer Event to occur with respect to the ARC Portfolio Trust
Mortgage Loan.

            "ARC Portfolio REO Property": With respect to the ARC Portfolio Loan
Combination, the related Loan Combination REO Property.

            "ARC Portfolio Trust Mortgage Loan" means the ARC Portfolio A Note
Trust Mortgage Loan and the ARC Portfolio B Note Trust Mortgage Loan.

            "ARD Loan": Any Mortgage Loan that provides that if the unamortized
principal balance thereof is not repaid on its Anticipated Repayment Date, such
Mortgage Loan will accrue Additional Interest at the rate specified in the
related Mortgage Note and the Mortgagor is required to apply excess monthly cash
flow generated by the related Mortgaged Property to the repayment of the
outstanding principal balance on such Mortgage Loan.

            "Artesia": Artesia Mortgage Capital Corporation, a Delaware
corporation, or its successor in interest.

            "Artesia Mortgage Loan Purchase Agreement": That certain mortgage
loan purchase agreement, dated as of August 8, 2006, between the Depositor and
Artesia and relating to the transfer of the Artesia Trust Mortgage Loans to the
Depositor.

            "Artesia Trust Mortgage Loans": Each Trust Mortgage Loan transferred
and assigned to the Depositor pursuant to the Artesia Mortgage Loan Purchase
Agreement.

            "Asset Status Report": As defined in Section 3.21(c).

            "Assignment of Leases": With respect to any Mortgaged Property, any
assignment of leases, rents and profits or similar document or instrument
executed by the Mortgagor in connection with the origination of the related
Mortgage Loan.

            "Assumed Periodic Payment": With respect to any Balloon Loan for its
Stated Maturity Date (provided that such Mortgage Loan has not been paid in full
and no other Liquidation Event has occurred in respect thereof on or before such
Stated Maturity Date) and for any related Due Date thereafter as of which such
Mortgage Loan remains outstanding and part of the Trust Fund (or, in the case of
a Non-Trust Loan for any Due Date, as of which such Mortgage Loan remains
outstanding and the related Trust Mortgage Loan remains part of the Trust Fund),
the Periodic Payment of principal and/or interest deemed to be due in respect
thereof on such Due Date equal to the Periodic Payment that would have been due
in respect of such Mortgage Loan on such Due Date if the related Mortgagor had
been required to continue to pay principal in accordance with the amortization
schedule, if any, and to accrue interest at the Mortgage Rate, in effect
immediately prior to, and without regard to the occurrence of, its Stated
Maturity Date. With respect to any REO Loan, for any related Due Date as of
which the related REO Property or any interest therein remains part of the Trust
Fund, the Periodic Payment of principal and/or interest deemed to be due in
respect thereof on such Due Date equal to the Periodic Payment that would have
been due in respect of the predecessor Mortgage Loan on such Due Date had it
remained outstanding (or, if the predecessor Mortgage Loan was a Balloon Loan
and such Due Date coincides with or follows what had been its Stated Maturity
Date, equal to the Assumed Periodic Payment that would have been deemed due in
respect of the predecessor Mortgage Loan on such Due Date had it remained
outstanding).

            "Authenticating Agent": Any authenticating agent appointed pursuant
to Section 8.12 (or, in the absence of any such appointment, the Trustee).

            "Available Distribution Amount": With respect to any Distribution
Date, an amount equal to (a) the sum, without duplication, of (i) the aggregate
of the amounts on deposit in the Collection Accounts and the Distribution
Account as of the close of business on the related Determination Date and the
amounts collected by or on behalf of the Master Servicers as of the close of
business on such Determination Date and required to be deposited in the
Collection Accounts (ii) the aggregate amount of any P&I Advances made by the
Master Servicers or the Trustee for distribution on the Certificates on such
Distribution Date pursuant to Section 4.03, (iii) the aggregate amount
transferred from the Pool REO Account (if established) and/or any Loan
Combination Custodial Account to the applicable Collection Account after the
Determination Date in the month of such Distribution Date, but on or prior to
the P&I Advance Date in such month, pursuant to Section 3.16(c) and/or Section
3.05(e), as applicable, (iv) the aggregate amounts deposited by the Master
Servicers in their respective Collection Accounts for such Distribution Date
pursuant to Section 3.19(a) in connection with Prepayment Interest Shortfalls
and Casualty/Condemnation Interest Shortfalls, and (v) for each Distribution
Date occurring in March (or February, if the related Distribution Date is the
final Distribution Date), the aggregate of the Interest Reserve Amounts in
respect of each Interest Reserve Loan deposited into the Distribution Account
pursuant to Section 3.05(c), net of (b) the portion of the amount described in
clause (a) of this definition that represents one or more of the following: (i)
collected Periodic Payments that are due on a Due Date following the end of the
related Collection Period, (ii) any amounts payable or reimbursable to any
Person from (A) a Collection Account pursuant to clauses (ii)-(xvi), (xix) and
(xxi) of Section 3.05(a) or (B) the Distribution Account pursuant to clauses
(ii)-(vi) and (ix) of Section 3.05(b), (iii) Prepayment Premiums and Yield
Maintenance Charges, (iv) Additional Interest, (v) with respect to the
Distribution Date occurring in February of each year and in January of each year
that is not a leap year (unless, in either case, the related Distribution Date
is the final Distribution Date), the Interest Reserve Amounts with respect to
the Interest Reserve Loans to be withdrawn from the Distribution Account and
deposited in the Interest Reserve Account in respect of such Distribution Date
and held for future distribution, pursuant to Section 3.04(c), and (vi) any
amounts deposited in a Master Servicer's Collection Account or the Distribution
Account in error.

            "B-Note Loan Holder": The holder of (i) the Mortgage Note for the
Lake in the Woods B-Note Non-Trust Loan and (ii) the corresponding rights under
the Lake in the Woods Intercreditor Agreement.

            "B-Note Non-Trust Loan": With respect to the Lake in the Woods Trust
Mortgage Loan, the other Mortgage Loan that (i) is not included in the Trust
Fund, (ii) is subordinate in right of payment and in other respects to such Lake
in the Woods Trust Mortgage Loan to the extent set forth in the Lake in the
Woods Intercreditor Agreement and (iii) is secured by the same Mortgage on the
same Mortgaged Property as such Lake in the Woods Trust Mortgage Loan.

            "Balloon Loan": Any Mortgage Loan that by its original terms or by
virtue of any modification entered into as of the Closing Date provides for an
amortization schedule extending beyond its Stated Maturity Date.

            "Balloon Payment": With respect to any Balloon Loan as of any date
of determination, the Scheduled Payment payable on the Stated Maturity Date of
such Mortgage Loan.

            "Bankruptcy Code": The federal Bankruptcy Code, as amended from time
to time (Title 11 of the United States Code).

            "Book-Entry Certificate": Any Certificate registered in the name of
the Depository or its nominee.

            "Book-Entry Non-Registered Certificate": Any Book-Entry Certificate
that is a Non-Registered Certificate.

            "Breach": As defined in Section 2.03(a).

            "Business Day": Any day other than a Saturday, a Sunday or a day on
which banking institutions in New York, New York or the city in which the
Corporate Trust Office of the Trustee (which as of the Closing Date is Chicago,
Illinois), or the offices of either Master Servicer or the Special Servicer
(which as of the Closing Date is Charlotte, North Carolina with respect to
Master Servicer No. 1, Dallas, Texas with respect to Master Servicer No. 2 and
McLean, Virginia with respect to the Special Servicer), are located, are
authorized or obligated by law or executive order to remain closed.

            "Casualty/Condemnation Interest Shortfall": With respect to any
Trust Mortgage Loan as to which a Casualty/Condemnation Principal Prepayment was
received during any Collection Period and was applied to such Mortgage Loan as
an unscheduled payment of principal prior to such Mortgage Loan's Due Date in
such Collection Period, the amount of interest, to the extent not collected from
the related Mortgagor, that would have accrued (at a rate per annum equal to the
sum of (x) the related Net Mortgage Rate for such Mortgage Loan and (y) the
Trust Administration Fee Rate) on the amount of such Casualty/Condemnation
Principal Prepayment during the period commencing on the date as of which such
Casualty/Condemnation Principal Prepayment was applied to such Mortgage Loan and
ending on the day immediately preceding such Due Date, inclusive (net of any
portion of such interest that would have constituted Penalty Interest and/or
Additional Interest, if applicable).

            "Casualty/Condemnation Principal Prepayment": With respect to any
Trust Mortgage Loan, any amounts constituting Insurance Proceeds or amounts
received in connection with the taking of all or a part of a Mortgaged Property
by the exercise of the power of eminent domain or condemnation, that are applied
as an unscheduled principal prepayment in accordance with the provisions of this
Pooling and Servicing Agreement, in reduction of the principal balance of such
Mortgage Loan.

            "CERCLA": The Comprehensive Environmental Response, Compensation and
Liability Act of 1980, as amended.

            "Certificate": Any one of the Merrill Lynch Mortgage Trust 2006-C2,
Commercial Mortgage Pass-Through Certificates, Series 2006-C2, as executed by
the Certificate Registrar and authenticated and delivered hereunder by the
Authenticating Agent.

            "Certificate Factor": With respect to any Class of Sequential Pay
Certificates or the Class X Certificates, as of any date of determination, a
fraction, expressed as a decimal carried to at least eight places, the numerator
of which is the then current Class Principal Balance or Class X Notional Amount,
as applicable, of such Class of Certificates and the denominator of which is the
Original Notional Amount or Original Class Principal Balance, as the case may
be, of such Class of Certificates.

            "Certificate Notional Amount": With respect to any Class X or Class
XR Certificate, as of any date of determination, the then notional amount of
such Certificate equal to the product of (a) the Percentage Interest evidenced
by such Certificate, multiplied by (b) the then Class X Notional Amount or Class
XR Notional Amount.

            "Certificate Owner": With respect to a Book-Entry Certificate, the
Person who is the beneficial owner of such Certificate as reflected on the books
of the Depository or on the books of a Depository Participant or on the books of
an indirect participating brokerage firm for which a Depository Participant acts
as agent.

            "Certificate Principal Balance": With respect to any Sequential Pay
Certificate, as of any date of determination, the then outstanding principal
amount of such Certificate equal to the product of (a) the Percentage Interest
evidenced by such Certificate, multiplied by (b) the then Class Principal
Balance of the Class of Certificates to which such Certificate belongs.

            "Certificate Register" and "Certificate Registrar": The register
maintained and the registrar appointed pursuant to Section 5.02(a).

            "Certificateholder": The Person in whose name a Certificate is
registered in the Certificate Register, except that (i) neither a Disqualified
Organization nor a Disqualified Non-United States Tax Person shall be Holder of
a Residual Certificate for any purpose hereof and, (ii) solely for the purposes
of giving any consent, approval or waiver pursuant to this Agreement that
relates to any of the Depositor, any Mortgage Loan Seller, either Master
Servicer, the Special Servicer or the Trustee in its respective capacity as such
(except with respect to amendments or waivers referred to in Sections 7.04 and
11.01 hereof and any consent, approval or waiver required or permitted to be
made by the Plurality Subordinate Certificateholder or the Controlling Class
Representative and any election, removal or replacement of the Special Servicer
or the Controlling Class Representative pursuant to Section 6.09), any
Certificate registered in the name of the Depositor, any Mortgage Loan Seller,
either Master Servicer, the Special Servicer or the Trustee, as the case may be,
or any Certificate registered in the name of any of their respective Affiliates,
shall be deemed not to be outstanding, and the Voting Rights to which it is
entitled shall not be taken into account in determining whether the requisite
percentage of Voting Rights necessary to effect any such consent, approval or
waiver that relates to it has been obtained. The Certificate Registrar shall be
entitled to request and conclusively rely upon a certificate of the Depositor,
the Trustee, either Master Servicer or the Special Servicer in determining
whether a Certificate is registered in the name of an Affiliate of such Person.
All references herein to "Holders" or "Certificateholders" shall reflect the
rights of Certificate Owners as they may indirectly exercise such rights through
the Depository and the Depository Participants, except as otherwise specified
herein; provided, however, that the parties hereto shall be required to
recognize as a "Holder" or "Certificateholder" only the Person in whose name a
Certificate is registered in the Certificate Register.

            "Certification Parties": As defined in Section 8.16(b).

            "Certifying Person": As defined in Section 8.16(b).

            "Class": Collectively, all of the Certificates bearing the same
alphabetic or alphanumeric, as applicable, class designation.

            "Class A Senior Certificates": The Class A-1, Class A-2, Class A-3,
Class A-4 and Class A-1A Certificates.

            "Class A-1 Certificate": Any one of the Certificates with a "Class
A-1" designation on the face thereof, substantially in the form of Exhibit A-1
attached hereto, and evidencing a "regular interest" in REMIC II for purposes of
the REMIC Provisions.

            "Class A-1A Certificate": Any one of the Certificates with a "Class
A-1A" designation on the face thereof, substantially in the form of Exhibit A-1
attached hereto, and evidencing a "regular interest" in REMIC II for purposes of
the REMIC Provisions.

            "Class A-2 Certificate": Any one of the Certificates with a "Class
A-2" designation on the face thereof, substantially in the form of Exhibit A-1
attached hereto, and evidencing a "regular interest" in REMIC II for purposes of
the REMIC Provisions.

            "Class A-3 Certificate": Any one of the Certificates with a "Class
A-3" designation on the face thereof, substantially in the form of Exhibit A-1
attached hereto, and evidencing a "regular interest" in REMIC II for purposes of
the REMIC Provisions.

            "Class A-4 Certificate": Any one of the Certificates with a "Class
A-4" designation on the face thereof, substantially in the form of Exhibit A-1
attached hereto, and evidencing a "regular interest" in REMIC II for purposes of
the REMIC Provisions.

            "Class AJ Certificate": Any one of the Certificates with a "Class
AJ" designation on the face thereof, substantially in the form of Exhibit A-4
attached hereto, and evidencing a "regular interest" in REMIC II for purposes of
the REMIC Provisions.

            "Class AM Certificate": Any one of the Certificates with a "Class
AM" designation on the face thereof, substantially in the form of Exhibit A-4
attached hereto, and evidencing a "regular interest" in REMIC II for purposes of
the REMIC Provisions.

            "Class B Certificate": Any one of the Certificates with a "Class B"
designation on the face thereof, substantially in the form of Exhibit A-4
attached hereto, and evidencing a "regular interest" in REMIC II for purposes of
the REMIC Provisions.

            "Class C Certificate": Any one of the Certificates with a "Class C"
designation on the face thereof, substantially in the form of Exhibit A-4
attached hereto, and evidencing a "regular interest" in REMIC II for purposes of
the REMIC Provisions.

            "Class D Certificate": Any one of the Certificates with a "Class D"
designation on the face thereof, substantially in the form of Exhibit A-4
attached hereto, and evidencing a "regular interest" in REMIC II for purposes of
the REMIC Provisions.

            "Class E Certificate": Any one of the Certificates with a "Class E"
designation on the face thereof, substantially in the form of Exhibit A-5
attached hereto, and evidencing a "regular interest" in REMIC II for purposes of
the REMIC Provisions.

            "Class F Certificate": Any one of the Certificates with a "Class F"
designation on the face thereof, substantially in the form of Exhibit A-5
attached hereto, and evidencing a "regular interest" in REMIC II for purposes of
the REMIC Provisions.

            "Class G Certificate": Any one of the Certificates with a "Class G"
designation on the face thereof, substantially in the form of Exhibit A-5
attached hereto, and evidencing a "regular interest" in REMIC II for purposes of
the REMIC Provisions.

            "Class H Certificate": Any one of the Certificates with a "Class H"
designation on the face thereof, substantially in the form of Exhibit A-5
attached hereto, and evidencing a "regular interest" in REMIC II for purposes of
the REMIC Provisions.

            "Class J Certificate": Any one of the Certificates with a "Class J"
designation on the face thereof, substantially in the form of Exhibit A-6
attached hereto, and evidencing a "regular interest" in REMIC II for purposes of
the REMIC Provisions.

            "Class K Certificate": Any one of the Certificates with a "Class K"
designation on the face thereof, substantially in the form of Exhibit A-6
attached hereto, and evidencing a "regular interest" in REMIC II for purposes of
the REMIC Provisions.

            "Class L Certificate": Any one of the Certificates with a "Class L"
designation on the face thereof, substantially in the form of Exhibit A-6
attached hereto, and evidencing a "regular interest" in REMIC II for purposes of
the REMIC Provisions.

            "Class M Certificate": Any one of the Certificates with a "Class M"
designation on the face thereof, substantially in the form of Exhibit A-6
attached hereto, and evidencing a "regular interest" in REMIC II for purposes of
the REMIC Provisions.

            "Class N Certificate": Any one of the Certificates with a "Class N"
designation on the face thereof, substantially in the form of Exhibit A-6
attached hereto, and evidencing a "regular interest" in REMIC II for purposes of
the REMIC Provisions.

            "Class P Certificate": Any one of the Certificates with a "Class P"
designation on the face thereof, substantially in the form of Exhibit A-6
attached hereto, and evidencing a "regular interest" in REMIC II for purposes of
the REMIC Provisions.

            "Class Principal Balance": The aggregate principal balance of any
Class of Sequential Pay Certificates outstanding from time to time. As of the
Closing Date, the Class Principal Balance of each Class of Sequential Pay
Certificates shall equal the Original Class Principal Balance thereof. On each
Distribution Date, the Class Principal Balance of each of the respective Classes
of the Sequential Pay Certificates shall be reduced by the amount of any
distributions of principal made thereon on such Distribution Date pursuant to
Section 4.01 or 9.01, as applicable, and shall be further reduced by the amount
of any Realized Losses and Additional Trust Fund Expenses allocated thereto on
such Distribution Date pursuant to the first paragraph of Section 4.04(a). The
respective Class Principal Balances of the various Classes of Sequential Pay
Certificates shall be increased, as and to the extent and in the order provided
in the second paragraph of Section 4.04(a), in connection with any recoveries of
Nonrecoverable Advances and/or interest thereon which were reimbursed and/or
paid in a prior Collection Period from the principal portion of general
collections on the Mortgage Pool and which are included in the Principal
Distribution Amount for the current Distribution Date. Distributions in respect
of a reimbursement of Realized Losses and Additional Trust Fund Expenses
previously allocated to a Class of Sequential Pay Certificates shall not
constitute distributions of principal and shall not result in reduction of the
related Class Principal Balance.

            "Class Q Certificate": Any one of the Certificates with a "Class Q"
designation on the face thereof, substantially in the form of Exhibit A-6
attached hereto, and evidencing a "regular interest" in REMIC II for purposes of
the REMIC Provisions.

            "Class R-I Certificate": Any one of the Certificates with a "Class
R-I" designation on the face thereof, substantially in the form of Exhibit A-7
attached hereto, and evidencing the sole class of "residual interests" in REMIC
I for purposes of the REMIC Provisions.

            "Class R-II Certificate": Any one of the Certificates with a "Class
R-II" designation on the face thereof, substantially in the form of Exhibit A-7
attached hereto, and evidencing the sole class of "residual interests" in REMIC
II for purposes of the REMIC Provisions.

            "Class X Certificate": Any one of the Certificates with a "Class X"
designation on the face thereof, substantially in the form of Exhibit A-3
attached hereto, and evidencing a "regular interest" in REMIC II for purposes of
the REMIC Provisions.

            "Class X Component": Any of the 21 components of the Class X
Certificates listed in the following table.

                CLASS DESIGNATION OF
    CLASS X        CORRESPONDING
   COMPONENT       CERTIFICATES
   ---------       ------------
     X-A-1              A-1
     X-A-2              A-2
     X-A-3              A-3
     X-A-4              A-4
     X-A-1A            A-1A
      X-AM              AM
      X-AJ              AJ
      X-B                B
      X-C                C
      X-D                D
      X-E                E
      X-F                F
      X-G                G
      X-H                H
      X-J                J
      X-K                K
      X-L                L
      X-M                M
      X-N                N
      X-P                P
      X-Q                Q

            "Class X Notional Amount": With respect to the Class X Certificates
and any date of determination, the sum of the then Component Notional Amounts of
all of the Class X Components.

            "Class X Strip Rate": With respect to any Class X Component, for any
Distribution Date, a rate per annum equal to (i) the Weighted Average Net
Mortgage Pass-Through Rate for such Distribution Date, minus (ii) the
Pass-Through Rate for the Corresponding Certificates (other than the Class XR
Certificates) for such Distribution Date. In no event, however, shall any Class
X Strip Rate be less than zero.

            "Class XR Certificate": Any one of the Certificates with a "Class
XR" designation on the face thereof, substantially in the form of Exhibit A-9
attached hereto, and evidencing a "regular interest" in REMIC II for purposes of
the REMIC Provisions.

            "Class XR Notional Amount": With respect to the Class XR
Certificates and any date of determination, the outstanding principal balance of
the RLJ Portfolio Trust Mortgage Loan.

            "Class XR Pass-Through Rate": With respect to the Class XR
Certificates, (i) during any Interest Accrual Period prior to September 2013, 0%
and (ii) during any Interest Accrual Period beginning in September 2013 and for
so long as the RLJ Portfolio Trust Mortgage Loan remains outstanding, a rate per
annum equal to 0.57%; provided that, because the RLJ Portfolio Trust Mortgage
Loan accrues interest on a 30/360 Basis, then, in months that have 31 days, the
Class XR Pass-Through Rate will be converted to an annual rate that would
produce an equivalent amount of interest accrued on the basis of an assumed 360
day year consisting of twelve 30 day months.

            "Class XR Strip Rate": With respect to the Class XR Certificates a
rate equal to 0.57% per annum.

            "Class Z Certificate": Any one of the Certificates with a "Class Z"
designation on the face thereof, substantially in the form of Exhibit A-8
attached hereto, and evidencing a proportionate interest in Grantor Trust Z.

            "Clearstream": Clearstream Banking, Luxembourg or any successor.

            "Closing Date": August 17, 2006.

            "CMSA": The Commercial Mortgage Securities Association, or any
association or organization that is a successor thereto. If neither such
association nor any successor remains in existence, "CMSA" shall be deemed to
refer to such other association or organization as may exist whose principal
membership consists of servicers, trustees, issuers, placement agents and
underwriters generally involved in the commercial mortgage loan securitization
industry, which is the principal such association or organization in the
commercial mortgage loan securitization industry and one of whose principal
purposes is the establishment of industry standards for reporting
transaction-specific information relating to commercial mortgage-backed
pass-through certificates and commercial mortgage-backed bonds and the
commercial mortgage loans and foreclosed properties underlying or backing them
to investors holding or owning such certificates or bonds, and any successor to
such other association or organization. If an organization or association
described in one of the preceding sentences of this definition does not exist,
"CMSA" shall be deemed to refer to such other association or organization as
shall be selected by the Master Servicers (or, in the event of a failure of both
Master Servicers to agree on an association or organization, as shall be
selected by the Trustee) and reasonably acceptable to the Trustee (if the Master
Servicers make the determination), the Special Servicer and the Controlling
Class Representative.

            "CMSA Advance Recovery Report": A report substantially in the form
of, and containing the information called for in, the downloadable form of the
"Advance Recovery Report" available as of the Closing Date on the CMSA Website,
or such other form for the presentation of such information and containing such
additional information as may from time to time be recommended by the CMSA for
commercial mortgage-backed securities transactions generally.

            "CMSA Bond Level File": The monthly report substantially in the form
of, and containing the information called for in, the downloadable form of the
"Bond Level File" available as of the Closing Date on the CMSA Website, or such
other form for the presentation of such information and containing such
additional information as may from time to time be recommended by the CMSA for
commercial mortgage-backed securities transactions generally.

            "CMSA Collateral Summary File": A report substantially in the form
of, and containing the information called for in, the downloadable form of the
"Collateral Summary File" available as of the Closing Date on the CMSA Website,
or such other form for the presentation of such information and containing such
additional information as may from time to time be recommended by the CMSA for
commercial mortgage-backed securities transactions generally.

            "CMSA Comparative Financial Status Report": A report substantially
in the form of, and containing the information called for in, the downloadable
form of the "Comparative Financial Status Report" available as of the Closing
Date on the CMSA Website, or such other form for the presentation of such
information and containing such additional information as may from time to time
be recommended by the CMSA for commercial mortgage-backed securities
transactions generally.

            "CMSA Delinquent Loan Status Report": A report substantially in the
form of, and containing the information called for in, the downloadable form of
the "Delinquent Loan Status Report" available as of the Closing Date on the CMSA
Website, or such other form for the presentation of such information and
containing such additional information as may from time to time be recommended
by the CMSA for commercial mortgage-backed securities transactions generally.

            "CMSA Financial File": A report substantially in the form of, and
containing the information called for in, the downloadable form of the
"Financial File" available as of the Closing Date on the CMSA Website, or such
other form for the presentation of such information and containing such
additional information as may from time to time be recommended by the CMSA for
commercial mortgage-backed securities transactions generally.

            "CMSA Historical Liquidation Report": A report substantially in the
form of, and containing the information called for in, the downloadable form of
the "Historical Liquidation Report" available as of the Closing Date on the CMSA
Website, or such other form for the presentation of such information and
containing such additional information as may from time to time be recommended
by the CMSA for commercial mortgage-backed securities transactions generally.

            "CMSA Historical Loan Modification and Corrected Mortgage Loan
Report": A report substantially in the form of, and containing the information
called for in, the downloadable form of the "Historical Loan Modification and
Corrected Mortgage Loan Report" available as of the Closing Date on the CMSA
Website, or such other form for the presentation of such information and
containing such additional information as may from time to time be recommended
by the CMSA for commercial mortgage-backed securities transactions generally.

            "CMSA Loan Level Reserve/LOC Report": A report substantially in the
form of, and containing the information called for in, the downloadable form of
the "Loan Level Reserve Report" on the CMSA Website, or in such other form for
the presentation of such information and containing such additional information
as may from time to time be recommended by the CMSA for commercial mortgage
securities transactions generally.

            "CMSA Loan Periodic Update File": The monthly report substantially
in the form of, and containing the information called for in, the downloadable
form of the "Loan Periodic Update File" available as of the Closing Date on the
CMSA Website, or such other form for the presentation of such information and
containing such additional information as may from time to time be recommended
by the CMSA for commercial mortgage-backed securities transactions generally.

            "CMSA Loan Setup File": A report substantially in the form of, and
containing the information called for in, the downloadable form of the "Loan
Setup File" available as of the Closing Date on the CMSA Website, or such other
form for the presentation of such information and containing such additional
information as may from time to time be recommended by the CMSA for commercial
mortgage-backed securities transactions generally.

            "CMSA NOI Adjustment Worksheet": A report substantially in the form
of, and containing the information called for in, the downloadable form of the
"NOI Adjustment Worksheet" available as of the Closing Date on the CMSA Website,
or such other form for the presentation of such information and containing such
additional information as may from time to time be recommended by the CMSA for
commercial mortgage-backed securities transactions generally, and in any event,
shall present the computations made in accordance with the methodology described
in such form to "normalize" the full year net operating income, net cash flow
and debt service coverage numbers used in the other reports required by this
Agreement.

            "CMSA Operating Statement Analysis Report": A report substantially
in the form of, and containing the information called for in, the downloadable
form of the "Operating Statement Analysis Report" available as of the Closing
Date on the CMSA Website or in such other form for the presentation of such
information and containing such additional information as may from time to time
be recommended by the CMSA for commercial mortgage-backed securities
transactions generally.

            "CMSA Property File": A report substantially in the form of, and
containing the information called for in, the downloadable form of the "Property
File" available as of the Closing Date on the CMSA Website, or such other form
for the presentation of such information and containing such additional
information as may from time to time be recommended by the CMSA for commercial
mortgage-backed securities transactions generally.

            "CMSA Reconciliation of Funds Report": A report substantially in the
form of, and containing the information called for in, the downloadable form of
the "Reconciliation of Funds Report" available as of the Closing Date on the
CMSA Website, or in such other form for the presentation of such information and
containing such additional information as may from time to time be recommended
by the CMSA for commercial mortgage-backed securities transactions generally.

            "CMSA REO Status Report": A report substantially in the form of, and
containing the information called for in, the downloadable form of the "REO
Status Report" available on the CMSA Website, or in such other form for the
presentation of such information and containing such additional information as
may from time to time be recommended by the CMSA for commercial mortgage
securities transactions generally.

            "CMSA Servicer Watch List": A report substantially in the form of,
and containing the information called for in, the downloadable form of the
"Servicer Watch List" available as of the Closing Date on the CMSA Website, or
in such other form for the presentation of such information and containing such
additional information as may from time to time be recommended by the CMSA for
commercial mortgage-backed securities transactions generally.

            "CMSA Special Servicer Loan File": A report substantially in the
form of, and containing the information called for in, the downloadable form of
the "Special Servicer Loan File" on the CMSA Website, or in such other form for
the presentation of such information and containing such additional information
as may from time to time be recommended by the CMSA for commercial mortgage
securities transactions generally.

            "CMSA Website": The CMSA's website located at "www.cmbs.org" or such
other primary website as the CMSA may establish for dissemination of its report
forms.

            "Code": The Internal Revenue Code of 1986, as amended, and
applicable temporary or final regulations of the U.S. Department of the Treasury
promulgated thereunder.

            "Collection Account": One or more segregated accounts created and
maintained by each Master Servicer pursuant to Section 3.04(a) on behalf of the
Trustee in trust for the Certificateholders, which shall be entitled
substantially as follows: in the case of Wachovia, "Wachovia Bank, National
Association, as Master Servicer for LaSalle Bank National Association, as
Trustee, on behalf of and in trust for the registered holders of Merrill Lynch
Mortgage Trust 2006-C2, Commercial Mortgage Pass-Through Certificates, Series
2006-C2", and in the case of Prudential Asset Resources, Inc., "Prudential Asset
Resources, Inc., as Master Servicer for LaSalle Bank National Association, as
Trustee, on behalf of and in trust for the registered holders of Merrill Lynch
Mortgage Trust 2006-C2, Commercial Mortgage Pass-Through Certificates, Series
2006-C2".

            "Collection Period": Individually and collectively, as the context
may require: with respect to each Mortgage Loan and any successor REO Loan with
respect thereto, for any Distribution Date, the period commencing on the day
immediately following the related Determination Date for such Mortgage Loan for
the preceding Distribution Date (or, in the case of the initial Distribution
Date, commencing immediately following the Cut-off Date) and ending on and
including the related Determination Date for such Mortgage Loan for the subject
Distribution Date. For the purposes of this Agreement, with respect to any
Distribution Date, the Collection Period that corresponds to that Distribution
Date (including, for example, but without limitation, references to "the related
Collection Period") shall mean the Collection Periods (determined in accordance
with the preceding sentence) ending in the month in which such Distribution Date
occurs that are applicable to the Merrill Trust Mortgage Loans, the Artesia
Trust Mortgage Loans, the IXIS Trust Mortgage Loans and/or the Prudential Trust
Mortgage Loans, as applicable.

            "Commission": The United States Securities and Exchange Commission
or any successor agency.

            "Component Notional Amount": With respect to each Class X Component
and any date of determination, an amount equal to the then REMIC I Principal
Balance of its Corresponding REMIC I Regular Interest.

            "Controlling Class": As of any date of determination, the most
subordinate Class of Sequential Pay Certificates (based on the payment
priorities set forth in Section 4.01(a)) that has a Class Principal Balance that
is greater than 25% of the Original Class Principal Balance thereof (without
considering any Appraisal Reduction Amounts); provided, however, that if no
Class of Sequential Pay Certificates has a Class Principal Balance that
satisfies such requirement, then the Controlling Class shall be the most
subordinate outstanding Class of Sequential Pay Certificates (based on the
payment priorities set forth in Section 4.01(a)) with a Class Principal Balance
greater than zero. With respect to determining and exercising the rights of the
Controlling Class, the Class A Senior Certificates shall collectively be deemed
to be a single Class of Certificates.

            "Controlling Class Representative": As defined in Section 3.25.

            "Corporate Trust Office": The principal corporate trust office of
the Trustee at which at any particular time its asset-backed securities trust
business with respect to this Agreement shall be administered, which office at
the date of the execution of this Agreement is located at 135 S. LaSalle St.,
Chicago, IL 60603, Attn: Global Securities and Trust Services - MLMT 2006-C2.

            "Corrected Mortgage Loan": Any Mortgage Loan that had been a
Specially Serviced Mortgage Loan but has ceased to be a Specially Serviced
Mortgage Loan in accordance with the definition of "Specially Serviced Mortgage
Loan."

            "Corresponding Certificates": With respect to any REMIC I Regular
Interest, the Class of Sequential Pay Certificates or Class XR Certificates for
which such REMIC I Regular Interest is the Corresponding REMIC I Regular
Interest. With respect to any Class X Component, the Class of Sequential Pay
Certificates designated as the "Corresponding Certificates" for such Class X
Component in the definition of "Class X Component."

            "Corresponding REMIC I Regular Interest": As defined in the
Preliminary Statement with respect to any Class of Sequential Pay Certificates
or Class XR Certificates. With respect to any Class X Component, the REMIC I
Regular Interest that, with the replacement of "L" with "X-", at the beginning
of its designation, has the same alphabetic or alphanumeric designation as such
Class X Component.

            "Crossed Loan": As defined in Section 2.03(a). The Mortgage Loans
comprising a Loan Combination and the RLJ Portfolio Loan Combination shall not
be deemed to be Crossed Loans for purposes of this Agreement.

            "Crossed Loan Group": As defined in Section 2.03(a).

            "Cut-off Date": Individually and collectively, as the context may
require: with respect to each Mortgage Loan, the related Due Date of such
Mortgage Loan in August 2006; or, with respect to any Mortgage Loan that has its
first Due Date in July 2006, August 1, 2006.

            "Cut-off Date Balance": With respect to any Mortgage Loan, the
outstanding principal balance of such Mortgage Loan as of the Cut-off Date,
after application of all unscheduled payments of principal received on or before
such date and the principal component of all Periodic Payments due on or before
such date, whether or not received.

            "Debt Service Coverage Ratio": With respect to any Trust Mortgage
Loan, as of any date of determination, the ratio of (x) the annualized Net
Operating Income (before payment of any debt service on such Mortgage Loan)
generated by the related Mortgaged Property during the most recently ended
period of not less than six months and not more than twelve months for which
financial statements, if available (whether or not audited) have been received
by or on behalf of the related Mortgage Loan Seller (prior to the Closing Date
or, in the case of a Qualified Substitute Mortgage Loan, prior to the relevant
date of determination) or the applicable Master Servicer or the Special Servicer
(following the Closing Date), to (y) twelve times the amount of the Periodic
Payment in effect for such Mortgage Loan as of such date of determination.

            "Default Charges": Penalty Interest and/or late payment charges that
are paid or payable, as the context may require, in respect of any Mortgage Loan
or REO Loan.

            "Defaulted Mortgage Loan": A Mortgage Loan: (i) that is (A)
delinquent 60 days or more in respect of a Periodic Payment (not including the
Balloon Payment) or (B) delinquent in respect of its Balloon Payment unless (x)
the related Mortgagor makes an Assumed Periodic Payment on each Due Date
(commencing with the Due Date of such Balloon Payment) during the period
contemplated in clause (y), and (y) the applicable Master Servicer receives,
within 60 days after the Due Date of such Balloon Payment, written evidence from
an institutional lender of such lender's binding commitment to refinance such
Mortgage Loan within 120 days after the Due Date of such Balloon Payment and
either such 120-day period has not expired or it has not been determined, in
accordance with the definition of "Specially Serviced Mortgage Loan" that the
refinancing could not reasonably be expected to occur, in either case such
delinquency to be determined without giving effect to any grace period permitted
by the related Mortgage or Mortgage Note and without regard to any acceleration
of payments under the related Mortgage and Mortgage Note; or (ii) as to which
the Special Servicer has, by written notice to the related Mortgagor,
accelerated the maturity of the indebtedness evidenced by the related Mortgage
Note.

            "Defaulting Party": As defined in Section 7.01(b).

            "Defeasance Collateral": With respect to any Defeasance Loan, the
United States government obligations required or permitted to be pledged in lieu
of prepayment pursuant to the terms thereof.

            "Defeasance Loan": Any Mortgage Loan that permits or requires the
related Mortgagor (or permits the holder of such Mortgage Loan to require the
related Mortgagor) to pledge Defeasance Collateral to such holder in lieu of
prepayment.

            "Deficient Valuation": With respect to any Mortgage Loan, a
valuation by a court of competent jurisdiction of the Mortgaged Property in an
amount less than (i) in the case of a Trust Mortgage Loan, the then outstanding
principal balance of such Mortgage Loan, and (ii) in the case of any Non-Trust
Loan, the then-aggregate outstanding principal balance of such Mortgage Loan and
all other Mortgage Loans in the related Loan Combination that are senior to, or
pari passu with, such Mortgage Loan, which valuation results from a proceeding
initiated under the Bankruptcy Code.

            "Definitive Certificates": As defined in Section 5.03(a).

            "Definitive Non-Registered Certificate": Any Definitive Certificate
that is a Non-Registered Certificate.

            "Delayed Principal Payment": With respect to any Artesia Trust
Mortgage Loan that has a Due Date on or after the fourth Business Day preceding
the Distribution Date in any calendar month, any unscheduled payment of
principal, including a Balloon Payment or a Principal Prepayment, received on
such Artesia Trust Mortgage Loan at any time during the period after the related
Determination Date up to and including such Due Date (exclusive of any portion
of such payment of principal that is covered by a P&I Advance on the P&I Advance
Date, is otherwise included in distributions to Certificateholders on such
Distribution Date or represent a late payment for which there is an outstanding
P&I Advance).

            "Delayed Principal Payment Interest Shortfall": With respect to any
Artesia Trust Mortgage Loan that was subject to a Delayed Principal Payment, the
amount of interest, to the extent not collected from the related Mortgagor
(without regard to any Prepayment Premium or Yield Maintenance Charge actually
collected), that would have accrued (at a rate per annum equal to the sum of (x)
the related Net Mortgage Rate for such Mortgage Loan and (y) the Trust
Administration Fee Rate) on the amount of such Delayed Principal Payment during
the period from and including the date as of which such Delayed Principal
Payment was applied to such Mortgage Loan to and including the day immediately
preceding the Due Date of such Artesia Trust Mortgage Loan in the calendar month
in which such Delayed Principal Payment is included in the amounts distributed
to Certificateholders.

            "Depositor": Merrill Lynch Mortgage Investors, Inc. or its successor
in interest.

            "Depository": The Depository Trust Company, or any successor
depository hereafter named as contemplated by Section 5.03(c). The nominee of
the initial Depository for purposes of registering those Certificates that are
to be Book-Entry Certificates, is Cede & Co. The Depository shall at all times
be a "clearing corporation" as defined in Section 8-102(3) of the Uniform
Commercial Code of the State of New York and a "clearing agency" registered
pursuant to the provisions of Section 17A of the Securities Exchange Act of
1934, as amended.

            "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 Sub-Servicer": As defined in Section 3.22(a).

            "Determination Date": For any Distribution Date, (i) with respect to
each Mortgage Loan that has a Due Date on or prior to the fourth Business Day
prior to such Distribution Date, the fourth Business Day prior to such
Distribution Date, and (ii) with respect to each other Mortgage Loan, 2:00 p.m.
New York time on the Due Date for such Mortgage Loan in the month in which such
Distribution Date occurs. For the purposes of this Agreement, with respect to
any Distribution Date, the "Determination Date" that corresponds to that
Distribution Date (including, for example, but without limitation, references to
"the related Determination Date") shall mean the Determination Dates (determined
in accordance with the preceding sentence) occurring in the same month as such
Distribution Date that are applicable to the Mortgage Pool. For the purposes of
reporting, the Determination Date will always be the fourth Business Day prior
to such Distribution Date.

            "Determination Information": As defined in Section 3.18(b).

            "Directly Operate": With respect to any REO Property, the furnishing
or rendering of services to the tenants thereof, the management of such REO
Property, the holding of such REO Property primarily for sale or lease or the
performance of any construction work thereon, in each case other than through an
Independent Contractor; provided, however, that the Trustee (or the Special
Servicer or any Sub-Servicer on behalf of the Trustee) shall not be considered
to Directly Operate an REO Property solely because the Trustee (or the Special
Servicer or any Sub-Servicer on behalf of the Trustee) establishes rental terms,
chooses tenants, enters into or renews leases, deals with taxes and insurance,
or makes decisions as to repairs or capital expenditures with respect to such
REO Property.

            "Discount Rate": With respect to any prepaid Trust Mortgage Loan or
Trust REO Loan for purposes of allocating any Prepayment Premium or Yield
Maintenance Charge received thereon or with respect thereto among the respective
Classes of the Sequential Pay Certificates (other than any Excluded Class
thereof), an amount equal to the discount rate stated in the Mortgage Loan
documents related to such Trust Mortgage Loan or Trust REO Loan used in
calculating the related Prepayment Premium or Yield Maintenance Charge; provided
that, if a discount rate is not stated thereon, the "Discount Rate" will be an
amount equal to the yield (when compounded monthly) on the U.S. Treasury issue
(primary issue) with a maturity date closest to the maturity date or Anticipated
Repayment Date, as applicable, for such prepaid Trust Mortgage Loan or Trust REO
Loan. In the event there are two or more such U.S. Treasury issues (a) with the
same coupon, the issue with the lowest yield shall apply, and (b) with maturity
dates equally close to the maturity date or Anticipated Repayment Date, as
applicable, for the prepaid Trust Mortgage Loan or Trust REO Loan, the issue
with the earliest maturity date shall apply.

            "Disqualified Non-United States Tax Person": With respect to any
Residual Certificate, any Non-United States Tax Person or agent thereof other
than: (1) a Non-United States Tax Person that (a) holds such Residual
Certificate and, for purposes of Treasury regulations Section 1.860G-3(a)(3), is
subject to tax under Section 882 of the Code, (b) certifies that it understands
that, for purposes of Treasury regulations Section 1.860E-1(c)(4)(ii), as a
holder of such Residual Certificate for United States federal income tax
purposes, it may incur tax liabilities in excess of any cash flows generated by
such Residual Certificate and intends to pay taxes associated with holding such
Residual Certificate, and (c) has furnished the Transferor and the Trustee with
an effective IRS Form W-8ECI or successor form and has agreed to update such
form as required under the applicable Treasury regulations; or (2) a Non-United
States Tax Person that has delivered to the Transferor and the Trustee an
opinion of nationally recognized tax counsel to the effect that (x) the Transfer
of such Residual Certificate to it is in accordance with the requirements of the
Code and the regulations promulgated thereunder and (y) such Transfer of such
Residual Certificate will not be disregarded for United States federal income
tax purposes.

            "Disqualified Organization": (i) the United States, any State or
political subdivision thereof, a foreign government, an international
organization, or any agency or instrumentality of any of the foregoing, (ii) any
organization (other than certain farmers' cooperatives described in Section 521
of the Code) that is exempt from the tax imposed by Chapter 1 of the Code
(including the tax imposed by Section 511 of the Code on unrelated business
taxable income), (iii) rural electric and telephone cooperatives described in
Section 1381 of the Code and (iv) any other Person so designated by the Trustee
or the REMIC Administrator based upon an Opinion of Counsel that the holding of
an Ownership Interest in a Residual Certificate by such Person may cause the
Trust or any Person having an Ownership Interest in any Class of Certificates
(other than such Person) to incur a liability for any federal tax imposed under
the Code that would not otherwise be imposed but for the Transfer of an
Ownership Interest in a Residual Certificate to such Person. The terms "United
States," "State" and "international organization" shall have the meanings set
forth in Section 7701 of the Code or successor provisions.

            "Disqualified Partnership": Any domestic entity classified as a
partnership under the Code, if any of its direct or indirect beneficial owners
(other than through a U.S. corporation) are (or are permitted to be under the
related partnership agreement) Disqualified Non-United States Tax Persons.

            "Distributable Certificate Interest": With respect to any Class of
Regular Certificates, for any Distribution Date, the Accrued Certificate
Interest in respect of such Class of Certificates for such Distribution Date,
reduced (other than with respect to the Class X and Class XR Certificates) (to
not less than zero) by the product of (a) any Net Aggregate Prepayment Interest
Shortfall for such Distribution Date, multiplied by (b) a fraction, expressed as
a decimal, the numerator of which is the Accrued Certificate Interest in respect
of the subject Class of Certificates for such Distribution Date, and the
denominator of which is the aggregate Accrued Certificate Interest in respect of
all the Classes of Sequential Pay Certificates for such Distribution Date;
provided that, if the aggregate Class Principal Balance of the Sequential Pay
Certificates is reduced as a result of a Realized Loss caused by a diversion of
principal collections on the Mortgage Pool to reimburse Nonrecoverable Advances
and/or pay interest thereon as contemplated by Section 1.02, and if there is a
subsequent recovery of such amounts that results in the reinstatement of the
Class Principal Balance of any one or more Classes of Sequential Pay
Certificates as provided in the definition of "Class Principal Balance" and the
second paragraph of Section 4.04(a), then the amount of Distributable
Certificate Interest with respect to each Class of Regular Certificates, for the
next succeeding Distribution Date shall be increased by the amount of any and
all additional Distributable Certificate Interest that would have been payable
with respect to the subject Class of Regular Certificates if such diversion of
principal and the corresponding allocation of a Realized Loss (up to the amount
of the reinstated balances) had not occurred.

            "Distribution Account": The segregated account or accounts created
and maintained by the Trustee pursuant to Section 3.04(b) which shall be
entitled "LaSalle Bank National Association, as Trustee, in trust for the
registered holders of Merrill Lynch Mortgage Trust 2006-C2, Commercial Mortgage
Pass-Through Certificates, Series 2006-C2".

            "Distribution Date": During any given month, the 12th day of such
month, or if the 12th day is not a Business Day, the next succeeding Business
Day, commencing in September 2006.

            "Distribution Date Statement": As defined in Section 4.02(a).

            "Document Defect": As defined in Section 2.03(a).

            "Due Date": With respect to (i) any Mortgage Loan on or prior to its
Stated Maturity Date, the day of the month set forth in the related Mortgage
Note on which each Periodic Payment on such Mortgage Loan is scheduled to be
first due; (ii) any Mortgage Loan after its Stated Maturity Date, the day of the
month set forth in the related Mortgage Note on which each Periodic Payment on
such Mortgage Loan had been scheduled to be first due; and (iii) any REO Loan,
the day of the month set forth in the related Mortgage Note on which each
Periodic Payment on the related Mortgage Loan had been scheduled to be first
due.

            "Eligible Account": shall mean any of (i) an account maintained with
a federal or state chartered depository institution or trust company, the
long-term deposit or long-term unsecured debt obligations of which are rated no
less than "AA-" by S&P (or A+ by S&P if the short term unsecured debt
obligations thereof are rated at least A-1 by S&P) and "Aa3" by Moody's (if the
deposits are to be held in the account for more than 30 days), or the short-term
deposit or short-term unsecured debt obligations of which are rated no less than
"P-1" by Moody's and "A-1" by S&P (if the deposits are to be held in the account
for 30 days or less), in any event at any time funds are on deposit therein,
(ii) a segregated trust account maintained with a federal or state chartered
depository institution or trust company acting in its fiduciary capacity, which,
in the case of a state chartered depository institution or trust company is
subject to regulations regarding fiduciary funds on deposit therein
substantially similar to 12 CFR ss. 9.10(b), and which, in either case, has a
combined capital and surplus of at least $50,000,000 and is subject to
supervision or examination by federal or state authority, and provided further
that either such depository institution or its parent has long-term unsecured
debt obligations which are rated at least "Baa3" by Moody's, (iii) with respect
to the Trust Mortgage Loans serviced by Master Servicer No. 2, an account
maintained with Prudential Bank & Trust, and (iv) any other account that is
acceptable to the Rating Agencies (as evidenced by written confirmation to the
Trustee from each Rating Agency that the use of such account would not, in and
of itself, result in an Adverse Rating Event with respect to any Class of Rated
Certificates).

            "Enhancement/Support Provider": Any enhancement or support provider
contemplated by Item 1114(b) or Item 1115 of Regulation AB with respect to the
Trust Fund or any one or more Classes of Certificates.

            "Environmental Assessment": A "Phase I assessment" as described in,
and meeting the criteria of, the American Society of Testing Materials Standard
Sections 1527-05 or a review conducted in accordance with the All Appropriate
Inquiries final rule issued by the United States Environmental Protection Agency
on November 1, 2005 (40 C.F.R. Part 312), or any successor to either.

            "Euroclear": The Euroclear System or any successor.

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

            "Escrow Payment": Any payment received by either Master Servicer or
the Special Servicer for the account of any Mortgagor for application toward the
payment of real estate taxes, assessments, insurance premiums, ground rents (if
applicable) and other similar items in respect of the related Mortgaged
Property.

            "Event of Default": One or more of the events described in Section
7.01(a).

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

            "Exchange Act Reportable Event": With respect to (a) the Trustee or,
if and to the extent specifically applicable thereto or to its duties on behalf
of the Trustee, any Servicing Representative of the Trustee or any Trustee
Appointee, any Trustee Reportable Event, (b) either Master Servicer or, if and
to the extent specifically applicable thereto or to its duties on behalf of a
Master Servicer, any Servicing Representative of such Master Servicer, any
Master Servicer Reportable Event, and (c) the Special Servicer or, if and to the
extent specifically applicable thereto or to its duties on behalf of the Special
Servicer, any Servicing Representative of the Special Servicer, any Special
Servicer Reportable Event.

            "Exchange Act Reporting Year": Each of (a) the Trust's fiscal year
2006, and (b) any subsequent fiscal year of the Trust, but only if as of the
beginning of such subsequent fiscal year of the Trust, the Registered
Certificates are held in the aggregate by at least 300 holders (which may
consist of (i) in the case of Registered Certificates held in definitive form,
direct Holders of such Definitive Certificates, and/or (ii) in the case of
Registered Certificates held in book-entry form through the Depository,
Depository Participants having accounts with the Depository).

            "Exchange Act Reports": As defined in Section 8.16(a).

            "Excluded Class": Any Class of Sequential Pay Certificates other
than the Class A-1, Class A-2, Class A-3, Class A-4, Class A-1A, Class AM, Class
AJ, Class B, Class C, Class D, Class E, Class F, Class G and Class H
Certificates.

            "Exemption": Department of Labor Prohibited Transaction Exemption
("PTE") 90-29 (as amended by PTE 97-34, PTE 2000-58 and PTE 2002-41), as it may
be amended from time to time, or any successor thereto, all as issued by the
U.S. Department of Labor.

            "Exemption-Favored Party": Any of (i) MLPF&S, (ii) any Person
directly or indirectly, through one or more intermediaries, controlling,
controlled by or under common control with MLPF&S, and (iii) any member of any
underwriting syndicate or selling group of which any Person described in clauses
(i) and (ii) is a manager or co-manager with respect to a Class of Investment
Grade Certificates.

            "FDIC": Federal Deposit Insurance Corporation or any successor.

            "FHLMC": Federal Home Loan Mortgage Corporation or any successor.

            "Final Recovery Determination": A determination by the Special
Servicer with respect to any Specially Serviced Mortgage Loan, Corrected
Mortgage Loan or REO Property (other than a Mortgage Loan or REO Property, as
the case may be, that was purchased or replaced by any of the Mortgage Loan
Sellers pursuant to the applicable Mortgage Loan Purchase Agreement, or that was
purchased by the Plurality Subordinate Certificateholder or the Special Servicer
or any assignee of the foregoing pursuant to Section 3.18, in the case of the
Lake in the Woods Trust Mortgage Loan, by the Lake in the Woods B-Note Non-Trust
Loan Holder pursuant to the relate Loan Combination Intercreditor Agreement, or
by the applicable Master Servicer, the Special Servicer or the Plurality
Subordinate Certificateholder pursuant to Section 9.01) that there has been a
recovery of all Insurance Proceeds, Liquidation Proceeds, REO Revenues and other
payments or recoveries that the Special Servicer has determined, in accordance
with the Servicing Standard, will be ultimately recoverable.

            "FNMA": Federal National Mortgage Association or any successor.

            "Form 8-K": Exchange Act Form 8-K, as and to the extent that such
form is applicable for an asset-backed issuer to satisfy its reporting
requirements under the Exchange Act, and the rules and regulations promulgated
thereunder, including for purposes of filing current reports under Section 13 or
15(d) of the Exchange Act, filed pursuant to Rule 13a-11 or Rule 15d-11, and for
reports of nonpublic information required to be disclosed by Regulation FD (17
C.F.R. 243.100 and 243.101). For purposes of this Agreement, "Form 8-K" shall be
deemed to include any successor or equivalent Exchange Act form adopted by the
Commission.

            "Form 8-K Current Report": A current report on Form 8-K.

            "Form 8-K Required Information": Any and all information, including
with respect to any applicable Exchange Act Reportable Events, required pursuant
to the Exchange Act and/or the rules and regulations promulgated thereunder to
be reported by an asset-backed issuer under Form 8-K.

            "Form 10-D": Exchange Act Form 10-D, as and to the extent that such
form is applicable for an asset-backed issuer to satisfy its reporting
requirements under the Exchange Act, and the rules and regulations promulgated
thereunder, including for purposes of filing distribution reports under Section
13 or 15(d) of the Exchange Act, filed pursuant to Rule 13a-17 or Rule 15d-17.
For purposes of this Agreement, "Form 10-D" shall be deemed to include any
successor or equivalent Exchange Act form adopted by the Commission.

            "Form 10-D Distribution Report": A distribution report on Form 10-D.

            "Form 10-D Required Information": Any and all information, including
with respect to any applicable Exchange Act Reportable Events, required pursuant
to the Exchange Act and/or the rules and regulations promulgated thereunder to
be reported by an asset-backed issuer under Form 10-D.

            "Form 10-K": Exchange Act Form 10-K, as and to the extent that such
form is applicable for an asset-backed issuer to satisfy its reporting
requirements under the Exchange Act, and the rules and regulations promulgated
thereunder, including for purposes of filing annual reports pursuant to Section
13 or 15(d) of the Exchange Act for which no other form is prescribed, as well
as for filing transition reports pursuant to Section 13 or 15(d) of the Exchange
Act. For purposes of this Agreement, "Form 10-K" shall be deemed to include any
successor or equivalent Exchange Act form adopted by the Commission.

            "Form 10-K Annual Report": An annual report on Form 10-K.

            "Form 10-K Required Information": Any and all information, including
with respect to any applicable Exchange Act Reportable Events, required pursuant
to the Exchange Act and/or the rules and regulations promulgated thereunder to
be reported by an asset-backed issuer under Form 10-K.

            "Gain-on-Sale Proceeds": With respect to any Trust Mortgage Loan or
Trust REO Loan, the excess, if any, of (i) any and all Liquidation Proceeds
collected with respect to such Mortgage Loan or the related REO Property, as the
case may be, net of any related liquidation expenses, P&I Advances, Servicing
Advances, Principal Recovery Fees, interest on Advances, Master Servicing Fees,
Special Servicing Fees and Additional Trust Fund Expenses, and if applicable,
further net of any portion of such Liquidation Proceeds payable to the related
Non-Trust Noteholder(s) (if any), over (ii) the Purchase Price for such Trust
Mortgage Loan or Trust REO Loan, as the case may be, on the date on which such
Liquidation Proceeds were received.

            "Gain-on-Sale Reserve Account": A segregated custodial account
(which may be a sub-account of the Distribution Account) created and maintained
by the Trustee pursuant to Section 3.04(e) in trust for the Certificateholders,
which shall be entitled "LaSalle Bank National Association, as Trustee, in trust
for the registered holders of Merrill Lynch Mortgage Trust 2006-C2, Commercial
Mortgage Pass-Through Certificates, Series 2006-C2, Gain-on-Sale Reserve
Account".

            "Global Certificate": With respect to any Class of Book-Entry
Non-Registered Certificates, either the related Rule 144A Global Certificate or
the related Regulation S Global Certificate.

            "Grantor Trust Provisions": Subpart E of Subchapter J of the Code.

            "Grantor Trust Z": That certain "grantor trust" (within the meaning
of the Grantor Trust Provisions), the assets of which consist of any Additional
Interest with respect to the Trust ARD Loans and any successor Trust REO Loans
after their respective Anticipated Repayment Dates and amounts held from time to
time in the Collection Accounts and/or the Additional Interest Account that
represent Additional Interest.

            "Grantor Trust Z Assets": The segregated pool of assets comprising
Grantor Trust Z.

            "Ground Lease": With respect to any Mortgage Loan for which the
Mortgagor has a leasehold interest in the related Mortgaged Property or space
lease within such Mortgaged Property, the lease agreement creating such
leasehold interest.

            "Group 1 Mortgage Loan": Any Trust Mortgage Loan identified on the
Mortgage Loan Schedule as belonging to Loan Group 1.

            "Group 2 Mortgage Loan": Any Trust Mortgage Loan identified on the
Mortgage Loan Schedule as belonging to Loan Group 2.

            "Hazardous Materials": Any dangerous, toxic or hazardous pollutants,
chemicals, wastes, or substances, including, without limitation, those so
identified pursuant to CERCLA or any other federal, state or local environmental
related laws and regulations now existing or hereafter enacted, and specifically
including, without limitation, asbestos and asbestos-containing materials,
polychlorinated biphenyls ("PCBs"), radon gas, petroleum and petroleum products
and urea formaldehyde.

            "Holder": A Certificateholder.

            "Impound Reserve": As defined in Section 3.16(c).

            "Independent": When used with respect to any specified Person, any
such Person who (i) is in fact independent of the Depositor, any Mortgage Loan
Seller, either Master Servicer, the Special Servicer, the Controlling Class
Representative, the Trustee and any and all Affiliates thereof (and, with
respect to any Loan Combination, any of the related Non-Trust Noteholder(s) and
any and all Affiliates thereof), (ii) does not have any direct financial
interest in or any material indirect financial interest in any of the Depositor,
any Mortgage Loan Seller, either Master Servicer, the Special Servicer, the
Controlling Class Representative, the Trustee or any Affiliate thereof (or, with
respect to any Loan Combination, any of the related Non-Trust Noteholder(s) or
any Affiliate thereof), and (iii) is not connected with the Depositor, any
Mortgage Loan Seller, either Master Servicer, the Controlling Class
Representative, the Special Servicer, the Trustee or any Affiliate thereof (or,
with respect to any Loan Combination, any of the related Non-Trust Noteholder(s)
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, any
Mortgage Loan Seller, either Master Servicer, the Controlling Class
Representative, the Special Servicer, the Trustee or any Affiliate thereof (or,
with respect to any Loan Combination, any of the related Non-Trust Noteholder(s)
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, any Mortgage Loan
Seller, either Master Servicer, the Special Servicer, the Controlling Class
Representative, the Trustee or any Affiliate thereof (or, with respect to any
Loan Combination, any of the related Non-Trust Noteholder(s) or any Affiliate
thereof), as the case may be.

            "Independent Appraiser": An Independent professional real estate
appraiser who is a member in good standing of the Appraisal Institute, and, if
the State in which the subject Mortgaged Property is located certifies or
licenses appraisers, certified or licensed in such State, and in each such case,
who has a minimum of five years experience in the subject property type and
market.

            "Independent Contractor": (a) Any Person that would be an
"independent contractor" with respect to REMIC I within the meaning of Section
856(d)(3) of the Code if REMIC I were a real estate investment trust (except
that the ownership test set forth in that Section shall be considered to be met
by any Person that owns, directly or indirectly, 35% or more of any Class of
Certificates, or such other interest in any Class of Certificates as is set
forth in an Opinion of Counsel, which shall be at no expense to either Master
Servicer, the Special Servicer, the Trustee or the Trust Fund, delivered to the
Trustee (and, if a Loan Combination is involved, to the related Non-Trust
Noteholder(s)), provided that (i) such REMIC does not receive or derive any
income from such Person and (ii) the relationship between such Person and such
REMIC is at arm's length, all within the meaning of Treasury Regulations Section
1.856-4(b)(5), or (b) any other Person upon receipt by the Trustee (and, if a
Loan Combination is involved, by the related Non-Trust Noteholder(s)) of an
Opinion of Counsel, which shall be at no expense to either Master Servicer, the
Special Servicer, the Trustee or the Trust Fund, to the effect that the taking
of any action in respect of any REO Property by such Person, subject to any
conditions therein specified, that is otherwise herein contemplated to be taken
by an Independent Contractor will not cause such REO Property to cease to
qualify as "foreclosure property" within the meaning of Section 860G(a)(8) of
the Code for purposes of Section 860D(a) of the Code, or cause any income
realized in respect of such REO Property to fail to qualify as Rents from Real
Property, due to such Person's failure to be treated as an Independent
Contractor.

            "Initial Form 8-K Current Reports": As defined in Section 8.16.

            "Initial Purchaser": MLPF&S.

            "Institutional Accredited Investor" or "IAI": An "accredited
investor" as defined in any of paragraphs (1), (2), (3) and (7) of Rule 501(a)
under the Securities Act or any entity in which all of the equity owners come
within such paragraphs.

            "Insurance Policy": With respect to any Mortgage Loan, any hazard
insurance policy, flood insurance policy, title policy or other insurance policy
that is maintained from time to time in respect of such Mortgage Loan or the
related Mortgaged Property.

            "Insurance Proceeds": Proceeds paid under any Insurance Policy, to
the extent such proceeds are not applied to the restoration of the related
Mortgaged Property, released to the Mortgagor, or any tenants or ground lessors,
as the case may be, pursuant to the terms of the related Mortgage or lease, in
accordance with the Servicing Standard.

            "Insured Environmental Event": As defined in Section 3.07(d).

            "Interest Accrual Period": With respect to any Distribution Date,
the calendar month immediately preceding the calendar month in which such
Distribution Date occurs.

            "Interest Reserve Account": The segregated account (which may be a
sub-account of the Distribution Account) created and maintained by the Trustee
pursuant to Section 3.04(c) in trust for Certificateholders, which shall be
entitled "LaSalle Bank National Association, as Trustee, on behalf of and in
trust for the registered holders of Merrill Lynch Mortgage Trust 2006-C2,
Commercial Mortgage Pass-Through Certificates, Series 2006-C2".

            "Interest Reserve Amount": With respect to each Interest Reserve
Loan and each Distribution Date that occurs in February of each year subsequent
to 2006 and in January of each year subsequent to 2006 that is not a leap year
(unless, in either case, the related Distribution Date is the final Distribution
Date), an amount equal to one day's interest at the related Net Mortgage Rate on
the related Stated Principal Balance as of the Due Date in the month in which
such Distribution Date occurs (but prior to the application of any amounts owed
on such Due Date), to the extent a Periodic Payment or P&I Advance is made in
respect thereof for such Due Date as of the related P&I Advance Date, in the
case of a Periodic Payment, or as of the related Distribution Date, in the case
of a P&I Advance.

            "Interest Reserve Loan": Each Trust Mortgage Loan that is an
Actual/360 Mortgage Loan and each Trust REO Loan that relates to an Actual/360
Mortgage Loan.

            "Interested Person": The Depositor, each Mortgage Loan Seller, each
Master Servicer, the Special Servicer, any Independent Contractor hired by the
Special Servicer, any related Non-Trust Noteholder, any Holder of a Certificate
or any Affiliate of any such Person.

            "Internet Website": Either the Internet website maintained by the
Trustee (located at "www.etrustee.net" or such other address as provided to the
parties hereto from time to time) or the Internet website maintained by either
Master Servicer, as the case may be.

            "Investment Account": As defined in Section 3.06(a).

            "Investment Grade Certificate": As of any date of determination, a
Certificate that is rated in one of the four highest generic rating categories
by at least one Rating Agency.

            "Investment Period": With respect to any Distribution Date and (i)
each of the Collection Accounts, any Servicing Account, any Reserve Account, any
REO Account and any Loan Combination Custodial Account, the related Collection
Period and (ii) each of the Distribution Account, the Interest Reserve Account,
the Additional Interest Account and the Gain-on-Sale Reserve Account, the
related Trustee Investment Period.

            "IXIS Securities": IXIS Securities North America Inc., or its
successor in interest.

            "IXIS Securities": IXIS Securities North America Inc., a [___]
corporation, or its successor in interest.

            "IXIS Mortgage Loan Purchase Agreement": That certain mortgage loan
purchase agreement, dated as of August 8, 2006, between the Depositor and IXIS
and relating to the transfer of the IXIS Trust Mortgage Loans to the Depositor.

            "IXIS Trust Mortgage Loans": Each Trust Mortgage Loan transferred
and assigned to the Depositor pursuant to the IXIS Mortgage Loan Purchase
Agreement.

            "Lake in the Woods B-Note Non-Trust Loan": The subordinate loan,
that is secured by the same Mortgage encumbering the Lake in the Woods Mortgaged
Property as the Lake in the Woods Trust Mortgage Loan, and that is subordinate,
to the extent set forth in the related Loan Combination Intercreditor Agreement,
in right of payment and in other respects to the Lake in the Woods Trust
Mortgage Loan.

            "Lake in the Woods B-Note Non-Trust Loan Holder": CBA-Mezzanine
Capital Finance, LLC.

            "Lake in the Woods  Intercreditor  Agreement":  The  Intercreditor
Agreement Among Note Holders,  between  Merrill Lynch Mortgage  Lending,
Inc. and CBA-Mezzanine Capital Finance, LLC.

            "Lake in the Woods Loan Combination": Collectively, the Lake in the
Woods Trust Mortgage Loan and the Lake in the Woods B-Note Non-Trust Loan. The
term "Lake in the Woods Loan Combination" shall include any successor REO Loans
with respect to the Lake in the Woods Trust Mortgage Loan and the Lake in the
Woods B-Note Non-Trust Loan.

            "Lake in the Woods Mortgaged Property": The Mortgaged Property
identified on the Mortgage Loan Schedule as Lake in the Woods.

            "Lake in the Woods REO Property": With respect to the Lake in the
Woods Loan Combination, the related Loan Combination REO Property.

            "Lake in the Woods Trust Mortgage Loan": The Merrill Trust Mortgage
Loan that is secured by the Lake in the Woods Mortgaged Property and included in
the Trust Fund.

            "LaSalle": LaSalle Bank National Association, or its successor in
interest.

            "Late Collections": With respect to any Mortgage Loan, all amounts
received thereon during any Collection Period, other than Penalty Interest,
whether as payments, Insurance Proceeds, Liquidation Proceeds or otherwise,
which represent late collections of the principal and/or interest portions of a
Scheduled Payment (other than a Balloon Payment) or an Assumed Periodic Payment
in respect of such Mortgage Loan due or deemed due on a Due Date in a previous
Collection Period, and not previously recovered. With respect to any REO Loan,
all amounts received in connection with the related REO Property during any
Collection Period, other than Penalty Interest, whether as Insurance Proceeds,
Liquidation Proceeds, REO Revenues or otherwise, which represent late
collections of the principal and/or interest portions of a Scheduled Payment
(other than a Balloon Payment) or an Assumed Periodic Payment in respect of the
predecessor Mortgage Loan or of an Assumed Periodic Payment in respect of such
REO Loan due or deemed due on a Due Date in a previous Collection Period and not
previously recovered.

            "Liquidation Event": With respect to any Mortgage Loan, any of the
following events: (i) such Mortgage Loan is paid in full; (ii) a Final Recovery
Determination is made with respect to such Mortgage Loan; (iii) such Mortgage
Loan is repurchased or replaced by a Mortgage Loan Seller pursuant to the
applicable Mortgage Loan Purchase Agreement; (iv) such Mortgage Loan is
purchased by the Plurality Subordinate Certificateholder, the Special Servicer
or any assignee thereof pursuant to Section 3.18 or by either Master Servicer,
the Special Servicer or the Plurality Subordinate Certificateholder pursuant to
Section 9.01; (v) in the case of the Lake in the Woods Trust Mortgage Loan, such
Mortgage Loan is purchased by the Lake in the Woods B-Note Non-Trust Loan Holder
pursuant to the related Loan Combination Intercreditor Agreement; (vi) such
Mortgage Loan is purchased by a mezzanine lender pursuant to the related
mezzanine intercreditor agreement; or (vii) such Mortgage Loan is removed from
the Trust by the Sole Certificate Owner in connection with an exchange of all of
the outstanding Certificates owned by the Sole Certificate Owner for all of the
Trust Mortgage Loans and each REO Property remaining in the Trust Fund pursuant
to Section 9.01. With respect to any REO Property (and the related REO Loan),
any of the following events: (i) a Final Recovery Determination is made with
respect to such REO Property; (ii) such REO Property is purchased or replaced by
a Mortgage Loan Seller pursuant to the applicable Mortgage Loan Purchase
Agreement; (iii) such REO Property is purchased by either Master Servicer, the
Special Servicer or the Plurality Subordinate Certificateholder pursuant to
Section 9.01; or (iv) such REO Property is removed from the Trust Fund by the
Sole Certificate Owner in connection with an exchange of all of the outstanding
Certificates owned by the Sole Certificate Owner for all of the Trust Mortgage
Loans and each REO Property remaining in the Trust Fund pursuant to Section
9.01.

            "Liquidation Proceeds": All cash amounts (other than Insurance
Proceeds and REO Revenues) received by either Master Servicer or the Special
Servicer in connection with: (i) the taking of all or a part of a Mortgaged
Property or REO Property by exercise of the power of eminent domain or
condemnation, subject, however, to the rights of any tenants and ground lessors,
as the case may be, and the rights of the Mortgagor under the terms of the
related Mortgage; (ii) the liquidation of a Mortgaged Property or other
collateral constituting security for a defaulted Mortgage Loan, through trustee
sale, foreclosure sale, REO Disposition or otherwise, exclusive of any portion
thereof required to be released to the related Mortgagor in accordance with
applicable law and the terms and conditions of the related Mortgage Note and
Mortgage; (iii) the realization upon any deficiency judgment obtained against a
Mortgagor; (iv) the purchase of a Trust Defaulted Mortgage Loan by the Plurality
Subordinate Certificateholder, the Special Servicer or any assignee thereof
pursuant to Section 3.18; (v) the repurchase or substitution of a Trust Mortgage
Loan or REO Property by a Mortgage Loan Seller, pursuant to the applicable
Mortgage Loan Purchase Agreement; (vi) the purchase of a Trust Mortgage Loan or
REO Property by either Master Servicer, the Special Servicer, or the Plurality
Subordinate Certificateholder pursuant to Section 9.01; (vii) the purchase of
the Lake in the Woods Trust Mortgage Loan by the Lake in the Woods B-Note
Non-Trust Loan Holder pursuant to the related Loan Combination Intercreditor
Agreement; (viii) the purchase of a Mortgage Loan by a mezzanine lender pursuant
to the related mezzanine intercreditor agreement; or (ix) the removal of a
Mortgage Loan or REO Property from the Trust Fund by the Sole Certificate Owner
in connection with an exchange of all of the outstanding Certificates owned by
the Sole Certificate Owner for all of the Trust Mortgage Loans and each REO
Property remaining in the Trust Fund pursuant to Section 9.01.

            "Loan Combination": Any of the ARC Portfolio Loan Combination and
the Lake in the Woods Loan Combination. The term "Loan Combination" shall
include any successor REO Loan with respect to the applicable Mortgage Loans
comprising such Loan Combination.

            "Loan Combination Controlling Party": Any of the ARC Portfolio
Controlling Party and the Lake in the Woods Portfolio Controlling Party.

            "Loan Combination Custodial Account": With respect to any Loan
Combination, the separate account (which may be a sub-account of the applicable
Collection Account) created and maintained by the applicable Master Servicer
pursuant to Section 3.04(h) and held on behalf of the Certificateholders and the
related Non-Trust Noteholder, which shall be entitled substantially as follows:
in the case of Wachovia, "Wachovia Bank, National Association, as Master
Servicer for LaSalle Bank National Association, as Trustee, on behalf of and in
trust for the registered holders of Merrill Lynch Mortgage Trust 2006-C2,
Commercial Mortgage Pass-Through Certificates, Series 2006-C2, and [name of the
related Non-Trust Noteholder(s)], as their interests may appear, and in the case
of Prudential, "Prudential Asset Resources, Inc., as Master Servicer for LaSalle
Bank National Association, as Trustee, on behalf of and in trust for the
registered holders of Merrill Lynch Mortgage Trust 2006-C2, Commercial Mortgage
Pass-Through Certificates, Series 2006-C2, as their interests may appear". Any
such account shall be an Eligible Account.

            "Loan Combination Intercreditor Agreement": With respect to each
Loan Combination, each intercreditor agreement in effect between (i) the Trust
Fund as holder of the related Trust Mortgage Loan and (ii) the Non-Trust
Noteholder(s).

            "Loan Combination Mortgaged Property": The Mortgaged Property
securing a Loan Combination.

            "Loan Combination REO Account": With respect to each Loan
Combination, a segregated account or accounts created and maintained by the
Special Servicer pursuant to Section 3.16 on behalf of the Trustee, in trust for
the Certificateholders, and the related Non-Trust Noteholder, which shall be
entitled "J.E. Robert Company, Inc., as Special Servicer for LaSalle Bank
National Association, as Trustee in trust for registered holders of Merrill
Lynch Mortgage Trust 2006-C2, Commercial Mortgage Pass-Through Certificates,
Series 2006-C2, and [name of the related Non-Trust Noteholder(s)], as their
interests may appear".

            "Loan Combination REO Property": With respect to each Loan
Combination, the related Mortgaged Property if such Mortgaged Property is
acquired on behalf and in the name of the Trust Fund, for the benefit of the
Certificateholders, and the related Non-Trust Noteholder(s), as their interests
may appear, through foreclosure, acceptance of a deed-in-lieu of foreclosure or
otherwise in accordance with applicable law in connection with the default or
imminent default of such Loan Combination.

            "Loan Group": Either Loan Group 1 or Loan Group 2.

            "Loan Group 1": Collectively, all of the Trust Mortgage Loans that
are Group 1 Mortgage Loans and any successor Trust REO Loans with respect
thereto.

            "Loan Group 1 Available Distribution Amount": With respect to any
Distribution Date, that portion, if any, of the Available Distribution Amount
attributable to Loan Group 1.

            "Loan Group 1 Principal Distribution Amount": With respect to any
Distribution Date, that portion, if any, of the Principal Distribution Amount
attributable to the Trust Mortgage Loans and Trust REO Loans belonging to Loan
Group 1, taking into account adjustments in accordance with Section 1.02.

            "Loan Group 2": Collectively, all of the Trust Mortgage Loans that
are Group 2 Mortgage Loans and any successor Trust REO Loans with respect
thereto.

            "Loan Group 2 Available Distribution Amount": With respect to any
Distribution Date, that portion, if any, of the Available Distribution Amount
attributable to Loan Group 2.

            "Loan Group 2 Principal Distribution Amount": With respect to any
Distribution Date, that portion, if any, of the Principal Distribution Amount
attributable to the Trust Mortgage Loans and Trust REO Loans belonging to Loan
Group 2, taking into account adjustments in accordance with Section 1.02.

            "Loan-to-Value Ratio": With respect to any Trust Mortgage Loan, as
of any date of determination, a fraction, expressed as a percentage, the
numerator of which is the then current principal amount of such Mortgage Loan,
as adjusted in accordance with the considerations specified in Section
3.08(a)(i), and the denominator of which is the Appraised Value of the related
Mortgaged Property.

            "Master Servicer": With respect to the Merrill Trust Mortgage Loans,
the Artesia Trust Mortgage Loans and the IXIS Trust Mortgage Loans, Master
Servicer No. 1 and with respect to the Prudential Trust Mortgage Loans, Master
Servicer No. 2.

            "Master Servicer Indemnification Agreement": With respect to the
initial Master Servicer No. 1, that certain Master Servicer Indemnification
Agreement, dated as of August 8, 2006, between such Master Servicer, the
Depositor, the Underwriters and the Initial Purchaser; and with respect to the
initial Master Servicer No. 2, that certain Master Servicer Indemnification
Agreement, dated as of August 8, 2006, between such Master Servicer, the
Depositor, the Underwriters and the Initial Purchaser.

            "Master Servicer No. 1": Wachovia or any successor Master Servicer
thereto appointed as herein provided.

            "Master Servicer No. 2": Prudential or any successor Master Servicer
thereto appointed as herein provided.

            "Master Servicer Reportable Event": With respect to either Master
Servicer, any of the following events, conditions, circumstances and/or matters:

            (i) the entry into or amendment to a definitive agreement that is
      material to the Subject Securitization Transaction, including, for
      example, a servicing agreement with a Servicer contemplated by Item
      1108(a)(3) of Regulation AB, but only if such Master Servicer or any
      Servicing Representative of such Master Servicer is a party to such
      agreement or has entered into such agreement on behalf of the Trust [ITEM
      1.01 ON FORM 8-K];

            (ii) the termination of a definitive agreement that is material to
      the Subject Securitization Transaction (otherwise than by expiration of
      the agreement on its stated termination date or as a result of all parties
      completing their obligations under such agreement), but only if such
      Master Servicer or any Servicing Representative of such Master Servicer is
      a party to such agreement or has entered into such agreement on behalf of
      the Trust [ITEM 1.02 ON FORM 8-K];

            (iii) the appointment of a receiver, fiscal agent or similar officer
      for any Material Debtor in a proceeding under the U.S. Bankruptcy Code or
      in any other proceeding under state or federal law in which a court or
      governmental authority has assumed jurisdiction over substantially all of
      the assets or business of any Material Debtor, including where such
      jurisdiction has been assumed by leaving the existing directors and
      officers in possession but subject to the supervision and orders of a
      court or governmental authority, but only if the subject Material Debtor
      is (A) such Master Servicer, (B) any Servicing Representative of such
      Master Servicer that constitutes a Servicer contemplated by Item
      1108(a)(3) of Regulation AB or (C) any Significant Obligor with respect to
      a Performing Mortgage Loan [ITEM 1.03(a) ON FORM 8-K];

            (iv) the entry of an order confirming a plan of reorganization,
      arrangement or liquidation of a Material Debtor by a court or governmental
      authority having supervision or jurisdiction over substantially all of the
      assets or business of such Material Debtor, but only if the subject
      Material Debtor is (A) such Master Servicer, (B) any Servicing
      Representative of such Master Servicer that constitutes a Servicer
      contemplated by Item 1108(a)(3) of Regulation AB or (C) any Significant
      Obligor with respect to a Performing Mortgage Loan [ITEM 1.03(b) ON FORM
      8-K];

            (v) any resignation, removal, replacement or substitution of (A)
      such Master Servicer or (B) any Servicing Representative of such Master
      Servicer that constitutes a Servicer contemplated by Item 1108(a)(2) of
      Regulation AB [ITEM 6.02 ON FORM 8-K];

            (vi) any appointment of (A) a new Master Servicer or (B) any new
      Servicing Representative of such Master Servicer that constitutes a
      Servicer contemplated by Item 1108(a)(2) of Regulation AB [ITEM 6.02 ON
      FORM 8-K];

            (vii) any nonpublic disclosure, by such Master Servicer or any
      Servicing Representative of such Master Servicer, with respect to the
      Subject Securitization Transaction (other than disclosure required
      pursuant to this Agreement) that is required to be disclosed by Regulation
      FD (17 C.F.R. 243.100 through 243.103) [ITEM 7.01 ON FORM 8-K];

            (viii) any other information of importance to Certificateholders
      (determined by such Master Servicer in accordance with the Servicing
      Standard) that (A) is not otherwise required to be included in the
      Distribution Date Statement, the CMSA Special Servicer Loan File or any
      other report to be delivered or otherwise made available to
      Certificateholders hereunder, and (B) such Master Servicer has determined,
      in accordance with the Servicing Standard, could have a material adverse
      effect on the value of a Mortgaged Property as collateral for a Performing
      Mortgage Loan or the ability of a Mortgaged Property to generate
      sufficient cash flow for the related Mortgagor to meet its debt service
      obligations under the related Performing Mortgage Loan [ITEM 8.01 ON FORM
      8-K];

            (ix) the commencement or termination of, or any material
      developments regarding, any legal proceedings pending against any Material
      Litigant, or of which any property of a Material Litigant is the subject,
      or any threat by a governmental authority to bring any such legal
      proceedings, that are material to Certificateholders, but only if such
      Master Servicer is controlling the subject litigation and if the subject
      Material Litigant is (A) such Master Servicer, (B) any Servicing
      Representative of such Master Servicer that constitutes a Servicer
      contemplated by Item 1108(a)(3) of Regulation AB or (C) with respect to
      Master Servicer No. 1, any Significant Obligor with respect to a
      Performing Mortgage Loan [ITEM 2 ON FORM 10-D AND GENERAL INSTRUCTION J TO
      FORM 10-K];

            (x) the receipt by or on behalf of such Master Servicer or any
      Servicing Representative of such Master Servicer of any updated financial
      statements, balance sheets, rent rolls or other financial information
      regarding a Significant Obligor with respect to a Performing Mortgage Loan
      that is required to be provided under Item 1112(b) of Regulation AB [ITEM
      6 ON FORM 10-D AND GENERAL INSTRUCTION J TO FORM 10-K];

            (xi) to the extent not otherwise disclosed in the Prospectus
      Supplement, whether such Master Servicer has become an affiliate (as
      defined in Rule 405 of the Securities Act) of any of (A) the Trust, (B)
      the Depositor, (C) a Mortgage Loan Seller, (D) the Trustee, (E) the
      Special Servicer, (F) any Servicing Representative of such Master Servicer
      that constitutes a Servicer contemplated by Item 1108(a)(3) of Regulation
      AB or (G) any Significant Obligor [GENERAL INSTRUCTION J TO FORM 10-K];
      and

            (xii) to the extent material and to the extent not otherwise
      disclosed in the Prospectus Supplement, any specific relationship
      involving or relating to the Subject Securitization Transaction or the
      Mortgage Loans contemplated by Item 1119(c) of Regulation AB between a
      Mortgage Loan Seller or the Trust, on the one hand, and such Master
      Servicer or any Servicing Representative of such Master Servicer, on the
      other hand [GENERAL INSTRUCTION J TO FORM 10-K].

            "Master Servicing Fee": With respect to each Mortgage Loan and any
successor REO Loan with respect thereto, the fee payable to the applicable
Master Servicer pursuant to Section 3.11(a).

            "Master Servicing Fee Rate": With respect to each Trust Mortgage
Loan, the per annum rate equal to the sum of the rates set forth under the
columns "Master Servicing Fee Rate", "Primary Servicing Fee Rate" and
"Sub-Servicing Fee Rate" on the Mortgage Loan Schedule, and with respect to each
Non-Trust Loan, or any successor REO Loan with respect thereto, the per annum
rate at which any related Master Servicing Fee is permitted to be calculated
under the related Loan Combination Intercreditor Agreement. The Master Servicing
Fee Rate for the ARC Portfolio A Note Non-Trust Mortgage Loan and the Lake in
the Woods B-Note Non-Trust Loan shall be 0.02%.

            "Material Debtor": Any of the following:

            (i) the Trust;

            (ii) each of the Mortgage Loan Sellers;

            (iii) each of the parties to this Agreement;

            (iv) any Servicing Representative that constitutes a Servicer
      contemplated by Item 1108(a)(3) of Regulation AB;

            (v) any Significant Obligor;

            (vi) any Enhancement/Support Provider; and

            (vii) any other material party contemplated by Item 1100(d)(1) of
      Regulation AB relating to the relating to the Subject Securitization
      Transaction.

            "Material Litigant": Any of the following:

            (i) the Trust;

            (ii) each of the Mortgage Loan Sellers;

            (iii) the Depositor;

            (iv) the Trustee;

            (v) each Master Servicer;

            (vi) the Special Servicer;

            (vii) any Servicing Representative that constitutes a Servicer
      contemplated by Item 1108(a)(3) of Regulation AB;

            (viii) any originator of Trust Mortgage Loans contemplated by Item
      1110(b) of Regulation AB; and

            (ix) any other party contemplated by Item 1100(d)(1) of Regulation
      AB relating to the Subject Securitization Transaction.

            "Merrill Mortgage Loan Purchase Agreement": That certain mortgage
loan purchase agreement, dated as of August 8, 2006, between the Depositor and
MLMLI and relating to the transfer of the Merrill Trust Mortgage Loans to the
Depositor.

            "Merrill Trust Mortgage Loan": Each Trust Mortgage Loan transferred
and assigned to the Depositor pursuant to the Merrill Mortgage Loan Purchase
Agreement.

            "MLMLI": Merrill Lynch Mortgage Lending, Inc. or its successor in
interest.

            "MLPF&S": Merrill Lynch, Pierce, Fenner & Smith Incorporated, a
Delaware corporation, or its successor in interest.

            "Moody's" shall mean Moody's Investors Service, Inc. or its
successor in interest. If neither such rating agency nor any successor remains
in existence, "Moody's" shall be deemed to refer to such other nationally
recognized statistical rating agency or other comparable Person designated by
the Depositor, notice of which designation shall be given to the other parties
hereto, and specific ratings of Moody's Investors Service, Inc. herein
referenced shall be deemed to refer to the equivalent ratings of the party so
designated. References herein to "applicable rating category" (other than such
references to "highest applicable rating category") shall, in the case of
Moody's, be deemed to refer to such applicable rating category of Moody's,
without regard to any plus or minus or other comparable rating qualification.

            "Mortgage": With respect to any Mortgage Loan, the mortgage, deed of
trust, deed to secure debt or similar instrument that secures the Mortgage Note
and creates a lien on the fee or leasehold interest in the related Mortgaged
Property.

            "Mortgage File": With respect to any Trust Mortgage Loan (other than
the RLJ Portfolio Trust Mortgage Loan) and, in the case of any Trust Mortgage
Loan that is part of a Loan Combination, also with respect to the related
Non-Trust Loan(s), collectively the following documents (which, in the case of a
Loan Combination, except for the Mortgage Notes referred to in clause (i) of
this definition and any modifications thereof referred to in clause (vi) of this
definition, relate to the entire Loan Combination):

            (i) (A) the original executed Mortgage Note for such Trust Mortgage
      Loan, including any power of attorney related to the execution thereof (or
      a lost note affidavit and indemnity with a copy of such Mortgage Note
      attached thereto), together with any and all intervening endorsements
      thereon, endorsed on its face or by allonge attached thereto (without
      recourse, representation or warranty, express or implied) to the order of
      LaSalle Bank National Association, as trustee for the registered holders
      of Merrill Lynch Mortgage Trust 2006-C2, Commercial Mortgage Pass-Through
      Certificates, Series 2006-C2, or in blank, and (B) in the case of a Loan
      Combination, a copy of the executed Mortgage Note for each related
      Non-Trust Loan;

            (ii) an original or a copy of the Mortgage, together with originals
      or copies of any and all intervening assignments thereof, in each case
      (unless not yet returned by the applicable recording office) with evidence
      of recording indicated thereon or certified by the applicable recording
      office;

            (iii) an original or a copy of any related Assignment of Leases (if
      such item is a document separate from the Mortgage), together with
      originals or copies of any and all intervening assignments thereof, in
      each case (unless not yet returned by the applicable recording office)
      with evidence of recording indicated thereon or certified by the
      applicable recording office;

            (iv) an original executed assignment, in recordable form (except for
      completion of the assignee's name, if the assignment is delivered in
      blank, and any missing recording information) or a certified copy of that
      assignment as sent for recording, of (A) the Mortgage, (B) any related
      Assignment of Leases (if such item is a document separate from the
      Mortgage) and (C) any other recorded document relating to such Trust
      Mortgage Loan otherwise included in the Mortgage File, in favor of LaSalle
      Bank National Association , as trustee for the registered holders of
      Merrill Lynch Mortgage Trust 2006-C2, Commercial Mortgage Pass-Through
      Certificates, Series 2006-C2 (or, in the case of a Loan Combination, in
      favor of LaSalle Bank National Association, as Trustee for the registered
      holders of Merrill Lynch Mortgage Trust 2006-C2, Commercial Mortgage
      Pass-Through Certificates, Series 2006-C2, and in its capacity as lead
      lender on behalf of the holder of the related Non-Trust Loan(s)), or in
      blank; provided that, if the related Mortgage has been recorded in the
      name of Mortgage Electronic Registration Systems, Inc. ("MERS") or its
      designee, no assignment of Mortgage, Assignment of Leases or other
      recorded document in favor of the Trustee will be required to be prepared
      or delivered and instead, the Seller shall take all actions as are
      necessary to cause the Trustee to be shown as, and shall deliver evidence
      of any such transfers to the Master Servicers and the Special Servicer,
      and the Trustee shall take all actions necessary to confirm that it is
      shown as, the owner of the related Mortgage on the records of MERS for
      purposes of the system of recording transfers of beneficial ownership of
      mortgages maintained by MERS;

            (v) an original assignment of all unrecorded documents relating to
      the subject Trust Mortgage Loan (to the extent not already assigned
      pursuant to clause (iv) above), in favor of LaSalle Bank National
      Association, as trustee for the registered holders of Merrill Lynch
      Mortgage Trust 2006-C2, Commercial Mortgage Pass-Through Certificates,
      Series 2006-C2 (or, in the case of a Loan Combination, in favor of LaSalle
      Bank National Association, as trustee for the registered holders of
      Merrill Lynch Mortgage Trust 2006-C2, Commercial Mortgage Pass-Through
      Certificates, Series 2006-C2, and in its capacity as lead lender on behalf
      of the holder of the related Non-Trust Loan(s)), or in blank;

            (vi) originals or copies of any consolidation, assumption,
      substitution and modification agreements in those instances where the
      terms or provisions of the Mortgage or Mortgage Note have been
      consolidated or modified or the subject Trust Mortgage Loan has been
      assumed;

            (vii) the original or a copy of the policy or certificate of
      lender's title insurance or, if such policy has not been issued or
      located, an original or a copy of an irrevocable, binding commitment
      (which may be a pro forma policy or a marked version of the policy that
      has been executed by an authorized representative of the title company or
      an agreement to provide the same pursuant to binding escrow instructions
      executed by an authorized representative of the title company) to issue
      such title insurance policy;

            (viii) any filed copies or other evidence of filing of any prior UCC
      Financing Statements in favor of the originator of such Trust Mortgage
      Loan or in favor of any assignee prior to the Trustee (but only to the
      extent the Mortgage Loan Seller had possession of such UCC Financing
      Statements prior to the Closing Date) and, if there is an effective UCC
      Financing Statement in favor of the Mortgage Loan Seller on record with
      the applicable public office for UCC Financing Statements, a UCC Financing
      Statement assignment, in form suitable for filing in favor of LaSalle Bank
      National Association, as trustee for the registered holders of Merrill
      Lynch Mortgage Trust 2006-C2, Commercial Mortgage Pass-Through
      Certificates, Series 2006-C2, as assignee (or, in the case of a Loan
      Combination, in favor of LaSalle Bank National Association, as trustee for
      the registered holders of Merrill Lynch Mortgage Trust 2006-C2, Commercial
      Mortgage Pass-Through Certificates, Series 2006-C2, and in its capacity as
      lead lender on behalf of the holder of the related Non-Trust Loan(s)), or
      in blank; provided, if the related Mortgage Loan has been recorded in the
      name of MERS or its designee, no UCC Financing Statement in favor of the
      Trustee will be required to be prepared or delivered and instead, the
      Seller shall take all actions as are necessary to cause the Trustee, on
      behalf of the Certificateholders, to be shown as, and shall deliver
      evidence of any such transfers to the Master Servicers and the Special
      Servicer, and the Trustee shall take all actions necessary to confirm that
      it is shown as, the secured party on the related UCC Financing Statements
      on the records of MERS for purposes of the system of recording transfers
      of beneficial ownership of mortgages maintained by MERS;

            (ix) an original or a copy of any Ground Lease and any related
      ground lessor estoppel or any guaranty;

            (x) an original or copy of any intercreditor agreement relating to
      permitted debt of the Mortgagor (including, in the case of a Trust
      Mortgage Loan that is part of a Loan Combination, any related Loan
      Combination Intercreditor Agreement) and any intercreditor agreement
      relating to mezzanine debt related to the Mortgagor;

            (xi) an original or a copy of any loan agreement, any escrow or
      reserve agreement, any security agreement, any management agreement, any
      agreed upon procedures letter, any lockbox or cash management agreements,
      any environmental reports or any letter of credit (which letter of credit
      shall not be delivered in original form to the Trustee but rather to the
      applicable Master Servicer), in each case relating to such Trust Mortgage
      Loan; and

            (xii) with respect to a Trust Mortgage Loan secured by a hospitality
      property, a signed copy of any franchise agreement and/or franchisor
      comfort letter;

            With respect to the RLJ Portfolio Trust Mortgage Loan, the following
documents:

                  (i) the original executed Note for such RLJ Portfolio Trust
            Mortgage Loan, endorsed (either on the face thereof or pursuant to a
            separate allonge) "Pay to the order of LaSalle Bank National
            Association, as trustee for the registered holders of Merrill Lynch
            Mortgage Trust 2006-C2, Commercial Mortgage Pass-Through
            Certificates, without recourse", or in blank, without recourse and
            further showing a complete, unbroken chain of assignment and
            endorsement from the originator (if such originator is other than
            the Seller); or, alternatively, if the original executed Note has
            been lost, a lost note affidavit and indemnity with a copy of such
            Note; and

                  (ii) a copy of the executed RLJ Portfolio Intercreditor
            Agreement.

provided that whenever the term "Mortgage File" is used to refer to documents
actually received by the Trustee, such term shall not be deemed to include such
documents required to be included therein unless they are actually so received,
and with respect to any receipt or certification by the Trustee for documents
described in clause (vi) of this definition, shall be deemed to include only
such documents to the extent the Trustee has actual knowledge of their
existence.

            "Mortgage Loan": Any Trust Mortgage Loan (except with respect to the
RLJ Portfolio Trust Mortgage Loan as specified in the definition of "Trust
Mortgage Loan") or any Non-Trust Loan. As used herein, the term "Mortgage Loan"
includes the related Mortgage Note, Mortgage and other security documents
contained in the related Mortgage File or otherwise held on behalf of the Trust
and/or any Non-Trust Noteholder, as applicable.

            "Mortgage Loan Purchase Agreement": Each of the Artesia Mortgage
Loan Purchase Agreement, the IXIS Mortgage Loan Purchase Agreement, the Merrill
Mortgage Loan Purchase Agreement and the Prudential Mortgage Loan Purchase
Agreement.

            "Mortgage Loan Schedule": The list of Trust Mortgage Loans
transferred on the Closing Date to the Trustee as part of REMIC I, respectively,
attached hereto as Schedule I and in a computer readable format. Such list shall
set forth the following information with respect to each Trust Mortgage Loan:

            (i) the loan identification number (as specified in Annex A-1 to the
      Prospectus);

            (ii) the street address (including city, county, state and zip code)
      and name of the related Mortgaged Property;

            (iii) the Cut-off Date Balance;

            (iv) (A) the amount of the Periodic Payment due on the first Due
      Date following the Closing Date and (B) the monthly Due Date;

            (v) the Net Mortgage Rate as of the Cut-off Date and the original
      Mortgage Rate;

            (vi) the (A) original term to stated maturity, (B) remaining term to
      stated maturity and (C) Stated Maturity Date;

            (vii) the original and remaining amortization term;

            (viii) whether the Trust Mortgage Loan is secured by a Ground Lease;

            (ix) the Master Servicing Fee Rate;

            (x) whether such Trust Mortgage Loan is an ARD Loan and if so the
      Anticipated Repayment Date and Additional Interest Rate for such ARD Loan;

            (xi) the related Mortgage Loan Seller and, if different, the related
      originator;

            (xii) whether such Trust Mortgage Loan is insured by an
      environmental policy;

            (xiii) whether such Trust Mortgage Loan is cross-defaulted or
      cross-collateralized with any other Trust Mortgage Loan;

            (xiv) whether such Trust Mortgage Loan is a Defeasance Loan;

            (xv) whether the Trust Mortgage Loan is secured by a letter of
      credit;

            (xvi) whether payments on such Trust Mortgage Loan are made to a
      lock-box;

            (xvii) the amount of any Reserve Funds escrowed in respect of each
      Trust Mortgage Loan;

            (xviii) the number of days of any grace period permitted in respect
      of any Periodic Payment due under such Trust Mortgage Loan;

            (xix) the property type of the related Mortgaged Property as
      reported in the rent roll;

            (xx) the original principal balance of such Trust Mortgage Loan;

            (xxi) the interest accrual basis of such Trust Mortgage Loan;

            (xxii) the primary servicing fee rate, if any, for such Trust
      Mortgage Loan; and

            (xxiii) the applicable Loan Group to which the Trust Mortgage Loan
      belongs.

            "Mortgage Loan Seller": Each of Artesia, IXIS, MLMLI and Prudential.

            "Mortgage Note": The original executed note evidencing the
indebtedness of a Mortgagor under a Mortgage Loan, together with any rider,
addendum or amendment thereto, or any renewal, substitution or replacement of
such note.

            "Mortgage Pool": Collectively, all of the Trust Mortgage Loans and
any Trust REO Loans. The Non-Trust Loans shall not constitute part of the
Mortgage Pool.

            "Mortgage Rate": With respect to: (i) any Mortgage Loan on or prior
to its Stated Maturity Date, the fixed annualized rate, not including any
Additional Interest Rate, at which interest is scheduled (in the absence of a
default) to accrue on such Mortgage Loan from time to time in accordance with
the related Mortgage Note and applicable law; (ii) any Mortgage Loan after its
Stated Maturity Date, the annualized rate described in clause (i) above
determined without regard to the passage of such Stated Maturity Date, but
giving effect to any modification thereof as contemplated by Section 3.20; and
(iii) any REO Loan, the annualized rate described in clause (i) or (ii), as
applicable, above determined as if the predecessor Mortgage Loan had remained
outstanding.

            "Mortgaged Property": The property subject to the lien of a
Mortgage.

            "Mortgagor": The obligor or obligors on a Mortgage Note, including
without limitation, any Person that has not signed the related Mortgage Note but
owns an interest in the related Mortgaged Property, which interest has been
encumbered to secure such Mortgage Loan, and any Person that has acquired the
related Mortgaged Property and assumed the obligations of the original obligor
under the Mortgage Note, but excluding guarantors that do not own the related
Mortgaged Property.

            "Net Aggregate Prepayment Interest Shortfall": With respect to any
Distribution Date, the amount, if any, by which (a) the aggregate of all
Prepayment Interest Shortfalls incurred in connection with the receipt of
Principal Prepayments on the Trust Mortgage Loans during the related Collection
Period, exceeds (b) the aggregate amount deposited by the applicable Master
Servicer in its Collection Account for such Distribution Date pursuant to
Section 3.19(a) in connection with such Prepayment Interest Shortfalls on the
Trust Mortgage Loans.

            "Net Investment Earnings": With respect to each of the Collection
Accounts, the Interest Reserve Account, any Servicing Account, any Reserve
Account, any REO Account, the Distribution Account, any Loan Combination
Custodial Account, the Additional Interest Account and the Gain-on-Sale Reserve
Account, for any Investment Period, the amount, if any, by which the aggregate
of all interest and other income realized during such Investment Period on funds
held in such account, exceeds the aggregate of all losses, if any, incurred
during such Investment Period in connection with the investment of such funds in
accordance with Section 3.06 (other than losses of what would have otherwise
constituted interest or other income earned on such funds).

            "Net Investment Loss": With respect to each of the Collection
Accounts, any Servicing Account, any Reserve Account, any REO Account, the
Distribution Account, any Loan Combination Custodial Account, the Interest
Reserve Account, the Additional Interest Account and the Gain-on-Sale Reserve
Account, for any Investment Period, the amount by which the aggregate of all
losses, if any, incurred during such Investment Period in connection with the
investment of funds held in such account in accordance with Section 3.06 (other
than losses of what would have otherwise constituted interest or other income
earned on such funds), exceeds the aggregate of all interest and other income
realized during such Investment Period on such funds.

            "Net Mortgage Pass-Through Rate":

            (i) With respect to any Trust Mortgage Loan (or any successor Trust
      REO Loan with respect thereto) that accrues (or is deemed to accrue)
      interest on a 30/360 Basis, for any Distribution Date, an annual rate
      equal to the Net Mortgage Rate for such Trust Mortgage Loan as of the
      Closing Date (without regard to any modification, waiver or amendment of
      the terms of such Trust Mortgage Loan subsequent to the Closing Date); and

            (ii) With respect to any Trust Mortgage Loan (or any successor Trust
      REO Loan with respect thereto) that accrues interest on an Actual/360
      Basis, for any Distribution Date, an annual rate equal to twelve times a
      fraction, expressed as a percentage:

                  (A) the numerator of which fraction is, subject to adjustment
            as described below in this definition, an amount of interest equal
            to the product of (a) the number of days in the calendar month
            preceding the month in which such Distribution Date occurs,
            multiplied by (b) the Stated Principal Balance of such Trust
            Mortgage Loan (or such Trust REO Loan) immediately preceding such
            Distribution Date, multiplied by (c) 1/360, multiplied by (d) the
            Net Mortgage Rate for such Trust Mortgage Loan as of the Closing
            Date (without regard to any modification, waiver or amendment of the
            terms of such Trust Mortgage Loan subsequent to the Closing Date);
            and

                  (B) the denominator of which fraction is the Stated Principal
            Balance of such Trust Mortgage Loan (or such Trust REO Loan)
            immediately preceding that Distribution Date.

            Notwithstanding the foregoing, if the subject Distribution Date
occurs during January, except during a leap year, or February of any year
subsequent to 2006 (unless, in either case, the related Distribution Date is the
final Distribution Date), then the amount of interest referred to in the
fractional numerator described in clause (B)(1) above will be decreased to
reflect any Interest Reserve Amounts with respect to the subject Trust Mortgage
Loan (or Trust REO Loan) transferred from the Distribution Account to the
Interest Reserve Account in such calendar month. Furthermore, if the subject
Distribution Date occurs during March of any year subsequent to 2006 (or
February, if the related Distribution Date is the final Distribution Date), then
the amount of interest referred to in the fractional numerator described in
clause (B)(1) above will be increased to reflect any Interest Reserve Amounts
with respect to the subject Trust Mortgage Loan (or Trust REO Loan) transferred
from the Interest Reserve Account to the Distribution Account for distribution
on such Distribution Date.

            "Net Mortgage Rate": With respect to any Trust Mortgage Loan or any
Trust REO Loan (other than the RLJ Portfolio Trust Mortgage Loan or successor
Trust REO Loan), as of any date of determination, a rate per annum equal to the
related Mortgage Rate minus the sum of the Trust Administration Fee Rate, and
the applicable Master Servicing Fee Rate; and, with respect to any Non-Trust
Loan or any successor REO Loan with respect thereto, the related Mortgage Rate
minus the applicable Master Servicing Fee Rate. With respect to the RLJ
Portfolio Trust Mortgage Loan or successor Trust REO Loan, the RLJ Portfolio Net
Mortgage Interest Rate.

            "Net Operating Income" or "NOI": With respect to any Mortgaged
Property, for any twelve-month period, the total operating revenues derived from
such Mortgaged Property during such period, minus the total operating expenses
incurred in respect of such Mortgaged Property during such period, other than
(i) non-cash items such as depreciation, (ii) amortization, (iii) actual capital
expenditures and (iv) debt service on the related Mortgage Loan.

            "New Lease": Any lease of REO Property entered into at the direction
of the Special Servicer, including any lease renewed, modified or extended on
behalf of the Trustee for the benefit of the Certificateholders and, in the case
of a Loan Combination, the related Non-Trust Noteholder(s).

            "Nonrecoverable Advance": Any Nonrecoverable P&I Advance (including
any Workout-Delayed Reimbursement Amount that subsequently becomes a
Nonrecoverable P&I Advance) or Nonrecoverable Servicing Advance (including any
Workout-Delayed Reimbursement Amount that subsequently becomes a Nonrecoverable
Servicing Advance). Workout-Delayed Reimbursement Amounts shall constitute a
Nonrecoverable Advance only when the Person making such determination in
accordance with the procedures specified in the definition of Nonrecoverable P&I
Advance or Nonrecoverable Servicing Advance, as applicable, and taking into
account factors such as all other outstanding Advances, either (a) has
determined that such Workout-Delayed Reimbursement Amounts, would not ultimately
be recoverable from Late Collections or any other recovery on or in respect of
the related Mortgage Loan or successor REO Loan, or (b) has determined that such
Workout-Delayed Reimbursement Amount, along with any other Workout-Delayed
Reimbursement Amounts (that have not been reimbursed to the party that made such
Advance) or unreimbursed Nonrecoverable Advances, would not be ultimately
recoverable from the principal portion of future general collections on the
Mortgage Loans and REO Properties.

            "Nonrecoverable P&I Advance": Any P&I Advance previously made or
proposed to be made, including any previously made P&I Advance that constitutes
a Workout-Delayed Reimbursement Amount, in respect of any Trust Mortgage Loan or
Trust REO Loan by the applicable Master Servicer or the Trustee, as the case may
be, that, as determined by the applicable Master Servicer, the Special Servicer
or the Trustee, as applicable, in accordance with the Servicing Standard (in the
case of the applicable Master Servicer or the Special Servicer) or its good
faith judgment (in the case of the Trustee) with respect to such P&I Advance
(together with any accrued and unpaid interest thereon), will not be ultimately
recoverable from Late Collections, REO Revenues, Insurance Proceeds or
Liquidation Proceeds, or any other recovery on or with respect to such Trust
Mortgage Loan or Trust REO Loan (or, in the case of a Trust Mortgage Loan that
is a part of a Loan Combination, on or with respect to the related Loan
Combination); provided, however, the Special Servicer may, at its option, make a
determination (which shall be binding upon the applicable Master Servicer and
the Trustee) in accordance with the Servicing Standard, that any P&I Advance
previously made or proposed to be made, or any Workout-Delayed Reimbursement
Amount previously made, by the applicable Master Servicer or the Trustee is a
Nonrecoverable P&I Advance and shall deliver notice of such determination to the
applicable Master Servicer and the Trustee. In making a recoverability
determination, the applicable Person will be entitled to consider (among other
things) (A) the obligations of the Mortgagor under the terms of the related
Mortgage Loan as it may have been modified, (B) the related Mortgaged Properties
in their "as is" or then current conditions and occupancies, as modified by such
Person's assumptions (consistent with the Servicing Standard) regarding the
possibility and effects of future adverse change with respect to such Mortgaged
Properties, (C) and to estimate future expenses, (D) and to estimate (consistent
with the Servicing Standard) the timing of recoveries and (E) the existence and
amount of any outstanding Nonrecoverable Advances the reimbursement of which is
being deferred pursuant to Section 4.03(f), any outstanding Workout Delayed
Reimbursement Amounts and any Unliquidated Advances. In addition, any such
Person may update or change its recoverability determinations at any time and,
consistent with the Servicing Standard, may obtain from the Special Servicer any
reasonably required analysis, Appraisals or market value estimates or other
information in the Special Servicer's possession for such purposes. Absent bad
faith, the applicable Master Servicer's, the Special Servicer's or the Trustee's
determination as to the recoverability of any P&I Advance shall be conclusive
and binding on the Certificateholders. The Trustee shall be entitled to
conclusively rely on any recoverability determination made by the applicable
Master Servicer and the applicable Master Servicer, the Trustee shall be
entitled to conclusively rely on any recoverability determination made by the
Special Servicer and shall be required to act in accordance with such
determination.

            "Nonrecoverable Servicing Advance": Any Servicing Advance previously
made or proposed to be made, including any previously made Servicing Advance
that constitutes a Workout-Delayed Reimbursement Amount, in respect of a
Mortgage Loan or REO Loan by the applicable Master Servicer, the Special
Servicer, the Trustee, as the case may be, that, as determined by the applicable
Master Servicer, the Special Servicer or the Trustee, as the case may be, in
accordance with the Servicing Standard (in the case of the applicable Master
Servicer or the Special Servicer) or its good faith judgment (in the case of the
Trustee) with respect to such Servicing Advance (together with any accrued and
unpaid interest thereon), will not be ultimately recoverable from Late
Collections, REO Revenues, Insurance Proceeds, Liquidation Proceeds, or any
other recovery on or in respect of such Mortgage Loan or the related REO
Property; provided, however, the Special Servicer may, at its option, make a
determination (which shall be binding upon the applicable Master Servicer and
the Trustee) in accordance with the Servicing Standard, that any Servicing
Advance previously made or proposed to be made, or any Workout-Delayed
Reimbursement Amount previously made, by the applicable Master Servicer or the
Trustee is a Nonrecoverable Servicing Advance and shall deliver notice of such
determination to the applicable Master Servicer and the Trustee. In making such
recoverability determination, such Person will be entitled to consider (among
other things) only the obligations of the Mortgagor under the terms of the
related Mortgage Loan as it may have been modified, to consider (among other
things) the related Mortgaged Properties in their "as is" or then current
conditions and occupancies, as modified by such party's assumptions (consistent
with the Servicing Standard) regarding the possibility and effects of future
adverse change with respect to such Mortgaged Properties, to estimate and
consider (among other things) future expenses and to estimate and consider
(consistent with the Servicing Standard) (among other things) the timing of
recoveries, and to consider the existence and amount of any outstanding
Nonrecoverable Advances the reimbursement of which is being deferred pursuant to
Section 4.03(f), any outstanding Workout-Delayed Reimbursement Amounts and any
Unliquidated Advances. In addition, any such Person may update or change its
recoverability determinations at any time and, consistent with the Servicing
Standard, may obtain from the Special Servicer any reasonably required analysis,
Appraisals or market value estimates or other information in the Special
Servicer's possession for such purposes. Absent bad faith, the applicable Master
Servicer's, the Special Servicer's or the Trustee's determination as to the
recoverability of any Servicing Advance shall be conclusive and binding on the
Certificateholders. The Trustee shall be entitled to conclusively rely on any
recoverability determination made by the applicable Master Servicer and the
applicable Master Servicer and the Trustee shall be entitled to conclusively
rely on any recoverability determination made by the Special Servicer and shall
be required to act in accordance with such determination.

            "Non-Registered Certificate": Unless and until registered under the
Securities Act, any Class X, Class XR, Class E, Class F, Class G, Class H, Class
J, Class K, Class L, Class M, Class N, Class P, Class Q, Class Z, Class R-I or
Class R-II Certificate.

            "Non-Trust Loan" Each of the Lake in the Woods B-Note Non-Trust Loan
and the ARC Portfolio A Note Non-Trust Mortgage Loan.

            "Non-Trust Noteholder": The holder of a Non-Trust Loan.

            "Non-United States Securities Person": Any Person other than a
United States Securities Person.

            "Non-United States Tax Person": Any Person other than a United
States Tax Person.

            "Officer's Certificate": A certificate signed by a Servicing Officer
of either Master Servicer or the Special Servicer, as the case may be, or by a
Responsible Officer of the Trustee.

            "Opinion of Counsel": A written opinion of counsel (which counsel
may be a salaried counsel for the Depositor, the applicable Master Servicer or
the Special Servicer) acceptable to and delivered to the Trustee or the
applicable Master Servicer, as the case may be, except that any opinion of
counsel relating to (a) the qualification of REMIC I or REMIC II as a REMIC; (b)
the qualification of Grantor Trust Z as a grantor trust; (c) compliance with
REMIC Provisions; or (d) the resignation of either Master Servicer or the
Special Servicer pursuant to Section 6.04 must be an opinion of counsel who is
in fact Independent of the applicable Master Servicer, the Special Servicer or
the Depositor, as applicable.

            "Option Holder": As defined in Section 3.18(c).

            "Option Price": As defined in Section 3.18(c).

            "Original Class Principal Balance": With respect to any Class of
Sequential Pay Certificates, the initial Class Principal Balance thereof as of
the Closing Date, in each case as specified in the Preliminary Statement.

            "Original Notional Amount": $1,542,696,551, the total original
notional amount of the Class X Certificates.

            "OTS": The Office of Thrift Supervision or any successor thereto.

            "Other Depositor" means Wachovia Commercial Mortgage Securities,
Inc.

            "Other Master Servicer" means Wachovia Bank, National Association,
as master servicer of the Other Securitization, which will be responsible for
the servicing and administration of the RLJ Portfolio Loan Combination under the
Other Pooling and Servicing Agreement.

            "Other Pooling and Servicing Agreement" means (i) prior to the
closing of the Other Securitization, the servicing agreement specified in the
RLJ Portfolio Intercreditor Agreement and (ii) after the closing of the Other
Securitization, that certain pooling and servicing agreement, dated as of August
1, 2006, among the Other Depositor, the Other Master Servicer, the Other Special
Servicer and the Other Trustee.

            "Other Securitization" means the Wachovia Bank Commercial Mortgage
Trust Commercial Mortgage Pass-Through Certificates Series 2006-C27, that will
hold the RLJ Portfolio Lead A-Note Non-Trust Loan designated as "Note A-1" in
the RLJ Portfolio Intercreditor Agreement.

            "Other Special Servicer" means LNR Partners, Inc., as special
servicer of the Other Securitization, which will be responsible for the
servicing and administration of the RLJ Portfolio Loan Combination to the extent
it becomes a specially serviced mortgage loan under the Other Pooling and
Servicing Agreement.

            "Other Trustee" means Wells Fargo Bank, N.A., as trustee of the
Other Securitization.

            "Ownership Interest": As to any Certificate, any ownership or
security 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.

            "Pass-Through Rate": With respect to:

            (i) the Class A-1 Certificates for any Distribution Date, a per
      annum rate equal to 5.601%;

            (ii) the Class A-2 Certificates for any Distribution Date, a per
      annum rate equal to the lesser of (a) 5.756% and (b) the Weighted Average
      Net Mortgage Pass-Through Rate for such Distribution Date;

            (iii) the Class A-3 Certificates for any Distribution Date, a per
      annum rate equal to the lesser of (a) 5.764% and (b) the Weighted Average
      Net Mortgage Pass-Through Rate for such Distribution Date;

            (iv) the Class A-4 Certificates for any Distribution Date, a per
      annum rate equal to the lesser of (a) 5.742% and (b) the Weighted Average
      Net Mortgage Pass-Through Rate for such Distribution Date;

            (v) the Class A-1A Certificates for any Distribution Date, a per
      annum rate equal to the lesser of (a) 5.739% and (b) the Weighted Average
      Net Mortgage Pass-Through Rate for such Distribution Date;

            (vi) the Class AM Certificates for any Distribution Date, a per
      annum rate equal to the lesser of (a) 5.782% and (b) the Weighted Average
      Net Mortgage Pass-Through Rate for such Distribution Date;

            (vii) the Class AJ Certificates for any Distribution Date, a per
      annum rate equal to the lesser of (a) 5.802% and (b) the Weighted Average
      Net Mortgage Pass-Through Rate for such Distribution Date;

            (viii) the Class B Certificates for any Distribution Date, a per
      annum rate equal to the lesser of (a) 5.851% and (b) the Weighted Average
      Net Mortgage Pass-Through Rate for such Distribution Date;

            (ix) the Class C Certificates for any Distribution Date, a per annum
      rate equal to the lesser of (a) 5.871% and (b) the Weighted Average Net
      Mortgage Pass-Through Rate for such Distribution Date;

            (x) the Class D Certificates for any Distribution Date, a per annum
      rate equal to the lesser of (a) 5.940% and (b) the Weighted Average Net
      Mortgage Pass-Through Rate for such Distribution Date;

            (xi) the Class E Certificates for any Distribution Date, a per annum
      rate equal to the lesser of (a) 5.979% and (b) the Weighted Average Net
      Mortgage Pass-Through Rate for such Distribution Date;

            (xii) the Class F Certificates for any Distribution Date, a per
      annum rate equal to the Weighted Average Net Mortgage Pass-Through Rate
      for such Distribution Date minus, a class margin equal to 0.024%;

            (xiii) the Class G Certificates for any Distribution Date, a per
      annum rate equal to the Weighted Average Net Mortgage Pass-Through Rate
      for such Distribution Date;

            (xiv) the Class H Certificates for any Distribution Date, a per
      annum rate equal to the Weighted Average Net Mortgage Pass-Through Rate
      for such Distribution Date;

            (xv) the Class J Certificates for any Distribution Date, a per annum
      rate equal to the lesser of (a) 5.423% and (b) the Weighted Average Net
      Mortgage Pass-Through Rate for such Distribution Date;

            (xvi) the Class K Certificates for any Distribution Date, a per
      annum rate equal to the lesser of (a) 5.423% and (b) the Weighted Average
      Net Mortgage Pass-Through Rate for such Distribution Date;

            (xvii) the Class L Certificates for any Distribution Date, a per
      annum rate equal to the lesser of (a) 5.423% and (b) the Weighted Average
      Net Mortgage Pass-Through Rate for such Distribution Date;

            (xviii) the Class M Certificates for any Distribution Date, a per
      annum rate equal to the lesser of (a) 5.423% and (b) the Weighted Average
      Net Mortgage Pass-Through Rate for such Distribution Date;

            (xix) the Class N Certificates for any Distribution Date, a per
      annum rate equal to the lesser of (a) 5.423% and (b) the Weighted Average
      Net Mortgage Pass-Through Rate for such Distribution Date;

            (xx) the Class P Certificates for any Distribution Date, a per annum
      rate equal to the lesser of (a) 5.423% and (b) the Weighted Average Net
      Mortgage Pass-Through Rate for such Distribution Date;

            (xxi) the Class Q Certificates for any Distribution Date, a per
      annum rate equal to the lesser of (a) 5.423% and (b) the Weighted Average
      Net Mortgage Pass-Through Rate for such Distribution Date; and

            (xxii) the Class X Certificates, for any Distribution Date, a rate
      equal to the weighted average of the Class X Strip Rates for the Class X
      Components for such Distribution Date (weighted on the basis of the
      respective Component Notional Amounts of the Class X Components
      outstanding immediately prior to such Distribution Date).

            (xxiii) the Class XR Certificates, for any Distribution Date, a rate
      equal to the Class XR Pass-Through Rate for the Class XR; provided that,
      because the RLJ Portfolio Trust Mortgage Loan accrues interest on a 30/360
      Basis, then, in some months, the Class XR Pass-Through Rate will be
      converted to an annual rate that would produce an equivalent amount of
      interest accrued on the basis of an assumed 360 day year consisting of
      twelve 30 day months.

            "P&I Advance": As to any Trust Mortgage Loan or Trust REO Loan, any
advance made by the applicable Master Servicer or the Trustee pursuant to
Section 4.03.

            "P&I Advance Date": The Business Day immediately preceding each
Distribution Date.

            "PCAOB": The Public Company Accounting Oversight Board.

            "Penalty Interest": With respect to any Mortgage Loan (or any
successor REO Loan with respect thereto), any amounts collected thereon, other
than late payment charges, Additional Interest, Prepayment Premiums or Yield
Maintenance Charges, that represent penalty interest (arising out of a default)
in excess of interest on such Mortgage Loan (or such successor REO Loan) accrued
at the related Mortgage Rate.

            "Percentage Interest": With respect to any Regular Certificate, the
portion of the relevant Class evidenced by such Certificate, expressed as a
percentage, the numerator of which is the Certificate Principal Balance or
Certificate Notional Amount, as the case may be, of such Certificate as of the
Closing Date, as specified on the face thereof, and the denominator of which is
the Original Class Principal Balance or Original Notional Amount, as the case
may be, of the relevant Class. With respect to a Residual Certificate, Class XR
or Class Z Certificate, the percentage interest in distributions to be made with
respect to the relevant Class, as stated on the face of such Certificate.

            "Performance Certification": As defined in Section 8.16(b).

            "Performing Mortgage Loan": Any Corrected Mortgage Loan and any
Mortgage Loan as to which a Servicing Transfer Event has never occurred.

            "Performing Party": As defined in Section 8.16(b).

            "Periodic Payment": With respect to any Mortgage Loan as of any Due
Date, the scheduled payment of principal and/or interest on such Mortgage Loan
(exclusive of Additional Interest), including any Balloon Payment, that is
actually payable by the related Mortgagor from time to time under the terms of
the related Mortgage Note (as such terms may be changed or modified in
connection with a bankruptcy or similar proceeding involving the related
Mortgagor or by reason of a modification, waiver or amendment granted or agreed
to by the Special Servicer pursuant to Section 3.20).

            "Permitted Investments": Any one or more of the following
obligations or securities (including obligations or securities of the Trustee or
one of its Affiliates if otherwise qualifying hereunder):

            (i) direct obligations of, or obligations fully guaranteed as to
      timely payment of principal and interest by, the United States or any
      agency or instrumentality thereof (having original maturities of not more
      than 365 days), provided such obligations are backed by the full faith and
      credit of the United States; such obligations must be limited to those
      instruments that have a predetermined fixed dollar amount of principal due
      at maturity that cannot vary or change. Interest may either be fixed or
      variable; if such interest is variable, interest must be tied to a single
      interest rate index plus a single fixed spread (if any), and move
      proportionately with that index. In addition, such obligations may not
      have a rating from S&P with an "r" highlighter;

            (ii) repurchase agreements or obligations with respect to any
      security described in clause (i) above (having original maturities of not
      more than 365 days), provided that the short-term deposit or debt
      obligations, of the party agreeing to repurchase such obligations are
      rated in the highest rating categories of each of S&P and Moody's or such
      lower rating as will not result in an Adverse Rating Event, as evidenced
      in writing by the Rating Agencies; in addition, it may not have a rating
      from S&P with an "r" highlighter and its terms must have a predetermined
      fixed dollar amount of principal due at maturity that cannot vary or
      change; interest may either be fixed or variable; if such interest is
      variable, interest must be tied to a single interest rate index plus a
      single fixed spread (if any), and move proportionately with that index;

            (iii) federal funds, unsecured uncertified certificates of deposit,
      time deposits, demand deposits and bankers' acceptances of any bank or
      trust company organized under the laws of the United States or any state
      thereof (having original maturities of not more than 365 days), the short
      term obligations of which are rated in the highest rating categories of
      each of S&P and Moody's or such lower rating as will not result in an
      Adverse Rating Event, as evidenced in writing by the Rating Agencies; in
      addition, it may not have a rating from S&P with an "r" highlighter and
      its terms should have a predetermined fixed dollar amount of principal due
      at maturity that cannot vary or change; interest may either be fixed or
      variable; if such interest is variable, interest must be tied to a single
      interest rate index plus a single fixed spread (if any), and move
      proportionately with that index;

            (iv) commercial paper (including both non-interest bearing discount
      obligations and interest-bearing obligations and having original
      maturities of not more than 365 days) of any corporation or other entity
      organized under the laws of the United States or any state thereof which
      is rated in the highest rating category of each of S&P and Moody's or such
      lower rating as will not result in an Adverse Rating Event, as evidenced
      in writing by the Rating Agencies; the commercial paper by its terms must
      have a predetermined fixed dollar amount of principal due at maturity that
      cannot vary or change; in addition, it may not have a rating from S&P with
      an "r" highlighter; interest may either be fixed or variable; if such
      interest is variable, interest must be tied to a single interest rate
      index plus a single fixed spread (if any), and move proportionately with
      that index;

            (v) money market funds which are rated in the highest applicable
      rating category of each of S&P and Moody's or such lower rating as will
      not result in an Adverse Rating Event, as evidenced in writing by the
      Rating Agencies; in addition, it may not have a rating from S&P with an
      "r" highlighter and its terms must have a predetermined fixed dollar
      amount of principal due at maturity that cannot vary or change; and

            (vi) any other obligation or security acceptable to each Rating
      Agency, evidence of which acceptability shall be provided in writing by
      each Rating Agency to the Master Servicer, the Special Servicer and the
      Trustee;

provided that (1) no investment described hereunder shall evidence either the
right to receive (x) only interest with respect to such investment or (y) a
yield to maturity greater than 120% of the yield to maturity at par of the
underlying obligations; and (2) no investment described hereunder may be
purchased at a price greater than par if such investment may be prepaid or
called at a price less than its purchase price prior to stated maturity.

            "Permitted Transferee": Any Transferee that is not (i) a
Disqualified Organization, (ii) any Person as to whom the transfer of any
Residual Certificate may cause either REMIC I or REMIC II to fail to qualify as
a REMIC, (iii) a Disqualified Non-United States Tax Person, (iv) a Disqualified
Partnership or (v) a foreign permanent establishment or fixed base (within the
meaning of any applicable income tax treaty between the United States and any
foreign jurisdiction) of a United States Tax Person.

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

            "Plan": As defined in Section 5.02(c).

            "Plurality Residual Certificateholder": As to any taxable year of
REMIC I or REMIC II, the Holder of Certificates holding the largest Percentage
Interest of the related Class of Residual Certificates.

            "Plurality Subordinate Certificateholder": As of any date of
determination, any single Holder of Certificates of the Controlling Class (or,
if the Controlling Class consists of Book-Entry Certificates, any single
Certificate Owner) (other than any Holder (or Certificate Owner, as the case may
be) which is an Affiliate of the Depositor or a Mortgage Loan Seller) with the
largest percentage of Voting Rights allocated to such Class. With respect to
determining the Plurality Subordinate Certificateholder, the Class A Senior
Certificates collectively shall be deemed to be a single Class of Certificates,
with such Voting Rights allocated among the Holders of Certificates (or
Certificate Owners) of such Classes of Class A Senior Certificates in proportion
to the respective Certificate Principal Balances of such Certificates as of such
date of determination.

            "Pool REO Account": A segregated account or accounts created and
maintained by the Special Servicer pursuant to Section 3.16 on behalf of the
Trustee in trust for the Certificateholders, which shall be entitled "J.E.
Robert Company, Inc., as Special Servicer, for LaSalle Bank National
Association, as Trustee in trust for the registered holders of Merrill Lynch
Mortgage Trust 2006-C2, Commercial Mortgage Pass-Through Certificates, Series
2006-C2".

            "Prepayment Assumption": For purposes of determining the accrual of
original issue discount, market discount and premium, if any, on the
Certificates for federal income tax purposes, (i) each Trust ARD Loan is repaid
on its Anticipated Repayment Date, (ii) no Trust Mortgage Loan will otherwise be
paid prior to maturity and (iii) there will be no extension of maturity for any
Trust Mortgage Loan.

            "Prepayment Interest Excess": With respect to any Mortgage Loan that
was subject to a voluntary Principal Prepayment in full or in part during any
Collection Period, which Principal Prepayment was applied to such Mortgage Loan
following such Mortgage Loan's Due Date in such Collection Period, the amount of
interest (net of the related Master Servicing Fee and, if applicable, any
Additional Interest and Penalty Interest) accrued on the amount of such
Principal Prepayment during the period from and after such Due Date and to but
not including the date such Principal Prepayment was applied to such Mortgage
Loan, to the extent collected (without regard to any related Prepayment Premium
or Yield Maintenance Charge actually collected).

            "Prepayment Interest Shortfall": With respect to any Mortgage Loan
that was subject to a voluntary Principal Prepayment in full or in part during
any Collection Period, which Principal Prepayment was applied to such Mortgage
Loan prior to such Mortgage Loan's Due Date in such Collection Period, the
amount of interest, to the extent not collected from the related Mortgagor
(without regard to any Prepayment Premium or Yield Maintenance Charge actually
collected), that would have accrued (at a rate per annum equal to the sum of (x)
the related Net Mortgage Rate for such Mortgage Loan and (y) the Trust
Administration Fee Rate) on the amount of such Principal Prepayment during the
period commencing on the date as of which such Principal Prepayment was applied
to such Mortgage Loan and ending on the day immediately preceding such Due Date,
inclusive (net of any portion of that interest that would have constituted
Penalty Interest and/or Additional Interest, if applicable).

            "Prepayment Premium": Any premium, penalty or fee (other than a
Yield Maintenance Charge) paid or payable, as the context requires, by a
Mortgagor in connection with a Principal Prepayment.

            "Primary Collateral": The Mortgaged Property directly securing a
Crossed Loan and excluding any property as to which the related lien may only be
foreclosed upon by exercise of cross-collateralization provisions.

            "Prime Rate": The "prime rate" published in the "Money Rates"
section of The Wall Street Journal, as such "prime rate" may change from time to
time. If The Wall Street Journal ceases to publish the "prime rate", then the
Master Servicers (or, if the Master Servicers fail to agree, the Trustee) shall
select an equivalent publication that publishes such "prime rate"; and if such
"prime rate" is no longer generally published or is limited, regulated or
administered by a governmental or quasi-governmental body, then the Master
Servicers (or, if the Master Servicers fail to agree, the Trustee) shall agree
on and select a comparable interest rate index. Any such selection shall be made
in the sole discretion of the party(ies) making the selection, which party(ies)
shall notify the Trustee and the Special Servicer in writing of its (their)
selection.

            "Principal Distribution Amount": With respect to any Distribution
Date, the aggregate of the following (without duplication):

            (i) the aggregate of the principal portions of all Periodic Payments
      (other than Balloon Payments) and any Assumed Periodic Payments due or
      deemed due in respect of the Trust Mortgage Loans for their respective Due
      Dates occurring during the related Collection Period, to the extent paid
      by the related Mortgagor during or prior to, or otherwise received during,
      the related Collection Period or advanced with respect to such
      Distribution Date;

            (ii) the aggregate of all Principal Prepayments received on the
      Trust Mortgage Loans during the related Collection Period;

            (iii) with respect to any Trust Mortgage Loan as to which the
      related Stated Maturity Date occurred during or prior to the related
      Collection Period, any payment of principal (other than a Principal
      Prepayment) made by or on behalf of the related Mortgagor during the
      related Collection Period (including any Balloon Payment), net of any
      portion of such payment that represents a recovery of the principal
      portion of any Periodic Payment (other than a Balloon Payment) due, or the
      principal portion of any Assumed Periodic Payment deemed due, in respect
      of such Trust Mortgage Loan on a Due Date during or prior to the related
      Collection Period and included as part of the Principal Distribution
      Amount for such Distribution Date or any prior Distribution Date pursuant
      to clause (a) above;

            (iv) the aggregate of all Liquidation Proceeds, Insurance Proceeds
      and, to the extent not otherwise included in clause (a), (b) or (c) above,
      payments and revenues that were received on the Trust Mortgage Loans
      during the related Collection Period and that were identified and applied
      by the Master Servicers and/or Special Servicer as recoveries of principal
      of the Trust Mortgage Loans, in each case net of any portion of such
      amounts that represents a recovery of the principal portion of any
      Periodic Payment (other than a Balloon Payment) due, or of the principal
      portion of any Assumed Periodic Payment deemed due, in respect of the
      related Trust Mortgage Loan on a Due Date during or prior to the related
      Collection Period and included as part of the Principal Distribution
      Amount for such Distribution Date or any prior Distribution Date pursuant
      to clause (a) above;

            (v) with respect to any REO Properties, the aggregate of the
      principal portions of all Assumed Periodic Payments deemed due in respect
      of the related Trust REO Loans for their respective Due Dates occurring
      during the related Collection Period to the extent received (in the form
      of REO Revenues or otherwise) during the related Collection Period or
      advanced with respect to such Distribution Date;

            (vi) with respect to any REO Properties, the aggregate of all
      Liquidation Proceeds, Insurance Proceeds and REO Revenues that were
      received during the related Collection Period on such REO Properties and
      that were identified and applied by the Master Servicers and/or Special
      Servicer as recoveries of principal of the related Trust REO Loans, in
      each case net of any portion of such amounts that represents a recovery of
      the principal portion of any Periodic Payment (other than a Balloon
      Payment) due, or of the principal portion of any Assumed Periodic Payment
      deemed due, in respect of the related Trust REO Loan or the predecessor
      Trust Mortgage Loan on a Due Date during or prior to the related
      Collection Period and included as part of the Principal Distribution
      Amount for such Distribution Date or any prior Distribution Date pursuant
      to clause (a) or (e) above; and

            (vii) if such Distribution Date is subsequent to the initial
      Distribution Date, the excess, if any, of the Principal Distribution
      Amount for the immediately preceding Distribution Date, over the aggregate
      distributions of principal made on the Sequential Pay Certificates on such
      immediately preceding Distribution Date pursuant to Section 4.01;

provided that if any Nonrecoverable Advance or Workout-Delayed Reimbursement
Amount is reimbursed, or interest on any Nonrecoverable Advance is paid, from
collections on the Mortgage Pool received during the related Collection Period
that are allocable as principal, as provided in Section 1.02(a), then the
Principal Distribution Amount for the subject Distribution Date shall be reduced
(to not less than zero) as and to the extent provided in Section 1.02(b); and
provided, further, that if any Recovered Amounts are received during the related
Collection Period, then the Principal Distribution Amount for the subject
Distribution Date shall be increased as and to the extent provided in Section
1.02(c).

            Any allocation of the Principal Distribution Amount between Loan
Group 1 and Loan Group 2 for purposes of calculating the Loan Group 1 Principal
Distribution Amount and the Loan Group 2 Distribution Amount shall take into
account Section 1.02.

            "Principal Prepayment": Any payment of principal made by the
Mortgagor on a Mortgage Loan that is received in advance of its scheduled Due
Date; and provided that it shall not include a payment of principal that is
accompanied by an amount of interest representing scheduled interest due on any
date or dates in any month or months subsequent to the month of prepayment.

            "Principal Recovery Fee": With respect to each Specially Serviced
Mortgage Loan and REO Loan, the fee payable to the Special Servicer out of
certain related recoveries pursuant to the third paragraph of Section 3.11(c).

            "Principal Recovery Fee Rate": With respect to all amounts set forth
in the third paragraph of Section 3.11(c), 1.0%.

            "Privileged Person": Any Certificateholder, any Certificate Owner,
any prospective transferee of a Certificate or interest therein, any Rating
Agency, any Mortgage Loan Seller, any Non-Trust Noteholder, any Underwriter or
any party hereto; provided that no Certificate Owner or prospective transferee
of a Certificate or an interest therein shall be considered a "Privileged
Person" or be entitled to a password or restricted access as contemplated by
Section 3.15 unless such Person has delivered to the Trustee or the applicable
Master Servicer, as the case may be, a certification in the form of Exhibit I-1
or Exhibit I-2 (or such other form as may be reasonably acceptable to the
Trustee or the applicable Master Servicer, as the case may be), as applicable.

            "Proposed Plan": As defined in Section 3.17(a)(iii).

            "Prospectus": The prospectus dated July 28, 2006, as supplemented by
the Prospectus Supplement, relating to the Registered Certificates.

            "Prospectus Supplement": The final prospectus supplement dated
August 8, 2006 of the Depositor relating to the registration of the Registered
Certificates under the Securities Act.

            "Prudential": Prudential Asset Resources, Inc., a Delaware
corporation, or its successor in interest.

            "Prudential Loan Purchase Agreement": That certain mortgage loan
purchase agreement, dated as of August 8, 2006, between the Depositor and
Prudential and relating to the transfer of the Prudential Trust Mortgage Loans
to the Depositor.

            "Prudential Trust Mortgage Loans": Each Trust Mortgage Loan
transferred and assigned to the Depositor pursuant to the Prudential Mortgage
Loan Purchase Agreement.

            "Purchase Option": As defined in Section 3.18(c).

            "Purchase Option Notice": As defined in Section 3.18(e).

            "Purchase Price": With respect to any Trust Mortgage Loan (or Trust
REO Loan), a cash price equal to the outstanding principal balance of such Trust
Mortgage Loan (or Trust REO Loan) as of the date of purchase, together with (a)
all accrued and unpaid interest on such Trust Mortgage Loan (or Trust REO Loan)
at the related Mortgage Rate (other than Additional Interest) to but not
including the Due Date in the Collection Period of purchase, (b) any accrued
interest on P&I Advances (other than Unliquidated Advances in respect of prior
P&I Advances) made with respect to such Trust Mortgage Loan (or Trust REO Loan),
(c) all related and unreimbursed (from collections on such Trust Mortgage Loan
and, if such Trust Mortgage Loan is part of a Loan Combination, any related
Non-Trust Loan (or Trust REO Loan and, if such Trust REO Loan is a successor to
a Trust Mortgage Loan that is part of a Loan Combination, any related REO Loan
that is a successor to a related Non-Trust Loan)) Servicing Advances (together
with Unliquidated Advances) plus any accrued and unpaid interest thereon (other
than on Unliquidated Advances), (d) any reasonable costs and expenses,
including, but not limited to, the cost of any enforcement action (including
reasonable legal fees), incurred by the applicable Master Servicer, the Special
Servicer or the Trust Fund in connection with any such purchase by a Mortgage
Loan Seller (to the extent not included in clause (c) above) and Principal
Recovery Fees payable (to the extent payable pursuant to Section 3.11(c)) with
respect to such Trust Mortgage Loan (or Trust REO Loan), and (e) any other
Additional Trust Fund Expenses in respect of such Trust Mortgage Loan (or Trust
REO Loan) (including any Additional Trust Fund Expenses (which includes Special
Servicing Fees and Workout Fees) previously reimbursed or paid by the Trust Fund
but not so reimbursed by the related Mortgagor or from related Insurance
Proceeds or Liquidation Proceeds); provided that the Purchase Price shall not be
reduced by any outstanding P&I Advance.

            "Qualified Bidder": As defined in Section 7.01(c).

            "Qualified Institutional Buyer" or "QIB": A "qualified institutional
buyer" within the meaning of Rule 144A under the Securities Act.

            "Qualified Insurer": shall mean (i) with respect to any Mortgage
Loan, Mortgaged Property or REO Property, an insurance company or security or
bonding company qualified to write the related Insurance Policy in the relevant
jurisdiction and that has a claims paying ability that is rated (or is
guaranteed or backed in writing by an entity with long-term unsecured debt that
is rated) at least "A" by S&P and "A3" by Moody's (if then rated by Moody's),
(ii) with respect to the fidelity bond and errors and omissions Insurance Policy
required to be maintained pursuant to Section 3.07(c), an insurance company that
has a claims paying ability that is rated (or is guaranteed or backed by an
entity with long-term unsecured debt that is rated) no lower than two ratings
(without regard to pluses and minuses (in the case of S&P) or numerical
designations (in the case of Moody's)) below the rating assigned to the then
highest rated outstanding Certificate (in the case of a rating assigned to the
Certificates by Moody's, if then rated by Moody's), but in no event lower than
"A3" by Moody's (if then rated by Moody's) and "A " by S&P or, in the case of
clauses (i) and (ii), such other rating as each Rating Agency shall have
confirmed in writing will not cause such Rating Agency to downgrade, qualify or
withdraw the then-current rating assigned to any of the Certificates that are
then currently being rated by such Rating Agency.

            "Qualified Substitute Mortgage Loan": A mortgage loan which must, on
the date of substitution: (i) have an outstanding principal balance, after
application of all scheduled payments of principal and interest due during or
prior to the month of substitution, not in excess of the Stated Principal
Balance of the deleted Trust Mortgage Loan as of the Due Date in the calendar
month during which the substitution occurs; (ii) have a Mortgage Rate not less
than the Mortgage Rate of the deleted Trust Mortgage Loan; (iii) have the same
Due Date as and a grace period no longer than the deleted Trust Mortgage Loan;
(iv) accrue interest on the same basis as the deleted Trust Mortgage Loan (for
example, on the basis of a 360-day year consisting of twelve 30-day months); (v)
have a remaining term to stated maturity not greater than, and not more than two
years less than, the remaining term to stated maturity of the deleted Trust
Mortgage Loan; (vi) have a then current Loan-to-Value Ratio not higher than that
of the deleted Trust Mortgage Loan and a current Loan-to-Value Ratio not higher
than the then current Loan-to-Value Ratio of the deleted Trust Mortgage Loan;
(vii) comply as of the date of substitution with all of the representations and
warranties set forth in the applicable Mortgage Loan Purchase Agreement; (viii)
have an Environmental Assessment that indicates no adverse environmental
conditions and an engineering report that indicates no adverse physical
condition with respect to the related Mortgaged Property and which will be
delivered as a part of the related Mortgage File; (ix) have a current Debt
Service Coverage Ratio of not less than the greater of the original Debt Service
Coverage Ratio of the deleted Trust Mortgage Loan and the current Debt Service
Coverage Ratio of the deleted Trust Mortgage Loan; (x) be determined by an
Opinion of Counsel (at the applicable Mortgage Loan Seller's expense) to be a
"qualified replacement mortgage" within the meaning of Section 860G(a)(4) of the
Code; (xi) not have a maturity date after the date two years prior to the Rated
Final Distribution Date; (xii) not be substituted for a deleted Trust Mortgage
Loan unless the Trustee has received prior confirmation in writing by each
Rating Agency that such substitution will not result in an Adverse Rating Event
(the cost, if any, of obtaining such confirmation to be paid by the applicable
Mortgage Loan Seller); (xiii) have a date of origination that is not more than
12 months prior to the date of substitution; (xiv) have been approved by the
Controlling Class Representative (or, if there is no Controlling Class
Representative then serving, by the Holders of Certificates representing a
majority of the Voting Rights allocated to the Controlling Class), which
approval may not be unreasonably withheld or delayed; (xv) not be substituted
for a deleted Trust Mortgage Loan if it would result in the termination of the
REMIC status of either REMIC established under this Agreement or the imposition
of tax on any of such REMICs other than a tax on income expressly permitted or
contemplated to be received by the terms of this Agreement, as determined by an
Opinion of Counsel (at the applicable Mortgage Loan Seller's expense); (xvi)
have comparable prepayment restrictions; and (xvii) become a part of the same
Loan Group as the deleted Trust Mortgage Loan. In the event that one or more
mortgage loans are substituted for one or more deleted Trust Mortgage Loans,
then the amounts described in clause (i) shall be determined on the basis of
aggregate principal balances and the rates described in clause (ii) above
(provided that the lowest Net Mortgage Rate shall not be lower than the highest
fixed Pass-Through Rate of any Class of Sequential Pay Certificates outstanding)
and the remaining term to stated maturity referred to in clause (v) above shall
be determined on a weighted average basis. When a Qualified Substitute Mortgage
Loan is substituted for a deleted Trust Mortgage Loan, the applicable Mortgage
Loan Seller shall certify that the proposed Qualified Substitute Mortgage Loan
meets all of the requirements of the above definition and shall send such
certification to the Trustee.

            "Rated Final Distribution Date": The Distribution Date in August
2043.

            "Rating Agency": Either of Moody's or S&P.

            "Realized Loss": With respect to: (1) each Specially Serviced
Mortgage Loan or Corrected Mortgage Loan as to which a Final Recovery
Determination has been made, or with respect to any successor REO Loan as to
which a Final Recovery Determination has been made as to the related REO
Property, an amount (not less than zero) equal to (a) the unpaid principal
balance of such Mortgage Loan or REO Loan, as the case may be, as of the
commencement of the Collection Period in which the Final Recovery Determination
was made, plus (b) without taking into account the amount described in subclause
(1)(d) of this definition, all accrued but unpaid interest on such Mortgage Loan
or such REO Loan, as the case may be, at the related Mortgage Rate to but not
including the Due Date in the Collection Period in which the Final Recovery
Determination was made (exclusive of any portion thereof that constitutes
Penalty Interest, Additional Interest, Prepayment Premiums or Yield Maintenance
Charges), plus (c) any related unpaid servicing expenses, any related Servicing
Advances (together with Unliquidated Advances in respect of prior related
Servicing Advances) that, as of the commencement of the Collection Period in
which the Final Recovery Determination was made, had not been reimbursed from
the subject Mortgage Loan or REO Property, as the case may be, and any new
related Servicing Advances made during such Collection Period, minus (d) all
payments and proceeds, if any, received in respect of and allocable to such
Mortgage Loan or such REO Loan, as the case may be, during the Collection Period
in which such Final Recovery Determination was made net of any portion of such
payments and/or proceeds that is payable or reimbursable in respect of the
related liquidation and other servicing expenses and, in the case of a Mortgage
Loan or REO Loan that is part of a Loan Combination, net of any portion of such
payments and/or proceeds that represent Liquidation Proceeds payable to the
holder(s) of the other Mortgage Loan(s) in that Loan Combination; (2) each
defaulted Mortgage Loan as to which any portion of the principal or previously
accrued interest (other than Additional Interest and Penalty Interest) payable
thereunder or any Unliquidated Advance was canceled in connection with a
bankruptcy or similar proceeding involving the related Mortgagor or a
modification, waiver or amendment of such Mortgage Loan granted or agreed to by
the Special Servicer pursuant to Section 3.20, the amount of such principal
and/or interest or Unliquidated Advance so canceled; (3) each Mortgage Loan as
to which the Mortgage Rate thereon has been permanently reduced and not
recaptured for any period in connection with a bankruptcy or similar proceeding
involving the related Mortgagor or a modification, waiver or amendment of such
Mortgage Loan granted or agreed to by the Special Servicer pursuant to Section
3.20, the amount of the consequent reduction in the interest portion of each
successive Periodic Payment due thereon (each such Realized Loss shall be deemed
to have been incurred on the Due Date for each affected Periodic Payment); (4)
each Trust Mortgage Loan or Trust REO Loan as to which there were any
Nonrecoverable Advances, the amount of any such Nonrecoverable Advance
reimbursed (and/or interest thereon paid) from amounts that would have otherwise
been distributable as principal on the Certificates; and (5) each Trust Mortgage
Loan purchased from the Trust Fund at a price less than the Purchase Price
therefor, the amount of the deficiency.

            "Record Date": With respect to any Distribution Date, the last
Business Day of the month immediately preceding the month in which such
Distribution Date occurs.

            "Recording/Filing Agent": As defined in Section 2.01(d).

            "Recovered Amount": As defined in Section 1.02(c).

            "Registered Certificate": Any Class A-1, Class A-2, Class A-3, Class
A-4, Class A-1A, Class AM, Class AJ, Class B, Class C or Class D Certificate.

            "Regular Certificate": Any REMIC II Certificate other than a Class
R-II Certificate.

            "Regulation AB": Subpart 229.1100 - Asset Backed Securities
(Regulation AB), 17 C.F.R. ss.ss.229.1100-229.1123, as such may be amended from
time to time, and subject to such clarification and interpretation as have been
provided by the Commission in the adopting release (Asset-Backed Securities,
Securities Act Release No. 33-8518, 70 Fed. Reg. 1,506, 1,531 (Jan. 7, 2005)) or
by the staff of the Commission, or as may be provided by the Commission or its
staff from time to time.

            "Regulation S": Regulation S under the Securities Act.

            "Regulation S Global Certificate": With respect to any Class of
Book-Entry Non-Registered Certificates offered and sold outside of the United
States in reliance on Regulation S, one or collectively more global Certificates
of such Class registered in the name of the Depository or its nominee, in
definitive, fully registered form without interest coupons, each of which
Certificates bears a Regulation S CUSIP number.

            "Reimbursement Rate": The rate per annum applicable to the accrual
of interest on Servicing Advances in accordance with Section 3.03(d) and on P&I
Advances in accordance with Section 4.03(d), which rate per annum is equal to
the Prime Rate.

            "Relevant Servicing Criteria" means the Servicing Criteria
applicable to the various parties, as set forth on Exhibit L attached hereto.
For clarification purposes, multiple parties can have responsibility for the
same Relevant Servicing Criteria. With respect to a Sub-Servicing Function
Participant engaged by the Trustee, either Master Servicer or the Special
Servicer, the term "Relevant Servicing Criteria" may refer to a portion of the
Relevant Servicing Criteria applicable to such Master Servicer, the Special
Servicer or the Trustee.

            "REMIC": A "real estate mortgage investment conduit" as defined in
Section 860D of the Code (or any successor thereto).

            "REMIC Administrator": The Trustee or any REMIC administrator
appointed pursuant to Section 8.14.

            "REMIC I": The segregated pool of assets subject hereto,
constituting the primary trust created hereby and to be administered hereunder
with respect to which a separate REMIC election is to be made and, consisting
of: (i) all of the Trust Mortgage Loans as from time to time are subject to this
Agreement and all payments under and proceeds of such Trust Mortgage Loans
received after the Closing Date (excluding all Additional Interest on such Trust
Mortgage Loans), together with all documents included in the related Mortgage
Files and any related Escrow Payments and Reserve Funds; (ii) all amounts
(exclusive of all Additional Interest) held from time to time in the Collection
Accounts, the Interest Reserve Account, any Pool REO Account, the Gain-on-Sale
Reserve Account, any Loan Combination Custodial Account and the Distribution
Account; (iii) any REO Property acquired in respect of a Trust Mortgage Loan;
(iv) the rights of the Depositor under Sections 2, 3, 8, 10, 11, 12, 13, 14, 15,
17, 18, 20 and 21 of each of the Mortgage Loan Purchase Agreements with respect
to the Trust Mortgage Loans; and (v) the rights of the mortgagee under all
Insurance Policies with respect to the Trust Mortgage Loans; provided that REMIC
I shall not include any Non-Trust Loan or any successor REO Loan with respect
thereto or any payments or other collections of principal, interest, Prepayment
Premiums, Yield Maintenance Charges or other amounts collected on a Non-Trust
Loan or any successor REO Loan with respect thereto.

            "REMIC I Notional Amount": The notional amount of the Class LX-R
Interest outstanding as of any date of determination. As of the Closing Date,
the initial REMIC I Notional Amount of the Class LX-R Interest shall be the
amount set forth as such in the Preliminary Statement hereto. On each
Distribution Date and at all times, the REMIC I Notional Amount of the Class
LX-R Interest shall equal the Class XR Notional Amount.

            "REMIC I Principal Balance": The principal amount of any REMIC I
Regular Interest outstanding as of any date of determination. As of the Closing
Date, the initial REMIC I Principal Balance of each REMIC I Regular Interest
shall be the amount set forth as such in the Preliminary Statement hereto. On
each Distribution Date, the REMIC I Principal Balance of each REMIC I Regular
Interest shall be permanently reduced by all distributions of principal deemed
to have been made in respect of such REMIC I Regular Interest on such
Distribution Date pursuant to Section 4.01(i), and shall be further permanently
reduced on such Distribution Date by all Realized Losses and Additional Trust
Fund Expenses deemed to have been allocated thereto on such Distribution Date
pursuant to the first paragraph of Section 4.04(b). The REMIC I Principal
Balance of a REMIC I Regular Interest shall be increased, pursuant to the second
paragraph of Section 4.04(b), in connection with increases in the Class
Principal Balance of the Corresponding Certificates as contemplated by the
second paragraph of Section 4.04(a).

            "REMIC I Regular Interest": Any of the separate non-certificated
beneficial ownership interests in REMIC I issued hereunder and designated as a
"regular interest" in REMIC I, as described in the Preliminary Statement hereto.

            "REMIC II": The segregated pool of assets consisting of all of the
REMIC I Regular Interests and all amounts held from time to time, to the extent
related to REMIC II, in the Distribution Account conveyed in trust to the
Trustee for the benefit of REMIC II, as holder of the REMIC I Regular Interests,
and the Holders of the Class R-II Certificates pursuant to Section 2.07, with
respect to which a separate REMIC election is to be made.

            "REMIC II Certificate": Any Class A-1, Class A-2, Class A-3, Class
A-4, Class A-1A, Class AM, Class AJ, Class B, Class C, Class D, Class E, Class
F, Class G, Class H, Class J, Class K, Class L, Class M, Class N, Class P, Class
Q, Class X, Class XR or Class R-II Certificate.

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

            "Rents from Real Property": With respect to any REO Property, gross
income of the character described in Section 856(d) of the Code.

            "REO Account": The Pool REO Account or any Loan Combination REO
Account, as applicable.

            "REO Acquisition": The acquisition of any REO Property pursuant to
Section 3.09.

            "REO Disposition": The sale or other disposition of any REO Property
pursuant to Section 3.18.

            "REO Extension": As defined in Section 3.16(a).

            "REO Loan": The Mortgage Loan (or, if a Loan Combination is
involved, any of the multiple Mortgage Loans comprising the subject Loan
Combination) deemed for purposes hereof to be outstanding with respect to each
REO Property. Each REO Loan shall be deemed to be outstanding for so long as the
related REO Property (or an interest therein) remains part of REMIC I and shall
be deemed to provide for periodic payments of principal and/or interest equal to
its Assumed Periodic Payment and otherwise to have the same terms and conditions
as its predecessor Mortgage Loan (such terms and conditions to be applied
without regard to the default on such predecessor Mortgage Loan and the
acquisition of the related REO Property as part of the Trust Fund or, if
applicable in the case of any Loan Combination REO Property, on behalf of the
Trust and the related Non-Trust Noteholder(s)). Each REO Loan shall be deemed to
have an initial unpaid principal balance and Stated Principal Balance equal to
the unpaid principal balance and Stated Principal Balance, respectively, of its
predecessor Mortgage Loan as of the date of the related REO Acquisition. All
Periodic Payments (other than a Balloon Payment), Assumed Periodic Payments (in
the case of a Balloon Loan delinquent in respect of its Balloon Payment) and
other amounts due and owing, or deemed to be due and owing, in respect of the
predecessor Mortgage Loan as of the date of the related REO Acquisition, shall
be deemed to continue to be due and owing in respect of an REO Loan. Collections
in respect of each REO Loan (after provision for amounts to be applied to the
payment of, or to be reimbursed to, the applicable Master Servicer, the Special
Servicer or the Trustee for the payment of, the costs of operating, managing,
selling, leasing and maintaining the related REO Property or for the
reimbursement of or payment to the applicable Master Servicer, the Special
Servicer or the Trustee for other related Servicing Advances as provided in this
Agreement, interest on such Advances and other related Additional Trust Fund
Expenses) shall be treated: first, as a recovery of accrued and unpaid interest
on such REO Loan at the related Mortgage Rate to but not including the Due Date
in the Collection Period of receipt (exclusive of any portion thereof that
constitutes Additional Interest); second, as a recovery of principal of such REO
Loan to the extent of its entire unpaid principal balance; and third, in
accordance with the normal servicing practices of the applicable Master
Servicer, as a recovery of any other amounts due and owing in respect of such
REO Loan, including, without limitation, (i) Yield Maintenance Charges,
Prepayment Premiums and Penalty Interest and (ii) Additional Interest and other
amounts, in that order; provided, however, that if the Mortgage Loans comprising
a Loan Combination become REO Loans, then amounts received with respect to such
REO Loans shall be applied to amounts due and owing in respect of such REO Loans
as provided in the related Loan Combination Intercreditor Agreement.
Notwithstanding the foregoing, all amounts payable or reimbursable to the
applicable Master Servicer, the Special Servicer or the Trustee, as the case may
be, in respect of the predecessor Mortgage Loan as of the date of the related
REO Acquisition, including, without limitation, any unpaid Servicing Fees and
any unreimbursed Advances, together with any interest accrued and payable to the
applicable Master Servicer, the Special Servicer or the Trustee, as the case may
be, in respect of such Advances in accordance with Sections 3.03(d) and 4.03(d),
shall continue to be payable or reimbursable to the applicable Master Servicer,
the Special Servicer or the Trustee, as the case may be, in respect of an REO
Loan pursuant to Section 3.05(a). In addition, Workout-Delayed Reimbursement
Amounts and Nonrecoverable Advances with respect to such REO Loan, in each case,
that were paid from collections on the Trust Mortgage Loans and resulted in
principal distributed to the Certificateholders being reduced as a result of the
first proviso in the definition of "Principal Distribution Amount," shall be
deemed outstanding until recovered.

            "REO Property": With respect to any Mortgage Loan (other than a
Mortgage Loan constituting part of a Loan Combination), a Mortgaged Property
acquired on behalf and in the name of the Trust Fund for the benefit of the
Certificateholders through foreclosure, acceptance of a deed-in-lieu of
foreclosure or otherwise in accordance with applicable law in connection with
the default or imminent default of a Mortgage Loan; with respect to a Loan
Combination, the related Loan Combination REO Property, and with respect to the
RLJ Portfolio Loan Combination, the related REO Property acquired under the
Other Pooling and Servicing Agreement.

            "REO Revenues": All income, rents, profits and proceeds derived from
the ownership, operation or leasing of any REO Property.

            "REO Tax": As defined in Section 3.17(a)(i).

            "Representing Party": As defined in Section 7.01(c).

            "Request for Release": A request signed by a Servicing Officer, as
applicable, of either Master Servicer in the form of Exhibit D-1 attached hereto
or of the Special Servicer in the form of Exhibit D-2 attached hereto.

            "Required Appraisal": With respect to each Required Appraisal
Mortgage Loan, an appraisal of the related Mortgaged Property from an
Independent Appraiser selected by the Special Servicer, prepared in accordance
with 12 C.F.R. ss. 225.64 and conducted in accordance with the standards of the
Appraisal Institute.

            "Required Appraisal Mortgage Loan": Each Trust Mortgage Loan (or, in
the case of clause (ii) below, any successor Trust REO Loan with respect
thereto) (i) that is 60 days or more delinquent in respect of any Periodic
Payments, (ii) that becomes an REO Loan, (iii) that has been modified by the
Special Servicer in a manner that affects the amount or timing of any Periodic
Payment (other than a Balloon Payment) (except, or in addition to, bringing
monthly Periodic Payments current and extending the Maturity Date for less than
six months), (iv) 60 days following the receipt by the Special Servicer of
notice that a receiver has been appointed and continues in such capacity in
respect of the related Mortgaged Property, (v) 60 days following the receipt by
the Special Servicer of notice that the related Mortgagor has become the subject
of a bankruptcy proceeding, or (vi) delinquent in respect of any Balloon
Payment; provided, however, that a Required Appraisal Mortgage Loan shall cease
to be a Required Appraisal Mortgage Loan:

            (i) with respect to the circumstances described in clauses (i) and
      (iii) above, when the related Mortgagor has made three consecutive full
      and timely Periodic Payments under the terms of such Trust Mortgage Loan
      (as such terms may be changed or modified in connection with a bankruptcy
      or similar proceeding involving the related Mortgagor or by reason of a
      modification, waiver or amendment granted or agreed to by the Special
      Servicer pursuant to Section 3.20); and

            (ii) with respect to the circumstances described in clauses (iv),
      (v) and (vi) above, when such circumstances cease to exist in the
      reasonable judgment of the Special Servicer (exercised in accordance with
      the Servicing Standard), but, with respect to any bankruptcy or insolvency
      proceedings described in clauses (iv) and (v), no later than the entry of
      an order or decree dismissing such proceeding, and with respect to the
      circumstances described in clause (vi) above, no later than the date that
      the Special Servicer agrees to an extension pursuant to Section 3.20
      hereof;

so long as at that time no circumstance identified in clauses (i) through (vi)
above exists that would cause the Trust Mortgage Loan to continue to be
characterized as a Required Appraisal Mortgage Loan. For purposes of the
foregoing, each Loan Combination shall be treated as a single Mortgage Loan.

            "Required Appraisal Value": With respect to any Mortgaged Property
or REO Property related to a Required Appraisal Mortgage Loan, 90% of an amount
equal to (A) subject to reduction by the Special Servicer in accordance with
Section 3.09(a), the Appraised Value of such Mortgaged Property or REO Property,
as the case may be, as determined by a Required Appraisal or letter update or
internal valuation, if applicable, reduced by (B) the amount of any obligations
secured by liens on such Mortgaged Property that are prior to the lien of such
Required Appraisal Mortgage Loan and estimated liquidation expenses; provided,
however, that for purposes of determining any Appraisal Reduction Amount in
respect of such Required Appraisal Mortgage Loan, such Appraisal Reduction
Amount shall be amended no less often than annually to reflect the Required
Appraisal Value determined pursuant to any Required Appraisal or letter update
of a Required Appraisal or internal valuation, if applicable conducted
subsequent to the original Required Appraisal performed pursuant to Section
3.09(a).

            "Reserve Account": The account or accounts created and maintained
pursuant to Section 3.03(f).

            "Reserve Funds": With respect to any Mortgage Loan, any amounts
delivered by the related Mortgagor to be held in escrow by or on behalf of the
mortgagee representing reserves for environmental remediation, repairs, capital
improvements, tenant improvements and/or leasing commissions with respect to the
related Mortgaged Property.

            "Residual Certificate": A Class R-I or Class R-II Certificate.

            "Responsible Officer": When used with respect to (i) the initial
Trustee, any officer in the corporate trust department of the initial Trustee
and (ii) any successor trustee, any officer or assistant officer in the
corporate trust department of the Trustee, or any other officer or assistant
officer of the Trustee, customarily performing functions similar to those
performed by any of the above designated officers, to whom a particular matter
is referred by the Trustee because of such officer's knowledge of and
familiarity with the particular subject.

            "Restricted Servicer Reports": Collectively, to the extent not filed
with the Commission, the CMSA Servicer Watch List, the CMSA Operating Statement
Analysis Report, the CMSA NOI Adjustment Worksheet, the CMSA Financial File, the
CMSA Comparative Financial Status Report, the CMSA Loan Level Reserve/LOC Report
and the CMSA Reconciliation of Funds Report.

            "RLJ Portfolio Borrower" means the Mortgagor under the RLJ Portfolio
Loan Combination.

            "RLJ Portfolio Controlling Party" means, the controlling class
representative of the Other Securitization.

            "RLJ Portfolio Intercreditor Agreement" means, the co-lender
agreement by and between the holders of the RLJ Portfolio Trust Mortgage Loan
and the RLJ Portfolio A Note Non-Trust Loans. Following the inclusion of the RLJ
Portfolio Trust Mortgage Loan in the Trust Fund, the trust, acting through the
trustee, will be the holder of that mortgage loan and a party to the RLJ
Portfolio Intercreditor Agreement.

            "RLJ Portfolio Lead Mortgaged Property" means the Mortgaged Property
identified on Schedule I to this Agreement as RLJ Portfolio.

            "RLJ Portfolio Lead A-Note Non-Trust Loan" means that loan that is
(a) not part of the Trust Fund, (b) has been designated under the RLJ Portfolio
Intercreditor Agreement as "Note A-1," with an unpaid principal balance of
$95,367,640 as of the Cut-off Date, (c) is secured by the same mortgage
encumbering the RLJ Portfolio Mortgaged Property and (d) is held in the Other
Securitization.

            "RLJ Portfolio Net Mortgage Interest Rate" means, 6.2940%, minus the
sum of (a) the annual rates at which the related Master Servicing Fee, the
related Primary Servicing Fee and the Trustee Fee are calculated, and (b) the
Class XR Strip Rate.

            "RLJ Portfolio A-Note Non-Trust Loans" means the RLJ Portfolio Lead
A-Note Non-Trust Loan and the other pari passu A-Note loans that are (a) not
part of the Trust Fund, and (b) are secured by the same mortgage encumbering the
RLJ Portfolio Mortgaged Property.

            "RLJ Portfolio Trust Mortgage Loan" means that loan that (a) is part
of the Trust Fund, (b) has been designated under the RLJ Portfolio Intercreditor
Agreement as "Note A-2," with an unpaid principal balance of $95,367,640 as of
the Cut-off Date, and (c) is secured by the same mortgage encumbering the RLJ
Portfolio Mortgaged Property as the RLJ Portfolio A Note Non-Trust Loans.

            "Rule 144A Global Certificate": With respect to any Class of
Book-Entry Non-Registered Certificates, one or collectively more global
certificates representing such Class registered in the name of the Depository or
its nominee, in definitive, fully registered form without interest coupons, and
each of which certificates has a Rule 144A CUSIP number.

            "S&P": Standard & Poor's Ratings Services, a Division of The
McGraw-Hill Companies, Inc., or its successor in interest. If neither such
Rating Agency nor any successor remains in existence, "S&P" shall be deemed to
refer to such other nationally recognized statistical rating organization or
other comparable Person designated by the Depositor, notice of which designation
shall be given to the Trustee, the Master Servicers and the Special Servicer,
and specific ratings of S&P herein referenced shall be deemed to refer to the
equivalent ratings of the party so designated.

            "Sarbanes-Oxley Certification": As defined in Section 8.16(a)(iv).

            "Scheduled Payment": With respect to any Mortgage Loan, for any Due
Date following the Cut-off Date as of which it is outstanding, the scheduled
Periodic Payment of principal and interest (other than Additional Interest) on
such Mortgage Loan that is or would be, as the case may be, payable by the
related Mortgagor on such Due Date under the terms of the related Mortgage Note
as in effect on the Closing Date, without regard to any subsequent change in or
modification of such terms in connection with a bankruptcy or similar proceeding
involving the related Mortgagor or a modification, waiver or amendment of such
Mortgage Loan granted or agreed to by the Special Servicer pursuant to Section
3.20 or acceleration of principal by reason of default, and assuming that each
prior Scheduled Payment has been made in a timely manner; provided, however,
that if the related loan documents for a Loan Combination provide for a single
monthly debt service payment for such Loan Combination, then the Scheduled
Payment for each Mortgage Loan comprising such Loan Combination for any Due Date
shall be that portion of the monthly debt service payment for such Loan
Combination and such Due Date that is, in accordance with the related loan
documents and/or the related Loan Combination Intercreditor Agreement, in the
absence of default, allocable to interest at the related Mortgage Rate on and/or
principal of each such Mortgage Loan comprising the subject Loan Combination.

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

            "Senior Certificate": Any Class A-1, Class A-2, Class A-3, Class
A-4, Class A-1A or Class X Certificate.

            "Sequential Pay Certificate": Any Class A-1, Class A-2, Class A-3,
Class A-4, Class A-1A, Class AM, Class AJ, Class B, Class C, Class D, Class E,
Class F, Class G, Class H, Class J, Class K, Class L, Class M, Class N, Class P
or Class Q Certificate.

            "Servicer": Any Person that constitutes a "servicer," as defined in
Item 1101(j) of Regulation AB, with respect to the Subject Securitization
Transaction.

            "Servicer Notice": As defined in Section 3.14.

            "Servicing Account": The account or accounts created and maintained
pursuant to Section 3.03(a).

            "Servicing Advances": All customary, reasonable and necessary "out
of pocket" costs and expenses (including attorneys' fees and expenses and fees
of real estate brokers) incurred by or on behalf of the applicable Master
Servicer, the Special Servicer or the Trustee in connection with the servicing
of a Mortgage Loan, if a default is imminent thereunder or after a default,
delinquency or other unanticipated event, or in connection with the
administration of any REO Property, including, but not limited to, the cost of
(a) compliance with the obligations of the applicable Master Servicer and the
Special Servicer, if any, set forth in Section 3.02 and 3.03, (b) (i) real
estate taxes, assessments, penalties and other similar items, (ii) ground rents
(if applicable), and (iii) premiums on Insurance Policies, in each instance if
and to the extent Escrow Payments (if any) collected from the related Mortgagor
are insufficient to pay such item when due and the related Mortgagor has failed
to pay such item on a timely basis, (c) the preservation, insurance,
restoration, protection and management of a Mortgaged Property, including the
cost of any "force placed" insurance policy purchased by the applicable Master
Servicer or the Special Servicer to the extent such cost is allocable to a
particular Mortgaged Property that the applicable Master Servicer or the Special
Servicer is required to cause to be insured pursuant to Section 3.07(a), (d)
obtaining any Insurance Proceeds or any Liquidation Proceeds of the nature
described in clauses (i)-(iii), (v), (vii) and (viii) of the definition of
"Liquidation Proceeds," (e) any enforcement or judicial proceedings with respect
to a Mortgaged Property, including, without limitation, foreclosures, (f) any
Required Appraisal or other appraisal expressly required or permitted to be
obtained hereunder, (g) the operation, management, maintenance and liquidation
of any REO Property, including, without limitation, appraisals and compliance
with Section 3.16(a) (to the extent not covered by available funds in the
applicable REO Account), (h) obtaining related ratings confirmation (to the
extent not paid by the related Mortgagor), (i) UCC filings (to the extent not
reimbursed by the Mortgagor), (j) compliance with the obligations of the
applicable Master Servicer or the Trustee set forth in Section 2.03(a) or (b)
and (k) any other expenditure expressly designated as a Servicing Advance under
this Agreement. Notwithstanding anything to the contrary, "Servicing Advances"
shall not include allocable overhead of the applicable Master Servicer or the
Special Servicer, such as costs for office space, office equipment, supplies and
related expenses, employee salaries and related expenses and similar internal
costs, and expenses or costs and expenses incurred by any such party in
connection with its purchase of a Mortgage Loan or REO Property, or costs or
expenses expressly required to be borne by the applicable Master Servicer or the
Special Servicer without reimbursement pursuant to the terms of this 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 Fees": With respect to each Mortgage Loan and any
successor REO Loan with respect thereto, the Master Servicing Fee and the
Special Servicing Fee.

            "Servicing File": Any documents, certificates, opinions and reports
(other than documents required to be part of the related Mortgage File)
delivered by the related Mortgagor in connection with, or relating to, the
origination and servicing of any Mortgage Loan, and that are reasonably required
for the ongoing administration of the Mortgage Loan, including appraisals,
surveys, property inspection reports, engineering reports, environmental
reports, financial statements, leases, rent rolls and tenant estoppels.

            "Servicing Function Participant": Any of: (i) Master Servicer No. 1
or Master Servicer No. 2; (ii) the Special Servicer; (iii) the Trustee; and (iv)
any other party hereto, in addition to the Master Servicers, the Special
Servicer and the Trustee, that is a "party participating in the servicing
function" (within the meaning of the instructions to Item 1122 of Regulation AB)
as regards the Trust Fund.

            "Servicing Officer": Any officer or employee of either Master
Servicer or the Special Servicer involved in, or responsible for, the
administration and servicing of the Mortgage Loans, whose name and specimen
signature appear on a list of servicing officers furnished by such party to the
Trustee and the Depositor on the Closing Date, as such list may be amended from
time to time.

            "Servicing-Released Bid": As defined in Section 7.01(c).

            "Servicing Representative": With respect to either Master Servicer,
the Special Servicer or the Trustee, any other Person (including any
Sub-Servicer, subcontractor, vendor or agent) retained or engaged thereby to
perform any duties in connection with this Agreement or all or any portion of
the Trust Fund, the performance of which duties would cause such other Person to
be, or result in such other Person being, a Servicer or a Sub-Servicing Function
Participant.

            "Servicing-Retained Bid": As defined in Section 7.01(c).

            "Servicing Standard": With respect to either Master Servicer or the
Special Servicer, as applicable, the servicing and administration of the
Mortgage Loans (including any Non-Trust Loans) for which it is responsible
hereunder (a) in the same manner in which, and with the same care, skill,
prudence and diligence with which, such Master Servicer or the Special Servicer,
as the case may be, generally services and administers similar mortgage loans
(i) for other third parties, giving due consideration to customary and usual
standards of practice of prudent institutional commercial mortgage loan
servicers servicing mortgage loans for third parties or (ii) held in its own
portfolio, whichever standard is higher, (b) with a view to (i) the timely
recovery of all Scheduled Payments of principal and interest under the Mortgage
Loans, (ii) in the case of the Special Servicer, if a Mortgage Loan comes into
and continues in default, the maximization of the recovery on that Mortgage Loan
to the Certificateholders or, in the case of any Loan Combination, to the
Certificateholders and the related Non-Trust Noteholder(s) (as a collective
whole) on a net present value basis (the relevant discounting of anticipated
collections to be performed at the related Mortgage Rate) and (iii) the best
interests (as determined by the applicable Master Servicer or the Special
Servicer, as the case may be, in its reasonable discretion) of the
Certificateholders and the Trust Fund (or, in the case of any Loan Combination,
the Certificateholders, the Trust Fund and the related Non-Trust Noteholder(s),
taking into account, if applicable and to the extent consistent with the related
Loan Combination Intercreditor Agreement and the related Mortgage Loan
documents, the subordinate nature, if applicable, of the related Non-Trust
Loan(s) and (c) without regard to (i) any relationship that such Master Servicer
or the Special Servicer, as the case may be, or any Affiliate thereof may have
with the related Mortgagor (or any Affiliate thereof), the Depositor, any
Mortgage Loan Seller, or any other party to the transactions contemplated
hereby; (ii) the ownership of any Certificate by such Master Servicer or the
Special Servicer, as the case may be, or by any Affiliate thereof; (iii) the
right of such Master Servicer or the Special Servicer, as the case may be, to
receive compensation or other fees for its services rendered pursuant to this
Agreement; (iv) the obligations of such Master Servicer or the Special Servicer,
as the case may be, to make Advances; (v) the ownership, servicing or management
by such Master Servicer or the Special Servicer or any Affiliate thereof for
others of any other mortgage loans or mortgaged property not included in or
securing, as the case may be, the Mortgage Pool; (vi) any obligation of such
Master Servicer or any Affiliate of such Master Servicer to repurchase or
substitute a Mortgage Loan as a Mortgage Loan Seller; (vii) any obligation of
such Master Servicer or any Affiliate of such Master Servicer to cure a breach
of a representation and warranty with respect to a Mortgage Loan; and (viii) any
debt such Master Servicer or Special Servicer or any Affiliate of either has
extended to any Mortgagor or any Affiliate thereof.

            "Servicing Transfer Event": With respect to any Mortgage Loan, the
occurrence of any of the events described in clauses (a) through (g) of the
definition of "Specially Serviced Mortgage Loan."

            "Significant Mortgage Loan": At any time of determination, any
Mortgage Loan that (1) has a principal balance equal to or greater than the
applicable Threshold Principal Balance at the time of determination or has,
whether (a) individually, (b) as part of a Crossed Loan Group or (c) as part of
a group of Mortgage Loans made to affiliated Mortgagors, a principal balance
that is equal to or greater than the applicable Threshold Percentage of the
aggregate outstanding principal balance of the Mortgage Pool at the time of
determination or (2) is one of the 10 largest Mortgage Loans (which for the
purposes of this definition shall include Crossed Loan Groups and groups of
Mortgage Loans made to affiliated Mortgagors) by outstanding principal balance
at such time. For purposes of the preceding sentence, (i) the "Threshold
Principal Balance" and "Threshold Percentage" shall be (i) with respect to
Section 3.08(a) hereof, (a) $35,000,000 and 5%, respectively, with respect to
S&P and a "due-on-sale" clause, (b) $20,000,000 and 2%, respectively, with
respect to S&P and a "due-on-encumbrance" clause and (c) $25,000,000 and 5%,
respectively, with respect to Moody's, and (ii) with respect to Section 3.20(i)
and (k) hereof, $20,000,000 and 5%, respectively.

            "Significant Obligor": (a) Any obligor (as defined in Item 1101(i)
of Regulation AB) or group of affiliated obligors on any Trust Mortgage Loan or
group of Trust Mortgage Loans that represent, as of the Closing Date, 10% or
more of the Mortgage Pool (by Cut-off Date Balance); or (b) any single Mortgaged
Property or group of Mortgaged Properties securing any Trust Mortgage Loan or
group of cross-collateralized and/or cross-defaulted Trust Mortgage Loans that
represent, as of the Closing Date, 10% or more of the Mortgage Pool (by Cut-off
Date Balance). The Mortgagor under the ARC Portfolio Loan Combination is the
only Significant Obligor with respect to the Mortgage Pool.

            "Similar Law": As defined in Section 5.02(c).

            "Single Certificate": For purposes of Section 4.02, a hypothetical
Certificate of any Class of Regular Certificates evidencing a $1,000
denomination.

            "Sole Certificate Owner": As defined in Section 9.01.

            "Special Servicer": J.E. Robert Company, Inc., or any successor in
interest thereto, or any successor special servicer appointed as herein
provided.

            "Special Servicer Indemnification Agreement": With respect to the
initial Special Servicer, that certain Special Servicer Indemnification
Agreement, dated as of August 8, 2006, between the initial Special Servicer, the
Depositor, the Underwriters and the Initial Purchaser.

            "Special Servicer Reportable Event": Any of the following events,
conditions, circumstances and/or matters:

            (i) the entry into or amendment to a definitive agreement that is
      material to the Subject Securitization Transaction, including, for
      example, a servicing agreement with a Servicer contemplated by Item
      1108(a)(3) of Regulation AB, but only if the Special Servicer or any
      Servicing Representative of the Special Servicer is a party to such
      agreement or has entered into such agreement on behalf of the Trust [ITEM
      1.01 ON FORM 8-K];

            (ii) the termination of a definitive agreement that is material to
      the Subject Securitization Transaction (otherwise than by expiration of
      the agreement on its stated termination date or as a result of all parties
      completing their obligations under such agreement), but only if the
      Special Servicer or any Servicing Representative of the Special Servicer
      is a party to such agreement or has entered into such agreement on behalf
      of the Trust [ITEM 1.02 ON FORM 8-K];

            (iii) the appointment of a receiver, fiscal agent or similar officer
      for any Material Debtor in a proceeding under the U.S. Bankruptcy Code or
      in any other proceeding under state or federal law in which a court or
      governmental authority has assumed jurisdiction over substantially all of
      the assets or business of any Material Debtor, including where such
      jurisdiction has been assumed by leaving the existing directors and
      officers in possession but subject to the supervision and orders of a
      court or governmental authority, but only if the subject Material Debtor
      is (A) the Special Servicer, (B) any Servicing Representative of the
      Special Servicer that constitutes a Servicer contemplated by Item
      1108(a)(3) of Regulation AB or (C) any Significant Obligor with respect to
      a Specially Serviced Mortgage Loan [ITEM 1.03(a) ON FORM 8-K];

            (iv) the entry of an order confirming a plan of reorganization,
      arrangement or liquidation of a Material Debtor by a court or governmental
      authority having supervision or jurisdiction over substantially all of the
      assets or business of such Material Debtor, but only if the subject
      Material Debtor is (A) the Special Servicer, (B) any Servicing
      Representative of the Special Servicer that constitutes a Servicer
      contemplated by Item 1108(a)(3) of Regulation AB or (C) any Significant
      Obligor with respect to a Specially Serviced Mortgage Loan [ITEM 1.03(b)
      ON FORM 8-K];

            (v) any resignation, removal, replacement or substitution of (A) the
      Special Servicer or (B) any Servicing Representative of the Special
      Servicer that constitutes a Servicer contemplated by Item 1108(a)(2) of
      Regulation AB [ITEM 6.02 ON FORM 8-K];

            (vi) any appointment of (A) a new Special Servicer or (B) any new
      Servicing Representative of the Special Servicer that constitutes a
      Servicer contemplated by Item 1108(a)(2) of Regulation AB [ITEM 6.02 ON
      FORM 8-K];

            (vii) any nonpublic disclosure, by the Special Servicer or any
      Servicing Representative of the Special Servicer, with respect to the
      Subject Securitization Transaction (other than disclosure required by this
      Agreement) that is required to be disclosed by Regulation FD (17 C.F.R.
      243.100 through 243.103) [ITEM 7.01 ON FORM 8-K];

            (viii) any other information of importance to Certificateholders
      (determined by the Special Servicer in accordance with the Servicing
      Standard) that (A) is not otherwise required to be included in the
      Distribution Date Statement or any other report to be delivered or
      otherwise made available to Certificateholders hereunder, and (B) the
      Special Servicer has determined, in accordance with the Servicing
      Standard, could have a material adverse effect on the value of a Mortgaged
      Property as collateral for a Specially Serviced Mortgage Loan or the
      ability of a Mortgaged Property to generate sufficient cash flow for the
      related Mortgagor to meet its debt service obligations under the related
      Specially Serviced Mortgage Loan [ITEM 8.01 ON FORM 8-K];

            (ix) the commencement or termination of, or any material
      developments regarding, any legal proceedings pending against any Material
      Litigant, or of which any property of a Material Litigant is the subject,
      or any threat by a governmental authority to bring any such legal
      proceedings, that are material to Certificateholders, but only if the
      Special Servicer is controlling the subject litigation or if the subject
      Material Litigant is (A) the Special Servicer, (B) any Servicing
      Representative of the Special Servicer that constitutes a Servicer
      contemplated by Item 1108(a)(3) of Regulation AB or (C) any Significant
      Obligor with respect to a Specially Serviced Mortgage Loan [ITEM 2 ON FORM
      10-D AND GENERAL INSTRUCTION J TO FORM 10-K];

            (x) the receipt by the Special Servicer or by any Servicing
      Representative of the Special Servicer of any updated financial
      statements, balance sheets, rent rolls or other financial information
      regarding any Significant Obligor (that has been identified to the Special
      Servicer in writing) with respect to a Specially Serviced Mortgage Loan
      that is required to be provided under Item 1112(b) of Regulation AB [ITEM
      6 ON FORM 10-D AND GENERAL INSTRUCTION J TO FORM 10-K];

            (xi) to the extent not otherwise disclosed in the Prospectus
      Supplement or previously included in a report delivered by the Special
      Servicer to the Trustee and the Depositor in accordance with Section
      8.16(c), whether the Special Servicer has become an affiliate (as defined
      in Rule 405 of the Securities Act) of any of (A) the Trust, (B) the
      Depositor, (C) a Mortgage Loan Seller, (D) the Trustee, (E) either Master
      Servicer, (F) any Servicing Representative of the Special Servicer that
      constitutes a Servicer contemplated by Item 1108(a)(3) of Regulation AB or
      (H) any Significant Obligor [GENERAL INSTRUCTION J TO FORM 10-K];

            (xii) to the extent not otherwise disclosed in the Prospectus
      Supplement, any business relationship, agreement, arrangement, transaction
      or understanding contemplated by Item 1119(b) of Regulation AB between a
      Mortgage Loan Seller or the Trust, on the one hand, and the Special
      Servicer or any Servicing Representative of the Special Servicer, on the
      other hand [GENERAL INSTRUCTION J TO FORM 10-K]; and

            (xiii) to the extent not otherwise disclosed in the Prospectus
      Supplement, any specific relationship involving or relating to the Subject
      Securitization Transaction or the Mortgage Loans contemplated by Item
      1119(c) of Regulation AB between a Mortgage Loan Seller or the Trust, on
      the one hand, and the Special Servicer or any Servicing Representative of
      the Special Servicer, on the other hand [GENERAL INSTRUCTION J TO FORM
      10-K].

            "Special Servicing Fee": With respect to each Specially Serviced
Mortgage Loan and each REO Loan, the fee designated as such and payable to the
Special Servicer pursuant to the first paragraph of Section 3.11(c).

            "Special Servicing Fee Rate": With respect to each Specially
Serviced Mortgage Loan and each REO Loan, 0.25% per annum.

            "Specially Designated Mortgage Loan Documents": With respect to any
Trust Mortgage Loan (other than the RLJ Portfolio Trust Mortgage Loan), the
following documents collectively:

            (i) the original executed Mortgage Note (or, alternatively, if the
      original executed Mortgage Note has been lost, a lost note affidavit and
      indemnity with a copy of such Mortgage Note attached thereto);

            (ii) an original or a copy of the Mortgage (with or without
      recording information);

            (iii) the original or a copy of the policy or certificate of
      lender's title insurance or, if such policy has not been issued or
      located, an original or a copy of an irrevocable, binding commitment
      (which may be a pro forma policy or a marked version of the policy that
      has been executed by an authorized representative of the title company or
      an agreement to provide the same pursuant to binding escrow instructions
      executed by an authorized representative of the title company) to issue
      such title insurance policy;

            (iv) an original or a copy of any Ground Lease and any related
      ground lessor estoppel; and

            (v) an original of any letter of credit relating to the Trust
      Mortgage Loan (which letter of credit shall not be delivered in original
      form to the Trustee but rather to the applicable Master Servicer);

            With respect to the RLJ Portfolio Trust Mortgage Loan, the following
documents:

            (i) the original executed Note for such RLJ Portfolio Trust Mortgage
Loan, endorsed (either on the face thereof or pursuant to a separate allonge)
"Pay to the order of LaSalle Bank National Association, as trustee for the
registered holders of Merrill Lynch Mortgage Trust 2006-C2, Commercial Mortgage
Pass-Through Certificates, without recourse", or in blank, without recourse and
further showing a complete, unbroken chain of assignment and endorsement from
the originator (if such originator is other than the Seller); or, alternatively,
if the original executed Note has been lost, a lost note affidavit and indemnity
with a copy of such Note; and

            (ii) a copy of the executed RLJ Portfolio Trust Mortgage Loan
Intercreditor Agreement.

provided that whenever the term "Specially Designated Mortgage Loan Documents"
is used to refer to documents actually received by the Trustee, such term, with
respect to any receipt or certification by the Trustee for documents described
in clauses (iv) and (v) of this definition, shall be deemed to include such
documents only to the extent the Trustee has actual knowledge of their
existence.

            "Specially Serviced Mortgage Loan": Any Mortgage Loan as to which
any of the following events have occurred:

            (i) the related Mortgagor shall have failed to make when due any
      Periodic Payment, including a Balloon Payment, and the failure continues
      unremedied--

                  (A) except in the case of a Balloon Payment, for 60 days; or

                  (B) solely in the case of a delinquent Balloon Payment, beyond
            the day such Balloon Payment was due or (if longer) beyond the
            applicable grace period for a Balloon Payment; or

            (ii) the applicable Master Servicer or, with the consent of the
      Controlling Class Representative, the Special Servicer shall have
      determined, in its reasonable judgment (exercised in accordance with the
      Servicing Standard), based on, among other things, communications with the
      related Mortgagor, that a default in making a Periodic Payment (including
      a Balloon Payment) is likely to occur and is likely to remain unremedied
      for at least 60 days; or

            (iii) the applicable Master Servicer or, with the consent of the
      Controlling Class Representative, the Special Servicer shall have
      determined, in its reasonable judgment (exercised in accordance with the
      Servicing Standard), that a default (other than an Acceptable Insurance
      Default or a default described in clause (a) above) has occurred that may
      materially impair the value of the Mortgaged Property as security for the
      Mortgage Loan and the default continues unremedied beyond the applicable
      grace period under the terms of the Mortgage Loan (or, if no grace period
      is specified, for 60 days, provided that a default that gives rise to an
      acceleration right without any grace period shall be deemed to have a
      grace period equal to zero); or

            (iv) a decree or order of a court or agency or supervisory authority
      having jurisdiction in the premises in an involuntary case under any
      present or future federal or state bankruptcy, insolvency or similar law
      or the appointment of a conservator or receiver or liquidator in any
      insolvency, readjustment of debt, marshaling of assets and liabilities or
      similar proceedings, or for the winding-up or liquidation of its affairs,
      shall have been entered against the related Mortgagor; provided that if
      such decree or order is discharged, dismissed or stayed within 60 days it
      shall not be a Specially Serviced Mortgage Loan (and no Special Servicing
      Fees shall be payable); or

            (v) the related Mortgagor shall consent 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 such Mortgagor or of or relating to all or substantially all
      of its property; or

            (vi) the related Mortgagor shall admit in writing its inability to
      pay its debts generally as they become due, file a petition to take
      advantage of any applicable insolvency or reorganization statute, make an
      assignment for the benefit of its creditors, or voluntarily suspend
      payment of its obligations; or

            (vii) the applicable Master Servicer shall have received notice of
      the commencement of foreclosure or similar proceedings with respect to the
      related Mortgaged Property;

provided, however, that a Mortgage Loan will cease to be a Specially Serviced
Mortgage Loan:

            (i) with respect to the circumstances described in clause (a) above,
      when the related Mortgagor has made three consecutive full and timely
      Periodic Payments under the terms of such Mortgage Loan (as such terms may
      be changed or modified in connection with a bankruptcy or similar
      proceeding involving the related Mortgagor or by reason of a modification,
      waiver or amendment granted or agreed to by the Special Servicer pursuant
      to Section 3.20);

            (ii) with respect to the circumstances described in clauses (b),
      (d), (e) and (f) above, when such circumstances cease to exist in the
      reasonable judgment of the Special Servicer (exercised in accordance with
      the Servicing Standard), but, with respect to any bankruptcy or insolvency
      proceedings described in clauses (d), (e) and (f), no later than the entry
      of an order or decree dismissing such proceeding;

            (iii) with respect to the circumstances described in clause (c)
      above, when such default is cured; and

            (iv) with respect to the circumstances described in clause (g)
      above, when such proceedings are terminated;

so long as at that time no other circumstance identified in clauses (a) through
(g) above exists that would otherwise cause such Mortgage Loan to continue to be
characterized as a Specially Serviced Mortgage Loan.

            During any time an entire Loan Combination is serviced and
administered pursuant to this Agreement, if a Servicing Transfer Event exists
with respect to one Mortgage Loan in such Loan Combination, it will also be
considered to exist for the other Mortgage Loan(s) in such Loan Combination. The
RLJ Portfolio Loan Combination will be considered a "Specially Serviced Mortgage
Loan" under and in accordance with the Other Pooling and Servicing Agreement.

            "Startup Day": With respect to each of REMIC I and REMIC II, the day
designated as such in Section 10.01(c).

            "State and Local Taxes": Taxes imposed by the states of Illinois,
North Carolina, Texas and by any other state or local taxing authorities as may,
by notice to the Trustee, assert jurisdiction over the Trust Fund or any portion
thereof, or which, according to an Opinion of Counsel addressed to the Trustee,
have such jurisdiction.

            "Stated Maturity Date": With respect to any Mortgage Loan, the Due
Date specified in the Mortgage Note (as in effect on the Closing Date) on which
the last payment of principal is due and payable under the terms of the Mortgage
Note (as in effect on the Closing Date), without regard to any change in or
modification of such terms in connection with a bankruptcy or similar proceeding
involving the related Mortgagor or a modification, waiver or amendment of such
Mortgage Loan granted or agreed to by the Special Servicer pursuant to Section
3.20 and, in the case of an ARD Loan, without regard to its Anticipated
Repayment Date.

            "Stated Principal Balance": With respect to any Trust Mortgage Loan
as of any date of determination, an amount (which amount shall not be less than
zero) equal to (x) the Cut-off Date Balance of such Trust Mortgage Loan (or, in
the case of a Qualified Substitute Mortgage Loan that is a Trust Mortgage Loan,
the unpaid principal balance thereof after application of all principal payments
due on or before the related date of substitution, whether or not received),
permanently reduced on each Distribution Date, to not less than zero, by (y) the
sum of:

            (i) all payments and other collections of principal, if any, with
      respect to such Trust Mortgage Loan that are included as part of the
      Principal Distribution Amount for such Distribution Date pursuant to
      clause(s) (a), (b), (c) and/or (d) of, and without regard to the provisos
      to, the definition of "Principal Distribution Amount";

            (ii) any other amount received with respect to such Trust Mortgage
      Loan during the related Collection Period that is not included among the
      payments and other collections of principal described in the immediately
      preceding clause (i), as to which there is not and never has been an
      outstanding P&I Advance and that is actually applied in reduction of the
      amount of principal owing from the related Mortgagor;

            (iii) any amount of reduction in the outstanding principal balance
      of such Trust Mortgage Loan resulting from a Deficient Valuation that
      occurred during the related Collection Period; and

            (iv) any related Realized Loss (other than any such loss resulting
      from a Deficient Valuation) incurred during the related Collection Period
      that represents a loss of principal with respect to that Trust Mortgage
      Loan.

            With respect to any Trust REO Loan, as of any date of determination,
an amount equal to (x) the Stated Principal Balance of the predecessor Trust
Mortgage Loan as of the date of the related REO Acquisition, permanently reduced
on each subsequent Distribution Date, to not less than zero, by (y) the sum of:

            (i) all amounts, if any, collected with respect to the related REO
      Property that are allocable as principal of the subject Trust REO Loan and
      that are included as part of the Principal Distribution Amount for such
      Distribution Date pursuant to clause (e) and/or clause (f) of, and without
      regard to the provisos to, the definition of "Principal Distribution
      Amount"; and

            (ii) any related Realized Losses incurred during the related
      Collection Period that represents a loss of principal with respect to the
      subject Trust REO Loan.

            A Trust Mortgage Loan or a Trust REO Loan shall be deemed to be part
of the Trust Fund and to have an outstanding Stated Principal Balance until the
Distribution Date on which the payments or other proceeds, if any, received in
connection with a Liquidation Event in respect thereof are to be (or, if no such
payments or other proceeds are received in connection with such Liquidation
Event, would have been) distributed to Certificateholders.

            The Stated Principal Balance with respect to the Non-Trust Loans
(other than the Lake in the Woods B-Note Non-Trust Loan) shall be (1) the
Cut-off Date Balance of such Mortgage Loan, as permanently reduced on each
monthly remittance date under the related Loan Combination Intercreditor
Agreement to not less than zero, by (2) the sum of (A) any amounts received
during the related Collection Period that are allocable as principal of such
Non-Trust Loan or any successor REO Loan with respect thereto and (B) any
Realized Losses incurred with respect to such Non-Trust Loan or any successor
REO Loan during the related Collection Period that represent a loss of principal
with respect thereto (including as a result of a Deficient Valuation).

            With respect to the Lake in the Woods B-Note Non-Trust Loan or any
successor REO Loan with respect thereto on any date of determination, the Stated
Principal Balance shall equal the unpaid principal balance of such Non-Trust
Loan or the deemed unpaid principal balance of such successor REO Loan.

            "Subject Securitization Transaction": The commercial mortgage
securitization transaction contemplated by this Agreement.

            "Subordinated Certificate": Any Class AM, Class AJ, Class B, Class
C, Class D, Class E, Class F, Class G, Class H, Class J, Class K, Class L, Class
M, Class N, Class P, Class Q, Class R-I or Class R-II Certificate.

            "Sub-Servicer": Any Person that either Master Servicer or the
Special Servicer has retained or engaged for the performance (whether directly
or through Sub-Servicers or subcontractors) of a substantial portion of the
material servicing functions required to be performed by such Master Servicer or
the Special Servicer under this Agreement, with respect to one or more of the
Mortgage Loans, which servicing functions either (a) are identified in Item
1122(d) of Regulation AB or (b) would cause such Person to be a Servicer.

            "Sub-Servicing Agreement": The written contract between either
Master Servicer or the Special Servicer, on the one hand, and any Sub-Servicer,
on the other hand, relating to servicing and administration of Mortgage Loans as
provided in Section 3.22.

            "Sub-Servicing Function Participant": Any Sub-Servicer,
sub-contractor, vendor, agent or other Person acting on behalf of a party
hereto, which Sub-Servicer, sub-contractor, vendor, agent or other Person is a
"party participating in the servicing function" (within the meaning of the
instructions to Item 1122 of Regulation AB) as regards the Trust Fund (i.e., any
entity that is performing activities that address the criteria in Item 1122(d)
of Regulation AB, unless such entity's activities relate only to 5% or less of
the Mortgage Loans, by balance).

            "Subsequent Exchange Act Reports": As defined in Section 8.16(a).

            "Substitution Shortfall Amount": With respect to a substitution
pursuant to or as contemplated by Section 2.03(a) hereof, an amount equal to the
excess, if any, of the Purchase Price of the Trust Mortgage Loan being replaced,
calculated as of the date of substitution over the Stated Principal Balance of
the related Qualified Substitute Mortgage Loan as of the date of substitution.
In the event that one or more Qualified Substitute Mortgage Loans are
substituted (at the same time) for one or more deleted Trust Mortgage Loans, the
Substitution Shortfall Amount shall be determined as provided in the preceding
sentence on the basis of the aggregate Purchase Price of the Trust Mortgage Loan
or Trust Mortgage Loans being replaced and the aggregate Stated Principal
Balance of the related Qualified Substitute Mortgage Loan or Qualified
Substitute Mortgage Loans.

            "Successful Bidder": As defined in Section 7.01(c).

            "Tax Matters Person": With respect to each of the REMICs created
hereunder, the Person designated as the "tax matters person" of such REMIC in
the manner provided under Treasury Regulations Section 1.860F-4(d), which Person
shall be the applicable Plurality Residual Certificateholder.

            "Tax Returns": The federal income tax returns on Internal Revenue
Service Form 1066, U.S. Real Estate Mortgage Investment Conduit (REMIC) Income
Tax Return, including Schedule Q thereto, Quarterly Notice to Residual Interest
Holders of REMIC Taxable Income or Net Loss Allocation, or any successor forms,
to be filed on behalf of each of REMIC I and REMIC II due to its classification
as a REMIC under the REMIC Provisions, the federal income tax return to be filed
on behalf of Grantor Trust Z due to its classification as a grantor trust under
the Grantor Trust Provisions, together with any and all other information,
reports or returns that may be required to be furnished to the
Certificateholders or filed with the Internal Revenue Service under any
applicable provisions of federal tax law or any other governmental taxing
authority under applicable State and Local Tax laws.

            "Transfer": Any direct or indirect transfer, sale, pledge,
hypothecation, or other form of assignment of any Ownership Interest in a
Certificate.

            "Transfer Affidavit and Agreement": As defined in Section
5.02(d)(i)(B).

            "Transferee": Any Person who is acquiring by Transfer any Ownership
Interest in a Certificate.

            "Transferor": Any Person who is disposing by Transfer any Ownership
Interest in a Certificate.

            "Trust": The common law trust created hereunder.

            "Trust Administration Fee": With respect to each Trust Mortgage Loan
and each Trust REO Loan for any Distribution Date an amount equal to one month's
interest for the most recently ended calendar month (calculated on the same
interest accrual basis as such Trust Mortgage Loan or Trust REO Loan, as the
case may be), accrued at the Trust Administration Fee Rate on the Stated
Principal Balance of such Trust Mortgage Loan or Trust REO Loan, as the case may
be, outstanding immediately following the prior Distribution Date (or, in the
case of the initial Distribution Date, as of the Closing Date).

            "Trust Administration Fee Rate": 0.00155% per annum.

            "Trust ARD Loan": Any Trust Mortgage Loan that is an ARD Loan.

            "Trust Balloon Loan": Any Trust Mortgage Loan that is a Balloon
Loan.

            "Trust Corrected Mortgage Loan": Any Trust Mortgage Loan that is a
Corrected Mortgage Loan.

            "Trust Defaulted Mortgage Loan": Any Trust Mortgage Loan that is a
Defaulted Mortgage Loan.

            "Trust Defeasance Mortgage Loan": Any Trust Mortgage Loan that is a
Defeasance Loan.

            "Trust Fund": Collectively, (i) all of the assets of REMIC I and
REMIC II and (ii) the Grantor Trust Z Assets.

            "Trust Mortgage Loan": Each Mortgage Loan, including the ARC
Portfolio Trust Mortgage Loan, the RLJ Portfolio Trust Mortgage Loan and the
Lake in the Woods Trust Mortgage Loan, transferred and assigned to the Trust
Fund pursuant to Section 2.01 and listed on the Mortgage Loan Schedule and from
time to time held in the Trust Fund. The RLJ Portfolio Trust Mortgage Loan shall
not be considered a "Trust Mortgage Loan" or "Trust REO Loan" to the extent that
references herein to Trust Mortgage Loans, Trust REO Loans or REO Property
relate to servicing obligations thereof of the applicable Master Servicer or
Special Servicer. The Other Pooling and Servicing Agreement controls the
servicing of the RLJ Portfolio Loan Combination.

            "Trust Required Appraisal Mortgage Loan": Any Trust Mortgage Loan or
Trust REO Loan that is a Required Appraisal Mortgage Loan.

            "Trust REO Loan": Any REO Loan that succeeded a Trust Mortgage Loan.

            "Trust Specially Serviced Mortgage Loan": Any Trust Mortgage Loan
that is a Specially Serviced Mortgage Loan.

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

            "Trustee Appointee": Any co-trustee or separate trustee appointed or
designated by the Trustee hereunder.

            "Trustee Indemnification Agreement": With respect to the initial
Trustee, that certain Trustee Indemnification Agreement, dated as of August 8,
2006, between the initial Trustee, the Depositor, the Underwriters and the
Initial Purchaser.

            "Trustee Reportable Event": Any of the following events, conditions,
circumstances and/or matters:

            (i) the entry into or amendment to a definitive agreement that is
      material to the Subject Securitization Transaction, including, for
      example, a servicing agreement with a Servicer contemplated by Item
      1108(a)(3) of Regulation AB, but only if the Trustee, any Servicing
      Representative of the Trustee or any Trustee Appointee is a party to such
      agreement or has entered into such agreement on behalf of the Trust [ITEM
      1.01 ON FORM 8-K];

            (ii) the termination of a definitive agreement that is material to
      the Subject Securitization Transaction (otherwise than by expiration of
      the agreement on its stated termination date or as a result of all parties
      completing their obligations under such agreement), but only if the
      Trustee, any Servicing Representative of the Trustee or any Trustee
      Appointee is a party to such agreement or has entered into such agreement
      on behalf of the Trust [ITEM 1.02 ON FORM 8-K];

            (iii) the appointment of a receiver, fiscal agent or similar officer
      for any Material Debtor in a proceeding under the U.S. Bankruptcy Code or
      in any other proceeding under state or federal law in which a court or
      governmental authority has assumed jurisdiction over substantially all of
      the assets or business of any Material Debtor, including where such
      jurisdiction has been assumed by leaving the existing directors and
      officers in possession but subject to the supervision and orders of a
      court or governmental authority, but only if the subject Material Debtor
      is (A) the Trustee, (B) any Servicing Representative of the Trustee that
      constitutes a Servicer contemplated by Item 1108(a)(3) of Regulation AB,
      (C) any Trustee Appointee, (D) any Enhancement/Support Provider that is
      not an Affiliate of the Depositor or (E) the Trust [ITEM 1.03(a) ON FORM
      8-K];

            (iv) the entry of an order confirming a plan of reorganization,
      arrangement or liquidation of a Material Debtor by a court or governmental
      authority having supervision or jurisdiction over substantially all of the
      assets or business of such Material Debtor, but only if the subject
      Material Debtor is (A) the Trustee, (B) any Servicing Representative of
      the Trustee that constitutes a Servicer contemplated by Item 1108(a)(3) of
      Regulation AB, (C) any Trustee Appointee, (D) any Enhancement/Support
      Provider that is not an Affiliate of the Depositor or (E) the Trust [ITEM
      1.03(b) ON FORM 8-K];

            (v) any event that has occurred hereunder that would materially
      alter the payment priority or distribution of cash flows regarding the
      Certificates [ITEM 2.04 ON FORM 8-K];

            (vi) any material modification to the rights of the Holders of any
      Class of Certificates, including by reason of a modification to this
      Agreement, a Mortgage Loan Purchase Agreement or any other constituent
      instrument [ITEM 3.03(a) ON FORM 8-K];

            (vii) any material limitation or qualification of the rights
      evidenced by any Class of Certificates by reason of the modification of
      any other Class of Certificates [ITEM 3.03(b) ON FORM 8-K];

            (viii) any amendment to this Agreement pursuant to Section 11.01
      [ITEM 5.03 ON FORM 8-K];

            (ix) any resignation, removal, replacement or substitution of (A)
      the Trustee, either Master Servicer or the Special Servicer or (B) any
      Servicing Representative of the Trustee that constitutes a Servicer
      contemplated by Item 1108(a)(2) of Regulation AB [ITEM ON 6.02 ON FORM
      8-K];

            (x) any appointment of (A) a new Trustee, new Master Servicer or new
      Special Servicer or (B) any new Servicing Representative of the Trustee
      that constitutes a Servicer contemplated by Item 1108(a)(2) of Regulation
      AB [ITEM 6.02 ON FORM 8-K];

            (xi) any termination of a material enhancement or support specified
      in Item 1114(a)(1) through (3) of Regulation AB or Item 1115 of Regulation
      AB that was previously applicable regarding one or more Classes of the
      Certificates, which termination has occurred other than by expiration of
      the contract on its stated termination date or as a result of all parties
      completing their obligations under such agreement [ITEM 6.03(a) ON FORM
      8-K];

            (xii) any addition of a material enhancement or support specified in
      Item 1114(a)(1) through (3) of Regulation AB or Item 1115 of Regulation AB
      with respect to one or more Classes of the Certificates [ITEM 6.03(b) ON
      FORM 8-K];

            (xiii) any material amendment or modification of a material
      enhancement or support specified in Item 1114(a)(1) through (3) of
      Regulation AB or Item 1115 of Regulation AB with respect to one or more
      Classes of the Certificates [ITEM 6.03(c) ON FORM 8-K];

            (xiv) any material failure on the part of the Trustee to make on the
      applicable Distribution Date any required monthly distributions to the
      Holders of any Class of Certificates [ITEM 6.04 ON FORM 8-K];

            (xv) any nonpublic disclosure, by the Trustee, any Servicing
      Representative of the Trustee or any Trustee Appointee, with respect to
      the Subject Securitization Transaction that is required to be disclosed by
      Regulation FD (17 C.F.R. 243.100 through 243.103) [ITEM 7.01 ON FORM 8-K];

            (xvi) any other information of importance to Certificateholders that
      is not otherwise required to be included in the Distribution Date
      Statement or any other report to be delivered or otherwise made available
      to Certificateholders hereunder and that is directly related to the
      obligations of the Trustee hereunder [ITEM 8.01 ON FORM 8-K];

            (xvii) the commencement or termination of, or any material
      developments regarding, any legal proceedings pending against any Material
      Litigant, or of which any property of a Material Litigant is the subject,
      or any threat by a governmental authority to bring any such legal
      proceedings, that are material to Certificateholders, but only if the
      Trustee is controlling the subject litigation or if the subject Material
      Litigant is (A) the Trustee, (B) any Servicing Representative of the
      Trustee that constitutes a Servicer contemplated by Item 1108(a)(3) of
      Regulation AB, (C) any Trustee Appointee, (D) any Enhancement/Support
      Provider that is not an Affiliate of the Depositor or (E) the Trust [ITEM
      2 ON FORM 10-D AND GENERAL INSTRUCTION J TO FORM 10-K];

            (xviii) any material default in the payment of principal and
      interest on, or any other material default with respect to, any Class of
      Certificates [ITEM 4 ON FORM 10-D];

            (xix) the submission of any matter to a vote by Certificateholders
      [ITEM 5 ON FORM 10-D];

            (xx) the receipt by the Trustee or by any Servicing Representative
      or other agent of the Trustee of any updated information regarding an
      Enhancement/Support Provider with respect to any Class of Certificates
      that is required pursuant to Item 1114(b)(2) or Item 1115(b) of Regulation
      AB [ITEM 7 ON FORM 10-D AND GENERAL INSTRUCTION J TO FORM 10-K];

            (xxi) to the extent not otherwise disclosed in the Prospectus
      Supplement or previously included in an Exchange Act Report in accordance
      with this Agreement, whether the Trustee as described in Item 1119(a) of
      Regulation AB has become an affiliate (as defined in Rule 405 of the
      Securities Act) of any of (A) the Trust, (B) the Depositor, (C) a Mortgage
      Loan Seller, (D) either Master Servicer, (E) the Special Servicer, (F) any
      Servicing Representative of the Trustee that constitutes a Servicer
      contemplated by Item 1108(a)(3) of Regulation AB, (G) any Trustee
      Appointee or (H) any Significant Obligor [GENERAL INSTRUCTION J TO FORM
      10-K]; and

            (xxii) to the extent not otherwise disclosed in the Prospectus
      Supplement, any specific relationship involving or relating to the Subject
      Securitization Transaction or the Mortgage Loans contemplated by Item
      1119(c) of Regulation AB between the Depositor, a Mortgage Loan Seller or
      the Trust, on the one hand, and the Trustee, any Trustee Appointee (but
      only if such Trustee Appointee is a material party to the Subject
      Securitization Transaction contemplated by Item 1100(d)(1) of Regulation
      AB) or any Servicing Representative (but only if such Servicing
      Representative is a Servicer contemplated by Item 1108(a)(3) of Regulation
      AB or a material party related to the Subject Securitization Transaction
      contemplated by Item 1100(d)(1) of Regulation AB) of the Trustee, on the
      other hand [GENERAL INSTRUCTION J TO FORM 10-K].

            "UCC": The Uniform Commercial Code in effect in the applicable
jurisdiction.

            "UCC Financing Statement": A financing statement filed pursuant to
the UCC.

            "Underwriter": Each of MLPF&S, IXIS Securities North America Inc.,
Goldman, Sachs & Co. and Morgan Stanley & Co. Incorporated or in each case, its
respective successor in interest.

            "United States Securities Person": Any "U.S. person" as defined in
Rule 902(k) of Regulation S.

            "United States Tax Person": A citizen or resident of the United
States, a corporation, partnership or other entity created or organized in, or
under the laws of, the United States, any State thereof or the District of
Columbia, or an estate whose income from sources without the United States is
includable in gross income for United States federal income tax purposes
regardless of its connection with the conduct of a trade or business within the
United States, or a trust if a court within the United States is able to
exercise supervision over the administration of the trust and one or more United
States persons have the authority to control all substantial decisions of the
trust (or to the extent provided in the Treasury regulations, if the trust was
in existence on August 20, 1996 and elected to be treated as a United States
person), all within the meaning of Section 7701(a)(30) of the Code.

            "Unliquidated Advance": Any Advance previously made by a party
hereto that (i) is not a Nonrecoverable Advance, (ii) has been previously
reimbursed to the party that made the Advance as a Workout-Delayed Reimbursement
Amount pursuant to Section 3.05(a)(vii) out of principal collections on other
Trust Mortgage Loans and (iii) was originally made with respect to an item that
has not been subsequently recovered out of collections on or proceeds of the
related Trust Mortgage Loan or any related REO Property (and provided that no
Liquidation Event has occurred with respect to the related Trust Mortgage Loan
or any related REO Property).

            "Unrestricted Servicer Reports": Collectively, the CMSA Delinquent
Loan Status Report, the CMSA Historical Loan Modification and Corrected Mortgage
Loan Report, the CMSA Historical Liquidation Report, the CMSA REO Status Report,
the CMSA Advance Recovery Report and, if and to the extent filed with the
Commission, such reports and files as would, but for such filing, constitute
Restricted Servicer Reports.

            "Voting Rights": The portion of the voting rights of all of the
Certificates which is allocated to any Certificate. At all times during the term
of this Agreement, 100% of the Voting Rights shall be allocated among the
Holders of the Regular Certificates. Ninety-eight percent (98%) of the Voting
Rights shall be allocated among the Class A-1, Class A-2, Class A-3, Class A-4,
Class A-1A, Class AM, Class AJ, Class B, Class C, Class D, Class E, Class F,
Class G, Class H, Class J, Class K, Class L, Class M, Class N, Class P and Class
Q Certificates in proportion to the respective Class Principal Balances of their
Certificates. Two percent (2%) in the aggregate of the Voting Rights shall be
allocated to the Class X Certificates. The Class Z, the Class XR and the
Residual Certificates shall have no voting rights. Voting Rights allocated to a
Class of Certificateholders shall be allocated among such Certificateholders in
standard proportion to the Percentage Interests evidenced by their respective
Certificates. In addition, if either Master Servicer is the holder of any
Certificates, such Master Servicer, in its capacity as a Certificateholder,
shall have no Voting Rights with respect to matters concerning compensation
affecting such Master Servicer.

            "Wachovia": Wachovia Bank, National Association or its successor in
interest.

            "Weighted Average Net Mortgage Pass-Through Rate": With respect to
any Distribution Date, the rate per annum equal to the weighted average,
expressed as a percentage and rounded to six decimal places, of the respective
Net Mortgage Pass-Through Rates applicable to the Trust Mortgage Loans and any
Trust REO Loans for such Distribution Date, weighted on the basis of their
respective Stated Principal Balances immediately following the preceding
Distribution Date (or, in the case of the initial Distribution Date, as of the
Closing Date).

            "Workout-Delayed Reimbursement Amounts": With respect to any Trust
Mortgage Loan, the amount of any Advance made with respect to such Trust
Mortgage Loan on or before the date such Trust Mortgage Loan becomes (or, but
for the making of three monthly payments under its modified terms, would then
constitute) a Trust Corrected Mortgage Loan, together with (to the extent
accrued and unpaid) interest on such Advances accruing before, on and after such
date, to the extent that (i) such Advance is not reimbursed to the Person who
made such Advance on or before the date, if any, on which such Trust Mortgage
Loan becomes a Trust Corrected Mortgage Loan and (ii) the amount of such Advance
becomes an obligation of the Mortgagor to pay such amount under the terms of the
modified loan documents. That any amount constitutes all or a portion of any
Workout-Delayed Reimbursement Amount shall not in any manner limit the right of
any Person hereunder to determine that such amount instead constitutes a
Nonrecoverable Advance.

            "Workout Fee": With respect to each Corrected Mortgage Loan, the fee
designated as such and payable to the Special Servicer pursuant to the second
paragraph of Section 3.11(c).

            "Workout Fee Rate": With respect to each Corrected Mortgage Loan,
1.00%.

            "Yield Maintenance Charge": Payments paid or payable, as the context
requires, on a Mortgage Loan as the result of a Principal Prepayment thereon,
not otherwise due thereon in respect of principal or interest, which have been
calculated (based on Scheduled Payments on such Mortgage Loan) to compensate the
holder for reinvestment losses based on the value of an interest rate index at
or near the time of prepayment. Any other prepayment premiums, penalties and
fees not so calculated will not be considered "Yield Maintenance Charges." In
the event that a Yield Maintenance Charge shall become due for any particular
Mortgage Loan, the applicable Master Servicer or the Special Servicer, as
applicable, shall be required to follow the terms and provisions contained in
the applicable Mortgage Note, provided, however, in the event the particular
Mortgage Note shall not specify the U.S. Treasuries which shall be used in
determining the discount rate or the reinvestment yield to be applied in such
calculation, the applicable Master Servicer or the Special Servicer, as
applicable, shall be required to use those U.S. Treasuries having maturity dates
most closely approximating the maturity of such Mortgage Loan. Accordingly if
either no U.S. Treasury issue, or more than one U.S. Treasury issue, shall
coincide with the term over which the Yield Maintenance Charge shall be
calculated (which depending on the applicable Mortgage Note is based on the
remaining average life of the Mortgage Loan or the actual term remaining through
the Maturity Date), the applicable Master Servicer or the Special Servicer, as
applicable, shall use the U.S. Treasury whose reinvestment yield is the lowest,
with such yield being based on the bid price for such issue as published in The
Wall Street Journal on the date that is 14 days prior to the date that the Yield
Maintenance Charge shall become due and payable (or, if such bid price is not
published on that date, the next preceding date on which such bid price is so
published) and converted to a monthly compounded nominal yield. The monthly
compounded nominal yield ("MEY") is derived from the reinvestment yield or
discount rate and shall be defined as MEY = 12X ({(1+"BEY"/2)^1/6}-1) where BEY
is defined as the U.S. Treasury Reinvestment Yield which is in decimal form and
not in percentage, and 1/6 is the exponential power to which a portion of the
equation is raised. For example, using a BEY of 5.50%, the MEY = 12 X ({(1+
..055/2)^0.16667}-1) where .055 is the decimal version of the percentage 5.5% and
0.16667 is the decimal version of the exponential power. The MEY in the above
calculation is 5.44%.

            SECTION 1.02. Certain Adjustments to the Principal Distributions on
                          the Certificates.

            (a) If any party hereto is reimbursed out of general collections on
the Mortgage Pool on deposit in a Collection Account for (i) any unreimbursed
Advance that has been or is determined to be a Nonrecoverable Advance (together
with interest accrued and payable thereon pursuant to Section 3.03(d) or Section
4.03(d), as applicable, to the extent such interest was paid hereunder from a
source other than related Default Charges) or (ii) any Workout-Delayed
Reimbursement Amount, then (for purposes of calculating distributions on the
Certificates) such reimbursement and payment of interest shall be deemed to have
been made:

            first, out of any amounts then on deposit in the Collection Accounts
      that represent payments or other collections of principal received by the
      Trust with respect to the Trust Mortgage Loans and/or Trust REO Loans in
      the Loan Group that includes the Trust Mortgage Loan or Trust REO Loan in
      respect of which such Nonrecoverable Advance was made or in respect of
      which such Workout-Delayed Reimbursement Amount is outstanding, and which
      amounts, but for their application to reimburse such Nonrecoverable
      Advance (and/or to pay interest thereon) or to reimburse such
      Workout-Delayed Reimbursement Amount, as the case may be, would be
      included in the Available Distribution Amount for the related Distribution
      Date;

            second, out of any amounts then on deposit in the Collection
      Accounts that represent payments or other collections of principal
      received by the Trust with respect to the Trust Mortgage Loans or Trust
      REO Loans in the Loan Group that does not include the Trust Mortgage Loan
      or Trust REO Loan in respect of which such Nonrecoverable Advance was made
      or in respect of which such Workout-Delayed Reimbursement Amount is
      outstanding, and which amounts, but for their application to reimburse
      such Nonrecoverable Advance (and/or to pay interest thereon) or to
      reimburse such Workout-Delayed Reimbursement Amount, as the case may be,
      would be included in the Available Distribution Amount for the related
      Distribution Date;

            third, solely in the case of the reimbursement of a Nonrecoverable
      Advance and/or the payment of interest thereon, out of any amounts then on
      deposit in the Collection Accounts that represent any other payments or
      other collections received by the Trust with respect to the Trust Mortgage
      Loans or Trust REO Loans in the Loan Group that includes the Trust
      Mortgage Loan or Trust REO Loan in respect of which such Nonrecoverable
      Advance was made, and which amounts, but for their application to
      reimburse a Nonrecoverable Advance and/or to pay interest thereon, would
      be included in the Available Distribution Amount for the related
      Distribution Date;

            fourth, solely in the case of the reimbursement of a Nonrecoverable
      Advance and/or the payment of interest thereon, out of any amounts then on
      deposit in the Collection Accounts that represent any other payments or
      other collections received by the Trust with respect to the Trust Mortgage
      Loans or Trust REO Loans in the Loan Group that does not include the Trust
      Mortgage Loan or Trust REO Loan in respect of which such Nonrecoverable
      Advance was made, and which amounts, but for their application to
      reimburse a Nonrecoverable Advance and/or to pay interest thereon, would
      be included in the Available Distribution Amount for the related
      Distribution Date; and

            fifth, solely in the case of the reimbursement of a Nonrecoverable
      Advance and/or the payment of interest thereon, out of any other amounts
      then on deposit in the Collection Accounts that may be available to
      reimburse the subject Nonrecoverable Advance and/or to pay interest
      thereon.

            (b) If and to the extent that any payment or other collection of
principal received on the Mortgage Pool during any Collection Period is deemed
to be applied in accordance with clause first or second of Section 1.02(a) to
reimburse a Nonrecoverable Advance (or to pay interest thereon) or to reimburse
a Workout-Delayed Reimbursement Amount, then:

            (i) the Principal Distribution Amount for the related Distribution
      Date shall be reduced by the portion of such payment or other collection
      of principal that, but for the application of this Section 1.02(b), would
      constitute part of such Principal Distribution Amount; and

            (ii) depending on whether such payment or other collection of
      principal relates to Loan Group 1 or Loan Group 2, there shall be a
      corresponding reduction in the Loan Group 1 Principal Distribution Amount
      or the Loan Group 2 Principal Distribution Amount, as applicable, for the
      related Distribution Date.

            (c) If and to the extent that any Nonrecoverable Advance or
Workout-Delayed Reimbursement Amount is reimbursed or interest on any
Nonrecoverable Advance is paid out of payments or other collections of principal
received on the Mortgage Pool (with a corresponding reduction to the Principal
Distribution Amount, and to either or both of the Loan Group 1 Principal
Distribution Amount and the Loan Group 2 Principal Distribution Amount, for the
relevant Distribution Date), and further if and to the extent that the
particular item for which such Advance was originally made or such
Workout-Delayed Reimbursement Amount is outstanding is subsequently collected
out of payments or other collections in respect of the related Trust Mortgage
Loan or Trust REO Loan (such item, upon collection, a "Recovered Amount"), then
(without duplication of amounts already included therein):

            (i) the Principal Distribution Amount for the Distribution Date that
      corresponds to the Collection Period in which such Recovered Amount was
      received, shall be increased by an amount equal to the lesser of (A) such
      Recovered Amount and (B) any previous reduction in the Principal
      Distribution Amount for a prior Distribution Date pursuant to Section
      1.02(b) above resulting from the reimbursement of the subject
      Nonrecoverable Advance (and/or the payment of interest thereon) or the
      reimbursement of the subject Workout-Delayed Reimbursement Amount, as the
      case may be; and

            (ii) the Loan Group 1 Principal Distribution Amount and/or the Loan
      Group 2 Principal Distribution Amount for the Distribution Date that
      corresponds to the Collection Period in which such Recovered Amount was
      received, shall be increased by an amount equal to the lesser of (A) such
      Recovered Amount and (B) any previous reduction in the Loan Group 1
      Principal Distribution Amount and/or the Loan Group 2 Principal
      Distribution Amount, as applicable, for a prior Distribution Date pursuant
      to Section 1.02(b) above resulting from the reimbursement of the subject
      Nonrecoverable Advance (and/or the payment of interest thereon) or the
      reimbursement of the subject Workout-Delayed Reimbursement Amount, as the
      case may be;

provided that, if both the Loan Group 1 Principal Distribution Amount and the
Loan Group 2 Principal Distribution Amount for a prior Distribution Date were
reduced pursuant to Section 1.02(b) above as a result of the reimbursement of
the subject Nonrecoverable Advance (and/or the payment of interest thereon) or
the reimbursement of the subject Workout-Delayed Reimbursement Amount, as the
case may be, and if the subject Recovered Amount is not sufficient to cover the
full amount of such reductions, then such Recovered Amount shall be applied to
increase the Loan Group 1 Principal Distribution Amount and the Loan Group 2
Principal Distribution Amount in accordance with, and to the extent permitted
by, clause (ii) of this Section 1.02(c) in reverse order of the application of
payments and other collections of principal on the respective Loan Groups in
accordance with Section 1.02(a) to reimburse the subject Nonrecoverable Advance
(and/or pay interest thereon) or to reimburse the subject Workout-Delayed
Reimbursement Amount, as the case may be.

            (d) For purposes of making the adjustments to the Principal
Distribution Amount, the Loan Group 1 Principal Distribution Amount or the Loan
Group 2 Principal Distribution Amount, for any Distribution Date, as
contemplated by this Section 1.02, that amount shall be calculated in accordance
with the definition thereof (without regard to this Section 1.02) and shall
thereafter be adjusted as provided in this Section 1.02.

            (e) Nothing contained in this Section 1.02 is intended to limit the
ability of any party hereto that is entitled to reimbursement hereunder for any
unreimbursed Advances that have been or are determined to be Nonrecoverable
Advances (together with interest accrued and payable thereon pursuant to Section
3.03(d) or Section 4.03(d)) to collections of principal received by the Trust
with respect to the Mortgage Pool; instead the order of priority set forth in
Section 1.02(a) is a deemed allocation only for purposes of calculating
distributions on the Certificates.

<PAGE>

                                   ARTICLE II

             CONVEYANCE OF TRUST MORTGAGE LOANS; REPRESENTATIONS AND
                 WARRANTIES; ORIGINAL ISSUANCE OF CERTIFICATES

            SECTION 2.01. Conveyance of Trust Mortgage Loans.

            (a) The Depositor, concurrently with the execution and delivery
hereof, does hereby establish a common law trust under the laws of the State of
New York, designated as "Merrill Lynch Mortgage Trust 2006-C2" and consisting of
the Trust Fund, and does hereby assign, sell, transfer, set over and otherwise
convey to the Trustee, in trust, without recourse, for the benefit of the
Certificateholders (and for the benefit of the other parties to this Agreement
as their respective interests may appear) all the right, title and interest of
the Depositor, in, to and under (i) the Trust Mortgage Loans and all documents
included in the related Mortgage Files and Servicing Files, (ii) the rights of
the Depositor under Sections 2, 3, 8, 10, 11, 12, 13, 14, 15, 17, 18, 20 and 21
of each Mortgage Loan Purchase Agreement, (iii) the rights of the Depositor
under each Loan Combination Intercreditor Agreement and (iv) all other assets
included or to be included in the Trust Fund. Such assignment includes all
interest and principal received or receivable on or with respect to the Trust
Mortgage Loans and due after the Cut-off Date and, in the case of each Trust
Mortgage Loan that is part of a Loan Combination, is subject to the provisions
of the corresponding Loan Combination Intercreditor Agreement. The Trustee, on
behalf of the Trust, assumes the obligations of the related "A-Note Holder",
"Note A Holder" or "Lead Lender", as the case may be, under the related Loan
Combination Intercreditor Agreement; provided that the applicable Master
Servicer shall, as further set forth in Article III, perform the servicing
obligations and exercise the related rights of the related "A-Note Holder" or
"Lead Lender", as the case may be, under each Loan Combination Intercreditor
Agreement. With respect to the RLJ Portfolio Loan Combination, the Other Master
Servicer shall service such RLJ Portfolio Loan Combination under and in
accordance with the Other Pooling and Servicing Agreement. The applicable Master
Servicer shall therefore, have limited duties with respect to the servicing of
the RLJ Portfolio Trust Mortgage Loan as further specified herein. The transfer
of the Trust Mortgage Loans and the related rights and property accomplished
hereby is absolute and, notwithstanding Section 11.07, is intended by the
parties to constitute a sale.

            (b) In connection with the Depositor's assignment pursuant to
Section 2.01(a) above the Depositor shall direct, and hereby represents and
warrants that it has directed, the Mortgage Loan Sellers pursuant to their
respective Mortgage Loan Purchase Agreements to deliver to and deposit with, or
cause to be delivered to and deposited with the Trustee (with a copy to the
applicable Master Servicer and the Special Servicer), on or before the Closing
Date, the Mortgage File for each Trust Mortgage Loan so assigned. The Special
Servicer may request the applicable Master Servicer to deliver a copy of the
Servicing File for any Trust Mortgage Loan (other than a Specially Serviced
Mortgage Loan) if such Master Servicer shall not have granted the Special
Servicer electronic access to such Servicing Files. None of the Trustee, the
Master Servicers or the Special Servicer shall be liable for any failure by any
Mortgage Loan Seller or the Depositor to comply with the document delivery
requirements of the related Mortgage Loan Purchase Agreement and this Section
2.01(b).

            (c) If any Mortgage Loan Seller cannot deliver, or cause to be
delivered, on the Closing Date, as to any Trust Mortgage Loan, any of the
documents and/or instruments referred to in clauses (ii), (iii), (vi) (if
recorded) and (viii) of the definition of "Mortgage File", with evidence of
recording thereon (except with respect to any Mortgage File document recorded in
the name of MERS or its designee), solely because of a delay caused by the
public recording office where such document or instrument has been delivered for
recordation, the delivery requirements of the related Mortgage Loan Purchase
Agreement and Section 2.01(b) shall be deemed to have been satisfied as to such
non-delivered document or instrument, and such non-delivered document or
instrument shall be deemed to have been included in the Mortgage File, if a
photocopy of such non-delivered document or instrument (certified by the
applicable Mortgage Loan Seller to be a true and complete copy of the original
thereof submitted for recording) is delivered to the Trustee on or before the
Closing Date, and either the original of such non-delivered document or
instrument, or a photocopy thereof, with evidence of recording or filing as
applicable, thereon, is delivered to the Trustee within 120 days of the Closing
Date (or within such longer period after the Closing Date as the Trustee may
consent to, which consent shall not be unreasonably withheld so long as the
applicable Mortgage Loan Seller is, in good faith, attempting to obtain from the
appropriate county recorder's office such original or photocopy, as evidenced by
an officer's certificate). If the applicable Mortgage Loan Seller cannot
deliver, or cause to be delivered, as to any Trust Mortgage Loan, any of the
documents and/or instruments referred to in clauses (ii), (iii), (vi) (if
recorded) and (viii) of the definition of "Mortgage File," with evidence of
recording or filing as applicable, thereon (except with respect to any Mortgage
File document recorded in the name of MERS or its designee), for any other
reason, including, without limitation, that such non-delivered document or
instrument has been lost, the delivery requirements of the related Mortgage Loan
Purchase Agreement and Section 2.01(b) shall be deemed to have been satisfied as
to such non-delivered document or instrument and such non-delivered document or
instrument shall be deemed to have been included in the Mortgage File, provided
that a photocopy of such non-delivered document or instrument (with evidence of
recording in the proper office thereon and with respect to the item referred to
in clause (ii) of the definition of "Mortgage File", certified by the
appropriate county recorder's office to be a true and complete copy of the
original submitted for recording) is delivered to the Trustee on or before the
Closing Date.

            If, on the Closing Date as to any Trust Mortgage Loan, the
applicable Mortgage Loan Seller does not deliver in complete and recordable form
any one of the assignments in favor of the Trustee referred to in clause (iv) or
(v) of the definition of "Mortgage File" (in the case of clause (iv) solely
because of a delay caused by the recording office where such document or
instrument has been delivered for recordation), the applicable Mortgage Loan
Seller may provisionally satisfy the delivery requirements of the related
Mortgage Loan Purchase Agreement and Section 2.01(b) by delivering with respect
to such Trust Mortgage Loan on the Closing Date an omnibus assignment of such
Trust Mortgage Loan; provided that all required original assignments with
respect to such Trust Mortgage Loan in fully complete and recordable form shall
be delivered to the Trustee within 120 days of the Closing Date (or within such
longer period, not to exceed 18 months, as the Trustee in its reasonable
discretion may permit so long as the applicable Mortgage Loan Seller is, as
certified in writing to the Trustee no less often than every 90 days, attempting
in good faith to obtain from the appropriate county recorder's office such
original or photocopy).

            (d) The Trustee shall, for a fee paid to the Trustee by Artesia on
the Closing Date as to each Trust Mortgage Loan that is an Artesia Trust
Mortgage Loan, promptly (and in any event within 180 days following the later of
the Closing Date or the delivery of each assignment and UCC Financing Statement
to the Trustee) cause to be submitted for recording or filing, as the case may
be, in the appropriate public office for real property records or UCC Financing
Statements, as appropriate and to the extent timely delivered to the Trustee in
final, recordable form, each such assignment of Mortgage, each such assignment
of Assignment of Leases and, to the extent the Trustee has actual knowledge that
such documents are to be recorded, any other recordable documents relating to
each such Trust Mortgage Loan, in favor of the Trustee referred to in clause
(iv) of the definition of "Mortgage File" and each such UCC Financing Statement
assignment in favor of the Trustee and so delivered to the Trustee and referred
to in clause (viii) of the definition of "Mortgage File." Each such assignment
and UCC Financing Statement assignment shall reflect that the recorded original
should be returned by the public recording office to the Trustee or its designee
following recording (except with respect to any Mortgage File document recorded
in the name of MERS or its designee), and each such assignment and UCC Financing
Statement assignment shall reflect that the file copy thereof should be returned
to the Trustee or its designee following filing (except with respect to any
Mortgage File document recorded in the name of MERS or its designee); provided,
that in those instances where the public recording office retains the original
assignment of Mortgage or assignment of Assignment of Leases, the Trustee shall
obtain therefrom a certified copy of the recorded original, at the expense of
Artesia. If any such document or instrument is lost or returned unrecorded or
unfiled, as the case may be, because of a defect therein, the Trustee shall
direct Artesia, pursuant to the applicable Mortgage Loan Purchase Agreement, to
promptly prepare or cause to be prepared a substitute therefor or cure such
defect, as the case may be, and thereafter the Trustee shall, upon receipt
thereof, cause the same to be duly recorded or filed, as appropriate. Upon
request, the Trustee shall forward to the applicable Master Servicer a copy of
each of the aforementioned recorded assignments following the Trustee's receipt
thereof, to the extent not previously provided.

            The Depositor hereby represents and warrants that with respect to
the Merrill Trust Mortgage Loans and IXIS Trust Mortgage Loans, the related
Mortgage Loan Seller has covenanted in the related Mortgage Loan Purchase
Agreement that it shall retain or cause to be retained, a third party (such
third party, the "Recording/Filing Agent") that shall, as to each such Trust
Mortgage Loan (other than any Mortgage Loan with respect to which the Mortgage
File documents were recorded in the name of MERS or its designee), promptly (and
in any event within 90 days following the later of the Closing Date or the
delivery of each assignment and UCC Financing Statement to the Recording/Filing
Agent) cause to be submitted, for recording or filing, as the case may be, in
the appropriate public office for real property records or UCC Financing
Statements, each such assignment of Mortgage, each such assignment of Assignment
of Leases and any other recordable documents relating to each such Trust
Mortgage Loan in favor of the Trustee that is referred to in clause (iv) of the
definition of "Mortgage File" and each such UCC Financing Statement assignment
in favor of the Trustee that is referred to in clause (viii) of the definition
of "Mortgage File," in each case pursuant to Section 2(d) of the related
Mortgage Loan Purchase Agreement.

            (e) All documents and records in the Servicing File (except draft
documents, privileged communications, credit underwriting or due diligence
analyses, credit committee briefs or memoranda or other internal approval
documents or data or internal worksheets, memoranda, communications or
evaluations of the Mortgage Loan Seller) in possession of the Depositor or the
Mortgage Loan Sellers that relate to the Trust Mortgage Loans and that are not
required to be a part of a Mortgage File in accordance with the definition
thereof (including any original letter of credit that is not part of the
Mortgage File because the applicable Master Servicer or any Sub-Servicer
therefor has possession thereof), together with all Escrow Payments and Reserve
Accounts in the possession thereof, shall be delivered to the applicable Master
Servicer or such other Person as may be directed by the applicable Master
Servicer (at the expense of the applicable Mortgage Loan Seller) on or before
the Closing Date and shall be held by the applicable Master Servicer on behalf
of the Trustee in trust for the benefit of the Certificateholders; provided,
however, the applicable Master Servicer shall have no responsibility for holding
documents created or maintained by the Special Servicer hereunder and not
delivered to such Master Servicer. The applicable Mortgage Loan Seller shall pay
any costs of assignment or amendment of any letter of credit related to the
Trust Mortgage Loans such Mortgage Loan Seller sold to the Depositor required in
order for the applicable Master Servicer to draw on such letter of credit.

            (f) In connection with the Depositor's assignment pursuant to
Section 2.01(a) above, the Depositor shall deliver to the Trustee, the
applicable Master Servicer and the Special Servicer on or before the Closing
Date and hereby represents and warrants that it has delivered a copy of a fully
executed counterpart of each of the Mortgage Loan Purchase Agreements, as in
full force and effect on the Closing Date.

            (g) The Depositor hereby consents to the filing of any UCC Financing
Statements contemplated by this Agreement without its consent.

            (h) The Trust Fund shall constitute the sole assets of the Trust.
Except as expressly provided herein, the Trust may not issue or invest in
additional securities, borrow money or make loans to other Persons. The fiscal
year end of the Trust shall be December 31.

            SECTION 2.02. Acceptance of the Trust Fund by Trustee; Receipt of
                          the Mortgage Files by the Trustee.

            (a) The Trustee, by its execution and delivery of this Agreement,
acknowledges receipt of the Depositor's assignment to it of the Depositor's
right, title and interest in the assets that constitute the Trust Fund, and
further acknowledges receipt, subject to the provisos in the definition of
"Mortgage File" and the provisions of Section 2.01 and subject to the further
limitations on review provided for in Section 2.02(b) and the exceptions noted
on the schedule of exceptions of (i) the Mortgage File delivered to it for each
Trust Mortgage Loan and (ii) a copy of a fully executed counterpart of each
Mortgage Loan Purchase Agreement, all in good faith and without notice of any
adverse claim, and declares that the Trustee holds and will hold such documents
and the other documents received by it that constitute portions of the Mortgage
Files, and that it holds and will hold the Trust Mortgage Loans and other assets
included in the Trust Fund, in trust for the exclusive use and benefit of all
present and future Certificateholders. To the extent that the Mortgage File for
a Trust Mortgage Loan that is part of a Loan Combination relates to the
corresponding Non-Trust Loan, the Trustee shall also hold such Mortgage File in
trust for the use and benefit of the related Non-Trust Noteholder(s). The
Trustee hereby certifies to each of the Depositor, the Master Servicers, the
Special Servicer and each Mortgage Loan Seller that, without regard to the
proviso in the definition of "Mortgage File," each of the Specially Designated
Mortgage Loan Documents are in its possession. In addition, within 90 days after
the Closing Date, the Trustee will review the Mortgage Files and certify (in a
certificate substantially in the form of Exhibit C) to each of the Depositor,
the Trustee, the Master Servicers, the Special Servicer, each Mortgage Loan
Seller (with copies to the Controlling Class Representative), that, with respect
to each Trust Mortgage Loan listed in the Mortgage Loan Schedule, except as
specifically identified in the schedule of exceptions annexed thereto, (i)
without regard to the proviso in the definition of "Mortgage File," all
documents specified in clauses (i), (ii), (iv)(A), (v) and (vii), and to the
extent provided in the related Mortgage File and actually known by a Responsible
Officer of the Trustee to be required or to the extent listed on the Mortgage
Loan checklist, if any, provided by the related Mortgage Loan Seller pursuant to
the related Mortgage Loan Purchase Agreement, clauses (iii), (iv)(B), (iv)(C),
(vi), (viii) through (xii) of the definition of "Mortgage File" are in its
possession, (ii) all documents delivered or caused to be delivered with respect
to a Trust Mortgage Loan by the applicable Mortgage Loan Seller constituting the
related Mortgage File have been reviewed by it and appear regular on their face,
appear to be executed and appear to relate to such Trust Mortgage Loan, (iii)
based on such examination and only as to the foregoing documents, the
information set forth in the Mortgage Loan Schedule for such Trust Mortgage Loan
with respect to the items specified in clauses (v) and (vi)(c) of the definition
of "Mortgage Loan Schedule" is correct and (iv) if applicable, the Trustee, on
behalf of the Trust is shown as the owner of each Mortgage recorded in the name
of MERS. Further, with respect to the documents described in clause (viii) of
the definition of Mortgage File, absent actual knowledge of a Responsible
Officer to the contrary or copies of UCC Financing Statements delivered to the
Trustee as part of the Mortgage File indicating otherwise, the Trustee may
assume, for purposes of the certification delivered in this Section 2.02(a),
that the related Mortgage File should include one state level UCC Financing
Statement filing and one local UCC Financing Statement fixture filing for each
Mortgaged Property (or with respect to any Mortgage Loan that has two or more
Mortgagors, for each Mortgagor). Amendments with respect to the UCC Financing
Statements to be assigned to the Trust, assigning such UCC Financing Statements
to the Trust, will be delivered on the new national forms and in recordable form
and will be filed in the state of incorporation or organization of the related
Mortgagor as so indicated on the documents provided. If any exceptions are noted
to the certification delivered to the above-mentioned recipients substantially
in the form of Exhibit C, the Trustee shall, every 90 days after the delivery of
such certification until the second anniversary of the Closing Date, and every
180 days thereafter until the fifth anniversary of the Closing Date, and
thereafter upon request by any party hereto, any Mortgage Loan Seller or the
Plurality Subordinate Certificateholder, distribute an updated exception report
to such recipients; provided that, by delivery of each such updated exception
report, the Trustee shall be deemed to have made the certifications provided for
in Exhibit C as to each Mortgage Loan or each applicable document (that is to be
covered by a certification in the form of Exhibit C) in respect of a Mortgage
Loan that, in each case, is not identified in such updated exception report.

            (b) None of the Trustee, either Master Servicer or the Special
Servicer is under any duty or obligation to inspect, review or examine any of
the documents, instruments, certificates or other papers relating to the Trust
Mortgage Loans delivered to it to determine that the same are valid, legal,
effective, genuine, enforceable, in recordable form, sufficient or appropriate
for the represented purpose or that they are other than what they purport to be
on their face.

            (c) The Trustee shall: (i) provide for the safekeeping and
preservation of the Mortgage Files with respect to the Trust Mortgage Loans;
(ii) segregate such Mortgage Files from its own assets and the assets retained
by it for others; (iii) maintain such Mortgage Files in secure and fire
resistant facilities in compliance with customary industry standard; (iv)
maintain disaster recovery protocols to ensure the preservation of such Mortgage
Files in the event of force majeure; and (v) track and monitor the receipt and
movement internally and externally of such Mortgage Files and any release and
reinstatement thereof.

            SECTION 2.03. Mortgage Loan Seller's Repurchase or Substitution of
                          Trust Mortgage Loans for Document Defects and Breaches
                          of Representations and Warranties.

            (a) If any party hereto discovers (without implying any duty of such
Person to make any inquiry) or receives notice that any document or documents
constituting a part of a Mortgage File with respect to a Trust Mortgage Loan has
not been properly executed, is missing (beyond the time period required for its
delivery hereunder), contains information that does not conform in any material
respect with the corresponding information set forth in the Mortgage Loan
Schedule, or does not appear to be regular on its face (each, a "Document
Defect"), or discovers (without implying any duty of such Person to make any
inquiry) or receives notice of a breach of any representation or warranty
relating to any Trust Mortgage Loan set forth in Schedule I of any Mortgage Loan
Purchase Agreement (a "Breach"), the party discovering such Document Defect or
Breach shall give written notice (which notice, in respect of any obligation of
the Trustee to provide notice of a Document Defect, shall be deemed given by the
delivery of the certificate as required by Section 2.02(a)) to the applicable
Mortgage Loan Seller and the other parties hereto. The Trustee shall then
promptly deliver such notice to the Controlling Class Representative and to the
Rating Agencies of such Document Defect or Breach. Promptly upon becoming aware
of any Document Defect or Breach (including through such written notice provided
by any party hereto or the Controlling Class Representative as provided above),
if any party hereto determines that such Document Defect or Breach materially
and adversely affects the value of the affected Trust Mortgage Loan or the
interests of the Certificateholders therein, such party shall notify the
applicable Master Servicer and, if the subject Trust Mortgage Loan is a
Specially Serviced Mortgage Loan, the Special Servicer, of such determination
and promptly after receipt of such notice, the applicable Master Servicer or the
Special Servicer, as applicable, shall request in writing that the applicable
Mortgage Loan Seller, not later than 90 days from receipt of such written
request (or, in the case of a Document Defect or Breach relating to a Trust
Mortgage Loan not being a "qualified mortgage" within the meaning of the REMIC
Provisions, not later than 90 days after any party to this Agreement discovers
such Document Defect or Breach) (i) cure such Document Defect or Breach, as the
case may be, in accordance with Section 3(c) of the related Mortgage Loan
Purchase Agreement, (ii) repurchase the affected Trust Mortgage Loan (which for
purposes of this clause (ii) shall include a Trust REO Loan) in accordance with
Section 3(c) of the related Mortgage Loan Purchase Agreement, or (iii) within
two years of the Closing Date, substitute a Qualified Substitute Mortgage Loan
for such affected Trust Mortgage Loan (which for purposes of this clause (iii)
shall include a Trust REO Loan) and pay the applicable Master Servicer for
deposit into the applicable Collection Account any Substitution Shortfall Amount
in connection therewith in accordance with Sections 3(c) and 3(d) of the related
Mortgage Loan Purchase Agreement; provided, however, that if such Document
Defect or Breach is capable of being cured but not within such 90 day period,
such Document Defect or Breach does not relate to the Trust Mortgage Loan not
being treated as a "qualified mortgage" within the meaning of the REMIC
Provisions, and the applicable Mortgage Loan Seller has commenced and is
diligently proceeding with the cure of such Document Defect or Breach within
such 90 day period, the applicable Mortgage Loan Seller shall have an additional
90 days to complete such cure (or, failing such cure, to repurchase or (subject
to clause (iii) above) replace the related Trust Mortgage Loan (which for
purposes of such repurchase or substitution shall include a Trust REO Loan));
and provided, further, with respect to such additional 90 day period the
applicable Mortgage Loan Seller shall have delivered an Officer's Certificate to
the Trustee setting forth the reasons such Document Defect or Breach is not
capable of being cured within the initial 90 day period and what actions the
applicable Mortgage Loan Seller is pursuing in connection with the cure thereof
and stating that the applicable Mortgage Loan Seller anticipates such Document
Defect or Breach will be cured within the additional 90 day period; and
provided, further, that no Document Defect (other than with respect to a
Specially Designated Mortgage Loan Document) shall be considered to materially
and adversely affect the interests of the Certificateholders or the value of the
related Trust Mortgage Loan unless the document with respect to which the
Document Defect exists is required in connection with an imminent enforcement of
the mortgagee's rights or remedies under the related Trust Mortgage Loan,
defending any claim asserted by any Mortgagor or third party with respect to the
Trust Mortgage Loan, establishing the validity or priority of any lien on any
collateral securing the Trust Mortgage Loan or for any immediate servicing
obligations. In the event of a Document Defect or Breach as to a Trust Mortgage
Loan that is cross-collateralized and cross-defaulted with one or more other
Trust Mortgage Loans (each a "Crossed Loan" and, collectively, a "Crossed Loan
Group"), and such Document Defect or Breach does not constitute a Document
Defect or Breach, as the case may be, as to any other Crossed Loan in such
Crossed Loan Group (without regard to this paragraph) and is not cured as
provided for above, then the applicable Document Defect or Breach, as the case
may be, shall be deemed to constitute a Document Defect or Breach, as the case
may be, as to any other Crossed Loan in the Crossed Loan Group for purposes of
this paragraph and the related Mortgage Loan Seller shall be required to
repurchase or substitute for all such Crossed Loans unless (1) the weighted
average Debt Service Coverage Ratio for all the remaining related Crossed Loans
for the four calendar quarters immediately preceding such repurchase or
substitution is not less than the greater of (A) the weighted average Debt
Service Coverage Ratio for all such Crossed Loans, including the affected
Crossed Loan, for the four calendar quarters immediately preceding such
repurchase or substitution and (B) the weighted average Debt Service Coverage
Ratio for all such Crossed Loans, including the affected Crossed Loan, as of the
Cut-off Date, and (2) the weighted average Loan to-Value Ratio for the remaining
related Crossed Loans, determined at the time of repurchase or substitution,
based upon an Appraisal obtained by the Special Servicer at the expense of the
related Mortgage Loan Seller shall not be greater than the lesser of (A) the
weighted average Loan-to-Value Ratio for all such Crossed Loans, including the
affected Crossed Loan determined at the time of repurchase or substitution,
based upon an Appraisal obtained by the Special Servicer at the expense of the
related Mortgage Loan Seller and (B) the weighted average Loan-to-Value Ratio
for all such Crossed Loans, including the affected Crossed Loan, as of the
Cut-off Date; provided that if such criteria is satisfied and any Crossed Loan
is not so repurchased or substituted, then such Crossed Loan shall be released
from its cross-collateralization and cross default provision so long as such
Crossed Loan (that is not the Crossed Loan directly affected by the subject
Document Defect or Breach) is held in the Trust Fund; provided, further, that
the repurchase or replacement of less than all such Crossed Loans and the
release from the cross-collateralization and cross-default provision shall be
subject to the delivery by the Mortgage Loan Seller to the Trustee, at the
expense of the Mortgage Loan Seller, of an Opinion of Counsel to the effect that
such release would not cause either of REMIC I or REMIC II to fail to qualify as
a REMIC under the Code or result in the imposition of any tax on "prohibited
transactions" or "contributions" after the Startup Day under the REMIC
Provisions. In the event that one or more of such other Crossed Loans satisfy
the aforementioned criteria, the related Mortgage Loan Seller may elect either
to repurchase or substitute for only the affected Crossed Loan as to which the
related Document Defect or Breach exists or to repurchase or substitute for all
of the Crossed Loans in the related Crossed Loan Group. All documentation
relating to the termination of the cross-collateralization provisions of each
Crossed Loan being repurchased or replaced is to be prepared at the expense of
the applicable Mortgage Loan Seller and, where required, with the consent of the
applicable Mortgagor. For a period of two years from the Closing Date, so long
as there remains any Mortgage File as to which there is any uncured Document
Defect and so long as the applicable Mortgage Loan Seller shall provide the
Officer's Certificate pursuant to Section 3(c) of the related Mortgage Loan
Purchase Agreement, the Trustee shall on a quarterly basis prepare and deliver
electronically to the other parties an updated exception report as to the status
of such uncured Document Defects as provided in Section 2.02(a). If the affected
Trust Mortgage Loan is to be repurchased or substituted, the applicable Master
Servicer shall designate its Collection Account as the account to which funds in
the amount of the Purchase Price or the Substitution Shortfall Amount, as
applicable, are to be wired. Any such repurchase or substitution of a Trust
Mortgage Loan shall be on a whole loan, servicing released basis.

            Pursuant to each Mortgage Loan Purchase Agreement, to the extent
that the related Mortgage Loan Seller is required to repurchase or substitute
for a Crossed Loan thereunder while the Trustee continues to hold any other
Crossed Loan(s) in the related Crossed Loan Group, the related Mortgage Loan
Seller and the Depositor have agreed that neither such party shall enforce any
remedies against the other party's Primary Collateral, but each is permitted to
exercise remedies against the Primary Collateral securing the Crossed Loan(s)
held thereby, so long as such exercise does not materially impair the ability of
the other party to exercise its remedies against the Primary Collateral securing
the Crossed Loan(s) held thereby. Notwithstanding the foregoing, each Mortgage
Loan Seller and the Depositor have agreed that if the exercise by one party
would materially impair the ability of the other party to exercise its remedies
with respect to the Primary Collateral securing the Crossed Loan(s) held by such
party, then each such party shall forbear from exercising such remedies until
the Mortgage Loan documents evidencing and securing the relevant Crossed Loans
can be modified in a manner consistent with the related Mortgage Loan Purchase
Agreement to remove the threat of material impairment as a result of the
exercise of remedies.

            (b) In connection with any repurchase or substitution of one or more
Trust Mortgage Loans contemplated by this Section 2.03, upon receipt of a
Request for Release (in the form of Exhibit D-1 attached hereto) of a Servicing
Officer of the applicable Master Servicer certifying as to the receipt of the
applicable Purchase Price(s) in its Collection Account (in the case of any such
repurchase) or the receipt of the applicable Substitution Shortfall Amount(s) in
its Collection Account and upon the delivery of the Mortgage File(s) and the
Servicing File(s) for the related Qualified Substitute Mortgage Loan(s) to the
Trustee and the applicable Master Servicer, respectively (in the case of any
such substitution), (i) the Trustee shall execute and deliver such endorsements
and assignments as are provided to it, in each case without recourse,
representation or warranty, as shall be necessary to vest in the applicable
Mortgage Loan Seller the legal and beneficial ownership of each repurchased
Trust Mortgage Loan or deleted Trust Mortgage Loan, as applicable, being
released pursuant to this Section 2.03, (ii) the Trustee, the applicable Master
Servicer, and the Special Servicer shall each tender to the applicable Mortgage
Loan Seller, upon delivery to each of them of a receipt executed by the
applicable Mortgage Loan Seller, all portions of the Mortgage File and other
documents pertaining to each such Mortgage Loan possessed by it, (iii) the
applicable Master Servicer and the Special Servicer shall release to the
applicable Mortgage Loan Seller any Escrow Payments and Reserve Funds held by it
in respect of such repurchased or deleted Trust Mortgage Loan and (iv) if the
Mortgage related to the Mortgage Loan to be repurchased or substituted has been
recorded in the name of MERS or its designee, the applicable Master Servicer
shall use commercially reasonable efforts (and the Trustee shall cooperate with
such efforts of such Master Servicer) to reflect the release of such Mortgage on
the records of MERS; provided that such tender by the Trustee shall be
conditioned upon its receipt from the applicable Master Servicer or the Special
Servicer of a Request for Release. Thereafter, the Trustee, the applicable
Master Servicer and the Special Servicer shall have no further responsibility
with regard to the related repurchased Trust Mortgage Loan(s) or deleted Trust
Mortgage Loan(s), as applicable, and the related Mortgage File(s) and Servicing
File(s). The applicable Master Servicer shall, and is hereby authorized and
empowered by the Trustee to, prepare, execute and deliver in its own name, on
behalf of the Certificateholders and the Trustee or any of them, the
endorsements and assignments contemplated by this Section 2.03, and the Trustee
shall execute any powers of attorney that are prepared and delivered to the
Trustee by the applicable Master Servicer to permit the applicable Master
Servicer to do so. The applicable Master Servicer shall indemnify the Trustee
for any reasonable costs, fees, liabilities and expenses incurred by the Trustee
in connection with the negligent or willful misuse by the applicable Master
Servicer of such powers of attorney. At the time a substitution is made, the
applicable Mortgage Loan Purchase Agreement will provide that the applicable
Mortgage Loan Seller shall be required to deliver the related Mortgage File to
the Trustee and certify that the substitute Trust Mortgage Loan is a Qualified
Substitute Mortgage Loan.

            (c) No substitution of a Qualified Substitute Mortgage Loan or Loans
may be made in any calendar month after the Determination Date for such month.
Periodic Payments due with respect to any Qualified Substitute Mortgage Loan
after the related date of substitution shall be part of REMIC I. No substitution
of a Qualified Substitute Mortgage Loan for a deleted Trust Mortgage Loan shall
be permitted under this Agreement if after such substitution, the aggregate of
the Stated Principal Balances of all Qualified Substitute Mortgage Loans which
have been substituted for deleted Trust Mortgage Loans exceeds 10% of the
aggregate Cut-off Date Balance of all the Trust Mortgage Loans. Periodic
Payments due with respect to any Qualified Substitute Mortgage Loan on or prior
to the related date of substitution shall not be part of the Trust Fund or REMIC
I and will (to the extent received by the applicable Master Servicer) be
remitted by the applicable Master Servicer to the applicable Mortgage Loan
Seller promptly following receipt.

            (d) The Mortgage Loan Purchase Agreements and Section 2.03(a) of
this Agreement provide the sole remedies available to the Certificateholders, or
the Trustee on behalf of the Certificateholders, respecting any Document Defect
or Breach with respect to the Trust Mortgage Loans purchased by the Depositor
thereunder.

            (e) The Trustee with the cooperation of the Special Servicer (in the
case of Specially Serviced Mortgage Loans) shall, for the benefit of the
Certificateholders, enforce the obligations of each Mortgage Loan Seller under
Section 3 of the related Mortgage Loan Purchase Agreement.

            Notwithstanding anything contained herein or the related Mortgage
Loan Purchase Agreement, no delay in the discovery of a Defect or Breach or
delay on the part of any party to this Agreement in providing notice of such
Defect or Breach shall relieve the related Mortgage Loan Seller of its
obligations to repurchase or substitute if it is otherwise required to do so
under the related Mortgage Loan Purchase Agreement.

            If the applicable Mortgage Loan Seller incurs any expense in
connection with the curing of a Document Defect or a Breach which also
constitutes a default under the related Trust Mortgage Loan and is reimbursable
thereunder, such Mortgage Loan Seller shall have a right, and shall be
subrogated to the rights of the Trustee and the Trust Fund, as successor to the
mortgagee, to recover the amount of such expenses from the related Mortgagor;
provided, however, that such Mortgage Loan Seller's rights pursuant to this
paragraph shall be junior, subject and subordinate to the rights of the
applicable Master Servicer, the Special Servicer, the Trustee and the Trust Fund
to recover amounts owed by the related Mortgagor under the terms of such Trust
Mortgage Loan, including the rights to recover unreimbursed Advances, accrued
and unpaid interest on Advances at the Reimbursement Rate and unpaid or
unreimbursed expenses of the Trustee, the Trust Fund, the applicable Master
Servicer or the Special Servicer allocable to such Trust Mortgage Loan. The
applicable Master Servicer or, with respect to a Specially Serviced Mortgage
Loan, the Special Servicer, at such Mortgage Loan Seller's expense, shall use
commercially reasonable efforts to recover such expenses for such Mortgage Loan
Seller to the extent consistent with the Servicing Standard, but taking into
account the subordinate nature of the reimbursement to the Mortgage Loan Seller;
provided, however, that such Master Servicer or, with respect to a Specially
Serviced Mortgage Loan, the Special Servicer determines in the exercise of its
sole discretion consistent with the Servicing Standard that such actions by it
will not impair such Master Servicer's and/or the Special Servicer's collection
or recovery of principal, interest and other sums due with respect to the
related Trust Mortgage Loan which would otherwise be payable to such Master
Servicer, the Special Servicer, the Trustee, and the Certificateholders pursuant
to the terms of this Agreement.

            SECTION 2.04. Representations and Warranties of Depositor.

            (a) The Depositor hereby represents and warrants to the Trustee, for
its own benefit and the benefit of the Certificateholders, and to each Master
Servicer, the Special Servicer, as of the Closing Date, that:

            (i) The Depositor is a corporation duly organized, validly existing
      and in good standing under the laws of the State of Delaware.

            (ii) The execution and delivery of this Agreement by the Depositor,
      and the performance and compliance with the terms of this Agreement by the
      Depositor, will not violate the Depositor's certificate of incorporation
      or bylaws or constitute a default (or an event which, with notice or lapse
      of time, or both, would constitute a default) under, or result in the
      breach of, any material agreement or other instrument to which it is a
      party or which is applicable to it or any of its assets.

            (iii) The Depositor has the full power and authority to enter into
      and consummate all transactions contemplated by this Agreement, has duly
      authorized the execution, delivery and performance of this Agreement, and
      has duly executed and delivered this Agreement.

            (iv) This Agreement, assuming due authorization, execution and
      delivery by each of the other parties hereto, constitutes a valid, legal
      and binding obligation of the Depositor, enforceable against the Depositor
      in accordance with the terms hereof, subject to (A) applicable bankruptcy,
      insolvency, reorganization, moratorium and other laws affecting the
      enforcement of creditors' rights generally, and (B) general principles of
      equity, regardless of whether such enforcement is considered in a
      proceeding in equity or at law.

            (v) The Depositor is not in violation of, and its execution and
      delivery of this Agreement and its performance and compliance with the
      terms of this Agreement will not constitute a violation of, any law, any
      order or decree of any court or arbiter, or any order, regulation or
      demand of any federal, state or local governmental or regulatory
      authority, which violation, in the Depositor's good faith reasonable
      judgment, is likely to affect materially and adversely either the ability
      of the Depositor to perform its obligations under this Agreement or the
      financial condition of the Depositor.

            (vi) The transfer of the Trust Mortgage Loans to the Trustee as
      contemplated herein requires no regulatory approval, other than any such
      approvals as have been obtained, and is not subject to any bulk transfer
      or similar law in effect in any applicable jurisdiction.

            (vii) No litigation is pending or, to the best of the Depositor's
      knowledge, threatened against the Depositor that, if determined adversely
      to the Depositor, would prohibit the Depositor from entering into this
      Agreement or that, in the Depositor's good faith reasonable judgment, is
      likely to materially and adversely affect either the ability of the
      Depositor to perform its obligations under this Agreement or the financial
      condition of the Depositor.

            (viii) Immediately prior to the transfer of the Trust Mortgage Loans
      to the Trust Fund pursuant to Section 2.01(a) of this Agreement (and
      assuming that the Mortgage Loan Sellers transferred to the Depositor good
      and marketable title to their respective Mortgage Loans free and clear of
      all liens, claims, encumbrances and other interests), (A) the Depositor
      had good and marketable title to, and was the sole owner and holder of,
      each Trust Mortgage Loan; and (B) the Depositor has full right and
      authority to sell, assign and transfer the Trust Mortgage Loans and all
      servicing rights pertaining thereto.

            (ix) The Depositor is transferring the Trust Mortgage Loans to the
      Trust Fund free and clear of any liens, pledges, charges and security
      interests created by or through the Depositor.

            (b) The representations and warranties of the Depositor set forth in
Section 2.04(a) shall survive the execution and delivery of this Agreement and
shall inure to the benefit of the Persons for whose benefit they were made for
so long as the Trust Fund remains in existence. Upon discovery by any party
hereto of any breach of any of the foregoing representations and warranties, the
party discovering such breach shall give prompt written notice thereof to the
other parties.

            SECTION 2.05. Acceptance of REMIC I and Grantor Trusts by Trustee.

            The Trustee acknowledges the assignment to it of the Trust Mortgage
Loans and the other property comprising REMIC I and the Additional Interest and
the other property comprising Grantor Trust Z, and declares that it holds and
will hold the same in trust for the exclusive use and benefit of: in the case of
REMIC I, all present and future Holders of the Class R-I Certificates and REMIC
II as the holder of the REMIC I Regular Interests; and in the case of Grantor
Trust Z, all present and future holders of the Class Z Certificates.

            SECTION 2.06. Execution, Authentication and Delivery of Class R-I
                          Certificates; Issuance of REMIC I Regular Interests.

            In exchange for the assets included in REMIC I, REMIC I Regular
Interests have been issued, and pursuant to the written request of the Depositor
executed by an officer of the Depositor, the Certificate Registrar has executed,
and the Authenticating Agent has authenticated and delivered to or upon the
order of the Depositor, the Class R-I Certificates in authorized denominations.

            SECTION 2.07. Conveyance of REMIC I Regular Interests; Acceptance of
                          REMIC II by Trustee.

            The Depositor, as of the Closing Date, and concurrently with the
execution and delivery of this Agreement, does hereby assign without recourse
all the right, title and interest of the Depositor in and to the REMIC I Regular
Interests to the Trustee for the benefit of the respective Holders of the REMIC
II Certificates. The Trustee acknowledges the assignment to it of the REMIC I
Regular Interests and declares that it holds and will hold the same in trust for
the exclusive use and benefit of all present and future Holders of the REMIC II
Certificates.

            SECTION 2.08. Execution, Authentication and Delivery of REMIC II
                          Certificates.

            Concurrently with the assignment to the Trustee of the REMIC I
Regular Interests and in exchange therefor, and pursuant to the written request
of the Depositor, executed by an officer of the Depositor, the Certificate
Registrar has executed, and the Authenticating Agent has authenticated and
delivered to or upon the order of the Depositor, the REMIC II Certificates in
authorized denominations, evidencing the entire beneficial ownership of REMIC
II. The rights of the holders of the respective Classes of REMIC II Certificates
to receive distributions from the proceeds of REMIC II in respect of their REMIC
II Certificates and all ownership interests evidenced or constituted by the
respective Classes of REMIC II Certificates in such distributions, shall be as
set forth in this Agreement.

            SECTION 2.09. Execution, Authentication and Delivery of Class Z
                          Certificates.

            Concurrently with the assignment to it of the Additional Interest
and the other assets of Grantor Trust Z and in exchange therefor, the
Certificate Registrar, pursuant to the written request of the Depositor executed
by an officer of the Depositor, has executed, and the Authenticating Agent has
authenticated, and delivered to or upon the order of the Depositor, the Class Z
Certificates.

<PAGE>

                                  ARTICLE III

                 ADMINISTRATION AND SERVICING OF THE TRUST FUND

            SECTION 3.01. Administration of the Mortgage Loans.

            (a) Master Servicer No. 1 shall service and administer the Merrill
Trust Mortgage Loans and related Non-Trust Loans (other than the RLJ Portfolio
A-Note Non-Trust Loans and prior to an A/B Material Default, the Lake in the
Woods B-Note Non-Trust Loan), IXIS Trust Mortgage Loans and the Artesia Trust
Mortgage Loans, Master Servicer No. 2 shall service and administer the
Prudential Trust Mortgage Loans and the Special Servicer shall service and
administer the Mortgage Loans, in each case, pursuant to this Agreement on
behalf of the Trustee, for the benefit of the Certificateholders (or, in the
case of any Loan Combination, for the benefit of the Certificateholders and the
related Non-Trust Noteholder(s)) in accordance with any and all applicable laws,
the terms of this Agreement, the terms of the respective Mortgage Loans and, in
the case of a Loan Combination, the terms of the related Loan Combination
Intercreditor Agreement (which, in the event of any conflict with this
Agreement, shall control), to the extent consistent with the foregoing, in
accordance with the Servicing Standard. References to "Mortgage Loans" and
"Mortgaged Property" contained in this Article III, unless otherwise specified
to include the RLJ Portfolio Loan Combination, and the obligations of the
applicable Master Servicer or the Special Servicer pursuant to this Agreement,
shall be construed to exclude the RLJ Portfolio Loan Combination and the RLJ
Portfolio Mortgaged Property.

            In the event that there shall occur an A/B Material Default with
respect to the Lake in the Woods Loan Combination, and for so long as such A/B
Material Default shall be continuing, the applicable Master Servicer and/or the
Special Servicer, as applicable, shall be obligated to service, subject to the
terms and conditions of the related Loan Combination Intercreditor Agreement,
the Lake in the Woods B-Note Non-Trust Loan, on behalf of the related holder.

            Without limiting the foregoing, and subject to Section 3.21, (i) the
Master Servicers shall service and administer all Mortgage Loans that are not
Specially Serviced Mortgage Loans, and (ii) the Special Servicer shall service
and administer each Specially Serviced Mortgage Loan and REO Property and shall
render such services with respect to all Mortgage Loans and REO Properties as
are specifically provided for herein; provided that the Master Servicers shall
continue to receive payments, and prepare, or cause to be prepared, all reports
required hereunder, except for the reports specified herein, as prepared by the
Special Servicer with respect to the Specially Serviced Mortgage Loans, as if no
Servicing Transfer Event had occurred and with respect to the REO Properties
(and the related REO Loans) as if no REO Acquisition had occurred, and to render
such incidental services with respect to the Specially Serviced Mortgage Loans
and REO Properties as are specifically provided for herein; provided, further,
that neither Master Servicer shall be liable for its failure to comply with such
duties insofar as such failure results from a failure by the Special Servicer to
provide sufficient information to such Master Servicer to comply with such
duties or failure by the Special Servicer to otherwise comply with its
obligations hereunder. All references herein to the respective duties of the
Master Servicers and the Special Servicer, and to the areas in which they may
exercise discretion, shall be subject to Section 3.21.

            (b) Subject to Section 3.01(a) and Section 6.11, the Master
Servicers and the Special Servicer each shall have full power and authority,
acting alone (or, pursuant to Section 3.22, through one or more Sub-Servicers),
to do or cause to be done any and all things in connection with such servicing
and administration which it may deem necessary or desirable. Without limiting
the generality of the foregoing, each of the Master Servicers and the Special
Servicer, in its own name, with respect to each of the Mortgage Loans it is
obligated to service hereunder, is hereby authorized and empowered by the
Trustee and, pursuant to each Loan Combination Intercreditor Agreement, by the
related Non-Trust Noteholder(s), to execute and deliver, on behalf of the
Certificateholders, the Trustee and each such Non-Trust Noteholder, (i) any and
all financing statements, continuation statements and other documents or
instruments necessary to maintain the lien created by any Mortgage or other
security document in the related Mortgage File on the related Mortgaged Property
and related collateral; (ii) in accordance with the Servicing Standard and
subject to Section 3.20 and Section 6.11, any and all modifications, waivers,
amendments or consents to or with respect to any documents contained in the
related Mortgage File; (iii) any and all instruments of satisfaction or
cancellation, or of partial or full release, discharge, or assignment, and all
other comparable instruments; and (iv) pledge agreements and other defeasance
documents in connection with a defeasance contemplated pursuant to Section
3.20(i). Subject to Section 3.10, the Trustee shall, at the written request of
the applicable Master Servicer or the Special Servicer, promptly execute any
limited powers of attorney and other documents furnished by such Master Servicer
or the Special Servicer that are necessary or appropriate to enable them to
carry out their servicing and administrative duties hereunder; provided,
however, that the Trustee shall not be held liable for any misuse of any such
power of attorney by either Master Servicer or the Special Servicer.
Notwithstanding anything contained herein to the contrary, neither the Master
Servicers nor the Special Servicer shall without the Trustee's written consent:
(i) initiate any action, suit or proceeding solely under the Trustee's name (or,
in the case of a Non-Trust Loan, solely under the related Non-Trust Noteholder's
name) without indicating the applicable Master Servicer's or the Special
Servicer's as applicable, representative capacity; or (ii) take any action with
the intent to cause, and that actually does cause, the Trustee to be registered
to do business in any state.

            (c) The relationship of each of the Master Servicers and the Special
Servicer to the Trustee under this Agreement is intended by the parties to be
that of an independent contractor and not that of a joint venture or partner or
agent. No Person acting in any one or more of such capacities shall be
responsible for the actions of or failure to act by another Person acting in any
one or more of such capacities.

            (d) Notwithstanding anything herein to the contrary, in no event
shall either Master Servicer or the Trustee make a Servicing Advance with
respect to any Non-Trust Loan to the extent the related Trust Mortgage Loan has
been paid in full or is no longer included in the Trust Fund.

            (e) Neither the Master Servicers nor the Special Servicer shall have
any liability for the failure of any Mortgage Loan Seller to perform its
obligations under the related Mortgage Loan Purchase Agreement.

            (f) The parties hereto acknowledge that each Loan Combination is
subject to the terms and conditions of the related Loan Combination
Intercreditor Agreement. The parties hereto further recognize the respective
rights and obligations of the related Non-Trust Noteholder(s) under the related
Loan Combination Intercreditor Agreement, including with respect to (i) the
allocation of collections on or in respect of the applicable Loan Combination,
and the making of payments, to such Non-Trust Noteholder(s) in accordance with
the related Loan Combination Intercreditor Agreement, (ii) the allocation of
expenses and/or losses relating to the subject Loan Combination to such
Non-Trust Noteholder(s) in accordance with the related Loan Combination
Intercreditor Agreement, and (iii) the right of the Lake in the Woods B-Note
Non-Trust Loan Holder or its designee to purchase the related Trust Mortgage
Loan in accordance with the related Loan Combination Intercreditor Agreement.

            (g) With respect to any Loan Combination, in the event that either
the related Trust Mortgage Loan or the related Loan Combination REO Property (or
any interest therein) is no longer an asset of the Trust Fund and, except as
contemplated in the second paragraph of this Section 3.01(g), in accordance with
the related Loan Combination Intercreditor Agreement, the servicing and
administration of such Loan Combination and any related Loan Combination REO
Property are to be governed by a separate servicing agreement and not by this
Agreement, then (either (i) with the consent or at the request of the holders of
each Mortgage Loan comprising such Loan Combination or (ii) if expressly
provided for in or pursuant to the related Loan Combination Intercreditor
Agreement) the applicable Master Servicer and, if such Loan Combination is then
being specially serviced hereunder or the related Loan Combination Mortgaged
Property has become a Loan Combination REO Property, the Special Servicer, shall
continue to act in such capacities under such separate servicing agreement;
provided that such separate servicing agreement shall be reasonably acceptable
to the applicable Master Servicer and/or the Special Servicer, as the case may
be, and shall contain servicing and administration, limitation of liability,
indemnification and servicing compensation provisions substantially similar to
the corresponding provisions of this Agreement, except for the fact that such
Loan Combination and the related Loan Combination Mortgaged Property shall be
the sole assets serviced and administered thereunder and the sole source of
funds thereunder.

            Further, with respect to any Loan Combination, if at any time
neither the related Trust Mortgage Loan nor any related Loan Combination REO
Property (or any interest therein) is an asset of the Trust Fund, and if a
separate servicing agreement with respect to such Loan Combination or any
related Loan Combination REO Property, as applicable, has not been entered into
as contemplated by the related Loan Combination Intercreditor Agreement and the
prior paragraph (for whatever reason, including the failure to obtain any rating
agency confirmation required in connection therewith pursuant to the related
Loan Combination Intercreditor Agreement), and notwithstanding that neither the
related Trust Mortgage Loan nor any related Loan Combination REO Property (or
any interest therein) is an asset of the Trust Fund, then, unless directed
otherwise by the then current holders of the Mortgage Notes comprising such Loan
Combination, the applicable Master Servicer and, if applicable, the Special
Servicer shall continue to service and administer such Loan Combination and/or
any related Loan Combination REO Property, for the benefit of the respective
holders of such Loan Combination, under this Agreement as if such Loan
Combination or any related Loan Combination REO Property were the sole assets
subject hereto.

            (h) Nothing contained in this Agreement shall limit the ability of
either Master Servicer to lend money to or accept deposits from or otherwise
generally engage in any kind of business or dealings with any Mortgagor as
though such Master Servicer was not a party to this Agreement or to the
transactions contemplated hereby; provided, however, that no such loan made by
such Master Servicer may be secured, in whole or in part by any Mortgaged
Property securing a Mortgage Loan or by ownership interests in a Mortgagor, and
provided, further, that the foregoing provision shall not act to modify, qualify
or limit a Master Servicer's obligation to act in accordance with the Servicing
Standard.

            (i) In clarification of, and neither in addition to nor in deletion
of the duties and obligations of the Master Servicers or the Special Servicer
pursuant to this Agreement, no provision herein contained shall be construed as
an express or implied guarantee by either Master Servicer or the Special
Servicer of the collectibility or recoverability of payments on the Mortgage
Loans or shall be construed to impair or adversely affect any rights or benefits
provided by this Agreement to such Master Servicer or the Special Servicer
(including with respect to Master Servicing Fees or the right to be reimbursed
for Advances). Any provision in this Agreement for any Advance by a Master
Servicer, the Special Servicer or the Trustee is intended solely to provide
liquidity for the benefit of the Certificateholders and, if applicable, the
Non-Trust Noteholders, and not as credit support or otherwise to impose on any
such Person the risk of loss with respect to one or more of the Mortgage Loans.
No provision hereof shall be construed to impose liability on either Master
Servicer or the Special Servicer for the reason that any recovery to the
Certificateholders (or, in the case of any Loan Combination, to the
Certificateholders and the related Non-Trust Noteholder(s)) in respect of a
Mortgage Loan at any time after a determination of present value recovery made
in its reasonable and good faith judgment in accordance with the Servicing
Standard by such Master Servicer or the Special Servicer hereunder at any time
is less than the amount reflected in such determination.

            SECTION 3.02. Collection of Mortgage Loan Payments.

            (a) Each of the Master Servicers or the Special Servicer shall
undertake reasonable efforts consistent with the Servicing Standard to collect
all payments required under the terms and provisions of the Mortgage Loans it is
obligated to service hereunder and shall, to the extent such procedures shall be
consistent with this Agreement, follow such collection procedures in accordance
with the Servicing Standard; provided that with respect to the Mortgage Loans
that have Anticipated Repayment Dates, so long as the related Mortgagor is
otherwise in compliance with each provision of the related Mortgage Loan
documents, the Master Servicers and Special Servicer (including the Special
Servicer in its capacity as a Certificateholder), shall not take any enforcement
action with respect to the failure of the related Mortgagor to make any payment
of Additional Interest or principal in excess of the principal component of the
constant Periodic Payment, other than requests for collection, until the
maturity date of the related Mortgage Loan; provided, further, that either
Master Servicer or the Special Servicer, as the case may be, may take action to
enforce the Trust Fund's right to apply excess cash flow to principal in
accordance with the terms of the Mortgage Loan documents. Either Master Servicer
may, in its discretion, with respect to Mortgage Loans that have Anticipated
Repayment Dates, waive any or all of the Additional Interest accrued on any such
Mortgage Loan if the Mortgagor is ready and willing to pay all other amounts due
under such Mortgage Loan in full, including the Stated Principal Balance,
provided that it acts in accordance with the Servicing Standard and it has
received the consent of the Special Servicer and the Controlling Class
Representative (which consent will be deemed granted if not denied in writing
within 10 Business Days after the Special Servicer's receipt of the applicable
Master Servicer's request for such consent), and neither Master Servicer nor the
Special Servicer will have any liability to the Trust Fund, the
Certificateholders or any other person for any determination that is made in
accordance with the Servicing Standard. The applicable Master Servicer, with
regard to a Mortgage Loan that is not a Specially Serviced Mortgage Loan, may
waive any Default Charges in connection with any payment on such Mortgage Loan
two (2) times during any period of 12 consecutive months and no more than four
(4) times following the Closing Date, except that such limitations shall not
apply with respect to the portion of any Default Charges that would otherwise be
payable to such Master Servicer pursuant to Section 3.26. A waiver of Default
Charges that is prohibited under the prior sentence shall nonetheless be
permitted with the consent of the Controlling Class Representative, which
consent shall be deemed granted if not denied in writing (which may be sent via
facsimile transmission or electronic mail) within five Business Days of such
request. Notwithstanding any of the foregoing, in the case of the Merrill Trust
Mortgage Loans identified on Schedule VI, neither Master Servicer nor the
Special Servicer shall take any enforcement action with respect to the failure
of a Mortgagor to make any payment of a late payment charge or demand payment of
a late payment charge from a Mortgagor, in each case prior the expiration of the
grace period for Periodic Payments, if any, set forth in the related Mortgage
Loan documents.

            (b) All amounts collected in respect of any Mortgage Loan in the
form of payments from Mortgagors, Liquidation Proceeds (insofar as such
Liquidation Proceeds are of the nature described in clauses (i) through (iii) of
the definition thereof) or Insurance Proceeds shall be applied to either amounts
due and owing under the related Mortgage Note, loan agreement (if any) and
Mortgage (including, without limitation, for principal and accrued and unpaid
interest) in accordance with the express provisions of the related Mortgage
Note, loan agreement (if any) and Mortgage (and, with respect to any Loan
Combination, the related Loan Combination Intercreditor Agreement and the
documents evidencing and securing the related Non-Trust Loan(s)) except as
otherwise provided herein or, if required pursuant to the express provisions of
the related Mortgage or as determined by the applicable Master Servicer or the
Special Servicer in accordance with the Servicing Standard, to the repair or
restoration of the related Mortgaged Property, and, in the absence of such
express provisions, shall be applied (after reimbursement or payment, first, to
the Trustee, and second, to the applicable Master Servicer or the Special
Servicer, as applicable, for any unpaid Master Servicing Fee, Special Servicing
Fee, Principal Recovery Fee, liquidation expenses and related Additional Trust
Fund Expenses) for purposes of this Agreement: first, in connection with
Liquidation Proceeds or Insurance Proceeds as a recovery of Nonrecoverable
Advances and Workout-Delayed Reimbursement Amounts with respect to such Mortgage
Loan that were paid from principal collections on the Mortgage Pool (including
Unliquidated Advances) and resulted in principal distributed to the
Certificateholders being reduced; second, as a recovery of any other related and
unreimbursed Advances plus unpaid interest accrued thereon; third, as a recovery
of accrued and unpaid interest at the related Mortgage Rate (net of the Master
Servicing Fee Rate) on such Mortgage Loan, to the extent such amounts have not
been previously advanced, and exclusive of any portion thereof that constitutes
Additional Interest; fourth, as a recovery of principal of such Mortgage Loan
then due and owing, including, without limitation, by reason of acceleration of
such Mortgage Loan following a default thereunder, to the extent such amounts
have not been previously advanced; fifth, as a recovery of Default Charges due
and owing on such Mortgage Loan; sixth, in accordance with the normal servicing
practices of the applicable Master Servicer, as a recovery of any other amounts
then due and owing under such Mortgage Loan (other than Additional Interest),
including, without limitation, Prepayment Premiums and Yield Maintenance
Charges; seventh, as a recovery of any remaining principal of such Mortgage Loan
to the extent of its entire remaining unpaid principal balance; and eighth, with
respect to any ARD Loan after its Anticipated Repayment Date, as a recovery of
any unpaid Additional Interest. All amounts collected on any Trust Mortgage Loan
in the form of Liquidation Proceeds of the nature described in clauses (iv)
through (ix) of the definition thereof shall be deemed to be applied (after
reimbursement or payment first to the Trustee and second to the applicable
Master Servicer or the Special Servicer, as applicable, for any unpaid Master
Servicing Fee, Special Servicing Fee, Principal Recovery Fee, liquidation
expenses and related Additional Trust Fund Expenses): first, as a recovery of
any related and unreimbursed Advances plus unpaid interest accrued thereon;
second, as a recovery of accrued and unpaid interest at the related Mortgage
Rate (net of the Master Servicing Fee Rate) on such Mortgage Loan to but not
including the Due Date in the Collection Period of receipt, to the extent such
amounts have not been previously advanced, and exclusive of any portion thereof
that constitutes Additional Interest; third, as a recovery of principal of such
Mortgage Loan up to its entire unpaid principal balance, to the extent such
amounts have not been previously advanced; and fourth, with respect to any ARD
Loan after its Anticipated Repayment Date, as a recovery of any unpaid
Additional Interest. Amounts collected on any REO Loan shall be deemed to be
applied in accordance with the definition thereof. The provisions of this
paragraph with respect to the application of amounts collected on any Mortgage
Loan shall not alter in any way the right of either Master Servicer, the Special
Servicer or any other Person to receive payments from the Collection Accounts as
set forth in Section 3.05(a) from amounts so applied.

            (c) To the extent consistent with the terms of the related Mortgage
Loan and applicable law, the applicable Master Servicer shall apply all
Insurance Proceeds and condemnation proceeds it receives on a day other than the
Due Date to amounts due and owing under the related Mortgage Loan as if such
Insurance Proceeds and condemnation proceeds were received on the Due Date
immediately succeeding the month in which such Insurance Proceeds and
condemnation proceeds were received.

            (d) In the event that a Master Servicer or the Special Servicer
receives Additional Interest in any Collection Period, or receives notice from
the related Mortgagor that it will be receiving Additional Interest in any
Collection Period, such Master Servicer or the Special Servicer, as applicable,
shall, to the extent not included in the related CMSA Loan Periodic Update File,
promptly notify the Trustee. Subject to the provisions of Section 3.02(a)
hereof, none of the Master Servicers, the Trustee or the Special Servicer shall
be responsible for any such Additional Interest not collected after notice from
the related Mortgagor.

            (e) With respect to any Mortgage Loan in connection with which the
Mortgagor was required to escrow funds or to post a letter of credit related to
obtaining certain performance objectives described in the applicable Mortgage
Loan documents, the applicable Master Servicer (with the consent of the Special
Servicer, which consent shall be deemed given if not denied within 10 Business
Days of the Special Servicer's receipt of the applicable Master Servicer's
request for such consent), to the extent the Mortgage Loan documents provide for
any discretion, with respect to non-Specially Serviced Mortgage Loans, or the
Special Servicer, with respect to Specially Serviced Mortgage Loans shall, to
the extent consistent with the Servicing Standard, hold such escrows, letters of
credit and proceeds thereof as additional collateral and not apply such items to
reduce the principal balance of such Mortgage Loan unless otherwise required to
do so pursuant to the applicable Mortgage Loan documents, applicable law or the
Servicing Standard.

            SECTION 3.03. Collection of Taxes, Assessments and Similar Items;
                          Servicing Accounts; Reserve Accounts.

            (a) Each Master Servicer shall, as to all Mortgage Loans it is
obligated to service hereunder, establish and maintain one or more accounts (the
"Servicing Accounts"), into which all related Escrow Payments shall be deposited
and retained, and shall administer such accounts in accordance with the terms of
the Mortgage Loan documents; provided that, in the case of a Loan Combination,
if the related Servicing Account includes funds with respect to any other
Mortgage Loan, then the applicable Master Servicer shall maintain a separate
sub-account of such Servicing Account that relates solely to such Loan
Combination. Each Servicing Account with respect to a Mortgage Loan shall be an
Eligible Account unless not permitted by the terms of the applicable Mortgage
Loan documents. Withdrawals of amounts so collected from a Servicing Account may
be made (to the extent of amounts on deposit therein in respect of the related
Mortgage Loan or, in the case of clauses (iv) and (v) below, to the extent of
interest or other income earned on such amounts) only for the following
purposes: (i) consistent with the related Mortgage Loan documents, to effect the
payment of real estate taxes, assessments, insurance premiums (including
premiums on any environmental insurance policy), ground rents (if applicable)
and comparable items in respect of the respective Mortgaged Properties; (ii)
insofar as the particular Escrow Payment represents a late payment that was
intended to cover an item described in the immediately preceding clause (i) for
which a Servicing Advance was made, to reimburse the applicable Master Servicer,
the Special Servicer or the Trustee, as applicable, for any such Servicing
Advance (provided that any interest thereon may only be withdrawn from the
applicable Collection Account), (iii) to refund to Mortgagors any sums as may be
determined to be overages; (iv) to pay interest, if required by law or the
related Mortgage Loan documents and as described below, to Mortgagors on
balances in the respective Servicing Accounts; (v) to pay the applicable Master
Servicer interest and investment income on balances in the Servicing Accounts as
described in Section 3.06(b), if and to the extent not required by law or the
terms of the related Mortgage Loan documents to be paid to the Mortgagor; (vi)
during an event of default under the related Mortgage Loan, for any other
purpose permitted by the related Mortgage Loan documents, applicable law and the
Servicing Standard; (vii) to withdraw amounts deposited in error; (viii) to
clear and terminate the Servicing Accounts at the termination of this Agreement
in accordance with Section 9.01; or (ix) only as, when and to the extent
permitted under the Mortgage Loan documents, to effect payment of accrued and
unpaid late charges, default interest and other reasonable fees. To the extent
permitted by law or the applicable Mortgage Loan documents, funds in the
Servicing Accounts may be invested only in Permitted Investments in accordance
with the provisions of Section 3.06 and in accordance with the terms of the
related Mortgage Loan documents. Each Master Servicer shall pay or cause to be
paid to the applicable Mortgagors interest, if any, earned on the investment of
funds in the related Servicing Accounts maintained thereby, if required by law
or the terms of the related Mortgage Loan. If either Master Servicer shall
deposit in a Servicing Account any amount not required to be deposited therein,
it may at any time withdraw such amount from such Servicing Account, any
provision herein to the contrary notwithstanding. The Servicing Accounts shall
not be considered part of the segregated pool of assets constituting, REMIC I,
REMIC II or Grantor Trust Z. If for any reason any Escrow Payments or Reserve
Funds are received by the Special Servicer, then promptly after such receipt,
and in any event within one Business Day of such receipt, the Special Servicer
shall remit such Escrow Payments to the applicable Master Servicer for deposit
in the applicable Servicing Account(s).

            (b) Each Master Servicer, with respect to Mortgage Loans serviced
thereby that are not Specially Serviced Mortgage Loans, or the Special Servicer
with respect to Specially Serviced Mortgage Loans and REO Loans, shall (i)
maintain accurate records with respect to the related Mortgaged Property
reflecting the status of real estate taxes, assessments and other similar items
that are or may become a lien thereon and the status of insurance premiums and
any ground rents payable in respect thereof and (ii) use reasonable efforts to
obtain, from time to time, all bills for (or otherwise confirm) the payment of
such items (including renewal premiums) and, if the subject Mortgage Loan
required the related Mortgagor to escrow for such items, shall effect payment
thereof prior to the applicable penalty or termination date and, in any event,
prior to the institution of foreclosure or similar proceedings with respect to
the related Mortgaged Property for nonpayment of such items. For purposes of
effecting any such payment for which it is responsible, the applicable Master
Servicer shall apply Escrow Payments (at the direction of the Special Servicer
for Specially Serviced Mortgage Loans and REO Loans) as allowed under the terms
of the related Mortgage Loan or, if such Mortgage Loan does not require the
related Mortgagor to escrow for the payment of real estate taxes, assessments,
insurance premiums, ground rents (if applicable) and similar items, the
applicable Master Servicer shall, as to all Mortgage Loans, use reasonable
efforts consistent with the Servicing Standard to cause the Mortgagor to comply
with the requirement of the related Mortgage that the Mortgagor make payments in
respect of such items at the time they first become due, and, in any event,
prior to the institution of foreclosure or similar proceedings with respect to
the related Mortgaged Property for nonpayment of such items.

            (c) Each Master Servicer shall, as to all Mortgage Loans it is
obligated to service hereunder, make a Servicing Advance with respect to the
related Mortgaged Property in an amount equal to all such funds as are necessary
for the purpose of effecting the payment of the costs and expenses described in
the definition of "Servicing Advances", provided that neither Master Servicer
shall make any Servicing Advance prior to the penalty date or cancellation date,
as applicable, if the applicable Master Servicer reasonably anticipates in
accordance with the Servicing Standard that the Mortgagor will pay such amount
on or before the penalty date or cancellation date, and provided, further, that
neither Master Servicer shall be obligated to make any Servicing Advance that
would, if made, constitute a Nonrecoverable Servicing Advance. All such
Servicing Advances shall be reimbursable in the first instance from related
collections from the Mortgagors, and in the case of REO Properties, from the
operating revenues related thereto, and further as provided in Section 3.05(a)
and/or Section 3.05(e). No costs incurred by either Master Servicer in effecting
the payment of real estate taxes, assessments and, if applicable, ground rents
on or in respect of such Mortgaged Properties shall, for purposes of this
Agreement, including, without limitation, the Trustee's calculation of monthly
distributions to Certificateholders, be added to the unpaid Stated Principal
Balances of the related Mortgage Loans, notwithstanding that the terms of such
Mortgage Loans so permit. The foregoing shall in no way limit the applicable
Master Servicers' ability to charge and collect from the Mortgagor such costs
together with interest thereon.

            The Special Servicer shall give the applicable Master Servicer and
the Trustee, to the extent reasonably practicable, not less than 10 Business
Days' and in any event not less than five Business Days' notice with respect to
Servicing Advances to be made on any Specially Serviced Mortgage Loan or REO
Property, before the date on which the applicable Master Servicer is required to
make any Servicing Advance with respect to a given Mortgage Loan or REO
Property; provided, however, that the Special Servicer may (without implying any
duty to do so) make any Servicing Advance on a Specially Serviced Mortgage Loan
or REO Property only as may be required on an urgent or emergency basis. In
addition, the Special Servicer shall provide the applicable Master Servicer and
the Trustee with such information in its possession as the applicable Master
Servicer or the Trustee, as applicable, may reasonably request to enable the
applicable Master Servicer or the Trustee, as applicable, to determine whether a
requested Servicing Advance would constitute a Nonrecoverable Servicing Advance.
The Special Servicer shall not be entitled to deliver such a notice (other than
for emergency Servicing Advances) more frequently than once per calendar month
(although such notice may relate to more than one Servicing Advance). The Master
Servicer to whom the Special Servicer has given notice (as contemplated above)
regarding a Servicing Advance that is to be made, will have the obligation to
make any such Servicing Advance (other than a Nonrecoverable Servicing Advance)
that it is so requested by a Special Servicer to make, within five Business Days
after such Master Servicer's receipt of such request. If the request is timely
and properly made, the Special Servicer shall be relieved of any obligations
with respect to a Servicing Advance that it so requests the applicable Master
Servicer to make with respect to any Specially Serviced Mortgage Loan or REO
Property (regardless of whether or not the applicable Master Servicer shall make
such Servicing Advance). The applicable Master Servicer shall be entitled to
reimbursement for any Servicing Advance made by it at the direction of a Special
Servicer, together with interest accrued thereon, at the same time, in the same
manner and to the same extent as such Master Servicer is entitled with respect
to any other Servicing Advances made thereby. Any request by the Special
Servicer that a Master Servicer make a Servicing Advance shall be deemed to be a
determination by the Special Servicer that such requested Servicing Advance is
not a Nonrecoverable Servicing Advance, and the applicable Master Servicer shall
be entitled to conclusively rely on such determination. On the fourth Business
Day before each Distribution Date, the Special Servicer shall report to the
applicable Master Servicer the Special Servicer's determination that any
Servicing Advance previously made with respect to a Specially Serviced Mortgage
Loan or REO Loan is a Nonrecoverable Servicing Advance. The applicable Master
Servicer shall act in accordance with such determination and shall be entitled
to rely conclusively on such determination. Notwithstanding the foregoing, if
the Special Servicer makes a determination that only a portion, and not all, of
any previously made Servicing Advance is a Nonrecoverable Servicing Advance, the
applicable Master Servicer shall have the right to make its own subsequent
determination that any remaining portion of any such Servicing Advance is a
Nonrecoverable Servicing Advance.

            No later than 1:00 p.m., New York City time, on the first
Determination Date that follows the date on which it makes any Servicing
Advance, the Special Servicer shall provide the applicable Master Servicer an
Officer's Certificate (via facsimile) setting forth the details of the Servicing
Advance, upon which such Master Servicer may conclusively rely in reimbursing
the Special Servicer. The applicable Master Servicer shall be obligated, out of
its own funds, to reimburse the Special Servicer for any unreimbursed Servicing
Advances (other than Nonrecoverable Servicing Advances) made by the Special
Servicer together with interest thereon at the Reimbursement Rate from the date
made to, but not including, the date of reimbursement. Any such reimbursement,
together with any accompanying payment of interest, shall be made by the
applicable Master Servicer, by wire transfer of immediately available funds to
an account designated by the Special Servicer, no later than the first P&I
Advance Date that is at least three (3) Business Days after the date on which
such Master Servicer receives the corresponding Officer's Certificate
contemplated by the prior sentence; provided that any such Officer's Certificate
received after 1:00 p.m., New York City time, on any particular date shall, for
purposes of any such reimbursement, be deemed received on the next succeeding
Business Day. Upon its reimbursement to the Special Servicer of any Servicing
Advance and payment to the Special Servicer of interest thereon, the applicable
Master Servicer shall for all purposes of this Agreement be deemed to have made
such Servicing Advance at the same time as the Special Servicer actually made
such Servicing Advance, and accordingly, such Master Servicer shall be entitled
to reimbursement for such Servicing Advance, together with interest accrued
thereon, at the same time, in the same manner and to the same extent as such
Master Servicer would otherwise have been entitled if it had actually made such
Servicing Advance at the time the Special Servicer did.

            Notwithstanding the foregoing provisions of this Section 3.03(c), a
Master Servicer shall not be required to reimburse the Special Servicer for, or
to make at the direction of the Special Servicer, any Servicing Advance if such
Master Servicer determines in accordance with the Servicing Standard that such
Servicing Advance, although not characterized by the Special Servicer as a
Nonrecoverable Servicing Advance, is in fact a Nonrecoverable Servicing Advance.
The subject Master Servicer shall notify the Special Servicer in writing of such
determination and, if applicable, such Nonrecoverable Servicing Advance shall be
reimbursed to the Special Servicer pursuant to Section 3.05(a) or 3.05(e).

            If a Master Servicer is required under any provision of this
Agreement (including, but not limited to, this Section 3.03(c)) to make a
Servicing Advance, but does not do so within 15 days after such Advance is
required to be made, the Trustee shall, if a Responsible Officer of the Trustee
has actual knowledge of such failure on the part of such Master Servicer, give
written notice of such failure to such Master Servicer. If such Servicing
Advance is not made by the subject Master Servicer within five Business Days
after such notice then (subject to a determination that such Servicing Advance
would not be a Nonrecoverable Servicing Advance) the Trustee shall make such
Servicing Advance. Any failure by the a Master Servicer to make a Servicing
Advance hereunder shall constitute an Event of Default by such Master Servicer
subject to and as provided in Section 7.01.

            (d) In connection with its recovery of any Servicing Advance from a
Collection Account pursuant to Section 3.05(a) or from a Loan Combination
Custodial Account pursuant to Section 3.05(e) or from a Servicing Account or
Reserve Fund pursuant to Section 3.03(a), as applicable, each of the Master
Servicers, the Special Servicer and the Trustee shall be entitled to receive,
out of amounts then on deposit in the applicable Collection Account as provided
in Section 3.05(a) or in such Loan Combination Custodial Account as provided in
Section 3.05(e), as applicable, any unpaid interest at the Reimbursement Rate in
effect from time to time, accrued on the amount of such Servicing Advance (to
the extent made with its own funds) from the date made to but not including the
date of reimbursement, such interest to be payable: first, out of Default
Charges received on the related Mortgage Loans and REO Properties during the
Collection Period in which such reimbursement is made, and then, to the extent
that such Default Charges are insufficient, but only after or at the same time
the related Advance has been or is reimbursed pursuant to this Agreement, from
general collections on the Trust Mortgage Loans then on deposit in the
applicable Collection Account or in such Loan Combination Custodial Account, as
applicable; provided that interest on Servicing Advances with respect to a Loan
Combination or any related Loan Combination Mortgaged Property shall, to the
maximum extent permitted under the related Loan Combination Intercreditor
Agreement, be payable out of amounts then on deposit in the related Loan
Combination Custodial Account and otherwise payable to the related B-Note Loan
Holder and/or payments having then been received from the related B-Note Loan
Holder under the related Loan Combination Intercreditor Agreement for such
purpose. Subject to any exercise of the option to defer reimbursement for
Advances pursuant to Section 4.03(f), the applicable Master Servicer shall
reimburse itself, the Special Servicer or the Trustee, as applicable, for any
outstanding Servicing Advance made thereby as soon as practicable after funds
available for such purpose have been received by such Master Servicer, and in no
event shall interest accrue in accordance with this Section 3.03(d) on any
Servicing Advance as to which the corresponding Escrow Payment or other similar
payment by the Mortgagor was received by the applicable Master Servicer on or
prior to the date the related Servicing Advance was made.

            (e) The determination by a Master Servicer or the Special Servicer
that either has made a Nonrecoverable Servicing Advance or that any proposed
Servicing Advance, if made, would constitute a Nonrecoverable Servicing Advance,
shall be made in accordance with the Servicing Standard and shall be evidenced
by an Officer's Certificate delivered promptly to the Trustee, the Depositor
and, in the case of a Loan Combination, the related Non-Trust Noteholder(s),
setting forth the basis for such determination, together with a copy of any
Appraisal (the cost of which may be paid out of the applicable Collection
Account pursuant to Section 3.05(a) or, in the case of a Loan Combination, out
of the related Loan Combination Custodial Account pursuant to Section 3.05(e))
of the related Mortgaged Property or REO Property, as the case may be, which
Appraisal shall be obtained pursuant to Section 3.09(a) by the applicable Master
Servicer, or by or on behalf of the Special Servicer if the Mortgage Loan is a
Defaulted Mortgage Loan (or, if no such Appraisal has been performed, a copy of
an Appraisal of the related Mortgaged Property or REO Property, performed within
the twelve months preceding such determination and the party delivering such
appraisal has no actual knowledge of a material adverse change in the condition
of the related Mortgaged Property that would draw into question the
applicability of such Appraisal) and further accompanied by related Mortgagor
operating statements and financial statements, budgets and rent rolls of the
related Mortgaged Property and any engineers' reports, environmental surveys or
similar reports that the applicable Master Servicer or the Special Servicer may
have obtained and that support such determination. The Trustee shall act in
accordance with any determination made by the applicable Master Servicer or the
Special Servicer that a Servicing Advance, if made, would be a Nonrecoverable
Advance and shall be entitled to rely, conclusively, on such determination by
such Master Servicer or the Special Servicer; provided, however, that if such
Master Servicer has failed to make a Servicing Advance for reasons other than a
determination by such Master Servicer or the Special Servicer that such
Servicing Advance would be a Nonrecoverable Advance, the Trustee shall make such
Servicing Advance within the time periods required by Section 3.03(c) unless the
Trustee in good faith makes a determination that such Servicing Advance would be
a Nonrecoverable Advance. The applicable Person shall consider Unliquidated
Advances in respect of prior Servicing Advances as outstanding Advances for
purposes of recoverability determinations as if such Unliquidated Advance were a
Servicing Advance.

            (f) Each Master Servicer shall, as to all Mortgage Loans, establish
and maintain, as applicable, one or more accounts (the "Reserve Accounts"), into
which all Reserve Funds, if any, shall be deposited and retained; provided that,
in the case of a Loan Combination, if the related Reserve Account includes funds
with respect to any other Mortgage Loan, then the applicable Master Servicer
shall maintain a separate sub-account of such Reserve Account that relates
solely to such Loan Combination. Withdrawals of amounts so deposited may be made
(i) to pay for, or to reimburse the related Mortgagor in connection with, the
related environmental remediation, repairs, capital improvements, tenant
improvements and/or leasing commissions with respect to the related Mortgaged
Property if the repairs and/or capital improvements have been completed, and
such withdrawals are made in accordance with the Servicing Standard and the
terms of the related Mortgage Note, Mortgage and any agreement with the related
Mortgagor governing such Reserve Funds and any other items for which such
Reserve Funds were intended pursuant to the loan documents, (ii) to pay the
applicable Master Servicer interest and investment income earned on amounts in
the Reserve Accounts if permitted under the related Mortgage Loan documents,
(iii) during an event of default under the related Mortgage Loan, for any other
purpose permitted by the related Mortgage Loan documents, applicable law and the
Servicing Standard and (iv) to withdraw funds deposited in error. To the extent
permitted in the applicable Mortgage Loan documents, funds in the Reserve
Accounts to the extent invested may be only invested in Permitted Investments in
accordance with the provisions of Section 3.06. All Reserve Accounts shall be
Eligible Accounts. The Reserve Accounts shall not be considered part of the
segregated pool of assets comprising REMIC I, REMIC II or Grantor Trust Z.
Consistent with the Servicing Standard, either Master Servicer may waive or
extend the date set forth in any agreement governing such Reserve Funds by which
the required repairs and/or capital improvements at the related Mortgaged
Property must be completed.

            (g) Notwithstanding anything to the contrary in this Agreement, but
subject to the limitations on reimbursements in Section 4.03, a Master Servicer
may (and, at the direction of the Special Servicer if a Specially Serviced
Mortgage Loan or an REO Property is involved, shall) pay directly out of its
Collection Account or, with respect to a servicing expense relating to a
Non-Trust Loan or related to a Loan Combination Mortgaged Property, out of the
related Loan Combination Custodial Account any servicing expense that, if paid
by a Master Servicer or the Special Servicer, would constitute a Nonrecoverable
Servicing Advance for the subject Mortgage Loan or REO Property; provided that
the applicable Master Servicer (or the Special Servicer, if a Specially Serviced
Mortgage Loan or an REO Property is involved) has determined in accordance with
the Servicing Standard that making such payment is in the best interests of the
Certificateholders (as a collective whole) (or, with respect to a Loan
Combination, if paid out of the related Loan Combination Custodial Account, in
the best interests of the Certificateholders and the related Non-Trust
Noteholder(s), as a collective whole), as evidenced by an Officer's Certificate
delivered promptly to the Depositor, the Trustee and the Controlling Class
Representative, setting forth the basis for such determination and accompanied
by any information that such Person may have obtained that supports such
determination. The applicable Master Servicer and the Special Servicer shall
deliver a copy of any such Officer's Certificate (and accompanying information)
promptly to the other such Person.

            (h) To the extent an operations and maintenance plan is required to
be established and executed pursuant to the terms of a Mortgage Loan (each of
which Mortgage Loans is listed on Schedule V hereto), the applicable Master
Servicer shall request from the Mortgagor written confirmation thereof within a
reasonable time after the later of the Closing Date and the date as of which
such plan is required to be established or completed. To the extent any repairs,
capital improvements, actions or remediations are required to have been taken or
completed pursuant to the terms of the Mortgage Loan, the applicable Master
Servicer shall request from the Mortgagor written confirmation of such actions
and remediations within a reasonable time after the later of the Closing Date
and the date as of which such action or remediations are required to be or to
have been taken or completed. To the extent a Mortgagor shall fail to promptly
respond to any inquiry described in this Section 3.03(h), the applicable Master
Servicer shall determine whether the Mortgagor has failed to perform its
obligations under the respective Mortgage Loan and report any such failure to
the Special Servicer within a reasonable time after the date as of which such
operations and maintenance plan is required to be established or executed or the
date as of which such actions or remediations are required to be or to have been
taken or completed.

            SECTION 3.04. Collection Accounts, Interest Reserve Account,
                          Additional Interest Account, Distribution Account,
                          Gain-on-Sale Reserve Account and Loan Combination
                          Custodial Accounts.

            (a) Each Master Servicer shall establish and maintain one or more
accounts (collectively, as to each Master Servicer, a "Collection Account"),
held on behalf of the Trustee in trust for the benefit of the
Certificateholders. Each Collection Account shall be an Eligible Account. Each
Master Servicer shall deposit or cause to be deposited in its Collection
Account, within one Business Day of receipt of available funds (in the case of
payments by Mortgagors or other collections on the Trust Mortgage Loans) or as
otherwise required hereunder, the following payments and collections received or
made by such Master Servicer or on its behalf subsequent to the Cut-off Date
(other than in respect of principal and interest on the Trust Mortgage Loans due
and payable on or before the Cut-off Date, which payments shall be delivered
promptly to the applicable Mortgage Loan Seller or its designee, with negotiable
instruments endorsed as necessary and appropriate without recourse), other than
amounts received from Mortgagors which are to be used to purchase defeasance
collateral, or payments (other than Principal Prepayments) received by it on or
prior to the Cut-off Date but allocable to a period subsequent thereto:

            (i) all payments on account of principal of the Trust Mortgage Loans
      including Principal Prepayments;

            (ii) all payments on account of interest on the Trust Mortgage Loans
      including Additional Interest and Penalty Interest;

            (iii) all Prepayment Premiums, Yield Maintenance Charges and late
      payment charges received in respect of the Trust Mortgage Loans;

            (iv) all Insurance Proceeds and Liquidation Proceeds (other than
      Gain-on-Sale Proceeds) received in respect of any Trust Mortgage Loan, and
      together with any amounts representing recoveries of Workout-Delayed
      Reimbursement Amounts and/or Nonrecoverable Advances in respect of the
      related Trust Mortgage Loans, in each case to the extent not otherwise
      required to be applied to the restoration of the Mortgaged Property or
      released to the related Mortgagor;

            (v) any amounts required to be deposited by such Master Servicer
      pursuant to Section 3.06 in connection with losses incurred with respect
      to Permitted Investments of funds held in its Collection Account;

            (vi) any amounts required to be deposited by such Master Servicer or
      the Special Servicer pursuant to Section 3.07(b) in connection with losses
      resulting from a deductible clause in a blanket hazard policy;

            (vii) any amounts required to be transferred from an REO Account
      pursuant to Section 3.16(c);

            (viii) any amount in respect of Purchase Prices and Substitution
      Shortfall Amounts pursuant to Section 2.03(b);

            (ix) any amount required to be deposited by such Master Servicer
      pursuant to Section 3.19(a) in connection with Prepayment Interest
      Shortfalls and Casualty/Condemnation Interest Shortfalls;

            (x) any amount paid by or on behalf of a Mortgagor to cover items
      for which a Servicing Advance has been previously made, and payments
      collected in respect of Unliquidated Advances;

            (xi) any amounts representing a reimbursement, payment and/or
      contribution due and owing to the Trust from a Non-Trust Noteholder in
      accordance with the related Loan Combination Intercreditor Agreement;

            (xii) any amounts required to be transferred from any Loan
      Combination Custodial Account pursuant to Section 3.05(e); and

            (xiii) any amounts received from the Other Master Servicer, Other
      Special Servicer or Other Trustee in respect of payments due to the Trust,
      as holder of the RLJ Portfolio Trust Mortgage Loan;

provided that, in the case of a Trust Mortgage Loan that is part of a Loan
Combination, any amounts required to be deposited in the related Loan
Combination Custodial Account, pursuant to Section 3.04(h), shall first be so
deposited therein and shall thereafter be transferred to the applicable
Collection Account only to the extent provided in Section 3.05(e).

            Notwithstanding the foregoing requirements, neither Master Servicer
shall be obligated to deposit into the related Collection Account any amount
that such Master Servicer would be authorized to withdraw immediately from such
Collection Account in accordance with the terms of Section 3.05 and shall be
entitled to instead pay such amount directly to the Person(s) entitled thereto.

            The foregoing requirements for deposit in the Collection Accounts
shall be exclusive. Notwithstanding the foregoing, actual payments from
Mortgagors in the nature of Escrow Payments, amounts to be deposited in Reserve
Accounts, and amounts that the applicable Master Servicer and the Special
Servicer are entitled to retain as additional servicing compensation pursuant to
Sections 3.11(b) and (d), need not be deposited by such Master Servicer in its
Collection Account. If either Master Servicer shall deposit in its Collection
Account any amount not required to be deposited therein, it may at any time
withdraw such amount from its Collection Account, any provision herein to the
contrary notwithstanding. Each Master Servicer shall promptly deliver to the
Special Servicer as additional special servicing compensation in accordance with
Section 3.11(d), assumption fees, late payment charges (to the extent not
applied to pay interest on Advances or Additional Trust Fund Expenses as
provided in Sections 3.03(d), 3.12 and 4.03(d) or otherwise applied pursuant to
Section 3.26) and other transaction fees or other expenses received by such
Master Servicer to which the Special Servicer is entitled pursuant to Section
3.11 upon receipt of a certificate of a Servicing Officer of the Special
Servicer describing the item and amount. The Collection Accounts shall be
maintained as segregated accounts, separate and apart from trust funds created
for mortgage pass-through certificates of other series and the other accounts of
the Master Servicers.

            Upon receipt of any of the amounts described in clauses (i) through
(iv), (x) and (xi) of the second preceding paragraph with respect to any Trust
Mortgage Loan, the Special Servicer shall promptly, but in no event later than
one Business Day after receipt of available funds, remit such amounts (net of
any reimbursable expenses incurred by the Special Servicer) to or at the
direction of the applicable Master Servicer for deposit into its Collection
Account in accordance with the second preceding paragraph or any related Loan
Combination Custodial Account pursuant to Section 3.04(h), unless the Special
Servicer determines, consistent with the Servicing Standard, that a particular
item should not be deposited because of a restrictive endorsement. Any such
amounts received by the Special Servicer with respect to an REO Property shall
be deposited by the Special Servicer into the related REO Account and remitted
to the applicable Master Servicer for deposit into its Collection Account or any
applicable Loan Combination Custodial Account, as the case may be, pursuant to
Section 3.16(c). With respect to any such amounts paid by check to the order of
the Special Servicer, the Special Servicer shall endorse such check to the order
of the applicable Master Servicer and shall deliver promptly, but in no event
later than two Business Days after receipt, any such check to the applicable
Master Servicer by overnight courier, unless the Special Servicer determines,
consistent with the Servicing Standard, that a particular item cannot be so
endorsed and delivered because of a restrictive endorsement or other appropriate
reason.

            (b) The Trustee shall establish and maintain one or more trust
accounts (collectively, the "Distribution Account") at its Corporate Trust
Office to be held in trust for the benefit of the Certificateholders. The
Distribution Account shall be an Eligible Account. Each Master Servicer shall
deliver to the Trustee each month on or before 2:00 p.m. (or 5:00 p.m. with
respect to any unscheduled principal payment on an Artesia Trust Mortgage Loan
received on the related Due Date) (New York City time) on the P&I Advance Date
therein, for deposit in the Distribution Account, an aggregate amount of
immediately available funds equal to that portion of the Available Distribution
Amount (calculated without regard to clauses (a)(ii), (a)(v), (b)(ii)(B) and
(b)(v) of the definition thereof) for the related Distribution Date then on
deposit in such Master Servicer's Collection Account, together with (i) any
Prepayment Premiums and/or Yield Maintenance Charges received on the related
Trust Mortgage Loans during the related Collection Period, and (ii) in the case
of the final Distribution Date, any additional amounts contemplated by the
second or third, as applicable, paragraph of Section 9.01.

            In addition, each Master Servicer shall, as and when required
hereunder, deliver to the Trustee for deposit in the Distribution Account:

            (i) any P&I Advances required to be made by such Master Servicer in
      accordance with Section 4.03(a); and

            (ii) the aggregate purchase price paid in connection with the
      purchase by such Master Servicer of all of the Trust Mortgage Loans and
      any REO Properties (net of any portion of such aggregate purchase price to
      be paid to any Non-Trust Noteholder(s)) pursuant to Section 9.01,
      exclusive of the portion of such amounts required to be deposited in such
      Master Servicer's Collection Account pursuant to Section 9.01.

            If, in connection with any Distribution Date, the Trustee has
reported the amount of an anticipated distribution to the Depository based on
information reported to it by each Master Servicer pursuant to Section 3.12, and
the funds (including, but not limited to, unscheduled payments, late payments,
Principal Prepayments or Balloon Payments) remitted to it by a Master Servicer
differ in amount from what was reported to the Trustee by such Master Servicer,
the Trustee shall use commercially reasonable efforts to cause the Depository to
revise the related distribution and make such revised distribution on a timely
basis on such Distribution Date, but there can be no assurance that the
Depository can do so. The Trustee, the Master Servicers and the Special Servicer
shall not be liable or held responsible for any resulting delay (or claims by
the Depository resulting therefrom) in the making of such revised distribution
to the Certificateholders. In addition, if the Trustee incurs out-of-pocket
expenses, despite reasonable efforts to avoid and mitigate such expenses, as a
consequence of attempting to revise such distribution to the Depository, the
Trustee shall be entitled to reimbursement from the Trust Fund, payable from
amounts on deposit in the Distribution Account.

            The Trustee shall, upon receipt, deposit in the Distribution Account
any and all amounts received by the Trustee that are required by the terms of
this Agreement to be deposited therein. The Trustee shall also deposit into the
Distribution Account any amounts required to be deposited by the Trustee
pursuant to Section 3.06 in connection with losses incurred with respect to
Permitted Investments of funds held in the Distribution Account.

            (c) The Trustee shall establish and maintain one or more accounts
(which may be sub-accounts of the Distribution Account) (collectively, the
"Interest Reserve Account"), in trust for the benefit of the Certificateholders.
The Interest Reserve Account shall be an Eligible Account. On or before each
Distribution Date in February and, during each year that is not a leap year,
January (unless, in either case, the related Distribution Date is the final
Distribution Date), the Trustee shall withdraw from the Distribution Account and
deposit in the Interest Reserve Account, with respect to each Interest Reserve
Loan, an amount equal to the Interest Reserve Amount in respect of such Interest
Reserve Loan for such Distribution Date (such withdrawal from the Distribution
Account to be made out of general collections on the Mortgage Pool, including
any related P&I Advance that was deposited in the Distribution Account). The
Trustee shall also deposit into the Interest Reserve Account any amounts
required to be deposited by the Trustee pursuant to Section 3.06 in connection
with losses incurred with respect to Permitted Investments of funds held in the
Interest Reserve Account.

            (d) Prior to any Collection Period during which Additional Interest
is received on the Trust Mortgage Loans, and upon notification from either
Master Servicer or the Special Servicer pursuant to Section 3.02(d), the Trustee
shall establish and maintain the Additional Interest Account in the name of the
Trustee in trust for the benefit of the Class Z Certificateholders. The
Additional Interest Account shall be established and maintained as an Eligible
Account. Prior to each Distribution Date, each Master Servicer shall remit to
the Trustee for deposit in the Additional Interest Account an amount equal to
the Additional Interest received on the Trust ARD Loans serviced thereby and any
successor Trust REO Loans with respect thereto during the applicable Collection
Period. The Trustee shall also deposit into the Additional Interest Account any
amounts required to be deposited by the Trustee pursuant to Section 3.06 in
connection with losses incurred with respect to Permitted Investments of funds
held in the Additional Interest Account.

            Following the distribution of Additional Interest to Class Z
Certificateholders on the first Distribution Date after which there are no
longer any Trust Mortgage Loans outstanding which pursuant to their terms could
pay Additional Interest or any successor Trust REO Loans with respect thereto,
the Trustee shall terminate the Additional Interest Account.

            (e) The Trustee shall establish (upon notice from the Special
Servicer of an event occurring that generates Gain-on-Sale Proceeds) and
maintain the Gain-on-Sale Reserve Account in trust for the benefit of the
Certificateholders. The Gain-on-Sale Reserve Account shall be an Eligible
Account. The Gain-on-Sale Reserve Account shall be maintained as a segregated
account or a sub-account of the Distribution Account, separate and apart from
trust funds for mortgage pass-through certificates of other series administered
by the Trustee and other accounts of the Trustee.

            Upon the liquidation of a Trust Specially Serviced Mortgage Loan or
the disposition of any REO Property in accordance with Section 3.09 or Section
3.18, the Special Servicer shall calculate the Gain-on-Sale Proceeds, if any,
realized in connection with such event and remit such funds to the Trustee for
deposit into the Gain-on-Sale Reserve Account. The Trustee shall deposit into
the Gain-on-Sale Reserve Account any amounts required to be deposited by the
Trustee pursuant to Section 3.06 in connection with losses incurred with respect
to Permitted Investments of funds held in the Gain-on-Sale Reserve Account.

            (f) [RESERVED]

            (g) Notwithstanding that any of the Interest Reserve Account, the
Additional Interest Account or the Gain-on-Sale Reserve Account may be a
sub-account of the Distribution Account for reasons of administrative
convenience, each of the Interest Reserve Account, the Additional Interest
Account, the Gain-on-Sale Reserve Account, and the Distribution Account shall,
for all purposes of this Agreement (including the obligations and
responsibilities of the Trustee hereunder), be considered to be and shall be
required to be treated as, separate and distinct accounts. The Trustee shall
indemnify and hold harmless the Trust Fund against any losses arising out of the
failure by the Trustee to perform its duties and obligations hereunder as if
such accounts were separate accounts. The provisions of this paragraph shall
survive any resignation or removal of the Trustee and appointment of a successor
trustee.

            (h) The applicable Master Servicer shall establish and maintain, or
cause to be established and maintained, one or more separate accounts for each
Loan Combination (collectively, as to each Loan Combination, the related "Loan
Combination Custodial Account") (which may be a sub-account of such Master
Servicer's Collection Account), into which, subject to the related Loan
Combination Intercreditor Agreement, such Master Servicer shall deposit or cause
to be deposited on a daily basis (and in no event later than the Business Day
following its receipt of available funds) the following payments and collections
received after the Closing Date:

            (i) all payments on account of principal, including Principal
      Prepayments, on such Loan Combination;

            (ii) all payments on account of interest, including Penalty
      Interest, on such Loan Combination;

            (iii) all Prepayment Premiums, Yield Maintenance Charges and late
      payment charges on such Loan Combination;

            (iv) all Insurance Proceeds and Liquidation Proceeds (other than
      Gain-on-Sale Proceeds, and, insofar as they relate to the purchase or
      other acquisition of the related Trust Mortgage Loan that is part of such
      Loan Combination, other than Liquidation Proceeds described in clauses
      (iv)-(viii) of the definition of "Liquidation Proceeds", which amounts
      shall be required to be deposited in such Master Servicer's Collection
      Account) received in respect of such Loan Combination and together with
      any amounts representing recoveries of Workout-Delayed Reimbursement
      Amounts or Nonrecoverable Advances in respect of such Loan Combination, in
      each case to the extent not otherwise required to be applied to the
      restoration of the Mortgaged Property or released to the related
      Mortgagor;

            (v) any amounts required to be deposited by such Master Servicer
      pursuant to Section 3.06 in connection with losses incurred with respect
      to Permitted Investments of funds held in such Loan Combination Custodial
      Account;

            (vi) any amounts required to be deposited by such Master Servicer or
      the Special Servicer pursuant to Section 3.07(b) in connection with losses
      resulting from a deductible clause in a blanket hazard policy;

            (vii) any amounts required to be transferred to such Loan
      Combination Custodial Account from the related REO Account pursuant to
      Section 3.16(c);

            (viii) insofar as they do not constitute Escrow Payments, any
      amounts paid by or on behalf of the related Mortgagor with respect to such
      Loan Combination specifically to cover items for which a Servicing Advance
      has been made; and

            (ix) any amounts representing a reimbursement, payment and/or
      contribution due and owing to a party other than the Trust from a related
      Non-Trust Noteholder in accordance with the related Loan Combination
      Intercreditor Agreement.

            Notwithstanding the foregoing requirements, the applicable Master
Servicer need not deposit into the applicable Loan Combination Custodial Account
any amount that such Master Servicer would be authorized to withdraw immediately
from such Loan Combination Custodial Account in accordance with the terms of
Section 3.05 and shall be entitled to instead pay such amount directly to the
Person(s) entitled thereto.

            The foregoing requirements for deposit by the applicable Master
Servicer in a Loan Combination Custodial Account shall be exclusive, it being
understood and agreed that actual payments from the Mortgagor(s) in the nature
of Escrow Payments, charges for beneficiary statements or demands, assumption
fees, assumption application fees, modification fees, extension fees, defeasance
fees, earn-out fees, amounts collected for Mortgagor checks returned for
insufficient funds or other amounts that such Master Servicer or the Special
Servicer is entitled to retain as additional servicing compensation pursuant to
Section 3.11 need not be deposited by such Master Servicer in a Loan Combination
Custodial Account. If the applicable Master Servicer shall deposit in a Loan
Combination Custodial Account any amount not required to be deposited therein,
it may at any time withdraw such amount from such Loan Combination Custodial
Account. The applicable Master Servicer shall promptly deliver to the Special
Servicer, as additional special servicing compensation in accordance with
Section 3.11(d), all assumption fees and assumption application fees (or the
applicable portions thereof) and other transaction fees received by such Master
Servicer with respect to any Loan Combination, to which the Special Servicer is
entitled pursuant to such section, upon receipt of a written statement of a
Servicing Officer of the Special Servicer describing the item and amount. Each
Loan Combination Custodial Account shall be maintained as a segregated account,
separate and apart from trust funds created for mortgage-backed securities of
other series and the other accounts of the applicable Master Servicer.

            Upon receipt of any of the amounts described in clauses (i) through
(iv), (viii) and (ix) of the second preceding paragraph with respect to a Loan
Combination, the Special Servicer shall promptly, but in no event later than one
Business Day after receipt, remit such amounts to the applicable Master Servicer
for deposit into the related Loan Combination Custodial Account in accordance
with the second preceding paragraph, unless the Special Servicer determines,
consistent with the Servicing Standard, that a particular item should not be
deposited because of a restrictive endorsement or other appropriate reason. With
respect to any such amounts paid by check to the order of the Special Servicer,
the Special Servicer shall endorse such check to the order of the applicable
Master Servicer, unless the Special Servicer determines, consistent with the
Servicing Standard, that a particular item cannot be so endorsed and delivered
because of a restrictive endorsement or other appropriate reason. Any such
amounts received by the Special Servicer with respect to a Loan Combination REO
Property shall initially be deposited by the Special Servicer into the related
REO Account and thereafter remitted to the applicable Master Servicer for
deposit into the related Loan Combination Custodial Account, all in accordance
with Section 3.16(c).

            (i) Notwithstanding that any Loan Combination Custodial Account may
be a sub-account of the applicable Master Servicer's Collection Account for
reasons of administrative convenience, each Loan Combination Custodial Account
and such Collection Account shall, for all purposes of this Agreement (including
the obligations and responsibilities of the applicable Master Servicer
hereunder), be considered to be and shall be required to be treated as, separate
and distinct accounts. The applicable Master Servicer shall indemnify and hold
harmless the Trust Fund and each Non-Trust Noteholder against any losses arising
out of the failure by such Master Servicer to perform its duties and obligations
hereunder as if such accounts were separate accounts. The provisions of this
paragraph shall survive any resignation or removal of the applicable Master
Servicer and appointment of a successor Master Servicer.

            (j) Funds in the Collection Accounts, the Distribution Account, any
Loan Combination Custodial Account, the Gain-on-Sale Reserve Account, the
Interest Reserve Accounts and the Additional Interest Account may be invested
only in Permitted Investments in accordance with the provisions of Section 3.06.
Each Master Servicer shall give written notice to the Trustee, the Special
Servicer and the Rating Agencies of the location of the Collection Accounts and
any Loan Combination Custodial Account as of the Closing Date and of the new
location of each such account prior to any change thereof. The Trustee shall
give written notice to the Master Servicers, the Special Servicer and the Rating
Agencies of any new location of the Distribution Account prior to any change
thereof.

            SECTION 3.05. Permitted Withdrawals from the Collection Accounts,
                          the Interest Reserve Account, the Additional Interest
                          Account, the Distribution Account and the Loan
                          Combination Custodial Accounts.

            (a) Each Master Servicer may, from time to time, make withdrawals
from its respective Collection Accounts for any of the following purposes (the
order set forth below not constituting an order of priority for such
withdrawals):

            (i) to remit to the Trustee for deposit in the Distribution Account
      the amounts required to be so deposited pursuant to the first paragraph of
      Section 3.04(b) and any amount that may be applied to make P&I Advances
      pursuant to Section 4.03(a);

            (ii) to reimburse the Trustee and itself, in that order, for
      unreimbursed P&I Advances in respect of any Trust Mortgage Loan or Trust
      REO Loan (exclusive of any Trust Mortgage Loan that is part of a Loan
      Combination and any successor Trust REO Loan with respect thereto), the
      Trustee's and such Master Servicer's right to reimbursement pursuant to
      this clause (ii) with respect to any P&I Advance (other than
      Nonrecoverable Advances, which are reimbursable pursuant to clause (vii)
      below) being limited to amounts that represent Late Collections of
      interest (net of related Master Servicing Fees) and principal (net of any
      related Workout Fee or Principal Recovery Fee) received in respect of the
      particular Trust Mortgage Loan or Trust REO Loan (exclusive of any Trust
      Mortgage Loan that is part of a Loan Combination or any successor Trust
      REO Loan with respect thereto) as to which such P&I Advance was made;
      provided, however, that if such P&I Advance becomes a Workout-Delayed
      Reimbursement Amount, then such P&I Advance shall thereafter be reimbursed
      from the portion of general collections and recoveries on or in respect of
      the Trust Mortgage Loans and related REO Properties on deposit in such
      Master Servicer's Collection Account from time to time that represent
      principal to the extent provided in clause (vii) below (to be allocated
      between the Loan Groups as set forth in Section 1.02);

            (iii) to pay to itself earned and unpaid Master Servicing Fees in
      respect of each Trust Mortgage Loan and Trust REO Loan (other than a Trust
      Mortgage Loan that is part of a Loan Combination and any successor Trust
      REO Loan with respect thereto), such Master Servicer's right to payment
      pursuant to this clause (iii) with respect to any such Trust Mortgage Loan
      or Trust REO Loan being limited to amounts received on or in respect of
      such Trust Mortgage Loan (whether in the form of payments, Liquidation
      Proceeds or Insurance Proceeds) or such Trust REO Loan (whether in the
      form of REO Revenues, Liquidation Proceeds or Insurance Proceeds) that are
      allocable as a recovery of interest thereon;

            (iv) to pay to the Special Servicer earned and unpaid Special
      Servicing Fees in respect of each Trust Specially Serviced Mortgage Loan
      and Trust REO Loan;

            (v) to pay the Special Servicer (or, if applicable, a predecessor
      Special Servicer) earned and unpaid Workout Fees or Principal Recovery
      Fees in respect of each Trust Specially Serviced Mortgage Loan, Trust
      Corrected Mortgage Loan and/or Trust REO Loan (in each case other than a
      Trust Mortgage Loan that is part of a Loan Combination or any successor
      Trust REO Loan with respect thereto), in the amounts and from the sources
      contemplated by Section 3.11(c);

            (vi) to reimburse the Trustee, the Special Servicer, or itself, in
      that order (with reimbursements to the Special Servicer and such Master
      Servicer to be made concurrently on a pro rata basis), for any
      unreimbursed Servicing Advances in respect of any Trust Mortgage Loan,
      Trust REO Loan or related REO Property (other than a Trust Mortgage Loan
      that is part of a Loan Combination or any successor Trust REO Loan with
      respect thereto or any related REO Property), the Trustee's, the Special
      Servicer's and such Master Servicer's respective rights to reimbursement
      pursuant to this clause (vi) with respect to any Servicing Advance (other
      than a Nonrecoverable Servicing Advance, which is reimbursable pursuant to
      clause (vii) below) being limited first to payments made by or on behalf
      of the related Mortgagor that are allocable to such Servicing Advance, and
      then to Liquidation Proceeds, Insurance Proceeds and, if applicable, REO
      Revenues received in respect of the particular Mortgage Loan or REO
      Property as to which such Servicing Advance was made; provided, however,
      that if such Servicing Advance becomes a Workout-Delayed Reimbursement
      Amount, then such Servicing Advance shall thereafter be reimbursed from
      the portion of general collections and recoveries on or in respect of the
      Trust Mortgage Loans and related REO Properties on deposit in such Master
      Servicer's Collection Account from time to time that represent collections
      or recoveries of principal to the extent provided in clause (vii) below
      (to be allocated between the Loan Groups as set forth in Section 1.02);

            (vii) (A) to reimburse the Trustee, the Special Servicer or itself,
      in that order (except that reimbursements to the Special Servicer and such
      Master Servicer shall be made concurrently on a pro rata basis), for any
      unreimbursed Advances that have been or are determined to be (1)
      Nonrecoverable Advances with respect to any Trust Mortgage Loan or any
      related REO Property and the portion of any P&I Advance that would have
      been reimbursable from a Late Collection of principal under clause (ii)
      above but for the application of a Workout Fee or Principal Recovery Fee
      to such Late Collection, first, out of REO Revenues, Liquidation Proceeds
      and Insurance Proceeds received on the related Trust Mortgage Loan, then
      (including with respect to any Nonrecoverable Advance with respect to a
      Loan Combination as contemplated in Section 3.05(e)(viii)(C)), out of the
      principal portion of general collections on the Mortgage Pool (to be
      allocated between the Loan Groups as set forth in Section 1.02), then, to
      the extent the principal portion of general collections is insufficient
      and with respect to such excess only, subject to any exercise of the sole
      option to defer reimbursement thereof pursuant to Section 4.03(f), out of
      other collections on the Trust Mortgage Loans and related REO Properties,
      and/or (2) Workout-Delayed Reimbursement Amounts, out of the principal
      portion of the general collections on the Mortgage Pool (to be allocated
      between the Loan Groups as set forth in Section 1.02), net of such amounts
      being reimbursed pursuant to (1) above, together with, in the case of a
      Nonrecoverable Advance (including with respect to any Nonrecoverable
      Advance with respect to a Loan Combination as contemplated in Section
      3.05(e)(viii)(C)), interest thereon being paid pursuant to clause (viii)
      below, or (B) to pay itself, with respect to any Trust Mortgage Loan or
      related REO Property (other than a Trust Mortgage Loan that is part of a
      Loan Combination or any successor Trust REO Loan or REO Property), any
      related earned Master Servicing Fee that remained unpaid in accordance
      with clause (iii) above following a Final Recovery Determination made with
      respect to such Trust Mortgage Loan or related REO Property and the
      deposit into such Master Servicer's Collection Account of all amounts
      received in connection therewith;

            (viii) at such time as it reimburses the Trustee, the Special
      Servicer or itself, in that order, for any unreimbursed Advance (excluding
      any such Advance that constitutes a Workout-Delayed Reimbursement Amount
      for which interest was paid under clause (vii) above) pursuant to clause
      (ii), (vi) or (vii) above, to pay the Trustee, the Special Servicer or
      itself, as the case may be, in that order (except that payments to the
      Special Servicer and such Master Servicer shall be made concurrently on a
      pro rata basis), any unpaid interest accrued and payable thereon in
      accordance with Section 3.03(c), 3.03(d) or 4.03(d), as applicable; such
      Master Servicer's, the Special Servicer's and/or the Trustee's right to
      payment pursuant to this clause (viii) with respect to interest on any
      Advance being permitted to be satisfied (A) in the case of interest on an
      Advance that has been or is determined to be a Nonrecoverable Advance, out
      of the sources out of which the related Advance may be satisfied as
      provided in clause (vii) above, as the case may be, and (B) in the case of
      interest on an Advance that has not been determined to be a Nonrecoverable
      Advance, (1) out of Default Charges collected on or in respect of the
      related Trust Mortgage Loan or Trust REO Loan during the Collection Period
      in which such Advance is reimbursed (the use of such Default Charges to be
      allocated pursuant to Section 3.26), and (2) to the extent that the
      Default Charges described in the immediately preceding clause (1) are
      insufficient, but only at the same time or after such Advance has been
      reimbursed, out of general collections on the Trust Mortgage Loans and any
      related REO Properties on deposit in such Master Servicer's Collection
      Account;

            (ix) to pay for property inspection costs and expenses incurred by
      the Trust Fund as an Additional Trust Fund Expense pursuant to Section
      3.12(a);

            (x) (A) to pay itself, as additional servicing compensation in
      accordance with Section 3.11(b), (1) interest and investment income earned
      in respect of amounts held in such Master Servicer's Collection Account as
      provided in Section 3.06(b), but only to the extent of the Net Investment
      Earnings with respect to such Collection Account for any Investment
      Period; and (2) any Prepayment Interest Excesses (after deduction of the
      amounts required to be deposited by such Master Servicer in such
      Collection Account for the related Distribution Date pursuant to Section
      3.19(a) in connection with Prepayment Interest Shortfalls and
      Casualty/Condemnation Interest Shortfalls); and (B) to pay itself and the
      Special Servicer, as additional servicing compensation in accordance with
      Sections 3.11(b) and 3.11(d), respectively, Default Charges to the extent
      provided in clause seventh of Section 3.26(a);

            (xi) to pay for the cost of an independent appraiser or other expert
      in real estate matters retained pursuant to Section 3.03(e), 3.09(a), 3.18
      or 4.03(c), to the extent such cost is not required to be advanced
      hereunder;

            (xii) to pay itself, the Special Servicer, the Depositor, or any of
      their respective Affiliates, directors, partners, members, managers,
      shareholders, officers, employees or agents, as the case may be, any
      amounts payable to any such Person pursuant to Section 6.03;

            (xiii) to pay for (A) the advice of counsel and other experts
      contemplated by Section 3.17(a)(iii), (B) the cost of the Opinions of
      Counsel contemplated by Sections 3.09(b)(ii), 3.20(b) and 11.02(a), (C)
      the cost of an Opinion of Counsel contemplated by Section 11.01(a),
      11.01(b) or 11.01(c) in connection with any amendment to this Agreement
      requested by such Master Servicer or the Special Servicer that protects or
      is in furtherance of the rights and interests of Certificateholders, and
      (D) the cost of recording this Agreement in accordance with Section
      11.02(a);

            (xiv) to pay itself, the Special Servicer, any of the Mortgage Loan
      Sellers, the Plurality Subordinate Certificateholder or any other Person,
      as the case may be, with respect to each Trust Mortgage Loan, if any,
      previously purchased by such Person pursuant to this Agreement and/or a
      related Loan Combination Intercreditor Agreement or mezzanine
      intercreditor agreement, all amounts received thereon subsequent to the
      date of purchase;

            (xv) to pay, out of general collections on the Mortgage Pool on
      deposit in such Master Servicer's Collection Account, to a Non-Trust
      Noteholder, any amount (other than normal monthly payments) specifically
      payable or reimbursable to such party by the Trust, in its capacity as
      holder of the related Trust Mortgage Loan that is a part of the related
      Loan Combination or any successor REO Loan with respect thereto, pursuant
      to the terms of the related Loan Combination Intercreditor Agreement;

            (xvi) to reimburse the Trustee, such Master Servicer and/or the
      Special Servicer, as applicable, for unreimbursed Advances, unpaid Master
      Servicing Fees and/or any unpaid interest on any Advances, but only to the
      extent that such items relate to a Trust Mortgage Loan that is part of a
      Loan Combination or any successor Trust REO Loan, each such party's
      respective rights to reimbursement pursuant to this clause (xvi) being
      limited to amounts on deposit in such Master Servicer's Collection Account
      that represent Liquidation Proceeds described in clauses (iv) through (ix)
      of the definition thereof; provided that, such items may only be
      reimbursed to any party pursuant to this clause (xvi) if and to the extent
      that such items have not been or are not simultaneously being reimbursed
      to such party pursuant to Section 3.05(e); and provided, further, that the
      amount of any unpaid Master Servicing Fees, unreimbursed Advances and/or
      unpaid interest on Advances reimbursable to any party pursuant to this
      clause (xvi) shall be reduced by any related unpaid Master Servicing Fees,
      unreimbursed Advances and unpaid interest on Advances in respect of the
      subject Trust Mortgage Loan or Trust REO Loan which, following the
      purchase or sale from which the subject Liquidation Proceeds have been
      derived, will continue to be payable or reimbursable under the related
      Loan Combination Intercreditor Agreement and/or any successor servicing
      agreement with respect to the related Loan Combination to such Master
      Servicer and/or the Special Servicer (and which amounts shall no longer be
      payable hereunder) if such Master Servicer and/or the Special Servicer has
      agreed to continue acting as a Master Servicer or special servicer, as the
      case may be, of the related Loan Combination following the removal of the
      related Trust Mortgage Loan from the Trust Fund;

            (xvii) to remit to the Trustee for deposit into the Additional
      Interest Account the amounts required to be deposited pursuant to Section
      3.04(d);

            (xviii) [RESERVED];

            (xix) to pay the cost of any Environmental Assessment (to the extent
      not otherwise advanced pursuant to Section 3.09(c)) or any remedial,
      corrective or other action pursuant to Section 3.09(c);

            (xx) to withdraw any amounts deposited in error;

            (xxi) to withdraw any other amounts that this Agreement expressly
      provides may be withdrawn from such Master Servicer's Collection Account;
      and

            (xxii) to clear and terminate such Master Servicer's Collection
      Account at the termination of this Agreement pursuant to Section 9.01.

            Each Master Servicer shall keep and maintain separate accounting
records, on a loan-by-loan basis when appropriate, in connection with any
withdrawal from its Collection Account pursuant to clauses (ii)-(xix) above and
such records shall be sufficient to determine the amounts attributable to REMIC
I.

            Each Master Servicer shall pay to the Special Servicer or the
Trustee, on each P&I Advance Date from its Collection Account amounts permitted
to be paid to the Special Servicer or the Trustee therefrom based on a
certificate of a Servicing Officer of the Special Servicer or of a Responsible
Officer of the Trustee, received not later than 1:00 p.m. (New York City time)
on the immediately preceding Determination Date and describing the item and
amount to which the Special Servicer or the Trustee, as the case may be, is
entitled. The Master Servicers may rely conclusively on any such certificate and
shall have no duty to re-calculate the amounts stated therein. The Special
Servicer shall keep and maintain separate accounting for each Specially Serviced
Mortgage Loan and REO Property, on a loan-by-loan and property-by-property
basis, for the purpose of substantiating any request for withdrawal from the
Collection Accounts. With respect to each Mortgage Loan for which it makes an
Advance, the Trustee shall similarly keep and maintain separate accounting for
each Mortgage Loan, on a loan-by-loan and property-by-property basis, for the
purpose of substantiating any request for withdrawal from the Collection
Accounts for reimbursements of Advances or interest thereon.

            In addition, but subject to the preceding provisions of this Section
3.05(a), if at any time a Master Servicer is entitled to make a payment,
reimbursement or remittance from its Collection Account, and the payment,
reimbursement or remittance can be made from funds on deposit in such Collection
Account without any requirement that they be paid, reimbursed or remitted from
funds that relate to a particular Mortgage Loan and the amounts on deposit in
such Collection Account that are available to make such payment, reimbursement
or remittance are insufficient and the amounts on deposit in the other Master
Servicer's Collection Account are sufficient to make up any shortfall in the
requesting Master Servicer's Collection Account, then such other Master Servicer
shall withdraw such funds from its Collection Account and make such payment,
reimbursement or remittance within three (3) Business Days following a written
request therefore from the requesting Master Servicer, which request shall be
accompanied by an Officer's Certificate (1) either (x) stating that the
requesting Master Servicer, the Special Servicer, the Trustee or another
particular Person, as applicable, is entitled to such payment, reimbursement or
remittance (and setting forth the nature and amount of such payment,
reimbursement or remittance and the party entitled thereto) or (y) forwarding a
copy of any Officer's Certificate or other information provided by the Special
Servicer, the Trustee or any comparable certification from another particular
Person, as the case may be, that states that such Person is entitled to such
payment, reimbursement or remittance (and the nature and amount of such payment,
reimbursement or remittance and the party entitled thereto) and (2) stating that
the requesting Master Servicer does not then have on deposit in its Collection
Account funds sufficient for such payment, reimbursement or remittance.

            In connection with any payments required to be made to a Non-Trust
Noteholder in accordance with Section 3.05(a)(xv), the applicable Master
Servicer may request a written statement from such Non-Trust Noteholder,
describing the nature and amount of the item for which such party is seeking
payment or reimbursement and setting forth the provision(s) of the related Loan
Combination Intercreditor Agreement pursuant to which such party believes it is
entitled to reimbursement; provided that such Master Servicer may not condition
payments required to be made to a Non-Trust Noteholder in accordance with
Section 3.05(a)(xv) upon receipt of such a written statement (other than as
permitted under the related Loan Combination Intercreditor Agreement); and
provided, further, that to the extent such a written statement from a Non-Trust
Noteholder is received by such Master Servicer, such Master Servicer may
conclusively rely, absent manifest error and consistent with the Servicing
Standard, upon such statement as to the nature and amount of the item for which
reimbursement is sought.

            (b) The Trustee may, from time to time, make withdrawals from the
Distribution Account for any of the following purposes (in no particular order
of priority):

            (i) to make deemed distributions to itself as holder of the REMIC I
      Regular Interests, and to make distributions to Certificateholders on each
      Distribution Date, pursuant to Section 4.01 or 9.01, as applicable;

            (ii) to pay itself or any of its directors, officers, employees and
      agents, as the case may be, any amounts payable or reimbursable to any
      such Person pursuant to Section 8.05;

            (iii) to pay itself the Trust Administration Fee as contemplated by
      Section 8.05(a) hereof with respect to the Mortgage Loans;

            (iv) to pay for the cost of the Opinions of Counsel sought by it or
      the Trustee (A) as provided in clause (iv) of the definition of
      "Disqualified Organization", (B) as contemplated by Section 3.20(b),
      9.02(a) and 10.01(h), or (C) as contemplated by Section 11.01(a), 11.01(b)
      or 11.01(c) in connection with any amendment to this Agreement requested
      by the Trustee which amendment is in furtherance of the rights and
      interests of Certificateholders;

            (v) to pay any and all federal, state and local taxes imposed on any
      of the REMICs created hereunder or on the assets or transactions of any
      such REMIC, together with all incidental costs and expenses, to the extent
      none of the Trustee, the REMIC Administrator, either Master Servicer or
      the Special Servicer is liable therefor pursuant to Section 10.01(i);

            (vi) to pay the REMIC Administrator any amounts reimbursable to it
      pursuant to Section 10.01(e);

            (vii) to pay to the applicable Master Servicer any amounts deposited
      by such Master Servicer in the Distribution Account not required to be
      deposited therein;

            (viii) to withdraw any Interest Reserve Amount and deposit such
      Interest Reserve Amount into the Interest Reserve Account pursuant to
      Section 3.04(c);

            (ix) to pay itself interest and investment income earned in respect
      of amounts held in the Distribution Account as provided in Section
      3.06(b), but only to the extent of the Net Investment Earnings with
      respect to the Distribution Account for any Investment Period; and

            (x) to clear and terminate the Distribution Account at the
      termination of this Agreement pursuant to Section 9.01.

            (c) The Trustee shall on each Distribution Date to occur in March of
each year (or February, if the related Distribution Date is the final
Distribution Date), prior to any distributions required to be made to
Certificateholders on such date, withdraw from the Interest Reserve Account and
deposit into the Distribution Account in respect of each Interest Reserve Loan,
an amount equal to the aggregate of the Interest Reserve Amounts deposited into
the Interest Reserve Account pursuant to Section 3.04(c) during February and, if
applicable, January of that year.

            (d) The Trustee shall, on any Distribution Date, make withdrawals
from the Additional Interest Account to the extent required to make the
distributions of Additional Interest required by Section 4.01(b).

            (e) The applicable Master Servicer may, from time to time, make
withdrawals from each Loan Combination Custodial Account for any of the
following purposes (the order set forth below not constituting an order of
priority for such withdrawals):

            (i) to make remittances on each P&I Advance Date (or, with respect
      to a Non-Trust Noteholder, on such earlier or later date as provided for
      in the related Loan Combination Intercreditor Agreement) to the related
      Non-Trust Noteholder(s) and to the Trust in accordance with the related
      Loan Combination Intercreditor Agreements, such remittances to the Trust
      to be made to such Master Servicer's Collection Account;

            (ii) to reimburse the Trustee and itself, in that order, for
      unreimbursed P&I Advances made with respect to the related Trust Mortgage
      Loan that is part of the related Loan Combination or any successor Trust
      REO Loan, the Trustee's and such Master Servicer's right to reimbursement
      pursuant to this clause (ii) with respect to any P&I Advance (other than
      any P&I Advance that has been or is determined to be a Nonrecoverable
      Advance, which shall be reimbursed in the manner contemplated in Section
      3.05(a)(vii)) being limited to amounts that represent Late Collections of
      interest (net of related Master Servicing Fees) and principal (net of any
      related Workout Fee or Principal Recovery Fee) received in respect of the
      related Trust Mortgage Loan that is part of the related Loan Combination
      or any successor Trust REO Loan; provided, however, that if such P&I
      Advance becomes a Workout-Delayed Reimbursement Amount, then such P&I
      Advance shall thereafter be reimbursed in the manner contemplated in
      Section 3.05(a)(vii);

            (iii) to pay to itself earned and unpaid Master Servicing Fees in
      respect of the related Loan Combination (including, without limitation,
      any successor REO Loans comprising such), such Master Servicer's right to
      payment pursuant to this clause (iii) with respect to the related Loan
      Combination (including, without limitation, any successor REO Loans
      comprising such) being limited to amounts received on or in respect of
      such Mortgage Loans (whether in the form of payments, Liquidation Proceeds
      or Insurance Proceeds) or such REO Loans (whether in the form of REO
      Revenues, Liquidation Proceeds or Insurance Proceeds) that are allocable
      as a recovery of interest thereon;

            (iv) [RESERVED];

            (v) to pay the Special Servicer (or, if applicable, a predecessor
      Special Servicer) earned and unpaid Special Servicing Fees, Workout Fees
      and/or Principal Recovery Fees in respect of the related Loan Combination
      in the amounts provided in Section 3.11(c) and out of the collections
      contemplated by the applicable Loan Combination Intercreditor Agreement;

            (vi) to reimburse the Trustee, the Special Servicer or itself, in
      that order (with reimbursements to the Special Servicer and such Master
      Servicer to be made concurrently on a pro rata basis), for any
      unreimbursed Servicing Advances in respect of the related Loan Combination
      or any related Loan Combination REO Property, the Trustee's, the Special
      Servicer's and such Master Servicer's respective rights to reimbursement
      pursuant to this clause (vi) with respect to any Servicing Advance being
      limited to payments made by or on behalf of the related Mortgagor and cure
      payments that are allocable to such Servicing Advance, or to Liquidation
      Proceeds, Insurance Proceeds and, if applicable, REO Revenues received in
      respect of the related Loan Combination or any related Loan Combination
      REO Property; provided, however, that if such Servicing Advance becomes a
      Workout-Delayed Reimbursement Amount, then such Servicing Advance shall
      thereafter be reimbursed in the manner contemplated in Section
      3.05(a)(vii);

            (vii) to reimburse the Trustee, the Special Servicer or itself, in
      that order (except that reimbursements to the Special Servicer and such
      Master Servicer shall be made concurrently on a pro rata basis), for any
      unreimbursed Servicing Advances in respect of the related Loan Combination
      or any related Loan Combination REO Property that have been or are
      determined to be Nonrecoverable Advances out of REO Revenues, Liquidation
      Proceeds and Insurance Proceeds received on such Loan Combination or any
      related Loan Combination REO Property; provided that if REO Revenues,
      Liquidation Proceeds and Insurance Proceeds received on the related Loan
      Combination or any related Loan Combination REO Property are insufficient,
      then such Servicing Advance shall be reimbursed in the manner contemplated
      in Section 3.05(a)(vii);

            (viii) at such time as it reimburses the Trustee, the Special
      Servicer or itself, in that order, for any unreimbursed Advance pursuant
      to clause (ii), (vi) or (vii) above, to pay the Trustee, the Special
      Servicer or itself, as the case may be, in that order (except that
      payments to the Special Servicer and such Master Servicer shall be made
      concurrently on a pro rata basis), any unpaid interest accrued and payable
      thereon in accordance with Section 3.03(d) or 4.03(d), as applicable; such
      Master Servicer's, Special Servicer's and/or Trustee's right to payment
      pursuant to this clause (viii) with respect to interest on any Advance
      being permitted to be satisfied (A) out of Default Charges collected on or
      in respect of the related Loan Combination, during the Collection Period
      in which such Advance is reimbursed (the use of such Default Charges to be
      allocated pursuant to Section 3.26), (B) to the extent that the Default
      Charges described in the immediately preceding clause (a) are
      insufficient, but only at the same time or after such Advance has been
      reimbursed, out of general collections on the Loan Combination and any
      related Loan Combination REO Property on deposit in such Loan Combination
      Custodial Account, and (C) if general collections on the related Loan
      Combination and any related Loan Combination REO Property on deposit in
      such Loan Combination Custodial Account are insufficient and such Advance
      has been or is determined to be a Nonrecoverable Advance, out of the
      sources out of which the related Advance may be reimbursed as provided in
      Section 3.05(a)(vii);

            (ix) to pay for property inspection costs and expenses incurred by
      the Trust Fund as an Additional Trust Fund Expense pursuant to Section
      3.12(a), to the extent such costs and expenses relate to the related Loan
      Combination Mortgaged Property;

            (x) (A) to pay itself, as additional servicing compensation in
      accordance with Section 3.11(b), (1) interest and investment income earned
      in respect of amounts held in such Loan Combination Custodial Account as
      provided in Section 3.06(b), but only to the extent of the Net Investment
      Earnings with respect to such Loan Combination Custodial Account for any
      Investment Period; and (2) any Prepayment Interest Excess with respect to
      the Trust Mortgage Loan that is part of the related Loan Combination
      (after deduction of the amounts required to be deposited by such Master
      Servicer in its Collection Account for the related Distribution Date
      pursuant to Section 3.19(a) in connection with Prepayment Interest
      Shortfalls and Casualty/Condemnation Interest Shortfalls); and (B) to pay
      itself and the Special Servicer, as additional servicing compensation in
      accordance with Sections 3.11(b) and 3.11(d), respectively, Default
      Charges with respect to such Loan Combination to the extent provided in
      clause seventh of Section 3.26(a);

            (xi) to pay for the cost of an independent appraiser or other expert
      in real estate matters retained pursuant to Section 3.03(e), 3.09(a), 3.18
      or 4.03(c), to the extent those costs relate to such Loan Combination
      and/or the related Loan Combination Mortgaged Property;

            (xii) to pay itself, the Special Servicer, the Depositor, or any of
      their respective Affiliates, directors, partners, members, managers,
      shareholders, officers, employees or agents, as the case may be, any
      amounts payable to any such Person pursuant to Section 6.03, to the extent
      such amounts relate to such Loan Combination and/or the related Loan
      Combination Mortgaged Property;

            (xiii) to pay for (A) the advice of counsel and other experts
      contemplated by Section 3.17(a)(iii), (B) the cost of the Opinions of
      Counsel contemplated by Sections 3.09(b)(ii), 3.20(b) and 11.02(a), and
      (C) the cost of recording the related Loan Combination Intercreditor
      Agreement and any required opinion of counsel related thereto and, to the
      extent applicable pursuant to Section 11.02(a), the allocable portion of
      the cost of the Opinion of Counsel contemplated by Section 11.02(a) and,
      in the case of each of (A) and (B) preceding, to the extent such amounts
      relate to such Loan Combination and/or the related Loan Combination
      Mortgaged Property;

            (xiv) to pay itself, the Special Servicer, the related Mortgage Loan
      Seller, the Plurality Subordinate Certificateholder or any other Person,
      as the case may be, with respect to the related Trust Mortgage Loan in
      such Loan Combination, if previously purchased by such Person pursuant to
      this Agreement and/or a related Loan Combination Intercreditor Agreement
      or mezzanine intercreditor agreement, all amounts received thereon
      subsequent to the date of purchase;

            (xv) [RESERVED];

            (xvi) to pay the cost of any Environmental Assessment (to the extent
      not otherwise advanced pursuant to Section 3.09(c)) or any remedial,
      corrective or other action pursuant to Section 3.09(c), to the extent such
      costs relate to such Loan Combination and/or the related Loan Combination
      Mortgaged Property;

            (xvii) to withdraw any amounts deposited in error;

            (xviii) to withdraw any other amounts that this Agreement expressly
      provides may be withdrawn from such Loan Combination Custodial Account;
      and

            (xix) to clear and terminate such Loan Combination Custodial Account
      at the termination of this Agreement pursuant to Section 9.01.

            The applicable Master Servicer shall keep and maintain separate
accounting records, on a loan-by-loan basis when appropriate, in connection with
any withdrawal from a Loan Combination Custodial Account pursuant to clauses
(ii)-(xviii) above and such records shall be sufficient to determine the amounts
attributable to REMIC I.

            The applicable Master Servicer shall, on or before 12:00 p.m. (New
York City time) on each P&I Advance Date (or, if a different date and/or time is
provided under or pursuant to the related Loan Combination Intercreditor
Agreement with respect to remittances to be made to a Non-Trust Noteholder, such
other date and/or time), remit to the Trust and the related Non-Trust
Noteholder(s), such amounts as are distributable in respect of each Mortgage
Loan that is part of a Loan Combination (or any successor REO Loan with respect
thereto) pursuant to the corresponding Loan Combination Intercreditor Agreement,
such remittances to the Trust to be made to its Collection Account and such
remittances to the related Non-Trust Noteholder(s) to be made by wire transfer
to the respective accounts designated by such Non-Trust Noteholder(s) pursuant
to the related Loan Combination Intercreditor Agreements.

            The applicable Master Servicer shall pay to the Special Servicer or
the Trustee on each P&I Advance Date from any Loan Combination Custodial
Accounts amounts permitted to be paid to the Special Servicer or the Trustee
therefrom based on a certificate of a Servicing Officer of the Special Servicer
or of a Responsible Officer of the Trustee received not later than 1:00 p.m.
(New York City time) on the immediately preceding Determination Date and
describing the item and amount to which the Special Servicer or the Trustee, as
the case may be, is entitled. The applicable Master Servicer may rely
conclusively on any such certificate and shall have no duty to re-calculate the
amounts stated therein. The Special Servicer shall keep and maintain separate
accounting for each Specially Serviced Mortgage Loan and REO Property, on a
loan-by-loan and property-by-property basis, for the purpose of substantiating
any request for withdrawal from a Loan Combination Custodial Account. With
respect to each Mortgage Loan for which it makes an Advance, the Trustee shall
similarly keep and maintain separate accounting for each Mortgage Loan, on a
loan-by-loan and property-by-property basis, for the purpose of substantiating
any request for withdrawal from a Loan Combination Custodial Account for
reimbursements of Advances or interest thereon.

            If and to the fullest extent that it is permitted to do so pursuant
to the Lake in the Woods Intercreditor Agreement, the applicable Master Servicer
shall, consistent with the Servicing Standard, seek payment from the related
Non-Trust Loan Holder to cover (or to reimburse the Trust for the payment of)
any cost or expense, including the reimbursement of Advances and the payment of
interest thereon, with respect to such Loan Combination or any related REO
Property that is not (but, subject to available funds, would have been permitted
to be) paid out of amounts otherwise payable to such Non-Trust Loan Holder.

            (f) In addition, the Trustee may from time to time, make withdrawals
from the Gain-on-Sale Reserve Account, the Additional Interest Account and the
Interest Reserve Account to pay itself interest and investment income earned in
respect of amounts held in the Gain-on-Sale Reserve Account, the Additional
Interest Account and the Interest Reserve Account, respectively, as provided in
Section 3.06(b), but in each case only to the extent of the Net Investment
Earnings with respect to the Gain-on-Sale Reserve Account, the Additional
Interest Account and the Interest Reserve Account, respectively, for any
Investment Period.

            SECTION 3.06. Investment of Funds in the Servicing Accounts, the
                          Reserve Accounts, the Collection Accounts, the
                          Distribution Account, the Loan Combination Custodial
                          Accounts, the Additional Interest Account, the
                          Gain-on-Sale Reserve Account and the REO Accounts.

            (a) Each Master Servicer may direct in writing (pursuant to a
standing instruction or otherwise) any depository institution maintaining a
Servicing Account, a Reserve Account, its Collection Account or a Loan
Combination Custodial Account (each, for purposes of this Section 3.06, an
"Investment Account"), the Special Servicer may direct in writing (pursuant to a
standing instruction or otherwise) any depository institution maintaining an REO
Account (also, for purposes of this Section 3.06, an "Investment Account"), and
the Trustee may direct in writing (pursuant to a standing instruction or
otherwise) any depository institution maintaining the Distribution Account, the
Gain-on-Sale Reserve Account, the Additional Interest Account and the Interest
Reserve Account (each also, for purposes of this Section 3.06, an "Investment
Account"), to invest, or if it is such depository institution, may itself
invest, the funds held therein only in one or more Permitted Investments bearing
interest or sold at a discount, and maturing, unless payable on demand, no later
than the Business Day immediately preceding the next succeeding date on which
such funds are required to be withdrawn from such account pursuant to this
Agreement. All such Permitted Investments shall be held to maturity, unless
payable on demand. Any investment of funds in an Investment Account shall be
made in the name of the Trustee (in its capacity as such). The Master Servicers
(with respect to Permitted Investments of amounts in the Servicing Accounts, the
Reserve Accounts, the Collection Accounts or the Loan Combination Custodial
Accounts) and the Special Servicer (with respect to Permitted Investments of
amounts in the REO Accounts), on behalf of the Trustee (with respect to
Permitted Investments of amounts in the Distribution Account, the Gain-on-Sale
Reserve Account, the Additional Interest Account and the Interest Reserve
Account) shall maintain continuous possession of any Permitted Investment that
is either (i) a "certificated security", as such term is defined in the UCC, or
(ii) other property in which a secured party may perfect its security interest
by possession under the UCC or any other applicable law. Possession of any such
Permitted Investment by either Master Servicer or the Special Servicer shall
constitute possession by the Trustee, as secured party, for purposes of Section
9-313 of the UCC and any other applicable law. If amounts on deposit in an
Investment Account are at any time invested in a Permitted Investment payable on
demand, the Master Servicers (in the case of the Collection Accounts, the Loan
Combination Custodial Accounts, the Servicing Accounts and the Reserve
Accounts), the Special Servicer (in the case of the REO Accounts) or the Trustee
(in the case of the Distribution Account, the Gain-on-Sale Reserve Account, the
Additional Interest Account and the Interest Reserve Account) shall:

            (i) consistent with any notice required to be given thereunder,
      demand that payment thereon be made on the last day such Permitted
      Investment may otherwise mature hereunder in an amount equal to the lesser
      of (1) all amounts then payable thereunder and (2) the amount required to
      be withdrawn on such date; and

            (ii) demand payment of all amounts due thereunder promptly upon
      determination by the applicable Master Servicer or the Special Servicer,
      as the case may be, that such Permitted Investment would not constitute a
      Permitted Investment in respect of funds thereafter on deposit in the
      Investment Account.

            (b) Whether or not the applicable Master Servicer directs the
investment of funds in any of the Servicing Accounts, the Reserve Accounts, its
Collection Account or the Loan Combination Custodial Accounts, interest and
investment income realized on funds deposited therein, to the extent of the
related Net Investment Earnings, if any, for each Investment Period and, in the
case of a Reserve Account or a Servicing Account, to the extent not otherwise
payable to the related Mortgagor in accordance with applicable law or the
related Mortgage Loan documents, shall be for the sole and exclusive benefit of
such Master Servicer and shall be subject to its withdrawal in accordance with
Section 3.03(a), 3.03(f) or 3.05(a), as applicable. Whether or not the Special
Servicer directs the investment of funds in any REO Account, interest and
investment income realized on funds deposited therein, to the extent of the Net
Investment Earnings, if any, for each Investment Period, shall be for the sole
and exclusive benefit of the Special Servicer and shall be subject to its
withdrawal in accordance with Section 3.16(b). Whether or not the Trustee
directs the investment of funds in the Distribution Account, the Gain-on-Sale
Reserve Account, the Additional Interest Account and the Interest Reserve
Account, interest and investment income realized on funds deposited therein, to
the extent of the Net Investment Earnings, if any, for each Investment Period,
shall be for the sole and exclusive benefit of the Trustee and shall be subject
to its withdrawal in accordance with Section 3.05(b) or 3.05(f), as applicable.
If any loss shall be incurred in respect of any Permitted Investment on deposit
in any Investment Account, the applicable Master Servicer (in the case of the
Servicing Accounts, the Reserve Accounts, its Collection Account and the Loan
Combination Custodial Accounts, excluding any accounts containing amounts
invested solely for the benefit of, and at the direction of, the Mortgagor under
the terms of the Mortgage Loan or applicable law), the Special Servicer (in the
case of the REO Accounts) and the Trustee (in the case of the Distribution
Account, the Gain-on-Sale Reserve Account, the Additional Interest Account and
the Interest Reserve Account) shall promptly deposit therein from its own funds,
without right of reimbursement, no later than the end of the Investment Period
during which such loss was incurred, the amount of the Net Investment Loss, if
any, for such Investment Period (except, in the case of any such loss with
respect to a Servicing Account or Reserve Account, to the extent the loss
amounts represent amounts that were invested for the benefit of, and payable, to
a Mortgagor under the terms of a Mortgage Loan or applicable law).

            (c) Except as otherwise expressly provided in this Agreement, if any
default occurs in the making of a payment due under any Permitted Investment, or
if a default occurs in any other performance required under any Permitted
Investment and the Special Servicer or the applicable Master Servicer fails to
deposit any losses with respect to such Permitted Investment pursuant to Section
3.06(b), the Trustee may and, subject to Section 8.02, upon the request of
Holders of Certificates entitled to not less than 25% of the Voting Rights
allocated to any Class, shall take such action as may be appropriate to enforce
such payment or performance, including the institution and prosecution of
appropriate proceedings.

            (d) Notwithstanding the investment of funds held in any Investment
Account, for purposes of the calculations hereunder, including, without
limitation, the calculation of the Available Distribution Amount, the amounts so
invested shall be deemed to remain on deposit in such Investment Account.

            SECTION 3.07. Maintenance of Insurance Policies; Errors and
                          Omissions and Fidelity Coverage.

            (a) The Master Servicers, with respect to each of the Mortgage Loans
it is obligated to service hereunder, including Specially Serviced Mortgage
Loans, and the Special Servicer, with respect to REO Properties, shall use
reasonable efforts, consistent with the Servicing Standard, to cause the
Mortgagor to maintain, to the extent required by the terms of the related
Mortgage Loan documents, or if the Mortgagor does not maintain, shall itself
maintain for each Mortgaged Property all insurance coverage as is required under
the related Mortgage; provided that if and to the extent that any such Mortgage
permits the holder thereof any discretion (by way of consent, approval or
otherwise) as to the insurance coverage that the related Mortgagor is required
to maintain, the Master Servicers shall exercise such discretion in a manner
consistent with the Servicing Standard and subject to the terms of this Section
3.07; and provided, further that, if and to the extent that a Mortgage so
permits, the applicable Master Servicer shall use reasonable efforts to cause
the related Mortgagor to obtain the required insurance coverage from Qualified
Insurers and required insurance coverage obtained by the Master Servicers shall
be from Qualified Insurers. The cost of any such insurance coverage obtained by
either Master Servicer or the Special Servicer shall be a Servicing Advance to
be paid by the applicable Master Servicer pursuant to Section 3.03. If not
required under the terms of the Mortgage or the Mortgage Loan documents, the
Special Servicer may require that earthquake insurance be secured for one or
more Mortgaged Properties at the expense of the Trust Fund (including the
Special Servicer's costs and expenses incurred in obtaining such insurance).
Subject to Section 3.17(a), the Special Servicer shall also cause to be
maintained for each REO Property no less insurance coverage than was required of
the Mortgagor under the related Mortgage as of the Closing Date; provided that
all such insurance shall be obtained from Qualified Insurers. All such insurance
policies maintained by either Master Servicer or the Special Servicer (i) shall
contain (if they insure against loss to property and do not relate to an REO
Property) a "standard" mortgagee clause, with loss payable to (or naming as an
additional insured) the Trustee or the applicable Master Servicer on behalf of
the Trustee (and, in the case of a Loan Combination, the related Non-Trust
Noteholder(s)) (in the case of insurance maintained in respect of Mortgage
Loans); (ii) shall be in the name of the Special Servicer (in the case of
insurance maintained in respect of REO Properties), on behalf of the Trustee;
(iii) shall be non-cancelable without 30 days' prior written notice to the
insured party or with respect to non-payment shall be non-cancelable without the
insurer providing 10 days' prior notice; (iv) in the case of a hazard insurance
policy, shall include coverage in an amount not less than the lesser of (x) the
full replacement cost of the improvements securing a Mortgaged Property or REO
Property, as applicable, or (y) the outstanding principal balance owing on the
related Mortgage Loan or REO Loan, as applicable, and in any event, the amount
necessary to avoid the operation of any co-insurance provisions; (v) shall
include a replacement cost endorsement providing no deduction for depreciation
(unless such endorsement is not required under the related Mortgage Loan
documents); (vi) shall include such other insurance, including, to the extent
available at commercially reasonable rates, earthquake insurance, where
applicable, as required under the applicable Mortgage or other Mortgage Loan
documents; (vii) to the extent that the Mortgage or other Mortgage Loan
documents specifically require terrorism coverage or the Mortgage requires the
related Mortgagor to carry "all risk" coverage, shall include terrorism
coverage, unless the failure to obtain such terrorism coverage constitutes an
Acceptable Insurance Default; and (viii) in each case such insurance shall be
issued by an insurer authorized under applicable law to issue such insurance.
Notwithstanding the foregoing, the Master Servicers and the Special Servicer
shall not be required to obtain, and shall not be in default hereunder for
failing to obtain, (A) any insurance coverage that was previously required of
the Mortgagor under the related Mortgage if (a) such insurance is not available
to the applicable Master Servicer or the Special Servicer, as the case may be,
at any rate; (b) such insurance is not available from a Qualified Insurer
(provided that either Master Servicer or the Special Servicer, as applicable,
shall obtain such insurance from the next highest rated insurer offering such
insurance at commercially reasonable rates); (c) subject to the prior approval
of the Controlling Class Representative (which approval is in any such case
deemed granted if not denied within 10 Business Days after its receipt of the
applicable Master Servicer's or the Special Servicer's request for such
approval), such insurance is not available at commercially reasonable rates and,
as determined by the applicable Master Servicer or the Special Servicer
following due inquiry conducted in a manner consistent with the Servicing
Standard, the subject hazards are not commonly insured against by prudent owners
of similar real properties in similar locales (but only by reference to such
insurance that has been obtained by such owners at the then current market
rates); or (d) the Trustee does not have an insurable interest in the related
Mortgaged Property or REO Property or (B) any earthquake or environmental
insurance policy on any Mortgaged Property unless such insurance policy was in
effect at the time of the origination of the related Mortgage Loan or on the
Closing Date pursuant to the terms of the related Mortgage Loan documents and is
available at commercially reasonable rates, which determination shall be subject
to the approval of the Controlling Class Representative (which approval shall be
deemed given if not received within 10 Business Days). In determining whether
any insurance coverage is available or is available at reasonable rates, the
applicable Master Servicer shall be entitled to rely, at is own expense, on
insurance consultants in making such determination and any such determinations
by the applicable Master Servicer must be made not less frequently (but need not
be made more frequently) than annually but in any event shall be made at the
approximate date on which the applicable Master Servicer receives notice of the
renewal, replacement or cancellation of coverage (but in no case less than
annually). Any amounts collected by either Master Servicer or the Special
Servicer under any such policies (other than amounts to be applied to the
restoration or repair of the related Mortgaged Property or REO Property or
amounts to be released to the related Mortgagor, in each case subject to the
rights of any tenants and ground lessors, as the case may be, and in each case
in accordance with the terms of the related Mortgage and the Servicing Standard)
shall be deposited in the applicable Master Servicer's Collection Account,
subject to withdrawal pursuant to Section 3.05(a), in the case of amounts
received in respect of a Mortgage Loan (other than a Loan Combination), or in
the related Loan Combination Custodial Account, subject to withdrawal pursuant
to Section 3.05(e), in the case of amounts received in respect of a Loan
Combination, or in the applicable REO Account, subject to withdrawal pursuant to
Section 3.16(c), in the case of amounts received in respect of an REO Property.
Any cost incurred by either Master Servicer or the Special Servicer in
maintaining any such insurance shall not, for purposes hereof, including,
without limitation, calculating monthly distributions to Certificateholders, be
added to the unpaid principal balance of the related Mortgage Loan,
notwithstanding that the terms of such Mortgage Loan so permit.

            Notwithstanding the foregoing, with respect to the Mortgage Loans
which either (x) require the Mortgagor to maintain "all risk" property insurance
(and do not expressly permit an exclusion for terrorism) or (y) contain
provisions generally requiring the applicable Mortgagor to maintain insurance in
types and against such risks as the holder of such Mortgage Loan reasonably
requires from time to time in order to protect its interests, the applicable
Master Servicer will be required to (A) use reasonable efforts to monitor
whether the insurance policies for the related Mortgaged Property contain
Additional Exclusions, (B) request the Mortgagor to either purchase insurance
against the risks specified in the Additional Exclusions or provide an
explanation as to its reasons for failing to purchase such insurance and (C)
notify the Special Servicer if any insurance policy contains Additional
Exclusions or if any Mortgagor fails to purchase the insurance requested to be
purchased by such Master Servicer pursuant to clause (B) above. If the Special
Servicer determines in accordance with the Servicing Standard that such failure
is not an Acceptable Insurance Default, the Special Servicer shall notify the
applicable Master Servicer and such Master Servicer shall cause such insurance
to be maintained. Furthermore, the Special Servicer shall inform the Rating
Agencies as to such conclusions for those Mortgage Loans that (i) have one of
the 10 highest outstanding Stated Principal Balances of all of the Mortgage
Loans then included in the Trust Fund or (ii) comprise more than 5% of the
outstanding Stated Principal Balance of the Mortgage Loans then included in the
Trust Fund (and, if a Loan Combination satisfies clause (i) and/or clause (ii),
the Special Servicer shall also inform the related Non-Trust Noteholder(s) as to
such conclusion). During the period that the Special Servicer is evaluating the
availability of such insurance, the applicable Master Servicer will not be
liable for any loss related to its failure to require the Mortgagor to maintain
such insurance and will not be in default of its obligations as a result of such
failure and such Master Servicer will not itself maintain such insurance or
cause such insurance to be maintained.

            (b) If either Master Servicer or the Special Servicer shall obtain
and maintain, or cause to be obtained and maintained, a blanket policy or master
force-placed policy insuring against hazard losses on all of the Mortgage Loans
and/or REO Properties that it is required to service and administer, then, to
the extent such policy (i) is obtained from a Qualified Insurer and (ii)
provides protection equivalent to the individual policies otherwise required,
such Master Servicer or the Special Servicer, as the case may be, shall
conclusively be deemed to have satisfied its obligation to cause hazard
insurance to be maintained on the related Mortgaged Properties and/or REO
Properties. In the event that the Special Servicer causes any REO Property to be
covered by such blanket policy, the incremental cost of such insurance
applicable to such REO Property (other than any minimum or standby premium
payable for such policy whether or not any REO Property is covered thereby)
shall be paid by the applicable Master Servicer as a Servicing Advance pursuant
to Section 3.03. Such blanket policy or master force-placed policy may contain a
deductible clause (not in excess of a customary amount), in which case the
applicable Master Servicer or the Special Servicer, as appropriate, shall, if
there shall not have been maintained on the related Mortgaged Property or REO
Property a hazard insurance policy complying with the requirements of Section
3.07(a), and there shall have been one or more losses that would have been
covered by such policy, promptly deposit into its Collection Account (or, in the
case of a Loan Combination Mortgaged Property or any Loan Combination REO
Property, into the related Loan Combination Custodial Account) from its own
funds the amount not otherwise payable under the blanket policy or master
force-placed policy because of such deductible clause to the extent the amount
of such deductible exceeds the deductible permitted under the related Mortgage
Loan documents (or if the related Mortgage Loan documents are silent regarding a
permitted deductible, a deductible for an individual policy that is consistent
with the Servicing Standard). The applicable Master Servicer or the Special
Servicer, as appropriate, shall prepare and present, on behalf of itself, the
Trustee and the Certificateholders (and, in the case of a Loan Combination, the
related Non-Trust Noteholder(s)), claims under any such blanket policy or master
force-placed policy in a timely fashion in accordance with the terms of such
policy.

            (c) Each of the Master Servicers and the Special Servicer shall at
all times during the term of this Agreement (or, in the case of the Special
Servicer, at all times during the term of this Agreement in which Specially
Serviced Mortgage Loans or REO Properties are part of the Trust Fund) keep in
force a fidelity bond with Qualified Insurers, such fidelity bond to be
commercially reasonable in the mortgage servicing industry and in an amount not
less than $10,000,000. Each of the Master Servicers and the Special Servicer
shall be deemed to have complied with the foregoing provision if an Affiliate
thereof has such fidelity bond coverage and, by the terms of such fidelity bond,
the coverage afforded thereunder extends to the subject Master Servicer or the
Special Servicer, as the case may be.

            Each of the Master Servicers and the Special Servicer shall at all
times during the term of this Agreement (or, in the case of the Special
Servicer, at all times during the term of this Agreement in which Specially
Serviced Mortgage Loans and/or REO Properties exist as part of the Trust Fund)
also keep in force with Qualified Insurers, a policy or policies of insurance
covering loss occasioned by the errors and omissions of its officers and
employees in connection with its servicing obligations hereunder, which policy
or policies shall be commercially reasonable in the mortgage servicing industry
and in an amount not less than $10,000,000. Each of the Master Servicers and the
Special Servicer shall be deemed to have complied with the foregoing provisions
if an Affiliate thereof has such insurance and, by the terms of such policy or
policies, the coverage afforded thereunder extends to the subject Master
Servicer or the Special Servicer, as the case may be. Any such errors and
omissions policy shall provide for 10 days' written notice to the Trustee prior
to cancellation. Each Master Servicer and the Special Servicer shall each cause
the Trustee to be an additional loss payee on any policy currently in place or
procured pursuant to the requirements of this Section 3.07(c).

            For so long as the long-term debt obligations of either Master
Servicer or the Special Servicer (or in the case of each initial Master Servicer
and Special Servicer, their respective direct parent) are rated at least "A" or
the equivalent by all of the Rating Agencies (or such lower rating as will not
result in an Adverse Rating Event, as evidenced in writing by the Rating
Agencies), such Person may self-insure with respect to the risks described in
this Section 3.07.

            (d) Within 90 days of the Closing Date, with respect to each of the
Mortgage Loans identified on Schedule II as being covered by an environmental
insurance policy, the applicable Master Servicer (or the Special Servicer in the
case of a Specially Serviced Mortgage Loan) shall notify the insurer under such
environmental insurance policy and take all other action necessary for the
Trustee, on behalf of the Certificateholders (and in the case of a Loan
Combination, the related Non-Trust Noteholder(s)), to be an insured (and for
such Master Servicer (or the Special Servicer in the case of a Specially
Serviced Mortgage Loan), on behalf of the Trust Fund (and in the case of a Loan
Combination, the related Non-Trust Noteholder(s)), to make claims) under such
environmental insurance policy. In the event that the applicable Master
Servicer, in the case of a non-Specially Serviced Mortgage Loan, or the Special
Servicer, in the case of a Specially Serviced Mortgage Loan, has actual
knowledge of any event (an "Insured Environmental Event") giving rise to a claim
under any environmental insurance policy in respect of any Mortgage Loan covered
thereby, such Master Servicer (or the Special Servicer in the case of a
Specially Serviced Mortgage Loan) shall, in accordance with the terms of such
environmental insurance policy and the Servicing Standard, timely make a claim
thereunder with the appropriate insurer and shall take such other actions in
accordance with the Servicing Standard which are necessary under such
environmental insurance policy in order to realize the full value thereof for
the benefit of the Certificateholders (and in the case of a Loan Combination,
the related Non-Trust Noteholder(s)). Any legal fees, premiums or other
out-of-pocket costs incurred in connection with any such claim under an
environmental insurance policy shall be paid by the applicable Master Servicer
and shall be reimbursable to it as a Servicing Advance. With respect to each
environmental insurance policy that relates to one or more Mortgage Loans, the
applicable Master Servicer shall review and familiarize itself with the terms
and conditions relating to enforcement of claims and shall monitor the dates by
which any claim must be made or any action must be taken under such policy to
realize the full value thereof for the benefit of the Certificateholders (and in
the case of a Loan Combination, the related Non-Trust Noteholder(s)) in the
event such Master Servicer has actual knowledge of an Insured Environmental
Event giving rise to a claim under such policy.

            In the event that the applicable Master Servicer (or the Special
Servicer in the case of a Specially Serviced Mortgage Loan) receives notice of
any termination of any environmental insurance policy that relates to one or
more Mortgage Loans, such Master Servicer (or the Special Servicer in the case
of a Specially Serviced Mortgage Loan) shall, within five Business Days after
receipt of such notice, notify the Special Servicer, the Controlling Class
Representative, the Rating Agencies, the Trustee and, in the case of a Loan
Combination, the related Non-Trust Noteholder(s) of such termination in writing.
Upon receipt of such notice, the applicable Master Servicer with respect to
non-Specially Serviced Mortgage Loans, and the Special Servicer with respect to
Specially Serviced Mortgage Loans, shall address such termination in accordance
with Section 3.07(a) in the same manner as it would the termination of any other
Insurance Policy required under the related Mortgage Loan documents. Any legal
fees, premiums or other out-of-pocket costs incurred in connection with a
resolution of such termination of an environmental insurance policy shall be
paid by the applicable Master Servicer and shall be reimbursable to it as a
Servicing Advance.

            SECTION 3.08. Enforcement of Alienation Clauses.

            (a) The Master Servicers (with respect to related Mortgage Loans
that are not Specially Serviced Mortgage Loans) and the Special Servicer (with
respect to Specially Serviced Mortgage Loans), on behalf of the Trustee as the
mortgagee of record, shall enforce any "due-on-sale" or "due-on-encumbrance"
clauses and any other restrictions contained in the related Mortgage or other
related loan document on transfers or further encumbrances of the related
Mortgaged Property and on transfers of interests in the related Mortgagor,
unless either Master Servicer or the Special Servicer, as the case may be, has
(i) determined, in its reasonable judgment (exercised in accordance with the
Servicing Standard and which, for the avoidance of doubt, would include a
determination that any required conditions to a transfer have been met), that
waiver of the lender's rights under such clauses or the waiver of such other
restrictions, as applicable, would be in accordance with the Servicing Standard
and (ii) complied with the applicable requirements, if any, of Section 6.11;
provided that:

            (i) subject to the related Mortgage Loan documents and applicable
      law, neither of the Master Servicers nor the Special Servicer shall waive
      any right it has, or grant any consent it is otherwise entitled to
      withhold, in accordance with any related "due-on-encumbrance" clause under
      any Trust Mortgage Loan that is a Significant Mortgage Loan, or if, taking
      into account existing debt on the subject Mortgaged Property (including
      any related Non-Trust Loan(s)) and the proposed additional debt as if such
      total debt were a single mortgage loan, the Loan-to-Value Ratio is equal
      to or greater than 85% or the Debt Service Coverage Ratio is equal to or
      less than 1.2x, unless it receives prior written confirmation from each
      Rating Agency that such action would not result in an Adverse Rating Event
      (except that prior written confirmation from Moody's shall not be required
      unless the Trust Mortgage Loan is a Significant Mortgage Loan);

            (ii) if the affected Trust Mortgage Loan is a Significant Mortgage
      Loan, then, subject to the related Mortgage Loan documents and applicable
      law, neither of the Master Servicers nor the Special Servicer shall waive
      any right it has, or grant any consent it is otherwise entitled to
      withhold, in accordance with any related "due-on-sale" clause under any
      Trust Mortgage Loan until it has received written confirmation from each
      Rating Agency that such action would not result in an Adverse Rating
      Event; provided that, with respect to a waiver of a due-on-sale provision,
      in the event that such Mortgage Loan is not a Significant Mortgage Loan,
      and the Mortgage Loan documents contain a requirement for Rating Agency
      approval, either Master Servicer or the Special Servicer, subject to
      Section 6.11 may waive such requirement without Rating Agency approval in
      accordance with the Servicing Standard;

            (iii) subject to the related Mortgage Loan documents and applicable
      law, neither Master Servicer shall waive any right it has, or grant any
      consent it is otherwise entitled to withhold, in accordance with any
      related "due-on-encumbrance" clause under any Trust Mortgage Loan that is
      not a Specially Serviced Mortgage Loan until it has delivered to the
      Special Servicer its recommendation and analysis of the request, together
      with a copy of the materials and information upon which such
      recommendation is based, and has received the consent of the Special
      Servicer (the giving of which consent shall be subject to the Servicing
      Standard and Section 6.11, which consent shall be deemed given if not
      denied in writing within 10 Business Days (or, if the Controlling Class
      Representative is entitled to object pursuant to Section 6.11, 15 Business
      Days, (which 15 Business Days shall include the five Business Days
      specified in the proviso at the end of the first paragraph of Section
      6.11) after receipt by the Special Servicer of the applicable Master
      Servicer's written recommendation and analysis and any additional
      information reasonably requested by the Special Servicer or the
      Controlling Class Representative);

            (iv) subject to the related Mortgage Loan documents and applicable
      law, neither Master Servicer shall waive any right it has, or grant any
      consent it is otherwise entitled to withhold, in accordance with any
      related "due-on-sale" clause under any Trust Mortgage Loan that is not a
      Specially Serviced Mortgage Loan until it has received the consent of the
      Special Servicer (the giving of which consent shall be subject to the
      Servicing Standard and Section 6.11, which consent shall be deemed given
      if not denied in writing within 10 Business Days (or, if the Controlling
      Class Representative is entitled to object pursuant to Section 6.11, 15
      Business Days, (which 15 Business Days shall include the five Business
      Days specified in the proviso at the end of the first paragraph of Section
      6.11) of receipt by the Special Servicer of the applicable Master
      Servicer's written recommendation and analysis and any additional
      information reasonably requested by the Special Servicer or the
      Controlling Class Representative);

            (v) subject to the related Mortgage Loan documents and applicable
      law, neither of the Master Servicers nor the Special Servicer shall waive
      any right it has, or grant any consent it is otherwise entitled to
      withhold, in accordance with any related "due-on-sale" or
      "due-on-encumbrance" clause under any Mortgage Loan, or approve the
      assumption of any Mortgage Loan, unless in any such case, all associated
      costs and expenses are covered without any expense to the Trust (it being
      understood and agreed that, except as expressly provided herein, neither
      of the Master Servicers nor the Special Servicer shall be obligated to
      cover or assume any such costs or expenses); and

            (vi) neither of the Master Servicers nor the Special Servicer shall
      (to the extent that it is within the control thereof to prohibit such
      event) consent to the transfer of any Mortgaged Property that secures a
      Crossed Loan Group unless (i) all of the Mortgaged Properties securing
      such Crossed Loan Group are transferred simultaneously by the respective
      Mortgagor or (ii) it obtains the consent of the Controlling Class
      Representative, which consent shall be deemed given if not denied in
      writing within 10 Business Days (or, if the Controlling Class
      Representative is entitled to object pursuant to Section 6.11, 15 Business
      Days, which 15 Business Days shall include the five Business Days
      specified in the proviso at the end of the first paragraph of Section
      6.11) of receipt by the Controlling Class Representative of written notice
      of such action and all reasonably requested information related thereto
      (or, if no information is requested, within 10 Business Days (or, if
      applicable, 15 Business Days) of receipt of written notice).

            If, in connection with an assumption of any Mortgage Loan, the
applicable Mortgage Loan Seller bears the costs and expenses associated with
such assumption in accordance with the terms of the applicable Mortgage Loan
Purchase Agreement, any costs and expenses subsequently recovered by the
applicable Master Servicer from the related Mortgagor in respect of such
assumption shall be promptly remitted by such Master Servicer to the applicable
Mortgage Loan Seller.

            In the case of any Mortgage Loan, the applicable Master Servicer and
the Special Servicer shall each provide the other with all such information as
each may reasonably request in order to perform its duties under this Section.

            In connection with any permitted assumption of any Mortgage Loan or
waiver of a "due-on-sale" or "due-on-encumbrance" clause thereunder, the
applicable Master Servicer, with respect to Mortgage Loans that are not
Specially Serviced Mortgage Loans, or the Special Servicer, with respect to the
Specially Serviced Mortgage Loans, shall prepare all documents necessary and
appropriate for such purposes and shall coordinate with the related Mortgagor
for the due execution and delivery of such documents.

            If either Master Servicer or the Special Servicer, as applicable,
consents subsequent to the Closing Date to the incurrence by the principal(s) of
a Mortgagor under a Trust Mortgage Loan of mezzanine financing or the incurrence
by a Mortgagor of subordinate debt and enters into an intercreditor agreement,
such servicer (to the extent it is permitted to do so under the related loan
documents and applicable law and in accordance with the Servicing Standard)
shall require the related mezzanine or subordinate lender to agree to pay a
Principal Recovery Fee in connection with any purchase right that arises upon a
loan default in the event such purchase occurs after the expiration of 60 days
from the date the right to purchase arises under such intercreditor agreement.
The foregoing sentence shall not operate to modify the provisions of the
preceding paragraph of this Section 3.08(a) regarding due-on-sale and
due-on-encumbrance provisions.

            (b) Notwithstanding any other provisions of this Section 3.08,
either Master Servicer with respect to Mortgage Loans that are not Specially
Serviced Mortgage Loans (without the Special Servicer's consent, but subject to
delivering prior notice to the Special Servicer and the Controlling Class
Representative (and with respect to a Loan Combination, the related Non-Trust
Noteholder(s)) or the Special Servicer with respect to the Specially Serviced
Mortgage Loans, as applicable, may grant, without any Rating Agency confirmation
as otherwise provided in paragraph (a) above, a Mortgagor's request for consent
to subject the related Mortgaged Property to an easement, right-of-way or other
similar agreement for utilities, access, parking, public improvements or another
purpose, and may consent to subordination of the related Mortgage Loan to such
easement, right-of-way or other similar agreement provided the applicable Master
Servicer or the Special Servicer, as applicable, shall have determined in
accordance with the Servicing Standard that such easement, right-of-way or other
similar agreement shall not materially interfere with the then-current use of
the related Mortgaged Property, the security intended to be provided by such
Mortgage or the related Mortgagor's ability to repay the Mortgage Loan, or
materially and adversely affect the value of such Mortgaged Property, or cause
the Mortgage Loan to cease to be a qualified mortgage loan for REMIC purposes.

            SECTION 3.09. Realization upon Defaulted Mortgage Loans; Required
                          Appraisals.

            (a) The Special Servicer shall, subject to Sections 3.09(b) through
3.09(d) and Section 6.11, exercise reasonable efforts, consistent with the
Servicing Standard, to foreclose upon or exercise any power of sale contained in
the related Mortgage, obtain a deed-in-lieu of foreclosure, or otherwise acquire
title to the corresponding Mortgaged Property by operation of law or otherwise
in relation to 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, including, without limitation, pursuant to Section 3.20.
Subject to the second paragraph of Section 3.03(c), the applicable Master
Servicer shall advance all costs and expenses (other than costs or expenses that
would, if incurred, constitute a Nonrecoverable Servicing Advance) incurred by
the Special Servicer in any such proceedings, and shall be entitled to
reimbursement therefor as provided in Section 3.05(a) or Section 3.05(e), as
applicable. Nothing contained in this Section 3.09 shall be construed so as to
require the Special Servicer, on behalf of the Trust Fund (and, in the case of a
Loan Combination Mortgaged Property, the related Non-Trust Noteholder(s)), to
make a bid on any Mortgaged Property at a foreclosure sale or similar proceeding
that is in excess of the fair market value of such property, as determined by
the Special Servicer in its reasonable judgment (exercised in accordance with
the Servicing Standard) taking into account, as applicable, among other factors,
the period and amount of any delinquency on the affected Mortgage Loan, the
occupancy level and physical condition of the Mortgaged Property or REO
Property, the state of the local economy, the obligation to dispose of any REO
Property within the time period specified in Section 3.16(a) and the results of
any appraisal obtained pursuant to the following sentence, all such bids to be
made in a manner consistent with the Servicing Standard. If and when the
applicable Master Servicer or the Special Servicer deems it necessary and
prudent for purposes of establishing the fair market value of any Mortgaged
Property securing a Defaulted Mortgage Loan, whether for purposes of bidding at
foreclosure or otherwise, it may, at the expense of the Trust Fund (and, in the
case of a Loan Combination, at the expense of the related Non-Trust
Noteholder(s)), have an appraisal performed with respect to such property by an
Independent Appraiser or other expert in real estate matters; which appraisal
shall take into account, as applicable, among other factors, the period and
amount of any delinquency on the affected Mortgage Loan, the occupancy level and
physical condition of the related Mortgaged Property or REO Property, the state
of the local economy and the obligation to dispose of any REO Property within
the time period specified in Section 3.16(a), including without limitation, any
environmental, engineering or other third party reports available, and other
factors that a prudent real estate appraiser would consider.

            With respect to each Required Appraisal Mortgage Loan, the Special
Servicer will be required to use commercially reasonable efforts to obtain a
Required Appraisal (or with respect to any Mortgage Loan with an outstanding
principal balance, net of related unreimbursed advances of principal, of less
than $2,000,000, at the Special Servicer's option, an internal valuation
performed by the Special Servicer) within 60 days of a Mortgage Loan becoming a
Required Appraisal Mortgage Loan (unless an appraisal meeting the requirements
of a Required Appraisal was obtained for such Required Appraisal Mortgage Loan
within the prior 12 months and the Special Servicer has no actual knowledge of a
material adverse change in the condition of the related Mortgaged Property in
which case such appraisal may be a letter update of the Required Appraisal) and
thereafter shall obtain a Required Appraisal (or with respect to any Mortgage
Loan with an outstanding principal balance, net of related unreimbursed Advances
of principal, of less than $2,000,000, an internal valuation performed by the
Special Servicer) once every 12 months (or sooner if the Special Servicer has
actual knowledge of a material adverse change in the condition of the related
Mortgaged Property) if such Mortgage Loan remains a Required Appraisal Mortgage
Loan. Following its receipt of such Required Appraisal or letter update or the
completion of its internal valuation, the Special Servicer may, but shall not be
required to, reduce the Appraised Value of the related Mortgaged Property based
on its review of the Required Appraisal (or letter update or internal valuation)
and any other information that the Special Servicer, consistent with the
Servicing Standard, deems appropriate. The Special Servicer shall deliver a copy
of each Required Appraisal (or letter update or internal valuation) to the
applicable Master Servicer, the Controlling Class Representative and the Trustee
within 10 Business Days of obtaining or performing such Required Appraisal (or
letter update or internal valuation). Subject to the second paragraph of Section
3.03(c), the applicable Master Servicer shall advance the cost of such Required
Appraisal; provided, however, that such expense will be subject to reimbursement
to such Master Servicer as a Servicing Advance out of its Collection Account
pursuant to Section 3.05(a)(vi) and 3.05(a)(vii) or, in the case of a Loan
Combination, out of the related Loan Combination Custodial Account pursuant to
Section 3.05(e)(vi) and 3.05(e)(vii).

            (b) Notwithstanding any other provision of this Agreement, no
Mortgaged Property shall be acquired by the Special Servicer on behalf of the
Certificateholders (and, in the case of a Loan Combination Mortgaged Property,
the related Non-Trust Noteholder) under such circumstances, in such manner or
pursuant to such terms as would, in the reasonable judgment of the Special
Servicer (exercised in accordance with the Servicing Standard), (i) cause such
Mortgaged Property to fail to qualify as "foreclosure property" within the
meaning of Section 860G(a)(8) of the Code (unless the portion of such Mortgaged
Property that is not treated as "foreclosure property" and that is held by REMIC
I at any given time constitutes not more than a de minimis amount of the assets
of REMIC I, within the meaning of Treasury Regulations Section 1.860D-1(b)(3)(i)
and (ii)), or (ii) except as permitted by Section 3.17(a), subject the Trust
Fund to the imposition of any federal income taxes under the Code. Subject to
the foregoing, however, a Mortgaged Property may be acquired through a single
member limited liability company if the Special Servicer determines that such an
action is appropriate to protect the Trust (and, in the case of a Loan
Combination Mortgaged Property, the related Non-Trust Noteholder(s)) from
potential liability. The Special Servicer shall not acquire any personal
property pursuant to this Section 3.09 unless either:

            (i) such personal property is incident to real property (within the
      meaning of Section 856(e)(1) of the Code) so acquired by the Special
      Servicer; or

            (ii) the Special Servicer shall have obtained an Opinion of Counsel
      (the cost of which may be withdrawn from the applicable Master Servicer's
      Collection Account pursuant to Section 3.05(a)) to the effect that the
      holding of such personal property as part of the Trust Fund will not cause
      the imposition of a tax on either REMIC I or REMIC II under the REMIC
      Provisions or cause either of REMIC I or REMIC II to fail to qualify as a
      REMIC at any time that any Certificate is outstanding.

            (c) Neither Master Servicer (in such capacity) shall obtain title to
a Mortgaged Property. Notwithstanding the foregoing provisions of this Section
3.09, the Special Servicer shall not, on behalf of the Trust Fund (and, in the
case of a Loan Combination, on behalf of the related Non-Trust Noteholder(s)),
obtain title to a Mortgaged Property by foreclosure, deed in lieu of foreclosure
or otherwise, or take any other action with respect to any Mortgaged Property,
if, as a result of any such action, the Trustee, on behalf of the
Certificateholders (and, in the case of a Loan Combination Mortgaged Property,
on behalf of the related Non-Trust Noteholder(s)), could, in the reasonable
judgment of the Special Servicer exercised in accordance with the Servicing
Standard, be considered to hold title to, to be a "mortgagee-in-possession" of,
or to be an "owner" or "operator" of such Mortgaged Property within the meaning
of CERCLA or any comparable law (a "potentially responsible party"), unless the
Special Servicer has determined (as evidenced by an Officer's Certificate to
such effect delivered to the Trustee (and, in the case of a Loan Combination
Mortgaged Property, the related Non-Trust Noteholder(s)) that shall specify all
of the bases for such determination), in accordance with the Servicing Standard,
and based on an Environmental Assessment of such Mortgaged Property performed by
an Independent Person who regularly conducts Environmental Assessments and
performed within six months prior to any such acquisition of title or other
action (a copy of which Environmental Assessment shall be delivered to the
Trustee, the Controlling Class Representative, the applicable Master Servicer
and, in the case of a Loan Combination Mortgaged Property, to the related
Non-Trust Noteholder(s)), that:

            (i) the Mortgaged Property is in compliance with applicable
      environmental laws and regulations or, if not, that it would (taking into
      account the coverage provided under any related environmental insurance
      policy) maximize the recovery to the Certificateholders (and, in the case
      of a Loan Combination Mortgaged Property, on behalf of the related
      Non-Trust Noteholder(s)) on a present value basis (the relevant
      discounting of anticipated collections that will be distributable to
      Certificateholders (and, in the case of a Loan Combination Mortgaged
      Property, on behalf of the related Non-Trust Noteholder(s)) to be
      performed at the related Net Mortgage Rate) to acquire title to or
      possession of the Mortgaged Property and to take such actions as are
      necessary to bring the Mortgaged Property into compliance therewith in all
      material respects; and

            (ii) there are no circumstances or conditions present at the
      Mortgaged Property relating to the use, management or disposal of
      Hazardous Materials for which investigation, testing, monitoring,
      containment, clean-up or remediation could be required under any
      applicable environmental laws and regulations or, if such circumstances or
      conditions are present for which any such action could reasonably be
      expected to be required, that it would (taking into account the coverage
      provided under any related environmental insurance policy) maximize the
      recovery to the Certificateholders (and, in the case of a Loan Combination
      Mortgaged Property, on behalf of the related Non-Trust Noteholder(s)) on a
      present value basis (the relevant discounting of anticipated collections
      that will be distributable to Certificateholders (and, in the case of a
      Loan Combination Mortgaged Property, on behalf of the related Non-Trust
      Noteholder(s)) to be performed at the related Net Mortgage Rate) to
      acquire title to or possession of the Mortgaged Property and to take such
      actions with respect to the affected Mortgaged Property.

            The Special Servicer shall, in good faith, undertake reasonable
efforts to make the determination referred to in the preceding paragraph and may
conclusively rely on the Environmental Assessment referred to above in making
such determination. The cost of any such Environmental Assessment shall be
covered by, and reimbursable as, a Servicing Advance; and if any such
Environmental Assessment so warrants, the Special Servicer shall perform such
additional environmental testing as it deems necessary and prudent to determine
whether the conditions described in clauses (i) and (ii) of the preceding
paragraph have been satisfied (the cost of any such additional testing also to
be covered by, and reimbursable as, a Servicing Advance). The cost of any
remedial, corrective or other further action contemplated by clause (i) and/or
clause (ii) of the preceding paragraph shall be payable out of the applicable
Collection Account or the applicable Loan Combination Custodial Account pursuant
to Section 3.05(a) or 3.05(e) (or, in the case of a Loan Combination Mortgaged
Property, to the extent the funds in the related Loan Combination Custodial
Account are insufficient, shall be advanced by the applicable Master Servicer,
subject to Section 3.03(c)).

            (d) If the environmental testing contemplated by Section 3.09(c)
above establishes that any of the conditions set forth in clauses (i) and (ii)
thereof has not been satisfied with respect to any Mortgaged Property securing a
Defaulted Mortgage Loan and there is no breach of a representation or warranty
requiring repurchase under the applicable Mortgage Loan Purchase Agreement, the
Special Servicer shall take such action as is in accordance with the Servicing
Standard (other than proceeding against the Mortgaged Property). At such time as
it deems appropriate, the Special Servicer may, on behalf of the Trust (and, if
a Loan Combination is involved, the related Non-Trust Noteholder(s)), if and as
applicable, release all or a portion of such Mortgaged Property from the lien of
the related Mortgage; provided that, if such Mortgage Loan (or such Loan
Combination, if applicable) has a then outstanding principal balance of greater
than $1 million, then prior to the release of all or a portion of the related
Mortgaged Property from the lien of the related Mortgage, (i) the Special
Servicer shall have notified the Rating Agencies, the Trustee, the Controlling
Class Representative, the applicable Master Servicer and, in the case of a Loan
Combination Mortgaged Property, the related Non-Trust Noteholder(s) in writing
of its intention to so release all or a portion of such Mortgaged Property and
the bases for such intention and (ii) the Trustee shall have notified the
Certificateholders in writing of the Special Servicer's intention to so release
all or a portion of such Mortgaged Property.

            (e) The Special Servicer shall report to the applicable Master
Servicer, the Controlling Class Representative, the Trustee and, in the case of
a Loan Combination Mortgaged Property, the related Non-Trust Noteholder(s)
monthly in writing as to any actions taken by the Special Servicer with respect
to any Mortgaged Property that represents security for a Defaulted Mortgage Loan
as to which the environmental testing contemplated in Section 3.09(c) above has
revealed that any of the conditions set forth in clauses (i) and (ii) thereof
has not been satisfied, in each case until the earlier to occur of satisfaction
of all such conditions and release of the lien of the related Mortgage on such
Mortgaged Property.

            (f) The Special Servicer shall have the right to determine, in
accordance with the Servicing Standard, with respect to any Specially Serviced
Mortgage Loan, the advisability of seeking to obtain a deficiency judgment if
the state in which the related Mortgaged Property is located and the terms of
the Mortgage Loan permit such an action and shall, in accordance with the
Servicing Standard, seek such deficiency judgment if it deems advisable.

            (g) Annually in each January, the Special Servicer shall on a timely
basis forward to the Master Servicers, all information required to be reported
and the Master Servicers shall promptly prepare and file with the Internal
Revenue Service on a timely basis, the information returns with respect to the
reports of foreclosures and abandonments and reports relating to any
cancellation of indebtedness income with respect to any Mortgage Loan or
Mortgaged Property required by Sections 6050H (as applicable), 6050J and 6050P
of the Code. Each Master Servicer shall prepare and file the information returns
with respect to the receipt of any mortgage interest received in a trade or
business from individuals with respect to any Mortgage Loan as required by
Section 6050H of the Code. All information returns shall be in form and
substance sufficient to meet the reporting requirements imposed by the relevant
sections of the Code.

            (h) The Special Servicer shall maintain accurate records, prepared
by a Servicing Officer, of each Final Recovery Determination in respect of any
Mortgage Loan or REO Property and the basis thereof. Each Final Recovery
Determination shall be evidenced by an Officer's Certificate (together with the
basis and back-up documentation for the determination) delivered to the Trustee,
the Controlling Class Representative, the applicable Master Servicer and, in the
case of any Loan Combination or any Loan Combination REO Property, the related
Non-Trust Noteholder(s) no later than the third Business Day following such
Final Recovery Determination.

            (i) Upon reasonable request of either Master Servicer, the Special
Servicer shall deliver to it and the related Sub-Servicer any other information
and copies of any other documents in its possession with respect to a Specially
Serviced Mortgage Loan or the related Mortgaged Property.

            SECTION 3.10. Trustee to Cooperate; Release of Mortgage Files.

            (a) Upon the payment in full of any Trust Mortgage Loan, or the
receipt by the applicable Master Servicer of a notification that payment in full
shall be escrowed in a manner customary for such purposes, such Master Servicer
shall promptly notify the Trustee in writing who shall release, by a
certification (which certification shall be in the form of a Request for Release
in the form of Exhibit D-1 attached hereto and shall be accompanied by the form
of a release or discharge and shall include a statement to the effect that all
amounts received or to be received in connection with such payment which are
required to be deposited in such Master Servicer's Collection Account pursuant
to Section 3.04(a) have been or will be so deposited) of a Servicing Officer (a
copy of which certification shall be delivered to the Special Servicer) and
shall request delivery to it of the related Mortgage File. Upon receipt of such
certification and request, the Trustee shall release the related Mortgage File
to the applicable Master Servicer and shall deliver to such Master Servicer such
release or discharge, duly executed. No expenses incurred in connection with any
instrument of satisfaction or deed of reconveyance shall be chargeable to the
applicable Master Servicer's Collection Account or the Distribution Account.

            Upon the payment in full of any Non-Trust Loan, or the receipt by
the applicable Master Servicer of a notification that payment in full shall be
escrowed in a manner customary for such purposes, such Master Servicer shall
promptly notify the related Non-Trust Noteholder in writing by a certification
(which certification shall be in the form of a Request for Release in the form
of Exhibit D-1 attached hereto and shall be accompanied by the form of a release
or discharge and shall include a statement to the effect that all amounts
received or to be received in connection with such payment which are required to
be deposited in the related Loan Combination Custodial Account pursuant to
Section 3.04(h) have been or will be so deposited) of a Servicing Officer (a
copy of which certification shall be delivered to the Special Servicer) and
shall request delivery to it of the original Mortgage Note. No expenses incurred
in connection with any instrument of satisfaction or deed of reconveyance shall
be chargeable to the related Loan Combination Custodial Account, the applicable
Master Servicer's Collection Account or the Distribution Account.

            (b) If from time to time, and as appropriate for servicing or
foreclosure of any Mortgage Loan, either Master Servicer or the Special Servicer
shall otherwise require any Mortgage File (or any portion thereof) (or the
original of the Mortgage Note for a Non-Trust Loan), the Trustee, upon request
of the applicable Master Servicer and receipt from such Master Servicer of a
Request for Release in the form of Exhibit D-1 attached hereto signed by a
Servicing Officer thereof, or upon request of the Special Servicer and receipt
from the Special Servicer of a Request for Release in the form of Exhibit D-2
attached hereto, shall release such Mortgage File (or portion thereof) (and, in
the case of a Non-Trust Loan, the applicable Master Servicer shall request the
related Non-Trust Noteholder to release the Mortgage Note for such Mortgage
Loan) to such Master Servicer or the Special Servicer, as the case may be. Upon
return of such Mortgage File (or portion thereof) to the Trustee, or the
delivery to the Trustee of a certificate of a Servicing Officer of the Special
Servicer stating that such Mortgage Loan was liquidated and that all amounts
received or to be received in connection with such liquidation that are required
to be deposited into the applicable Collection Account or the applicable Loan
Combination Custodial Account pursuant to Section 3.04(a) or Section 3.04(h), as
the case may be, have been or will be so deposited, or that such Mortgage Loan
has become an REO Property, a copy of the Request for Release shall be released
by the Trustee to the applicable Master Servicer or the Special Servicer, as the
case may be.

            (c) Within seven Business Days (or within such shorter period (but
no less than three Business Days) as execution and delivery can reasonably be
accomplished if the Special Servicer notifies the Trustee of an exigency) of the
Special Servicer's request therefor, the Trustee shall execute and deliver to
the Special Servicer (or the Special Servicer may execute and deliver in the
name of the Trustee (on behalf of the Certificateholders and, in the case of a
Loan Combination Mortgaged Property, the related Non-Trust Noteholder(s)) based
on a limited power of attorney issued in favor of the Special Servicer pursuant
to Section 3.01(b)), in the form supplied to the Trustee, any court pleadings,
requests for trustee's sale or other documents stated by the Special Servicer to
be reasonably necessary to the foreclosure or trustee's sale in respect of a
Mortgaged Property or REO Property or to any legal action brought to obtain
judgment against any Mortgagor on the Mortgage Note or Mortgage or to obtain a
deficiency judgment, or any other document or agreement that in the Special
Servicer's reasonable judgment is required to be executed in connection with the
servicing of any Mortgage Loan or REO Property, or to enforce any other remedies
or rights provided by the Mortgage Note or Mortgage or otherwise available at
law or in equity or to defend any legal action or counterclaim filed against the
Trust Fund, either Master Servicer, the Special Servicer or, if applicable, the
related Non-Trust Noteholder. Together with such documents or pleadings, the
Special Servicer shall deliver to the Trustee (and, if applicable, the related
Non-Trust Noteholder(s)) a certificate of a Servicing Officer requesting that
such pleadings or documents be executed by the Trustee and certifying as to the
reason such documents or pleadings are required and that the execution and
delivery thereof by the Trustee (on behalf of the Certificateholders and, in the
case of a Loan Combination, also on behalf of the related Non-Trust
Noteholder(s)) will not invalidate or otherwise affect the lien of the Mortgage,
except for the termination of such a lien upon completion of the foreclosure or
trustee's sale.

            SECTION 3.11. Servicing Compensation.

            (a) As compensation for its activities hereunder, each Master
Servicer shall be entitled to receive the Master Servicing Fee with respect to
each Mortgage Loan (including each Specially Serviced Mortgage Loan) and each
REO Loan in respect of which it is the applicable Master Servicer. As to each
such Mortgage Loan and REO Loan, the Master Servicing Fee shall accrue at the
related Master Servicing Fee Rate and on the same principal amount respecting
which the related interest payment due on such Mortgage Loan or deemed to be due
on such REO Loan is computed and calculated on the same interest accrual basis
as that Mortgage Loan, which will be either a 30/360 Basis or an Actual/360
Basis (or, in the event of a Principal Prepayment in full or other Liquidation
Event with respect to a Mortgage Loan or an REO Loan, on the basis of the actual
number of days to elapse from and including the related Due Date to but
excluding the date of such Principal Prepayment or Liquidation Event in a month
consisting of 30 days). The Master Servicing Fee with respect to any Mortgage
Loan or any REO Loan shall cease to accrue if a Liquidation Event occurs in
respect thereof. Earned but unpaid Master Servicing Fees shall be payable
monthly on a loan-by-loan basis, from payments of interest on each Mortgage Loan
and REO Revenues allocable as interest on each REO Loan. Each Master Servicer
shall be entitled to recover unpaid Master Servicing Fees in respect of any
Mortgage Loan or any REO Loan out of that portion of related Insurance Proceeds
or Liquidation Proceeds allocable as recoveries of interest, to the extent
permitted by Section 3.05(a)(iii) or Section 3.05(e), as applicable, and in the
case of a Trust Mortgage Loan or a Trust REO Loan, out of such other amounts as
may be permitted by Section 3.05(a). The right to receive the Master Servicing
Fee may not be transferred in whole or in part except in connection with the
transfer of all of either Master Servicer's responsibilities and obligations
under this Agreement.

            (b) Additional master servicing compensation in the form of:

            (i) any and all Default Charges (or portion thereof that is
      comprised of late payment charges) collected with respect to a Mortgage
      Loan accrued during any Collection Period such Mortgage Loan was not a
      Specially Serviced Mortgage Loan, to the extent provided in clause seventh
      of Section 3.26(a);

            (ii) 50% of any and all assumption fees, modification fees,
      extension fees, consent fees, release fees, waiver fees, fees paid in
      connection with defeasance and earn-out fees actually paid by a Mortgagor
      with respect to a Mortgage Loan it is obligated to service hereunder that
      is not a Specially Serviced Mortgage Loan (provided, however, that if the
      consent of the Special Servicer is not required pursuant to the terms of
      this Agreement in connection with the underlying servicing action, then
      the applicable Master Servicer shall be entitled to receive 100% of such
      fees);

            (iii) 100% of assumption application fees;

            (iv) any and all charges for beneficiary statements or demands,
      amounts collected for checks returned for insufficient funds and other
      loan processing fees actually paid by a Mortgagor with respect to a
      Mortgage Loan it is obligated to service hereunder that is not a Specially
      Serviced Mortgaged Loan and, in the case of checks returned for
      insufficient funds, with respect to a Specially Serviced Mortgage Loan;

            (v) any and all Prepayment Interest Excesses collected with respect
      to a Trust Mortgage Loan it is obligated to service hereunder, including a
      Specially Serviced Mortgage Loan (after deduction of the amounts required
      to be deposited by the applicable Master Servicer in its Collection
      Account for the related Distribution Date pursuant to Section 3.19(a) in
      connection with Prepayment Interest Shortfalls and Casualty/Condemnation
      Interest Shortfalls);

            (vi) interest or other income earned on deposits in the Investment
      Accounts maintained by either Master Servicer (but only to the extent of
      the Net Investment Earnings, if any, with respect to any such Investment
      Account for each Collection Period and, further, in the case of a
      Servicing Account or Reserve Account, only to the extent such interest or
      other income is not required to be paid to any Mortgagor under applicable
      law or under the related Mortgage Loan documents); and

            (vii) other customary charges;

may be retained by the Master Servicers (subject to Section 3.11(e) and are not
required to be deposited in the Collection Accounts; provided that either Master
Servicer's right to receive Default Charges pursuant to clause (i) above shall
be limited to the portion of such items that have not been applied to pay, or
reimburse the Trust for, interest on Advances, Additional Trust Fund Expenses
and property inspection costs in respect of the related Mortgage Loan or REO
Loan as provided in Sections 3.03(d), 3.12(a) and 4.03(d) or as otherwise
provided in Section 3.26. Any of the amounts described in clauses (i) through
(v) that are collected by the Special Servicer shall be promptly paid to the
applicable Master Servicer.

            Each Master Servicer shall be required to pay out of its own funds
all expenses incurred by it in connection with its servicing activities
hereunder (including, without limitation, payment of any amounts due and owing
to any of its Sub-Servicers and the premiums for any blanket policy insuring
against hazard losses pursuant to Section 3.07(b)), if and to the extent such
expenses are not payable directly out of its Collection Account or, with respect
to a Loan Combination, out of the related Loan Combination Custodial Account,
and the Master Servicers shall not be entitled to reimbursement therefor except
as expressly provided in this Agreement.

            (c) As compensation for its activities hereunder, the Special
Servicer shall be entitled to receive the Special Servicing Fee with respect to
each Specially Serviced Mortgage Loan and each REO Loan. As to each Specially
Serviced Mortgage Loan and REO Loan, the Special Servicing Fee shall accrue at
the Special Servicing Fee Rate and on the same principal amount respecting which
the related interest payment due on such Specially Serviced Mortgage Loan or
deemed to be due on such REO Loan is computed and calculated on the same
interest accrual basis as that Mortgage Loan, which will be either a 30/360
Basis or an Actual/360 Basis (or, in the event of a Principal Prepayment in full
or other Liquidation Event with respect to a Mortgage Loan or REO Loan, on the
basis of the actual number of days to elapse from and including the related Due
Date to but excluding the date of such Principal Prepayment or Liquidation Event
in a month consisting of 30 days). The Special Servicing Fee with respect to any
Specially Serviced Mortgage Loan or REO Loan shall cease to accrue as of the
date a Liquidation Event occurs in respect thereof or it becomes a Corrected
Mortgage Loan. Subject to the penultimate paragraph of Section 3.11(c), earned
but unpaid Special Servicing Fees shall be payable monthly out of related
Liquidation Proceeds and then general collections on the Mortgage Loans and any
REO Properties on deposit in the Collection Accounts pursuant to Section
3.05(a).

            As further compensation for its activities hereunder, the Special
Servicer shall be entitled to receive the Workout Fee with respect to each
Corrected Mortgage Loan, so long as such loan remains a Corrected Mortgage Loan.
As to each Corrected Mortgage Loan, the Workout Fee shall be payable out of, and
shall be calculated by application of the Workout Fee Rate to, each collection
of interest (other than Additional Interest and Penalty Interest) and principal
received on such Mortgage Loan for so long as it remains a Corrected Mortgage
Loan. The Workout Fee with respect to any Corrected Mortgage Loan will cease to
be payable if a Servicing Transfer Event occurs with respect thereto or if the
related Mortgaged Property becomes an REO Property; provided that a new Workout
Fee would become payable if and when such Mortgage Loan again became a Corrected
Mortgage Loan. If the Special Servicer is terminated or resigns, it will retain
the right to receive any and all Workout Fees payable with respect to any
Specially Serviced Mortgage Loan that became a Corrected Mortgage Loan during
the period that it acted as Special Servicer and remained a Corrected Mortgage
Loan at the time of its termination or resignation or if the Special Servicer
resolved the circumstances and/or conditions (including by way of a modification
of the related Mortgage Loan documents) causing the Mortgage Loan to be a
Specially Serviced Mortgage Loan, but the Mortgage Loan had not as of the time
the Special Servicer is terminated or resigns become a Corrected Mortgage Loan
because the related Mortgagor had not made three consecutive monthly debt
service payments and subsequently becomes a Corrected Mortgage Loan as a result
of making such three consecutive payments. The successor Special Servicer will
not be entitled to any portion of those Workout Fees.

            In addition, subject to the following sentence, the Special Servicer
shall be entitled to a Principal Recovery Fee with respect to each Specially
Serviced Mortgage Loan (or Qualified Substitute Mortgage Loan substituted in
lieu thereof) for which it obtains a full or discounted payoff from the related
Mortgagor, and the Special Servicer shall also be entitled to the Principal
Recovery Fee with respect to any Specially Serviced Mortgage Loan or REO
Property as to which it receives any Liquidation Proceeds or Insurance Proceeds
and allocable as a recovery of principal, interest (other than Additional
Interest and Penalty Interest) and expenses in accordance with Section 3.02(b)
or the definition of "REO Loan", as applicable; and as to each such Specially
Serviced Mortgage Loan and REO Loan, the Principal Recovery Fee shall be payable
from, and will be calculated by application of the Principal Recovery Fee Rate
to the related payment or proceeds. Notwithstanding the foregoing, no Principal
Recovery Fee shall be payable in connection with, or out of proceeds received in
connection with: the repurchase or substitution of any Mortgage Loan or REO
Property by a Mortgage Loan Seller pursuant to the related Mortgage Loan
Purchase Agreement due to a Breach or a Document Defect within (i) the time
period (or extension thereof) provided for such repurchase or substitution or
(ii) if such repurchase or substitution occurs after such time period (or
extension thereof) and the Mortgage Loan Seller was acting in good faith to
resolve such Breach or Document Defect; or the purchase of any Trust Mortgage
Loan or related REO Property by the Plurality Subordinate Certificateholder, the
Special Servicer or any Person (except an assignee meeting the requirements of
Section 3.18(c)) pursuant to Section 3.18, by the Lake in the Woods B-Note
Non-Trust Loan Holder pursuant to the related Loan Combination Intercreditor
Agreement unless the purchase price with respect thereto includes the Principal
Recovery Fee, or by a Master Servicer, the Special Servicer or the Plurality
Subordinate Certificateholder pursuant to Section 9.01; or the purchase of any
Mortgage Loan by a mezzanine lender pursuant to the related mezzanine
intercreditor agreement unless the purchase price with respect thereto includes
the Principal Recovery Fee; or the removal of any Mortgage Loan or REO Property
from the Trust by the Sole Certificate Owner in connection with an exchange of
all of the outstanding Certificates owned by the Sole Certificate Owner for all
of the Trust Mortgage Loans and each REO Property remaining in the Trust Fund
pursuant to Section 9.01; and further no Principal Recovery Fee shall, with
respect to any Mortgage Loan, be payable (i) in connection with a Periodic
Payment received in connection with such Mortgage Loan or (ii) to the extent a
Workout Fee is payable concerning the related payment, Liquidation Proceeds or
Insurance Proceeds.

            Notwithstanding the foregoing, any Special Servicing Fee, Workout
Fee and/or Principal Recovery Fee payable in accordance with the three preceding
paragraphs with respect to a Loan Combination (including, without limitation,
any successor REO Loans comprising same) shall be paid from the collections
received on such Loan Combination on deposit in the related Loan Combination
Custodial Account that may be applied to pay such fees in accordance with the
related Loan Combination Intercreditor Agreement, pursuant to Section 3.05(e).
Insofar as any Special Servicing Fee, Workout Fee and/or Principal Recovery Fee
is payable in respect of a Non-Trust Loan, such fee shall be payable solely from
collections in respect of such Non-Trust Loan.

            The Special Servicer's right to receive the Special Servicing Fee,
the Workout Fee and the Principal Recovery Fee may not be transferred in whole
or in part except in connection with the transfer of all of the Special
Servicer's responsibilities and obligations under Sections 6.02, 6.04 and 6.09.

            (d) Additional servicing compensation in the form of: (i) all
Default Charges (or portion thereof that is comprised of late payment charges)
collected with respect to Specially Serviced Mortgage Loans (other than any such
portion accrued while the Mortgage Loan was not a Specially Serviced Mortgage
Loan), to the extent provided in clause seventh of Section 3.26(a) and (ii)
one-hundred percent (100%) of any assumption fee or modification fee to the
extent actually paid by a Mortgagor with respect to any Specially Serviced
Mortgage Loan and (subject to Section 3.11(b)(ii)) 50% of all assumption fees,
modification fees, extension fees, consent fees, release fees, waiver fees, fees
paid in connection with defeasance and earn-out fees actually paid by a
Mortgagor with respect to any non-Specially Serviced Mortgage Loan that is a
Mortgage Loan for which Special Servicer consent is required shall be retained
by the Special Servicer or promptly paid to the Special Servicer by the
applicable Master Servicer (subject to Section 3.11(e)) and shall not be
required to be deposited in the applicable Collection Account or any Loan
Combination Custodial Account, as the case may be; provided that the Special
Servicer's right to receive Default Charges pursuant to clause (i) above shall
be limited to the portion of such items that have not been applied to pay or
reimburse the Trust for interest on Advances, Additional Trust Fund Expenses and
property inspection costs in respect of the related Mortgage Loan as provided in
Sections 3.03(d), 3.12(a) and 4.03(d) or as otherwise provided in Section 3.26.
The Special Servicer shall also be entitled to additional servicing compensation
in the form of: (i) interest or other income earned on deposits in the REO
Accounts, if established, in accordance with Section 3.06(b) (but only to the
extent of the Net Investment Earnings, if any, with respect to the REO Accounts
for each Collection Period); and (ii) to the extent not required to be paid to
any Mortgagor under applicable law, any interest or other income earned on
deposits in the Servicing Accounts maintained by the Special Servicer. The
Special Servicer shall be required to pay out of its own funds all general and
administrative expenses incurred by it in connection with its servicing
activities hereunder, and the Special Servicer shall not be entitled to
reimbursement therefor except as expressly provided in Section 3.05(a) and/or
Section 3.05(e) if and to the extent such expenses are not payable directly out
of either Collection Account, the Loan Combination Custodial Accounts or the REO
Accounts, as the case may be.

            (e) If either Master Servicer or the Special Servicer collects an
assumption fee or an assumption application fee in connection with any transfer
or proposed transfer of any interest in a Mortgagor or a Mortgaged Property in
respect of a Mortgage Loan, then (notwithstanding anything herein to the
contrary) such Master Servicer or the Special Servicer, as applicable, will
apply that fee to cover the costs and expenses associated with that transfer or
proposed transfer that are not otherwise paid by the related Mortgagor and that
would otherwise be payable or reimbursable out of the Trust Fund, including any
Rating Agency fees and expenses to the extent such fees and expenses are
collectible under applicable law and such Master Servicer or the Special
Servicer, as appropriate, fails to enforce such requirement in accordance with
the related Mortgage Loan documents. Any remaining portion of such assumption
fee or of such assumption application fee will be applied as additional
compensation to such Master Servicer or the Special Servicer in accordance with
this Section 3.11. Neither of the Master Servicers nor the Special Servicer
shall waive any assumption fee or assumption application fee, to the extent it
would constitute additional compensation for the other such party, without the
consent of such other party.

            SECTION 3.12. Property Inspections; Collection of Financial
                          Statements; Delivery of Certain Reports.

            (a) The Special Servicer shall perform or cause to be performed a
physical inspection of a Mortgaged Property as soon as practicable after a
related Mortgage Loan becomes a Specially Serviced Mortgage Loan, provided that
such expense shall be reimbursable first out of Default Charges otherwise
payable to the Special Servicer and the Master Servicers, then as an Additional
Trust Fund Expense (other than an expense allocable to a Non-Trust Loan, which
shall be reimbursable from the related Loan Combination Custodial Account). In
addition, after a Mortgage Loan becomes a Specially Serviced Mortgage Loan, the
Special Servicer shall perform or cause to be performed a physical inspection of
the related Mortgaged Property at least once per calendar year (or once every
other calendar year if the Mortgage Loan has an outstanding principal balance of
$2,000,000 or less), so long as such Mortgage Loan remains a Specially Serviced
Mortgage Loan. Beginning in 2007, the applicable Master Servicer for each
Mortgage Loan it is obligated to service hereunder other than a Specially
Serviced Mortgage Loan or REO Loan, shall at its expense perform or cause to be
performed an inspection of all the Mortgaged Properties at least once per
calendar year (or once every other calendar year if the Mortgage Loan has an
outstanding principal balance of $2,000,000 or less) unless such Mortgaged
Property has been inspected in such calendar year by the Special Servicer. The
Special Servicer and each Master Servicer shall each prepare (and, in the case
of the Special Servicer, shall deliver to the applicable Master Servicer) a
written report of each such inspection performed by it that sets forth in detail
the condition of the Mortgaged Property and that specifies the existence of: (i)
any sale, transfer or abandonment of the Mortgaged Property of which it is
aware, (ii) any change in the condition, occupancy or value of the Mortgaged
Property of which such Master Servicer or the Special Servicer, as applicable,
is aware and considers material, or (iii) any visible waste committed on the
Mortgaged Property of which such Master Servicer or the Special Servicer, as
applicable, is aware and considers material. Each Master Servicer shall, within
45 days of the related inspection, deliver such reports complete with any
photographs taken thereof in an electronic format to the Trustee (upon request)
and to the Controlling Class Representative (and in the case of a Loan
Combination, the related Non-Trust Noteholder(s)), and the Trustee shall obtain
from the applicable Master Servicer and, subject to Section 3.15, make copies of
all such inspection reports available for review by any requesting
Certificateholder and Certificate Owner during normal business hours at the
offices of the Trustee at all times after Trustee's receipt thereof. Upon
written request and at the expense of the requesting party, the Trustee shall
obtain from the applicable Master Servicer and deliver copies of any such
inspection reports to Certificateholders and Certificate Owners. The Special
Servicer shall have the right to inspect or cause to be inspected (at its own
expense) every calendar year any Mortgaged Property related to a loan that is
not a Specially Serviced Mortgage Loan, provided that the Special Servicer
obtains the approval of the applicable Master Servicer prior to such inspection,
and provides a copy of such inspection to such Master Servicer; and provided,
further, that such Master Servicer and the Special Servicer shall not both
inspect a Mortgaged Property that is not securing a Specially Serviced Mortgage
Loan in the same calendar year. If the Special Servicer performs such
inspection, such inspection shall satisfy the applicable Master Servicer's
inspection obligations pursuant to this paragraph (a).

            (b) The Special Servicer shall from time to time (and, in any event,
upon request) provide the applicable Master Servicer with such information in
its possession regarding the Specially Serviced Mortgage Loans and REO
Properties as may be necessary for such Master Servicer to prepare each report
and any supplemental information to be provided by such Master Servicer to the
Trustee. Without limiting the generality of the foregoing, not later than 12:00
p.m. (New York City time) on the Business Day following each Determination Date,
beginning in September 2006, the Special Servicer shall prepare and deliver or
cause to be delivered to the applicable Master Servicer the CMSA Special
Servicer Loan File that contains the information called for in, or that will
enable such Master Servicer to produce, the CMSA files and reports required to
be delivered by such Master Servicer to the Trustee as described below, in each
case with respect to all Specially Serviced Mortgage Loans and the REO
Properties.

            (c) Each Master Servicer shall deliver to the Trustee, no later than
2:00 p.m. New York City time on the second Business Day prior to each
Distribution Date beginning in September 2006, the CMSA Loan Periodic Update
File with respect to the subject Distribution Date and notice of the Discount
Rate applicable to each Principal Prepayment received in the related Collection
Period. Each CMSA Loan Periodic Update File prepared by a Master Servicers shall
be accompanied by a CMSA Advance Recovery Report. The preparation of each CMSA
Advance Recovery Report shall constitute a responsibility of the Master
Servicers and shall not constitute a responsibility of any other party.
Notwithstanding anything in this Agreement that suggests otherwise, the Master
Servicers shall not be required to deliver a CMSA Advance Recovery Report (and
no CMSA Loan Periodic Update File need be accompanied by any such report) with
respect to any Collection Period for which all of the entries in the report
would be "zero" or "not applicable". The Master Servicers' responsibilities
under this Section 3.12 with respect to information to be provided by the
Special Servicer with respect to Specially Serviced Mortgage Loans and REO
Properties shall be subject to the satisfaction of the Special Servicer's
obligations under Section 3.12(b), but the failure of the Special Servicer to
provide information required by it shall not relieve either Master Servicer of
its duties to provide the related reports, absent such information.
Notwithstanding the foregoing, because the Master Servicers will not receive the
Servicing Files until the Closing Date and will not have sufficient time to
review and analyze such Servicing Files before the initial Distribution Date,
the parties agree that the CMSA Loan Periodic Update File required to be
delivered by the Master Servicers in September 2006 will be based solely upon
information generated from actual collections received by the Master Servicers
and from information the Mortgage Loan Sellers deliver or cause to be delivered
to the Master Servicers (including but not limited to information prepared by
third-party servicers of the subject Mortgage Loans with respect to the period
prior to the Closing Date). If any Mortgage Loan Seller fails to deliver to the
applicable Master Servicer the information required by such Master Servicer to
prepare its initial CMSA Loan Periodic Update File, such Master Servicer shall
notify the Depositor and the Trustee of such failure. On or before 4:00 p.m.,
New York City time, on each P&I Advance Date beginning in December 2006, each
Master Servicer shall deliver or cause to be delivered to the Trustee the
following reports with respect to the Mortgage Loans (and, if applicable, the
related REO Properties, providing the required information as of the related
Determination Date): (i) a CMSA Comparative Financial Status Report; (ii) a CMSA
Delinquent Loan Status Report; (iii) a CMSA Historical Loan Modification and
Corrected Mortgage Loan Report; (iv) a CMSA Historical Liquidation Report; (v) a
CMSA REO Status Report; (vi) a CMSA Servicer Watch List; (vii) a CMSA Property
File; (viii) a CMSA Loan Setup File; (ix) a CMSA Financial File; and (x) a CMSA
Loan Level Reserve/LOC Report. Such reports shall be in CMSA format (as in
effect from time to time) and shall be in an electronic format reasonably
acceptable to both the Trustee and the Master Servicers.

            (d) The Special Servicer shall deliver to the Master Servicers the
reports set forth in Section 3.12(b) and this Section 3.12(d), and the Master
Servicers shall deliver to the Trustee the reports set forth in Section 3.12(c)
in an electronic format reasonably acceptable to the Special Servicer, each
Master Servicer and the Trustee. Each Master Servicer may, absent manifest
error, conclusively rely on the reports to be provided by the Special Servicer
pursuant to Section 3.12(b) and this Section 3.12(d). The Trustee may, absent
manifest error, conclusively rely on the CMSA Loan Periodic Update Files to be
provided by the Master Servicers pursuant to Section 3.12(c). In the case of
information or reports to be furnished by the Master Servicers to the Trustee
pursuant to this Section 3.12, to the extent that such information or reports
are based on information or reports to be provided by the Special Servicer
pursuant to Section 3.12(b) and this Section 3.12(d) and, to the extent that
such reports are to be prepared and delivered by the Special Servicer pursuant
to Section 3.12(b) and this Section 3.12(d), neither Master Servicer shall have
an obligation to provide such information to the Trustee until it has received
such information from the Special Servicer, and neither Master Servicer shall be
in default hereunder due to a delay in providing information required by this
Section 3.12 to the extent caused by the Special Servicer's failure to timely
provide any information or report required under Section 3.12(b) and this
Section 3.12(d) of this Agreement, but neither Master Servicer shall be relieved
of its obligation to timely provide such reports absent the information not
provided by the Special Servicer as required by this Section 3.12.

            Commencing with respect to the calendar quarter ended December 31,
2006, the Special Servicer, in the case of any Specially Serviced Mortgage Loan,
and the applicable Master Servicer, in the case of each non-Specially Serviced
Mortgage Loan, shall make reasonable efforts to collect promptly from each
related Mortgagor quarterly and annual operating statements, budgets and rent
rolls of the related Mortgaged Property, and quarterly and annual financial
statements (except that with respect to the first calendar quarter ended
December 31, 2006, only quarterly financial statements of such Mortgagor shall
be required to be collected) of such Mortgagor, whether or not delivery of such
items is required pursuant to the terms of the related Mortgage Loan documents.
In addition, the Special Servicer shall cause quarterly and annual operating
statements, budgets and rent rolls to be regularly prepared in respect of each
REO Property and shall collect all such items promptly following their
preparation. The Special Servicer shall deliver images in suitable electronic
media of all of the foregoing items so collected or obtained by it to the
applicable Master Servicer within 30 days of its receipt thereof. Each Master
Servicer shall deliver all items obtained by it, and all items required to be
delivered to it by the Special Servicer pursuant to the immediately preceding
sentence to the Controlling Class Representative (and in the case of a Loan
Combination, the related Non-Trust Noteholder(s)), and the Trustee in an imaged
format.

            Each Master Servicer shall maintain a CMSA Operating Statement
Analysis Report with respect to each Mortgaged Property and REO Property related
to each Mortgage Loan that it is servicing. Within 60 days after receipt by the
applicable Master Servicer from the related Mortgagor or otherwise, as to each
non-Specially Serviced Mortgage Loan and within 30 days after receipt by the
applicable Master Servicer from the Special Servicer or otherwise, as to a
Specially Serviced Mortgage Loan or an REO Property, of any annual operating
statements and rent rolls with respect to any Mortgaged Property or REO
Property, such Master Servicer shall, based upon such operating statements or
rent rolls, prepare (or, if previously prepared, update) the CMSA Operating
Statement Analysis Report for the subject Mortgaged Property or REO Property.
Each Master Servicer shall remit a copy of each CMSA Operating Statement
Analysis Report prepared or updated by it (promptly following initial
preparation and each update thereof), together with, if not already provided
pursuant to this Section 3.12, the underlying operating statements and rent
rolls, to the Controlling Class Representative (and in the case of a Loan
Combination, the related Non-Trust Noteholder(s)), the Trustee and the Special
Servicer. Within 60 days (or, in the case of items received from the Special
Servicer or otherwise with respect to Specially Serviced Mortgage Loans and REO
Properties, 30 days) after receipt by the applicable Master Servicer of any
quarterly or annual operating statements with respect to any Mortgaged Property
or REO Property, such Master Servicer shall prepare or update and forward to the
Trustee, the Special Servicer and the Controlling Class Representative (and in
the case of a Loan Combination, the related Non-Trust Noteholder(s)) a CMSA NOI
Adjustment Worksheet using the same format as the CMSA Operating Statement
Analysis Report for such Mortgaged Property or REO Property, together with, if
so requested and not previously provided pursuant to this Section 3.12, the
related quarterly or annual operating statements.

            (e) Except with respect to delivery to the Special Servicer or the
Controlling Class Representative, which deliveries shall be made in electronic
format, if either Master Servicer or the Special Servicer is required to deliver
any statement, report or information under any provision of this Agreement, such
Master Servicer or the Special Servicer, as the case may be, may satisfy such
obligation by (x) physically delivering a paper copy of such statement, report
or information, (y) delivering such statement, report or information in a
commonly used electronic format or (z) making such statement, report or
information available on such Master Servicer's Internet Website or the
Trustee's Internet Website, unless this Agreement expressly specifies a
particular method of delivery. Notwithstanding the foregoing, the Trustee may
request delivery in paper format of any statement, report or information
required to be delivered to the Trustee.

            (f) Notwithstanding any other provision in this Agreement, the
failure of either Master Servicer or the Special Servicer to disclose any
information otherwise required to be disclosed by this Section 3.12, or that may
otherwise be disclosed pursuant to Section 3.15 or Section 4.02, shall not
constitute a breach of this Agreement to the extent such Master Servicer or
Special Servicer so fails because such disclosure, in the reasonable belief of
such Master Servicer or Special Servicer, as the case may be, would violate any
applicable law or any provision of a Mortgage Loan document prohibiting
disclosure of information with respect to the Mortgage Loans or Mortgaged
Properties or would constitute a waiver of the attorney-client privilege on
behalf of the Trust. Either Master Servicer and the Special Servicer may
disclose any such information or any additional information to any Person so
long as such disclosure is consistent with applicable law, the related Mortgage
Loan documents and the Servicing Standard. Either Master Servicer or the Special
Servicer may affix to any information provided by it under this Agreement any
disclaimer it deems appropriate in its discretion (without suggesting liability
on the part of any other party hereto).

            (g) Each Master Servicer shall, contemporaneously with any related
delivery to the Trustee or the Special Servicer, as applicable, provide any
reports that contain information regarding a Loan Combination Mortgaged Property
or financial information regarding the related Mortgagor to the related
Non-Trust Noteholder(s).

            (h) For the purposes of the production by either Master Servicer or
the Special Servicer of any such report that is required to state information
with respect to any Mortgage Loan for any period prior to the related Due Date
in September 2006, such Master Servicer or the Special Servicer, as the case may
be, may conclusively rely (without independent verification), absent manifest
error, on information provided to it by the related Mortgage Loan Seller, by the
related Mortgagor or (x) in the case of such a report produced by such Master
Servicer, by the Special Servicer (if other than such Master Servicer or an
Affiliate thereof) and (y) in the case of such a report produced by the Special
Servicer, by either Master Servicer (if other than such Special Servicer or an
Affiliate thereof). Absent manifest error of which it has actual knowledge,
neither of the Master Servicers nor the Special Servicer shall be responsible
for the accuracy or completeness of any information supplied to it by a Mortgage
Loan Seller, any other party to this Agreement, a Mortgagor or another third
party that is included in any reports, statements, materials or information
prepared or provided by either such Master Servicer or the Special Servicer, as
the case may be. The Trustee shall not be responsible for the accuracy or
completeness of any information supplied to it for delivery pursuant to this
Section. Neither the Trustee, the Master Servicers nor the Special Servicer
shall have any obligation to verify the accuracy or completeness of any
information provided by a Mortgagor or third party. All reports provided
pursuant this Section 3.12 shall be in an electronic format reasonably
acceptable to both the Trustee and each Master Servicer.

            (i) The preparation and maintenance by each Master Servicer and the
Special Servicer of all the reports specified in this Section 3.12 with respect
to a Loan Combination, the corresponding Mortgaged Property and/or any related
REO Property, including the calculations made therein, shall be done in
accordance with CMSA standards, to the extent applicable thereto.

            (j) Master Servicer No. 1 shall, upon the request of Artesia,
deliver copies to Artesia (at their expense) of operating statements and
financial statements relating to Artesia Trust Mortgage Loans.

            SECTION 3.13. Annual Statement as to Compliance.

            Each of the Trustee, the Master Servicers and the Special Servicer
shall itself deliver (or, in the case of the Trustee, make available) and shall
cause each Additional Item 1123 Servicer retained or engaged by it to deliver
(but if the related Additional Item 1123 Servicer is a Designated Sub-Servicer,
then the applicable Master Servicer's sole duty shall be to use commercially
reasonable efforts to cause such Designated Sub-Servicer to deliver), on or
before May 1 of each year, beginning in 2007 (provided that if the Trustee
requires the following statement in connection with any filing with the
Commission, each of the Trustee, the Master Servicers and the Special Servicer
shall deliver, and shall cause each Additional Item 1123 Servicer retained or
engaged by it to deliver (but if the related Additional Item 1123 Servicer is a
Designated Sub-Servicer, then the applicable Master Servicer's sole duty shall
be to use commercially reasonable efforts to cause such Designated Sub-Servicer
to deliver), on or before March 15 of the subject year), to the Trustee, the
Depositor, the Controlling Class Representative, each Non-Trust Noteholder, and
each Rating Agency and, in the case of the Special Servicer or an Additional
Item 1123 Servicer, to each Master Servicer, a statement of compliance (the
"Annual Statement of Compliance") from the Trustee, each Master Servicer, the
Special Servicer or such Additional Item 1123 Servicer, as the case may be,
signed by an authorized officer thereof, to the effect that: (i) a review of the
activities of the Trustee, each Master Servicer, the Special Servicer or such
Additional Item 1123 Servicer, as the case may be, during the preceding calendar
year (or, if applicable, the portion of such year during which the Certificates
were outstanding) and of its performance under this Agreement (or, in the case
of an Additional Item 1123 Servicer, under the applicable Sub-Servicing
Agreement or primary servicing agreement) has been made under such officer's
supervision, and (ii) to the best of such officer's knowledge, based on such
review, the Trustee, each Master Servicer, the Special Servicer or such
Additional Item 1123 Servicer, as the case may be, has fulfilled all of its
obligations under this Agreement (or, in the case of an Additional Item 1123
Servicer, under the applicable Sub-Servicing Agreement or primary servicing
agreement) in all material respects throughout such year (or, if applicable, the
portion of such year during which the Certificates were outstanding) 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.

            In the event that either Master Servicer, the Special Servicer, or
the Trustee is terminated or resigns pursuant to the terms of this Agreement,
such party shall provide, and each such party shall use its reasonable efforts
to cause any Additional Item 1123 Servicer that resigns or is terminated under
any applicable servicing agreement to provide, an annual statement of compliance
pursuant to this Section 3.13 with respect to the period of time that such
Master Servicer, the Special Servicer, or the Trustee was subject to this
Agreement or the period of time that the Additional Item 1123 Servicer was
subject to such other servicing agreement.

            In the event the Trustee or the Depositor does not receive the
Annual Statement of Compliance with respect to any party hereto or, if the
Trustee has been notified of the existence thereof, any Additional Item 1123
Servicer contemplated to deliver such report pursuant to the preceding
paragraph, by March 15th of any year during which a Form 10-K Annual Report is
required to be filed with the Commission with respect to the Trust, then the
Trustee shall, and the Depositor may, forward a Servicer Notice to such Person
(or, in the case of an Additional Item 1123 Servicer known to the Trustee or the
Depositor, as the case may be, to the party hereto that retained or engaged such
Additional Item 1123 Servicer), with a copy of such Servicer Notice to the
Depositor (if the Trustee is sending the Servicer Notice) or the Trustee (if the
Depositor is sending the Servicer Notice), as applicable, within two (2)
Business Days of such failure. Any party hereto that retains or engages a
Servicing Representative (other than a Designated Sub-Servicer) that is, at the
time of appointment, or subsequently becomes an Additional Item 1123 Servicer
shall so notify the Trustee (unless such party is the Trustee) and the Depositor
in writing promptly following such party's becoming aware that such Servicing
Representative is or has become an Additional Item 1123 Servicer; and, further,
if such Servicing Representative does not deliver an Annual Statement of
Compliance with respect to itself by March 15th of any year during which a Form
10-K Annual Report is required to be filed with the Commission with respect to
the Trust, the party hereto that retained or engaged such Servicing
Representative shall so notify the Trustee (unless such party is the Trustee)
and the Depositor in writing no later than the second Business Day following
such March 15th, together with an explanation regarding such failure.

            SECTION 3.14. Reports on Assessment of Compliance with Servicing
                          Criteria; Registered Public Accounting Firm
                          Attestation Reports.

            Each Servicing Function Participant shall itself deliver (or, in the
case of the Trustee, make available), and each party hereto shall cause any
Sub-Servicing Function Participant retained or engaged by it to deliver (but if
the related Servicing Function Participant is a Designated Sub-Servicer, then
the applicable Master Servicer's sole duty shall be to use commercially
reasonable efforts to cause such Designated Sub-Servicer to deliver), on or
before May 1 of each year, beginning in 2007 (provided that if the Trustee
requires the following reports in connection with any filing with the
Commission, each Servicing Function Participant shall deliver (or, in the case
of the Trustee, make available), and each party hereto shall cause any
Sub-Servicing Function Participant retained or engaged by it to deliver (but if
the related Servicing Function Participant is a Designated Sub-Servicer, then
the applicable Master Servicer's sole duty shall be to use commercially
reasonable efforts to cause such Designated Sub-Servicer to deliver), on or
before March 15 of the subject year), at its own expense, to the Trustee, the
Depositor, the Controlling Class Representative, each Non-Trust Noteholder, and
each Rating Agency the following reports: (i) as required under Rule 13a-18 or
Rule 15d-18 of the Exchange Act and Item 1122 of Regulation AB, a report on an
assessment of compliance by it with the Servicing Criteria (an "Annual
Assessment Report"), signed by an authorized officer of such Servicing Function
Participant or such Sub-Servicing Function Participant, as the case may be,
which report shall contain (A) a statement by such Servicing Function
Participant or such Sub-Servicing Function Participant, as the case may be, of
its responsibility for assessing compliance with the Relevant Servicing
Criteria, (B) a statement that such Servicing Function Participant or such
Sub-Servicing Function Participant, as the case may be, used the Servicing
Criteria to assess compliance with the Relevant Servicing Criteria, (C) such
Servicing Function Participant's or such Sub-Servicing Function Participant's,
as the case may be, assessment of compliance with the Relevant Servicing
Criteria as of and for the period ending December 31st of the preceding calendar
year, which discussion must include any material instance of noncompliance with
the Relevant Servicing Criteria identified by such Servicing Function
Participant or such Sub-Servicing Function Participant, as the case may be, and
(D) a statement that a registered public accounting firm has issued an
attestation report on such Servicing Function Participant's or such
Sub-Servicing Function Participant's, as the case may be, assessment of
compliance with the Relevant Servicing Criteria as of and for such period ending
December 31st of the preceding calendar year; and (ii) as to each report
delivered by a Servicing Function Participant or a Sub-Servicing Function
Participant pursuant to the immediately preceding clause (i), a report from a
registered public accounting firm (made in accordance with the standards for
attestation engagements issued or adopted by the PCAOB) (an "Annual Attestation
Report") that attests to, and reports on, the assessment made by the asserting
party in such report delivered pursuant to the immediately preceding clause (i),
together with (if required to be filed with the Commission) a consent from such
registered public accounting firm authorizing the filing of the subject Annual
Attestation Report with the Commission (an "Accountant's Consent"). Each Annual
Attestation Report must be available for general use and may not contain
restricted use language. Promptly after receipt of each such report delivered
pursuant to the second preceding sentence, the Depositor shall review such
report and, if applicable, shall be entitled to consult with the appropriate
party hereto as to the nature of any material instance of noncompliance with the
Relevant Servicing Criteria by such party or any Sub-Servicing Function
Participant retained or engaged by it.

            In the event that any Servicing Function Participant is terminated
or resigns pursuant to the terms of this Agreement, such party shall provide,
and each such party hereto shall cause any Sub-Servicing Function Participant
engaged by it to provide (but if the related Additional Item 1123 Servicer is a
Designated Sub-Servicer, then the applicable Master Servicer's sole duty shall
be to use commercially reasonable efforts to cause such Designated Sub-Servicer
to deliver), an Annual Assessment Report pursuant to this Section 3.14, coupled
with an Annual Attestation Report pursuant to this Section with respect to the
period of time that the Servicing Function Participant was subject to this
Agreement or the period of time that the Sub-Servicing Function Participant was
subject to such other servicing agreement.

            In the event the Trustee or the Depositor does not receive the
Annual Assessment Report and/or the Annual Attestation Report with respect to
any Servicing Function Participant, or with respect to any Sub-Servicing
Function Participant retained or engaged by a party hereto that is known to the
Trustee or the Depositor, as the case may be, by March 15th of any year during
which a Form 10-K Annual Report is required to be filed with the Commission with
respect to the Trust, then the Trustee shall, and the Depositor may, forward a
Servicer Notice to such Servicing Function Participant or the party hereto that
retained or engaged such Sub-Servicing Function Participant, as the case may be,
with a copy of such Servicer Notice to the Depositor (if the Trustee is sending
the Servicer Notice) or the Trustee (if the Depositor is sending the Servicer
Notice), as applicable, within two (2) Business Days of such failure. For the
purposes of this Section 3.14, as well as Section 3.13 and clause (B) of Section
7.01(a)(v) of this Agreement, a "Servicer Notice" shall constitute either any
writing forwarded to such party or, in the case of the Master Servicers and the
Special Servicer, notwithstanding the provisions of Section 11.05, e-mail or fax
notice which, in the case of email transmission, shall be forwarded to all of
the following e-mail addresses: (1) in the case of Master Servicer No. 1,
recmcres.compliance@wachovia.com, clyde.alexander@wachovia.com and
lars.carlsten@wachovia.com; and (2) in the case of Master Servicer No. 2,
______________ and _______________, or such other e-mail addresses as are
provided in writing by either Master Servicer or the Special Servicer to the
Trustee and the Depositor; provided that any party to this Agreement (or someone
acting on their behalf) shall only be required to forward any such notice to be
delivered to each Master Servicer to no more than three e-mail addresses in the
aggregate in order to fulfill its notification requirement as set forth in the
preceding sentence and/or under the provisions of clause (B) of Section
7.01(a)(v); and provided, further, that a copy of any Servicer Notice to the
Special Servicer shall be forwarded by the means provided in Section 11.05. Any
party hereto that retains or engages a Servicing Representative (other than a
Designated Sub-Servicer) that is, at the time of appointment, or subsequently
becomes a Sub-Servicing Function Participant shall so notify the Trustee (unless
such party is the Trustee) and the Depositor in writing promptly following such
party's becoming aware that such Servicing Representative is or has become a
Sub-Servicing Function Participant; and, further, if such Servicing
Representative does not deliver or cause the delivery of an Annual Assessment
Report, an Annual Attestation Report and/or, if required to be filed with the
Commission, an Accountant's Consent with respect to itself by March 15th of any
year during which a Form 10-K Annual Report is required to be filed with the
Commission with respect to the Trust, the party hereto that retained or engaged
such Servicing Representative shall promptly so notify the Trustee (unless such
party is the Trustee) and the Depositor in writing no later than the second
Business Day following such March 15th, together with an explanation of such
failure.

            The Master Servicers, the Special Servicer and the Trustee, in each
case, to the extent applicable, will reasonably cooperate with the Depositor in
conforming any reports delivered pursuant to this Section 3.14 to requirements
imposed by the Commission on the Depositor in connection with the Depositor's
reporting requirements in respect of the Trust pursuant to the Exchange Act,
provided that the Master Servicers, the Special Servicer and the Trustee shall
each be entitled to charge the Depositor for any reasonable additional costs and
expenses incurred by it in affording the Depositor such cooperation.

            SECTION 3.15. Access to Certain Information.

            (a) Upon 10 days' prior written notice, each Master Servicer (with
respect to the items in clauses (a), (b), (c), (d), (e), (f), (h) and (i) below,
to the extent such items are in its possession), the Special Servicer (with
respect to the items in clauses (d), (e), (f), (g), (h) and (i) below, to the
extent those items are in its possession) and the Trustee (with respect to the
items in clauses (a) through (j) below, to the extent those items are in its
possession) shall make available at their respective offices primarily
responsible for administration of the Mortgage Loans (or in the case of the
Trustee, at its Corporate Trust Office), during normal business hours, or send
to the requesting party, such party having been certified to the applicable
Master Servicer, the Special Servicer or the Trustee, as applicable, in
accordance with (a) and (b) in the following paragraph, as appropriate, at the
expense of such requesting party (unless otherwise provided in this Agreement),
for review by any Certificate Owner or Certificateholder or any prospective
transferee of any Certificate or interest therein, the Trustee, the Rating
Agencies, the Underwriters and the Depositor originals or copies of the
following items: (a) this Agreement and any amendments thereto, (b) all
Distribution Date Statements delivered to holders of the relevant Class of
Certificates since the Closing Date and all reports, statements and analyses
delivered by the Master Servicers since the Closing Date pursuant to Section
3.12(c), (c) all Officer's Certificates delivered by the Master Servicers or the
Special Servicer since the Closing Date pursuant to Section 3.13, (d) all
accountants' reports delivered to the Master Servicers in respect of itself or
the Special Servicer since the Closing Date as described in Section 3.14, (e)
the most recent property inspection report prepared by or on behalf of the
applicable Master Servicer in respect of each Mortgaged Property and any
Environmental Assessments prepared pursuant to Section 3.09, (f) the most recent
Mortgaged Property annual operating statements and rent roll, if any, collected
by or on behalf of the applicable Master Servicer, (g) any and all
modifications, waivers and amendments of the terms of a Mortgage Loan and the
Asset Status Report prepared by the Special Servicer pursuant to Section
3.21(c), (h) the Servicing File relating to each Mortgage Loan, (i) any and all
Officer's Certificates and other evidence delivered by either Master Servicer or
the Special Servicer, as the case may be, to support its determination that any
Advance was, or if made, would be, a Nonrecoverable Advance including appraisals
affixed thereto and any Required Appraisal prepared pursuant to Section 3.09(a),
and (j) all reports filed with the Commission with respect to the Trust pursuant
to Sections 13(a), 13(c), 14 or 15(d) of the Exchange Act. Copies of any and all
of the foregoing items will be available from either Master Servicer, the
Special Servicer or the Trustee, as the case may be, upon request and payment of
reasonable copying costs but shall be provided to any of the Rating Agencies and
the Controlling Class Representative (and with respect to a Loan Combination,
the related Non-Trust Noteholder(s)) at no cost pursuant to their reasonable
requests. The Master Servicers, the Special Servicer and the Trustee may each
satisfy its obligations under this Section 3.15(a) by making such items
available for review on its Internet Website with the use of a password.

            In connection with providing access to or copies of the items
described in the preceding paragraph pursuant to this Section 3.15, or with
respect to the Controlling Class Representative (and in the case of a Loan
Combination, the related Non-Trust Noteholder(s)), in connection with providing
access to or copies of any items in accordance with this Agreement, either
Master Servicer, the Special Servicer or the Trustee, as applicable, shall
require: (a) in the case of Certificate Owners, Certificateholders and the
Controlling Class Representative (and in the case of a Loan Combination, the
related Non-Trust Noteholder(s)), a confirmation executed by the requesting
Person substantially in the form of Exhibit I-1 hereto (or such other form as
may be reasonably acceptable to the applicable Master Servicer, the Special
Servicer or the Trustee, as applicable, and which may provide indemnification
for such Master Servicers, the Special Servicer and the Trustee) generally to
the effect that such Person is a beneficial holder of Book-Entry Certificates,
or a representative of a beneficial holder of Book-Entry Certificates, and,
subject to the last sentence of this paragraph, will keep such information
confidential (except that any such Certificate Owner, any such Certificateholder
and the Controlling Class Representative (and in the case of a Loan Combination,
the related Non-Trust Noteholder(s)) may provide such information to any other
Person that holds or is contemplating the purchase of any Certificate or
interest therein, provided that such other Person confirms in writing such
ownership interest or prospective ownership interest and agrees to keep such
information confidential); and (b) in the case of a prospective purchaser of a
Certificate or an interest therein, confirmation executed by the requesting
Person substantially in the form of Exhibit I-2 hereto (or such other form as
may be reasonably acceptable to either Master Servicer, the Special Servicer or
the Trustee, as applicable, and which may provide indemnification for the
subject Master Servicer, the Special Servicer or the Trustee, as applicable)
generally to the effect that such Person is a prospective purchaser of a
Certificate or an interest therein, is requesting the information for use in
evaluating a possible investment in Certificates and, subject to the last
sentence of this paragraph, will otherwise keep such information confidential.
The Certificate Owners and Holders of the Certificates, by their acceptance
thereof, and the Controlling Class Representative (and in the case of a Loan
Combination, the related Non-Trust Noteholder(s)), by its acceptance of its
appointment, will be deemed to have agreed, subject to the last sentence of this
paragraph, to keep such information confidential (except that any Holder may
provide such information obtained by it to any other Person that holds or is
contemplating the purchase of any Certificate or interest therein, provided that
such other Person confirms in writing such ownership interest or prospective
ownership interest and agrees to keep such information confidential) and agrees
not to use such information in any manner that would violate federal, state or
local securities laws. Notwithstanding the foregoing, no Certificateholder,
Certificate Owner or prospective Certificateholder or Certificate Owner shall be
obligated to keep confidential any information received from the Trustee or the
Master Servicer, as applicable, pursuant to this Section 3.15 that has
previously been made available on an unrestricted basis and without a password
via the Trustee's or either Master Servicer's, as applicable, Internet Website
or has previously been filed with the Commission, and the Trustee or either
Master Servicer, as applicable, shall not require either of the certifications
contemplated by the second preceding sentence in connection with providing any
information pursuant to this Section 3.15 that has previously been made
available without a password via the Trustee's or either Master Servicer's, as
applicable, Internet Website or has previously been filed with the Commission.

            Each of the Master Servicers and the Special Servicer shall afford
to the Trustee, the Rating Agencies and the Depositor, and to the OTS, the FDIC,
the Federal Reserve Board and any other banking or insurance regulatory
authority that may exercise authority over any Certificateholder, access to any
records regarding the Mortgage Loans and the servicing thereof within its
control, except to the extent it is prohibited from doing so by applicable law
or contract or to the extent such information is subject to a privilege under
applicable law to be asserted on behalf of the Certificateholders. Such access
shall be afforded only upon reasonable prior written request and during normal
business hours at the offices of either Master Servicer or the Special Servicer,
as the case may be, designated by it.

            The Trustee, the Master Servicers, the Special Servicer and the
Underwriters may require payment from the Certificateholder or Certificate Owner
of a sum sufficient to cover the reasonable costs and expenses of providing any
such information or access pursuant to this Section 3.15 to, or at the request
of, the Certificateholders or Certificate Owners or prospective transferees,
including, without limitation, copy charges and, in the case of
Certificateholders or Certificate Owners requiring on site review in excess of
three Business Days, reasonable fees for employee time and for space.

            (b) The Trustee shall, and the Master Servicers may but are not
required to, make available each month to any interested party on their
respective Internet Websites (i) the Distribution Date Statement and (ii) this
Agreement, the Prospectus and the Prospectus Supplement. In addition, on each
Distribution Date, the Trustee shall make available to any interested party via
the Trustee's Internet Website the Unrestricted Servicer Reports, the CMSA Loan
Periodic Update File, the CMSA Loan Setup File, the CMSA Bond Level File and the
CMSA Collateral Summary File, in each case for such Distribution Date, and any
other information at the request of the Depositor. The Trustee shall make
available on each Distribution Date (i) the Restricted Servicer Reports and (ii)
the CMSA Property File to any Privileged Person via the Trustee's Internet
Website with the use of a password (or other comparable restricted access
mechanism) provided by the Trustee.

            Either Master Servicer may, but is not required to, make available
each month via its Internet Website to any Privileged Person, with the use of a
password provided by such Master Servicer, the reports and files comprising the
CMSA Investor Reporting Package.

            (c) In connection with providing access to the Trustee's Internet
Website or either Master Servicer's Internet Website, the Trustee or either
Master Servicer, as applicable, may require registration and the acceptance of a
disclaimer and may otherwise adopt reasonable rules and procedures that may
include, to the extent either Master Servicer or Trustee, as applicable, deems
necessary or appropriate, conditioning access on the execution and delivery of
an agreement (which may be in the form of Exhibit I-1 or I-2 (or such other form
as may be reasonably acceptable to the Trustee or either Master Servicer, as
applicable)) governing the availability, use and disclosure of such information
and providing indemnification to either Master Servicer or Trustee, as
applicable, for any liability or damage that may arise therefrom.

            Each Master Servicer and the Trustee may, in accordance with such
reasonable rules and procedures as each may adopt (including conditioning access
on the execution and delivery of an agreement (which may be in the form of
Exhibit I-1 or I-2 (or such other form as may be reasonably acceptable to the
Trustee or either Master Servicer, as applicable)) governing the availability,
use and disclosure of information and providing indemnification to either Master
Servicer or the Trustee, as applicable, for any liability or damage that may
arise therefrom), also make available, through its Internet Website or
otherwise, any additional information relating to the Mortgage Loans, the
Mortgaged Properties or the Mortgagors for review by any Persons to whom either
Master Servicer or the Trustee, as applicable, believes such disclosure is
appropriate, in each case except to the extent doing so is prohibited by
applicable law or by the related Mortgage Loan (in the case of the Trustee, if
it has actual knowledge of such prohibition by the related Mortgage Loan).

            Notwithstanding anything in this Agreement to the contrary, the
Master Servicers and the Trustee may withhold (other than with respect to items
required to be delivered under this Agreement to the Controlling Class
Representative (and, in the case of a Loan Combination, the related Non-Trust
Noteholder(s)) any information not yet included in a Form 8-K Current Report
filed with the Commission or otherwise made publicly available with respect to
which the Trustee or either Master Servicer has determined that such withholding
is appropriate.

            Any transmittal of information by either Master Servicer or the
Trustee to any Person other than the Rating Agencies or the Depositor may be
accompanied by a letter containing the following provision:

            "By receiving the information set forth herein, you hereby
            acknowledge and agree that the United States securities laws
            restrict any person who possesses material, non-public information
            regarding the Trust that issued Merrill Lynch Mortgage Trust
            2006-C2, Commercial Mortgage Pass-Through Certificates, Series
            2006-C2, from purchasing or selling such Certificates in
            circumstances where the other party to the transaction is not also
            in possession of such information. You also acknowledge and agree
            that such information is being provided to you for the purposes of,
            and such information may be used only in connection with, evaluation
            by you or another Certificateholder or prospective purchaser of such
            Certificates or beneficial interest therein."

            (d) If three or more Holders or the Controlling Class Representative
(hereinafter referred to as "Applicants" with a single Person which (together
with its Affiliates) is the Holder of more than one Class of Certificates being
viewed as a single Applicant for these purposes) apply in writing to the
Trustee, and such application states that the Applicants' desire to communicate
with other Holders with respect to their rights under this Agreement or under
the Certificates and is accompanied by a copy of the communication which such
Applicants propose to transmit, then the Trustee shall, within five Business
Days after the receipt of such application, send, at the Applicants' expense,
the written communication proffered by the Applicants to all Certificateholders
at their addresses as they appear in the Certificate Register.

            (e) The Master Servicers and the Special Servicer shall not be
required to confirm, represent or warrant the accuracy or completeness of any
other Person's information or report included in any communication from either
Master Servicer or the Special Servicer under this Agreement. None of the Master
Servicers, the Special Servicer or the Trustee shall be liable for the
dissemination of information in accordance with the terms of this Agreement. The
Trustee makes no representations or warranties as to the accuracy or
completeness of any report, document or other information made available on the
Trustee's Internet Website and assumes no responsibility therefor. In addition,
the Trustee, the Master Servicers and the Special Servicer may disclaim
responsibility for any information distributed by the Trustee, either Master
Servicer or the Special Servicer, respectively, for which it is not the original
source.

            SECTION 3.16. Title to REO Property; REO Accounts.

            (a) If title to any Mortgaged Property is acquired, the deed or
certificate of sale shall be issued to the Trustee or its nominee on behalf of
the Certificateholders and, in the case of a Loan Combination Mortgaged
Property, on behalf of the related Non-Trust Noteholder(s). If, pursuant to
Section 3.09(b), the Special Servicer formed or caused to be formed, at the
expense of the Trust, a single member limited liability company (of which the
Trust is the sole member) for the purpose of taking title to one or more REO
Properties pursuant to this Agreement, then (subject to the interests of, if
affected, the related Non-Trust Noteholder(s)), the deed or certificate of sale
with respect to any such REO Property shall be issued to such single member
limited liability company. The limited liability company shall be a
manager-managed limited liability company, with the Special Servicer to serve as
the initial manager to manage the property of the limited liability company,
including any applicable REO Property, in accordance with the terms of this
Agreement as if such property was held directly in the name of the Trust or
Trustee under this Agreement.

            The Special Servicer, on behalf of the Trust Fund and, in the case
of any Loan Combination REO Property, the related Non-Trust Noteholder(s), shall
sell any REO Property as soon as practicable in accordance with the Servicing
Standard, but prior to the end of the third year following the calendar year in
which REMIC I acquires ownership of such REO Property for purposes of Section
860G(a)(8) of the Code, unless the Special Servicer either (i) applies for, more
than 60 days prior to the end of such third succeeding year, and is granted an
extension of time (an "REO Extension") by the Internal Revenue Service to sell
such REO Property or (ii) obtains for the Trustee an Opinion of Counsel,
addressed to the Trustee, the Special Servicer and the applicable Master
Servicer, to the effect that the holding by REMIC I of such REO Property
subsequent to the end of such third succeeding year will not result in the
imposition of taxes on "prohibited transactions" (as defined in Section 860F of
the Code) on either of REMIC I or REMIC II or cause either of REMIC I or REMIC
II to fail to qualify as a REMIC at any time that any Certificates are
outstanding. If the Special Servicer is granted the REO Extension contemplated
by clause (i) of the immediately preceding sentence or obtains the Opinion of
Counsel contemplated by clause (ii) of the immediately preceding sentence, the
Special Servicer shall sell the subject REO Property within such extended period
as is permitted by such REO Extension or such Opinion of Counsel, as the case
may be. Any expense incurred by the Special Servicer in connection with its
obtaining the REO Extension contemplated by clause (i) of the second preceding
sentence or its obtaining the Opinion of Counsel contemplated by clause (ii) of
the second preceding sentence, or for the creation of and the operating of a
single member limited liability company, shall be covered as, and reimbursable
as, a Servicing Advance. In the case of the Trust Fund's beneficial interest in
any REO Property acquired by the Other Trustee pursuant to the Other Pooling and
Servicing Agreement, the Special Servicer shall coordinate with the Other
Special Servicer with respect to any REO Extension on behalf of the Trust Fund.

            (b) The Special Servicer shall segregate and hold all funds
collected and received in connection with any REO Property separate and apart
from its own funds and general assets. If an REO Acquisition shall occur in
respect of any Mortgaged Property (other than a Loan Combination Mortgaged
Property), the Special Servicer shall establish and maintain one or more
accounts (collectively, the "Pool REO Account"), to be held on behalf of the
Trustee in trust for the benefit of the Certificateholders, for the retention of
revenues and other proceeds derived from each REO Property (other than any Loan
Combination REO Property). If such REO Acquisition occurs with respect to a Loan
Combination Mortgaged Property, then the Special Servicer shall establish an REO
Account solely with respect to such property (an "Loan Combination REO
Account"), to be held for the benefit of the Certificateholders and the related
Non-Trust Noteholder. The Pool REO Account and each Loan Combination REO Account
shall each be an Eligible Account. The Special Servicer shall deposit, or cause
to be deposited, in the applicable REO Account all REO Revenues, Insurance
Proceeds and Liquidation Proceeds received in respect of any REO Property within
2 Business Days of receipt. Funds in the REO Accounts may be invested in
Permitted Investments in accordance with Section 3.06. The Special Servicer
shall be entitled to make withdrawals from each REO Account to pay itself, as
additional special servicing compensation in accordance with Section 3.11(d),
interest and investment income earned in respect of amounts held in such REO
Account as provided in Section 3.06(b) (but only to the extent of the Net
Investment Earnings with respect to such REO Account for any Collection Period).
The Special Servicer shall give written notice to the Trustee and the Master
Servicers of the location of each REO Account, and shall give notice to the
related Non-Trust Noteholder(s) of the location of any Loan Combination REO
Account, in each case when first established and of the new location of any such
REO Account prior to any change thereof.

            (c) The Special Servicer shall withdraw from the related REO Account
funds necessary for the proper operation, management, leasing, maintenance and
disposition of any REO Property, but only to the extent of amounts on deposit in
such REO Account relating to such REO Property (including any monthly reserve or
escrow amounts necessary to accumulate sufficient funds for taxes, insurance and
anticipated capital expenditures (the "Impound Reserve")). On each Determination
Date, the Special Servicer shall withdraw from the Pool REO Account and deposit
into the applicable Collection Account, or deliver to the applicable Master
Servicer or such other Person as may be designated by such Master Servicer
(which shall deposit such amounts into the applicable Collection Account) the
aggregate of all amounts received in respect of the related REO Property during
the Collection Period ending on such Determination Date, net of any withdrawals
made out of such amounts pursuant to the preceding sentence. On each
Determination Date, the Special Servicer shall withdraw from each Loan
Combination REO Account and deposit into the related Loan Combination Custodial
Account, or deliver to the applicable Master Servicer or such other Person as
may be designated by such Master Servicer (which shall deposit such amounts into
the related Loan Combination Custodial Account) the aggregate of all amounts
then on deposit therein that were received in respect of the related Loan
Combination REO Property during the Collection Period ending on such
Determination Date, net of any withdrawals made out of such amounts pursuant to
the second preceding sentence. Notwithstanding the foregoing, in addition to the
Impound Reserve, the Special Servicer may retain in the applicable REO Account
such portion of proceeds and collections in respect of any REO Property as may
be necessary to maintain a reserve of sufficient funds for the proper operation,
management, leasing, maintenance and disposition of such REO Property
(including, without limitation, the creation of a reasonable reserve for
repairs, replacements, necessary capital improvements and other related
expenses), such reserve not to exceed an amount reasonably estimated to be
sufficient to cover such items estimated to be incurred during the following
twelve-month period.

            (d) The Special Servicer shall keep and maintain separate records,
on a property-by-property basis, for the purpose of accounting for all deposits
to, and withdrawals from, each REO Account pursuant to Section 3.16(b) or (c).
The Special Servicer shall provide the applicable Master Servicer any
information with respect to each REO Account as is reasonably requested by such
Master Servicer.

            SECTION 3.17. Management of REO Property.

            (a) Prior to the acquisition by it of title to a Mortgaged Property,
the Special Servicer shall review the operation of such Mortgaged Property and
determine the nature of the income that would be derived from such property if
it were acquired by the Trust Fund. If the Special Servicer determines from such
review that:

            (i) None of the income from Directly Operating such Mortgaged
      Property would be subject to tax as "net income from foreclosure property"
      within the meaning of the REMIC Provisions or would be subject to the tax
      imposed on "prohibited transactions" under Section 860F of the Code
      (either such tax referred to herein as an "REO Tax"), then such Mortgaged
      Property may be Directly Operated by the Special Servicer as REO Property
      (other than performing construction work thereon or selling such Mortgaged
      Property to customers in the ordinary course of a trade or business);

            (ii) Directly Operating such Mortgaged Property as an REO Property
      could result in income from such property that would be subject to an REO
      Tax, but that a lease of such property to another party to operate such
      property, or the performance of some services by an Independent Contractor
      with respect to such property, or another method of operating such
      property would not result in income subject to an REO Tax, then the
      Special Servicer may (provided that in the reasonable judgment of the
      Special Servicer (exercised in accordance with the Servicing Standard),
      such alternative is commercially reasonable) acquire such Mortgaged
      Property as REO Property and so lease or operate such REO Property; or

            (iii) It is reasonable to believe that Directly Operating such
      property as REO Property could result in income subject to an REO Tax and
      that no commercially reasonable means exists to operate such property as
      REO Property without the Trust Fund incurring or possibly incurring an REO
      Tax on income from such property, the Special Servicer shall deliver to
      the REMIC Administrator, in writing, a proposed plan (the "Proposed Plan")
      to manage such property as REO Property. Such plan shall include potential
      sources of income, and, to the extent reasonably possible, estimates of
      the amount of income from each such source. Within a reasonable period of
      time after receipt of such plan, the REMIC Administrator shall consult
      with the Special Servicer and shall advise the Special Servicer of the
      REMIC Administrator's federal income tax reporting position with respect
      to the various sources of income that the Trust Fund would derive under
      the Proposed Plan. In addition, the REMIC Administrator shall (to the
      extent reasonably possible) advise the Special Servicer of the estimated
      amount of taxes that the Trust Fund would be required to pay with respect
      to each such source of income. After receiving the information described
      in the two preceding sentences from the REMIC Administrator, the Special
      Servicer shall either (A) implement the Proposed Plan (after acquiring the
      respective Mortgaged Property as REO Property) or (B) manage such property
      in a manner that would not result in the imposition of an REO Tax on the
      income derived from such property. All of the REMIC Administrator's
      expenses (including any fees and expenses of counsel or other experts
      reasonably retained by it) incurred pursuant to this Section shall be
      reimbursed to it from the Trust Fund in accordance with Section 10.01(e).

            The Special Servicer's decision as to how each REO Property shall be
managed and operated shall be based on the Servicing Standard and, further,
based on the reasonable judgment of the Special Servicer as to which means would
be in the best interest of the Certificateholders (and, in the case of any Loan
Combination REO Property, the related Non-Trust Noteholder(s)) by maximizing (to
the extent commercially reasonable and consistent with Section 3.17(b)) the net
after-tax REO Revenues received by the Trust Fund with respect to such property
and, to the extent consistent with the foregoing, in the same manner as would
prudent mortgage loan servicers operating acquired mortgaged property comparable
to the respective Mortgaged Property. Both the Special Servicer and the REMIC
Administrator may, at the expense of the Trust Fund payable pursuant to Section
3.05(a)(xiii) consult with counsel.

            (b) If title to any REO Property is acquired, the Special Servicer
shall manage, conserve, protect and operate such REO Property for the benefit of
the Certificateholders (and, in the case of any Loan Combination REO Property,
the related Non-Trust Noteholder(s)) solely for the purpose of its prompt
disposition and sale in a manner that does not and will not: (i) cause such REO
Property to fail to qualify as "foreclosure property" within the meaning of
Section 860G(a)(8) of the Code for purposes of Section 860D(a) of the Code; or
(ii) except as contemplated by Section 3.17(a), either result in the receipt by
any REMIC of any "income from non-permitted assets" within the meaning of
Section 860F(a)(2)(b) of the Code or result in an Adverse REMIC Event or an
Adverse Grantor Trust Event. Subject to the foregoing, however, the Special
Servicer shall have full power and authority to do any and all things in
connection therewith as are consistent with the Servicing Standard and,
consistent therewith, shall withdraw from the related REO Account, to the extent
of amounts on deposit therein with respect to any REO Property, funds necessary
for the proper operation, management, maintenance and disposition of such REO
Property, including without limitation:

            (i) all insurance premiums due and payable in respect of such REO
      Property;

            (ii) all real estate taxes and assessments in respect of such REO
      Property that may result in the imposition of a lien thereon;

            (iii) any ground rents in respect of such REO Property; and

            (iv) all costs and expenses necessary to maintain, lease, sell,
      protect, manage and restore such REO Property.

            To the extent that amounts on deposit in the applicable REO Account
in respect of any REO Property are insufficient for the purposes set forth in
the preceding sentence with respect to such REO Property, the applicable Master
Servicer, subject to Section 3.03(c), shall make Servicing Advances in such
amounts as are necessary for such purposes unless (as evidenced by an Officer's
Certificate delivered to the Trustee) such Master Servicer determines, in
accordance with the Servicing Standard, that such payment would be a
Nonrecoverable Advance; provided, however, that such Master Servicer may make
any such Servicing Advance without regard to recoverability if it is a necessary
fee or expense incurred in connection with the defense or prosecution of legal
proceedings.

            (c) Without limiting the generality of the foregoing, the Special
Servicer shall not, with respect to any REO Property:

            (i) enter into, renew or extend any New Lease with respect to such
      REO Property, if the New Lease, by its terms would give rise to any income
      that does not constitute Rents from Real Property;

            (ii) permit any amount to be received or accrued under any New Lease
      other than amounts that will constitute Rents from Real Property;

            (iii) authorize or permit any construction on such REO Property,
      other than the completion of a building or other improvement thereon, and
      then only if more than 10% of the construction of such building or other
      improvement was completed before default on the related Mortgage Loan
      became imminent, all within the meaning of Section 856(e)(4)(b) of the
      Code; or

            (iv) Directly Operate, or allow any other Person, other than an
      Independent Contractor, to Directly Operate such REO Property on any date
      more than 90 days after the related REO Acquisition;

unless, in any such case, the Special Servicer has obtained an Opinion of
Counsel (the cost of which shall be paid by the applicable Master Servicer, at
the direction of the Special Servicer, and shall be reimbursable as a Servicing
Advance) to the effect that such action would not cause such REO Property to
fail to qualify as "foreclosure property" within the meaning of Section
860G(a)(8) of the Code for purposes of Section 860D(a) of the Code at any time
that it is held by REMIC I, in which case the Special Servicer may take such
actions as are specified in such Opinion of Counsel.

            (d) Unless Section 3.17(a)(i) applies, the Special Servicer shall
contract with any Independent Contractor for the operation and management of any
REO Property, provided that:

            (i) the terms and conditions of any such contract may not be
      inconsistent herewith and shall reflect an agreement reached at arm's
      length;

            (ii) the fees of such Independent Contractor (which shall be
      expenses of the Trust Fund) shall be reasonable and customary in
      consideration of the nature and locality of such REO Property;

            (iii) except as permitted under Section 3.17(a), any such contract
      shall require, or shall be administered to require, that the Independent
      Contractor, in a timely manner, (A) pay out of related REO Revenues all
      costs and expenses incurred in connection with the operation and
      management of such REO Property, including, without limitation, those
      listed in Section 3.17(b) above, and (B) except to the extent that such
      revenues are derived from any services rendered by the Independent
      Contractor to tenants of such REO Property that are not customarily
      furnished or rendered in connection with the rental of real property
      (within the meaning of Section 1.856-4(b)(5) of the Treasury regulations
      or any successor provision), remit all related revenues collected (net of
      its fees and such costs and expenses) to the Special Servicer upon
      receipt;

            (iv) none of the provisions of this Section 3.17(d) relating to any
      such contract or to actions taken through any such Independent Contractor
      shall be deemed to relieve the Special Servicer of any of its duties and
      obligations hereunder with respect to the operation and management of such
      REO Property; and

            (v) the Special Servicer shall be obligated with respect thereto to
      the same extent as if it alone were performing all duties and obligations
      in connection with the operation and management of such REO Property.

The Special Servicer shall be entitled to enter into any agreement with any
Independent Contractor performing services for it related to its duties and
obligations under Section 3.16 and this Section 3.17 for indemnification of the
Special Servicer by any such Independent Contractor, and nothing in this
Agreement shall be deemed to limit or modify such indemnification. No agreement
entered into pursuant to this Section 3.17(d) shall be deemed a Sub-Servicing
Agreement for purposes of Section 3.22.

            SECTION 3.18. Resolution of Defaulted Mortgage Loans and REO
                          Properties.

            (a) Either Master Servicer, the Special Servicer or the Trustee may
sell or purchase, or permit the sale or purchase of, a Trust Mortgage Loan or an
REO Property related thereto only on the terms and subject to the conditions set
forth in this Section 3.18 or as otherwise expressly provided in or contemplated
by Section 2.03(a), Section 9.01 and/or any related co-lender, intercreditor or
similar agreement to which the Trust is a party.

            (b) After a Trust Mortgage Loan becomes a Trust Defaulted Mortgage
Loan, the Special Servicer shall determine the fair value of the Trust Mortgage
Loan in accordance with the Servicing Standard; provided, however, that such
determination shall be made without taking into account any effect the
restrictions on the sale of such Trust Mortgage Loan contained herein may have
on the value of such Trust Defaulted Mortgage Loan; provided, further, that the
Special Servicer shall use reasonable efforts promptly to obtain an Appraisal
with respect to the related Mortgaged Property unless it has an Appraisal that
is less than 12 months old and has no actual knowledge of, or notice of, any
event which in the Special Servicer's judgment would materially affect the
validity of such Appraisal. The Special Servicer shall make its fair value
determination as soon as reasonably practicable (but in any event within 30
days) after its receipt of such new Appraisal, if applicable. The Special
Servicer will be permitted, from time to time, to adjust its fair value
determination based upon changed circumstances, new information and other
relevant factors, in each instance in accordance with the Servicing Standard;
provided, however, that the Special Servicer shall update its fair value
determination at least once every 90 days; and provided, further, that absent
the Special Servicer having actual knowledge of a material change in
circumstances affecting the value of the related Mortgaged Property, the Special
Servicer shall not be obligated to update such determination. The Special
Servicer shall notify the Trustee, the applicable Master Servicer, each Rating
Agency, the Plurality Subordinate Certificateholder and the Controlling Class
Representative promptly upon its fair value determination and any adjustment
thereto. The Special Servicer shall also deliver to the applicable Master
Servicer, the Plurality Subordinate Certificateholder and the Controlling Class
Representative, the most recent Appraisal of the related Mortgaged Property then
in the Special Servicer's possession, together with such other third-party
reports and other information then in the Special Servicer's possession that the
Special Servicer reasonably believes to be relevant to the fair value
determination with respect to such Trust Mortgage Loan (such materials are,
collectively, the "Determination Information"). Notwithstanding the foregoing,
the Special Servicer shall not be required to deliver the Determination
Information to the applicable Master Servicer, and shall instead deliver the
Determination Information to the Trustee, if such Master Servicer will not be
determining whether the Option Price represents fair value for the Trust
Defaulted Mortgage Loan, pursuant to this Section 3.18.

            In determining the fair value of any Trust Defaulted Mortgage Loan,
the Special Servicer shall take into account, among other factors, the period
and amount of the delinquency on such Trust Mortgage Loan, the occupancy level
and physical condition of the related Mortgaged Property, the state of the local
economy in the area where the Mortgaged Property is located, and the time and
expense associated with a purchaser's foreclosing on the related Mortgaged
Property and the expected recoveries from pursuing a work-out or foreclosure
strategy instead of selling the Trust Defaulted Mortgage Loan to the Purchase
Option holder. In addition, the Special Servicer shall refer to all other
relevant information obtained by it or otherwise contained in the related
Mortgage File; provided that the Special Servicer shall take account of any
change in circumstances regarding the related Mortgaged Property known to the
Special Servicer that has occurred subsequent to, and that would, in the Special
Servicer's reasonable judgment, materially affect the value of the related
Mortgaged Property reflected in the most recent related Appraisal. Furthermore,
the Special Servicer shall consider all available objective third-party
information obtained from generally available sources, as well as information
obtained from vendors providing real estate services to the Special Servicer,
concerning the market for distressed real estate loans and the real estate
market for the subject property type in the area where the related Mortgaged
Property is located.

            (c) Subject to the terms set forth in Section 2.03, in the event a
Trust Mortgage Loan becomes a Trust Defaulted Mortgage Loan, each of the
Plurality Subordinate Certificateholder and the Special Servicer (each, together
with their respective assignees, an "Option Holder") shall have an assignable
option (a "Purchase Option") (with respect to any Trust Mortgage Loan that is
part of a Loan Combination, subject to the related Loan Combination
Intercreditor Agreement and Section 3.18(o)) to purchase such Trust Defaulted
Mortgage Loan from the Trust Fund at a price (the "Option Price") equal to (i)
the Purchase Price, if the Special Servicer has not yet determined the fair
value of the Trust Defaulted Mortgage Loan, or (ii) the fair value of the Trust
Defaulted Mortgage Loan as determined by the Special Servicer in the manner
described in Section 3.18(b) and in accordance with the Servicing Standard, if
the Special Servicer has made such fair value determination; provided that, if
(A) the Purchase Option is being exercised by an Option Holder that is an
assignee of the Special Servicer or the Plurality Subordinate Certificateholder
that is not an Affiliate of the Special Servicer or the Plurality Subordinate
Certificateholder, (B) the assignment of the Purchase Option was to such Option
Holder for no material consideration, and (C) the Purchase Option is exercised
by such Option Holder more than 90 days following a determination of the fair
value of the subject Trust Defaulted Mortgage Loan, the Special Servicer shall
be entitled to receive a Principal Recovery Fee, which Principal Recovery Fee
shall be deducted from the Option Price received. The Special Servicer shall,
promptly after a Trust Mortgage Loan becomes a Trust Defaulted Mortgage Loan,
deliver to the Plurality Subordinate Certificateholder and the Controlling Class
Representative a notice substantially in the form of Exhibit M-1. Any holder of
a Purchase Option may sell, transfer, assign or otherwise convey its Purchase
Option with respect to any Trust Defaulted Mortgage Loan to any party at any
time after the related Trust Mortgage Loan becomes a Trust Defaulted Mortgage
Loan. The transferor of any Purchase Option shall notify the Trustee and the
applicable Master Servicer of such transfer and such notice shall include (i) in
the case of the Plurality Subordinate Certificateholder, an assignment
substantially in the form of Exhibit M-3, or (ii) in the case of the Special
Servicer, an assignment substantially in the form of Exhibit M-2.
Notwithstanding the foregoing, the Plurality Subordinate Certificateholder (or
its assignee) shall have the right to exercise its Purchase Option prior to any
exercise of the Purchase Option by the Special Servicer; provided, however, if
the Purchase Option is not exercised by the Plurality Subordinate
Certificateholder or any assignee thereof within 60 days of the fair value
determination being made with respect to the subject Trust Defaulted Mortgage
Loan, then the Special Servicer (or its assignee) shall have the right to
exercise its Purchase Option prior to any exercise by the Plurality Subordinate
Certificateholder and the Special Servicer or its assignee may exercise such
Purchase Option at any time during the 15 day period immediately following the
expiration of such 60-day period. Following the expiration of such 15 day
period, the Plurality Subordinate Certificateholder (or its assignee) shall
again have the right to exercise its Purchase Option prior to any exercise of
the Purchase Option by the Special Servicer. If not exercised earlier, the
Purchase Option with respect to any Trust Defaulted Mortgage Loan will
automatically terminate (i) once the related Trust Defaulted Mortgage Loan is no
longer a Trust Defaulted Mortgage Loan; provided, however, that if such Trust
Mortgage Loan subsequently becomes a Trust Defaulted Mortgage Loan, the related
Purchase Option shall again be exercisable, (ii) upon the acquisition, by or on
behalf of the Trust Fund, of title to the related Mortgaged Property through
foreclosure or deed in lieu of foreclosure or (iii) the modification or pay-off,
in full or at a discount, of such Trust Defaulted Mortgage Loan in connection
with a workout. In addition, the Purchase Option with respect to a Trust
Defaulted Mortgage Loan held by any Person will terminate upon the exercise of
the Purchase Option and consummation of the purchase by any other holder of a
Purchase Option.

            (d) [RESERVED]

            (e) Upon receipt of notice from the Special Servicer indicating that
a Trust Mortgage Loan has become a Trust Defaulted Mortgage Loan, the holder
(whether the original grantee of such option or any subsequent transferee) of
the Purchase Option may exercise the Purchase Option by providing the applicable
Master Servicer, the Trustee and the Controlling Class Representative, written
notice thereof (the "Purchase Option Notice"), which notice shall identify the
Person that, on its own or through an Affiliate, will acquire the related Trust
Mortgage Loan upon closing and shall specify a cash exercise price at least
equal to the Option Price. The Purchase Option Notice shall be delivered in the
manner specified in Section 11.05. The exercise of any Purchase Option pursuant
to this clause (e) shall be irrevocable; provided that the assignor of the
Purchase Option shall have no liability to the Trust Fund or any other party
hereto for the failure of its third party assignee to close the sale of the
Trust Defaulted Mortgage Loan after its exercise of the Purchase Option and upon
such failure, the Purchase Option shall revert to the Option Holder as provided
herein as if the Purchase Option had not been exercised, and the Special
Servicer shall pursue against such assignee whatever remedies it may have
against the assignee.

            (f) If the Special Servicer or the Plurality Subordinate
Certificateholder, or any of their respective Affiliates, is identified in the
Purchase Option Notice as the Person expected to acquire the related Trust
Mortgage Loan, and the Option Price is based upon the Special Servicer's fair
value determination, then the applicable Master Servicer (or, if such Master
Servicer and the Special Servicer are the same Person, the Trustee) shall
determine whether the Special Servicer's determination of the Option Price
represents fair value for the Trust Defaulted Mortgage Loan, in the manner set
forth in Section 3.18(b). In such event, the Special Servicer shall promptly
deliver to the applicable Master Servicer (or the Trustee, if the Trustee is
making the determination as contemplated in the preceding sentence) the
Determination Information, including information regarding any change in
circumstance regarding the Trust Defaulted Mortgage Loan known to the Special
Servicer that has occurred subsequent to, and that would materially affect the
value of the related Mortgaged Property reflected in, the most recent related
Appraisal. Notwithstanding the foregoing, and if the Special Servicer has not
already done so, the applicable Master Servicer (or the Trustee, if the Trustee
is making the determination as contemplated in the preceding sentences) may (at
its option) designate an Independent Appraiser or other Independent expert of
recognized standing having experience in evaluating the value of defaulted
mortgage loans, selected with reasonable care by such Master Servicer or the
Trustee, as the case may be, to confirm that the Special Servicer's
determination of the Option Price represents fair value for the Trust Defaulted
Mortgage Loan (which opinion shall be based on a review, analysis and evaluation
of the Determination Information, and to the extent such an Independent
Appraiser or third party deems any such Determination Information to be
defective, incorrect, insufficient or unreliable, such Person may base its
opinion on such other information it deems reasonable or appropriate). In that
event, the applicable Master Servicer or the Trustee, as the case may be, absent
manifest error, may conclusively rely on the opinion of any such Person. The
costs of all appraisals, inspection reports and opinions of value incurred by
the Special Servicer, the applicable Master Servicer, the Trustee or any such
third party pursuant to this paragraph shall be advanced by such Master Servicer
(or the Trustee, if applicable) and shall constitute, and be reimbursable as,
Servicing Advances. In addition, the applicable Master Servicer (or, if
applicable, the Trustee) shall be entitled to receive out of its Collection
Account a fee in the amount of $2,500, for the initial confirmation of the
Special Servicer's Option Price determination (but no fee for any subsequent
confirmation) that is made by it with respect to any Trust Defaulted Mortgage
Loan, in accordance with this Section 3.18(f).

            Notwithstanding anything contained in this Section 3.18(f) to the
contrary, if the Special Servicer, the Plurality Subordinate Certificateholder
or any of their respective Affiliates, is identified in the Purchase Option
Notice as the Person expected to acquire the related Trust Mortgage Loan, and
the Option Price is based upon the Special Servicer's fair value determination,
and the applicable Master Servicer and the Special Servicer are Affiliates, the
Trustee shall determine whether the Option Price represents fair value for the
Trust Defaulted Mortgage Loan, in the manner set forth in Section 3.18(b) and as
soon as reasonably practicable but in any event within 30 days (except as such
period may be extended as set forth in this paragraph) of its receipt of the
Purchase Option Notice and Determination Information from the Special Servicer.
In determining whether the Option Price represents the fair value of such Trust
Defaulted Mortgage Loan, the Trustee may obtain an opinion as to the fair value
of such Trust Defaulted Mortgage Loan, taking into account the factors set forth
in Section 3.18(b), from an Independent Appraiser or other Independent expert of
recognized standing having experience in evaluating the value of defaulted
mortgage loans which opinion shall be based on a review, analysis and evaluation
of the Determination Information, and to the extent such an Independent
Appraiser or third party deems any such Determination Information to be
defective, incorrect, insufficient or unreliable, such Person may base its
opinion on such other information it deems reasonable or appropriate, and absent
manifest error, the Trustee may conclusively rely on the opinion of any such
Person which was chosen by the Trustee with reasonable care. Notwithstanding the
30 day time period referenced above in this paragraph, the Trustee will have an
additional 15 days to make a fair value determination if the Person referenced
in the immediately preceding sentence has determined that the Determination
Information is defective, incorrect, insufficient or unreliable. The reasonable
costs of all appraisals, inspection reports and opinions of value, reasonably
incurred by the Trustee or any such third party pursuant to this paragraph shall
be advanced by the applicable Master Servicer and shall constitute, and be
reimbursable as, Servicing Advances. In connection with the Trustee's
determination of fair value the Special Servicer shall deliver to the Trustee
the Determination Information for the use of the Trustee or any such third
party.

            In the event a designated third party determines that the Option
Price is less than the fair value of the Trust Defaulted Mortgage Loan, such
party shall provide its determination, together will all information and reports
it relied upon in making such determination, to the Special Servicer, the
applicable Master Servicer or the Trustee, as the case may be, and the Special
Servicer shall then adjust its fair value determination and, consequently, the
Option Price, pursuant to Section 3.18(b). The Special Servicer shall promptly
provide written notice of any adjustment of the Option Price to the Option
Holder whose Purchase Option has been declared effective pursuant to Section
3.18(e) above. Upon receipt of such notice, such Option Holder shall have three
(3) Business Days to (i) accept the Option Price as adjusted and proceed in
accordance with Section 3.18(g) below, or (ii) reject the Option Price as
adjusted, in which case such Option Holder shall not be obligated to close the
purchase of the Trust Defaulted Mortgage Loan. Upon notice from such Option
Holder, that it rejects the Option Price as adjusted, the Special Servicer and
the Trustee shall provide the notices described in Section 3.18(h) below and
thereafter any Option Holder may exercise its purchase option in accordance with
this Section 3.18, at the Option Price as adjusted.

            (g) The Option Holder whose Purchase Option is declared effective
pursuant to Section 3.18(e) above shall be required to pay the purchase price
specified in its Purchase Option Notice to the applicable Master Servicer within
10 Business Days of its receipt of such Master Servicer's notice confirming that
the exercise of its Purchase Option is effective. Upon receipt of a Request for
Release from the applicable Master Servicer specifying the date for closing the
purchase of the related Trust Defaulted Mortgage Loan, and the purchase price to
be paid therefor, the Trustee shall deliver at such closing for release to or at
the direction of such Option Holder, the related Mortgage File, and shall
execute and deliver such instruments of transfer or assignment, in each case
without recourse, as shall be provided to it by such Option Holder and are
reasonably necessary to vest in the purchaser or any designee thereof the
ownership of such Trust Mortgage Loan. In connection with any such purchase by
any Person other than it, the Special Servicer shall deliver the related
Mortgage File to or at the direction of the purchaser. In any case, the
applicable Master Servicer shall deposit the purchase price (except that portion
of any purchase price constituting Gain-on-Sale Proceeds which shall be
deposited in the Gain-on-Sale Reserve Account) into its Collection Account
within one (1) Business Day following receipt.

            (h) The Special Servicer shall immediately notify the Trustee and
the applicable Master Servicer upon the holder of the effective Purchase
Option's failure to remit the purchase price specified in its Purchase Option
Notice pursuant to this Section 3.18(h). Thereafter, the Trustee shall notify
each Option Holder of such failure and any Option Holder may then exercise its
purchase option in accordance with this Section 3.18.

            (i) Unless and until the Purchase Option with respect to a Trust
Defaulted Mortgage Loan is exercised, the Special Servicer shall pursue such
other resolution strategies available hereunder with respect to such Trust
Defaulted Mortgage Loan, including, without limitation, workout and foreclosure,
as the Special Servicer may deem appropriate consistent with the Servicing
Standard; provided, however, the Special Servicer will not be permitted to sell
the Trust Defaulted Mortgage Loan other than in connection with the exercise of
the related Purchase Option.

            (j) In the event that title to any REO Property is acquired by the
Trust in respect of any Trust Defaulted Mortgage Loan, the deed or certificate
of sale shall be issued to the Trust, the Trustee or to its nominees. The
Special Servicer, after notice to the Controlling Class Representative, shall
use its reasonable best efforts to sell any REO Property as soon as practicable
in accordance with Section 3.16(a). If the Special Servicer on behalf of the
Trustee has not received an REO Extension or an Opinion of Counsel described in
Section 3.16(a) and the Special Servicer is not able to sell such REO Property
within the period specified above, or if an REO Extension has been granted and
the Special Servicer is unable to sell such REO Property within the extended
time period, the Special Servicer shall, after consultation with the Controlling
Class Representative, before the end of such period or extended period, as the
case may be, auction the REO Property to the highest bidder (which may be the
Special Servicer) in accordance with the Servicing Standard. The Special
Servicer shall give the Controlling Class Representative, the applicable Master
Servicer and the Trustee (and, in the case of a Loan Combination Mortgaged
Property, the related Non-Trust Noteholder(s)) not less than five days' prior
written notice of its intention to sell any REO Property, and in respect of such
sale, the Special Servicer shall offer such REO Property in a commercially
reasonable manner. Where any Interested Person is among those bidding with
respect to an REO Property, the Special Servicer shall require that all bids be
submitted in writing and be accompanied by a refundable deposit of cash in an
amount equal to 5% of the bid amount. No Interested Person shall be permitted to
purchase the REO Property at a price less than the Purchase Price; and provided,
further, that if the Special Servicer intends to bid on any REO Property, (i)
the Special Servicer shall notify the Trustee of such intent, (ii) the Trustee
shall promptly obtain, at the expense of the Trust Fund, an Appraisal of such
REO Property and (iii) the Special Servicer shall not bid less than the greater
of (A) the fair market value set forth in such Appraisal or (B) the Purchase
Price.

            (k) Subject to the REMIC Provisions, the Special Servicer shall act
on behalf of the Trust in negotiating and taking any other action necessary or
appropriate in connection with the sale of any REO Property or the exercise of a
Purchase Option, including the collection of all amounts payable in connection
therewith. Notwithstanding anything to the contrary herein, neither the Trustee,
in its individual capacity, nor any of its Affiliates may bid for or purchase
any REO Property or purchase any Trust Defaulted Mortgage Loan. Any sale of a
Trust Defaulted Mortgage Loan (pursuant to a Purchase Option) or an REO Property
shall be without recourse to, or representation or warranty by, the Trustee, the
Depositor, the Special Servicer, the applicable Master Servicer, any Mortgage
Loan Seller or the Trust. None of the Special Servicer, the applicable Master
Servicer, the Depositor or the Trustee shall have any liability to the Trust or
any Certificateholder with respect to the price at which a Trust Defaulted
Mortgage Loan is sold if the sale is consummated in accordance with the terms of
this Agreement.

            (l) Upon exercise of a Purchase Option, the holder of such Purchase
Option shall be required to pay the purchase price specified in its Purchase
Option Notice to the Special Servicer within 10 Business Days of exercising its
Purchase Option. The proceeds of any sale of a Trust Defaulted Mortgage Loan,
after deduction of the expenses of such sale incurred in connection therewith,
shall be deposited by the Special Servicer in the applicable Master Servicer's
Collection Account.

            (m) Notwithstanding anything herein to the contrary, the Special
Servicer shall not take or refrain from taking any action pursuant to
instructions from the Controlling Class Representative that would cause it to
violate applicable law or any term or provision of this Agreement, including the
REMIC Provisions and the Servicing Standard.

            (n) The amount paid for a Trust Defaulted Mortgage Loan or related
REO Property purchased under this Agreement shall be deposited into the
applicable Master Servicer's Collection Account. Upon receipt of an Officer's
Certificate from the applicable Master Servicer to the effect that such deposit
has been made, the Trustee shall execute and deliver such instruments of
transfer or assignment, in each case without recourse, as shall be provided to
it and are reasonably necessary to vest in the purchaser of such Trust Defaulted
Mortgage Loan or related REO Property ownership of the Trust Defaulted Mortgage
Loan or REO Property. The Trustee, upon receipt of a Request for Release, shall
release or cause to be released to the applicable Master Servicer or the Special
Servicer the related Mortgage File. In connection with any such purchase, the
Special Servicer shall deliver the related Servicing File to the purchaser of a
Trust Defaulted Mortgage Loan or related REO Property.

            (o) Pursuant to the terms of the Lake in the Woods Intercreditor
Agreement, upon the occurrence of one or more specified events set forth in such
agreement with respect to the related Trust Mortgage Loan, the related Non-Trust
Noteholder may, at its option and subject to the terms of such agreement,
purchase the subject Trust Mortgage Loan at the purchase price set forth in such
agreement. Any exercise of a Purchase Option under this Section 3.18 with
respect to the Lake in the Woods Trust Mortgage Loan shall be subject to the
rights of the related Non-Trust Noteholder to purchase such Trust Mortgage Loan
pursuant to the related Loan Combination Intercreditor Agreement.

            SECTION 3.19. Additional Obligations of the Master Servicers.

            (a) Each Master Servicer shall deposit in its Collection Account on
each P&I Advance Date (prior to any transfer of funds from such Collection
Account to the Distribution Account on such date), without any right of
reimbursement therefor with respect to those Trust Mortgage Loans for which it
is the Master Servicer that were, in each such case, subject to a Principal
Prepayment during the most recently ended Collection Period (other than
Principal Prepayments made out of Insurance Proceeds or Liquidation Proceeds and
other than Casualty/Condemnation Principal Prepayments) creating a Prepayment
Interest Shortfall, an aggregate amount equal to the lesser of (i) the amount of
the related Prepayment Interest Shortfalls in respect of such Trust Mortgage
Loans and (ii) the sum of (A) that portion of such Master Servicer's Master
Servicing Fees on the portion of the Mortgage Pool for which it is the
applicable Master Servicer that represents an accrual at a rate of 0.01% per
annum and (B) the total amount of Prepayment Interest Excesses that were
collected during the related Collection Period; provided, however, that if a
Prepayment Interest Shortfall occurs as a result of the applicable Master
Servicer's allowing the related Mortgagor to deviate from the terms of the
related Mortgage Loan documents regarding principal prepayments (other than (x)
subsequent to a material default under the related Mortgage Loan documents, (y)
pursuant to applicable law or a court order or (z) at the request or with the
consent of the Special Servicer or the Controlling Class Representative), then,
such Master Servicer shall be required to pay to the Trust an amount equal to
the entire Prepayment Interest Shortfall without any limitation of the kind
described in clauses (ii) (A) and (B) above.

            Following the payments made by the applicable Master Servicer
pursuant to the preceding paragraph (excluding the payments contemplated by the
proviso to the sole sentence of the preceding paragraph), such Master Servicer
shall apply any remaining Prepayment Interest Excesses to offset any
Casualty/Condemnation Interest Shortfall incurred with respect to any Trust
Mortgage Loan during the subject Collection Period.

            Additionally, if any Prepayment Interest Excesses exist with respect
to the Trust Mortgage Loans serviced by one Master Servicer, while Prepayment
Interest Shortfalls exist with respect to the Trust Mortgage Loans serviced by
the other Master Servicer, such Prepayment Interest Excesses and Prepayment
Interest Shortfalls shall be netted against each other. If, after such
application of Prepayment Interest Excesses to Prepayment Interest Shortfalls,
(A) Prepayment Interest Excesses still remain, such amounts shall be payable to
the Master Servicer as to which such Prepayment Interest Excesses relate or (B)
Prepayment Interest Shortfalls still remain, such amounts shall be payable to
the Trust by the Master Servicer as to which such Prepayment Interest Shortfalls
relate in accordance with the second preceding paragraph.

            Except as provided in the preceding paragraphs, no other
compensation to the Master Servicers shall be available to cover Prepayment
Interest Shortfalls. Each Master Servicer's obligation to make any particular
deposit in respect of any Collection Period as set forth in this Section 3.19(a)
shall not, in the absence of default under this Section 3.19(a), carry over to
any subsequent Collection Period.

            With respect to each Artesia Trust Mortgage Loan, Wachovia shall,
out of its own funds, deposit into its Collection Account on each P&I Advance
Date (prior to any transfer of funds from such Collection Account to the
Distribution Account on such date), without any right of reimbursement therefor,
with respect to those Artesia Trust Mortgage Loans that were, in each such case,
subject to a Delayed Principal Payment during the Collection Period prior to the
Collection Period to which such P&I Advance Date relates, an amount equal to the
amount of the related Delayed Principal Payment Interest Shortfall.

            (b) The applicable Master Servicer shall, as to each Mortgage Loan
that is secured by the interest of the related Mortgagor under a Ground Lease,
promptly (and in any event within 60 days of the Closing Date) notify the
related ground lessor in writing of the transfer of such Mortgage Loan to the
Trust Fund pursuant to this Agreement and inform such ground lessor that any
notices of default under the related Ground Lease should thereafter be forwarded
to such Master Servicer. The costs and expenses of any modifications to Ground
Leases shall be paid by the related Mortgagor.

            (c) Each Master Servicer shall deliver to each Mortgage Loan Seller
upon request, without charge, no more than twice per calendar year a current
list of the Mortgagors relating to the Mortgage Loans (as identified on the
Mortgage Loan Schedule) sold by such Mortgage Loan Seller to the Depositor and
their respective billing addresses and telephone numbers; provided, however,
that neither Master Servicer shall be under an obligation to provide any such
information not in its possession.

            (d) The Master Servicers and the Special Servicer shall each be
responsible for providing (i) to each Non-Trust Noteholder such notices
regarding defaults and events of default with respect to the related Loan
Combination as are required from the holder of the related Trust Mortgage Loan
that is part the related Loan Combination under the related Loan Combination
Intercreditor Agreement, and (ii) to any lender of related mezzanine debt as may
be required from the Trust, as holder of a Trust Mortgage Loan, under any
related co-lender, intercreditor or similar agreement.

            SECTION 3.20. Modifications, Waivers, Amendments and Consents.

            (a) The Master Servicers (with respect to any Mortgage Loan that is
not a Specially Serviced Mortgage Loan) and the Special Servicer (with respect
to any Specially Serviced Mortgage Loan) each may (consistent with the Servicing
Standard) agree to any modification, waiver or amendment of any term of, extend
the maturity of (in the case of either Master Servicer, subject to a maximum of
two separate one-year extensions without the consent of the Special Servicer),
defer or forgive interest (including Penalty Interest and Additional Interest)
on and principal of, defer or forgive late payment charges, Prepayment Premiums
and Yield Maintenance Charges on, permit the release, addition or substitution
of collateral securing, and/or permit the release, addition or substitution of
the Mortgagor on or any guarantor of, any Mortgage Loan, and/or provide consents
with respect to any leasing activity at a Mortgaged Property securing any
Mortgage Loan without the consent of the Trustee or any Certificateholder;
provided, that the Master Servicers' and the Special Servicer's rights to do so
shall be subject to Section 3.08 and Section 6.11 (and, in the case of a Loan
Combination, subject to the terms of the related Loan Combination Intercreditor
Agreement) and, further, to the following subsections of this Section 3.20; and
provided, further, that other than as provided in Sections 3.02(a) (relating to
waivers of Default Charges), 3.08, 3.20(d) and 3.20(e), neither Master Servicer
shall agree to any modification, waiver, forbearance or amendment of any term
of, or take any of the other acts referenced in this Section 3.20(a) with
respect to, any Mortgage Loan, unless such Master Servicer has obtained the
consent of the Special Servicer (it being understood and agreed that (A) such
Master Servicer will promptly provide the Special Servicer with notice of any
Mortgagor request for such modification, waiver, forbearance or amendment, such
Master Servicer's written recommendations and analysis, and all information
reasonably available to such Master Servicer that the Special Servicer may
reasonably request in order to withhold or grant any such consent, (B) the
Special Servicer shall decide whether to withhold or grant such consent in
accordance with the Servicing Standard and Section 6.11 and (C) if any such
consent has not been expressly denied within 10 Business Days (or, if the
Controlling Class Representative is entitled to object pursuant to Section 6.11,
15 Business Days, which 15 Business Days shall include the five Business Days
specified in the proviso at the end of the first paragraph of Section 6.11)
after the Special Servicer's receipt from such Master Servicer of such Master
Servicer's recommendations and analysis and all information reasonably requested
thereby and reasonably available to such Master Servicer in order to make an
informed decision (or, if the Special Servicer did not request any information,
within 10 Business Days (or 15 Business Days, if applicable) after such notice),
such consent shall be deemed to have been granted).

            (b) All modifications, waivers or amendments of any Mortgage Loan
shall be in writing and shall be considered and effected in accordance with the
Servicing Standard. Neither of the Master Servicers nor the Special Servicer, as
applicable, shall make or permit or consent to, as applicable, any modification,
waiver or amendment of any term of any Mortgage Loan that would result in an
Adverse REMIC Event. Either Master Servicer or the Special Servicer shall
determine and may conclusively rely on an Opinion of Counsel (which Opinion of
Counsel shall be an expense of the Trust Fund to the extent not paid by the
related Mortgagor) to the effect that such modification, waiver or amendment
would not (1) effect an exchange or reissuance of the Mortgage Loan under
Treasury Regulations Section 1.860G-2(b) of the Code, (2) cause either of REMIC
I or REMIC II to fail to qualify as a REMIC under the Code or result in the
imposition of any tax on "prohibited transactions" or "contributions" after the
Startup Day under the REMIC Provisions, or (3) adversely affect the status of
Grantor Trust Z under the Code.

            (c) The Special Servicer, on behalf of the Trust Fund, may agree or
consent to (or permit either Master Servicer to agree or consent to) any
modification, waiver or amendment of any term of any Mortgage Loan that would:

            (i) affect the amount or timing of any related payment of principal,
      interest or other amount (including Prepayment Premiums or Yield
      Maintenance Charges, but excluding Penalty Interest and amounts payable as
      additional servicing compensation) payable thereunder (including, subject
      to the discussion in the following paragraph, any related Balloon
      Payment); or

            (ii) affect the obligation of the related Mortgagor to pay a
      Prepayment Premium or Yield Maintenance Charge or permit a Principal
      Prepayment during any period in which the related Mortgage Note prohibits
      Principal Prepayments; or

            (iii) in the judgment of the Special Servicer, materially impair the
      security for such Mortgage Loan or reduce the likelihood of timely payment
      of amounts due thereon;

only if (A) a material default on the Mortgage Loan has occurred or, in the
Special Servicer's judgment, a material default on the Mortgage Loan is
reasonably foreseeable, and (B) the modification, waiver, amendment or other
action is reasonably likely to produce a greater recovery to the
Certificateholders (and, in the case of a Loan Combination, the related
Non-Trust Noteholder(s)), as a collective whole, on a present value basis, than
would liquidation.

            In addition, subject to the third paragraph of this Section 3.20(c),
the Special Servicer may (or permit either Master Servicer to) extend the date
on which any Balloon Payment is scheduled to be due in respect of a Specially
Serviced Mortgage Loan if the conditions set forth in the proviso to the prior
paragraph are satisfied and the Special Servicer has obtained an Appraisal of
the related Mortgaged Property in connection with such extension, which
Appraisal supports the determination of the Special Servicer contemplated by
clause (b) of the proviso to the immediately preceding paragraph.

            In no event will either Master Servicer or the Special Servicer (i)
extend the maturity date of a Mortgage Loan beyond a date that is two years
prior to the Rated Final Distribution Date and (ii) if the Mortgage Loan is
secured by a Ground Lease (and not by the corresponding fee simple interest),
extend the maturity date of such Mortgage Loan beyond a date which is less than
20 years (or, to the extent consistent with the Servicing Standard, giving due
consideration to the remaining term of the Ground Lease, and with the consent of
the Controlling Class Representative, 10 years) prior to the expiration of the
term of such Ground Lease including any unilateral options to extend such term.

            The determination of the Special Servicer contemplated by clause (b)
of the proviso to the first paragraph of this Section 3.20(c) shall be evidenced
by an Officer's Certificate to such effect delivered to the Trustee, the
applicable Master Servicer and, in the case of a Loan Combination, the related
Non-Trust Noteholder(s) and describing in reasonable detail the basis for the
Special Servicer's determination. The Special Servicer shall append to such
Officer's Certificate any information including but not limited to income and
expense statements, rent rolls, property inspection reports and appraisals that
support such determination.

            (d) Except as expressly contemplated by the related Mortgage Loan
documents, the Special Servicer shall not consent to either Master Servicer
releasing, which consent shall be deemed given if not denied in writing within
10 Business Days (or, if the Controlling Class Representative is entitled to
object pursuant to Section 6.11, 15 Business Days, which 15 Business Days shall
include the five Business Days specified in the proviso at the end of the first
paragraph of Section 6.11), any real property collateral securing an outstanding
Mortgage Loan, except as provided in Section 3.09 or 3.20(e), or except in
connection with a permitted defeasance, or except where a Mortgage Loan (or, in
the case of a Crossed Loan Group, where such entire Crossed Loan Group) is
satisfied, or except in the case of a release of real property collateral
provided the Rating Agencies have been notified in writing and, with respect to
a Mortgage Loan that is not a Specially Serviced Mortgage Loan, (A) either (1)
such release will not, in the reasonable judgment of the Special Servicer
(exercised in accordance with the Servicing Standard), materially and adversely
affect the net operating income being generated by or the then-current use of
the related Mortgaged Property, or (2) there is a corresponding principal pay
down of such Mortgage Loan in an amount at least equal to the appraised value of
the collateral to be released (or substitute real property collateral with an
appraised value at least equal to that of the collateral to be released, is
delivered), (B) the release does not materially adversely affect the adequacy of
the remaining Mortgaged Property (together with any substitute real property
collateral), in the reasonable judgment of the Special Servicer (exercised in
accordance with the Servicing Standard), as security for the Mortgage Loan and
(C) if the real property collateral to be released has an appraised value in
excess of $1,500,000, such release would not, in and of itself, result in an
Adverse Rating Event (as confirmed in writing to the Trustee by each Rating
Agency).

            (e) Notwithstanding anything in this Section 3.20, Section 3.08 or
Section 6.11 to the contrary, neither Master Servicer shall be required to seek
the consent of, or provide prior notice to, the Special Servicer, any
Certificateholder or the Controlling Class Representative or obtain any
confirmation of the Certificate ratings from the Rating Agencies in order to
approve the following modifications, waivers or amendments of the Mortgage Loans
(but, in the case of the actions described in clauses (iii) and (iv) of this
sentence, shall notify the Controlling Class Representative thereof): (i)
waivers of non-material covenant defaults (other than financial covenants),
including late financial statements; (ii) waivers of Default Charges, to the
extent allowed under Section 3.02; (iii) releases of unimproved parcels of a
Mortgaged Property; (iv) grants of easements, rights-of-way or other similar
agreements in accordance with Section 3.08(b); (v) approval of routine leasing
activities that affect less than the lesser of 30,000 square feet or 30% of the
net rentable area of the related Mortgaged Property; (vi) approval of annual
budgets to operate the Mortgaged Property; (vii) temporary waivers of any
requirements in the related Mortgage Loan documents with respect to insurance
deductible amounts or claims-paying ability ratings of insurance providers; and
(viii) consenting to changing the property manager with respect to any Mortgage
Loan with an unpaid principal balance of less than $2,000,000; provided that any
such modification, waiver or amendment, or agreeing to any such modification,
waiver or amendment, (w) would not in any way affect a payment term of the
Certificates, (x) would not constitute a "significant modification" of such
Mortgage Loan pursuant to Treasury Regulations Section 1.860G-2(b) and would not
otherwise constitute an Adverse REMIC Event with respect to either of REMIC I or
REMIC II or an Adverse Grantor Trust Event with respect to Grantor Trust, (y)
would be consistent with the Servicing Standard.

            (f) Any payment of interest that is deferred pursuant to any
modification, waiver or amendment permitted hereunder, shall not, for purposes
hereof, including, without limitation, calculating monthly distributions to
Certificateholders, be added to the unpaid principal balance or Stated Principal
Balance of the related Mortgage Loan, notwithstanding that the terms of such
modification, waiver or amendment so permit. The foregoing shall in no way limit
the Special Servicer's ability to charge and collect from the Mortgagor costs
otherwise collectible under the terms of the related Mortgage Note and this
Agreement together with interest thereon.

            (g) The Special Servicer or, either Master Servicer may, as a
condition to granting any request by a Mortgagor for consent, modification,
waiver or indulgence or any other matter or thing, the granting of which is
within its discretion pursuant to the terms of the instruments evidencing or
securing the related Mortgage Loan and is permitted by the terms of this
Agreement, require that such Mortgagor pay to it (i) as additional servicing
compensation, a reasonable or customary fee for the additional services
performed in connection with such request, provided such fee would not itself be
a "significant modification" pursuant to Treasury Regulations Section
1.1001-3(e)(2) and (ii) any related costs and expenses incurred by it. In no
event shall the Special Servicer be entitled to payment for such fees or
expenses unless such payment is collected from the related Mortgagor.

            (h) The Master Servicers and Special Servicer shall notify each
other, the Trustee, the Controlling Class Representative and, in the case of a
Loan Combination, the related Non-Trust Noteholder(s), in writing, of any
modification, waiver or amendment of any term of any Mortgage Loan (including
fees charged the Mortgagor) and the date thereof, and shall deliver to the
Trustee for deposit in the related Mortgage File, (in the case of the Special
Servicer, with a copy to the applicable Master Servicer), an original
counterpart of the agreement relating to such modification, waiver or amendment,
promptly (and in any event within 10 Business Days) following the execution
thereof. Copies of each agreement whereby any such modification, waiver or
amendment of any term of any Mortgage Loan is effected shall be made available
for review upon prior request during normal business hours at the offices of the
applicable Master Servicer pursuant to Section 3.15(a) hereof.

            (i) With respect to each Mortgage Loan that provides for defeasance,
each Master Servicer shall, to the extent permitted by the terms of such
Mortgage Loan, require the related Mortgagor (i) to provide replacement
collateral consisting of U.S. government securities within the meaning of
Treasury Regulations Section 1.860G-2(a)(8)(i) in an amount sufficient to make
all scheduled payments under the Mortgage Loan (or defeased portion thereof)
when due (and assuming, in the case of an ARD Loan, to the extent consistent
with the related Mortgage Loan documents, that such Mortgage Loan matures on its
Anticipated Repayment Date), (ii) to deliver a certificate from an independent
certified public accounting firm certifying that the replacement collateral is
sufficient to make such payments, (iii) at the option of such Master Servicer,
to designate a single purpose entity (which may be a subsidiary of such Master
Servicer established for the purpose of assuming all defeased Mortgage Loans) to
assume the Mortgage Loan (or defeased portion thereof) and own the defeasance
collateral, (iv) to implement such defeasance only after the second anniversary
of the Closing Date, (v) to provide an Opinion of Counsel that the Trustee has a
perfected, first priority security interest in the new collateral (subject to
bankruptcy, insolvency and similar standard exceptions), and (vi) in the case of
a partial defeasance of the Mortgage Loan, to defease a principal amount equal
to at least 125% (or such lower percentage as the related Mortgagor is entitled
to partially defease a principal amount pursuant to the related Mortgage Loan
documents, it being understood that the Master Servicers are not authorized to
modify such terms) of the allocated loan amount for the Mortgaged Property or
Properties to be released. If the subject Mortgage Loan is not a Significant
Mortgage Loan and if either the terms of the subject Mortgage Loan permit the
applicable Master Servicer to impose the foregoing requirements or such Master
Servicer satisfies such requirements on its own, then confirmation that such
defeasance will not result in an Adverse Rating Event is not required from
Moody's and is not required from S&P so long as such Master Servicer delivers to
S&P a certification substantially in the form attached hereto as Exhibit K. In
such case, the applicable Master Servicer shall provide the Rating Agencies and
the Controlling Class Representative with notice that the foregoing requirements
have been met with respect to the subject Mortgage Loan. However, if the subject
Mortgage Loan is a Significant Mortgage Loan or if the terms of the subject
Mortgage Loan do not permit the applicable Master Servicer to impose such
requirements and such Master Servicer does not satisfy such requirements on its
own, then such Master Servicer shall so notify the Rating Agencies and the
Controlling Class Representative (and, in the case of a Loan Combination, the
related Non-Trust Noteholder(s), as applicable) and, so long as such a
requirement would not violate applicable law or the Servicing Standard, obtain a
confirmation from each Rating Agency that such defeasance will not result in an
Adverse Rating Event. Subject to the related Mortgage Loan documents and
applicable law, the applicable Master Servicer shall not execute a defeasance
unless (a) the subject Mortgage Loan requires the Mortgagor to pay all Rating
Agency fees associated with defeasance (if Rating Agency confirmation of the
absence of an Adverse Rating Event is a specific condition thereto) and all
expenses associated with defeasance or other arrangements for payment of such
costs are made at no expense to the Trust Fund or such Master Servicer
(provided, however, that in no event shall such proposed "other arrangements"
result in any liability to the Trust Fund including any indemnification of such
Master Servicer or the Special Servicer which may result in legal expenses to
the Trust Fund), and (b) the Mortgagor is required to provide or such Master
Servicer receives from Independent counsel at the Mortgagor's expense all
Opinions of Counsel, including Opinions of Counsel that the defeasance will not
cause an Adverse REMIC Event or an Adverse Grantor Trust Event and that the
Mortgage Loan documents are fully enforceable in accordance with their terms
(subject to bankruptcy, insolvency and similar standard exceptions), and any
applicable rating confirmations. In addition, if in connection with a defeasance
of any Mortgage Loan the applicable Mortgage Loan Seller bears the costs and
expenses associated with such defeasance in accordance with the terms of the
applicable Mortgage Loan Purchase Agreement, any costs and expenses subsequently
recovered by the applicable Master Servicer from the related Mortgagor in
respect of such defeasance shall be promptly remitted by such Master Servicer to
the applicable Mortgage Loan Seller.

            Subsequent to the second anniversary of the Closing Date, to the
extent that the applicable Master Servicer can, in accordance with the related
Mortgage Loan documents, require defeasance of any Mortgage Loan in lieu of
accepting a prepayment of principal thereunder, including a prepayment of
principal accompanied by a Prepayment Premium or Yield Maintenance Charge, such
Master Servicer shall, to the extent it is consistent with the Servicing
Standard, require such defeasance, provided that the conditions set forth in
clauses (i) through (vi) of the first sentence of the immediately preceding
paragraph have been satisfied. Notwithstanding the foregoing, if at any time, a
court with jurisdiction in the matter shall hold that the related Mortgagor may
obtain a release of the subject Mortgaged Property but is not obligated to
deliver the full amount of the defeasance collateral contemplated by the related
Mortgage Loan documents (or cash sufficient to purchase such defeasance
collateral), then the applicable Master Servicer shall (i) if consistent with
the related Mortgage Loan documents, refuse to allow the defeasance of the
Mortgage Loan or (ii) if such Master Servicer cannot so refuse and if the
related Mortgagor has delivered cash to purchase defeasance collateral, such
Master Servicer shall either (A) to the extent of the cash delivered by the
Mortgagor, purchase defeasance collateral or (B) apply the cash to a prepayment
of the Mortgage Loan, in either case, in accordance with the Servicing Standard.

            For purposes of this paragraph, a "single purpose entity" shall mean
a Person, other than an individual, whose organization documents provide as
follows: it is formed solely for the purpose of owning and operating a single
property, assuming one or more Mortgage Loans (or, in the case of a Loan
Combination, the Loan Combination) and owning and pledging the related
Defeasance Collateral; it may not engage in any business unrelated to such
property and the financing thereof; it does not have and may not own any assets
other than those related to its interest in the property or the financing
thereof and may not incur any indebtedness other than as permitted by the
related Mortgage; it shall maintain its own books, records and accounts, in each
case which are separate and apart from the books, records and accounts of any
other person; it shall hold regular meetings, as appropriate, to conduct its
business, and shall observe all entity-level formalities and record keeping; it
shall conduct business in its own name and use separate stationery, invoices and
checks; it may not guarantee or assume the debts or obligations of any other
person; it shall not commingle its assets or funds with those of any other
person; it shall pay its obligations and expenses from its own funds and
allocate and charge reasonably and fairly any common employees or overhead
shared with affiliates; it shall prepare separate tax returns and financial
statements or, if part of a consolidated group, shall be shown as a separate
member of such group; it shall transact business with affiliates on an arm's
length basis pursuant to written agreements; and it shall hold itself out as
being a legal entity, separate and apart from any other person. The single
purpose entity organizational documents shall provide that any dissolution and
winding up or insolvency filing for such entity requires the unanimous consent
of all partners or members, as applicable, and that such documents may not be
amended with respect to the single purpose entity requirements during the term
of the Mortgage Loan (or the Loan Combination, if applicable).

            (j) To the extent that either Master Servicer or the Special
Servicer waives any Default Charges in respect of any Mortgage Loan, whether
pursuant to Section 3.02(a) or this Section 3.20, the respective amounts of
additional servicing compensation payable to such Master Servicer and the
Special Servicer under Section 3.11 out of such Default Charges shall be reduced
proportionately, based upon the respective amounts that had been payable thereto
out of such Default Charges immediately prior to such waiver.

            (k) Notwithstanding anything to the contrary in this Agreement,
neither of the Master Servicers nor the Special Servicer, as applicable, shall
give any consent, approval or direction regarding the termination of the related
property manager or the designation of any replacement property manager with
respect to any Mortgaged Property that secures a Significant Mortgage Loan
unless it has received prior written confirmation (the cost of which shall be
paid by the related Mortgagor, if so allowed by the terms of the related loan
documents, and if not so allowed, paid as an Additional Trust Fund Expense) from
the Rating Agencies that such action will not result in an Adverse Rating Event.

            (l) Notwithstanding anything in this Section 3.20 to the contrary:

            (i) the limitations, conditions and restrictions set forth in this
      Section 3.20 shall not apply to any act or event (including, without
      limitation, a release of collateral) in respect of any Mortgage Loan that
      is required under the Mortgage Loan documents or that either occurs
      automatically or results from the exercise of a unilateral option by the
      related Mortgagor within the meaning of Treasury Regulations Section
      1.1001-3(c)(2)(iii), in any event under the terms of such Mortgage Loan in
      effect on the Closing Date (or, in the case of a Qualified Substitute
      Mortgage Loan, on the related date of substitution); and

            (ii) neither of the Master Servicers nor the Special Servicer shall
      be required to oppose the confirmation of a plan in any bankruptcy or
      similar proceeding involving a Mortgagor if, in its reasonable judgment,
      such opposition would not ultimately prevent the confirmation of such plan
      or one substantially similar.

            (m) Neither the Special Servicer nor the Master Servicers shall have
any liability to the Trust, the Certificateholders, any Non-Trust Noteholder or
any other Person if its analysis and determination that the modification,
waiver, amendment or other action contemplated by this Section 3.20 is
reasonably likely to produce a greater recovery to Certificateholders on a
present value basis than would liquidation should prove to be wrong or
incorrect, so long as the analysis and determination were made on a reasonable
basis by the Special Servicer and/or the subject Master Servicer, and consistent
with the Servicing Standard.

            SECTION 3.21. Transfer of Servicing between the Master Servicers and
                          the Special Servicer; Record Keeping.

            (a) Upon determining that a Servicing Transfer Event has occurred
with respect to any Mortgage Loan, the applicable Master Servicer shall promptly
notify the Trustee, the Special Servicer and the Controlling Class
Representative (and with respect to a Loan Combination, the related Non-Trust
Noteholder(s)), and if such Master Servicer is not also the Special Servicer,
such Master Servicer shall promptly deliver or cause to be delivered a copy of
the related Servicing File, to the Special Servicer and shall use reasonable
efforts to provide the Special Servicer with all information, documents (or
copies thereof) and records (including records stored electronically on computer
tapes, magnetic discs and the like) relating to the Mortgage Loan, either in
such Master Servicer's or any of its directors', officers', employees',
affiliates' or agents' possession or control or otherwise available to such
Master Servicer without undue burden or expense, and reasonably requested by the
Special Servicer to enable it to assume its functions hereunder with respect
thereto. The applicable Master Servicer shall use reasonable efforts to comply
with the preceding sentence within five Business Days of the occurrence of each
related Servicing Transfer Event; provided, however, if the information,
documents and records requested by the Special Servicer are not contained in the
Servicing File, such Master Servicer shall have such period of time as
reasonably necessary to make such delivery. After the occurrence of a Servicing
Transfer Event, the Special Servicer shall collect payments on such Mortgage
Loan and make remittances to the applicable Master Servicer in accordance with
Section 3.04.

            Upon determining that a Specially Serviced Mortgage Loan has become
a Corrected Mortgage Loan and if the applicable Master Servicer is not also the
Special Servicer, the Special Servicer shall immediately give notice thereof to
such Master Servicer and the Controlling Class Representative (and with respect
to a Loan Combination, the related Non-Trust Noteholder(s)), and shall return
the related Servicing File and all other information, documents and records that
were not part of the Servicing File when it was delivered to the Special
Servicer within five Business Days of the occurrence, to such Master Servicer
(or such other Person as may be directed by such Master Servicer) and upon
giving such notice, and returning such Servicing File, to such Master Servicer
(or such other Person as may be directed by such Master Servicer), the Special
Servicer's obligation to service such Mortgage Loan, and the Special Servicer's
right to receive the Special Servicing Fee with respect to such Mortgage Loan,
shall terminate, and the obligations of such Master Servicer to service and
administer such Mortgage Loan shall resume.

            (b) In servicing any Specially Serviced Mortgage Loans, the Special
Servicer shall provide to the Trustee originals of documents included within the
definition of "Mortgage File" for inclusion in the related Mortgage File (with a
copy of each such original to the applicable Master Servicer), and copies of any
additional related Mortgage Loan information, including correspondence with the
related Mortgagor.

            (c) No later than 60 days after a Mortgage Loan becomes a Specially
Serviced Mortgage Loan (or, if applicable, in the case of any Loan Combination,
such other number of days provided in the related Loan Combination Intercreditor
Agreement), the Special Servicer shall deliver to each Rating Agency, the
Trustee, the applicable Master Servicer, the Controlling Class Representative
and, if applicable, the related Loan Combination Controlling Party (if different
from the Controlling Class Representative), a report (the "Asset Status Report")
with respect to such Mortgage Loan and the related Mortgaged Property. Such
Asset Status Report shall set forth the following information to the extent
reasonably determinable:

            (i) summary of the status of such Specially Serviced Mortgage Loan
      and negotiations with the related Mortgagor;

            (ii) a discussion of the legal and environmental considerations
      reasonably known to the Special Servicer, consistent with the Servicing
      Standard, that are applicable to the exercise of remedies as aforesaid and
      to the enforcement of any related guaranties or other collateral for the
      related Specially Serviced Mortgage Loan and whether outside legal counsel
      has been retained;

            (iii) the most current rent roll and income or operating statement
      available for the related Mortgaged Property;

            (iv) the Appraised Value of the Mortgaged Property together with the
      assumptions used in the calculation thereof;

            (v) summary of the Special Servicer's recommended action with
      respect to such Specially Serviced Mortgage Loan; and

            (vi) such other information as the Special Servicer deems relevant
      in light of the Servicing Standard;

provided, however, that if a Loan Combination is involved, the Asset Status
Report shall be in respect of the entire Loan Combination and shall also contain
any additional information (if any) required to be contained in such Asset
Status Report pursuant to the related Loan Combination Agreement.

            With respect to any Mortgage Loan (excluding any Mortgage Loan that
is part of a Loan Combination as to which the related Loan Combination
Intercreditor Agreement provides a different process for the review and approval
of Asset Status Reports), within 10 Business Days of receiving an Asset Status
Report which relates to a recommended action as to which the Controlling Class
Representative is entitled to object under Section 6.11, the Controlling Class
Representative does not disapprove such Asset Status Report in writing, the
Special Servicer shall implement the recommended action as outlined in such
Asset Status Report; provided, however, that the Special Servicer may not take
any action that is contrary to applicable law, the Servicing Standard, or the
terms of the applicable Mortgage Loan documents. If, subject to Section 6.11,
the Controlling Class Representative disapproves such Asset Status Report, the
Special Servicer will revise such Asset Status Report and deliver to the
Controlling Class Representative, the Rating Agencies, the Trustee and the
applicable Master Servicer a new Asset Status Report as soon as practicable, but
in no event later than 30 days after such disapproval.

            With respect to any Mortgage Loan (excluding any Mortgage Loan that
is part of a Loan Combination as to which the related Loan Combination
Intercreditor Agreement provides a different process for the review and approval
of Asset Status Reports), the Special Servicer shall revise such Asset Status
Report as described above in this Section 3.21(c) until the Controlling Class
Representative shall fail to disapprove such revised Asset Status Report in
writing within 10 Business Days of receiving such revised Asset Status Report or
until the Special Servicer makes one of the determinations described below. With
respect to any Mortgage Loan (excluding any Mortgage Loan that is part of a Loan
Combination as to which the related Loan Combination Intercreditor Agreement
provides a different process for the review and approval of Asset Status
Reports), the Special Servicer may, from time to time, modify any Asset Status
Report it has previously delivered and implement such modified report, provided
such modified report shall have been prepared, reviewed and not rejected
pursuant to the terms of this Section. Notwithstanding the foregoing, the
Special Servicer (i) may, following the occurrence of an extraordinary event
with respect to the related Mortgaged Property, take any action set forth in
such Asset Status Report (and consistent with the terms hereof) before the
expiration of a 10 Business Day period if the Special Servicer has reasonably
determined that failure to take such action would materially and adversely
affect the interests of the Certificateholders (and, if applicable, the related
Non-Trust Noteholder) and it has made a reasonable effort to contact the
Controlling Class Representative and (ii) in any case, shall determine whether
such affirmative disapproval is not in the best interest of all the
Certificateholders (and, if applicable, the related Non-Trust Noteholder)
pursuant to the Servicing Standard.

            In the event the Controlling Class Representative and the Special
Servicer have been unable to agree upon an Asset Status Report with respect to a
Specially Serviced Mortgage Loan (excluding any Mortgage Loan that is part of a
Loan Combination as to which the related Loan Combination Intercreditor
Agreement provides a different process for the review and approval of Asset
Status Reports) within 90 days of the Controlling Class Representative's receipt
of the initial Asset Status Report, the Special Servicer shall implement the
actions directed by the Controlling Class Representative unless doing so would
result in any of the consequences set forth in the last paragraph of this
Section 3.21, in which case the Special Servicer shall implement the actions
described in the most recent Asset Status Report submitted to the Controlling
Class Representative by the Special Servicer.

            In the case of each of a Loan Combination and the RLJ Portfolio Loan
Combination, the review and approval of Asset Status Reports shall be conducted
in accordance with the provisions of the related Loan Combination Intercreditor
Agreement.

            The Special Servicer shall have the authority to meet with the
Mortgagor for any Specially Serviced Mortgage Loan and take such actions
consistent with the Servicing Standard, the terms hereof and the related Asset
Status Report. The Special Servicer shall not take any action inconsistent with
the related Asset Status Report, unless such action would be required in order
to act in accordance with the Servicing Standard.

            Notwithstanding the fact that an Asset Status Report has been
prepared and/or approved, the Controlling Class Representative will remain
entitled to advise and object regarding the actions set forth in Section 6.11(a)
and any related Asset Status Report shall not be a substitute for the exercise
of those rights.

            No direction or objection by or failure to approve by the
Controlling Class Representative or the majority of the Certificateholders (or,
in the case of a Loan Combination, the related Loan Combination Controlling
Party, if any) in connection with any Asset Status Report shall (w) require or
cause the Special Servicer to violate the terms of a Specially Serviced Mortgage
Loan, applicable law or any provision of this Agreement, including the Special
Servicer's obligation to act in accordance with the Servicing Standard and to
maintain the REMIC status of each REMIC, (x) result in the imposition of a
"prohibited transaction" or "prohibited contribution" tax under the REMIC
Provisions or (y) expose the applicable Master Servicer, the Special Servicer,
the Depositor, any of the Mortgage Loan Sellers, the Trust Fund, the Trustee or
the officers and the directors of each party to any claim, suit or liability to
which they would not otherwise be subject absent such direction or (z) expand
the scope of the applicable Master Servicer's, the Trustee's or the Special
Servicer's responsibilities under this Agreement.

            Subject to the provisions of the following sentence, until such time
as a Mortgage Loan becomes a Specially Serviced Mortgage Loan, neither the
Special Servicer nor any of its affiliates shall contact the related Mortgagor
or any key principal of such Mortgagor about such Mortgage Loan without the
prior consent of the Master Servicer for such Mortgage Loan. The Special
Servicer and its affiliates shall not use information obtained in its capacity
as the Special Servicer or, if applicable, as a Certificateholder, including,
without limitation, (i) the name, address, phone number or other information
regarding the Mortgagor or a key principal of Mortgagor, or (ii) information
related to the Mortgage Loan or the Mortgaged Property including, without
limitation, the maturity date, the interest rate, the prepayment provisions, or
any operating or other financial information, to solicit Mortgagor or a key
principal or any mortgage broker to permit Special Servicer or any of its
affiliates to refinance a Mortgage Loan transferred to the Trust by a Mortgage
Loan Seller not affiliated with Special Servicer or such Certificateholder;
provided that such limitation on soliciting refinancing shall not prevent the
Special Servicer from pursuing such refinancing for (y) any loan that is a
Specially Serviced Mortgage Loan, or, (z) after written inquiry of the
applicable Master Servicer and receipt of communication from such Master
Servicer indicating that the Mortgagor has not obtained a written commitment for
refinancing, any Mortgage Loan that is within 30 days of its maturity date (or
if such Mortgage Loan is an ARD Loan, its Anticipated Repayment Date).

            SECTION 3.22. Sub-Servicing Agreements.

            (a) Subject to Section 3.22(b), each Master Servicer and the Special
Servicer may enter into Sub-Servicing Agreements to provide for the performance
by third parties of any or all of their respective obligations hereunder,
provided that, in each case, the Sub-Servicing Agreement: (i) is consistent with
this Agreement in all material respects, requires the Sub-Servicer to comply
with all of the applicable conditions of this Agreement and includes events of
default with respect to the Sub-Servicer substantially similar to the Events of
Default set forth in Section 7.01(a) hereof (other than Section 7.01(a) (x) and
(xi)) to the extent applicable (modified to apply to the Sub-Servicer instead of
the applicable Master Servicer); (ii) provides that, if the Sub-Servicer
constitutes an Additional Item 1123 Servicer, then it will deliver to the
applicable parties an Annual Statement of Compliance in respect of the
Sub-Servicer as and when contemplated by Section 3.13 and, if the Sub-Servicer
constitutes a Sub-Servicing Function Participant, then it will deliver, or cause
to be delivered, to the applicable parties, an Annual Assessment Report in
respect of the Sub-Servicer and a corresponding Annual Attestation Report (and
the consent of the applicable registered public accounting firm to file it with
the Commission) as and when contemplated by Section 3.14; (iii) provides that if
the applicable Master Servicer or the Special Servicer, as the case may be,
shall for any reason no longer act in such capacity hereunder (including,
without limitation, by reason of an Event of Default), the Trustee or its
designee may thereupon (1) assume all of the rights and, except to the extent
such obligations arose prior to the date of assumption, obligations of the
applicable Master Servicer or the Special Servicer, as the case may be, under
such agreement or (2) (except with respect only to the Sub-Servicing Agreements
in effect as of the date of this Agreement (the Sub-Servicers that are party to
such agreements are indicated on Schedule IV hereto) (such Sub-Servicers,
"Designated Sub-Servicers")) may terminate such sub-servicing agreement without
cause and without payment of any penalty or termination fee (other than the
right of reimbursement and indemnification); (iv) provides that the Trustee, for
the benefit of the Certificateholders and, in the case of a Sub-Servicing
Agreement relating to a Loan Combination, the related Non-Trust Noteholder(s),
shall each be a third party beneficiary under such agreement, but that (except
to the extent the Trustee or its designee assumes the obligations of applicable
Master Servicer or the Special Servicer, as the case may be, thereunder as
contemplated by the immediately preceding clause (ii)) none of the Trustee, the
Trust Fund, any successor Master Servicer or Special Servicer, as the case may
be, any Non-Trust Noteholder or any Certificateholder shall have any duties
under such agreement or any liabilities arising therefrom; (v) permits any
purchaser of a Trust Mortgage Loan pursuant to this Agreement to terminate such
agreement with respect to such purchased Trust Mortgage Loan at its option and
without penalty; (vi) does not permit the Sub-Servicer to enter into or consent
to any modification, extension, waiver or amendment or otherwise take any action
on behalf of the applicable Master Servicer or the Special Servicer contemplated
by Section 3.08, Section 3.09 and Section 3.20 hereof without the consent of
such Special Servicer or conduct any sale of a Mortgage Loan or REO Property
contemplated by Section 3.18; and (vii) does not permit the Sub-Servicer any
direct rights of indemnification that may be satisfied out of assets of the
Trust Fund. In addition, each Sub-Servicing Agreement entered into by either
Master Servicer (including any with an effective date on or before the Closing
Date) shall provide that such agreement shall, with respect to any Mortgage Loan
serviced thereunder, terminate at the time such Mortgage Loan becomes a
Specially Serviced Mortgage Loan (or, alternatively, be subject to the Special
Servicer's rights to service such Mortgage Loan for so long as such Mortgage
Loan continues to be a Specially Serviced Mortgage Loan), and each Sub-Servicing
Agreement entered into by the Special Servicer shall relate only to Specially
Serviced Mortgage Loans and shall terminate with respect to any such Mortgage
Loan that ceases to be a Specially Serviced Mortgage Loan. The Master Servicers
and the Special Servicer shall each be solely liable for all fees owed by it to
any Sub-Servicer with which it has entered into a Sub-Servicing Agreement,
irrespective of whether its compensation under this Agreement is sufficient to
pay those fees. The Master Servicers and the Special Servicer each shall deliver
to the Trustee and each other copies of all Sub-Servicing Agreements, as well as
any amendments thereto and modifications thereof, entered into by it promptly
upon its execution and delivery of such documents. References in this Agreement
to actions taken or to be taken by a Master Servicer or the Special Servicer
include actions taken or to be taken by a Sub-Servicer on behalf of such Master
Servicer or the Special Servicer, as the case may be; and, in connection
therewith, all amounts advanced by any Sub-Servicer to satisfy the obligations
of such Master Servicer hereunder to make P&I Advances or Servicing Advances
shall be deemed to have been advanced by such Master Servicer out of its own
funds and, accordingly, such P&I Advances or Servicing Advances shall be
recoverable by such Sub-Servicer in the same manner and out of the same funds as
if such Sub-Servicer were such Master Servicer. For so long as they are
outstanding, Advances shall accrue interest in accordance with Sections 3.03(d)
and 4.03(d), as applicable, such interest to be allocable between the applicable
Master Servicer or the Special Servicer, as the case may be, and such
Sub-Servicer as they may agree. For purposes of this Agreement, the applicable
Master Servicer and the Special Servicer each shall be deemed to have received
any payment when a Sub-Servicer retained by it receives such payment. The
applicable Master Servicer and the Special Servicer each shall notify the other,
the Trustee, the Depositor and, if a Loan Combination is involved, the related
Non-Trust Noteholder(s), in writing promptly of the appointment by it of any
Sub-Servicer after the date of this Agreement. The applicable Master Servicer
and the Special Servicer shall each notify the Trustee and the Depositor in
writing, promptly upon becoming aware thereof, whether any Sub-Servicer (other
than any Designated Sub-Servicer) constitutes an Additional Item 1123 Servicer
or a Sub-Servicing Function Participant. Each of the initial Master Servicers
and the initial Special Servicer hereby represents and warrants that, as of the
Closing Date, it has not retained and does not expect to retain any particular
Person or group of affiliated Persons to act as a Servicer with respect to 10%
or more of the Mortgage Pool (by balance); provided that neither Master Servicer
nor the Special Servicer makes the preceding representation with respect to any
Designated Sub-Servicers.

            (b) Each Sub-Servicer shall be authorized to transact business in
the state or states in which the related Mortgaged Properties it is to service
are situated, if and to the extent required by applicable law.

            (c) The Master Servicers and the Special Servicer, for the benefit
of the Trustee and the Certificateholders and, in the case of a Loan
Combination, also for the benefit of the related Non-Trust Noteholder(s), shall
(at no expense to the Trustee, the Certificateholders, the subject Loan
Combination, any related Non-Trust Noteholder or the Trust Fund) monitor the
performance and enforce the obligations of their respective Sub-Servicers under
the related Sub-Servicing Agreements. Such enforcement, including, without
limitation, the legal prosecution of claims, termination of Sub-Servicing
Agreements in accordance with their respective terms and the pursuit of other
appropriate remedies, shall be in such form and carried out to such an extent
and at such time as either Master Servicer or the Special Servicer, as
applicable, in its good faith business judgment, would require were it the owner
of the subject Mortgage Loans. Subject to the terms of the related Sub-Servicing
Agreement, the Master Servicers and the Special Servicer may each have the right
to remove a Sub-Servicer at any time it considers such removal to be in the best
interests of Certificateholders.

            (d) In the event of the resignation, removal or other termination of
Wachovia or Prudential or any successor Master Servicer to such Person hereunder
for any reason, the Trustee or other Person succeeding such resigning, removed
or terminated party as Master Servicer, shall elect, with respect to any
Sub-Servicing Agreement in effect as of the date of this Agreement: (i) to
assume the rights and obligations of the departing Master Servicer under such
Sub-Servicing Agreement and continue the sub-servicing arrangements thereunder
on the same terms (including without limitation the obligation to pay the same
sub-servicing fee); (ii) to enter into a new Sub-Servicing Agreement with such
Sub-Servicer on such terms as the Trustee or other successor Master Servicer and
such Sub-Servicer shall mutually agree (it being understood that such
Sub-Servicer is under no obligation to accept any such new Sub-Servicing
Agreement or to enter into or continue negotiations with the Trustee or other
successor Master Servicer in which case the existing Sub-Servicing Agreement
shall remain in effect); or (iii) to terminate the Sub-Servicing Agreement if
(but only if) an event of default (within the meaning of such Sub-Servicing
Agreement) has occurred and is continuing (that is not subject to any applicable
grace or cure period under the Sub-Servicing Agreement), in each case without
paying any sub-servicer termination fee.

            (e) Notwithstanding any Sub-Servicing Agreement, the Master
Servicers and the Special Servicer shall remain obligated and liable to the
Trustee, the Certificateholders and any Non-Trust Noteholder for the performance
of their respective obligations and duties under this Agreement in accordance
with the provisions hereof to the same extent and under the same terms and
conditions as if each alone were servicing and administering the Mortgage Loans
and/or REO Properties for which it is responsible. The foregoing sentence shall
not operate to impose on either Master Servicer or the Special Servicer a
greater obligation than, as set forth herein, to use commercially reasonable
efforts to cause a Designated Sub-Servicer to deliver any Annual Statement of
Compliance, any Annual Assessment Report or any Annual Attestation Report.

            In addition, the Special Servicer may not enter into any
Sub-Servicing Agreement without the approval of the Controlling Class
Representative, and the rights and obligations of each Master Servicer and the
Special Servicer to appoint a Sub-Servicer with respect to a Loan Combination
shall be subject to the related Loan Combination Intercreditor Agreement.
Furthermore, notwithstanding anything herein to the contrary, until the Trustee
files a Form 15 with respect to the Trust in accordance with Section 8.16,
neither of the Master Servicers nor the Special Servicer shall retain or engage
any Sub-Servicer or other Servicing Representative that, in any case, would
constitute an Additional Item 1123 Servicer or a Sub-Servicing Function
Participant, without the express written consent of the Depositor.

            SECTION 3.23. Representations and Warranties of the Master Servicers
                          and the Special Servicer.

            (a) Each Master Servicer, in such capacity, hereby represents and
warrants to the Trustee, for its own benefit and the benefit of the
Certificateholders, the Depositor, the Special Servicer, the Trustee and each
Non-Trust Noteholder, as of the Closing Date, that:

            (i) In the case of Master Servicer No. 1, it is a national banking
      association duly organized and validly existing under the laws of the
      United States, and, in the case of Master Servicer No. 2, it is a
      corporation duly organized and validly existing under the laws of the
      State of Delaware, and in each case, it is in compliance with the laws of
      each State in which any Mortgaged Property is located to the extent
      necessary to perform its obligations under this Agreement, except where
      the failure to so qualify or comply would not have a material adverse
      effect on its ability to perform its obligations hereunder.

            (ii) The execution and delivery of this Agreement by such Master
      Servicer, and the performance and compliance with the terms of this
      Agreement by such Master Servicer, will not violate such Master Servicer's
      articles of incorporation or by-laws or constitute a default (or an event
      which, with notice or lapse of time, or both, would constitute a default)
      under, or result in the breach of, any material agreement or other
      material instrument to which it is a party or by which it is bound.

            (iii) Such Master Servicer has the full power and authority to enter
      into and consummate all transactions contemplated by this Agreement, has
      duly authorized the execution, delivery and performance of this Agreement,
      and has duly executed and delivered this Agreement.

            (iv) This Agreement, assuming due authorization, execution and
      delivery by each of the other parties hereto, constitutes a valid, legal
      and binding obligation of the Master Servicer, enforceable against such
      Master Servicer in accordance with the terms hereof, subject to (A)
      applicable bankruptcy, liquidation, receivership, insolvency,
      reorganization, moratorium and other laws affecting the enforcement of
      creditors' rights generally and the rights of creditors of banks, and (B)
      general principles of equity, regardless of whether such enforcement is
      considered in a proceeding in equity or at law.

            (v) Such Master Servicer is not in violation of, and its execution
      and delivery of this Agreement and its performance and compliance with the
      terms of this Agreement will not constitute a violation of, any law, any
      order or decree of any court or arbiter, or any order, regulation or
      demand of any federal, state or local governmental or regulatory
      authority, which violation, in such Master Servicer's good faith
      reasonable judgment, is likely to affect materially and adversely either
      the ability of such Master Servicer to perform its obligations under this
      Agreement or the financial condition of such Master Servicer.

            (vi) No litigation is pending or, to the best of such Master
      Servicer's knowledge, threatened, against such Master Servicer that would
      prohibit such Master Servicer from entering into this Agreement or, in
      such Master Servicer's good faith reasonable judgment, is likely to
      materially and adversely affect either the ability of such Master Servicer
      to perform its obligations under this Agreement or the financial condition
      of such Master Servicer, calculated on a consolidated basis.

            (vii) Each officer, director, or employee of such Master Servicer
      with responsibilities concerning the servicing and administration of
      Mortgage Loans is covered by errors and omissions insurance and a fidelity
      bond in the amounts and with the coverage as, and to the extent, required
      by Section 3.07(c).

            (viii) Any consent, approval, authorization or order of any court or
      governmental agency or body required for the execution, delivery and
      performance by such Master Servicer of or compliance by such Master
      Servicer with this Agreement or the consummation of the transactions
      contemplated by this Agreement has been obtained and is effective, or if
      any such consent, approval, authorization or order has not been or cannot
      be obtained prior to the actual performance by such Master Servicer of its
      obligations under this Agreement, the lack of such item would not have a
      materially adverse effect on the ability of such Master Servicer to
      perform its obligations under this Agreement.

            (b) The Special Servicer, in such capacity, hereby represents and
warrants to the Trustee, for its own benefit and the benefit of the
Certificateholders, the Depositor, the Master Servicers and each Non-Trust
Noteholder, as of the Closing Date, that:

            (i) The Special Servicer is a corporation duly organized, validly
      existing and in good standing under the laws of the State of Virginia and
      the Special Servicer is in compliance with the laws of each State in which
      any Mortgaged Property is located to the extent necessary to perform its
      obligations under this Agreement.

            (ii) The execution and delivery of this Agreement by the Special
      Servicer, and the performance and compliance with the terms of this
      Agreement by the Special Servicer, will not violate the Special Servicer's
      operating agreement or constitute a default (or an event which, with
      notice or lapse of time, or both, would constitute a default) under, or
      result in the breach of, any material agreement or other material
      instrument by which it is bound.

            (iii) The Special Servicer has the full power and authority to enter
      into and consummate all transactions contemplated by this Agreement, has
      duly authorized the execution, delivery and performance of this Agreement,
      and has duly executed and delivered this Agreement.

            (iv) This Agreement, assuming due authorization, execution and
      delivery by each of the other parties hereto, constitutes a valid, legal
      and binding obligation of the Special Servicer, enforceable against the
      Special Servicer in accordance with the terms hereof, subject to (A)
      applicable bankruptcy, insolvency, reorganization, moratorium and other
      laws affecting the enforcement of creditors' rights generally, and (B)
      general principles of equity, regardless of whether such enforcement is
      considered in a proceeding in equity or at law.

            (v) The Special Servicer is not in violation of, and its execution
      and delivery of this Agreement and its performance and compliance with the
      terms of this Agreement will not constitute a violation of, any law, any
      order or decree of any court or arbiter, or any order, regulation or
      demand of any federal, state or local governmental or regulatory
      authority, which violation, in the Special Servicer's good faith
      reasonable judgment, is likely to affect materially and adversely either
      the ability of the Special Servicer to perform its obligations under this
      Agreement or the financial condition of the Special Servicer.

            (vi) No litigation is pending or, to the best of the Special
      Servicer's knowledge, threatened, against the Special Servicer that would
      prohibit the Special Servicer from entering into this Agreement or, in the
      Special Servicer's good faith reasonable judgment, is likely to materially
      and adversely affect either the ability of the Special Servicer to perform
      its obligations under this Agreement or the financial condition of the
      Special Servicer.

            (vii) Each officer, director and employee of the Special Servicer
      and each consultant or advisor of the Special Servicer with
      responsibilities concerning the servicing and administration of Mortgage
      Loans is covered by errors and omissions insurance in the amounts and with
      the coverage required by Section 3.07(c).

            (viii) Any consent, approval, authorization or order of any court or
      governmental agency or body required for the execution, delivery and
      performance by the Special Servicer of or compliance by the Special
      Servicer with this Agreement or the consummation of the transactions
      contemplated by this Agreement has been obtained and is effective.

            (ix) The Special Servicer possesses all insurance required pursuant
      to Section 3.07(c) of this Agreement.

            (c) The representations and warranties of the Master Servicers and
the Special Servicer, set forth in Section 3.23(a) (with respect to the Master
Servicers) and Section 3.23(b) (with respect to the Special Servicer),
respectively, shall survive the execution and delivery of this Agreement and
shall inure to the benefit of the Persons for whose benefit they were made for
so long as the Trust Fund remains in existence. Upon discovery by any party
hereto of any breach of any of the foregoing representations and warranties, the
party discovering such breach shall give prompt written notice to the other
parties hereto.

            SECTION 3.24. Sub-Servicing Agreement Representation and Warranty.

            Each Master Servicer, in such capacity, hereby represents and
warrants to the Trustee, for its own benefit and the benefit of the
Certificateholders, and to the Depositor and the Special Servicer, as of the
Closing Date, that each Sub-Servicing Agreement satisfies the requirements for
such Sub-Servicing Agreements set forth in Section 3.22(a) and the second
paragraph of Section 3.22(d) in all material respects.

            SECTION 3.25. Designation of Controlling Class Representative

            (a) The Holders (or, in the case of Book-Entry Certificates, the
Certificate Owners) of Certificates representing more than 50% of the Class
Principal Balance of the Controlling Class shall be entitled in accordance with
this Section 3.25 to select a representative (the "Controlling Class
Representative") having the rights and powers specified in this Agreement
(including those specified in Section 6.11) or to replace an existing
Controlling Class Representative. Upon (i) the receipt by the Trustee of written
requests for the selection of a Controlling Class Representative from the
Holders (or, in the case of Book-Entry Certificates, the Certificate Owners) of
Certificates representing more than 50% of the Class Principal Balance of the
Controlling Class, (ii) the resignation or removal of the Person acting as
Controlling Class Representative or (iii) a determination by the Trustee that
the Controlling Class has changed, the Trustee shall promptly notify the
Depositor and the Holders (and, in the case of Book-Entry Certificates, to the
extent actually known to a Responsible Officer of the Trustee or identified
thereto by the Depository or the Depository Participants, the Certificate
Owners) of the Controlling Class that they may select a Controlling Class
Representative. Such notice shall set forth the process for selecting a
Controlling Class Representative, which shall be the designation of the
Controlling Class Representative by the Holders (or Certificate Owners) of
Certificates representing more than 50% of the Class Principal Balance of the
Controlling Class by a writing delivered to the Trustee. No appointment of any
Person as a Controlling Class Representative shall be effective until such
Person provides the Trustee, the Master Servicers and the Special Servicer with
written confirmation of its acceptance of such appointment, an address and
facsimile number for the delivery of notices and other correspondence and a list
of officers or employees of such Person with whom the parties to this Agreement
may deal (including their names, titles, work addresses and facsimile numbers);
provided that the initial Controlling Class Representative shall be American
Capital Strategies, Ltd. and no further notice shall be required for such
appointment to be effective.

            (b) Within 10 Business Days (or as soon thereafter as practicable if
the Controlling Class consists of Book-Entry Certificates) of receiving a
request therefor from either Master Servicer or the Special Servicer, the
Trustee shall deliver to the requesting party the identity of the Controlling
Class Representative and a list of each Holder (or, in the case of Book-Entry
Certificates, to the extent actually known to a Responsible Officer of the
Trustee or identified thereto by the Depository or the Depository Participants,
each Certificate Owner) of the Controlling Class, including, in each case, names
and addresses. With respect to such information, the Trustee shall be entitled
to conclusively rely on information provided to it by the Depository, and the
Master Servicers and the Special Servicer shall be entitled to conclusively rely
on such information provided by the Trustee with respect to any obligation or
right hereunder that the Master Servicers and the Special Servicer may have to
deliver information or otherwise communicate with the Controlling Class
Representative or any of the Holders (or, if applicable, Certificate Owners) of
the Controlling Class. In addition to the foregoing, within two (2) Business
Days of the selection, resignation or removal of a Controlling Class
Representative, the Trustee shall notify the other parties to this Agreement of
such event. The expenses incurred by the Trustee in connection with obtaining
information from the Depository or Depository Participants with respect to any
Book-Entry Certificate shall be expenses of the Trust Fund payable out of the
Collection Accounts pursuant to Section 3.05(a).

            (c) The Controlling Class Representative may at any time resign as
such by giving written notice to the Trustee and to each Holder (or, in the case
of Book-Entry Certificates, Certificate Owner) of the Controlling Class. The
Holders (or, in the case of Book-Entry Certificates, the Certificate Owners) of
Certificates representing more than 50% of the Class Principal Balance of the
Controlling Class shall be entitled to remove any existing Controlling Class
Representative by giving written notice to the Trustee and to such existing
Controlling Class Representative.

            (d) Once a Controlling Class Representative has been selected
pursuant to this Section 3.25 each of the parties to this Agreement and each
Certificateholder (or Certificate Owner, if applicable) shall be entitled to
rely on such selection unless a majority of the Holders (or, in the case of
Book-Entry Certificates, the Certificate Owners) of the Controlling Class, by
aggregate Certificate Principal Balance, or such Controlling Class
Representative, as applicable, shall have notified the Trustee and each other
Holder (or, in the case of Book-Entry Certificates, Certificate Owner) of the
Controlling Class, in writing, of the resignation or removal of such Controlling
Class Representative.

            (e) Any and all expenses of the Controlling Class Representative
shall be borne by the Holders (or, if applicable, the Certificate Owners) of
Certificates of the Controlling Class, pro rata among such Holders (or
Certificate Owners) according to their respective Percentage Interests in such
Class, and not by the Trust. Notwithstanding the foregoing, if a claim is made
against the Controlling Class Representative or a Loan Combination Controlling
Party (if different from the Controlling Class Representative) by a Mortgagor
with respect to this Agreement or any particular Mortgage Loan, the Controlling
Class Representative or the applicable Loan Combination Controlling Party shall
immediately notify the Trustee, the Master Servicers and the Special Servicer,
whereupon (if the Special Servicer or the Trust Fund are also named parties to
the same action and, in the sole judgment of the Special Servicer, (i) the
Controlling Class Representative or the applicable Loan Combination Controlling
Party, as the case may be, had acted in good faith, without negligence or
willful misfeasance with regard to the particular matter, and (ii) there is no
potential for the Special Servicer or the Trust Fund to be an adverse party in
such action as regards the Controlling Class Representative or applicable Loan
Combination Controlling Party, as the case may be) the Special Servicer on
behalf of the Trust Fund shall, subject to Section 6.03, assume the defense of
any such claim against the Controlling Class Representative or the applicable
Loan Combination Controlling Party. This provision shall survive the termination
of this Agreement and the termination or resignation of the Controlling Class
Representative.

            SECTION 3.26. Application of Default Charges.

            (a) Any and all Default Charges that are actually received with
respect to any Mortgage Loan or REO Loan shall be applied for the following
purposes and in the following order, in each case to the extent of the remaining
portion of such Default Charges:

            first, to pay to the Trustee, the applicable Master Servicer or the
      Special Servicer, in that order (except that payments to the Special
      Servicer and the applicable Master Servicer shall be made concurrently on
      a pro rata and pari passu basis), any interest due and owing to such party
      on outstanding Advances made thereby with respect to such Mortgage Loan or
      REO Loan, as the case may be;

            second, to reimburse the Trust for any interest on Advances paid to
      the Trustee, the applicable Master Servicer or the Special Servicer since
      the Closing Date with respect to such Mortgage Loan or REO Loan, as the
      case may be, which interest was paid from a source other than Default
      Charges collected on such Mortgage Loan or REO Loan, as the case may be;

            third, to pay any outstanding expense incurred by the Special
      Servicer in connection with inspecting the related Mortgaged Property or
      REO Property, as applicable, pursuant to Section 3.12;

            fourth, to reimburse the Trust for any expenses reimbursed to the
      Special Servicer since the Closing Date in connection with inspecting the
      related Mortgaged Property or REO Property, as applicable, pursuant to
      Section 3.12, which expenses were previously paid from a source other than
      Default Charges collected on such Mortgage Loan or REO Loan, as the case
      may be;

            fifth, to pay the appropriate party for any other outstanding
      expense incurred thereby with respect to such Mortgage Loan or REO Loan,
      as the case may be, which expense, if not paid out of Default Charges
      collected on such Mortgage Loan or REO Loan, as the case may be, will
      likely become an Additional Trust Fund Expense;

            sixth, to reimburse the Trust for any other Additional Trust Fund
      Expense paid to the appropriate party since the Closing Date with respect
      to such Mortgage Loan or REO Loan, as the case may be, which Additional
      Trust Fund Expense was paid from a source other than Default Charges
      collected on such Mortgage Loan or REO Loan, as the case may be; and

            seventh, to pay (A) if such Mortgage Loan is a Non-Trust Loan, any
      remaining portion of such Default Charges that is comprised of late
      payment charges and (B) if such Mortgage Loan is a Trust Mortgage Loan or
      such REO Loan is a Trust REO Loan, as the case may be, any remaining
      portion of such Default Charges, in each case as additional master
      servicing compensation to the applicable Master Servicer, if such Default
      Charges (or portion thereof comprised of late payment charges) accrued
      when the loan was a non-Specially Serviced Mortgage Loan, and otherwise to
      pay (X) if such Mortgage Loan is a Non-Trust Loan, any remaining portion
      of such Default Charges that is comprised of late payment charges and (Y)
      if such Mortgage Loan is a Trust Mortgage Loan or such REO Loan is a Trust
      REO Loan, as the case may be, any remaining portion of such Default
      Charges, in each case as additional special servicing compensation to the
      Special Servicer.

            (b) Default Charges applied to reimburse the Trust pursuant to any
of clause second, clause fourth or clause sixth of Section 3.26(a) are intended
to be available for distribution on the Certificates pursuant to Section 4.01(a)
and Section 4.01(b), subject to application pursuant to Section 3.05(a) or
3.05(b) for any items payable out of general collections on the Mortgage Pool,
and if such Default Charges so applied relate to a Loan Combination, they shall
be transferred from the related Loan Combination Custodial Account to the
applicable Collection Account. Default Charges applied to reimburse the Trust
pursuant to any of clause second, clause fourth or clause sixth of Section
3.26(a) shall be deemed to offset payments of interest on Advances, costs of
property inspections or other Additional Trust Fund Expenses (depending on which
clause is applicable) in the chronological order in which they were made or
incurred with respect to the subject Mortgage Loan or REO Loan (whereupon such
interest on Advances, costs of property inspections or other Additional Trust
Fund Expenses (depending on which clause is applicable) shall thereafter be
deemed to have been paid out of Default Charges).

            (c) The portion of any Default Charges with respect to a Non-Trust
Loan that is not applied as provided for above in this Section 3.26, shall be
applied pursuant to the related Loan Combination Intercreditor Agreement.

            SECTION 3.27. Controlling Class Representative Contact with
                          Servicer.

            No less often than on a monthly basis, each of the Master Servicers
and the Special Servicer shall, without charge, make a knowledgeable Servicing
Officer via telephone available to verbally answer questions from the
Controlling Class Representative regarding the performance and servicing of the
Mortgage Loans and/or REO Properties for which such Master Servicer or the
Special Servicer, as the case may be, is responsible. Any such telephone contact
shall be conditioned on the Controlling Class Representative's delivery to the
applicable Master Servicer of an agreement substantially in the form of Exhibit
I-1 (or such other form as may be reasonably acceptable to such Master Servicer
or the Special Servicer, as applicable).

            SECTION 3.28. Certain Matters Regarding the Loan Combinations.

            (a) In the event the Special Servicer, in connection with a
modification, waiver or amendment in respect of a Trust Mortgage Loan that is
part of a Loan Combination, modifies, waives or amends the terms thereof such
that (i) the Stated Principal Balance is decreased, (ii) the Mortgage Rate is
reduced, (iii) payments of interest or principal are waived, reduced or deferred
or (iv) any other adjustment is made to any of the terms of such Mortgage Loan,
all payments made in respect of such Mortgage Loan shall be made in accordance
with the related Loan Combination Intercreditor Agreement.

            (b) The parties hereto, the Controlling Class Representative by its
acceptance of its rights and obligations set forth herein, and each
Certificateholder by its acceptance of a Certificate, hereby acknowledge the
right of the Lake in the Woods B-Note Non-Trust Loan Holder, upon the occurrence
of certain specified events under the related Loan Combination Intercreditor
Agreement, to purchase the related Trust Mortgage Loan that is a part of the
related Loan Combination from the Trust, subject to the terms, conditions and
limitations set forth in, and at the price specified in the related Loan
Combination Intercreditor Agreement, and the parties hereto agree to take such
actions contemplated by the related Loan Combination Intercreditor Agreement as
may be expressly contemplated thereby to allow a Non-Trust Noteholder to
purchase the related Trust Mortgage Loan from the Trust.

            (c) In connection with any purchase of the Lake in the Woods Trust
Mortgage Loan by the related Non-Trust Noteholder pursuant to the related Loan
Combination Intercreditor Agreement, the applicable Master Servicer or the
Special Servicer shall (i) if it receives the applicable purchase price provided
for in the related Loan Combination Intercreditor Agreement and/or any other
amounts payable in connection with the purchase, deposit the same, or remit the
same to such Master Servicer for deposit, as applicable, into the applicable
Collection Account or the related Loan Combination Custodial Account, as
applicable, and so notify the Trustee; and (ii) deliver the related Servicing
File to the Person effecting the purchase or its designee. In addition, upon its
receipt of a Request for Release from the applicable Master Servicer, the
Trustee shall: (i) deliver the related Mortgage File to the Person effecting the
purchase or its designee; and (ii) execute and deliver such endorsements,
assignments and instruments of transfer as shall be provided to it and are
reasonably necessary to vest ownership of the Lake in the Woods Trust Mortgage
Loan in the appropriate purchaser, without recourse, representations or
warranties.

            (d) The parties hereto acknowledge that each Non-Trust Noteholder
shall not (1) owe any fiduciary duty to the Trustee, the applicable Master
Servicer, the Special Servicer or any Certificateholder or (2) have any
liability to the Trustee or the Certificateholders for any action taken, or for
refraining from the taking of any action pursuant to the related Loan
Combination Intercreditor Agreement or the giving of any consent or for errors
in judgment. Each Certificateholder, by its acceptance of a Certificate, shall
be deemed to have confirmed its understanding that each Non-Trust Noteholder (i)
may take or refrain from taking actions that favor its interests or the
interests of its affiliates over the Certificateholders, (ii) may have special
relationships and interests that conflict with the interest of the
Certificateholders and shall be deemed to have agreed to take no action against
a Non-Trust Noteholder or any of its officers, directors, employees, principals
or agents as a result of such special relationships or conflicts, and (iii)
shall not be liable by reason of its having acted or refrained from acting
solely in its interest or in the interest of its affiliates.

            (e) To the extent not otherwise expressly provided for herein, the
Special Servicer shall provide to each Non-Trust Loan Noteholder or its
designee, with respect to the related Non-Trust Loan or any related Loan
Combination REO Property, subject to the same conditions and restrictions on the
distribution of information as apply with respect to reports, documents and
other information with respect to the Trust Mortgage Loans, the same reports,
documents and other information that the Special Servicer provides to the
Trustee with respect to the related Trust Mortgage Loan or the related Loan
Combination REO Property, and on a concurrent basis. The Trustee and the Special
Servicer shall each provide or make available to each Non-Trust Loan Noteholder
or its designee, with respect to the related Non-Trust Loan or any related Loan
Combination REO Property, the same reports, documents and other information that
the Trustee, the applicable Master Servicer or the Special Servicer, as the case
may be, provides to the Controlling Class Representative, in so far as they
relate to the related Trust Mortgage Loan or the related Loan Combination REO
Property, and on a concurrent basis. In addition, the Trustee, the applicable
Master Servicer or the Special Servicer, as applicable, shall, upon receipt of a
written request, provide to a Non-Trust Loan Noteholder or its designee (at such
holder's cost) all other documents and information that such holder or its
designee may reasonably request with respect to the related Non-Trust Loan or
any Loan Combination REO Property, to the extent such documents and information
are in its possession. Notwithstanding the foregoing, none of the Trustee or the
Special Servicer shall be required to deliver to any Non-Trust Loan Noteholder
or its designee any particular report, document or other information pursuant to
this Section 3.28(e) if and to the extent that (but only if and to the extent
that) such particular report, document or other information is otherwise
delivered to such Non-Trust Loan Noteholder within the same time period
contemplated by this Section 3.28(e) pursuant to any other section of this
Agreement.

            SECTION 3.29. Certain Matters with Respect to the RLJ Portfolio Loan
                          Combination

            (a) The Other Master Servicer (or, if the RLJ Portfolio Loan
Combination is a specially serviced loan under the Other Pooling and Servicing
Agreement, then the Other Special Servicer) shall service and administer the RLJ
Portfolio Loan Combination in a manner consistent with the RLJ Portfolio
Intercreditor Agreement and, unless another party is expressly responsible
hereunder and thereunder, shall (subject to the servicing standard under the
Other Pooling and Servicing Agreement) satisfy all of the obligations required
to be performed by the "Note A-1 Holder" or contemplated to be performed by a
"Servicer" under Sections 3 and 22 of the RLJ Portfolio Intercreditor Agreement.

            (b) Pursuant to the RLJ Portfolio Intercreditor Agreement, prior to
taking any of the RLJ Portfolio Consultation Actions, the Other Master Servicer
(or, if the RLJ Portfolio Loan Combination is a specially serviced loan under
the Other Pooling and Servicing Agreement, then the Other Special Servicer) is
required to provide notice of its intent to take such particular action to the
Trust, as holder of the RLJ Portfolio Trust Mortgage Loan. The Trustee shall
promptly forward such notice to the Controlling Class Representative, as
designee of the holder of the RLJ Portfolio Trust Mortgage Loan, to allow the
Controlling Class Representative to consult with the Other Master Servicer or
the Other Special Servicer, as applicable, within the time periods allotted in
the RLJ Portfolio Intercreditor Agreement in connection with taking any RLJ
Portfolio Consultation Action.

            (c) Notwithstanding anything herein to the contrary, no advice,
direction or objection from or by the Controlling Class Representative, as
designee of the holder of the RLJ Portfolio Trust Mortgage Loan, as contemplated
by the foregoing provisions, may (and the Other Master Servicer or the Other
Special Servicer, as the case may be, shall ignore and act without regard to any
such advice, direction or objection that such Other Master Servicer or such
Other Special Servicer, as the case may be, has determined, in its reasonable,
good faith judgment, will) require or cause such Other Servicer or such Other
Special Servicer, as the case may be, the Wachovia 2006-C27 Trustee or the
Master Servicer, Special Servicer or Trustee to take any action or refrain from
taking any action which would violate any law of any applicable jurisdiction, be
inconsistent with the servicing standard under the Other Pooling and Servicing
Agreement or violate the REMIC Provisions or violate any other provisions of the
Other Pooling and Servicing Agreement, the Mortgage Loan documents, or any
provisions of the RLJ Portfolio Intercreditor Agreement.

            (d) Notwithstanding anything herein to the contrary, while any RLJ
Portfolio Companion Loan is included in a rated commercial mortgage
securitization, and any particular servicing action with respect to the RLJ
Portfolio Loan Combination requires confirmation of ratings of the certificates
in connection therewith under any provision of the Other Pooling and Servicing
Agreement, then the Other Master Servicer or the Other Special Servicer, as
applicable, will likewise be required to obtain a similar confirmation of
ratings from the Rating Agencies, with respect to the Certificates (regardless
of whether or not expressly required under such provision of this Agreement).

            (e) If there are any conflicts between this Section 3.29 and any of
the Mortgage Loan documents relating to the RLJ Portfolio Loan Combination or
between this Section 3.29 and the RLJ Portfolio Intercreditor Agreement, then
such Mortgage Loan documents or such RLJ Portfolio Intercreditor Agreement shall
control. The parties hereto recognize and acknowledge the respective rights of
the holders of the RLJ Portfolio Non-Trust Loans under the RLJ Portfolio
Intercreditor Agreement.

<PAGE>

                                   ARTICLE IV

                         PAYMENTS TO CERTIFICATEHOLDERS

            SECTION 4.01. Distributions.

            (a) On each Distribution Date, the Trustee shall (except as
otherwise provided in Section 9.01), based on, among other things, information
provided by the Master Servicers and the Special Servicer, apply amounts on
deposit in the Distribution Account, after payment of amounts payable from the
Distribution Account in accordance with Section 3.05(b)(ii) through (ix) and
deemed distributions from REMIC I pursuant to Section 4.01(i), for the following
purposes and in the following order of priority, in each case to the extent of
the remaining portion of the Loan Group 1 Available Distribution Amount and/or
the Loan Group 2 Available Distribution Amount, as applicable:

            (i) to make distributions of interest to the Holders of the Class
      A-1, Class A-2, Class A-3 and Class A-4 Certificates, from the Loan Group
      1 Available Distribution Amount, in an amount equal to, and pro rata as
      among those Classes of Senior Certificates in accordance with, all
      Distributable Certificate Interest in respect of each such Class of Senior
      Certificates for such Distribution Date and, to the extent not previously
      paid, for all prior Distribution Dates; and concurrently, to make
      distributions of interest to the Holders of the Class A-1A Certificates,
      from the Loan Group 2 Available Distribution Amount in an amount equal to
      all Distributable Certificate Interest in respect of the Class A-1A
      Certificates for such Distribution Date and, to the extent not previously
      paid, for all prior Distribution Dates; and also concurrently, to make
      distributions of interest to the Holders of the Class X Certificates, from
      the Loan Group 1 Available Distribution Amount and/or the Loan Group 2
      Available Distribution Amount, in an amount equal to all Distributable
      Certificate Interest in respect of the Class X Certificates for such
      Distribution Date and, to the extent not previously paid, for all prior
      Distribution Dates; provided, however, that if the Loan Group 1 Available
      Distribution Amount and/or the Loan Group 2 Available Distribution Amount
      is insufficient to pay in full the Distributable Certificate Interest
      payable as described above in respect of any Class of Senior Certificates
      on such Distribution Date, then the entire Available Distribution Amount
      shall be applied to make distributions of interest to the Holders of the
      respective Classes of the Senior Certificates up to an amount equal to,
      and pro rata as among such Classes of Senior Certificates in accordance
      with, the Distributable Certificate Interest in respect of each such Class
      of Senior Certificates for such Distribution Date and, to the extent not
      previously paid, for all prior Distribution Dates, if any;

            (ii) to make distributions of principal, first, to the Holders of
      the Class A-1 Certificates, until the related Class Principal Balance is
      reduced to zero, second, to the Holders of the Class A-2 Certificates
      until the related Class Principal Balance is reduced to zero, third, to
      the Holders of the Class A-3 Certificates until such related Class
      Principal Balance is reduced to zero, and fourth, to the Holders of the
      Class A-4 Certificates until the related Class Principal Balance is
      reduced to zero, in that order, in an aggregate amount for sub-clauses
      first through fourth above (not to exceed the aggregate of the Class
      Principal Balances of those Classes of Senior Certificates outstanding
      immediately prior to such Distribution Date) equal to the Loan Group 1
      Principal Distribution Amount for such Distribution Date; and
      concurrently, to make distributions of principal to the Holders of the
      Class A-1A Certificates, in an amount (not to exceed the Class Principal
      Balance of the Class A-1A Certificates outstanding immediately prior to
      such Distribution Date) equal to the Loan Group 2 Principal Distribution
      Amount for such Distribution Date; provided that, if the portion of the
      Available Distribution Amount for such Distribution Date remaining after
      the distributions of interest made pursuant to the immediately preceding
      clause (i) is less than the Principal Distribution Amount for such
      Distribution Date, then the Holders of the Class A-1, Class A-2, Class A-3
      and Class A-4 Certificates shall have a prior right, relative to the
      Holders of the Class A-1A Certificates, to receive their distributions of
      principal pursuant to this clause (ii) out of the remaining portion of the
      Loan Group 1 Available Distribution Amount for such Distribution Date and
      the Holders of the Class A-1A Certificates shall have a prior right,
      relative to the Holders of the Class A-1, Class A-2, Class A-3 and Class
      A-4 Certificates to receive their distributions of principal pursuant to
      this clause (ii) out of the remaining portion of the Loan Group 2
      Available Distribution Amount for such Distribution Date; and provided,
      further, that, notwithstanding the foregoing, if the aggregate of the
      Class Principal Balances of the Class AM, Class AJ, Class B, Class C,
      Class D, Class E, Class F, Class G, Class H, Class J, Class K, Class L,
      Class M, Class N, Class P and Class Q Certificates has previously been
      reduced to zero, then distributions of principal will be made to the
      Holders of the Class A-1, Class A-2, Class A-3, Class A-4 and Class A-1A
      Certificates pursuant to this clause (ii) up to an amount equal to, and
      pro rata as among such Classes of Senior Certificates in accordance with,
      the respective Class Principal Balances thereof outstanding immediately
      prior to such Distribution Date (and without regard to Loan Groups or the
      Principal Distribution Amount for such Distribution Date);

            (iii) after the Class Principal Balance of the Class A-1A
      Certificates has been reduced to zero, to make distributions of principal,
      first, to the Holders of the Class A-1 Certificates until the related
      Class Principal Balance (after taking into account any distributions of
      principal with respect to the Class A-1 Certificates on such Distribution
      Date pursuant to the immediately preceding clause (ii)) is reduced to
      zero, second, to the Holders of the Class A-2 Certificates until the
      related Class Principal Balance (after taking into account any
      distributions of principal with respect to the Class A-2 Certificates on
      such Distribution Date pursuant to the immediately preceding clause (ii))
      is reduced to zero, third, to the Holders of the Class A-3 Certificates
      until the related Class Principal Balance (after taking into account any
      distributions of principal with respect to the Class A-3 Certificates on
      such Distribution Date pursuant to the immediately preceding clause (ii))
      is reduced to zero, and fourth, to the Holders of the Class A-4
      Certificates, until the related Class Principal Balance (after taking into
      account any distributions of principal with respect to the Class A-4
      Certificates on such Distribution Date pursuant to the immediately
      preceding clause (ii)) is reduced to zero, in that order, in an aggregate
      amount for subclauses first through fourth above (not to exceed the
      aggregate of the Class Principal Balances of those Classes of Senior
      Certificates outstanding immediately prior to such Distribution Date,
      reduced by any distributions of principal made with respect to those
      Classes of Senior Certificates on such Distribution Date pursuant to the
      immediately preceding clause (ii)) equal to the excess, if any, of (A) the
      Loan Group 2 Principal Distribution Amount for such Distribution Date,
      over (B) the distributions of principal made with respect to the Class
      A-1A Certificates on such Distribution Date pursuant to the immediately
      preceding clause (ii);

            (iv) after the aggregate of the Class Principal Balances of the
      Class A-1, Class A-2, Class A-3 and Class A-4 Certificates has been
      reduced to zero, to make distributions of principal to the Holders of the
      Class A-1A Certificates, in an amount (not to exceed the Class Principal
      Balance of the Class A-1A Certificates outstanding immediately prior to
      such Distribution Date, reduced by any distributions of principal made
      with respect to the Class A-1A Certificates on such Distribution Date
      pursuant to clause (ii) above) equal to the excess, if any, of (A) the
      Loan Group 1 Principal Distribution Amount for such Distribution Date,
      over (B) the aggregate distributions of principal made with respect to the
      Class A-1, Class A-2, Class A-3 and/or Class A-4 Certificates on such
      Distribution Date pursuant to clause (ii) above;

            (v) to make distributions to the Holders of the Class A-1, Class
      A-2, Class A-3, Class A-4 and Class A-1A Certificates in an amount equal
      to, pro rata in accordance with, and in reimbursement of, all Realized
      Losses and Additional Trust Fund Expenses, if any, previously allocated to
      each such Class of Senior Certificates and not previously reimbursed;

            (vi) to make distributions of interest to the Holders of the Class
      AM Certificates in an amount equal to all Distributable Certificate
      Interest in respect of such Class of Certificates for such Distribution
      Date and, to the extent not previously paid, for all prior Distribution
      Dates;

            (vii) after the Class Principal Balances of the Class A-1, Class
      A-2, Class A-3, Class A-4 and Class A-1A Certificates have been reduced to
      zero, to make distributions of principal to the Holders of the Class AM
      Certificates, in an amount (not to exceed the Class Principal Balance of
      the Class AM Certificates outstanding immediately prior to such
      Distribution Date) equal to the entire Principal Distribution Amount for
      such Distribution Date (net of any portion thereof distributed on such
      Distribution Date to the Holders of any other Class of Sequential Pay
      Certificates pursuant to any prior clause of this Section 4.01(a));

            (viii) to make distributions to the Holders of the Class AM
      Certificates, in an amount equal to, and in reimbursement of, all Realized
      Losses and Additional Trust Fund Expenses, if any, previously allocated to
      the Class AM Certificates and not previously reimbursed;

            (ix) to make distributions of interest to the Holders of the Class
      AJ Certificates in an amount equal to all Distributable Certificate
      Interest in respect of such Class of Certificates for such Distribution
      Date and, to the extent not previously paid, for all prior Distribution
      Dates;

            (x) after the Class Principal Balance of the Class AM Certificates
      has been reduced to zero, to make distributions of principal to the
      Holders of the Class AJ Certificates, in an amount (not to exceed the
      Class Principal Balance of the Class AJ Certificates outstanding
      immediately prior to such Distribution Date) equal to the entire Principal
      Distribution Amount for such Distribution Date (net of any portion thereof
      distributed on such Distribution Date to the Holders of any other Class of
      Sequential Pay Certificates pursuant to any prior clause of this Section
      4.01(a));

            (xi) to make distributions to the Holders of the Class AJ
      Certificates, in an amount equal to, and in reimbursement of, all Realized
      Losses and Additional Trust Fund Expenses, if any, previously allocated to
      the Class AJ Certificates and not previously reimbursed;

            (xii) to make distributions of interest to the Holders of the Class
      B Certificates in an amount equal to all Distributable Certificate
      Interest in respect of such Class of Certificates for such Distribution
      Date and, to the extent not previously paid, for all prior Distribution
      Dates;

            (xiii) after the Class Principal Balance of the Class AJ
      Certificates has been reduced to zero, to make distributions of principal
      to the Holders of the Class B Certificates, in an amount (not to exceed
      the Class Principal Balance of the Class B Certificates outstanding
      immediately prior to such Distribution Date) equal to the entire Principal
      Distribution Amount for such Distribution Date (net of any portion thereof
      distributed on such Distribution Date to the Holders of any other Class of
      Sequential Pay Certificates pursuant to any prior clause of this Section
      4.01(a));

            (xiv) to make distributions to the Holders of the Class B
      Certificates, in an amount equal to, and in reimbursement of, all Realized
      Losses and Additional Trust Fund Expenses, if any, previously allocated to
      the Class B Certificates and not previously reimbursed;

            (xv) to make distributions of interest to the Holders of the Class C
      Certificates in an amount equal to all Distributable Certificate Interest
      in respect of such Class of Certificates for such Distribution Date and,
      to the extent not previously paid, for all prior Distribution Dates;

            (xvi) after the Class Principal Balance of the Class B Certificates
      has been reduced to zero, to make distributions of principal to the
      Holders of the Class C Certificates, in an amount (not to exceed the Class
      Principal Balance of the Class C Certificates outstanding immediately
      prior to such Distribution Date) equal to the entire Principal
      Distribution Amount for such Distribution Date (net of any portion thereof
      distributed on such Distribution Date to the Holders of any other Class of
      Sequential Pay Certificates pursuant to any prior clause of this Section
      4.01(a));

            (xvii) to make distributions to the Holders of the Class C
      Certificates, in an amount equal to, and in reimbursement of, all Realized
      Losses and Additional Trust Fund Expenses, if any, previously allocated to
      the Class C Certificates and not previously reimbursed;

            (xviii) to make distributions of interest to the Holders of the
      Class D Certificates, in an amount equal to all Distributable Certificate
      Interest in respect of the Class D Certificates for such Distribution Date
      and, to the extent not previously paid, for all prior Distribution Dates;

            (xix) after the Class Principal Balance of the Class C Certificates
      has been reduced to zero, to make distributions of principal to the
      Holders of the Class D Certificates, in an amount (not to exceed the Class
      Principal Balance of the Class D Certificates outstanding immediately
      prior to such Distribution Date) equal to the entire Principal
      Distribution Amount for such Distribution Date (net of any portion thereof
      distributed on such Distribution Date to the Holders of any other Class of
      Sequential Pay Certificates pursuant to any prior clause of this Section
      4.01(a));

            (xx) to make distributions to the Holders of the Class D
      Certificates, in an amount equal to, and in reimbursement of, all Realized
      Losses and Additional Trust Fund Expenses, if any, previously allocated to
      the Class D Certificates and not previously reimbursed;

            (xxi) to make distributions of interest to the Holders of the Class
      E Certificates, in an amount equal to all Distributable Certificate
      Interest in respect of the Class E Certificates for such Distribution Date
      and, to the extent not previously paid, for all prior Distribution Dates;

            (xxii) after the Class Principal Balance of the Class D Certificates
      has been reduced to zero, to make distributions of principal to the
      Holders of the Class E Certificates, in an amount (not to exceed the Class
      Principal Balance of the Class E Certificates outstanding immediately
      prior to such Distribution Date) equal to the entire Principal
      Distribution Amount for such Distribution Date (net of any portion thereof
      distributed on such Distribution Date to the Holders of any other Class of
      Sequential Pay Certificates pursuant to any prior clause of this Section
      4.01(a));

            (xxiii) to make distributions to the Holders of the Class E
      Certificates, in an amount equal to, and in reimbursement of, all Realized
      Losses and Additional Trust Fund Expenses, if any, previously allocated to
      the Class E Certificates and not previously reimbursed;

            (xxiv) to make distributions of interest to the Holders of the Class
      F Certificates, in an amount equal to all Distributable Certificate
      Interest in respect of the Class F Certificates for such Distribution Date
      and, to the extent not previously paid, for all prior Distribution Dates;

            (xxv) after the Class Principal Balance of the Class E Certificates
      has been reduced to zero, to make distributions of principal to the
      Holders of the Class F Certificates, in an amount (not to exceed the Class
      Principal Balance of the Class F Certificates outstanding immediately
      prior to such Distribution Date) equal to the entire Principal
      Distribution Amount for such Distribution Date (net of any portion thereof
      distributed on such Distribution Date to the Holders of any other Class of
      Sequential Pay Certificates pursuant to any prior clause of this Section
      4.01(a));

            (xxvi) to make distributions to the Holders of the Class F
      Certificates, in an amount equal to, and in reimbursement of, all Realized
      Losses and Additional Trust Fund Expenses, if any, previously allocated to
      the Class F Certificates and not previously reimbursed;

            (xxvii) to make distributions of interest to the Holders of the
      Class G Certificates, in an amount equal to all Distributable Certificate
      Interest in respect of the Class G Certificates for such Distribution Date
      and, to the extent not previously paid, for all prior Distribution Dates;

            (xxviii) after the Class Principal Balance of the Class F
      Certificates has been reduced to zero, to make distributions of principal
      to the Holders of the Class G Certificates, in an amount (not to exceed
      the Class Principal Balance of the Class G Certificates outstanding
      immediately prior to such Distribution Date) equal to the entire Principal
      Distribution Amount for such Distribution Date (net of any portion thereof
      distributed on such Distribution Date to the Holders of any other Class of
      Sequential Pay Certificates pursuant to any prior clause of this Section
      4.01(a));

            (xxix) to make distributions to the Holders of the Class G
      Certificates, in an amount equal to, and in reimbursement of, all Realized
      Losses and Additional Trust Fund Expenses, if any, previously allocated to
      the Class G Certificates and not previously reimbursed;

            (xxx) to make distributions of interest to the Holders of Class H
      Certificates, in an amount equal to all Distributable Certificate Interest
      in respect of the Class H Certificates for such Distribution Date and, to
      the extent not previously paid, for all prior Distribution Dates;

            (xxxi) after the Class Principal Balance of the Class G Certificates
      has been reduced to zero, to make distributions of principal to the
      Holders of the Class H Certificates, in an amount (not to exceed the Class
      Principal Balance of the Class H Certificates outstanding immediately
      prior to such Distribution Date) equal to the entire Principal
      Distribution Amount for such Distribution Date (net of any portion thereof
      distributed on such Distribution Date to the Holders of any other Class of
      Sequential Pay Certificates pursuant to any prior clause of this Section
      4.01(a));

            (xxxii) to make distributions to the Holders of the Class H
      Certificates in an amount equal to, and in reimbursement of, all Realized
      Losses and Additional Trust Fund Expenses, if any, previously allocated to
      the Class H Certificates and not previously reimbursed;

            (xxxiii) to make distributions of interest to the Holders of the
      Class J Certificates, in an amount equal to all Distributable Certificate
      Interest in respect of the Class J Certificates for such Distribution Date
      and, to the extent not previously paid, for all prior Distribution Dates;

            (xxxiv) after the Class Principal Balance of the Class H
      Certificates has been reduced to zero, to make distributions of principal
      to the Holders of the Class J Certificates, in an amount (not to exceed
      the Class Principal Balance of the Class J Certificates outstanding
      immediately prior to such Distribution Date) equal to the entire Principal
      Distribution Amount for such Distribution Date (net of any portion thereof
      distributed on such Distribution Date to the Holders of any other Class of
      Sequential Pay Certificates pursuant to any prior clause of this Section
      4.01(a));

            (xxxv) to make distributions to the Holders of the Class J
      Certificates, in an amount equal to, and in reimbursement of, all Realized
      Losses and Additional Trust Fund Expenses, if any, previously allocated to
      the Class J Certificates and not previously reimbursed;

            (xxxvi) to make distributions of interest to the Holders of the
      Class K Certificates, in an amount equal to all Distributable Certificate
      Interest in respect of the Class K Certificates for such Distribution Date
      and, to the extent not previously paid, for all prior Distribution Dates;

            (xxxvii) after the Class Principal Balance of the Class J
      Certificates has been reduced to zero, to make distributions of principal
      to the Holders of the Class K Certificates, in an amount (not to exceed
      the Class Principal Balance of the Class K Certificates outstanding
      immediately prior to such Distribution Date) equal to the entire Principal
      Distribution Amount for such Distribution Date (net of any portion thereof
      distributed on such Distribution Date to the Holders of any other Class of
      Sequential Pay Certificates pursuant to any prior clause of this Section
      4.01(a));

            (xxxviii) to make distributions to the Holders of the Class K
      Certificates, in an amount equal to, and in reimbursement of, all Realized
      Losses and Additional Trust Fund Expenses, if any, previously allocated to
      the Class K Certificates and not previously reimbursed;

            (xxxix) to make distributions of interest to the Holders of the
      Class L Certificates, in an amount equal to all Distributable Certificate
      Interest in respect of the Class L Certificates for such Distribution Date
      and, to the extent not previously paid, for all prior Distribution Dates;

            (xl) after the Class Principal Balance of the Class K Certificates
      has been reduced to zero, to make distributions of principal to the
      Holders of the Class L Certificates, in an amount (not to exceed the Class
      Principal Balance of the Class L Certificates outstanding immediately
      prior to such Distribution Date) equal to the entire Principal
      Distribution Amount for such Distribution Date (net of any portion thereof
      distributed on such Distribution Date to the Holders of any other Class of
      Sequential Pay Certificates pursuant to any prior clause of this Section
      4.01(a));

            (xli) to make distributions to the Holders of the Class L
      Certificates, in an amount equal to, and in reimbursement of, all Realized
      Losses and Additional Trust Fund Expenses, if any, previously allocated to
      the Class L Certificates and not previously reimbursed;

            (xlii) to make distributions of interest to the Holders of the Class
      M Certificates, in an amount equal to all Distributable Certificate
      Interest in respect of the Class M Certificates for such Distribution Date
      and, to the extent not previously paid, for all prior Distribution Dates;

            (xliii) after the Class Principal Balance of the Class L
      Certificates has been reduced to zero, to make distributions of principal
      to the Holders of the Class M Certificates, in an amount (not to exceed
      the Class Principal Balance of the Class M Certificates outstanding
      immediately prior to such Distribution Date) equal to the entire Principal
      Distribution Amount for such Distribution Date (net of any portion thereof
      distributed on such Distribution Date to the Holders of any other Class of
      Sequential Pay Certificates pursuant to any prior clause of this Section
      4.01(a));

            (xliv) to make distributions to the Holders of the Class M
      Certificates, in an amount equal to, and in reimbursement of, all Realized
      Losses and Additional Trust Fund Expenses, if any, previously allocated to
      the Class M Certificates and not previously reimbursed;

            (xlv) to make distributions of interest to the Holders of the Class
      N Certificates, in an amount equal to all Distributable Certificate
      Interest in respect of the Class N Certificates for such Distribution Date
      and, to the extent not previously paid, for all prior Distribution Dates;

            (xlvi) after the Class Principal Balance of the Class M Certificates
      has been reduced to zero, to make distributions of principal to the
      Holders of the Class N Certificates, in an amount (not to exceed the Class
      Principal Balance of the Class N Certificates outstanding immediately
      prior to such Distribution Date) equal to the entire Principal
      Distribution Amount for such Distribution Date (net of any portion thereof
      distributed on such Distribution Date to the Holders of any other Class of
      Sequential Pay Certificates pursuant to any prior clause of this Section
      4.01(a));

            (xlvii) to make distributions to the Holders of the Class N
      Certificates, in an amount equal to, and in reimbursement of, all Realized
      Losses and Additional Trust Fund Expenses, if any, previously allocated to
      the Class N Certificates and not previously reimbursed;

            (xlviii) to make distributions of interest to the Holders of the
      Class P Certificates, in an amount equal to all Distributable Certificate
      Interest in respect of the Class P Certificates for such Distribution Date
      and, to the extent not previously paid, for all prior Distribution Dates;

            (xlix) after the Class Principal Balance of the Class N Certificates
      has been reduced to zero, to make distributions of principal to the
      Holders of the Class P Certificates, in an amount (not to exceed the Class
      Principal Balance of the Class P Certificates outstanding immediately
      prior to such Distribution Date) equal to the entire Principal
      Distribution Amount for such Distribution Date (net of any portion thereof
      distributed on such Distribution Date to the Holders of any other Class of
      Sequential Pay Certificates pursuant to any prior clause of this Section
      4.01(a));

            (l) to make distributions to the Holders of the Class P
      Certificates, in an amount equal to, and in reimbursement of, all Realized
      Losses and Additional Trust Fund Expenses, if any, previously allocated to
      the Class P Certificates and not previously reimbursed;

            (li) to make distributions of interest to the Holders of the Class Q
      Certificates, in an amount equal to all Distributable Certificate Interest
      in respect of the Class Q Certificates for such Distribution Date and, to
      the extent not previously paid, for all prior Distribution Dates;

            (lii) after the Class Principal Balance of the Class P Certificates
      has been reduced to zero, to make distributions of principal to the
      Holders of the Class Q Certificates, in an amount (not to exceed the Class
      Principal Balance of the Class Q Certificates outstanding immediately
      prior to such Distribution Date) equal to the entire Principal
      Distribution Amount for such Distribution Date (net of any portion thereof
      distributed on such Distribution Date to the Holders of any other Class of
      Sequential Pay Certificates pursuant to any prior clause of this Section
      4.01(a));

            (liii) to make distributions to the Holders of the Class Q
      Certificates, in an amount equal to, and in reimbursement of, all Realized
      Losses and Additional Trust Fund Expenses, if any, previously allocated to
      the Class Q Certificates and not previously reimbursed;

            (liv) to make distributions to the Holders of the Class R-II
      Certificates, in an amount equal to the excess, if any, of (A) the
      aggregate distributions deemed made in respect of the REMIC I Regular
      Interests on such Distribution Date pursuant to Section 4.01(i), over (B)
      the aggregate distributions made in respect of the Regular Certificates on
      such Distribution Date pursuant to clauses (i) through (liii) above; and

            (lv) to make distributions to the Holders of the Class R-I
      Certificates of the excess, if any, of (A) the Available Distribution
      Amount for such Distribution Date, over (B) the aggregate distributions
      made in respect of the REMIC II Certificates on such Distribution Date
      pursuant to clauses (i) through (liv) above.

            Distributions in reimbursement of Realized Losses and Additional
Trust Fund Expenses previously allocated to a Class of Sequential Pay
Certificates shall not constitute distributions of principal and shall not
result in reduction of the related Class Principal Balance.

            All distributions of interest made in respect of the Class X
Certificates on any Distribution Date pursuant to clause (i) above, shall be
deemed to have been made in respect of all the Class X Components, pro rata in
accordance with the respective amounts of Accrued Component Interest with
respect to the Class X Components for such Distribution Date, together with any
amounts thereof remaining unpaid from previous Distribution Dates.

            The right of the Holders of the Class XR Certificates to receive
payments is subordinated to the rights of the Holders of the other Classes of
the Certificates (the "Other Certificates") to receive payments with respect to
the RLJ Portfolio Trust Mortgage Loan pursuant to this Section 4.01(a). On or
prior to each Distribution Date, amounts received during the related Collection
Period on the RLJ Portfolio Trust Mortgage Loan (including any amounts advanced
with respect thereto and any proceeds received in connection with a sale
thereof) will be applied first to payment of the portion of any Master Servicing
Fees, Special Servicing Fees and Trustee Fees allocated to the RLJ Trust
Portfolio Mortgage Loan, reimbursement of expenses and the reimbursement of any
Advances made with respect thereto and payment of any interest on such Advances
as provided in this Agreement, and the remainder will be allocated:

            (i) first, to the Other Certificates, interest accrued at the RLJ
      Portfolio Net Mortgage Interest Rate during the current interest accrual
      period;

            (ii) second, to the Other Certificates, accrued and unpaid interest
      at the RLJ Portfolio Net Mortgage Interest Rate from prior interest
      accrual periods to the extent not previously advanced;

            (iii) third, to the Other Certificates, all principal payments made
      on the RLJ Trust Portfolio Loan Combination and allocated to the RLJ
      Portfolio Trust Mortgage Loan;

            (iv) fourth, to the holder of the Class XR Certificates, interest
      accrued at the Class XR Strip Rate during the current Interest Accrual
      Period;

            (v) fifth, to the holder of the Class XR Certificates, accrued and
      unpaid interest at the Class XR Strip Rate, from prior Interest Accrual
      Periods; and

            (vi) sixth, to the Other Certificates, all other amounts allocated
      to the RLJ Portfolio Trust Mortgage Loan under the RLJ Portfolio
      Intercreditor Agreement.

            (b) On each Distribution Date, the Trustee shall withdraw from the
Distribution Account any amounts on deposit therein that represent Prepayment
Premiums and/or Yield Maintenance Charges actually collected on the Trust
Mortgage Loans and any Trust REO Loans during the related Collection Period
(excluding any portion of such Prepayment Premiums and/or Yield Maintenance
Charges applied pursuant to Section 4.01(k) to reimburse the Holders of one or
more Classes of Sequential Pay Certificates in respect of Realized Losses and/or
Additional Trust Fund Expenses previously allocated thereto) and shall be deemed
to distribute such Prepayment Premiums and/or Yield Maintenance Charges (or
remaining portion thereof) from REMIC I to REMIC II in respect of REMIC I
Regular Interest LA-1 (whether or not such REMIC I Regular Interest has received
all distributions of interest and principal to which it is entitled), and then
shall distribute each such Prepayment Premium and/or Yield Maintenance Charge
(or remaining portion thereof), as additional yield, as follows:

            (i) first, to the Holders of the respective Classes of Sequential
      Pay Certificates (other than any Excluded Class thereof) entitled to
      distributions of principal pursuant to Section 4.01(a) on such
      Distribution Date with respect to the Loan Group that includes the prepaid
      Trust Mortgage Loan or Trust REO Loan, as the case may be, up to an amount
      equal to, and pro rata based on, the Additional Yield and Prepayment
      Amount for each such Class of Certificates for such Distribution Date with
      respect to the subject Prepayment Premium or Yield Maintenance Charge, as
      the case may be; and

            (ii) second, to the Holders of the Class X Certificates, to the
      extent of any remaining portion of the subject Yield Maintenance Charge or
      Prepayment Premium, as the case may be (excluding any portion of such
      Prepayment Premium and/or Yield Maintenance Charge applied pursuant to
      Section 4.01(k) to reimburse the Holders of one or more Classes of
      Sequential Pay Certificates in respect of Realized Losses and/or
      Additional Trust Fund Expenses previously allocated thereto).

            On each Distribution Date, the Trustee shall withdraw from the
Additional Interest Account any amounts that represent Additional Interest
actually collected during the related Collection Period on the Trust ARD Loans
and any successor Trust REO Loans with respect thereto and shall distribute such
amounts among the Holders of the Class Z Certificates pro rata in accordance
with their respective Percentage Interests of such Class.

            The portion of any Net Aggregate Prepayment Interest Shortfall for
any Distribution Date that is allocable to reduce the current accrued interest
then payable with respect to the Class XR Certificates will equal the sum of the
product obtained by multiplying, in the case of the RLJ Portfolio Trust Mortgage
Loan if it was the subject of a Prepayment Interest Shortfall incurred during
the related Collection Period:

            (iii) the total amount of any portion of that Net Aggregate
      Prepayment Interest Shortfall attributable to such RLJ Trust Portfolio
      Mortgage Loan, multiplied by

            (iv) a fraction, the numerator of which is a per annum rate equal to
      0.57%, and the denominator of which is 6.2940% minus the sum of the annual
      rates at which the Master Servicing Fee, Primary Servicing Fee and Trustee
      Fee are calculated for such RLJ Trust Portfolio Mortgage Loan.

            (c) [RESERVED]

            (d) All distributions made with respect to each Class on each
Distribution Date shall be allocated pro rata among the outstanding Certificates
in such Class based on their respective Percentage Interests. Except as
otherwise provided below, all such distributions with respect to each Class on
each Distribution Date shall be made to the Certificateholders of the respective
Class of record at the close of business on the related Record Date and shall be
made by wire transfer of immediately available funds to the account of any such
Certificateholder at a bank or other entity having appropriate facilities
therefor, if such Certificateholder shall have provided the Trustee with wiring
instructions no less than five Business Days prior to (or, in the case of the
initial Distribution Date, no later than) the related Record Date (which wiring
instructions may be in the form of a standing order applicable to all subsequent
Distribution Dates), or otherwise by check mailed to the address of such
Certificateholder as it appears in the Certificate Register. The final
distribution on each Certificate (determined, in the case of a Sequential Pay
Certificate, without regard to any possible future reimbursement of any Realized
Loss or Additional Trust Fund Expense previously allocated to such Certificate)
will be made in a like manner, but only upon presentation and surrender of such
Certificate at the offices of the Certificate Registrar or such other location
specified in the notice to Certificateholders of such final distribution. Prior
to any termination of the Trust Fund pursuant to Section 9.01, any distribution
that is to be made with respect to a Certificate in reimbursement of a Realized
Loss or Additional Trust Fund Expense previously allocated thereto, which
reimbursement is to occur after the date on which such Certificate is
surrendered as contemplated by the preceding sentence, will be made by check
mailed to the address of the Certificateholder that surrendered such Certificate
as such address last appeared in the Certificate Register or to any other
address of which the Trustee was subsequently notified in writing. If such check
is returned to the Trustee, the Trustee, directly or through an agent, shall
take such reasonable steps to contact the related Holder and deliver such check
as it shall deem appropriate. Any funds in respect of a check returned to the
Trustee shall be set aside by the Trustee and held uninvested in trust and
credited to the account of the appropriate Holder. The costs and expenses of
locating the appropriate Holder and holding such funds shall be paid out of such
funds. No interest shall accrue or be payable to any former Holder on any amount
held in trust hereunder. If the Trustee has not, after having taken such
reasonable steps, located the related Holder by the second anniversary of the
initial sending of a check, the Trustee shall, subject to applicable law,
distribute the unclaimed funds to the Holders of the Class R-II Certificates.

            (e) Each distribution with respect to a Book-Entry Certificate shall
be paid to the Depository, as Holder thereof, and the Depository shall be
responsible for crediting the amount of such distribution to the accounts of its
Depository Participants in accordance with its normal procedures. Each
Depository Participant shall be responsible for disbursing such distribution to
the related Certificate Owners that it represents and to each indirect
participating brokerage firm (a "brokerage firm" or "indirect participating
firm") for which it acts as agent. Each brokerage firm shall be responsible for
disbursing funds to the related Certificate Owners that it represents. None of
the Trustee, the Certificate Registrar, the Depositor, the Master Servicers or
the Special Servicer shall have any responsibility therefor except as otherwise
provided by this Agreement or applicable law. The Trustee and the Depositor
shall perform their respective obligations under a Letter of Representations
among the Depositor, the Trustee and the Initial Depository dated as of the
Closing Date.

            (f) The rights of the Certificateholders to receive distributions
from the proceeds of the Trust Fund in respect of the Certificates, and all
rights and interests of the Certificateholders in and to such distributions,
shall be as set forth in this Agreement. Neither the Holders of any Class of
Certificates nor any party hereto shall in any way be responsible or liable to
the Holders of any other Class of Certificates in respect of amounts properly
previously distributed on the Certificates.

            (g) Except as otherwise provided in Section 9.01, whenever the
Trustee receives written notification of or expects that the final distribution
with respect to any Class of Certificates (determined without regard to any
possible future reimbursement of any Realized Loss or Additional Trust Fund
Expense previously allocated to such Class of Certificates) will be made on the
next Distribution Date, the Trustee shall, no later than five days after the
related Determination Date, mail to each Holder of record on such date of such
Class of Certificates a notice to the effect that:

            (i) the Trustee expects that the final distribution with respect to
      such Class of Certificates will be made on such Distribution Date but only
      upon presentation and surrender of such Certificates at the office of the
      Certificate Registrar or at such other location therein specified, and

            (ii) no interest shall accrue on such Certificates from and after
      such Distribution Date.

Any funds not distributed to any Holder or Holders of Certificates of such Class
on such Distribution Date because of the failure of such Holder or Holders to
tender their Certificates shall, on such date, be set aside and held uninvested
in trust and credited to the account or accounts of the appropriate
non-tendering Holder or Holders. If any Certificates as to which notice has been
given pursuant to this Section 4.01(g) shall not have been surrendered for
cancellation within six months after the time specified in such notice, the
Trustee shall mail a second notice to the remaining non-tendering
Certificateholders to surrender their Certificates for cancellation in order to
receive the final distribution with respect thereto. If within one year after
the second notice all such Certificates shall not have been surrendered for
cancellation, the Trustee, directly or through an agent, shall take such steps
to contact the remaining non-tendering Certificateholders concerning the
surrender of their Certificates as it shall deem appropriate. The costs and
expenses of holding such funds in trust and of contacting such
Certificateholders following the first anniversary of the delivery of such
second notice to the non-tendering Certificateholders shall be paid out of such
funds. No interest shall accrue or be payable to any former Holder on any amount
held in trust pursuant to this paragraph. If all of the Certificates shall not
have been surrendered for cancellation by the second anniversary of the delivery
of the second notice, the Trustee shall, subject to applicable law, distribute
to the Holders of the Class R-II Certificates all unclaimed funds and other
assets which remain subject thereto.

            (h) Notwithstanding any other provision of this Agreement, the
Trustee shall comply with all federal income tax withholding requirements
respecting payments to Certificateholders of interest or original issue discount
that the Trustee reasonably believes are applicable under the Code. The
Certificate Registrar shall promptly provide the Trustee with any IRS Form W-9
or W-8 (including Form W-8ECI, W-8BEN or W-8IMY) upon its receipt thereof. The
consent of Certificateholders shall not be required for such withholding. If the
Trustee does withhold any amount from interest or original issue discount
payments or advances thereof to any Certificateholder pursuant to federal income
tax withholding requirements, the Trustee shall indicate the amount withheld to
such Certificateholders.

            (i) All distributions of interest, principal and reimbursements of
previously allocated Realized Losses and Additional Trust Fund Expenses made in
respect of any Class of Sequential Pay Certificates or Class XR Certificates, as
applicable, on each Distribution Date pursuant to Section 4.01(a), 4.01(j) or
4.01(k) shall be deemed to have first been distributed from REMIC I to REMIC II
in respect of its Corresponding REMIC I Regular Interest. All distributions made
in respect of the Class X Certificates on each Distribution Date pursuant to
Section 4.01(a), and allocable to any particular Class X Component in accordance
with the last paragraph of Section 4.01(a), shall be deemed to have first been
distributed from REMIC I to REMIC II in respect of such Class X Component's
Corresponding REMIC I Regular Interest. In each case, if such distribution on
any such Class of Regular Certificates was a distribution of interest or
principal or in reimbursement of previously allocated Realized Losses and
Additional Trust Fund Expenses in respect of such Class of Regular Certificates,
then the corresponding distribution deemed to be made on a REMIC I Regular
Interest pursuant to either of the preceding two sentences shall be deemed to
also be a distribution of interest or principal or in reimbursement of
previously allocated Realized Losses and Additional Trust Fund Expenses, as the
case may be, in respect of such REMIC I Regular Interest.

            (j) On each Distribution Date, the Trustee shall withdraw amounts
from the Gain-on-Sale Reserve Account and shall distribute such amounts to
reimburse the Holders of the Sequential Pay Certificates (in the same order as
such reimbursements would be made pursuant to Section 4.01(a)) up to an amount
equal to all Realized Losses and Additional Trust Fund Expenses, if any,
previously deemed allocated to them and unreimbursed after application of the
Available Distribution Amount for such Distribution Date. Amounts paid from the
Gain-on-Sale Reserve Account will not reduce the Class Principal Balance of any
Class of Sequential Pay Certificates. Any amounts remaining in the Gain-on-Sale
Reserve Account after such distributions shall be applied to offset future
Realized Losses and Additional Trust Fund Expenses and, upon termination of the
Trust Fund, any amounts remaining in the Gain-on-Sale Reserve Account shall be
distributed to the Class R-I Certificateholders.

            (k) On each Distribution Date, the Trustee shall withdraw from the
Distribution Account an amount equal to any Prepayment Premium and/or Yield
Maintenance Charge that was received in respect of a Trust Specially Serviced
Mortgage Loan during the related Collection Period to the extent that Realized
Losses and/or Additional Trust Fund Expenses had been allocated to one or more
Classes of Sequential Pay Certificates pursuant to Section 4.04 and had not been
previously reimbursed, and the Trustee shall distribute such amounts to
reimburse the Holders of the Sequential Pay Certificates (in the same order as
such reimbursements would be made pursuant to Section 4.01(a))] up to an amount
equal to all such Realized Losses and Additional Trust Fund Expenses, if any,
previously deemed allocated to them and remaining unreimbursed after application
of the Available Distribution Amount for such Distribution Date and the amounts
on deposit in the Gain-on-Sale Reserve Account. Any such amounts paid from the
Distribution Account will not reduce the Class Principal Balance of any Class of
Sequential Pay Certificates.

            SECTION 4.02. Statements to Certificateholders.

            (a) On each Distribution Date, the Trustee shall make available
electronically via its Internet Website or, upon written request, by first class
mail, to each Certificateholder, each initial Certificate Owner and (upon
written request made to the Trustee) each subsequent Certificate Owner (as
identified to the reasonable satisfaction of the Trustee), the Depositor, the
Trustee, the Master Servicers, the Special Servicer, the Underwriters, each
Rating Agency and any other Person designated in writing by the Depositor, a
statement (a "Distribution Date Statement"), as to the distributions made on
such Distribution Date, based solely on information provided to it by the Master
Servicers and the Special Servicer. Each Distribution Date Statement shall be in
the form set forth on Exhibit B hereto and, in any event, shall set forth:

            (i) the amount of the distribution on such Distribution Date to the
      Holders of each Class of Sequential Pay Certificates in reduction of the
      Class Principal Balance thereof;

            (ii) the amount of the distribution on such Distribution Date to the
      Holders of each Class of Regular Certificates;

            (iii) the amount of the distribution on such Distribution Date to
      the Holders of each Class of Regular Certificates allocable to Prepayment
      Premiums and/or Yield Maintenance Charges;

            (iv) the amount of the distribution on such Distribution Date to the
      Holders of each Class of Sequential Pay Certificates in reimbursement of
      previously allocated Realized Losses and Additional Trust Fund Expenses;

            (v) the total payments and other collections received by the Trust
      during the related Collection Period, the fees and expenses paid therefrom
      (with an identification of the general purpose of such fees and expenses
      and the party receiving such fees and expenses), the Available
      Distribution Amount for such Distribution Date and the respective portions
      of such Available Distribution Amount attributable to each Loan Group;

            (vi) (A) the aggregate amount of P&I Advances made with respect to
      the entire Mortgage Pool, and made with respect to each Loan Group, for
      such Distribution Date pursuant to Section 4.03(a), including, without
      limitation, any amounts applied pursuant to Section 4.03(a)(ii), and the
      aggregate amount of unreimbursed P&I Advances with respect to the entire
      Mortgage Pool, and with respect to each Loan Group, that had been
      outstanding at the close of business on the related Determination Date and
      the aggregate amount of interest accrued and payable to the Master
      Servicers or the Trustee in respect of such unreimbursed P&I Advances in
      accordance with Section 4.03(d) as of the close of business on the related
      Determination Date, (B) the aggregate amount of Servicing Advances with
      respect to the entire Mortgage Pool, and with respect to each Loan Group,
      as of the close of business on the related Determination Date and (C) the
      aggregate amount of all Nonrecoverable Advances with respect to the entire
      Mortgage Pool, and with respect to each Loan Group, as of the close of
      business on the related Determination Date;

            (vii) the aggregate unpaid principal balance of the Mortgage Pool
      and of each Loan Group outstanding as of the close of business on the
      related Determination Date;

            (viii) the aggregate Stated Principal Balance of the Mortgage Pool
      and of each Loan Group outstanding immediately before and immediately
      after such Distribution Date;

            (ix) the number, aggregate principal balance, weighted average
      remaining term to maturity and weighted average Mortgage Rate of the Trust
      Mortgage Loans as of the close of business on the related Determination
      Date;

            (x) the number, aggregate unpaid principal balance (as of the close
      of business on the related Determination Date) and aggregate Stated
      Principal Balance (immediately after such Distribution Date) of the Trust
      Mortgage Loans (A) delinquent 30-59 days, (B) delinquent 60-89 days, (C)
      delinquent more than 89 days, (D) as to which foreclosure proceedings have
      been commenced, and (E) to the actual knowledge of either Master Servicer
      or the Special Servicer, in bankruptcy proceedings;

            (xi) as to each Trust Mortgage Loan referred to in the preceding
      clause (x) above, (A) the loan number thereof, (B) the Stated Principal
      Balance thereof immediately following such Distribution Date, and (C) a
      brief description of any executed loan modification;

            (xii) with respect to any Trust Mortgage Loan as to which a
      Liquidation Event occurred during the related Collection Period (other
      than a payment in full), (A) the loan number thereof, (B) the aggregate of
      all Liquidation Proceeds and other amounts received in connection with
      such Liquidation Event (separately identifying the portion thereof
      allocable to distributions on the Certificates), and (C) the amount of any
      Realized Loss in connection with such Liquidation Event;

            (xiii) with respect to any Trust Mortgage Loan that was the subject
      of any material modification, extension or waiver during the related
      Collection Period, (A) the loan number thereof, (B) the unpaid principal
      balance thereof and (C) a brief description of such modification,
      extension or waiver, as the case may be;

            (xiv) with respect to any Trust Mortgage Loan as to which an uncured
      and unresolved Breach or Document Defect that materially and adversely
      affects the value of such Trust Mortgage Loan or the interests of the
      Certificateholders, is alleged to exist, (A) the loan number thereof, (B)
      the unpaid principal balance thereof, (C) a brief description of such
      Breach or Document Defect, as the case may be, and (D) the status of such
      Breach or Document Defect, as the case may be, including any actions known
      to the Trustee that are being taken by or on behalf of the applicable
      Mortgage Loan Seller with respect thereto;

            (xv) with respect to any Trust Mortgage Loan as to which the related
      Mortgaged Property became an REO Property during the related Collection
      Period, the loan number of such Trust Mortgage Loan and the Stated
      Principal Balance of such Trust Mortgage Loan as of the related date of
      acquisition;

            (xvi) with respect to any REO Property that was included (or an
      interest in which was included) in the Trust Fund as of the close of
      business on the related Determination Date, the loan number of the related
      Trust Mortgage Loan, the book value of such REO Property and the amount of
      REO Revenues and other amounts, if any, received by the trust with respect
      to such REO Property during the related Collection Period (separately
      identifying the portion thereof allocable to distributions on the
      Certificates) and, if available, the Appraised Value of such REO Property
      as expressed in the most recent appraisal thereof and the date of such
      appraisal;

            (xvii) with respect to any REO Property included in the Trust Fund
      as to which a Final Recovery Determination was made during the related
      Collection Period, (A) the loan number of the related Trust Mortgage Loan,
      (B) the aggregate of all Liquidation Proceeds and other amounts received
      in connection with such Final Recovery Determination (separately
      identifying the portion thereof allocable to distributions on the
      Certificates), and (C) the amount of any Realized Loss in respect of the
      related Trust REO Loan in connection with such Final Recovery
      Determination;

            (xviii) the Accrued Certificate Interest and Distributable
      Certificate Interest in respect of each Class of Regular Certificates for
      such Distribution Date;

            (xix) any unpaid Distributable Certificate Interest in respect of
      each Class of Regular Certificates after giving effect to the
      distributions made on such Distribution Date;

            (xx) the Pass-Through Rate for each Class of Regular Certificates
      for such Distribution Date;

            (xxi) the Principal Distribution Amount, the Loan Group 1 Principal
      Distribution Amount and the Loan Group 2 Principal Distribution Amount for
      such Distribution Date, in each case, separately identifying the
      respective components thereof (and, in the case of any Principal
      Prepayment or other unscheduled collection of principal received during
      the related Collection Period, the loan number for the related Trust
      Mortgage Loan and the amount of such prepayment or other collection of
      principal);

            (xxii) the aggregate of all Realized Losses incurred during the
      related Collection Period and all Additional Trust Fund Expenses incurred
      during the related Collection Period;

            (xxiii) the aggregate of all Realized Losses and Additional Trust
      Fund Expenses that were allocated on such Distribution Date;

            (xxiv) the Class Principal Balance, Class X Notional Amount and
      Class XR Notional Amount, as applicable, of each Class of Regular
      Certificates, outstanding immediately before and immediately after such
      Distribution Date, separately identifying any reduction therein due to the
      allocation of Realized Losses and Additional Trust Fund Expenses on such
      Distribution Date;

            (xxv) the Certificate Factor for each Class of Regular Certificates
      immediately following such Distribution Date;

            (xxvi) the aggregate amount of interest on P&I Advances in respect
      of the Mortgage Pool and in respect of each Loan Group paid to the Master
      Servicers and the Trustee during the related Collection Period in
      accordance with Section 4.03(d);

            (xxvii) the aggregate amount of interest on Servicing Advances in
      respect of the Mortgage Pool and in respect of each Loan Group paid to the
      Master Servicers, the Special Servicer and the Trustee during the related
      Collection Period in accordance with Section 3.03(d);

            (xxviii) the aggregate amount of servicing compensation (separately
      identifying the amount of each category of compensation) paid to the
      Master Servicers and the Special Servicer during the related Collection
      Period;

            (xxix) the loan number for each Trust Required Appraisal Mortgage
      Loan and any related Appraisal Reduction Amount as of the related
      Determination Date;

            (xxx) the original and then current credit support levels for each
      Class of Regular Certificates;

            (xxxi) the original and then current ratings known to the Trustee
      for each Class of Regular Certificates;

            (xxxii) the aggregate amount of Prepayment Premiums and Yield
      Maintenance Charges collected during the related Collection Period;

            (xxxiii) the value of any REO Property included in the Trust Fund as
      of the end of the related Determination Date for such Distribution Date,
      based on the most recent Appraisal or valuation;

            (xxxiv) the amounts, if any, actually distributed with respect to
      the Class Z Certificates, the Class R-I Certificates and the Class R-II
      Certificates, respectively, on such Distribution Date;

            (xxxv) a brief description of any uncured Event of Default known to
      the Trustee (to the extent not previously reported) and, as determined
      and/or approved by the Depositor, any other information necessary to
      satisfy the requirements of Item 1121(a) of Regulation AB that can, in the
      Trustee's reasonable judgment, be included on the Distribution Date
      Statement without undue difficulty; and

            In the case of information to be furnished pursuant to clauses (i)
through (iv) above, the amounts shall be expressed as a dollar amount in the
aggregate for all Certificates of each applicable Class and per Single
Certificate. In the case of information provided to the Trustee as a basis for
information to be furnished pursuant to clauses (x) through (xvii), (xxviii),
(xxxiii) and (xxxv) above, insofar as the underlying information is solely
within the control of the Special Servicer, the Trustee and the Master Servicers
may, absent manifest error, conclusively rely on the reports to be provided by
the Special Servicer.

            Each Distribution Date Statement shall identify the Distribution
Date to which it relates and the Record Date, the Interest Accrual Period, the
Determination Date and the Collection Period that correspond to such
Distribution Date.

            The Trustee may conclusively rely on and shall not be responsible
absent manifest error for the content or accuracy of any information provided by
third parties for purposes of preparing the Distribution Date Statement and may
affix thereto any disclaimer it deems appropriate in its reasonable discretion
(without suggesting liability on the part of any other party hereto).

            On each Distribution Date, the Trustee shall make available via its
Internet Website the information specified in Section 3.15(b) to the Persons
specified therein. Absent manifest error, none of the Master Servicers or the
Special Servicer shall be responsible for the accuracy or completeness of any
information supplied to it by a Mortgagor or third party that is included in any
reports, statements, materials or information prepared or provided by either
Master Servicer or the Special Servicer, as applicable. The Trustee shall not be
responsible absent manifest error for the accuracy or completeness of any
information supplied to it for delivery pursuant to this Section. None of the
Trustee, the Master Servicers or the Special Servicer shall have any obligation
to verify the accuracy or completeness of any information provided by a
Mortgagor or third party.

            Within a reasonable period of time after the end of each calendar
year, the Trustee shall send to each Person who at any time during the calendar
year was a Certificateholder of record, a report summarizing on an annual basis
(if appropriate) the items provided to Certificateholders pursuant to clauses
(i), (ii), (iii) and (iv) of the description of "Distribution Date Statement"
above and such other information as may be required to enable such
Certificateholders to prepare their federal income tax returns. Such information
shall include the amount of original issue discount accrued on each Class of
Certificates and information regarding the expenses of the Trust Fund. Such
requirement shall be deemed to be satisfied to the extent such information is
provided pursuant to applicable requirements of the Code from time to time in
force.

            If any Certificate Owner does not receive through the Depository or
any of its Depository Participants any of the statements, reports and/or other
written information described above in this Section 4.02(a) that it would
otherwise be entitled to receive if it were the Holder of a Definitive
Certificate evidencing its ownership interest in the related Class of Book Entry
Certificates, then the Trustee shall mail or cause the mailing of, or provide
electronically or cause the provision electronically of, such statements,
reports and/or other written information to such Certificate Owner upon the
request of such Certificate Owner made in writing to the Corporate Trust Office
(accompanied by current verification of such Certificate Owner's ownership
interest). Such portion of such information as may be agreed upon by the
Depositor and the Trustee shall be furnished to any such Person via overnight
courier delivery or facsimile from the Trustee; provided that the cost of such
overnight courier delivery or facsimile shall be an expense of the party
requesting such information.

            The Trustee shall only be obligated to deliver the statements,
reports and information contemplated by this Section 4.02(a) to the extent it
receives the necessary underlying information from the Special Servicer or
either Master Servicer, as applicable, and shall not be liable for any failure
to deliver any statement, report or information on the prescribed due dates, to
the extent caused by failure to receive timely such underlying information.
Nothing herein shall obligate the Trustee or either Master Servicer to violate
any applicable law prohibiting disclosure of information with respect to any
Mortgagor and the failure of the Trustee, either Master Servicer or the Special
Servicer to disseminate information for such reason shall not be a breach
hereof.

            (b) In the performance of its obligations set forth in Section 4.05
and its other duties hereunder, the Trustee may, absent bad faith, conclusively
rely on reports provided to it by the Master Servicers, and the Trustee shall
not be responsible to recompute, recalculate or verify the information provided
to it by the Master Servicers.

            SECTION 4.03. P&I Advances; Reimbursement of P&I Advances and
                          Servicing Advances.

            (a) On or before 2:00 p.m. (New York City time) on each P&I Advance
Date, each Master Servicer shall (i) apply amounts in its respective Collection
Account received after the end of the related Collection Period or otherwise
held for future distribution to Certificateholders in subsequent months in
discharge of its obligation to make P&I Advances or (ii) subject to Section
4.03(c) below, remit from its own funds to the Trustee for deposit into the
Distribution Account an amount equal to the aggregate amount of P&I Advances, if
any, to be made in respect of the related Distribution Date. The Master
Servicers may also make P&I Advances in the form of any combination of clauses
(i) and (ii) above aggregating the total amount of P&I Advances to be made. Any
amounts held in a Collection Account for future distribution and so used to make
P&I Advances shall be appropriately reflected in the applicable Master
Servicer's records and replaced by such Master Servicer by deposit in such
Collection Account on or before the next succeeding Determination Date (to the
extent not previously replaced through the deposit of Late Collections of the
delinquent principal and interest in respect of which such P&I Advances were
made). If, as of 3:00 p.m. (New York City time) on any P&I Advance Date, the
applicable Master Servicer shall not have made any P&I Advance required to be
made on such date pursuant to this Section 4.03(a) (and shall not have delivered
to the Trustee the requisite Officer's Certificate and documentation related to
a determination of nonrecoverability of a P&I Advance), then the Trustee shall
provide notice of such failure to a Servicing Officer of such Master Servicer by
facsimile transmission sent to the facsimile number set forth in Section 11.05
(or such alternative number provided by such Master Servicer to the Trustee in
writing) as soon as possible, but in any event before 4:00 p.m. (New York City
time) on such P&I Advance Date. If the Trustee does not receive the full amount
of such P&I Advances by 11:00 a.m. (New York City time) on the related
Distribution Date, then, subject to Section 4.03(c), (i) the Trustee shall, no
later than 12:00 p.m. (New York City time), on such related Distribution Date
make the portion of such P&I Advances that was required to be, but was not, made
by the applicable Master Servicer on such P&I Advance Date, and (ii) with
respect to such Master Servicer, the provisions of Sections 7.01 and 7.02 shall
apply.

            (b) The aggregate amount of P&I Advances to be made by either Master
Servicer or the Trustee in respect of the Mortgage Pool for any Distribution
Date shall, subject to Section 4.03(c) below, equal the aggregate of all
Periodic Payments (other than Balloon Payments) and any Assumed Periodic
Payments, net of related Master Servicing Fees and, in the case of the RLJ
Portfolio Trust Mortgage Loan, net of the master servicing fee payable to the
Other Master Servicer, in respect of the Trust Mortgage Loans serviced by it
(including, without limitation, Trust Balloon Loans delinquent as to their
respective Balloon Payments) and any Trust REO Loans on their respective Due
Dates during the related Collection Period, in each case to the extent such
amount was not paid by or on behalf of the related Mortgagor or otherwise
collected (including as net income from REO Properties) as of the close of
business on the related Determination Date (or 2:00 p.m. (New York City time) on
the Determination Date if it is the same day as the P&I Advance Date); provided
that: (x) if the Periodic Payment on any Trust Mortgage Loan has been reduced in
connection with a bankruptcy or similar proceeding involving the related
Mortgagor or a modification, waiver or amendment granted or agreed to by the
Special Servicer pursuant to Section 3.20, or if the final maturity on any Trust
Mortgage Loan shall be extended in connection with a bankruptcy or similar
proceeding involving the related Mortgagor or a modification, waiver or
amendment granted or agreed to by the Special Servicer pursuant to Section 3.20,
and the Periodic Payment due and owing during the extension period is less than
the related Assumed Periodic Payment, then the applicable Master Servicer or the
Trustee shall, as to such Trust Mortgage Loan only, advance only the amount of
the Periodic Payment due and owing after taking into account such reduction (net
of related Master Servicing Fees) in the event of subsequent delinquencies
thereon; and (y) if any Trust Mortgage Loan or Trust REO Loan is a Required
Appraisal Mortgage Loan as to which it is determined that an Appraisal Reduction
Amount exists, then, with respect to the Distribution Date immediately following
the date of such determination and with respect to each subsequent Distribution
Date for so long as such Appraisal Reduction Amount exists, the applicable
Master Servicer or the Trustee will be required in the event of subsequent
delinquencies to advance in respect of such Trust Mortgage Loan or Trust REO
Loan, as the case may be, only an amount equal to the sum of (A) the interest
portion of the P&I Advance required to be made equal to the product of (1) the
amount of the interest portion of the P&I Advance for that Trust Mortgage Loan
or Trust REO Loan, as the case may be, for the related Distribution Date without
regard to this sentence, and (2) a fraction, expressed as a percentage, the
numerator of which is equal to the Stated Principal Balance of that Trust
Mortgage Loan or Trust REO Loan, as the case may be, immediately prior to the
related Distribution Date, net of the related Appraisal Reduction Amount, if
any, and the denominator of which is equal to the Stated Principal Balance of
that Trust Mortgage Loan or Trust REO Loan, as the case may be, immediately
prior to the related Distribution Date, and (B) the amount of the principal
portion of the P&I Advance that would otherwise be required without regard to
this clause (y). In the case of each Trust Mortgage Loan that is a part of a
Loan Combination or any successor Trust REO Loan with respect thereto, the
reference to "Appraisal Reduction Amount" in clause (y) of the proviso to the
preceding sentence means the portion of any Appraisal Reduction Amount with
respect to the related Loan Combination that is allocable, in accordance with
the definition of "Appraisal Reduction Amount," to such Trust Mortgage Loan or
any successor Trust REO Loan with respect thereto, as the case may be.

            (c) Notwithstanding anything herein to the contrary, no P&I Advance
shall be required to be made hereunder if such P&I Advance would, if made,
constitute a Nonrecoverable P&I Advance. The determination by the applicable
Master Servicer or the Special Servicer that a prior P&I Advance (or, assuming
that it was still outstanding, any Unliquidated Advance in respect thereof) that
has been made constitutes a Nonrecoverable P&I Advance or that any proposed P&I
Advance, if made, would constitute a Nonrecoverable P&I Advance, shall be
evidenced by an Officer's Certificate delivered to the Trustee and the Depositor
on or before the related P&I Advance Date, setting forth the basis for such
determination, together with any other information, including Appraisals (the
cost of which may be paid out of the applicable Master Servicer's Collection
Account pursuant to Section 3.05(a)) (or, if no such Appraisal has been
performed pursuant to this Section 4.03(c), a copy of an Appraisal of the
related Mortgaged Property performed within the twelve months preceding such
determination), related Mortgagor operating statements and financial statements,
budgets and rent rolls of the related Mortgaged Properties, engineers' reports,
environmental surveys and any similar reports that the applicable Master
Servicer may have obtained consistent with the Servicing Standard and at the
expense of the Trust Fund, that support such determination by such Master
Servicer. As soon as practical after making such determination, the Special
Servicer shall report to the applicable Master Servicer, the Trustee, the
Special Servicer's determination that any P&I Advance made with respect to any
previous Distribution Date or required to be made with respect to the next
following Distribution Date with respect to any Trust Specially Serviced
Mortgage Loan or Trust REO Loan is a Nonrecoverable P&I Advance. The applicable
Master Servicer, the Trustee shall act in accordance with such determination and
shall be entitled to conclusively rely on such determination. Notwithstanding
the foregoing, if the Special Servicer makes a determination that only a
portion, and not all, of any previously made or proposed P&I Advance is a
Nonrecoverable P&I Advance, the applicable Master Servicer shall have the right
to make its own subsequent determination that any remaining portion of any such
previously made or proposed P&I Advance is a Nonrecoverable P&I Advance. The
Trustee shall be entitled to rely, conclusively, on any determination by the
applicable Master Servicer that a P&I Advance, if made, would be a
Nonrecoverable Advance and shall rely on such Master Servicer's determination
that the P&I Advance would be a Nonrecoverable Advance if the Trustee determines
that it does not have sufficient time to make such determination); provided,
however, that if such Master Servicer has failed to make a P&I Advance for
reasons other than a determination by such Master Servicer or the Special
Servicer that such P&I Advance would be a Nonrecoverable Advance, the Trustee
shall make such Advance within the time periods required by Section 4.03(a)
unless the Trustee in good faith makes a determination prior to the times
specified in Section 4.03(a) that such P&I Advance would be a Nonrecoverable
Advance. The Special Servicer, in determining whether or not a P&I Advance
previously made is, or a proposed P&I Advance, if made, would be, a
Nonrecoverable Advance, shall be subject to the standards applicable to each
Master Servicer hereunder.

            (d) In connection with the recovery by either Master Servicer or the
Trustee of any P&I Advance out of the applicable Master Servicer's Collection
Account pursuant to Section 3.05(a), subject to the following sentence, such
Master Servicer shall be entitled to pay itself or the Trustee out of any
amounts then on deposit in its Collection Account, interest at the Reimbursement
Rate in effect from time to time, accrued on the amount of such P&I Advance (to
the extent made with its own funds) from the date made to but not including the
date of reimbursement, such interest to be payable first out of Default Charges
received on the related Trust Mortgage Loan or Trust REO Loan during the
Collection Period in which such reimbursement is made, then from general
collections on the Trust Mortgage Loans then on deposit in such Master
Servicer's Collection Account; provided, however, that no interest shall accrue
on any P&I Advance made with respect to a Trust Mortgage Loan if the related
Periodic Payment is received on or prior to the Due Date of such Trust Mortgage
Loan, prior to the expiration of any applicable grace period or prior to the
related P&I Advance Date; and provided, further, that, if such P&I Advance was
made with respect to a Trust Mortgage Loan that is part of a Loan Combination or
any successor Trust REO Loan with respect thereto, then such interest on such
P&I Advance shall first be payable out of amounts on deposit in the related Loan
Combination Custodial Account in accordance with Section 3.05(e). Subject to
Section 4.03(f), the applicable Master Servicer shall reimburse itself or the
Trustee, for any outstanding P&I Advance made thereby as soon as practicable
after funds available for such purpose have been received by such Master
Servicer, and in no event shall interest accrue in accordance with this Section
4.03(d) on any P&I Advance as to which the corresponding Late Collection was
received by such Master Servicer on or prior to the related P&I Advance Date.

            (e) In no event shall either Master Servicer or the Trustee make a
P&I Advance with respect to any Non-Trust Loan.

            (f) Upon the determination that a previously made Advance is a
Nonrecoverable Advance, to the extent that the reimbursement thereof would
exceed the full amount of the principal portion of general collections deposited
in the Collection Accounts, the applicable Master Servicer, the Special Servicer
or the Trustee, at its own option, instead of obtaining reimbursement for the
remaining amount of such Nonrecoverable Advance immediately, may elect to
refrain from obtaining such reimbursement for such portion of the Nonrecoverable
Advance during the one-month Collection Period ending on the then-current
Determination Date. If any of the applicable Master Servicer, the Special
Servicer or the Trustee makes such an election at its sole option to defer
reimbursement with respect to all or a portion of a Nonrecoverable Advance
(together with interest thereon), then such Nonrecoverable Advance (together
with interest thereon) or portion thereof shall continue to be fully
reimbursable in the subsequent Collection Period (subject, again, to the same
sole option to defer; it is acknowledged that, in such a subsequent period, such
Nonrecoverable Advance shall again be payable first from principal collections
as described above prior to payment from other collections). In connection with
a potential election by any of the applicable Master Servicer, the Special
Servicer or the Trustee to refrain from the reimbursement of a particular
Nonrecoverable Advance or portion thereof during the one-month Collection Period
ending on the related Determination Date for any Distribution Date, such Master
Servicer, the Special Servicer or the Trustee, as the case may be, shall further
be authorized to wait for principal collections to be received before making its
determination of whether to refrain from the reimbursement of a particular
Nonrecoverable Advance or portion thereof until the end of such Collection
Period. Any election by any of the applicable Master Servicer, the Special
Servicer or the Trustee to refrain from reimbursing itself for any
Nonrecoverable Advance (together with interest thereon) or portion thereof with
respect to any Collection Period shall not be construed to impose on any of such
Master Servicer, the Special Servicer or the Trustee, as the case may be, any
obligation to make such an election (or any entitlement in favor of any
Certificateholder or any other Person to such an election) with respect to any
subsequent Collection Period or to constitute a waiver or limitation on the
right of such Master Servicer, the Special Servicer or the Trustee, as the case
may be, to otherwise be reimbursed for such Nonrecoverable Advance (together
with interest thereon). Any such election by any of the applicable Master
Servicer, the Special Servicer or the Trustee shall not be construed to impose
any duty on the other such party to make such an election (or any entitlement in
favor of any Certificateholder or any other Person to such an election). Any
such election by any such party to refrain from reimbursing itself or obtaining
reimbursement for any Nonrecoverable Advance or portion thereof with respect to
any one or more Collection Periods shall not limit the accrual of interest on
such Nonrecoverable Advance for the period prior to the actual reimbursement of
such Nonrecoverable Advance. None of the applicable Master Servicer, the Special
Servicer, the Trustee or the other parties to this Agreement shall have any
liability to one another or to any of the Certificateholders for any such
election that such party makes as contemplated by this subsection or for any
losses, damages or other adverse economic or other effects that may arise from
such an election, and any such election shall not, with respect to the
applicable Master Servicer or the Special Servicer, constitute a violation of
the Servicing Standard nor, with respect to the Trustee, constitute a violation
of any fiduciary duty to the Certificateholders or any contractual duty under
this Agreement. Nothing herein shall give the applicable Master Servicer, the
Special Servicer or the Trustee the right to defer reimbursement of a
Nonrecoverable Advance to the extent that principal collections then available
in the Collection Accounts are sufficient to reimburse such Nonrecoverable
Advances pursuant to Section 3.05(a)(vii).

            SECTION 4.04. Allocation of Realized Losses and Additional Trust
                          Fund Expenses.

            (a) On each Distribution Date, following all distributions to be
made on such date pursuant to Section 4.01, the Trustee shall allocate to the
respective Classes of Sequential Pay Certificates as follows the aggregate of
all Realized Losses and Additional Trust Fund Expenses that were incurred at any
time following the Cut-off Date through the end of the related Collection Period
and in any event that were not previously allocated pursuant to this Section
4.04(a) on any prior Distribution Date, but only to the extent that (i) the
aggregate of the Class Principal Balances of the Sequential Pay Certificates as
of such Distribution Date (after taking into account all of the distributions
made on such Distribution Date pursuant to Section 4.01), exceeds (ii) the
aggregate Stated Principal Balance of, and any Unliquidated Advances with
respect to, the Mortgage Pool that will be outstanding immediately following
such Distribution Date: first, sequentially, to the Class Q, Class P, Class N,
Class M, Class L, Class K, Class J, Class H, Class G, Class F, Class E, Class D,
Class C, Class B, Class AJ and Class AM Certificates, in that order, in each
case until the remaining Class Principal Balance thereof is reduced to zero; and
then, pro rata (based on remaining Class Principal Balances) to the Class A-1,
Class A-2, Class A-3, Class A-4 and Class A-1A Certificates, until the
respective Class Principal Balances thereof are reduced to zero. Any allocation
of Realized Losses and Additional Trust Fund Expenses to a Class of Sequential
Pay Certificates shall be made by reducing the Class Principal Balance thereof
by the amount so allocated. All Realized Losses and Additional Trust Fund
Expenses, if any, allocated to a Class of Sequential Pay Certificates shall be
allocated among the respective Certificates of such Class in proportion to the
Percentage Interests evidenced thereby. All Realized Losses and Additional Trust
Fund Expenses, if any, that have not been allocated to the Sequential Pay
Certificates as of the Distribution Date on which the aggregate of the Class
Principal Balances of the Sequential Pay Certificates has been reduced to zero,
shall be deemed allocated to the Residual Certificates.

            If and to the extent any Nonrecoverable Advances (and/or interest
thereon) that were reimbursed from principal collections on the Mortgage Pool
and previously resulted in a reduction of the Principal Distribution Amount are
subsequently recovered on the related Trust Mortgage Loan or Trust REO Loan,
then, on the Distribution Date immediately following the Collection Period in
which such recovery occurs, the Class Principal Balances of the respective
Classes of Sequential Pay Certificates shall be increased, in the reverse order
from which Realized Losses and Additional Trust Fund Expenses are allocated
pursuant to Section 4.04(a), by the amount of any such recoveries that are
included in the Principal Distribution Amount for the current Distribution Date;
provided, however, that, in any case, the Class Principal Balance of any Class
of Sequential Pay Certificates shall in no event be increased by more than the
amount of unreimbursed Realized Losses and Additional Trust Fund Expenses
previously allocated thereto (which unreimbursed Realized Losses and Additional
Trust Fund Expenses shall be reduced by the amount of the increase in such Class
Principal Balance); and provided, further, that the aggregate increase in the
Class Principal Balances of the respective Classes of the Sequential Pay
Certificates on any Distribution Date shall not exceed the excess, if any, of
(1) the aggregate Stated Principal Balance of, and all Unliquidated Advances
with respect to, the Mortgage Pool that will be outstanding immediately
following such Distribution Date, over (2) the aggregate of the Class Principal
Balances of the respective Classes of the Sequential Pay Certificates
outstanding immediately following the distributions to be made on such
Distribution Date, but prior to any such increase in any of those Class
Principal Balances. If the Class Principal Balance of any Class of Sequential
Pay Certificates is so increased, the amount of unreimbursed Realized Losses
and/or Additional Trust Fund Expenses considered to be allocated to such Class
shall be decreased by such amount.

            If the Class Principal Balance of any Class of Sequential Pay
Certificates is reduced on any Distribution Date pursuant to the first paragraph
of Section 4.04(a), then the REMIC I Principal Balance of its Corresponding
REMIC I Regular Interest shall be deemed to have first been reduced by the exact
same amount.

            To the extent the Class Principal Balance of a Class of Sequential
Pay Certificates is increased pursuant to the second paragraph of Section
4.04(a), the REMIC I Principal Balance of its Corresponding REMIC I Regular
Interest shall be increased by the exact same amount.

            SECTION 4.05. Calculations.

            The Trustee shall, provided it receives the necessary information
from the Master Servicers and the Special Servicer, be responsible for
performing all calculations necessary in connection with the actual and deemed
distributions and allocations to be made pursuant to Section 4.01, Section
5.02(d) and Article IX and the actual and deemed allocations of Realized Losses,
Additional Trust Fund Expenses and other items to be made pursuant to Section
4.04. The Trustee shall calculate the Available Distribution Amount for each
Distribution Date and shall allocate such amount among Certificateholders in
accordance with this Agreement, and the Trustee shall have no obligation to
recompute, recalculate or verify any information provided to it by the Special
Servicer or either Master Servicer. The calculations by the Trustee of such
amounts shall, in the absence of manifest error, be presumptively deemed to be
correct for all purposes hereunder.

<PAGE>

                                   ARTICLE V

                                THE CERTIFICATES

            SECTION 5.01. The Certificates.

            (a) The Certificates will be substantially in the respective forms
attached hereto as Exhibits A-1, A-3, A-4, A-5, A-6, A-7, A-8 and A-9 as
applicable; provided that any of the Certificates may be issued with appropriate
insertions, omissions, substitutions and variations, and may have imprinted or
otherwise reproduced thereon such legend or legends, not inconsistent with the
provisions of this Agreement, as may be required to comply with any law or with
rules or regulations pursuant thereto, or with the rules of any securities
market in which the Certificates are admitted to trading, or to conform to
general usage. The Certificates will be issuable in registered form only;
provided, however, that in accordance with Section 5.03 beneficial ownership
interests in the Sequential Pay Certificates and the Class X Certificates shall
initially be held and transferred through the book-entry facilities of the
Depository. The Sequential Pay Certificates, the Class XR Certificates and the
Class X Certificates will be issuable only in denominations corresponding to
initial Certificate Principal Balances or initial Certificate Notional Amounts,
as the case may be, as of the Closing Date of not less than $25,000 in the case
of the Registered Certificates and not less than $100,000 in the case of
Non-Registered Certificates (other than the Residual Certificates and the Class
Z Certificates), and in each such case in integral multiples of $1 in excess
thereof. The Class R-I and Class R-II Certificates will be issuable in minimum
Percentage Interests of 10%. The Class Z Certificates shall have no minimum
denomination and shall be represented by a single Definitive Certificate.

            (b) The Certificates shall be executed by manual or facsimile
signature on behalf of the Trustee by the Certificate Registrar hereunder by an
authorized signatory. Certificates bearing the manual or facsimile signatures of
individuals who were at any time the authorized officers or signatories of the
Certificate Registrar shall be entitled to all benefits under this Agreement,
subject to the following sentence, notwithstanding that such individuals or any
of them have ceased to hold such offices prior to the authentication and
delivery of such Certificates or did not hold such offices at the date of such
Certificates. No Certificate shall be entitled to any benefit under this
Agreement, or be valid for any purpose, however, unless there appears on such
Certificate a certificate of authentication substantially in the form provided
for herein executed by the Authenticating Agent by manual signature, and such
certificate of authentication upon any Certificate shall be conclusive evidence,
and the only evidence, that such Certificate has been duly authenticated and
delivered hereunder. All Certificates shall be dated the date of their
authentication.

            SECTION 5.02. Registration of Transfer and Exchange of Certificates.

            (a) At all times during the term of this Agreement, there shall be
maintained at the office of the Certificate Registrar a Certificate Register in
which, subject to such reasonable regulations as the Certificate Registrar may
prescribe, the Certificate Registrar (located as of the Closing Date at the
Corporate Trust Office of the Trustee) shall provide for the registration of
Certificates and of transfers and exchanges of Certificates as herein provided.
The Trustee is hereby initially appointed (and hereby agrees to act in
accordance with the terms hereof) as Certificate Registrar for the purpose of
registering Certificates and transfers and exchanges of Certificates as herein
provided. The Certificate Registrar may appoint, by a written instrument
delivered to the Depositor, the Master Servicers, the Special Servicer and the
Trustee, any other bank or trust company to act as Certificate Registrar under
such conditions as the predecessor Certificate Registrar may prescribe, provided
that the predecessor Certificate Registrar shall not be relieved of any of its
duties or responsibilities hereunder by reason of such appointment. If the
Trustee resigns or is removed in accordance with the terms hereof, the successor
trustee shall immediately succeed to its duties as Certificate Registrar. The
Depositor, the Trustee, the Certificate Registrar (if it is no longer the
Certificate Registrar) the Master Servicers and the Special Servicer shall have
the right to inspect the Certificate Register or to obtain a copy thereof at all
reasonable times, and to rely conclusively upon a certificate of the Certificate
Registrar as to the information set forth in the Certificate Register.

            Upon written request of any Certificateholder made for purposes of
communicating with other Certificateholders with respect to their rights under
this Agreement, the Certificate Registrar shall promptly furnish such
Certificateholder with a list of the other Certificateholders of record
identified in the Certificate Register at the time of the request.

            (b) No Transfer of any Non-Registered Certificate or interest
therein shall be made unless that Transfer is exempt from the registration
and/or qualification requirements of the Securities Act and any applicable state
securities laws, or is otherwise made in accordance with the Securities Act and
such state securities laws.

            If a Transfer of any Definitive Non-Registered Certificate is to be
made without registration under the Securities Act (other than in connection
with the initial issuance of the Non-Registered Certificates or a Transfer of
such Certificate by the Depositor, Merrill Lynch, Pierce, Fenner & Smith
Incorporated or any of their respective Affiliates or, in the case of a Global
Certificate for any Class of Book-Entry Non-Registered Certificates, a Transfer
thereof to a successor Depository or to the applicable Certificate Owner(s) in
accordance with Section 5.03), then the Certificate Registrar shall refuse to
register such Transfer unless it receives (and, upon receipt, may conclusively
rely upon) either: (i) a certificate from the Certificateholder desiring to
effect such Transfer substantially in the form attached hereto as Exhibit E-1
and a certificate from such Certificateholder's prospective Transferee
substantially in the form attached hereto either as Exhibit E-2A or, except in
the case of the Class R-I, Class R-II or Class Z Certificates, as Exhibit E-2B;
or (ii) an Opinion of Counsel satisfactory to the Trustee to the effect that the
prospective Transferee is a Qualified Institutional Buyer or, except in the case
of the Class R-I, Class R-II or Class Z Certificates, an Institutional
Accredited Investor, and such Transfer may be made without registration under
the Securities Act (which Opinion of Counsel shall not be an expense of the
Trust Fund or of the Depositor, the Master Servicers, the Special Servicer, the
REMIC Administrator, the Trustee or the Certificate Registrar in their
respective capacities as such), together with the written certification(s) as to
the facts surrounding such Transfer from the Certificateholder desiring to
effect such Transfer and/or such Certificateholder's prospective Transferee on
which such Opinion of Counsel is based.

            No beneficial interest in the Rule 144A Global Certificate for any
Class of Book-Entry Non-Registered Certificates may be held by any Person that
is not a Qualified Institutional Buyer. If a Transfer of any interest in the
Rule 144A Global Certificate for any Class of Book-Entry Non-Registered
Certificates is to be made without registration under the Securities Act (other
than in connection with the initial issuance of the Book-Entry Non-Registered
Certificates or a Transfer of any interest therein by the Depositor, Merrill
Lynch, Pierce, Fenner & Smith Incorporated or any of their respective
Affiliates), then the Certificate Owner desiring to effect such Transfer shall
be required to obtain either (i) a certificate from such Certificate Owner's
prospective Transferee substantially in the form attached hereto as Exhibit
E-2C, or (ii) an Opinion of Counsel to the effect that the prospective
Transferee is a Qualified Institutional Buyer and such Transfer may be made
without registration under the Securities Act. If any Transferee of an interest
in the Rule 144A Global Certificate for any Class of Book-Entry Non-Registered
Certificates does not, in connection with the subject Transfer, deliver to the
Transferor the Opinion of Counsel or the certification described in the
preceding sentence, then such Transferee shall be deemed to have represented and
warranted that all the certifications set forth in Exhibit E-2C hereto are, with
respect to the subject Transfer, true and correct.

            Notwithstanding the preceding paragraph, any interest in the Rule
144A Global Certificate for a Class of Book-Entry Non-Registered Certificates
may be transferred to any Non-United States Securities Person who takes delivery
in the form of a beneficial interest in the Regulation S Global Certificate for
such Class of Certificates, provided that the Certificate Owner desiring to
effect such Transfer (i) complies with the requirements for Transfers of
interests in such Regulation S Global Certificate set forth in the following
paragraph and (ii) delivers or causes to be delivered to the Certificate
Registrar and the Trustee (A) a certificate from such Certificate Owner
confirming its ownership of the beneficial interests in the subject Class of
Book-Entry Non-Registered Certificates to be transferred, (B) a copy of the
certificate to be obtained by such Certificate Owner from its prospective
Transferee in accordance with the second sentence of the following paragraph and
(C) such written orders and instructions as are required under the applicable
procedures of the Depository, Clearstream and Euroclear to direct the Trustee,
as transfer agent for the Depository, to approve the debit of the account of a
Depository Participant by a denomination of interests in such Rule 144A Global
Certificate, and approve the credit of the account of a Depository Participant
by a denomination of interests in such Regulation S Global Certificate, that is
equal to the denomination of beneficial interests in the subject Class of
Book-Entry Non-Registered Certificates to be transferred. Upon delivery to the
Certificate Registrar and the Trustee of such certifications and such orders and
instructions, the Trustee, subject to and in accordance with the applicable
procedures of the Depository, shall reduce the denomination of the Rule 144A
Global Certificate in respect of the subject Class of Book-Entry Non-Registered
Certificates, and increase the denomination of the Regulation S Global
Certificate for such Class of Certificates, by the denomination of the
beneficial interest in such Class of Certificates specified in such orders and
instructions.

            No beneficial interest in the Regulation S Global Certificate for
any Class of Book-Entry Non-Registered Certificates may be held by any Person
that is a United States Securities Person. Any Certificate Owner desiring to
effect any Transfer of a beneficial interest in the Regulation S Global
Certificate for any Class of Book-Entry Non-Registered Certificates shall be
required to obtain from such Certificate Owner's prospective Transferee a
certificate substantially in the form set forth in Exhibit E-2D hereto to the
effect that such Transferee is not a United States Securities Person. If any
Transferee of an interest in the Regulation S Global Certificate for any Class
of Book-Entry Non-Registered Certificates does not, in connection with the
subject Transfer, deliver to the Transferor the certification described in the
preceding sentence, then such Transferee shall be deemed to have represented and
warranted that all the certifications set forth in Exhibit E-2D hereto are, with
respect to the subject Transfer, true and correct.

            Notwithstanding the preceding paragraph, any interest in the
Regulation S Global Certificate for a Class of Book-Entry Non-Registered
Certificates may be transferred to any Qualified Institutional Buyer that takes
delivery in the form of a beneficial interest in the Rule 144A Global
Certificate for such Class of Certificates, provided that the Certificate Owner
desiring to effect such transfer (i) complies with the requirements for
Transfers of interests in such Rule 144A Global Certificate set forth in the
third paragraph of this Section 5.02(b) and (ii) delivers or causes to be
delivered to the Certificate Registrar and the Trustee (A) a certificate from
such Certificate Owner confirming its ownership of the beneficial interests in
the subject Class of Book-Entry Non-Registered Certificates to be transferred,
(B) a copy of the certificate or Opinion of Counsel to be obtained by such
Certificate Owner from its prospective Transferee in accordance with the second
sentence of the third paragraph of this Section 5.02(b) and (C) such written
orders and instructions as are required under the applicable procedures of the
Depository, Clearstream and Euroclear to direct the Trustee to debit the account
of a Depository Participant by a denomination of interests in such Regulation S
Global Certificate, and credit the account of a Depository Participant by a
denomination of interests in such Rule 144A Global Certificate, that is equal to
the denomination of beneficial interests in the subject Class of Book-Entry
Non-Registered Certificates to be transferred. Upon delivery to the Certificate
Registrar and the Trustee of such certification(s) and/or Opinion of Counsel and
such orders and instructions, the Trustee, subject to and in accordance with the
applicable procedures of the Depository, shall reduce the denomination of the
Regulation S Global Certificate in respect of the subject Class of Book-Entry
Non-Registered Certificates, and increase the denomination of the Rule 144A
Global Certificate for such Class of Certificates, by the denomination of the
beneficial interest in such Class of Certificates specified in such orders and
instructions.

            Also notwithstanding the foregoing, any interest in a Global
Certificate with respect to any Class of Book-Entry Non-Registered Certificates
may be transferred by any Certificate Owner holding such interest to any
Institutional Accredited Investor (other than a Qualified Institutional Buyer)
that takes delivery in the form of a Definitive Certificate of the same Class as
such Global Certificate upon delivery to the Certificate Registrar and the
Trustee of (i) such certifications and/or opinions as are contemplated by the
second paragraph of this Section 5.02(b) and (ii) such written orders and
instructions as are required under the applicable procedures of the Depository
to direct the Trustee to debit the account of a Depository Participant by the
denomination of the transferred interests in such Global Certificate. Upon
delivery to the Certificate Registrar and the Trustee of the certifications
and/or opinions contemplated by the second paragraph of this Section 5.02(b),
the Trustee, subject to and in accordance with the applicable procedures of the
Depository, shall reduce the denomination of the subject Global Certificate by
the denomination of the transferred interests in such Global Certificate, and
shall cause a Definitive Certificate of the same Class as such Global
Certificate, and in a denomination equal to the reduction in the denomination of
such Global Certificate, to be executed, authenticated and delivered in
accordance with this Agreement to the applicable Transferee.

            None of the Depositor, the Trustee or the Certificate Registrar is
obligated to register or qualify any Class of Non-Registered Certificates under
the Securities Act or any other securities law or to take any action not
otherwise required under this Agreement to permit the Transfer of any
Non-Registered Certificate or interest therein without registration or
qualification. Any Certificateholder or Certificate Owner desiring to effect a
Transfer of any Non-Registered Certificate or interest therein shall, and does
hereby agree to, indemnify the Depositor, the Initial Purchaser, the Master
Servicers, the Special Servicer, the REMIC Administrator and the Certificate
Registrar against any liability that may result if such Transfer is not exempt
from the registration and/or qualification requirements of the Securities Act
and any applicable state securities laws or is not made in accordance with such
federal and state laws.

            (c) No Transfer of a Certificate or any interest therein shall be
made (i) to any employee benefit plan or other retirement arrangement, including
individual retirement accounts and annuities, Keogh plans and collective
investment funds and separate accounts in which such plans, accounts or
arrangements are invested, including insurance company general accounts, that is
subject to ERISA or the Code or any other federal, state, local or foreign law
("Similar Law") that is substantially similar to Section 405 or 407 of ERISA or
Section 4975 of the Code (each, a "Plan"), or (ii) to any Person who is directly
or indirectly purchasing such Certificate or interest therein on behalf of, as
named fiduciary of, as trustee of, or with assets of a Plan, if the purchase and
holding of such Certificate or interest therein by the prospective Transferee
would result in a non-exempt violation of Section 406 or 407 of ERISA or Section
4975 of the Code or Similar Law or would result in the imposition of an excise
tax under Section 4975 of the Code. The foregoing sentence notwithstanding, no
Transfer of the Class Z, Class R-I and R-II Certificates shall be made to a Plan
or to a Person who is directly or indirectly purchasing such Certificate or
interest therein on behalf of, as named fiduciary of, as trustee of, or with
assets of a Plan. Except in connection with the initial issuance of the
Non-Registered Certificates or any Transfer of a Non-Registered Certificate or
any interest therein by the Depositor, Merrill Lynch, Pierce, Fenner & Smith
Incorporated or any of their respective Affiliates or, in the case of a Global
Certificate for any Class of Book-Entry Non-Registered Certificates, any
Transfer thereof to a successor Depository or to the applicable Certificate
Owner(s) in accordance with Section 5.03, the Certificate Registrar shall refuse
to register the Transfer of a Definitive Non-Registered Certificate unless it
has received from the prospective Transferee, and any Certificate Owner
transferring an interest in a Global Certificate for any Class of Book-Entry
Non-Registered Certificates shall be required to obtain from its prospective
Transferee, one of the following: (i) a certification to the effect that such
prospective Transferee is not a Plan and is not directly or indirectly
purchasing such Certificate or interest therein on behalf of, as named fiduciary
of, as trustee of, or with assets of a Plan; or (ii) alternatively, except in
the case of the Class Z, Class R-I and Class R-II Certificates, a certification
to the effect that the purchase and holding of such Certificate or interest
therein by such prospective Transferee is exempt from the prohibited transaction
provisions of Sections 406 and 407 of ERISA and the excise taxes imposed on such
prohibited transactions by Section 4975 of the Code, by reason of Sections I and
III of Prohibited Transaction Class Exemption 95-60; or (iii) alternatively, but
only in the case of a Non-Registered Certificate that is an Investment Grade
Certificate that is being acquired by or on behalf of a Plan in reliance on the
Exemption, a certification to the effect that such Plan (X) is an accredited
investor as defined in Rule 501(a)(1) of Regulation D of the Securities Act, (Y)
is not sponsored (within the meaning of Section 3(16)(b) of ERISA) by the
Trustee, the Depositor, any Mortgage Loan Seller, either Master Servicer, the
Special Servicer, any Sub-Servicer, any Exemption-Favored Party, or any
Mortgagor with respect to Trust Mortgage Loans constituting more than 5% of the
aggregate unamortized principal balance of all the Trust Mortgage Loans
determined as of the Closing Date, or by any Affiliate of such Person, and (Z)
agrees that it will obtain from each of its Transferees that is a Plan a written
representation that such Transferee satisfies the requirements of the
immediately preceding clauses (iii)(X) and (iii)(Y), together with a written
agreement that such Transferee will obtain from each of its Transferees that is
a Plan a similar written representation regarding satisfaction of the
requirements of the immediately preceding clauses (iii)(X) and (iii)(Y); or (iv)
alternatively, except in the case of the Class Z, Class R-I and Class R-II
Certificates, a certification of facts and an Opinion of Counsel which otherwise
establish to the reasonable satisfaction of the Trustee or such Certificate
Owner, as the case may be, that such Transfer will not result in a violation of
Section 406 or 407 of ERISA or Section 4975 of the Code or result in the
imposition of an excise tax under Section 4975 of the Code. It is hereby
acknowledged that the forms of certification attached hereto as Exhibit F-1 (in
the case of Definitive Non-Registered Certificates) and Exhibit F-2 (in the case
of ownership interests in Book-Entry Non-Registered Certificates) are acceptable
for purposes of the preceding sentence. If any Transferee of a Certificate
(including a Registered Certificate) or any interest therein does not, in
connection with the subject Transfer, deliver to the Certificate Registrar (in
the case of a Definitive Certificate) or the Transferor (in the case of
ownership interests in a Book-Entry Certificate) any certification and/or
Opinion of Counsel contemplated by the second preceding sentence, then such
Transferee shall be deemed to have represented and warranted that either: (i)
such Transferee is not a Plan and is not directly or indirectly purchasing such
Certificate or interest therein on behalf of, as named fiduciary of, as trustee
of, or with assets of a Plan; or (ii) the purchase and holding of such
Certificate or interest therein by such Transferee is exempt from the prohibited
transaction provisions of Sections 406 and 407 of ERISA and the excise taxes
imposed on such prohibited transactions by Section 4975 of the Code.

            (d) (i) Each Person who has or who acquires any Ownership Interest
in a Residual Certificate shall be deemed by the acceptance or acquisition of
such Ownership Interest to have agreed to be bound by the following provisions
and to have irrevocably authorized the Trustee under clause (ii)(A) below to
deliver payments to a Person other than such Person and to have irrevocably
authorized the Trustee under clause (ii)(B) below to negotiate the terms of any
mandatory disposition and to execute all instruments of Transfer and to do all
other things necessary in connection with any such disposition. The rights of
each Person acquiring any Ownership Interest in a Residual Certificate are
expressly subject to the following provisions:

                  (A) Each Person holding or acquiring any Ownership Interest in
            a Residual Certificate shall be a Permitted Transferee and shall
            promptly notify the REMIC Administrator and the Trustee of any
            change or impending change in its status as a Permitted Transferee.

                  (B) In connection with any proposed Transfer of any Ownership
            Interest in a Residual Certificate, the Certificate Registrar shall
            require delivery to it, and shall not register the Transfer of any
            Residual Certificate until its receipt, of an affidavit and
            agreement substantially in the form attached hereto as Exhibit G-1
            (a "Transfer Affidavit and Agreement"), from the proposed
            Transferee, representing and warranting, among other things, that
            such Transferee is a Permitted Transferee, that it is not acquiring
            its Ownership Interest in the Residual Certificate that is the
            subject of the proposed Transfer as a nominee, Trustee or agent for
            any Person that is not a Permitted Transferee, that for so long as
            it retains its Ownership Interest in a Residual Certificate, it will
            endeavor to remain a Permitted Transferee and that it has reviewed
            the provisions of this Section 5.02(d) and agrees to be bound by
            them.

                  (C) Notwithstanding the delivery of a Transfer Affidavit and
            Agreement by a proposed Transferee under clause (b) above, if a
            Responsible Officer of either the Trustee or the Certificate
            Registrar has actual knowledge that the proposed Transferee is not a
            Permitted Transferee, no Transfer of an Ownership Interest in a
            Residual Certificate to such proposed Transferee shall be effected.

                  (D) Each Person holding or acquiring any Ownership Interest in
            a Residual Certificate shall agree (1) to require a Transfer
            Affidavit and Agreement from any prospective Transferee to whom such
            Person attempts to Transfer its Ownership Interest in such Residual
            Certificate and (2) not to Transfer its Ownership Interest in such
            Residual Certificate unless it provides to the Certificate Registrar
            a certificate substantially in the form attached hereto as Exhibit
            G-2 stating that, among other things, it has no actual knowledge
            that such prospective Transferee is not a Permitted Transferee.

                  (E) Each Person holding or acquiring an Ownership Interest in
            a Residual Certificate, by purchasing such Ownership Interest,
            agrees to give the REMIC Administrator and the Trustee written
            notice that it is a "pass-through interest holder" within the
            meaning of temporary Treasury Regulations Section
            1.67-3T(a)(2)(i)(A) immediately upon acquiring an Ownership Interest
            in a Residual Certificate, if it is, or is holding an Ownership
            Interest in a Residual Certificate on behalf of, a "pass-through
            interest holder".

            (ii) (A) If any purported Transferee shall become a Holder of a
      Residual Certificate in violation of the provisions of this Section
      5.02(d), then the last preceding Holder of such Residual Certificate that
      was in compliance with the provisions of this Section 5.02(d) shall be
      restored, to the extent permitted by law, to all rights as Holder thereof
      retroactive to the date of registration of such Transfer of such Residual
      Certificate. None of the Depositor, the Trustee or the Certificate
      Registrar shall be under any liability to any Person for any registration
      of Transfer of a Residual Certificate that is in fact not permitted by
      this Section 5.02(d) or for making any payments due on such Certificate to
      the Holder thereof or for taking any other action with respect to such
      Holder under the provisions of this Agreement.

                  (B) If any purported Transferee shall become a Holder of a
            Residual Certificate in violation of the restrictions in this
            Section 5.02(d), then, to the extent that the retroactive
            restoration of the rights of the preceding Holder of such Residual
            Certificate as described in clause (ii)(A) above shall be invalid,
            illegal or unenforceable, the Trustee shall have the right but not
            the obligation, to cause the Transfer of such Residual Certificate
            to a Permitted Transferee selected by the Trustee on such terms as
            the Trustee may choose, and the Trustee shall not be liable to any
            Person having an Ownership Interest in such Residual Certificate as
            a result of the Trustee's exercise of such discretion. Such
            purported Transferee shall promptly endorse and deliver such
            Residual Certificate in accordance with the instructions of the
            Trustee. Such Permitted Transferee may be the Trustee itself or any
            Affiliate of the Trustee.

            (iii) The REMIC Administrator shall make available to the Internal
      Revenue Service and to those Persons specified by the REMIC Provisions all
      information furnished to it by the other parties hereto that is necessary
      to compute any tax imposed (A) as a result of the Transfer of an Ownership
      Interest in a Residual Certificate to any Person who is a Disqualified
      Organization, including the information described in Treasury Regulations
      Sections 1.860D-1(b)(5) and 1.860E-2(a)(5) with respect to the "excess
      inclusions" of such Residual Certificate and (B) as a result of any
      regulated investment company, real estate investment trust, common trust
      fund, partnership, trust, estate or organization described in Section 1381
      of the Code that holds an Ownership Interest in a Residual Certificate
      having as among its record holders at any time any Person which is a
      Disqualified Organization, and each of the other parties hereto shall
      furnish to the REMIC Administrator all information in its possession
      necessary for the REMIC Administrator to discharge such obligation. The
      Person holding such Ownership Interest shall be responsible for the
      reasonable compensation of the REMIC Administrator for providing such
      information thereto pursuant to this subsection (d)(iii) and Section
      10.01(g)(i).

            (iv) The provisions of this Section 5.02(d) set forth prior to this
      clause (iv) may be modified, added to or eliminated, provided that there
      shall have been delivered to the Trustee and the REMIC Administrator the
      following:

                  (A) written confirmation from each Rating Agency to the effect
            that the modification of, addition to or elimination of such
            provisions will not cause an Adverse Rating Event; and

                  (B) an Opinion of Counsel, in form and substance satisfactory
            to the Trustee and the REMIC Administrator, obtained at the expense
            of the party seeking such modification of, addition to or
            elimination of such provisions (but in no event at the expense of
            the Trustee, the REMIC Administrator or the Trust Fund), to the
            effect that doing so will not (1) cause REMIC I or REMIC II to cease
            to qualify as a REMIC or be subject to an entity-level tax caused by
            the Transfer of any Residual Certificate to a Person which is not a
            Permitted Transferee, or (2) cause a Person other than the
            prospective Transferee to be subject to a REMIC-related tax caused
            by the Transfer of a Residual Certificate to a Person that is not a
            Permitted Transferee.

            (e) If a Person is acquiring any Non-Registered Certificate or
interest therein as a fiduciary or agent for one or more accounts, such Person
shall be required to deliver to the Certificate Registrar (or, in the case of an
interest in a Book-Entry Non-Registered Certificate, to the Certificate Owner
that is transferring such interest) a certification to the effect that, and such
other evidence as may be reasonably required by the Trustee (or such Certificate
Owner) to confirm that, it has (i) sole investment discretion with respect to
each such account and (ii) full power to make the applicable foregoing
acknowledgments, representations, warranties, certifications and agreements with
respect to each such account as set forth in subsections (b), (c) and/or (d), as
appropriate, of this Section 5.02.

            (f) Subject to the preceding provisions of this Section 5.02, upon
surrender for registration of transfer of any Certificate at the offices of the
Certificate Registrar maintained for such purpose, the Certificate Registrar
shall execute and the Authenticating Agent shall authenticate and deliver, in
the name of the designated transferee or transferees, one or more new
Certificates of the same Class evidencing a like aggregate Percentage Interest
in such Class.

            (g) At the option of any Holder, its Certificates may be exchanged
for other Certificates of authorized denominations of the same Class evidencing
a like aggregate Percentage Interest in such Class upon surrender of the
Certificates to be exchanged at the offices of the Certificate Registrar
maintained for such purpose. Whenever any Certificates are so surrendered for
exchange, the Certificate Registrar shall execute and the Authenticating Agent
shall authenticate and deliver the Certificates which the Certificateholder
making the exchange is entitled to receive.

            (h) Every Certificate presented or surrendered for transfer or
exchange shall (if so required by the Certificate Registrar) be duly endorsed
by, or be accompanied by a written instrument of transfer in the form
satisfactory to the Certificate Registrar duly executed by, the Holder thereof
or his attorney duly authorized in writing.

            (i) No service charge shall be imposed for any transfer or exchange
of Certificates, but the Certificate Registrar may require payment of a sum
sufficient to cover any tax or other governmental charge that may be imposed in
connection with any transfer or exchange of Certificates.

            (j) All Certificates surrendered for transfer and exchange shall be
physically canceled by the Certificate Registrar, and the Certificate Registrar
shall dispose of such canceled Certificates in accordance with its standard
procedures.

            (k) Upon request, the Certificate Registrar shall provide to the
Master Servicers, the Special Servicer and the Depositor notice of each transfer
of a Certificate and shall provide to each such Person with an updated copy of
the Certificate Register.

            SECTION 5.03. Book-Entry Certificates.

            (a) Each Class of Regular Certificates shall initially be issued as
one or more Certificates registered in the name of the Depository or its nominee
and, except as provided in Section 5.03(c) and Section 5.02(b), a Transfer of
such Certificates may not be registered by the Certificate Registrar unless such
transfer is to a successor Depository that agrees to hold such Certificates for
the respective Certificate Owners with Ownership Interests therein. Such
Certificate Owners shall hold and Transfer their respective Ownership Interests
in and to such Certificates through the book-entry facilities of the Depository
and, except as provided in Section 5.03(c) and Section 5.02(b), shall not be
entitled to definitive, fully registered Certificates ("Definitive
Certificates") in respect of such Ownership Interests. The Class X, Class E,
Class F, Class G, Class H, Class J, Class K, Class L, Class M, Class N, Class P
and Class Q Certificates initially sold to Qualified Institutional Buyers in
reliance on Rule 144A or in reliance on another exemption from the registration
requirements of the Securities Act shall, in the case of each such Class, be
represented by the Rule 144A Global Certificate for such Class, which shall be
deposited with the Trustee as custodian for the Depository and registered in the
name of Cede & Co. as nominee of the Depository. The Class X, Class E, Class F,
Class G, Class H, Class J, Class K, Class L, Class M, Class N, Class O, Class P
and Class Q Certificates initially sold in offshore transactions in reliance on
Regulation S shall, in the case of each such Class, be represented by the
Regulation S Global Certificate for such Class, which shall be deposited with
the Trustee as custodian for the Depository and registered in the name of Cede &
Co. as nominee of the Depository. All Transfers by Certificate Owners of their
respective Ownership Interests in the Book-Entry Certificates shall be made in
accordance with the procedures established by the Depository Participant or
brokerage firm representing each such Certificate Owner. Each Depository
Participant shall only transfer the Ownership Interests in the Book-Entry
Certificates of Certificate Owners it represents or of brokerage firms for which
it acts as agent in accordance with the Depository's normal procedures. Each
Certificate Owner is deemed, by virtue of its acquisition of an Ownership
Interest in the applicable Class of Book-Entry Certificates, to agree to comply
with the transfer requirements provided for in Section 5.02.

            (b) The Trustee, the Master Servicers, the Special Servicer, the
Depositor and the Certificate Registrar may for all purposes, including the
making of payments due on the Book-Entry Certificates, deal with the Depository
as the authorized representative of the Certificate Owners with respect to such
Certificates for the purposes of exercising the rights of Certificateholders
hereunder. The rights of Certificate Owners with respect to the Book-Entry
Certificates shall be limited to those established by law and agreements between
such Certificate Owners and the Depository Participants and brokerage firms
representing such Certificate Owners. Multiple requests and directions from, and
votes of, the Depository as Holder of the Book-Entry Certificates with respect
to any particular matter shall not be deemed inconsistent if they are made with
respect to different Certificate Owners. The Trustee may establish a reasonable
record date in connection with solicitations of consents from or voting by
Certificateholders and shall give notice to the Depository of such record date.

            (c) If (i)(A) the Depositor advises the Trustee and the Certificate
Registrar in writing that the Depository is no longer willing or able to
properly discharge its responsibilities with respect to a Class of the
Book-Entry Certificates, and (B) the Depositor is unable to locate a qualified
successor, or (ii) the Depositor at its option advises the Trustee and the
Certificate Registrar in writing that it elects to terminate the book-entry
system through the Depository with respect to a Class of Book-Entry
Certificates, the Certificate Registrar shall notify all affected Certificate
Owners, through the Depository, of the occurrence of any such event and of the
availability of Definitive Certificates to such Certificate Owners requesting
the same. Upon surrender to the Certificate Registrar of the Book-Entry
Certificates of any Class thereof by the Depository, accompanied by registration
instructions from the Depository for registration of transfer, the Certificate
Registrar shall execute, and the Authenticating Agent shall authenticate and
deliver, the Definitive Certificates in respect of such Class to the Certificate
Owners identified in such instructions. None of the Depositor, the Master
Servicers, the Special Servicer, the Trustee or the Certificate Registrar shall
be liable for any delay in delivery of such instructions, and each of them may
conclusively rely on, and shall be protected in relying on, such instructions.
Upon the issuance of Definitive Certificates for purposes of evidencing
ownership of any Class of Registered Certificates, the registered holders of
such Definitive Certificates shall be recognized as Certificateholders hereunder
and, accordingly, shall be entitled directly to receive payments on, to exercise
Voting Rights with respect to, and to transfer and exchange such Definitive
Certificates.

            (d) Notwithstanding any other provisions contained herein, neither
the Trustee nor the Certificate Registrar shall have any responsibility
whatsoever to monitor or restrict the Transfer of ownership interests in any
Certificate (including but not limited to any Non-Registered Certificate or any
Subordinated Certificate) which interests are transferable through the
book-entry facilities of the Depository.

            SECTION 5.04. Mutilated, Destroyed, Lost or Stolen Certificates.

            If (i) any mutilated Certificate is surrendered to the Certificate
Registrar, or the Certificate Registrar receives evidence to its satisfaction of
the destruction, loss or theft of any Certificate, and (ii) there is delivered
to the Trustee and the Certificate Registrar such security or indemnity as may
be reasonably required by them to save each of them harmless, then, in the
absence of actual notice to the Trustee or the Certificate Registrar that such
Certificate has been acquired by a bona fide purchaser, the Certificate
Registrar shall execute and the Authenticating Agent shall authenticate and
deliver, in exchange for or in lieu of any such mutilated, destroyed, lost or
stolen Certificate, a new Certificate of the same Class and like Percentage
Interest. Upon the issuance of any new Certificate under this Section, the
Trustee and the Certificate Registrar may require the payment of a sum
sufficient to cover any tax or other governmental charge that may be imposed in
relation thereto and any other expenses (including the fees and expenses of the
Trustee and the Certificate Registrar) connected therewith. Any replacement
Certificate issued pursuant to this Section shall constitute complete and
indefeasible evidence of ownership in the applicable REMIC created hereunder, as
if originally issued, whether or not the lost, stolen or destroyed Certificate
shall be found at any time.

            SECTION 5.05. Persons Deemed Owners.

            Prior to due presentment for registration of transfer, the
Depositor, the Master Servicers, the Special Servicer, the Trustee, the
Certificate Registrar and any agent of any of them may treat the Person in whose
name any Certificate is registered as of the related Record Date as the owner of
such Certificate for the purpose of receiving distributions pursuant to Section
4.01 and may treat the person in whose name each Certificate is registered as of
the relevant date of determination as owner of such Certificate for all other
purposes whatsoever and none of the Depositor, the Master Servicers, the Special
Servicer, the Trustee, the Certificate Registrar or any agent of any of them
shall be affected by notice to the contrary.

<PAGE>

                                   ARTICLE VI

        THE DEPOSITOR, THE MASTER SERVICERS, THE SPECIAL SERVICER AND THE
                        CONTROLLING CLASS REPRESENTATIVE

            SECTION 6.01. Liability of Depositor, Master Servicers and Special
                          Servicer.

            The Depositor, the Master Servicers and the Special Servicer shall
be liable in accordance herewith only to the extent of the respective
obligations specifically imposed upon and undertaken by the Depositor, the
Master Servicers and the Special Servicer herein.

            SECTION 6.02. Merger, Consolidation or Conversion of Depositor or
                          Master Servicers or Special Servicer.

            Subject to the following paragraph, the Depositor, the Master
Servicers and the Special Servicer shall each keep in full effect its existence,
rights and franchises as an entity under the laws of the jurisdiction of its
incorporation or organization, and each will obtain and preserve its
qualification to do business as a foreign entity 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 Trust Mortgage
Loans and to perform its respective duties under this Agreement.

            The Depositor, either Master Servicer or the Special Servicer may be
merged or consolidated with or into any Person (other than the Trustee), or
transfer all or substantially all of its assets (which, in the case of either
Master Servicer or the Special Servicer, may be limited to all or substantially
all of its assets related to commercial mortgage loan servicing) to any Person,
in which case any Person resulting from any merger or consolidation to which the
Depositor, either Master Servicer or the Special Servicer shall be a party, or
any Person succeeding to the business (which, in the case of either Master
Servicer or the Special Servicer, may be limited to the commercial mortgage loan
servicing business) of the Depositor, the subject Master Servicer or the Special
Servicer, shall be the successor of the Depositor, the subject Master Servicer
or the Special Servicer, as the case may be, hereunder, without the execution or
filing of any paper or any further act on the part of any of the parties hereto,
anything herein to the contrary notwithstanding; provided, however, that no
successor or surviving Person shall succeed to the rights of either Master
Servicer or the Special Servicer unless (i) as evidenced in writing by the
Rating Agencies, such succession will not result in an Adverse Rating Event and
(ii) such successor or surviving Person makes the applicable representations and
warranties set forth in Section 3.23.

            SECTION 6.03. Limitation on Liability of the Depositor, the Master
                          Servicers, the Special Servicer and Others.

            (a) None of the Depositor, the Master Servicers, the Special
Servicer nor any of the Affiliates, directors, partners, members, managers,
shareholders, officers, employees or agents of any of them shall be under any
liability to the Trust Fund, the Underwriters, the parties hereto, the
Certificateholders or any other Person for any action taken, or for refraining
from the taking of any action, in good faith pursuant to this Agreement, or for
errors in judgment; provided, however, that this provision shall not protect the
Depositor, either Master Servicer, the Special Servicer nor any of the
Affiliates, directors, partners, members, managers, shareholders, officers,
employees or agents of any of them against any liability to the Trust Fund, the
Trustee, the Certificateholders or any other Person for the breach of warranties
or representations made herein by such party, or against any expense or
liability specifically required to be borne by such party without right of
reimbursement pursuant to the terms hereof, or against any liability which would
otherwise be imposed by reason of willful misfeasance, bad faith or negligence
in the performance of its obligations or duties hereunder or negligent disregard
of such obligations or duties. The Depositor, the Master Servicers, the Special
Servicer and any director, officer, employee or agent of the Depositor, either
Master Servicer or the Special Servicer may rely in good faith on any document
of any kind which, prima facie, is properly executed and submitted by any Person
respecting any matters arising hereunder.

            The Depositor, the Master Servicers, the Special Servicer, and any
Affiliate, director, shareholder, member, partner, manager, officer, employee or
agent of any of the foregoing shall be indemnified and held harmless by the
Trust Fund out of the Collection Accounts or the Distribution Account, as
applicable in accordance with Section 3.05, against any loss, liability or
expense (including reasonable legal fees and expenses) incurred in connection
with any legal action or claim relating to this Agreement, the Mortgage Loans or
the Certificates (including, without limitation, the distribution or posting of
reports or other information as contemplated by this Agreement), other than any
loss, liability or expense: (i) specifically required to be borne thereby
pursuant to the terms hereof or that would otherwise constitute a Servicing
Advance; (ii) incurred in connection with any breach of a representation or
warranty made by it herein; (iii) incurred by reason of bad faith, willful
misconduct or negligence in the performance of its obligations or duties
hereunder or negligent disregard of such obligations or duties; or (iv) incurred
in connection with any violation by any of them of any state or federal
securities law; provided, however, that if and to the extent that a Loan
Combination and/or a related Non-Trust Noteholder is involved, such expenses,
costs and liabilities shall be payable out of the related Loan Combination
Custodial Account pursuant to Section 3.05(e) and, if and to the extent not
solely attributable to a related Non-Trust Loan (or any successor REO Loan with
respect thereto), shall also be payable out of the Collection Accounts if
amounts on deposit in the related Loan Combination Custodial Account are
insufficient therefor; and provided, further, that in making a determination as
to whether any such indemnity is solely attributable to a Non-Trust Loan (or any
successor REO Loan with respect thereto), the fact that any related legal action
was instituted by such Non-Trust Noteholder shall not create a presumption that
such indemnity is solely attributable thereto.

            (b) None of the Depositor, the Master Servicers or the Special
Servicer shall be under any obligation to appear in, prosecute or defend any
legal or administrative action, proceeding, hearing or examination that is not
incidental to its respective duties under this Agreement and, unless it is
specifically required to bear the costs thereof, that in its opinion may involve
it in any expense or liability for which it is not reasonably assured of
reimbursement by the Trust; provided, however, that the Depositor, either Master
Servicer or the Special Servicer may in its discretion undertake any such
action, proceeding, hearing or examination that it may deem necessary or
desirable with respect to the enforcement and/or protection of the rights and
duties of the parties hereto and the interests of the Certificateholders
hereunder. In such event, the reasonable legal fees, expenses and costs of such
action, proceeding, hearing or examination and any liability resulting therefrom
shall be expenses, costs and liabilities of the Trust Fund, and the Depositor,
the applicable Master Servicer and the Special Servicer shall be entitled to be
reimbursed therefor out of amounts attributable to the Mortgage Pool on deposit
in the Collection Accounts as provided by Section 3.05(a); provided, however,
that if a Loan Combination is involved, such expenses, costs and liabilities
shall be payable out of the related Loan Combination Custodial Account pursuant
to Section 3.05(e) and, if and to the extent not solely attributable to a
related Non-Trust Loan (or any successor REO Loan with respect thereto), shall
also be payable out of the Collection Accounts if amounts on deposit in the
related Loan Combination Custodial Account are insufficient therefor, and
provided, further, that in making a determination as to whether any such
expenses, costs and liabilities are solely attributable to a Non-Trust Loan (or
any successor REO Loan with respect thereto), the fact that any related legal
action was instituted by such Non-Trust Noteholder shall not create a
presumption that such expenses, costs and liabilities are solely attributable
thereto.

            In no event shall either Master Servicer or the Special Servicer be
liable or responsible for any action taken or omitted to be taken by the other
of them or by the Depositor, the Trustee or any Certificateholder, subject to
the provisions of Section 8.05(b).

            (c) Each Master Servicer and the Special Servicer agrees to
indemnify the Depositor, the Trust Fund, the Trustee and any Affiliate,
director, officer, employee or agent thereof, and hold it harmless, from and
against any and all claims, losses, penalties, fines, forfeitures, reasonable
legal fees and related out-of-pocket costs, judgments, and any other
out-of-pocket costs, liabilities, fees and expenses that any of them may sustain
arising from or as a result of any willful misfeasance, bad faith or negligence
of such Master Servicer or the Special Servicer, as the case may be, in the
performance of its obligations and duties under this Agreement or by reason of
negligent disregard by such Master Servicer or the Special Servicer, as the case
may be, of its duties and obligations hereunder or by reason of breach of any
representations or warranties made by it herein. The Master Servicers and the
Special Servicer may consult with counsel, and any written advice or 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 in
accordance with the Servicing Standard and in accordance with such advice or
Opinion of Counsel relating to (i) tax matters, (ii) any amendment of this
Agreement under Article XI, (iii) the defeasance of any Trust Defeasance
Mortgage Loan or (iv) any matter involving legal proceedings with a Mortgagor.

            The Trustee shall immediately notify the applicable Master Servicer
or the Special Servicer, as applicable, if a claim is made by a third party with
respect to this Agreement or the Mortgage Loans entitling the Trust Fund or the
Trustee to indemnification hereunder, whereupon either Master Servicer or the
Special Servicer, as the case may be, shall assume the defense of such claim and
pay all expenses in connection therewith, including counsel fees, and promptly
pay, discharge and satisfy any judgment or decree which may be entered against
it or them in respect of such claim. Any failure to so notify either Master
Servicer or the Special Servicer, as the case may be, shall not affect any
rights that the Trust Fund or the Trustee, as the case may be, may have to
indemnification under this Agreement or otherwise, unless either Master
Servicer's or Special Servicer's, as the case may be, defense of such claim is
materially prejudiced thereby. The indemnification provided herein shall survive
the termination of this Agreement and the termination or resignation of the
indemnifying party.

            The Depositor shall immediately notify either Master Servicer or the
Special Servicer, as applicable, if a claim is made by a third party with
respect to this Agreement or the Mortgage Loans entitling the Depositor to
indemnification hereunder, whereupon either Master Servicer or the Special
Servicer, as the case may be, shall assume the defense of such claim and pay all
expenses in connection therewith, including counsel fees, and promptly pay,
discharge and satisfy any judgment or decree which may be entered against it or
them in respect of such claim. Any failure to so notify either Master Servicer
or the Special Servicer, as the case may be, shall not affect any rights that
the Depositor may have to indemnification under this Agreement or otherwise,
unless either Master Servicer's or Special Servicer's, as the case may be,
defense of such claim is materially prejudiced thereby. The indemnification
provided herein shall survive the termination of this Agreement and the
termination or resignation of the indemnifying party.

            The Depositor agrees to indemnify the Master Servicers, the Special
Servicer, the Trustee and any Affiliate, director, officer, employee or agent
thereof, and hold them harmless, from and against any and all claims, losses,
penalties, fines, forfeitures, reasonable legal fees and related out-of-pocket
costs, judgments, and any other out-of-pocket costs, liabilities, fees and
expenses that any of them may sustain arising from or as a result of any breach
of representations and warranties or the willful misfeasance, bad faith or
negligence of the Depositor in the performance of the Depositor's obligations
and duties under this Agreement. Each Master Servicer, the Special Servicer or
the Trustee, as applicable, shall immediately notify the Depositor if a claim is
made by a third party with respect to this Agreement or the Mortgage Loans
entitling it to indemnification under this paragraph, whereupon the Depositor
shall assume the defense of such claim and pay all expenses in connection
therewith, including counsel fees, and promptly pay, discharge and satisfy any
judgment or decree which may be entered against it or them in respect of such
claim. Any failure to so notify the Depositor shall not affect any rights that
any of the foregoing Persons may have to indemnification under this Agreement or
otherwise, unless the Depositor's defense of such claim is materially prejudiced
thereby. The indemnification provided herein shall survive the termination of
this Agreement.

            The Trustee agrees to indemnify the Master Servicers, the Special
Servicer and the Depositor and any Affiliate, director, officer, employee or
agent thereof, and hold them harmless, from and against any and all claims,
losses, penalties, fines, forfeitures, reasonable legal fees and related
out-of-pocket costs, judgments, and any other out-of-pocket costs, liabilities,
fees and expenses that any of them may sustain arising from or as a result of
any breach of representations and warranties made by it herein or as a result of
any willful misfeasance, bad faith or negligence of the Trustee in the
performance of its obligations and duties under this Agreement or the negligent
disregard by the Trustee of its duties and obligations hereunder. The Depositor,
either Master Servicer or the Special Servicer, as applicable, shall immediately
notify the Trustee if a claim is made by a third party with respect to this
Agreement or the Mortgage Loans entitling it to indemnification under this
paragraph, whereupon the Trustee shall assume the defense of such claim and pay
all expenses in connection therewith, including reasonable counsel fees, and
promptly pay, discharge and satisfy any judgment or decree which may be entered
against it or them in respect of such claim. Any failure to so notify the
Trustee shall not affect any rights that any of the foregoing Persons may have
to indemnification under this Agreement or otherwise, unless the Trustee's
defense of such claim is materially prejudiced thereby. The indemnification
provided herein shall survive the termination of this Agreement and the
termination or resignation of the indemnifying party.

            SECTION 6.04. Resignation of Master Servicers and the Special
                          Servicer.

            The Master Servicers and, subject to Section 6.09, the Special
Servicer may each resign from the obligations and duties hereby imposed on it,
upon a determination that its duties hereunder are no longer permissible under
applicable law or are in material conflict by reason of applicable law with any
other activities carried on by it (the other activities of either Master
Servicer or the Special Servicer, as the case may be, so causing such a conflict
being of a type and nature carried on by either Master Servicer or the Special
Servicer, as the case may be, at the date of this Agreement). Any such
determination requiring the resignation of either Master Servicer or the Special
Servicer, as applicable, shall be evidenced by an Opinion of Counsel to such
effect which shall be delivered to the Trustee. Unless applicable law requires
either Master Servicer's or Special Servicer's resignation to be effective
immediately, and the Opinion of Counsel delivered pursuant to the prior sentence
so states, no such resignation shall become effective until the Trustee or other
successor shall have assumed the responsibilities and obligations of the
resigning party in accordance with Section 6.09 or Section 7.02 hereof. The
Master Servicers and, subject to the rights of the Controlling Class under
Section 6.09 to appoint a successor special servicer, the Special Servicer shall
each have the right to resign at any other time provided that (i) a willing
successor thereto has been found by either Master Servicer or the Special
Servicer, as applicable, (ii) each of the Rating Agencies confirms in writing
that the resignation and the successor's appointment will not result in an
Adverse Rating Event, (iii) the resigning party pays all costs and expenses in
connection with such resignation and the resulting transfer of servicing, and
(iv) the successor accepts appointment prior to the effectiveness of such
resignation and agrees in writing to be bound by the terms and conditions of
this Agreement. Neither Master Servicer nor the Special Servicer shall be
permitted to resign except as contemplated above in this Section 6.04.

            Consistent with the foregoing, neither Master Servicer nor the
Special Servicer shall, except as expressly provided herein, assign or transfer
any of its rights, benefits or privileges hereunder to any other Person, or,
except as provided in Section 3.22, delegate to or subcontract with, or
authorize or appoint any other Person to perform any of the duties, covenants or
obligations to be performed by it hereunder. If, pursuant to any provision
hereof, the duties of either Master Servicer or the Special Servicer are
transferred to a successor thereto, the applicable Master Servicing Fee (except
as expressly contemplated by Section 3.11(a)), the Special Servicing Fee, any
Workout Fee (except as expressly contemplated by Section 3.11(c)) and/or any
Principal Recovery Fee, as applicable, that accrues pursuant hereto from and
after the date of such transfer shall be payable to such successor.

            SECTION 6.05. Rights of Depositor and Trustee in Respect of Master
                          Servicers and the Special Servicer.

            The Master Servicers and the Special Servicer shall each afford the
Depositor, the Underwriters and the Trustee, upon reasonable notice, during
normal business hours access to all records maintained thereby in respect of its
rights and obligations hereunder and access to officers thereof responsible for
such obligations. Upon reasonable request, the Master Servicers and the Special
Servicer shall each furnish the Depositor, the Underwriters and the Trustee with
its most recent publicly available audited financial statements and such other
information as it possesses, and which it is not prohibited by applicable law or
contract from disclosing, regarding its business, affairs, property and
condition, financial or otherwise, except to the extent such information
constitutes proprietary information or is subject to a privilege under
applicable law. The Depositor may, but is not obligated to, enforce the
obligations of the Master Servicers and the Special Servicer hereunder and may,
but is not obligated to, perform, or cause a designee to perform, any defaulted
obligation of either Master Servicer or the Special Servicer hereunder or
exercise the rights of the Master Servicers and the Special Servicer hereunder;
provided, however, that neither Master Servicer nor the Special Servicer shall
be relieved of any of its obligations hereunder by virtue of such performance by
the Depositor or its designee and, provided, further, that the Depositor may not
exercise any right pursuant to Section 7.01 to terminate either Master Servicer
or the Special Servicer as a party to this Agreement. The Depositor shall not
have any responsibility or liability for any action or failure to act by either
Master Servicer or the Special Servicer and is not obligated to supervise the
performance of either Master Servicer or the Special Servicer under this
Agreement or otherwise.

            SECTION 6.06. Depositor, Master Servicers and Special Servicer to
                          Cooperate with Trustee.

            The Depositor, the Master Servicers and the Special Servicer shall
each (to the extent not already furnished under this Agreement) furnish such
reports, certifications and information (including, with regard to either Master
Servicer, the identity of any Non-Trust Noteholder that holds a Non-Trust Loan
that is part of a Loan Combination as to which such Master Servicer is the
applicable Master Servicer) as are reasonably requested by the Trustee in order
to enable it to perform its duties hereunder.

            SECTION 6.07. Depositor, Special Servicer and Trustee to Cooperate
                          with Master Servicer.

            The Depositor, the Special Servicer and the Trustee shall each (to
the extent not already furnished under this Agreement) furnish such reports,
certifications and information as are reasonably requested by the Master
Servicers in order to enable it to perform its duties hereunder.

            SECTION 6.08. Depositor, Master Servicers and Trustee to Cooperate
                          with Special Servicer.

            The Depositor, the Master Servicers and the Trustee shall each (to
the extent not already furnished under this Agreement) furnish such reports,
certifications and information as are reasonably requested by the Special
Servicer in order to enable it to perform its duties hereunder.

            SECTION 6.09. Designation of Special Servicer by the Controlling
                          Class.

            The Holder or Holders (or, in the case of Book-Entry Certificates,
the Certificate Owner or Certificate Owners) of the Certificates evidencing a
majority of the Voting Rights allocated to the Controlling Class may at any time
and from time to time designate a Person meeting the requirements set forth in
Section 6.04 (including, without limitation, Rating Agency confirmation) to
serve as Special Servicer hereunder and to replace any existing Special Servicer
or any Special Servicer that has resigned or otherwise ceased to serve as
Special Servicer; provided that such Holder or Holders (or such Certificate
Owner or Certificate Owners, as the case may be) shall pay all costs related to
the transfer of servicing if the Special Servicer is replaced other than due to
an Event of Default. Such Holder or Holders (or such Certificate Owner or
Certificate Owners, as the case may be) of the Certificates evidencing a
majority of the Voting Rights allocated to the Controlling Class shall so
designate a Person to serve as replacement Special Servicer by the delivery to
the Trustee, the Master Servicers and the existing Special Servicer of a written
notice stating such designation. The Trustee shall, promptly after receiving any
such notice, deliver to the Rating Agencies an executed Notice and
Acknowledgment in the form attached hereto as Exhibit H-1. If such Holder or
Holders (or such Certificate Owner or Certificate Owners, as the case may be) of
the Certificates evidencing a majority of the Voting Rights allocated to the
Controlling Class have not replaced the Special Servicer within 30 days of such
Special Servicer's resignation or the date such Special Servicer has ceased to
serve in such capacity, the Trustee shall designate a successor Special Servicer
meeting the requirements set forth in Section 6.04. Any designated Person shall
become the Special Servicer, subject to satisfaction of the other conditions set
forth below, on the date that the Trustee shall have received written
confirmation from all of the Rating Agencies that the appointment of such Person
will not result in an Adverse Rating Event. The appointment of such designated
Person as Special Servicer shall also be subject to receipt by the Trustee of
(1) an Acknowledgment of Proposed Special Servicer in the form attached hereto
as Exhibit H-2, executed by the designated Person, and (2) an Opinion of Counsel
(at the expense of the Person designated to become the Special Servicer) to the
effect that the designation of such Person to serve as Special Servicer is in
compliance with this Section 6.09 and all other applicable provisions of this
Agreement, that upon the execution and delivery of the Acknowledgment of
Proposed Special Servicer the designated Person shall be bound by the terms of
this Agreement, and subject to customary limitations, that this Agreement shall
be enforceable against the designated Person in accordance with its terms. Any
existing Special Servicer shall be deemed to have resigned simultaneously with
such designated Person's becoming the Special Servicer hereunder; provided,
however, that the resigning Special Servicer shall continue to be entitled to
receive all amounts accrued or owing to it under this Agreement on or prior to
the effective date of such resignation, and it shall continue to be entitled to
the benefits of Section 6.03 notwithstanding any such resignation. Such
resigning Special Servicer shall cooperate with the Trustee and the replacement
Special Servicer in effecting the termination of the resigning Special
Servicer's responsibilities and rights hereunder, including, without limitation,
the transfer (within two Business Days of the terminated Special Servicer
receiving notice from the Trustee that all conditions to the appointment of the
replacement Special Servicer hereunder have been satisfied) to the replacement
Special Servicer for administration by it of all cash amounts that shall at the
time be or should have been credited by the Special Servicer to the Collection
Accounts or the applicable REO Account or should have been delivered to the
Master Servicers or that are thereafter received with respect to Specially
Serviced Mortgage Loans and REO Properties.

            SECTION 6.10. Either Master Servicer or Special Servicer as Owner of
                          a Certificate.

            Either Master Servicer or an Affiliate of either Master Servicer or
the Special Servicer or an Affiliate of the Special Servicer may become the
Holder of (or, in the case of a Book-Entry Certificate, Certificate Owner with
respect to) any Certificate with (except as set forth in the definition of
"Certificateholder") the same rights it would have if it were not a Master
Servicer or the Special Servicer or an Affiliate thereof. If, at any time during
which either Master Servicer or the Special Servicer or an Affiliate of either
Master Servicer or the Special Servicer is the Holder of (or, in the case of a
Book-Entry Certificate, Certificate Owner with respect to) any Certificate, the
subject Master Servicer or the Special Servicer proposes to take action
(including for this purpose, omitting to take action) that (i) is not expressly
prohibited by the terms hereof and would not, in such Master Servicer's or the
Special Servicer's good faith judgment, violate the Servicing Standard, and (ii)
if taken, might nonetheless, in such Master Servicer's or the Special Servicer's
reasonable, good faith judgment, be considered by other Persons to violate the
Servicing Standard, then such Master Servicer or the Special Servicer may (but
need not) seek the approval of the Certificateholders to such action by
delivering to the Trustee a written notice that (a) states that it is delivered
pursuant to this Section 6.10, (b) identifies the Percentage Interest in each
Class of Certificates beneficially owned by such Master Servicer or the Special
Servicer or an Affiliate of such Master Servicer or the Special Servicer, as
appropriate, and (c) describes in reasonable detail the action that such Master
Servicer or the Special Servicer proposes to take. The Trustee, upon receipt of
such notice, shall forward it to the Certificateholders (other than the subject
Master Servicer and its Affiliates or the Special Servicer and its Affiliates,
as appropriate), together with such instructions for response as the Trustee
shall reasonably determine. If at any time Certificateholders holding greater
than 50% of the Voting Rights of all Certificateholders (calculated without
regard to the Certificates beneficially owned by the subject Master Servicer or
its Affiliates or the Special Servicer or its Affiliates, as appropriate) shall
have failed to object in writing to the proposal described in the written
notice, and if such Master Servicer or the Special Servicer shall act as
proposed in the written notice within 30 days, such action shall be deemed to
comply with, but not modify, the Servicing Standard. The Trustee shall be
entitled to reimbursement from the applicable Master Servicer or the Special
Servicer, as applicable, for the reasonable expenses of the Trustee incurred
pursuant to this paragraph. It is not the intent of the foregoing provision that
a Master Servicer or the Special Servicer be permitted to invoke the procedure
set forth herein with respect to routine servicing matters arising hereunder,
but rather in the case of unusual circumstances.

            SECTION 6.11. The Controlling Class Representative.

            (a) Subject to Section 6.11(b), the Controlling Class Representative
will be entitled to advise the Special Servicer with respect to the following
actions of the Special Servicer with respect to the Trust Mortgage Loans and any
REO Properties (other than the RLJ Trust Mortgage Loan and any related Loan
Combination REO Property, as to which the provisions of Section 3.29 shall
apply), and notwithstanding anything herein to the contrary except as necessary
or advisable to avoid an Adverse REMIC Event and except as set forth in, and in
any event subject to, Section 6.11(b), the Special Servicer will not be
permitted to take (or permit the applicable Master Servicer to take) any of the
following actions with respect to the Trust Mortgage Loans and any REO
Properties (other than the RLJ Trust Mortgage Loan and any related Loan
Combination REO Property, as to which the provisions of Section 3.29 shall
apply) as to which the Controlling Class Representative has objected in writing
within 10 Business Days of being notified in writing thereof, which notification
with respect to the action described in clauses (vi) and (viii) below shall be
copied by the Special Servicer to the applicable Master Servicer (provided that
if such written objection has not been received by the Special Servicer within
such 10 Business Day period, then the Controlling Class Representative's
approval will be deemed to have been given):

            (i) any foreclosure upon or comparable conversion (which may include
      acquisitions of an REO Property) of the ownership of properties securing
      such of the Trust Specially Serviced Mortgage Loans as come or have come
      into and continue in default;

            (ii) any modification or consent to a modification of a material
      term of a Trust Mortgage Loan (excluding the waiver of any due-on-sale or
      due-on-encumbrance clause, as set forth in clause (vii) below), including
      the timing of payments or a modification consisting of the extension of
      the maturity date of a Trust Mortgage Loan;

            (iii) any proposed sale of any Trust Defaulted Mortgage Loan or any
      REO Property (other than in connection with the termination of the Trust
      Fund or, in the case of a Trust Defaulted Mortgage Loan, pursuant to
      Section 3.18) for less than the Purchase Price of the subject Trust
      Defaulted Mortgage Loan or related Trust REO Loan, as applicable;

            (iv) any determination to bring an REO Property into compliance with
      applicable environmental laws or to otherwise address Hazardous Materials
      located at an REO Property;

            (v) any release of material real property collateral for any Trust
      Mortgage Loan, other than (A) where the release is not conditioned upon
      obtaining the consent of the lender or certain specified conditions being
      satisfied, (B) upon satisfaction of that Trust Mortgage Loan, (C) in
      connection with a pending or threatened condemnation action or (D) in
      connection with a full or partial defeasance of that Trust Mortgage Loan;

            (vi) any acceptance of substitute or additional real property
      collateral for any Trust Mortgage Loan (except where the acceptance of the
      substitute or additional collateral is not conditioned upon obtaining the
      consent of the lender, in which case only notice to the Controlling Class
      Representative will be required);

            (vii) any waiver of a due-on-sale or due-on-encumbrance clause in
      any Trust Mortgage Loan;

            (viii) any releases of earn-out reserves or related letters of
      credit with respect to a Mortgaged Property securing a Trust Mortgage Loan
      (other than where the release is not conditioned upon obtaining the
      consent of the lender, in which case only notice to the Controlling Class
      Representative will be required);

            (ix) any termination or replacement, or consent to the termination
      or replacement, of a property manager with respect to any Mortgaged
      Property or any termination or change, or consent to the termination or
      change, of the franchise for any Mortgaged Property operated as a
      hospitality property (other than where the action is not conditioned upon
      obtaining the consent of the lender, in which case only prior notice to
      the Controlling Class Representative will be required);

            (x) any determination that an insurance-related default in respect
      of a Trust Mortgage Loan is an Acceptable Insurance Default or that
      earthquake or terrorism insurance is not available at commercially
      reasonable rates; and

            (xi) any waiver of insurance required under the related Mortgage
      Loan documents for a Trust Mortgage Loan (except as contemplated in clause
      (x) above);

provided that, with respect to any Trust Mortgage Loan (other than a Trust
Specially Serviced Mortgage Loan), the 10 Business Days within which the
Controlling Class Representative must object to any such action shall not exceed
by more than five Business Days the 10 Business Day period the Special Servicer
has to object to the applicable Master Servicer taking such action as set forth
in Sections 3.02, 3.08 and 3.20.

            In addition, subject to Section 6.11(b), the Controlling Class
Representative may direct the Special Servicer to take, or to refrain from
taking, any such actions as the Controlling Class Representative may deem
advisable or as to which provision is otherwise made herein.

            (b) Notwithstanding anything herein to the contrary, no advice,
direction or objection given or made, or consent withheld, by the Controlling
Class Representative, contemplated by Section 6.11(a) or any other section of
this Agreement, may (i) require or cause the applicable Master Servicer or the
Special Servicer to violate any applicable law, the terms of any Trust Mortgage
Loan, any provision of this Agreement, including without limitation such Master
Servicer's or the Special Servicer's obligation to act in accordance with the
Servicing Standard or the Mortgage Loan documents for any Trust Mortgage Loan,
(ii) result in an Adverse REMIC Event with respect to REMIC I or REMIC II or
otherwise violate the REMIC Provisions or result in an Adverse Grantor Trust
Event or have adverse tax consequences for the Trust Fund, (iii) expose the
Depositor, the applicable Master Servicer, the Special Servicer, the Trust Fund,
the Trustee or any of their respective Affiliates, directors, officers,
employees or agents, to any claim, suit or liability to which they would not
otherwise be subject absent such advice, direction or objection or consent
withheld, (iv) materially expand the scope of the applicable Master Servicer's
or the Special Servicer's responsibilities hereunder or (v) cause the applicable
Master Servicer or the Special Servicer to act, or fail to act, in a manner
which violates the Servicing Standard. The applicable Master Servicer and the
Special Servicer shall disregard any action, direction or objection on the part
of the Controlling Class Representative that would have any of the effects
described in clauses (i) through (v) of the prior sentence.

            The Special Servicer shall not be obligated to seek approval from
the Controlling Class Representative under Section 6.11(a) for any actions to be
taken by the Special Servicer with respect to any particular Trust Specially
Serviced Mortgage Loan if (i) the Special Servicer has, as set forth in the
first paragraph of Section 6.11(a), notified the Controlling Class
Representative in writing of various actions that the Special Servicer proposes
to take with respect to the work-out or liquidation of that Trust Specially
Serviced Mortgage Loan and (ii) for 60 days following the first such notice, the
Controlling Class Representative has objected to all of the proposed actions and
has failed to suggest any alternative actions that the Special Servicer
considers to be consistent with the Servicing Standard.

            (c) The Controlling Class Representative will have no duty or
liability to the Certificateholders (other than the Controlling Class) for any
action taken, or for refraining from the taking of any action pursuant to this
Agreement, or for errors in judgment. By its acceptance of a Certificate, each
Certificateholder confirms its understanding that the Controlling Class
Representative may take actions that favor the interests of one or more Classes
of the Certificates over other Classes of the Certificates, and that the
Controlling Class Representative may have special relationships and interests
that conflict with those of Holders of some Classes of the Certificates, that
the Controlling Class Representative may act solely in the interests of the
Holders of the Controlling Class, that the Controlling Class Representative does
not have any duties to the Holders of any Class of Certificates other than the
Controlling Class, that the Controlling Class Representative shall have no
liability by reason of its having acted solely in the interests of the Holders
of the Controlling Class, and no Certificateholder may take any action
whatsoever against the Controlling Class Representative or any director,
officer, employee, agent or principal thereof for having so acted.

<PAGE>

                                  ARTICLE VII

                                     DEFAULT

            SECTION 7.01. Events of Default.

            (a) "Event of Default," wherever used herein, means any one of the
following events:

            (i) any failure by either Master Servicer to deposit into its
      Collection Account or a Loan Combination Custodial Account any amount
      required to be so deposited by it under this Agreement, which failure
      continues unremedied for two Business Days following the date on which the
      deposit was required to be made; or

            (ii) any failure by either Master Servicer to deposit into, or to
      remit to the Trustee for deposit into, the Distribution Account or any
      other account maintained by the Trustee hereunder, any amount required to
      be so deposited or remitted by it under this Agreement, which failure
      continues unremedied until 11:00 a.m. New York City time on the Business
      Day following the date on which the remittance was required to be made,
      provided that to the extent such Master Servicer does not timely make such
      remittances, such Master Servicer shall pay the Trustee (for the account
      of the Trustee) interest on any amount not timely remitted at the Prime
      Rate from and including the applicable required remittance date to but not
      including the date such remittance is actually made; or

            (iii) any failure by the Special Servicer to deposit into the
      applicable REO Account or to deposit into, or to remit to the applicable
      Master Servicer for deposit the applicable Collection Account, any amount
      required to be so deposited or remitted by it under this Agreement;
      provided, however, that the failure to deposit or remit such amount shall
      not be an Event of Default if such failure is remedied within one Business
      Day and in any event on or prior to the related P&I Advance Date; or

            (iv) any failure by either Master Servicer to timely make any
      Servicing Advance required to be made by it hereunder, which Servicing
      Advance remains unmade for a period of five Business Days following the
      date on which notice shall have been given to such Master Servicer by the
      Trustee as provided in Section 3.03(c); or

            (v) any failure on the part of either Master Servicer or the Special
      Servicer duly to observe or perform in any material respect any other of
      the covenants or agreements on the part of such Master Servicer or the
      Special Servicer, as the case may be, contained in this Agreement, which
      failure continues unremedied for a period of 30 days after the date on
      which written notice of such failure, requiring the same to be remedied,
      shall have been given to such Master Servicer or the Special Servicer, as
      the case may be, by any other party hereto (with a copy to each other
      party hereto) or by the Holders of Certificates entitled to at least 25%
      of the Voting Rights, provided, however, that (A) with respect to any such
      failure (other than a failure referred to in clause (v)(B) below) which is
      not curable within such 30-day period, such Master Servicer or the Special
      Servicer, as the case may be, shall have an additional cure period of 30
      days to effect such cure so long as such Master Servicer or the Special
      Servicer, as the case may be, has commenced to cure the subject failure
      within the initial 30-day period and has provided the Trustee and any
      affected Non-Trust Noteholder(s) with an Officer's Certificate certifying
      that it has diligently pursued, and is diligently continuing to pursue, a
      full cure, or (B) in the case of a failure to deliver to the Trustee and
      the Depositor the Annual Statement of Compliance, the Annual Assessment
      Report, the Annual Attestation Report and/or, if required to be filed with
      the Commission, the Accountant's Consent with respect to such Master
      Servicer (or any Additional Item 1123 Servicer or Sub-Servicing Function
      Participant, as applicable, engaged thereby that is not a Designated
      Sub-Servicer) or the Special Servicer (or any Additional Item 1123
      Servicer or Sub-Servicing Function Participant, as applicable, engaged
      thereby), as applicable, pursuant to Section 3.13 or Section 3.14, as
      applicable, which is required to be part of or incorporated in a
      Subsequent Exchange Act Report required to be filed with respect to the
      Trust pursuant to the Exchange Act and this Agreement, continues
      unremedied beyond 5:00 p.m. (New York City time) on the second Business
      Day after the date on which Servicer Notice of the subject failure has
      been given to such Master Servicer or the Special Servicer, as the case
      may be, by or on behalf of any other party hereto; in accordance with
      Section 3.13 or Section 3.14, as applicable, or (C) in the case of a
      failure to notify the Trustee and the Depositor that an Additional Item
      1123 Servicer or a Sub-Servicing Function Participant (in each case, other
      than a Designated Sub-Servicer) has been retained or engaged by it, which
      Additional Item 1123 Servicer or Sub-Servicing Function Participant was
      performing duties with respect to all or any part of the Trust Fund on
      behalf of such Master Servicer or Special Servicer, as applicable, during
      an Exchange Act Reporting Year, continues unremedied for 30 days; or

            (vi) any breach on the part of either Master Servicer or the Special
      Servicer of any representation or warranty contained in this Agreement
      that materially and adversely affects the interests of any Class of
      Certificateholders and which breach continues unremedied for a period of
      30 days after the date on which written notice of such breach, requiring
      the same to be remedied, shall have been given to the subject Master
      Servicer or the Special Servicer, as the case may be, by any other party
      hereto (with a copy to each other party hereto) or by the Holders of
      Certificates entitled to at least 25% of the Voting Rights, provided,
      however, that with respect to any such breach which is not curable within
      such 30-day period, such Master Servicer or the Special Servicer, as the
      case may be, shall have an additional cure period of 30 days so long as
      such Master Servicer or the Special Servicer, as the case may be, has
      commenced to cure such breach within the initial 30-day period and
      provided the Trustee with an Officer's Certificate certifying that it has
      diligently pursued, and is diligently continuing to pursue, a full cure;
      or

            (vii) a decree or order of a court or agency or supervisory
      authority having jurisdiction in the premises in an involuntary case under
      any present or future federal or state bankruptcy, insolvency or similar
      law for the appointment of a conservator, receiver, liquidator, trustee or
      similar official in any bankruptcy, insolvency, readjustment of debt,
      marshaling of assets and liabilities or similar proceedings, or for the
      winding-up or liquidation of its affairs, shall have been entered against
      either Master Servicer or the Special Servicer and such decree or order
      shall have remained in force undischarged, undismissed or unstayed for a
      period of 60 days, provided, however, that such Master Servicer or the
      Special Servicer, as appropriate, will have an additional period of 30
      days to effect such discharge, dismissal or stay so long as such Master
      Servicer or the Special Servicer, as appropriate, has commenced the
      appropriate proceedings to have such decree or order dismissed, discharged
      or stayed within the initial 60 day period; or

            (viii) either Master Servicer or the Special Servicer shall consent
      to the appointment of a conservator, receiver, liquidator, trustee or
      similar official in any bankruptcy, insolvency, readjustment of debt,
      marshaling of assets and liabilities or similar proceedings of or relating
      to it or of or relating to all or substantially all of its property; or

            (ix) either Master Servicer or the Special Servicer shall admit in
      writing its inability to pay its debts generally as they become due, file
      a petition to take advantage of any applicable bankruptcy, insolvency or
      reorganization statute, make an assignment for the benefit of its
      creditors, voluntarily suspend payment of its obligations, or take any
      corporate action in furtherance of the foregoing; or

            (x) Either of Moody's or S&P has (1) qualified, downgraded or
      withdrawn its rating or ratings of one or more Classes of Certificates or
      (2) placed one or more Classes of the Certificates on "watch status" (and
      such "watch status" placement shall not have been withdrawn by Moody's or
      S&P, as the case may be, within 60 days thereof) and, in the case of
      either clauses (1) or (2), cited servicing concerns with either Master
      Servicer or the Special Servicer, as the case may be, as the sole or a
      material factor in such rating action; or

            (xi) the Master Servicer or the Special Servicer is removed from
      S&P's Select Servicer List as a U.S. Commercial Mortgage Master Servicer
      or a U.S. Commercial Mortgage Special Servicer, as the case may be, and is
      not reinstated within 60 days after its removal therefrom.

            (b) If any Event of Default shall occur with respect to either
Master Servicer or the Special Servicer (in either case, for purposes of this
Section 7.01(b), the "Defaulting Party") and shall be continuing, then, and in
each and every such case, so long as such Event of Default shall not have been
remedied, the Trustee may, and at the written direction of the Controlling Class
Representative or the Holders of Certificates entitled to at least 25% of the
Voting Rights, the Trustee shall, by notice in writing to the Defaulting Party
(with a copy of such notice to each other party hereto and the Rating Agencies),
terminate all of the rights and obligations (but not the liabilities for actions
and omissions occurring prior thereto) of the Defaulting Party under this
Agreement and in and to the Trust Fund and each Non-Trust Loan, other than its
rights, if any, as a Certificateholder hereunder or as holder of a Non-Trust
Loan; provided that each Master Servicers and the Special Servicer each shall,
if terminated pursuant to this Section 7.01(b), continue to be entitled to
receive all amounts accrued or owing to it under this Agreement on or prior to
the date of such termination, whether in respect of Advances or otherwise, and
it (and each of its Affiliates, directors, partners, members, managers,
shareholders, officers, employees or agents) shall continue to be entitled to
the benefits of Section 6.03 notwithstanding any such termination; provided,
further, that nothing contained in this Section 7.01(b) shall terminate any
rights purchased or otherwise owned or held by either Master Servicer to primary
service any of the Mortgage Loans as a Sub-Servicer to the Trustee or any other
replacement Master Servicer; provided, further, that neither Master Servicer may
be terminated solely for an Event of Default that affects only a Non-Trust
Noteholder; and provided, further, that the Special Servicer may not be
terminated solely for an Event of Default that affects only a Non-Trust
Noteholder. From and after the receipt by the Defaulting Party of such written
notice of termination, all authority and power of the Defaulting Party under
this Agreement, whether with respect to the Certificates (other than as a holder
of any Certificate) or the Mortgage Loans or otherwise, shall pass to and be
vested in the Trustee pursuant to and under this Section, and, without
limitation, the Trustee is hereby authorized and empowered to execute and
deliver, on behalf of and at the expense of the Defaulting Party, 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. Each Master Servicer and the Special Servicer agree that, if it is
terminated pursuant to this Section 7.01(b), it shall promptly (and in any event
no later than 20 Business Days subsequent to its receipt of the notice of
termination) provide the Trustee with all documents and records, including those
in electronic form, requested thereby to enable the Trustee or a successor
Master Servicer or Special Servicer to assume the terminated Master Servicer's
or Special Servicer's, as the case may be, functions hereunder, and shall
cooperate with the Trustee in effecting the termination of such Master
Servicer's or Special Servicer's, as the case may be, responsibilities and
rights hereunder, including, without limitation, (i) the transfer within 5
Business Days to the Trustee or a successor Master Servicer for administration
by it of all cash amounts that shall at the time be or should have been credited
by such Master Servicer to its Collection Account, any Loan Combination
Custodial Account, the Distribution Account, a Servicing Account or a Reserve
Account (if a Master Servicer is the Defaulting Party) or that are thereafter
received by or on behalf of it with respect to any Mortgage Loan or (ii) the
transfer within two Business Days to the Trustee or a successor Special Servicer
for administration by it of all cash amounts that shall at the time be or should
have been credited by the Special Servicer to an REO Account, the applicable
Collection Account, any Loan Combination Custodial Account, a Servicing Account
or a Reserve Account or delivered to the applicable Master Servicer (if the
Special Servicer is the Defaulting Party) or that are thereafter received by or
on behalf of it with respect to any Mortgage Loan or REO Property. Any costs or
expenses in connection with any actions to be taken by either Master Servicer,
the Special Servicer or the Trustee pursuant to this paragraph shall be borne by
the Defaulting Party and if not paid by the Defaulting Party within 90 days
after the presentation of reasonable documentation of such costs and expenses,
such costs and expenses shall be reimbursed by the Trust Fund; provided,
however, that the Defaulting Party shall not thereby be relieved of its
liability for such costs and expenses. If and to the extent that the Defaulting
Party has not reimbursed such costs and expenses, the Trustee shall have an
affirmative obligation to take all reasonable actions to collect such expenses
on behalf of and at the expense of the Trust Fund. For purposes of this Section
7.01 and of Section 7.03(b), the Trustee shall not be deemed to have knowledge
of an event which constitutes, or which with the passage of time or notice, or
both, would constitute an Event of Default described in clauses (i)-(viii) of
subsection (a) above unless a Responsible Officer of the Trustee has actual
knowledge thereof or unless notice of any event which is in fact such an Event
of Default is received by the Trustee and such notice references the
Certificates, the Trust Fund or this Agreement.

            (c) Notwithstanding Section 7.01(b) of this Agreement, if a Master
Servicer receives a notice of termination solely due to an Event of Default
under Section 7.01(a)(x), (xi) or (xii) and the terminated Master Servicer
provides the Trustee with the appropriate "request for proposal" materials
within the five (5) Business Days after receipt of such notice of termination,
then such Master Servicer shall continue to serve as a Master Servicer, if
requested to do so by the Trustee, and the Trustee shall promptly thereafter
(using such "request for proposal" materials provided by the terminated Master
Servicer) solicit good faith bids for the rights to master service under this
Agreement the Mortgage Loans in respect of which the terminated Master Servicer
is the applicable Master Servicer from at least three (3) Persons qualified to
act as successor Master Servicer hereunder in accordance with Section 6.02 and
Section 7.02 for which the Trustee has received written confirmation from each
Rating Agency for the Rated Certificates that the appointment of such Person
would not result in an Adverse Rating Event (any such Person so qualified, a
"Qualified Bidder") or, if three (3) Qualified Bidders cannot be located, then
from as many Persons as the Trustee can determine are Qualified Bidders;
provided, however, that (i) at the Trustee's request, the terminated Master
Servicer shall supply the Trustee with the names of Persons from whom to solicit
such bids; (ii) prior to making such solicitation, the Trustee or, upon request
of the Trustee, the terminated Master Servicer, shall have consulted with
(although it shall not be required to have obtained the approval of) the
Controlling Class Representative with respect to the identity and quality of
each of the Persons from whom the Trustee is to solicit bids; and (iii) the
Trustee shall not be responsible if less than three (3) or no Qualified Bidders
submit bids for the right to master service the subject Mortgage Loans under
this Agreement. The bid proposal shall require any Successful Bidder (as defined
below), as a condition of such bid, to enter into this Agreement as successor
Master Servicer with respect to the applicable Mortgage Loans, and to agree to
be bound by the terms hereof, within forty-five (45) days after the receipt by
the terminated Master Servicer of a notice of termination referred to above in
this Section 7.01(c). The Trustee shall solicit bids (i) on the basis of such
successor Master Servicer (x) retaining any applicable Sub-Servicers to continue
the primary servicing of the applicable Mortgage Loans pursuant to the terms of
their respective Sub-Servicing Agreements and (y) entering into a Sub-Servicing
Agreement with the terminated Master Servicer under which the terminated Master
Servicer would sub-service each of the Mortgage Loans for which it was the
applicable Master Servicer and which were not then subject to a Sub-Servicing
Agreement at a sub-servicing fee rate per annum equal to, for each applicable
Mortgage Loan, the excess of the related Master Servicing Fee Rate minus the sum
of one basis point (each, a "Servicing-Retained Bid") and (ii) on the basis of
terminating each applicable Sub-Servicing Agreement and each applicable
Sub-Servicer (other than a Designated Sub-Servicer and its Sub-Servicing
Agreement) that it is permitted to terminate in accordance with Section 3.22 and
having no obligation to enter into a Sub-Servicing Agreement with the terminated
Master Servicer (each, a "Servicing-Released Bid"). The Trustee shall select the
Qualified Bidder with the highest cash Servicing-Retained Bid (or, if none, the
highest cash Servicing-Released Bid) (the "Successful Bidder") to act as
successor Master Servicer hereunder. The Trustee shall direct the Successful
Bidder to enter into this Agreement as successor Master Servicer pursuant to the
terms hereof (and, if the successful bid was a Servicing-Retained Bid, to enter
into a Sub-Servicing Agreement with the terminated Master Servicer as
contemplated above), no later than forty-five (45) days after the termination of
the terminated Master Servicer. In no event shall the bid procedures under this
subsection (c) purport to offer the servicing right of any Designated
Sub-Servicer that is not then in default under its Sub-Servicing Agreement.

            Upon the assignment and acceptance of the applicable master
servicing rights hereunder to and by the Successful Bidder, the Trustee shall
remit or cause to be remitted to the terminated Master Servicer the amount of
such cash bid received from the Successful Bidder (net of "out-of-pocket"
expenses incurred by the Trustee in connection with obtaining such bid and
transferring servicing).

            If the Successful Bidder has not entered into this Agreement as
successor Master Servicer within forty-five (45) days after the applicable
Master Servicer received a notice of termination or no Successful Bidder was
identified within such forty-five (45) day period, the terminated Master
Servicer shall reimburse the Trustee for all reasonable "out-of-pocket" expenses
incurred by the Trustee in connection with such bid process and the Trustee
shall have no further obligations under this Section 7.01(c). The Trustee
thereafter may act or may select a successor to act as a Master Servicer
hereunder in accordance with the provisions of Section 7.02.

            SECTION 7.02. Trustee to Act; Appointment of Successor.

            On and after the time a Master Servicer or the Special Servicer
resigns pursuant to Section 6.04 or receives a notice of termination pursuant to
Section 7.01, the Trustee shall, unless a successor is appointed pursuant to
Section 6.04 or 6.09, be the successor in all respects to such Master Servicer
or the Special Servicer, as the case may be, in its capacity as such under this
Agreement and the transactions set forth or provided for herein and shall have
all (and the former Master Servicer or the Special Servicer, as the case may be,
shall cease to have any) of the responsibilities, duties and liabilities (except
as provided in the next sentence) of a Master Servicer or the Special Servicer,
as the case may be, arising thereafter, including, without limitation, if a
Master Servicer is the resigning or terminated party, such Master Servicer's
obligation to make P&I Advances, the unmade P&I Advances that gave rise to such
Event of Default; provided that any failure to perform such duties or
responsibilities caused by either Master Servicer's or the Special Servicer's,
as the case may be, failure to provide information or monies required by Section
7.01 shall not be considered a default by the Trustee hereunder. Notwithstanding
anything contrary in this Agreement, the Trustee shall in no event be held
responsible or liable with respect to any of the representations and warranties
of the resigning or terminated party (other than the Trustee) or for any losses
incurred by such resigning or terminated party pursuant to Section 3.06
hereunder nor shall the Trustee be required to purchase any Mortgage Loan
hereunder. As compensation therefor, the Trustee shall be entitled to all fees
and other compensation which the resigning or terminated party would have been
entitled to if the resigning or terminated party had continued to act hereunder.
Notwithstanding the above and subject to its obligations under Section 3.22(d)
and 7.01(b), the Trustee may, if it shall be unwilling in its sole discretion to
so act as either a Master Servicer or the Special Servicer, as the case may be,
or shall, if it is unable to so act as either a Master Servicer or the Special
Servicer, as the case may be, or shall, if the Trustee is not approved as a
Master Servicer or the Special Servicer, as the case may be, by any of the
Rating Agencies, or if either the Controlling Class Representative or the
Holders of Certificates entitled to a majority of the Voting Rights so request
in writing to the Trustee, promptly appoint, subject to the approval of each of
the Rating Agencies (as evidenced by written confirmation therefrom to the
effect that the appointment of such institution would not cause an Adverse
Rating Event, or petition a court of competent jurisdiction to appoint, any
established mortgage loan servicing institution that meets the requirements of
Section 6.02 (including, without limitation, rating agency confirmation), which
institution shall, in the case of an appointment by the Trustee, be reasonably
acceptable to the Controlling Class Representative; provided, however, that in
the case of a resigning or terminated Special Servicer, such appointment shall
be subject to the rights of the Holders or Certificate Owners of Certificates
evidencing a majority of the Voting Rights allocated to the Controlling Class to
designate a successor pursuant to Section 6.09. Except with respect to an
appointment provided below, no appointment of a successor to a Master Servicer
or the Special Servicer hereunder shall be effective until the assumption of the
successor to such party of all its responsibilities, duties and liabilities
under this Agreement. Pending appointment of a successor to a Master Servicer or
the Special Servicer hereunder, the Trustee shall act in such capacity as
hereinabove provided. Notwithstanding the above, the Trustee shall, if a Master
Servicer is the resigning or terminated party and the Trustee is prohibited by
law or regulation from making P&I Advances, promptly appoint any established
mortgage loan servicing institution that has a net worth of not less than
$15,000,000 and is otherwise acceptable to each Rating Agency (as evidenced by
written confirmation therefrom to the effect that the appointment of such
institution would not cause an Adverse Rating Event), as the successor to the
departing Master Servicer hereunder in the assumption of all or any part of the
responsibilities, duties or liabilities of such Master Servicer hereunder
(including, without limitation, the obligation to make P&I Advances), which
appointment will become effective immediately. In connection with any such
appointment and assumption described herein, the Trustee may make such
arrangements for the compensation of such successor out of payments on the
Mortgage Loans and REO Properties as it and such successor shall agree, subject
to the terms of this Agreement and/or any Loan Combination Intercreditor
Agreement limiting the use of funds received in respect of a Loan Combination to
matters related to the related Loan Combination; provided, however, that no such
compensation shall be in excess of that permitted the resigning or terminated
party hereunder. Such successor and the other parties hereto shall take such
action, consistent with this Agreement, as shall be necessary to effectuate any
such succession.

            SECTION 7.03. Notification to Certificateholders.

            (a) Upon any resignation of either Master Servicer or the Special
Servicer pursuant to Section 6.04, any termination of either Master Servicer or
the Special Servicer pursuant to Section 7.01, any appointment of a successor to
either Master Servicer or the Special Servicer pursuant to Section 7.02 or the
effectiveness of any designation of a new Special Servicer pursuant to Section
6.09, the Trustee shall give prompt written notice thereof to Certificateholders
at their respective addresses appearing in the Certificate Register and each
Non-Trust Noteholder.

            (b) Not later than the later of (i) 60 days after the occurrence of
any event which constitutes or, with notice or lapse of time or both, would
constitute an Event of Default and (ii) five days after a Responsible Officer of
the Trustee has notice of the occurrence of such an event, the Trustee shall
notify the Depositor (who shall then notify the Certificateholders), each
Non-Trust Noteholder (if affected thereby) and the Rating Agencies of such
occurrence, unless such default shall have been cured.

            SECTION 7.04. Waiver of Events of Default.

            The Holders representing at least 66-2/3% of the Voting Rights
allocated to each Class of Certificates affected by any Event of Default
hereunder may waive such Event of Default; provided, however, that an Event of
Default under clauses (i), (ii), (iii), (x), (xi) or (xii) of Section 7.01(a)
may be waived only by all of the Certificateholders of the affected Classes; and
provided, further, that an Event of Default contemplated by clause (b) or clause
(c) of Section 7.01(a)(v) may only be waived with the consent of the Depositor.
Upon any such waiver of an Event of Default, such Event of Default shall cease
to exist and shall be deemed to have been remedied for every purpose hereunder.
No such waiver shall extend to any subsequent or other Event of Default or
impair any right consequent thereon except to the extent expressly so waived.
Notwithstanding any other provisions of this Agreement, for purposes of waiving
any Event of Default pursuant to this Section 7.04, Certificates registered in
the name of the Depositor or any Affiliate of the Depositor shall be entitled to
Voting Rights with respect to the matters described above.

            SECTION 7.05. Additional Remedies of Trustee upon Event of Default.

            During the continuance of any Event of Default, so long as such
Event of Default shall not have been remedied, the Trustee, in addition to the
rights specified in Section 7.01, shall have the right, in its own name and as
Trustee of an express trust, to take all actions now or hereafter existing at
law, in equity or by statute to enforce its rights and remedies and to protect
the interests, and enforce the rights and remedies, of the Certificateholders
(including the institution and prosecution of all judicial, administrative and
other proceedings and the filings of proofs of claim and debt in connection
therewith). No remedy provided for by this Agreement shall be exclusive of any
other remedy, and each and every remedy shall be cumulative and in addition to
any other remedy, and no delay or omission to exercise any right or remedy shall
impair any such right or remedy or shall be deemed to be a waiver of any Event
of Default. Under no circumstances shall the rights provided to the Trustee
under this Section 7.05 be construed as a duty or obligation of the Trustee.

<PAGE>

                                  ARTICLE VIII

                             CONCERNING THE TRUSTEE

            SECTION 8.01. 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,
undertakes to perform such duties and only such duties as are specifically set
forth in this Agreement. If an Event of Default occurs and is continuing, the
Trustee shall exercise such of the rights and powers vested in it by this
Agreement, and use the same degree of care and skill in their exercise as a
prudent man would exercise or use under the circumstances in the conduct of his
own affairs. Any permissive right of the Trustee contained in this Agreement
shall not be construed as a duty. The Trustee shall be liable only to the extent
of the respective obligations specifically imposed upon and undertaken by the
Trustee.

            (b) The Trustee upon receipt of all resolutions, certificates,
statements, opinions, reports, documents, orders or other instruments furnished
to the Trustee that are specifically required to be furnished pursuant to any
provision of this Agreement (other than the Mortgage Files, the review of which
is specifically governed by the terms of Article II), shall examine them to
determine whether they conform to the requirements of this Agreement to the
extent specifically set forth herein or therein. 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. The Trustee shall not be responsible for the accuracy or content of
any resolution, certificate, statement, opinion, report, document, order or
other instrument furnished by the Depositor, either Master Servicer or the
Special Servicer, and accepted by the Trustee in good faith, pursuant to this
Agreement.

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

            (i) Prior to the occurrence of an Event of Default, and after the
      curing of all such Events of Default which may have occurred, the duties
      and obligations of the Trustee shall be determined solely by the express
      provisions of this Agreement, the Trustee shall not be liable except for
      the performance of such duties and obligations as are specifically set
      forth in this Agreement, no implied covenants or obligations shall be read
      into this Agreement against the Trustee and, in the absence of bad faith
      on the part of the Trustee, such party 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 such parties and
      conforming to the requirements of this Agreement;

            (ii) The Trustee shall not be personally liable for an error of
      judgment made in good faith by a Responsible Officer or Responsible
      Officers thereof, unless it shall be proved that such party was negligent
      in ascertaining the pertinent facts if it was required to do so;

            (iii) The Trustee shall not be personally liable with respect to any
      action taken, suffered or omitted to be taken by it in good faith in
      accordance with the direction of Holders of Certificates entitled to at
      least 25% of the Voting Rights relating to the time, method and place of
      conducting any proceeding for any remedy available to the Trustee or
      exercising any trust or power conferred upon the Trustee, under this
      Agreement; and

            (iv) The protections, immunities and indemnities afforded to the
      Trustee hereunder shall also be available to it in its capacity as
      Certificate Registrar, Authenticating Agent and REMIC Administrator.

            SECTION 8.02. Certain Matters Affecting Trustee.

            Except as otherwise provided in Section 8.01 and Article X:

            (i) the Trustee may, in the absence of bad faith or negligence on
      the part of each such party, conclusively rely upon and shall be fully
      protected in acting or refraining from acting upon any resolution,
      Officer's Certificate, certificate of auditors or any other certificate,
      statement, instrument, opinion, report, notice, request, consent, order,
      appraisal, bond or other paper or document reasonably believed by it to be
      genuine and to have been signed or presented by the proper party or
      parties;

            (ii) the Trustee may consult with counsel and the written advice of
      such counsel or any Opinion of Counsel shall be full and complete
      authorization and protection in respect of any action taken or suffered or
      omitted by it hereunder in good faith and in accordance therewith;

            (iii) the Trustee shall be under no obligation to exercise any of
      the trusts or powers vested in it by this Agreement, and shall not be
      under any obligation to make any investigation of matters arising
      hereunder or, except as provided in Section 10.01 or 10.02, 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 or the Certificateholder, as the case may be,
      reasonable security or indemnity against the costs, expenses and
      liabilities which may be incurred therein or thereby; except as provided
      in Section 10.01 or 10.02, the Trustee shall not be required to expend or
      risk its own funds or otherwise incur any financial liability in the
      performance of any of its duties hereunder, or in the exercise of any of
      its rights or powers, if it shall have reasonable grounds for believing
      that repayment of such funds or adequate indemnity against such risk or
      liability is not reasonably assured to it; provided, however, that nothing
      contained herein shall relieve the Trustee of the obligation, upon the
      occurrence of an Event of Default which has not been cured, 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 man would
      exercise or use under the circumstances in the conduct of his own affairs;

            (iv) the Trustee shall not be personally liable for any action
      reasonably 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) prior to the occurrence of an Event of Default hereunder and
      after the curing of all Events of Default which may have occurred, and
      except as may be provided in Section 10.01 or 10.02, the Trustee shall not
      be bound to make any investigation into the facts or matters stated in any
      resolution, certificate, statement, instrument, opinion, report, notice,
      request, consent, order, approval, bond or other paper or document, unless
      requested in writing to do so by Holders of Certificates entitled to at
      least 25% of the Voting Rights; provided, however, that if the payment
      within a reasonable time to the Trustee 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, not reasonably assured to
      the Trustee by the security afforded to it by the terms of this Agreement,
      the Trustee, may require reasonable indemnity against such expense or
      liability as a condition to taking any such action;

            (vi) the Trustee may execute any of the trusts or powers hereunder,
      and may perform any duties hereunder, either directly or by or through
      agents or attorneys; provided, however, that the Trustee shall remain
      responsible for all acts and omissions of such agents or attorneys within
      the scope of their employment to the same extent as it is responsible for
      its own actions and omissions hereunder and provided, further, that,
      unless and until the Trustee has filed a Form 15 with respect to the Trust
      in accordance with Section 8.16, it may not engage any such agent or
      attorney-in-fact that would constitute an Additional Item 1123 Servicer or
      a Sub-Servicing Function Participant, unless it first (i) obtains the
      written consent of the Depositor, which consent shall not be unreasonably
      withheld, and (ii) delivers to the Depositor an indemnity reasonably
      acceptable to the Depositor to cover any losses, liabilities, claims,
      damages, costs or expenses incurred by the Depositor by reason of such
      agent or attorney-in-fact failing to timely deliver an Annual Statement of
      Compliance, an Annual Assessment Report or an Annual Attestation Report,
      in each case as contemplated by Section 3.13 and/or Section 3.14, as
      applicable;

            (vii) the Trustee shall not be responsible for any act or omission
      of either Master Servicer, the Special Servicer (unless the Trustee is
      acting as a Master Servicer or as the Special Servicer) or the Depositor;
      and

            (viii) the Trustee shall not have any obligation or duty to monitor,
      determine or inquire as to compliance with any restriction on transfer
      imposed under Article V under this Agreement or under applicable law with
      respect to any transfer of any Certificate or any interest therein, other
      than to require delivery of the certification(s) and/or Opinions of
      Counsel described in said Article applicable with respect to changes in
      registration of record ownership of Certificates in the Certificate
      Register and to examine the same to determine substantial compliance with
      the express requirements of this Agreement. The Trustee shall have no
      liability for transfers, including transfers made through the book entry
      facilities of the Depository or between or among Depository Participants
      or beneficial owners of the Certificates, made in violation of applicable
      restrictions except for its failure to perform its express duties in
      connection with changes in registration of record ownership in the
      Certificate Register.

            Whenever in the administration of the provisions of this Agreement
the Trustee shall deem it necessary or desirable that a matter be proved or
established prior to taking or suffering any action to be taken hereunder, such
matter (unless other evidence in respect thereof be herein specifically
prescribed) may, in the absence of negligence or bad faith on the part of the
Trustee, be deemed to be conclusively proved and established by an Officer's
Certificate delivered to the Trustee and such certificate, in the absence of
negligence or bad faith on the part of the Trustee shall be full warrant to the
Trustee for any action taken, suffered or omitted by it under the provisions of
this Agreement upon the faith thereof.

            SECTION 8.03. Trustee Not Liable for Validity or Sufficiency of
                          Certificates or Mortgage Loans.

            The recitals contained herein and in the Certificates, other than
the statements attributed to the Trustee in Article II and Section 8.15 and the
signature of the Certificate Registrar and the Authenticating Agent set forth on
each outstanding Certificate, shall be taken as the statements of the Depositor,
either Master Servicer or the Special Servicer, as the case may be, and the
Trustee does not assume any responsibility for their correctness. Except as set
forth in Section 8.15, the Trustee makes no representations as to the validity
or sufficiency of this Agreement or of any Certificate (other than as to the
signature of the Trustee set forth thereon) or of any Mortgage Loan or related
document. The Trustee shall not be accountable for the use or application by the
Depositor of any of the Certificates issued to it or of the proceeds of such
Certificates, or for the use or application of any funds paid to the Depositor
in respect of the assignment of the Trust Mortgage Loans to the Trust Fund, or
any funds deposited in or withdrawn from a Collection Account or any other
account by or on behalf of the Depositor, either Master Servicer or the Special
Servicer. The Trustee shall not be responsible for the accuracy or content of
any resolution, certificate, statement, opinion, report, document, order or
other instrument furnished by the Depositor, either Master Servicer or the
Special Servicer, and accepted by the Trustee in good faith, pursuant to this
Agreement.

            SECTION 8.04. Trustee May Own Certificates.

            The Trustee or any agent of the Trustee, in its individual or any
other capacity, may become the owner or pledgee of Certificates with the same
rights (except as otherwise provided in the definition of "Certificateholder")
it would have if it were not the Trustee or such agent.

            SECTION 8.05. Fees and Expenses of Trustee; Indemnification of and
                          by the Trustee.

            (a) On each Distribution Date, the Trustee shall withdraw from the
general funds on deposit in the Distribution Account as provided in Section
3.05(b), prior to any distributions to be made therefrom on such date, and pay
to itself all earned but unpaid Trust Administration Fees for such Distribution
Date and, to the extent not previously paid, for all prior Distribution Dates,
as compensation for all services rendered in the exercise and performance of any
of the powers and duties specified hereunder and the execution of the trusts
hereby created. Except as contemplated by Section 3.06, the Trust Administration
Fee (which shall not be limited by any provision of law in regard to the
compensation of a trustee of an express trust) shall constitute the Trustee's
sole compensation for such services to be rendered by it.

            (b) The Trustee (whether in its individual capacity (only if the
loss, liability or reasonable "out-of-pocket" expense is incurred in connection
with the Trustee performing its duties hereunder) or in its capacity as Trustee)
and any of its directors, officers, employees, affiliates, agents or "control"
persons within the meaning of the Securities Act of 1933, as amended, shall be
entitled to be indemnified for and held harmless by the Trust Fund out of the
Collection Accounts (and, to the extent that any Loan Combination and/or any
related REO Property is affected, by the Trust Fund and/or the related Non-Trust
Noteholder(s) out of the related Loan Combination Custodial Account) against any
loss, liability or reasonable "out-of-pocket" expense (including, without
limitation, costs and expenses of litigation, and of investigation, counsel
fees, damages, judgments and amounts paid in settlement) arising out of, or
incurred in connection with this Agreement, the Mortgage Loans or the
Certificates or any act of either Master Servicer or the Special Servicer taken
on behalf of the Trustee, provided that such expense constitutes an
"unanticipated expense" within the meaning of Treasury Regulations Section
1.860G-1(b)(3)(ii); and provided, further, that none of the Trustee or any of
the other above specified persons shall be entitled to indemnification pursuant
to this Section 8.05(b) for (1) any liability specifically required to be borne
thereby pursuant to the terms hereof, (2) any loss, liability or expense
incurred by reason of willful misfeasance, bad faith or negligence in the
performance of the Trustee's obligations and duties hereunder, or by reason of
its negligent disregard of such obligations and duties, or as may arise from a
breach of any representation, warranty or covenant of the Trustee made herein,
or (3) any loss, liability or expense that constitutes an Advance (the
reimbursement of which is separately addressed herein) or allocable overhead.
The provisions of this Section 8.05(b) shall survive any resignation or removal
of the Trustee and appointment of a successor trustee.

            SECTION 8.06. Eligibility Requirements for Trustee.

            The Trustee hereunder shall at all times be an association, a bank,
a trust company or a corporation organized and doing business under the laws of
the United States of America or any State thereof or the District of Columbia,
authorized under such laws to exercise trust powers, having a capital and
surplus of at least $100,000,000 and subject to supervision or examination by a
federal or state banking authority. If such association, bank, trust company or
corporation 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 the combined capital and surplus of such
association, bank, trust company or corporation shall be deemed to be its
combined capital and surplus as set forth in its most recent report of condition
so published. The Trustee shall also be an entity with a long term unsecured
debt rating "Aa3" or higher by Moody's and "A+" from S&P or an entity that has a
fiscal agent with such ratings, or such other rating that shall not result in an
Adverse Rating Event as confirmed in writing.

            In case at any time the Trustee shall cease to be eligible in
accordance with the provisions of this Section, the Trustee shall resign
immediately in the manner and with the effect specified in Section 8.07;
provided that if it shall cease to be so eligible because its combined capital
and surplus is no longer at least $100,000,000 or, its long-term unsecured debt
rating no longer conforms to the requirements of the immediately preceding
paragraph, and if the Trustee proposes to the other parties hereto to enter into
an agreement with (and reasonably acceptable to) each of them, and if in light
of such agreement the Trustee's continuing to act in such capacity would not (as
evidenced in writing by each Rating Agency) result in an Adverse Rating Event,
then upon the execution and delivery of such agreement the Trustee shall not be
required to resign, and may continue in such capacity, for so long as no Adverse
Rating Event occurs as a result of the Trustee's continuing in such capacity.
The bank, trust company, corporation or association serving as Trustee may have
normal banking and trust relationships with the Depositor, the Master Servicers,
the Special Servicer and their respective Affiliates but, except to the extent
permitted or required by Section 7.02, shall not be an "Affiliate" (as such term
is defined in Section III of PTE 2000-58) of either Master Servicer, the Special
Servicer, any sub-servicer, the Depositor, or any obligor with respect to Trust
Mortgage Loans constituting more than 5.0% of the aggregate authorized principal
balance of the Trust Mortgage Loans as of the date of the initial issuances of
the Certificates or any "Affiliate" (as such term is defined in Section III of
PTE 2000-58) of any such person.

            SECTION 8.07. Resignation and Removal of Trustee.

            (a) The Trustee may at any time resign and be discharged from the
trusts hereby created by giving written notice thereof to the Depositor, the
Master Servicers, the Special Servicer, to all Certificateholders at their
respective addresses set forth in the Certificate Register. Upon receiving such
notice of resignation, the Depositor shall promptly appoint a successor trustee,
meeting the requirements in Section 8.06 and acceptable to the Rating Agencies
by written instrument, in duplicate, which instrument shall be delivered to the
resigning Trustee and to the successor trustee. A copy of such instrument shall
be delivered to the Master Servicers, the Special Servicer and the
Certificateholders. If no successor Trustee shall have been so appointed and
have accepted appointment within 30 days after the giving of such notice of
resignation, the resigning Trustee may petition any court of competent
jurisdiction for the appointment of a successor trustee.

            (b) If at any time the Trustee shall cease to be eligible in
accordance with the provisions of Section 8.06 and shall fail to resign after
written request therefor by the Depositor or a Master Servicer, or if at any
time the Trustee shall become incapable of acting, or shall be adjudged bankrupt
or insolvent, or a receiver of the Trustee, or of its property shall be
appointed, or any public officer shall take charge or control of the Trustee or
of its property or affairs for the purpose of rehabilitation, conservation or
liquidation, or if the Trustee shall fail (by reason of the failure of either
Master Servicer or the Special Servicer to timely perform its obligations
hereunder or as a result of other circumstances beyond the Trustee's reasonable
control), to timely deliver any report to be delivered by the Trustee pursuant
to Section 4.02 and such failure shall continue unremedied for a period of five
days, or if the Trustee shall fail (other than by reason of the failure of
either Master Servicer, the Special Servicer or the Depositor to timely perform
its obligations hereunder or as a result of other circumstances beyond the
Trustee's reasonable control) to timely perform any of its obligations set forth
in Section 3.13, Section 3.14 or Section 8.16(a) and such failure adversely
affects the Depositor's ability to use or file a registration statement on Form
S-3 for purposes of publicly offering commercial mortgage-backed securities, or
if the Trustee fails to make distributions required pursuant to Section 3.05(b),
4.01 or 9.01, then the Depositor may remove the Trustee, and appoint a successor
trustee, if necessary, acceptable to the Master Servicers and the Rating
Agencies (as evidenced by written confirmation therefrom to the effect that the
appointment of such institution would not cause an Adverse Rating Event) by
written instrument, in duplicate, which instrument shall be delivered to the
Trustee so removed and to the successor trustee. A copy of such instrument shall
be delivered to the Master Servicers, the Special Servicer and the
Certificateholders by the Depositor.

            (c) The Holders of Certificates entitled to at least 51% of the
Voting Rights may at any time remove the Trustee and appoint a successor
trustee, by written instrument or instruments, in triplicate, signed by such
Holders or their attorneys-in-fact duly authorized, one complete set of which
instruments shall be delivered to each Master Servicer, one complete set to the
Trustee, so removed and one complete set to the successor so appointed. A copy
of such instrument shall be delivered to the Depositor, the Special Servicer and
the remaining Certificateholders by the successor so appointed.

            (d) In the event that the Trustee is terminated or removed pursuant
to this Section 8.07, all of such party's rights and obligations under this
Agreement and in and to the Mortgage Loans shall be terminated, other than any
rights or obligations that accrued prior to the date of such termination or
removal (including the right to receive all fees, expenses and other amounts
(including, in the case of the Trustee, without limitation, P&I Advances and
accrued interest thereon) accrued or owing to it under this Agreement, with
respect to periods prior to the date of such termination or removal and no
termination without cause shall be effective until the payment of such amounts
to the Trustee).

            (e) Any resignation or removal of the Trustee and appointment of a
successor, pursuant to any of the provisions of this Section 8.07 shall not
become effective until acceptance of appointment by such successor, as provided
in Section 8.08.

            SECTION 8.08. Successor Trustee.

            (a) Any successor trustee, appointed as provided in Section 8.07
shall execute, acknowledge and deliver to the Depositor, each Master Servicer,
the Special Servicer and its predecessor trustee, an instrument accepting such
appointment hereunder, and thereupon the resignation or removal of the
predecessor Trustee, shall become effective and such successor trustee, without
any further act, deed or conveyance, shall become fully vested with all the
rights, powers, duties and obligations of its predecessor hereunder, with the
like effect as if originally named as trustee herein. The predecessor custodian
shall deliver to the successor custodian all Mortgage Files and related
documents and statements held by it hereunder, and the Depositor, the Master
Servicers, the Special Servicer and the predecessor Trustee shall execute and
deliver such instruments and do such other things as may reasonably be required
to more fully and certainly vest and confirm in their successor all such rights,
powers, duties and obligations, and to enable the successor to perform its
obligations hereunder. Any and all costs and expenses associated with
transferring the duties of a Trustee that has resigned or been removed or
terminated, as contemplated by Section 8.07, to a successor, including those
associated with transfer of the Mortgage Files and other documents and
statements held by a predecessor Trustee, to a successor Trustee, as
contemplated by Section 8.08(a) shall be paid by: (i) the predecessor Trustee,
if such predecessor Trustee has resigned in accordance with Section 8.07(a), has
been removed in accordance with Section 8.07(b), or has been removed with cause
in accordance with Section 8.07(c); (ii) the Certificateholders that effected
the removal, if the predecessor Trustee has been removed without cause in
accordance with Section 8.07(c); and (iii) the Trust, if such costs and expenses
are not paid by the predecessor Trustee, or the subject Certificateholders, as
contemplated by the immediately preceding clauses (i) and (ii), within 90 days
after they are incurred (provided that such predecessor Trustee, or such subject
Certificateholders, as applicable, shall remain liable to the Trust for such
costs and expenses).

            (b) No successor trustee, shall accept appointment as provided in
this Section 8.08, unless at the time of such acceptance such successor trustee
shall be eligible under the provisions of Section 8.06 and the Rating Agencies
have provided confirmation pursuant to such Section.

            (c) Upon acceptance of appointment by a successor trustee, as
provided in this Section 8.08, such successor shall mail notice of the
succession of such trustee hereunder to the Depositor, the Certificateholders
and each Non-Trust Noteholder.

            SECTION 8.09. Merger or Consolidation of Trustee.

            Any entity into which the Trustee may be merged or converted or with
which it may be consolidated or any entity resulting from any merger, conversion
or consolidation to which the Trustee shall be a party, or any entity succeeding
to the corporate trust business of the Trustee, shall be the successor of the
Trustee, hereunder, provided such entity shall be eligible under the provisions
of Section 8.06 and the Rating Agencies have provided confirmation pursuant to
Section 8.06, 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 8.10. 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 Fund or property securing the same may at the time be located,
the applicable Master Servicer and the Trustee acting jointly shall have the
power and shall execute and deliver all instruments to appoint one or more
Persons approved by the Trustee to act as co-trustee or co-trustees, jointly
with the Trustee, or separate trustee or separate trustees, of all or any part
of the Trust Fund, and to vest in such Person or Persons, in such capacity, such
title to the Trust Fund, or any part thereof, and, subject to the other
provisions of this Section 8.10, such powers, duties, obligations, rights and
trusts as such Master Servicer and the Trustee may consider necessary or
desirable. If the applicable Master Servicer shall not have joined in such
appointment within 15 days after the receipt by it of a request to do so, or in
case an Event of Default in respect of such Master Servicer shall have occurred
and be continuing, the Trustee alone shall have the power to make such
appointment. No co-trustee or separate trustee hereunder shall be required to
meet the terms of eligibility as a successor trustee under Section 8.06
hereunder and no notice to Holders of Certificates of the appointment of
co-trustee(s) or separate trustee(s) shall be required under Section 8.08
hereof.

            (b) In the case of any appointment of a co-trustee or separate
trustee pursuant to this Section 8.10, all rights, powers, duties and
obligations conferred or imposed upon the Trustee shall be conferred or imposed
upon and exercised or performed by the Trustee and such separate trustee or
co-trustee jointly, 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 a Master Servicer or the Special Servicer
hereunder), the Trustee shall be incompetent or unqualified to perform such act
or acts, in which event such rights, powers, duties and obligations (including
the holding of title to the Trust Fund or any portion thereof in any such
jurisdiction) shall be exercised and performed by such separate trustee or
co-trustee at the direction of the Trustee.

            (c) Any notice, request or other writing given to the Trustee shall
be deemed to have been given to each of the then separate trustees and
co-trustees, as effectively as if given to each of them. Every instrument
appointing any separate trustee or co-trustee shall refer to this Agreement and
the conditions of this Article VIII. Each separate trustee and co-trustee, upon
its acceptance of the trusts conferred, shall be vested with the estates or
property specified in its instrument of appointment, either jointly with the
Trustee or separately, as may be provided therein, subject to all the provisions
of this Agreement, specifically including every provision of this Agreement
relating to the conduct of, affecting the liability of, or affording protection
to, the Trustee. Every such instrument shall be filed with the Trustee.

            (d) Any separate trustee or co-trustee may, at any time, constitute
the Trustee, its agent or attorney-in-fact, with full power and authority, to
the extent not prohibited by law, to do any lawful act under or in respect of
this Agreement on its behalf and in its name. If any separate trustee or
co-trustee shall cease to exist, 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.

            (e) The appointment of a co-trustee or separate trustee under this
Section 8.10 shall not relieve the Trustee of its duties and responsibilities
hereunder.

            SECTION 8.11. [RESERVED]

            SECTION 8.12. Appointment of Authenticating Agents.

            (a) The Trustee may at the Trustee's expense appoint one or more
Authenticating Agents, which shall be authorized to act on behalf of the Trustee
in authenticating Certificates. The Trustee shall cause any such Authenticating
Agent to execute and deliver to the Trustee an instrument in which such
Authenticating Agent shall agree to act in such capacity, in accordance with the
obligations and responsibilities herein. Each Authenticating Agent must be
organized and doing business under the laws of the United States of America or
of any State, authorized under such laws to do a trust business, have a combined
capital and surplus of at least $15,000,000, and be subject to supervision or
examination by federal or state authorities. Each Authenticating Agent shall be
subject to the same obligations, standard of care, protection and indemnities as
would be imposed on, or would protect, the Trustee hereunder. The appointment of
an Authenticating Agent shall not relieve the Trustee from any of its
obligations hereunder, and the Trustee shall remain responsible and liable for
all acts and omissions of the Authenticating Agent. If LaSalle Bank National
Association is removed as Trustee, then it shall be terminated as Authenticating
Agent. If the Authenticating Agent (other than LaSalle Bank National
Association) resigns or is terminated, the Trustee shall appoint a successor
Authenticating Agent which may be the Trustee or an Affiliate thereof. In the
absence of any other Person appointed in accordance herewith acting as
Authenticating Agent, the Trustee hereby agrees to act in such capacity in
accordance with the terms hereof. Notwithstanding anything herein to the
contrary, if the Trustee is no longer the Authenticating Agent, any provision or
requirement herein requiring notice or any information or documentation to be
provided to the Authenticating Agent shall be construed to require that such
notice, information or documentation also be provided to the Trustee.

            (b) Any Person into which any Authenticating Agent may be merged or
converted or with which it may be consolidated, or any Person resulting from any
merger, conversion, or consolidation to which any Authenticating Agent shall be
a party, or any Person succeeding to the corporate agency business of any
Authenticating Agent, shall continue to be the Authenticating Agent without the
execution or filing of any paper or any further act on the part of the Trustee
or the Authenticating Agent.

            (c) Any Authenticating Agent may at any time resign by giving at
least 30 days' advance written notice of resignation to the Trustee, the
Certificate Registrar, each Master Servicer, the Special Servicer and the
Depositor. The Trustee may at any time terminate the agency of any
Authenticating Agent by giving written notice of termination to such
Authenticating Agent, each Master Servicer, the Certificate Registrar and the
Depositor. Upon receiving a notice of resignation or upon such a termination, or
in case at any time any Authenticating Agent shall cease to be eligible in
accordance with the provisions of this Section 8.12, the Trustee may appoint a
successor Authenticating Agent, in which case the Trustee shall give written
notice of such appointment to each Master Servicer, the Certificate Registrar
and the Depositor and shall mail notice of such appointment to all Holders of
Certificates; provided, however, that no successor Authenticating Agent shall be
appointed unless eligible under the provisions of this Section 8.12. Any
successor Authenticating Agent upon acceptance of its appointment hereunder
shall become vested with all the rights, powers, duties and responsibilities of
its predecessor hereunder, with like effect as if originally named as
Authenticating Agent. No Authenticating Agent shall have responsibility or
liability for any action taken by it as such at the direction of the Trustee.

            SECTION 8.13. Access to Certain Information.

            The Trustee shall afford to each Master Servicer, the Special
Servicer, each Rating Agency and the Depositor, to any Certificateholder or
Certificate Owner and to the OTS, the FDIC and any other banking or insurance
regulatory authority that may exercise authority over any Certificateholder,
access to any documentation regarding the Mortgage Loans within its control that
may be required to be provided by this Agreement or by applicable law. Such
access shall be afforded without charge but only upon reasonable prior written
request and during normal business hours at the offices of the Trustee. Upon
request and with the consent of the Depositor and at the cost of the requesting
Party or the Trustee, as applicable, shall provide copies of such documentation
to the Depositor, any Certificateholder and to the OTS, the FDIC and any other
bank or insurance regulatory authority that may exercise authority over any
Certificateholder.

            SECTION 8.14. Appointment of REMIC Administrators.

            (a) The Trustee may appoint at the Trustee's expense, one or more
REMIC Administrators, which shall be authorized to act on behalf of the Trustee
in performing the functions set forth in Sections 3.17, 10.01 and 10.02 herein.
The Trustee shall cause any such REMIC Administrator to execute and deliver to
the Trustee an instrument in which such REMIC Administrator shall agree to act
in such capacity, with the obligations and responsibilities herein. The
appointment of a REMIC Administrator shall not relieve the Trustee from any of
its obligations hereunder, and the Trustee shall remain responsible and liable
for all acts and omissions of the REMIC Administrator. Each REMIC Administrator
must be acceptable to the Trustee and must be organized and doing business under
the laws of the United States of America or of any State and be subject to
supervision or examination by federal or state authorities. In the absence of
any other Person appointed in accordance herewith acting as REMIC Administrator,
the Trustee hereby agrees to act in such capacity in accordance with the terms
hereof. If LaSalle Bank National Association is removed as Trustee, then it
shall be terminated as REMIC Administrator.

            (b) Any Person into which any REMIC Administrator may be merged or
converted or with which it may be consolidated, or any Person resulting from any
merger, conversion, or consolidation to which any REMIC Administrator shall be a
party, or any Person succeeding to the corporate agency business of any REMIC
Administrator, shall continue to be the REMIC Administrator without the
execution or filing of any paper or any further act on the part of the Trustee
or the REMIC Administrator.

            (c) Any REMIC Administrator may at any time resign by giving at
least 30 days' advance written notice of resignation to the Trustee, the
Certificate Registrar, each Master Servicer, the Special Servicer and the
Depositor. The Trustee may at any time terminate the agency of any REMIC
Administrator by giving written notice of termination to such REMIC
Administrator, each Master Servicer, the Certificate Registrar and the
Depositor. Upon receiving a notice of resignation or upon such a termination, or
in case at any time any REMIC Administrator shall cease to be eligible in
accordance with the provisions of this Section 8.14, the Trustee may appoint a
successor REMIC Administrator, in which case the Trustee shall give written
notice of such appointment to each Master Servicer and the Depositor and shall
mail notice of such appointment to all Holders of Certificates; provided,
however, that no successor REMIC Administrator shall be appointed unless
eligible under the provisions of this Section 8.14. Any successor REMIC
Administrator upon acceptance of its appointment hereunder shall become vested
with all the rights, powers, duties and responsibilities of its predecessor
hereunder, with like effect as if originally named as REMIC Administrator. No
REMIC Administrator shall have responsibility or liability for any action taken
by it as such at the direction of the Trustee.

            SECTION 8.15. Representations, Warranties and Covenants of the
                          Trustee.

            The Trustee (with respect to the representations made as to itself,
the "Representing Party") hereby represents and warrants to each Master
Servicer, the Special Servicer and the Depositor and for the benefit of the
Certificateholders, as of the Closing Date, that:

            (a) The Representing Party is a national banking association duly
organized, validly existing and in good standing under the laws of the United
States.

            (b) The execution and delivery of this Agreement by the Representing
Party, and the performance and compliance with the terms of this Agreement by
the Representing Party, will not violate the Representing Party's organizational
documents or constitute a default (or an event which, with notice or lapse of
time, or both, would constitute a default) under, or result in a material breach
of, any material agreement or other material instrument to which it is a party
or by which it is bound.

            (c) Except to the extent that the laws of certain jurisdictions in
which any part of the Trust Fund may be located require that a co-trustee or
separate trustee be appointed to act with respect to such property as
contemplated by Section 8.10, the Trustee has the full power and authority to
carry on its business as now being conducted and to enter into and consummate
all transactions contemplated by this Agreement, has duly authorized the
execution, delivery and performance of this Agreement, and has duly executed and
delivered this Agreement.

            (d) This Agreement, assuming due authorization, execution and
delivery by the other parties hereto, constitutes a valid, legal and binding
obligation of the Representing Party, enforceable against each such Person in
accordance with the terms hereof (including with respect to any advancing
obligations hereunder), subject to (A) applicable bankruptcy, insolvency,
reorganization, moratorium and other laws affecting the enforcement of
creditors' rights generally and the rights of creditors of banks, and (B)
general principles of equity, regardless of whether such enforcement is
considered in a proceeding in equity or at law.

            (e) The Representing Party is not in violation of, and its execution
and delivery of this Agreement and its performance and compliance with the terms
of this Agreement will not constitute a violation of, any law, any order or
decree of any court or arbiter, or any order, regulation or demand of any
federal, state or local governmental or regulatory authority, which violation,
in the Representing Party's good faith reasonable judgment, is likely to affect
materially and adversely the ability of any such party to perform its
obligations under this Agreement.

            (f) No litigation is pending or, to the best of the Representing
Party's knowledge, threatened against the Representing Party that, if determined
adversely to the Representing Party, would prohibit the Representing Party from
entering into this Agreement or, in such Person's good faith reasonable
judgment, is likely to materially and adversely affect the ability of the
Representing Party to perform its obligations under this Agreement.

            (g) Any consent, approval, authorization or order of any court or
governmental agency or body required for the execution, delivery and performance
by the Representing Party, of or compliance by any such party with, this
Agreement or the consummation of the transactions contemplated by this Agreement
has been obtained and is effective.

            (h) With respect to any Trust Mortgage Loan that is part of a Loan
Combination, the Trustee is qualified to hold that Trust Mortgage Loan under the
related Loan Combination Intercreditor Agreement.

            SECTION 8.16. Reports to the Commission.

            (a) With respect to any Exchange Act Reporting Year, the Trustee
shall:

            (i) as soon as reasonably practicable (and, in any event, within 15
      days or such other period as may be provided under the Exchange Act and
      the rules and regulations promulgated thereunder) after each Distribution
      Date during such Exchange Act Reporting Year, in accordance with the
      Exchange Act, the rules and regulations promulgated thereunder, and
      applicable releases and "no-action letters" issued by the Commission,
      prepare for filing, arrange for execution by the Depositor and properly
      and timely file with the Commission with respect to the Trust, a Form 10-D
      Distribution Report with or including, as the case may be, a copy of the
      applicable Distribution Date Statement, any applicable Trustee Reportable
      Events (and related information) to be reported for the period covered by
      the subject Form 10-D Distribution Report and, to the extent that a
      Responsible Party of the Trustee has been provided written notice thereof,
      any other Form 10-D Required Information to be reported for the period
      covered by the subject Form 10-D Distribution Report;

            (ii) during such Exchange Act Reporting Year, at the direction of
      the Depositor, in accordance with the Exchange Act, the rules and
      regulations promulgated thereunder, and applicable releases and "no-action
      letters" issued by the Commission, prepare for filing, arrange for
      execution by the Depositor and properly and timely file with the
      Commission with respect to the Trust, a Form 8-K Current Report regarding
      and disclosing any Form 8-K Required Information (except in the case where
      it relates to a Trustee Reportable Event, to the extent a Responsible
      Officer of the Trustee has been provided with written notice of such
      information), within the time periods specified under Form 8-K, the
      Exchange Act, the rules and regulations promulgated thereunder and
      applicable releases and "no-action letters" issued by the Commission;
      provided that the Depositor shall cooperate with the Trustee to determine
      the applicable required time period; and provided, further, that, if the
      Depositor directs the Trustee to file a Form 8-K Current Report in
      accordance with this clause (ii), the Depositor shall cooperate with the
      Trustee in preparing such Form 8-K Current Report and the Trustee will
      report the subject information in accordance with the Exchange Act, the
      rules and regulations promulgated thereunder and applicable releases and
      "no-action letters" issued by the Commission;

            (iii) within 90 days following the end of such Exchange Act
      Reporting Year, prepare, arrange for execution by the Depositor and
      properly and timely file with the Commission, with respect to the Trust, a
      Form 10-K Annual Report, which complies in all material respects with the
      requirements of the Exchange Act, the rules and regulations promulgated
      thereunder and applicable "no-action letters" issued by the Commission,
      which shall include as exhibits each Annual Statement of Compliance,
      Annual Assessment Report and Annual Attestation Report delivered pursuant
      to or as contemplated by Section 3.13 and/or Section 3.14, with respect to
      either Master Servicer, the Special Servicer or other applicable Person
      for such Exchange Act Reporting Year, and which shall further include a
      certification in the form attached hereto as Exhibit O (a "Sarbanes-Oxley
      Certification") (or in such other form as required by 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)) and shall include any other Form 10-K Required Information to be
      reported for such Exchange Act Reporting Year (except in the case where it
      relates to a Trustee Reportable Event, to the extent a Responsible Officer
      of the Trustee has been provided written notice thereof); and

            (iv) at the reasonable request of, and in accordance with the
      reasonable directions of, the Depositor, prepare for filing, arrange for
      execution by the Depositor and promptly file with the Commission an
      amendment to any Form 8-K Current Report, Form 10-D Distribution Report or
      Form 10-K Annual Report previously filed with the Commission with respect
      to the Trust during or relating to, as applicable, such Exchange Act
      Reporting Year;

provided that (x) the Trustee shall not have any responsibility to file any
items (other than those generated by it) that have not been received in a format
suitable for (or readily convertible to a format suitable for) electronic filing
via the EDGAR system (such suitable formats including "ASCII", "Microsoft Excel"
(solely in the case of reports from either Master Servicer or the Special
Servicer pursuant to Section 3.12), "Microsoft Word" or another format
reasonably acceptable to the Trustee) and shall not have any responsibility to
convert any such items to such format (other than those items generated by it or
readily convertible to such format), and (y) the Depositor shall be responsible
for preparing, executing and filing (via the EDGAR system) a Current Report on
Form 8-K reporting the establishment of the Trust and a Current Report on Form
8-K whereby this Agreement will be filed as an exhibit (the Current Reports on
Form 8-K contemplated by this subclause (y) being herein referred to as the
"Initial Form 8-K Current Report"); and provided, further, that if all or any
required portion of a Form 10-K Annual Report or a Form 10-D Distribution Report
cannot be timely filed by the Trustee (other than for a reason contemplated by
Rule 12b-25(g) of the Exchange Act), then (i) the Trustee (upon becoming aware
thereof or the reasonable likelihood thereof) shall immediately notify the
Depositor, (ii) the Trustee shall (to the extent appropriate, and at the
direction of the Depositor) file a Form 12b-25 (17 C.F.R. 249.322) in connection
therewith consistent with Rule 12b-25 of the Exchange Act, each party hereto
shall reasonably cooperate with the Trustee and the Depositor to complete the
subject Exchange Act Report and such Exchange Act Report (or the applicable
portions thereof) shall be filed with the Commission as soon as reasonably
practicable and, if the Depositor is relying upon Rule 12b-25 of the Exchange
Act, within the time frames contemplated thereby; and provided, further, that if
all or any required portion of any Exchange Act Report cannot be timely filed by
the Trustee for the sole reason that the Trustee is unable to file the report in
electronic format, then (i) the Trustee (upon becoming aware thereof or the
reasonable likelihood thereof) shall immediately notify the Depositor and, as
determined by the Depositor, the Depositor and the Trustee shall comply with
either Rule 201 or 202 of Regulation S-T or apply for an adjustment of filing
date pursuant to Rule 13b of Regulation S-T. Each of the other parties to this
Agreement shall deliver to the Trustee in the format required for (or readily
convertible to a format suitable for) electronic filing via the EDGAR system
(such suitable formats including "ASCII", "Microsoft Excel" (solely in the case
of reports from either Master Servicer or the Special Servicer pursuant to
Section 3.12), "Microsoft Word" or another format reasonably acceptable to the
Trustee) any and all items contemplated to be filed with the Commission pursuant
to this Section 8.16.

            All Form 8-K Current Reports, Form 10-D Distribution Reports and
Form 10-K Annual Reports, as well as any amendments to those reports, that are
to be filed with respect to the Trust pursuant to the Exchange Act, and the
rules and regulations promulgated thereunder, and this Section 8.16(a), are
(together with the exhibits thereto) herein referred to as the "Exchange Act
Reports". The Exchange Act Reports, exclusive of the Initial Current Reports on
Form 8-K, are herein referred to as the "Subsequent Exchange Act Reports." All
Subsequent Exchange Act Reports prepared by the Trustee pursuant to this Section
8.16(a) shall be executed by the Depositor promptly upon delivery thereto and
subject to the Subsequent Exchange Act Report being in form and substance
reasonably acceptable thereto. The Senior Officer in charge of securitization
for the Depositor shall sign the Sarbanes-Oxley Certification included in each
Form 10-K Report with respect to the Trust.

            The Trustee shall have no liability to Certificateholders or the
Trust or the Depositor or the Underwriters with respect to any failure to
properly prepare or file with the Commission any of the reports under the
Exchange Act contemplated by this Section 8.16(a) to the extent that such
failure did not result from any negligence, bad faith or willful misconduct on
the part of the Trustee. The parties to this Agreement acknowledge that the
performance by the Trustee of its duties under this Section 8.16 related to the
timely preparation, arrangement for execution and filing of Subsequent Exchange
Act Reports is contingent upon such parties strictly observing all applicable
deadlines in the performance of their duties under Sections 3.13, 3.14 and 8.16.
The Trustee has no duty under this Section 8.16 or otherwise under this
Agreement to enforce the performance by the parties of their duties under this
Section 8.16.

            The Trustee shall make available to all Certificateholders and
Certificate Owners on its internet website each Subsequent Exchange Act Report
that is filed with the Commission with respect to the Trust. The Trustee shall
post each such report on its internet website as soon as reasonably practicable
after the filing thereof with the Commission. In addition, the Trustee shall,
free of charge, upon request, deliver to any Certificateholder, Certificate
Owner or party identified as a prospective Certificateholder or Certificate
Owner copies of all Subsequent Exchange Act Reports that are filed with the
Commission with respect to the Trust. Any request contemplated by the prior
sentence shall be made to LaSalle Bank National Association, 135 South LaSalle
Street, Suite 1625, Chicago, Illinois 60603, Attention: Deanna Murphy (telephone
number: 312-904-7989) or to such other Person, address and/or phone number as
the Trustee may specify by notice to Certificateholders.

            (b) All Form 10-K Annual Reports with respect to the Trust shall
include a Sarbanes-Oxley Certification, in so far as it is required to be part
of any particular Form 10-K Annual Report. The Senior Officer in charge of
securitization for the Depositor shall sign the Sarbanes-Oxley Certification.
Each Master Servicer, the Special Servicer and the Trustee (each, a "Performing
Party") shall provide a certification (each, a "Performance Certification") to
the Person who signs the Sarbanes-Oxley Certification (the "Certifying Person"),
to the Depositor in the form set forth on Exhibit P-1 hereto (with respect to
each Master Servicer), Exhibit P-2 hereto (with respect to the Trustee), or
Exhibit P-3 hereto (with respect to the Special Servicer's certification to the
Certifying Person of the Depositor), as applicable, on which the Certifying
Person and the Depositor may rely. Each partner, representative, Affiliate,
member, manager, shareholder, director, officer, employee and agent of the
Depositor (the Certifying Person and the Depositor, collectively, the
"Certification Parties") may rely on a Performance Certification to the same
extent as the Depositor. Notwithstanding the foregoing, nothing in this
paragraph shall require any Performing Party to (i) certify or verify the
accurateness or completeness of any information provided to such Performing
Party by third parties, (ii) to certify information other than to such
Performing Party's knowledge and in accordance with such Performing Party's
responsibilities hereunder or under any other applicable servicing agreement or
(iii) with respect to completeness of information and reports, to certify
anything other than that all fields of information called for in written reports
prepared by such Performing Party have been completed except as they have been
left blank on their face. In addition, with respect to any report regarding one
or more Specially Serviced Mortgage Loans, the Special Servicer shall not be
required to include in any such report prepared by it specific detailed
information related to the status or nature of any workout negotiations with the
related Mortgagor with respect to such Mortgage Loan or any facts material to
the position of the Trust (or, in the case of a Loan Combination, the position
of the Trust and the related Non-Trust Noteholder(s)) in any such negotiations
if (A) the Special Servicer determines, in its reasonable judgment in accordance
with the Servicing Standard, that stating such information in such report would
materially impair the interests of the Trust (or, in the case of a Loan
Combination, the interest of the Trust and the related Non-Trust Noteholder(s))
in such negotiations, and (B) the Special Servicer included in such report a
general description regarding the status of the subject Mortgage Loan and an
indication that workout negotiations were ongoing. In the event any Performing
Party is terminated or resigns pursuant to the terms of this Agreement, such
Performing Party shall provide a Performance Certification to the Depositor and
the Certifying Person pursuant to this Section 8.16 with respect to the period
of time such Performing Party was subject to this Agreement.

            (c) At all times during each Exchange Act Reporting Year, each of
the Trustee, the Master Servicers and the Special Servicer shall (and shall use
reasonable efforts to cause each Servicing Representative acting on its behalf
hereunder and, solely in the case of the Trustee, each Trustee Appointee to)
monitor for, and (in accordance with the timeframes set forth in this Section
8.16(c)) notify (including with such notice the Exchange Act Reportable Event
Notification attached hereto as Exhibit J) the Depositor in writing of, the
occurrence or existence of any and all events, conditions, circumstances and/or
matters that constitute or may constitute related Exchange Act Reportable Events
with respect to such Person as set forth in or pursuant to the definition of
such term herein. Each of the Trustee, Master Servicers and Special Servicer
shall provide such notice of any such Exchange Act Reportable Event to the
Depositor (i) no later than 5 calendar days after the Distribution Date with
respect to any Exchange Act Reportable Event to be disclosed on Form 10-D, (ii)
no later than March 15 in any year in which the Trustee will file a Form 10-K
for the Trust with respect to any Exchange Act Reportable Event to be disclosed
on Form 10-K, and (iii) no later than Noon (New York City time) on the 2nd
Business Day after the occurrence of any Exchange Act Reportable Event to be
disclosed on Form 8-K. Notwithstanding the foregoing, in connection with any
Mortgage Loans that are the subject of a Sub-Servicing Agreement in effect as of
the Closing Date between the applicable Master Servicer and a Designated
Sub-Servicer, the sole obligation of such Master Servicer to provide monitoring,
notice, information or reports as otherwise set forth above shall be to use
reasonable efforts to cause the related Designated Sub-Servicer to comply with
such similar reporting and delivery obligations as such Designated Sub-Servicer
may have under such Sub-Servicing Agreement. In addition, for purposes of the
duties set forth above, each of the Trustee, either Master Servicer and the
Special Servicer (and any Additional Servicer or Servicing Function Participant)
shall be entitled to assume the accuracy and completeness of the Prospectus
Supplement as of the Closing Date as to all matters other than the information
for which the Trustee, such Master Servicer or the Special Servicer is
responsible under the Trustee Indemnification Agreement, the related Master
Servicer Indemnification Agreement or the Special Servicer Indemnification
Agreement, as the case may be. Upon becoming aware of any Form 8-K Required
Information, the Trustee shall promptly notify the Depositor that the filing of
a Form 8-K Current Report may be required with respect to any of the events,
conditions, circumstances and/or matters that are the subject of that
information and, further, shall consult with the Depositor regarding whether to
prepare and file a Form 8-K Current Report under Section 8.16(a)(ii) above with
respect to such events, conditions, circumstances and/or matters and, if
prepared, the form and content of such filing (and the Trustee shall be entitled
to rely on the direction of the Depositor with regard to whether to make, and
the form and content of, such filing). For purposes of this paragraph, none of
the Trustee, either Master Servicer or the Special Servicer shall be considered
to be aware of any related Exchange Act Reportable Event, and the Trustee shall
not be considered to be aware of any Form 8-K Required Information, Form 10-D
Required Information or Form 10-K Required Information, unless a Responsible
Officer (in the case of the Trustee) or a Servicing Officer (in the case of
either Master Servicer or the Special Servicer) thereof has actual knowledge.

            Upon reasonable request of the Depositor or the Trustee, each other
party hereto (including the Trustee, if the Depositor is the requesting party,
and the Depositor, if the Trustee is the requesting party) shall (and shall use
reasonable efforts to cause each Servicing Representative acting on its behalf
hereunder and, solely in the case of the Trustee, each Trustee Appointee, to)
promptly provide to the requesting party any information in its possession as is
necessary or appropriate for the Depositor or the Trustee, as applicable, to
prepare fully and properly any Exchange Act Report with respect to the Trust in
accordance with the Securities Act, the Exchange Act and the rules and
regulations promulgated thereunder.

            If, during any Exchange Act Reporting Year, a new Master Servicer,
Special Servicer or Trustee is appointed, then such new Master Servicer, Special
Servicer or Trustee, as the case may be, shall in connection with its acceptance
of such appointment provide the Depositor and, in the case of a new Master
Servicer or Special Servicer, the Trustee with such information regarding
itself, its business and operations and its experience and practices regarding
the duties it is to perform under this Agreement, as is required to be reported
by the Depositor pursuant to Item 6.02 of Form 8-K. If, during any Exchange Act
Reporting Year, either Master Servicer, Special Servicer or Trustee appoints a
Servicing Representative (excluding any Designated Sub-Servicer) that
constitutes a Servicer contemplated by Item 1108(a)(2) of Regulation AB in
respect of the Subject Securitization Transaction, then such Master Servicer,
Special Servicer or Trustee, as the case may be, shall cause such Servicing
Representative, in connection with its acceptance of such appointment, to
provide the Depositor and the Trustee with such information regarding itself,
its business and operations and its servicing experience and practices, as is
required to be reported by the Depositor pursuant to Item 6.02 of Form 8-K.

            Each of the Trustee, the Master Servicers and the Special Servicer
acknowledges and agrees that the information to be provided by it (or by any
Servicing Representative acting on its behalf hereunder or, solely in the case
of the Trustee, any Trustee Appointee) pursuant to or as contemplated by this
Section 8.16(c) is intended to be used in connection with the preparation of
Exchange Act Reports with respect to the Trust.

            (d) No later than (i) 12:00 noon, New York City time, on the
Business Day prior to any filing deadline of a Current Report on Form 8-K (other
than an Initial Current Report on Form 8-K) that is to be made with respect to
the Trust as contemplated by Section 8.16(a), (ii) March 20 of the applicable
calendar year in which the filing of any Annual Report on Form 10-K is to be
made with respect to the Trust as contemplated by Section 8.16(a), and (iii) two
(2) Business Days prior to any filing (or, in the case of a Form 10-D
Distribution Report, any filing deadline) of a Form 10-D Distribution Report or
any other Subsequent Exchange Act Report that is to be made with respect to the
Trust as contemplated by Section 8.16(a), the Trustee shall deliver a copy of
such Exchange Act Report, together with all exhibits thereto (to the extent
received by the Trustee), to the Depositor, which delivery shall include an
email transmission of such applicable report to david_rodgers@ml.com or to such
other e-mail address as may be hereafter furnished by the Depositor to the
Trustee in writing.

            (e) If as of the beginning of any fiscal year for the Trust (other
than fiscal year 2006), the Registered Certificates are held (directly or, in
the case of Registered Certificates held in book-entry form, through the
Depository) by less than 300 Holders and/or Depository Participants having
accounts with the Depository, the Trustee shall, in accordance with the Exchange
Act and the rules and regulations promulgated thereunder, timely file a Form 15
with respect to the Trust notifying the Commission of the suspension of the
reporting requirements under the Exchange Act and shall post such Form 15 to its
internet website by January 30th. In addition, the Trustee shall deliver a copy
of such Form 15 to the Depositor by e-mail addressed to david_rodgers@ml.com or
to such other e-mail address as may be hereafter furnished by the Depositor to
the Trustee in writing and shall deliver a copy of such Form 15 to each Master
Servicer and the Special Servicer.

            (f) Each Performing Party shall indemnify and hold harmless each
Certification Party from and against any losses, damages, penalties, fines,
forfeitures, reasonable and necessary legal fees and related costs, judgments
and other costs and expenses incurred by such Certification Party arising out of
(i) any material misstatement in a Performance Certification delivered by such
Performing Party on which such Certification Party is entitled to rely or (ii)
an actual breach by the applicable Performing Party of its obligations under
this Section 8.16. A Performing Party shall have no obligation to indemnify any
Certification Party for an inaccuracy in the Performance Certification of any
other Performing Party. If the indemnification provided for in this Section
8.16(f) is unavailable or insufficient to hold harmless a Certification Party
(on grounds of public policy or otherwise), then each Performing Party shall
contribute to the amount paid or payable by such Certification Party as a result
of the losses, claims, damages or liabilities of such Certification Party in
such proportion as is appropriate to reflect the relative fault of such
Certification Party on the one hand and such Performing Party on the other. The
obligations of the Performing Parties in this Section 8.16(f) to contribute are
several in the proportions described in the preceding sentence and not joint.

            (g) The respective parties hereto agree to cooperate with all
reasonable requests made by any Certifying Person in connection with such
Person's attempt to conduct any due diligence that such Person reasonably
believes to be appropriate in order to allow it to deliver any Sarbanes-Oxley
Certification or portion thereof with respect to the Trust.

            (h) The respective parties hereto shall deliver to the Trustee, no
later than March 15 of any year in which a Form 10-K Annual Report is to be
filed, any items required to be delivered by such party that are to be an
exhibit to such Form 10-K Annual Report. The Trustee hereby notifies the Master
Servicers and the Special Servicer that a Form 10-K Annual Report shall be
required to be filed with respect to the Trust for 2006.

            (i) [RESERVED]

            (j) Prior to April 1 of the first year in which the Trustee has
filed a Form 15 with the Commission in accordance with this section, if at any
time a Servicing Representative retained or engaged by either Master Servicer,
the Special Servicer or the Trustee with respect to all or any portion of the
Trust Fund fails to deliver in accordance with the requirements set forth in the
applicable Sub-Servicing Agreement, if and to the extent applicable in
accordance with Regulation AB and this Agreement, any of the items set forth in
the following clauses (i), (ii) and/or (iii), then such Master Servicer, the
Special Servicer or the Trustee, as the case may be, shall deliver a written
notice thereof to the Depositor and shall (or, in the case of a Designated
Sub-Servicer, shall use reasonable efforts to) promptly terminate all
engagements with the subject Servicing Representative relating to the Subject
Securitization Transaction: (i) any Annual Statement of Compliance contemplated
by Item 1123 of Regulation AB, as and when provided under Section 3.13; or (ii)
any Annual Assessment Report contemplated by Item 1122 of Regulation AB, as and
when provided under Section 3.14; or (iii) any Annual Attestation Report
contemplated by Item 1122 of Regulation AB, together with any corresponding
required Accountant's Consent, as and when provided under Section 3.14; provided
that this provision shall not apply to Master Servicer No. 1 and the subject
matter of this sentence, insofar as it relates to Master Servicer No. 1, shall
be covered by the Master Servicer Indemnification Agreement. In addition, prior
to April 1 of the first year in which the Trustee has filed a Form 15 with the
Commission in accordance with this section, if at any time the Depositor
delivers a written notice to either Master Servicer, the Special Servicer or the
Trustee stating that any Servicing Representative retained or engaged thereby
has defaulted on its obligation to deliver, (i) if and to the extent applicable
in accordance with Regulation AB and this Agreement, any of the items set forth
in clauses (i), (ii) and/or (iii) of the preceding sentence, as and when
provided under this Agreement, or (ii) if and to the extent applicable in
accordance with Regulation AB and another pooling and servicing agreement to
which the Depositor is a party, any of the items similar to those set forth in
clauses (i), (ii) and/or (iii) of the preceding sentence, as and when provided
under such other pooling and servicing agreement, then such Master Servicer, the
Special Servicer or the Trustee, as the case may be, shall (or, in the case of a
Designated Sub-Servicer, shall use reasonable efforts to) promptly terminate all
engagements with the subject Servicing Representative relating to the Subject
Securitization Transaction; provided that this provision shall not apply to
Master Servicer No. 1 and the subject matter of this sentence, insofar as it
relates to Master Servicer No. 1, shall be covered by the Master Servicer
Indemnification Agreement.

            (k) Each Master Servicer, the Special Servicer and the Trustee shall
each indemnify the Depositor and its Affiliates for, and hold the Depositor and
its Affiliates harmless from and against, any and all losses, liabilities,
claims, damages, costs and expenses whatsoever, as incurred, arising out of or
based upon the failure of any Servicing Representative (other than a Designated
Sub-Servicer) acting on behalf of the subject Master Servicer, the Special
Servicer or the Trustee, as the case may be, to deliver, if and to the extent
applicable in accordance with Regulation AB and this Agreement: (i) any Annual
Statement of Compliance contemplated by Item 1123 of Regulation AB, as and when
provided under Section 3.13; or (ii) any Annual Assessment Report contemplated
by Item 1122 of Regulation AB, as and when provided under Section 3.14; or (iii)
any Annual Attestation Report contemplated by Item 1122 of Regulation AB,
together with (if required to be filed with the Commission) any corresponding
required Accountant's Consent, as and when provided under Section 3.14.

            (l) In the event the parties to this Agreement desire to further
clarify or amend any provision of this Section 8.16, this Agreement shall be
amended to reflect the new agreement between the parties covering matters in
this Section 8.16 pursuant to Section 11.01, which amendment shall not require
any Opinion of Counsel or Rating Agency confirmations or the consent of any
Certificateholder or any Non-Trust Mortgage Loan Noteholder; provided that no
such amendment shall diminish the filing requirements under this Section 8.16 on
the part of the parties to this Agreement, as a collective whole, in
contravention of applicable law.

            (m) With respect to any notice required to be delivered by the
Trustee to the Depositor pursuant to this Section 8.16 or Sections 3.13 or 3.14,
the Trustee may deliver such notice, notwithstanding any contrary provision in
Section 11.05, by telephone call made to David Rodgers at 212-449-3611, in which
event the Trustee shall also deliver the same notice by either facsimile to
(212) 449-7684 or via email to david_rodgers@ml.com or to such other facsimile
number, telephone number and/or e-mail address as may be hereafter furnished by
the Depositor to the Trustee in writing.

            SECTION 8.17. Maintenance of Mortgage File.

            Except for the release of items in the Mortgage File contemplated by
this Agreement, including, without limitation, as necessary for the enforcement
of the holder's rights and remedies under the related Trust Mortgage Loan, the
Trustee covenants and agrees that it shall maintain each Mortgage File in the
State of Illinois, and that it shall not move any Mortgage File outside the
State of Illinois, other than as specifically provided for in this Agreement,
unless it shall first obtain and provide, at the expense of the Trustee, an
Opinion of Counsel to the Depositor and the Rating Agencies to the effect that
the Trustee's first priority interest in the Mortgage Notes has been duly and
fully perfected under the applicable laws and regulations of such other
jurisdiction.

<PAGE>

                                   ARTICLE IX

                                   TERMINATION

            SECTION 9.01. Termination upon Repurchase or Liquidation of All
                          Trust Mortgage Loans.

            Subject to Section 9.02, the Trust Fund and the respective
obligations and responsibilities under this Agreement of the Depositor, the
Master Servicers, the Special Servicer and the Trustee (other than the
obligations of the Trustee to provide for and make distributions to
Certificateholders as hereafter set forth) shall terminate upon distribution (or
provision for distribution) (i) to the Certificateholders of all amounts held by
or on behalf of the Trustee and required hereunder to be so distributed on the
Distribution Date following the earlier to occur of (A) the purchase by either
Master Servicer, the Special Servicer or the Plurality Subordinate
Certificateholder of all Trust Mortgage Loans and each REO Property (or, in the
case of a Loan Combination Mortgaged Property if it has become an REO Property,
the Trust's interest therein) remaining in the Trust Fund at a price equal to
(1) the aggregate Purchase Price of all the Trust Mortgage Loans then included
in the Trust Fund, plus (2) the appraised value of each REO Property (or, in the
case of a Loan Combination Mortgaged Property if it has become an REO Property,
the Trust's interest therein), if any, then included in the Trust Fund, such
appraisal to be conducted by an Independent Appraiser mutually agreed upon by
the applicable Master Servicer, the Special Servicer and the Trustee, minus (3)
if the purchaser is a Master Servicer, the aggregate amount of unreimbursed
Advances made by such Master Servicer, together with any interest accrued and
payable to such Master Servicer in respect of unreimbursed Advances in
accordance with Sections 3.03(d) and 4.03(d) and any unpaid Master Servicing
Fees remaining outstanding (which items shall be deemed to have been paid or
reimbursed to such Master Servicer in connection with such purchase), (B) the
exchange by the Sole Certificate Owner of all the Certificates for all the Trust
Mortgage Loans and each REO Property remaining in the Trust Fund in the manner
set forth below in this Section 9.01 and (C) the final payment or other
liquidation (or any advance with respect thereto) of the last Trust Mortgage
Loan or REO Property (in the case of a Loan Combination Mortgaged Property if it
has become an REO Property, the Trust's interest therein) remaining in the Trust
Fund, and (ii) to the Trustee, the Master Servicers, the Special Servicer and
the officers, directors, employees and agents of each of them of all amounts
which may have become due and owing to any of them hereunder; provided, however,
that in no event shall the Trust Fund created hereby continue beyond 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.

            Each of the Plurality Subordinate Certificateholder (or, as
contemplated in the following paragraph, the Controlling Class Representative if
one is then so acting), the Master Servicers and the Special Servicer may at its
option elect to purchase all of the Trust Mortgage Loans and each REO Property
remaining in the Trust Fund as contemplated by clause (i)(A) of the immediately
preceding paragraph by giving written notice to the other parties hereto no
later than 60 days prior to the anticipated date of purchase; provided, however,
that (i) the aggregate Stated Principal Balance of the Mortgage Pool at the time
of such election is less than 1.00% of the aggregate Cut-off Date Balances of
the Trust Mortgage Loans, (ii) the Special Servicer shall not have the right to
effect such a purchase if, within 30 days following the Special Servicer's
delivery of a notice of election pursuant to this paragraph, either Master
Servicer or the Plurality Subordinate Certificateholder shall give notice of its
election to purchase all of the Trust Mortgage Loans and each REO Property (or,
in the case of a Loan Combination Mortgaged Property if it has become an REO
Property, the Trust's interest therein) remaining in the Trust Fund and shall
thereafter effect such purchase in accordance with the terms hereof, (iii) a
Master Servicer shall not have the right to effect such a purchase if, within 30
days following a Master Servicer's delivery of a notice of election pursuant to
this paragraph, the Plurality Subordinate Certificateholder shall give notice of
its election to purchase all of the Trust Mortgage Loans and each REO Property
remaining in the Trust Fund and shall thereafter effect such purchase in
accordance with the terms hereof and (iv) if a Master Servicer makes such an
election, then the other Master Servicer shall have the option, by giving
written notice to the other parties hereto no later than 30 days prior to the
anticipated date of purchase, to purchase all of the Trust Mortgage Loans and
each REO Property remaining in the Trust Fund for which it is the applicable
Master Servicer. Neither Master Servicer may elect to purchase solely the
Mortgage Loans and REO Properties it is servicing hereunder if the other Master
Servicer is not similarly purchasing the Mortgage Loans and REO Properties it is
servicing. If the Trust Fund is to be terminated in connection with the
Plurality Subordinate Certificateholder's, a Master Servicer's or the Special
Servicer's purchase of all of the Trust Mortgage Loans and each REO Property
(or, in the case of a Loan Combination Mortgaged Property if it has become an
REO Property, the Trust's interest therein) remaining in the Trust Fund, the
Plurality Subordinate Certificateholder, the purchasing Master Servicer or the
Special Servicer, as applicable, shall deliver to the Master Servicers (or, if a
Master Servicer is a purchaser, the non-purchasing Master Servicer) for deposit
in their respective Collection Accounts not later than the Determination Date
relating to the Distribution Date on which the final distribution on the
Certificates is to occur an amount in immediately available funds equal to the
above-described purchase price. In addition, each Master Servicer shall transfer
to the Distribution Account all amounts required to be transferred thereto on
the related P&I Advance Date from its Collection Account pursuant to the first
paragraph of Section 3.04(b), together with any other amounts on deposit in its
Collection Account that would otherwise be held for future distribution. Upon
confirmation that such final deposit has been made, the Trustee shall release or
cause to be released to the Plurality Subordinate Certificateholder, the
purchasing Master Servicer or the Special Servicer, as applicable, the Mortgage
Files for the remaining Trust Mortgage Loans and shall execute all assignments,
endorsements and other instruments furnished to it by the Plurality Subordinate
Certificateholder, such Master Servicer or the Special Servicer, as applicable,
as shall be necessary to effectuate transfer of the Trust Mortgage Loans and REO
Properties (or, in the case of a Loan Combination Mortgaged Property if it has
become an REO Property, the Trust's interest therein) to the Plurality
Subordinate Certificateholder, such Master Servicer or the Special Servicer (or
their respective designees), as applicable.

            Following the date on which the aggregate Certificate Principal
Balance of the Class A-1, Class A-2, Class A-3, Class A-4, Class A-1A, Class AM,
Class AJ, Class B, Class C and Class D Certificates is reduced to zero, if one
Person is the owner of a 100% Ownership Interest of each of the other
outstanding Classes of Regular Certificates (any such Person, the "Sole
Certificate Owner"), then the Sole Certificate Owner shall have the right to
exchange all of the outstanding Certificates owned by the Sole Certificate Owner
for all of the Trust Mortgage Loans and each REO Property remaining in the Trust
Fund as contemplated by clause (i)(b) of the first paragraph of this Section
9.01(a), by giving written notice to all the parties hereto and each Non-Trust
Noteholder no later than 60 days prior to the anticipated date of exchange;
provided that no such exchange may occur if any of the remaining REO Properties
relates to a Loan Combination. In the event that the Sole Certificate Owner
elects to exchange all of the Certificates owned by the Sole Certificate Owner
for all of the Trust Mortgage Loans and, subject to the proviso to the preceding
sentence, each REO Property remaining in the Trust Fund, the Sole Certificate
Owner, not later than the fifth Business Day preceding the Distribution Date on
which the final distribution on the Certificates is to occur, shall deposit in
the applicable Collection Account an amount in immediately available funds equal
to all amounts then due and owing to the Depositor, the Master Servicers, the
Special Servicer and the Trustee pursuant to Section 3.05(a), or that may be
withdrawn from the Distribution Account pursuant to Section 3.05(b), but only to
the extent that such amounts are not already on deposit in the applicable
Collection Account. In addition, on the P&I Advance Date immediately preceding
the final Distribution Date, each Master Servicer shall transfer to the
Distribution Account all amounts required to be transferred thereto on such P&I
Advance Date from its Collection Account pursuant to the first paragraph of
Section 3.04(b), together with any other amounts on deposit in its Collection
Account that would otherwise be held for future distribution. Upon confirmation
that such final deposits have been made and following the surrender of all the
Certificates on the final Distribution Date, the Trustee shall release or cause
to be released to a designee of the Sole Certificate Owner, the Mortgage Files
for the remaining Trust Mortgage Loans and REO Properties and shall execute all
assignments, endorsements and other instruments furnished to it by the Sole
Certificate Owner as shall be necessary to effectuate transfer of the Trust
Mortgage Loans and REO Properties remaining in the Trust Fund; provided that, if
any Trust Mortgage Loan exchanged pursuant to this Section 9.01 is part of a
Loan Combination, then the release, endorsement or assignment of the documents
constituting the related Mortgage File and Servicing File shall be in the manner
contemplated by Section 3.10. Any transfer of Trust Mortgage Loans pursuant to
this paragraph shall be on a servicing-released basis. Solely for federal income
tax purposes, the Sole Certificate Owner shall be deemed to have purchased the
assets of REMIC I for an amount equal to the remaining Class Principal Balance
of its Certificates (other than the Residual Certificates), plus accrued and
unpaid interest with respect thereto, and the Trustee shall credit such amounts
against amounts distributable in respect of such Certificates and the
Corresponding REMIC I Regular Interests.

            Notice of any termination shall be given promptly by the Trustee by
letter to Certificateholders mailed (a) if such notice is given in connection
with the Plurality Subordinate Certificateholder's (or the Controlling Class
Representative's), either Master Servicer's or the Special Servicer's purchase
of the Trust Mortgage Loans and each REO Property (or, in the case of a Loan
Combination Mortgaged Property if it has become an REO Property, the Trust's
interest therein) remaining in the Trust Fund, not earlier than the 15th day and
not later than the 25th day of the month next preceding the month of the final
distribution on the Certificates or (b) otherwise during the month of such final
distribution on or before the Determination Date in such month, in each case
specifying (i) the Distribution Date upon which the Trust Fund will terminate
and final payment of the Certificates will be made, (ii) the amount of any such
final payment and (iii) that the Record Date otherwise applicable to such
Distribution Date is not applicable, payments being made only upon presentation
and surrender of the Certificates at the offices of the Certificate Registrar or
such other location therein designated. The Trustee shall give such notice to
the Master Servicers, the Special Servicer and the Depositor at the time such
notice is given to Certificateholders. Upon presentation and surrender of the
Certificates by the Certificateholders on the final Distribution Date, the
Trustee shall distribute to each such Certificateholder so presenting and
surrendering its Certificates the amounts payable thereto on such final
Distribution Date in accordance with Section 4.01.

            Any funds not distributed to any Holder or Holders of Certificates
on the final Distribution Date because of the failure of such Holder or Holders
to tender their Certificates shall, on such date, be set aside and held
uninvested in trust and credited to the account or accounts of the appropriate
non-tendering Holder or Holders. If any Certificates as to which notice has been
given pursuant to this Section 9.01 shall not have been surrendered for
cancellation within six months after the time specified in such notice, the
Trustee shall mail a second notice to the remaining non-tendering
Certificateholders to surrender their Certificates for cancellation in order to
receive the final distribution with respect thereto. If within one year after
the second notice all such Certificates shall not have been surrendered for
cancellation, the Trustee, directly or through an agent, shall take such
reasonable steps to contact the remaining non-tendering Certificateholders
concerning the surrender of their Certificates as it shall deem appropriate, and
shall deal with all such unclaimed amounts in accordance with applicable law.
The costs and expenses of holding such funds in trust and of contacting such
Certificateholders following the first anniversary of the delivery of such
second notice to the non-tendering Certificateholders shall be paid out of such
funds. No interest shall accrue or be payable to any former Holder on any amount
held in trust hereunder.

            SECTION 9.02. Additional Termination Requirements.

            (a) If the Plurality Subordinate Certificateholder, either Master
Servicer or the Special Servicer purchases all of the Trust Mortgage Loans and
each REO Property (or, in the case of a Loan Combination Mortgaged Property if
it has become an REO Property, the Trust's interest therein) remaining in the
Trust Fund as provided in Section 9.01, the Trust Fund (and, accordingly, REMIC
I and REMIC II) shall be terminated in accordance with the following additional
requirements, unless the Person effecting the purchase obtains at its own
expense and delivers to the Trustee, an Opinion of Counsel, addressed to the
Trustee, to the effect that the failure of the Trust Fund to comply with the
requirements of this Section 9.02 will not result in the imposition of taxes on
"prohibited transactions" of REMIC I or REMIC II as defined in Section 860F of
the Code or cause either of REMIC I or REMIC II to fail to qualify as a REMIC at
any time that any Certificates are outstanding:

            (i) the Trustee shall specify the first day in the 90-day
      liquidation period in a statement attached to the final Tax Return for
      each of REMIC I and REMIC II pursuant to Treasury Regulations Section
      1.860F-1 and shall satisfy all requirements of a qualified liquidation
      under Section 860F of the Code and any regulations thereunder as set forth
      in the Opinion of Counsel obtained pursuant to Section 9.01 from the party
      effecting the purchase of all the Trust Mortgage Loans and REO Property
      remaining in the Trust Fund;

            (ii) during such 90-day liquidation period and at or prior to the
      time of making of the final payment on the Certificates, the Trustee shall
      sell all of the assets of REMIC I to either Master Servicer, the Special
      Servicer or the Plurality Subordinate Certificateholder, as the case may
      be, for cash; and

            (iii) at the time of the making of the final payment on the
      Certificates, the Trustee shall distribute or credit, or cause to be
      distributed or credited, to the Certificateholders in accordance with
      Section 9.01 all cash on hand (other than cash retained to meet claims),
      and each of REMIC I and REMIC II shall terminate at that time.

            (b) By their acceptance of Certificates, the Holders thereof hereby
agree to authorize the Trustee to specify the 90-day liquidation period for each
of REMIC I and REMIC II, which authorization shall be binding upon all successor
Certificateholders.

            SECTION 9.03. Non-Trust Mortgage Loans.

            References to "REO Property" and "REO Properties" in Sections 9.01
and 9.02 shall be deemed to include the Trust's rights with respect to any REO
Property relating to the Trust Mortgage Loan in any Loan Combination and such
rights shall be taken into account in calculating the Purchase Price.

<PAGE>

                                   ARTICLE X

                            ADDITIONAL TAX PROVISIONS

            SECTION 10.01. REMIC Administration.

            (a) The REMIC Administrator shall elect to treat each of REMIC I and
REMIC II as a REMIC under the Code and, if necessary, under applicable state
law. Such election will be made on Form 1066 or other appropriate federal or
state Tax Returns for the taxable year ending on the last day of the calendar
year in which the Certificates are issued.

            (b) The REMIC I Regular Interests are hereby designated as "regular
interests" (within the meaning of Section 860G(a)(1) of the Code) in REMIC I,
and the Regular Certificates are hereby designated as "regular interests"
(within the meaning of Section 860G(a)(1) of the Code) in REMIC II. The Class
R-I Certificates and the Class R-II Certificates are hereby designated as the
single class of "residual interests" (within the meaning of Section 860G(a)(2)
of the Code) in REMIC I and REMIC II, respectively. None of the Master
Servicers, the Special Servicer, the Trustee shall (to the extent within its
control) permit the creation of any other "interests" in REMIC I and REMIC II
(within the meaning of Treasury regulation Section 1.860D-1(b)(1)).

            (c) The Closing Date is hereby designated as the "startup day" of
REMIC I and REMIC II within the meaning of Section 860G(a)(9) of the Code. The
"latest possible maturity date" of the REMIC I Regular Interests and the Regular
Certificates shall be the Rated Final Distribution Date.

            (d) The related Plurality Residual Certificateholder as to the
applicable taxable year is hereby designated as the Tax Matters Person of each
of REMIC I and REMIC II, and shall act on behalf of the related REMIC in
relation to any tax matter or controversy and shall represent the related REMIC
in any administrative or judicial proceeding relating to an examination or audit
by any governmental taxing authority; provided that the REMIC Administrator is
hereby irrevocably appointed to act and shall act as agent and attorney-in-fact
for the Tax Matters Person for each of REMIC I and REMIC II in the performance
of its duties as such.

            (e) Except as otherwise provided in Section 3.17(a) and subsections
(i) and (j) below, the REMIC Administrator shall pay out of its own funds any
and all routine tax administration expenses of the Trust Fund incurred with
respect to each of REMIC I and REMIC II (but not including any professional fees
or expenses related to audits or any administrative or judicial proceedings with
respect to the Trust Fund that involve the Internal Revenue Service or state tax
authorities, which extraordinary expenses shall be payable or reimbursable to
the REMIC Administrator from the Trust Fund unless otherwise provided in Section
10.01(h) or 10.01(i)).

            (f) Within 30 days after the Closing Date, the REMIC Administrator
shall obtain taxpayer identification numbers for each of REMIC I and REMIC II by
preparing and filing Internal Revenue Service Forms SS-4 and shall prepare and
file with the Internal Revenue Service Form 8811, "Information Return for Real
Estate Mortgage Investment Conduits (REMICs) and Issuers of Collateralized Debt
Obligations" for the Trust Fund. In addition, the REMIC Administrator shall
prepare, cause the Trustee to sign and the REMIC Administrator shall file all of
the other Tax Returns in respect of REMIC I and REMIC II. The expenses of
preparing and filing such returns shall be borne by the REMIC Administrator
without any right of reimbursement therefor. The other parties hereto shall
provide on a timely basis to the REMIC Administrator or its designee such
information with respect to each of REMIC I and REMIC II as is in its possession
and reasonably requested by the REMIC Administrator to enable it to perform its
obligations under this Article. Without limiting the generality of the
foregoing, the Depositor, within 10 days following the REMIC Administrator's
request therefor, shall provide in writing to the REMIC Administrator such
information as is reasonably requested by the REMIC Administrator for tax
purposes, as to the valuations and issue prices of the Certificates, and the
REMIC Administrator's duty to perform its reporting and other tax compliance
obligations under this Article X shall be subject to the condition that it
receives from the Depositor such information possessed by the Depositor that is
necessary to permit the REMIC Administrator to perform such obligations.

            (g) The REMIC Administrator shall perform on behalf of each of REMIC
I and REMIC II all reporting and other tax compliance duties that are the
responsibility of each such REMIC under the Code, the REMIC Provisions or other
compliance guidance issued by the Internal Revenue Service or, with respect to
State and Local Taxes, any state or local taxing authority. Included among such
duties, the REMIC Administrator shall provide to: (i) any Transferor of a
Residual Certificate or agent of a Non-Permitted Transferee, such information as
is necessary for the application of any tax relating to the transfer of a
Residual Certificate to any Person who is not a Permitted Transferee; (ii) the
Certificateholders, such information or reports as are required by the Code or
the REMIC Provisions, including, without limitation, reports relating to
interest, original issue discount and market discount or premium (using the
Prepayment Assumption as required hereunder); and (iii) the Internal Revenue
Service, the name, title, address and telephone number of the Person who will
serve as the representative of each of REMIC I and REMIC II.

            (h) The REMIC Administrator shall perform its duties hereunder so as
to maintain the status of each of REMIC I and REMIC II and as a REMIC under the
REMIC Provisions (and the Trustee, the Master Servicers and the Special Servicer
shall assist the REMIC Administrator to the extent reasonably requested by the
REMIC Administrator and to the extent of information within the Trustee's,
either Master Servicer's or the Special Servicer's possession or control). None
of the REMIC Administrator, the Master Servicers, the Special Servicer, or the
Trustee shall knowingly take (or cause REMIC I or REMIC II 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 be reasonably be
expected to (i) endanger the status of REMIC I or REMIC II as a REMIC, or (ii)
except as provided in Section 3.17(a), result in the imposition of a tax upon
either REMIC I or REMIC II (including, but not limited to, the tax on prohibited
transactions as defined in Section 860F(a)(2) of the Code or the tax on
contributions to a REMIC set forth in Section 860G(d) of the Code (any such
endangerment or imposition or, except as provided in Section 3.17(a), imposition
of a tax, an "Adverse REMIC Event")), unless the REMIC Administrator has
obtained or received an Opinion of Counsel (at the expense of the party
requesting such action or at the expense of the Trust Fund if the REMIC
Administrator seeks to take such action or to refrain from acting for the
benefit of the Certificateholders) to the effect that the contemplated action
will not result in an Adverse REMIC Event. The REMIC Administrator shall not
take any action or fail to take any action (whether or not authorized hereunder)
as to which a Master Servicer or the Special Servicer has advised it in writing
that such Master Servicer or the Special Servicer has received or obtained an
Opinion of Counsel to the effect that an Adverse REMIC Event could occur with
respect to such action. In addition, prior to taking any action with respect to
REMIC I or REMIC II, or causing either REMIC I or REMIC II to take any action,
that is not expressly permitted under the terms of this Agreement, each Master
Servicer or the Special Servicer shall consult with the REMIC Administrator or
its designee, in writing, with respect to whether such action could cause an
Adverse REMIC Event to occur. Neither of the Master Servicers nor the Special
Servicer shall take any such action or cause either REMIC I or REMIC II to take
any such action as to which the REMIC Administrator has advised it in writing
that an Adverse REMIC Event could occur, and neither of the Master Servicers nor
the Special Servicer shall have any liability hereunder for any action taken by
it in accordance with the written instructions of the REMIC Administrator. The
REMIC Administrator may consult with counsel to make such written advice, and
the cost of same shall be borne by the party seeking to take the action not
expressly permitted by this Agreement, but in no event at the cost or expense of
the Trust Fund, the Trustee or the REMIC Administrator. At all times as may be
required by the Code, the REMIC Administrator shall make reasonable efforts to
ensure that substantially all of the assets of each of REMIC I and REMIC II will
consist of "qualified mortgages" as defined in Section 860G(a)(3) of the Code
and "permitted investments" as defined in Section 860G(a)(5) of the Code.

            (i) If any tax is imposed on either of REMIC I or REMIC II,
including, without limitation, "prohibited transactions" taxes as defined in
Section 860F(a)(2) of the Code, any tax on "net income from foreclosure
property" as defined in Section 860G(c) of the Code, any taxes on contributions
to REMIC I or REMIC II after the Startup Day pursuant to Section 860G(d) of the
Code, and any other tax imposed by the Code or any applicable provisions of
State or Local Tax laws (other than any tax permitted to be incurred by the
Special Servicer pursuant to Section 3.17(a)), such tax, together with all
incidental costs and expenses (including, without limitation, penalties and
reasonable attorneys' fees), shall be charged to and paid by: (i) the REMIC
Administrator, if such tax arises out of or results from a breach by the REMIC
Administrator of any of its obligations under this Article X provided that no
liability shall be imposed upon the REMIC Administrator under this clause if
another party has responsibility for payment of such tax under clauses (iii) or
(v) of this Section; (ii) the Special Servicer, if such tax arises out of or
results from a breach by the Special Servicer of any of its obligations under
Article III or this Article X; (iii) a Master Servicer, if such tax arises out
of or results from a breach by such Master Servicer of any of its obligations
under Article III or this Article X; (iv) the Trustee, if such tax arises out of
or results from a breach by the Trustee, of any of its respective obligations
under Article IV, Article VIII or this Article X; or (v) the Trust Fund,
excluding the portion thereof constituting Grantor Trust Z, in all other
instances. Any tax permitted to be incurred by the Special Servicer pursuant to
Section 3.17(a) shall be charged to and paid by the Trust Fund. Any such amounts
payable by the Trust Fund shall be paid by the Trustee upon the written
direction of the REMIC Administrator out of amounts on deposit in the
Distribution Account in reduction of the Available Distribution Amount pursuant
to Section 3.05(b).

            (j) The REMIC Administrator shall, for federal income tax purposes,
maintain books and records with respect to each of REMIC I and REMIC II on a
calendar year and on an accrual basis.

            (k) Following the Startup Day, none of the Trustee, the Master
Servicers, and the Special Servicer shall accept any contributions of assets to
REMIC I or REMIC II unless it shall have received an Opinion of Counsel (at the
expense of the party seeking to cause such contribution and in no event at the
expense of the Trust Fund or the Trustee) to the effect that the inclusion of
such assets in such REMIC will not cause: (i) such REMIC to fail to qualify as a
REMIC at any time that any Certificates are outstanding; or (ii) the imposition
of any tax on such REMIC under the REMIC Provisions or other applicable
provisions of federal, state and local law or ordinances.

            (l) None of the Trustee, the Master Servicers, and the Special
Servicer shall consent to or, to the extent it is within the control of such
Person, permit: (i) the sale or disposition of any of the Trust Mortgage Loans
(except in connection with (A) the default or foreclosure of a Trust Mortgage
Loan, including, but not limited to, the sale or other disposition of a
Mortgaged Property acquired by deed in lieu of foreclosure, (B) the bankruptcy
of REMIC I or REMIC II, (C) the termination of REMIC I and REMIC II pursuant to
Article IX of this Agreement, or (D) a purchase of Trust Mortgage Loans pursuant
to or as contemplated by Article II or III of this Agreement); (ii) the sale or
disposition of any investments in the Collection Accounts, the Distribution
Account or an REO Account for gain; or (iii) the acquisition of any assets on
behalf of REMIC I or REMIC II (other than (1) a Mortgaged Property acquired
through foreclosure, deed in lieu of foreclosure or otherwise in respect of a
Trust Defaulted Mortgage Loan, (2) a Qualified Substitute Mortgage Loan pursuant
to Article II hereof and (3) Permitted Investments acquired in connection with
the investment of funds in the Collection Accounts, any Loan Combination
Custodial Account, the Distribution Account or an REO Account); in any event
unless it has received an Opinion of Counsel (at the expense of the party
seeking to cause such sale, disposition, or acquisition but in no event at the
expense of the Trust Fund, the Trustee) to the effect that such sale,
disposition, or acquisition will not cause: (x) either of REMIC I or REMIC II to
fail to qualify as a REMIC at any time that any Certificates are outstanding; or
(y) the imposition of any tax on REMIC I or REMIC II under the REMIC Provisions
or other applicable provisions of federal, state and local law or ordinances.

            (m) Except as permitted by Section 3.17(a), none of the Trustee,
either Master Servicer and the Special Servicer shall enter into any arrangement
by which REMIC I or REMIC II will receive a fee or other compensation for
services nor permit REMIC I or REMIC II to receive any income from assets other
than "qualified mortgages" as defined in Section 860G(a)(3) of the Code or
"permitted investments" as defined in Section 860G(a)(5) of the Code.

            SECTION 10.02. Grantor Trust Administration.

            (a) The REMIC Administrator shall treat Grantor Trust Z for tax
return preparation purposes, as a "grantor trust" under the Code and shall treat
the Additional Interest, the Additional Interest Account and amounts held from
time to time in the Additional Interest Account that represent Additional
Interest as separate assets of Grantor Trust Z and not of REMIC I or REMIC II,
as permitted by Treasury Regulations Section 1.860G-2(i)(1). The Class Z
Certificates are hereby designated as representing an undivided beneficial
interest in Additional Interest payable on the Trust Mortgage Loans and proceeds
thereof.

            (b) The REMIC Administrator shall pay out of its own funds any and
all routine tax administration expenses of the Trust Fund incurred with respect
to Grantor Trust Z (but not including any professional fees or expenses related
to audits or any administrative or judicial proceedings with respect to the
Trust Fund that involve the Internal Revenue Service or state tax authorities
which extraordinary expenses shall be payable or reimbursable to the REMIC
Administrator from the Trust Fund unless otherwise provided in Section 10.02(e)
or 10.02(f)).

            (c) The REMIC Administrator shall prepare, cause the Trustee to sign
and the REMIC Administrator shall file when due all of the Tax Returns in
respect of Grantor Trust Z. The expenses of preparing and filing such returns
shall be borne by the REMIC Administrator without any right of reimbursement
therefor. The other parties hereto shall provide on a timely basis to the REMIC
Administrator or its designee such information with respect to Grantor Trust Z
as is in its possession and reasonably requested by the REMIC Administrator to
enable it to perform its obligations under this Section 10.02. Without limiting
the generality of the foregoing, the Depositor, within 10 days following the
REMIC Administrator's request therefor, shall provide in writing to the REMIC
Administrator such information as is reasonably requested by the REMIC
Administrator for tax purposes, and the REMIC Administrator's duty to perform
its reporting and other tax compliance obligations under this Section 10.02
shall be subject to the condition that it receives from the Depositor such
information possessed by the Depositor that is necessary to permit the REMIC
Administrator to perform such obligations.

            (d) The REMIC Administrator shall furnish or cause to be furnished
to the Holders of the Class Z Certificates, on the cash or accrual method of
accounting, as applicable, such information as to their respective portions of
the income and expenses of Grantor Trust Z as may be required under the Code,
and shall perform on behalf of Grantor Trust Z all reporting and other tax
compliance duties that are required in respect thereof under the Code, the
Grantor Trust Provisions or other compliance guidance issued by the Internal
Revenue Service or any state or local taxing authority.

            (e) The REMIC Administrator shall perform its duties hereunder so as
to maintain the status of Grantor Trust Z as a "grantor trust" under the Grantor
Trust Provisions (and the Trustee, the Master Servicers and the Special Servicer
shall assist the REMIC Administrator to the extent reasonably requested by the
REMIC Administrator and to the extent of information within the Trustee's,
either Master Servicer's or the Special Servicer's possession or control). None
of the REMIC Administrator, the Trustee, the Masters Servicers or the Special
Servicer shall knowingly take (or cause any of Grantor Trust Z to take) any
action or fail to take (or fail to cause to be taken) any action that, under the
Grantor Trust Provisions, if taken or not taken, as the case may be, could
reasonably be expected to endanger the status of Grantor Trust Z as a grantor
trust under the Grantor Trust Provisions (any such endangerment of grantor trust
status, an "Adverse Grantor Trust Event"), unless the REMIC Administrator has
obtained or received an Opinion of Counsel (at the expense of the party
requesting such action or at the expense of the Trust Fund if the REMIC
Administrator seeks to take such action or to refrain from taking any action for
the benefit of the Certificateholders) to the effect that the contemplated
action will not result in an Adverse Grantor Trust Event. None of the other
parties hereto shall take any action or fail to take any action (whether or not
authorized hereunder) as to which the REMIC Administrator has advised it in
writing that the REMIC Administrator has received or obtained an Opinion of
Counsel to the effect that an Adverse Grantor Trust Event could result from such
action or failure to act. In addition, prior to taking any action with respect
to Grantor Trust Z or causing the Trust Fund to take any action that is not
expressly permitted under the terms of this Agreement, the Master Servicers and
the Special Servicer shall consult with the REMIC Administrator or its designee,
in writing, with respect to whether such action could cause an Adverse Grantor
Trust Event to occur. Neither the Master Servicers nor the Special Servicer
shall have any liability hereunder for any action taken by it in accordance with
the written instructions of the REMIC Administrator. The REMIC Administrator may
consult with counsel to make such written advice, and the cost of same shall be
borne by the party seeking to take the action not expressly permitted by this
Agreement, but in no event at the cost or expense of the Trust Fund, the REMIC
Administrator or the Trustee. Under no circumstances may the REMIC Administrator
vary the assets of Grantor Trust Z so as to take advantage of variations in the
market so as to improve the rate of return of Holders of the Class Z
Certificates.

            (f) If any tax is imposed on Grantor Trust Z, such tax, together
with all incidental costs and expenses (including, without limitation, penalties
and reasonable attorneys' fees), shall be charged to and paid by: (i) the REMIC
Administrator, if such tax arises out of or results from a breach by the REMIC
Administrator of any of its obligations under this Section 10.02; (ii) the
Special Servicer, if such tax arises out of or results from a breach by the
Special Servicer of any of its obligations under Article III or this Section
10.02; (iii) a Master Servicer, if such tax arises out of or results from a
breach by such Master Servicer of any of its obligations under Article III or
this Section 10.02; (iv) the Trustee, if such tax arises out of or results from
a breach by the Trustee, of any of its obligations under Article IV, Article
VIII or this Section 10.02; or (v) the portion of the Trust Fund constituting
Grantor Trust Z in all other instances.

<PAGE>

                                   ARTICLE XI

                            MISCELLANEOUS PROVISIONS

            SECTION 11.01. Amendment.

            (a) This Agreement may be amended from time to time by the agreement
of the Master Servicers, the Special Servicer and the Trustee, without the
consent of any of the Certificateholders, (i) to cure any ambiguity, (ii) to
correct, modify or supplement any provision herein which may be inconsistent
with any other provision herein or with the description of this Agreement set
forth in the Prospectus or the Prospectus Supplement, (iii) to add any other
provisions with respect to matters or questions arising hereunder which shall
not be materially inconsistent with the existing provisions hereof, (iv) to
relax or eliminate any requirement hereunder imposed by the REMIC Provisions if
the REMIC Provisions are amended or clarified such that any such requirement may
be relaxed or eliminated, (v) to modify, eliminate or add to the provisions of
Section 5.02(d) or any other provision hereof restricting transfer of the
Residual Certificates by virtue of their being "residual interests" in a REMIC
provided that such change shall not, as evidenced by an Opinion of Counsel,
cause the Trust Fund or any of the Certificateholders (other than the
Transferor) to be subject to a federal tax caused by a Transfer to a Person that
is not a Permitted Transferee, (vi) to relax or eliminate any requirement
hereunder imposed by the Securities Act or the rules thereunder if the
Securities Act or those rules are amended or clarified so as to allow for the
relaxation or elimination of that requirement, (vii) if such amendment, as
evidenced by an Opinion of Counsel (at the expense of the Trust Fund, in the
case of any amendment requested by either Master Servicer or the Special
Servicer that protects or is in furtherance of the interests of the
Certificateholders, and otherwise at the expense of the party seeking such
amendment) delivered to the Master Servicers, the Special Servicer and the
Trustee, is advisable or reasonably necessary to comply with any requirements
imposed by the Code or any successor or amendatory statute or any temporary or
final regulation, revenue ruling, revenue procedure or other written official
announcement or interpretation relating to federal income tax laws or any such
proposed action which, if made effective, would apply retroactively to REMIC I,
REMIC II or any grantor trust created hereunder at least from the effective date
of such amendment, or would be necessary to avoid the occurrence of a prohibited
transaction or to reduce the incidence of any tax that would arise from any
actions taken with respect to the operation of any such REMIC or grantor trust
or (viii) to otherwise modify or delete existing provisions of this Agreement;
provided that no such amendment hereof that is covered solely by clause (iii) or
(viii) above may, as evidenced by an Opinion of Counsel (at the expense of the
Trust Fund, in the case of any amendment requested by either Master Servicer or
the Special Servicer that protects or is in furtherance of the interests of the
Certificateholders, and otherwise at the expense of the party seeking such
amendment) obtained by or delivered to the Master Servicers, the Special
Servicer and the Trustee, adversely affect in any material respect the interests
of any Certificateholder or Non-Trust Noteholder; and provided, further, that no
such amendment may adversely affect the rights and/or interests of the Depositor
without its consent; and provided, further, that the Master Servicers, the
Special Servicer and the Trustee shall have first obtained from each Rating
Agency written confirmation that such amendment will not result in an Adverse
Rating Event; and provided, further, that no such amendment hereof that is
covered by any of clauses (i) through (ix) above may significantly change the
activities of the Trust.

            (b) This Agreement may also be amended from time to time by the
agreement of the Master Servicers, the Special Servicer, and the Trustee with
the consent of the Holders of Certificates entitled to at least 66-2/3% of the
Voting Rights for the purpose of adding any provisions to or changing in any
manner or eliminating any of the provisions of this Agreement or of modifying in
any manner the rights of the Holders of Certificates; provided, however, that no
such amendment shall (i) reduce in any manner the amount of, or delay the timing
of, payments received or advanced on Trust Mortgage Loans that are required to
be distributed on any Certificate without the consent of the Holder of such
Certificate, (ii) as evidenced by an Opinion of Counsel obtained by or delivered
to the Master Servicers, the Special Servicer and the Trustee, adversely affect
in any material respect the interests of the Holders of any Class of
Certificates in a manner other than as described in (i) without the consent of
the Holders of all Certificates of such Class, (iii) modify the provisions of
this Section 11.01 without the consent of the Holders of all Certificates then
outstanding, (iv) modify the provisions of Section 3.20 without the consent of
the Holders of Certificates entitled to all of the Voting Rights, (v) modify the
definition of Servicing Standard or the specified percentage of Voting Rights
which are required to be held by Certificateholders to consent or not to object
to any particular action pursuant to any provision of this Agreement without the
consent of the Holders of all Certificates then outstanding, (vi) significantly
change the activities of the Trust without the consent of the Holders of
Certificates entitled to at least 51% of the Voting Rights, without regard to
any Certificates held by the Depositor or any of its Affiliates or agents, (vii)
amend defined terms contained in this Agreement as they relate to Sections
2.01(c) and 2.01(d) of this Agreement or any other provision of Article II of
this Agreement that affects the document delivery or the repurchase and/or
substitution obligations of any Mortgage Loan Seller unless such Mortgage Loan
Seller shall have agreed to such amendment in writing, (viii) adversely affect,
in any material respect, the rights and/or interests of a Non-Trust Noteholder
without its consent or (ix) adversely affect the rights and/or interests of the
Depositor without its consent. Notwithstanding any other provision of this
Agreement, for purposes of the giving or withholding of consents pursuant to
this Section 11.01, Certificates registered in the name of the Depositor or any
Affiliate of the Depositor shall be entitled to the same Voting Rights with
respect to matters described above as they would if any other Person held such
Certificates, so long as neither the Depositor nor any of its Affiliates is
performing servicing duties with respect to any of the Trust Mortgage Loans.

            (c) Notwithstanding any contrary provision of this Agreement, the
Trustee shall not consent to any amendment to this Agreement unless it shall
first have obtained or been furnished with an Opinion of Counsel (at the expense
of the Trust Fund, in the case of any amendment requested by either Master
Servicer or the Special Servicer that protects or is in furtherance of the
interests of the Certificateholders, and, otherwise, at the expense of the party
seeking such amendment) to the effect that (i) such amendment or the exercise of
any power granted to the Trustee, the subject Master Servicer or the Special
Servicer in accordance with such amendment will not result in the imposition of
a tax on REMIC I or REMIC II pursuant to the REMIC Provisions or on Grantor
Trust Z or cause either of REMIC I or REMIC II to fail to qualify as a REMIC or
Grantor Trust Z to fail to qualify as a grantor trust at any time that any
Certificates are outstanding and (ii) such amendment complies with the
provisions of this Section 11.01.

            (d) Promptly after the execution of any such amendment, the Trustee
shall send a copy thereof to each Certificateholder and each Non-Trust
Noteholder.

            (e) It shall not be necessary for the consent of Certificateholders
under this Section 11.01 to approve the particular form of any proposed
amendment, but it shall be sufficient if such consent shall approve the
substance thereof. The manner of obtaining such consents and of evidencing the
authorization of the execution thereof by Certificateholders shall be subject to
such reasonable regulations as the Trustee may prescribe.

            (f) Each Master Servicer, the Special Servicer and the Trustee may
but shall not be obligated to enter into any amendment pursuant to this Section
that affects its rights, duties and immunities under this Agreement or
otherwise.

            (g) The cost of any Opinion of Counsel to be delivered pursuant to
Section 11.01(a), (b) or (c) shall be borne by the Person seeking the related
amendment, except that if either Master Servicer, the Special Servicer or the
Trustee requests any amendment of this Agreement that protects or is in
furtherance of the rights and interests of Certificateholders, the cost of any
Opinion of Counsel required in connection therewith pursuant to Section
11.01(a), (b) or (c) shall be payable out of the applicable Collection Account
or the Distribution Account pursuant to Section 3.05.

            (h) The Trustee shall give the Depositor reasonable prior written
notice of any amendment sought to be entered into pursuant to subsection (a) or
(b) above.

            SECTION 11.02. Recordation of Agreement; Counterparts.

            (a) 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 applicable Master Servicer, if required, at the expense of the
Trust Fund or, to the extent that it benefits one or more Non-Trust Noteholders,
such Non-Trust Noteholder(s), but only upon direction accompanied by an Opinion
of Counsel (the cost of which may be paid out of the applicable Collection
Account pursuant to Section 3.05(a) or, to the extent that it benefits such
Non-Trust Noteholder(s), out of the related Loan Combination Custodial Account
pursuant to Section 3.05(e)) to the effect that such recordation materially and
beneficially affects the interests of the Certificateholders and/or one or more
Non-Trust Noteholders; provided, however, that the Trustee shall have no
obligation or responsibility to determine whether any such recordation of this
Agreement is required.

            (b) 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 an original, and such counterparts shall
constitute but one and the same instrument.

            SECTION 11.03. Limitation on Rights of Certificateholders.

            (a) The death or incapacity of any Certificateholder shall not
operate to terminate this Agreement or the Trust Fund, 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
Trust Fund, nor otherwise affect the rights, obligations and liabilities of the
parties hereto or any of them.

            (b) No Certificateholder (except as expressly provided for herein)
shall have any right to vote or in any manner otherwise control the operation
and management of the Trust Fund, or the obligations of the parties hereto, nor
shall anything herein set forth, or contained in the terms of the Certificates,
be construed so as to constitute the Certificateholders from time to time as
partners or members of an association; nor shall any Certificateholder be under
any liability to any third party by reason of any action taken by the parties to
this Agreement pursuant to any provision hereof.

            (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 or under or with respect to this Agreement or any Trust
Mortgage Loan, unless, with respect to any suit, action or proceeding upon or
under or with respect to this Agreement, such Holder previously shall have given
to the Trustee a written notice of default hereunder, and of the continuance
thereof, as hereinbefore provided, and unless also (except in the case of a
default by the Trustee) the Holders of Certificates entitled to at least 25% of
the Voting Rights shall have made written request upon the Trustee to institute
such action, suit or 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, expenses and liabilities to be incurred therein or thereby, and 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. It is understood and intended, and expressly covenanted by each
Certificateholder with every other Certificateholder and the Trustee, that no
one or more Holders of Certificates shall have any right in any manner
whatsoever by virtue of any provision of this Agreement to affect, disturb or
prejudice the rights of the Holders of any other of such Certificates, or to
obtain or seek to obtain priority over or preference to any other such Holder,
which priority or preference is not otherwise provided for herein, 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, each and every
Certificateholder and the Trustee shall be entitled to such relief as can be
given either at law or in equity.

            SECTION 11.04. Governing Law; Waiver of Trial by Jury

            This Agreement and the Certificates shall be construed in accordance
with the internal laws of the State of New York applicable to agreements made
and to be performed in said State, and the obligations, rights and remedies of
the parties hereunder shall be determined in accordance with such laws. The
parties hereunder each irrevocably waive, to the extent permitted by applicable
law, all right to trial by jury in any action, claim, suit, proceeding or
counterclaim (whether based on contract, tort or otherwise) relating to or
arising out of this Agreement.

            SECTION 11.05. Notices.

            Any communications provided for or permitted hereunder shall be in
writing and, unless otherwise expressly provided herein, shall be deemed to have
been duly given when sent by either certified mail (return receipt requested) or
by courier service (proof of delivery requested) and also by facsimile
transmission to the intended recipient at the address set forth below:

            (i) in the case of the Depositor, Merrill Lynch Mortgage Investors,
      Inc., c/o Global Commercial Real Estate, 4 World Financial Center, 16th
      Floor, 250 Vesey Street, New York, New York 10080, Attention: David M.
      Rodgers, facsimile No.: 212-449-7684, with a copy to Director of CMBS
      Securitizations, facsimile number: (212) 449-7684, and a copy to Merrill
      Lynch Mortgage Investors, Inc., 4 World Financial Center, 12th Floor, 250
      Vesey Street, New York, New York 10080, Attention: General Counsel for
      Global Commercial Real Estate in the Office of the General Counsel,
      facsimile number (212) 449-0265. For the avoidance of doubt facsimile
      notifications shall not be effective for notice hereunder. Any
      communications provided for or permitted hereunder shall be in writing and
      shall be deemed to have been duly given when sent by either certified mail
      (return receipt requested) or by overnight mail (proof of delivery
      requested);

            (ii) in the case of Master Servicer No. 1, Wachovia Bank, National
      Association, 8739 Research Drive, URP4, Charlotte, North Carolina
      28262-1075, Re: MLMT Commercial Mortgage Trust 2006-C2, Commercial
      Mortgage Pass-Through Certificates, Series 2006-C2, facsimile number:
      (704) 715-0036;

            (iii) in the case of Master Servicer No. 2, Prudential Asset
      Resources, Inc., 2200 Ross Avenue, Suite 4900E, Dallas, TX 75201,
      Attention: Vice President - Asset Management (with copy Attention: General
      Counsel);

            (iv) in the case of the Trustee, LaSalle Bank National Association,
      Corporate Trust Services, 135 South LaSalle Street, Suite 1625, Chicago,
      Illinois 60603, Attention: Global Securities and Trust Services
      Group--Merrill Lynch Mortgage Investors, Inc., Commercial Mortgage
      Pass-Through Certificates, Series 2006-C2, facsimile number: (312)
      904-1085;

            (v) in the case of the Underwriters,

                  (A) Merrill Lynch, Pierce, Fenner & Smith Incorporated, c/o
            Global Commercial Real Estate, 4 World Financial Center, 16th Floor,
            250 Vesey Street, New York, New York 10080, Attention: David M.
            Rodgers, facsimile No.: 212-449-7684, with a copy to Director of
            CMBS Securitizations, facsimile number: (212) 449-7684, and a copy
            to Merrill Lynch, Pierce, Fenner & Smith Incorporated, 4 World
            Financial Center, 12th Floor, 250 Vesey Street, New York, New York
            10080, Attention: General Counsel for Global Commercial Real Estate
            in the Office of the General Counsel, 4 World Financial Center, 250
            Vesey Street, 12th Floor, New York, New York 10080, facsimile number
            (212) 449-0265;

                  (B) [______];

                  (C) [______];

                  (D) [______]; and

                  (E) [_____].

            (vi) in the case of the Rating Agencies,

                  (A) Moody's Investors Service, Inc., 99 Church Street, New
            York, New York 10007, Attention: Commercial Mortgage Surveillance,
            facsimile number: (212) 553-4392;;

                  (B) Standard & Poor's Ratings Services, 55 Water Street, New
            York, New York 10041-0003, Attention: CMBS Surveillance Group,
            facsimile number: (212) 438-2662, Re: MLMT Commercial Mortgage Trust
            2006-C2, Commercial Mortgage Pass-Through Certificates, Series
            2006-C2; and

            (vii) in the case of the initial Controlling Class Representative,
      [______];

or as to each such Person such other address as may hereafter be furnished by
such Person to the parties hereto in writing. Any communication required or
permitted to be delivered to a Certificateholder shall be deemed to have been
duly given when mailed first class, postage prepaid, to the address of such
Holder as shown in the Certificate Register.

            SECTION 11.06. Severability of Provisions.

            If any one or more of the covenants, agreements, provisions or terms
of this Agreement shall be for any reason whatsoever held invalid, then such
covenants, agreements, provisions or terms shall be deemed severable from the
remaining covenants, agreements, provisions or terms of this Agreement and shall
in no way affect the validity or enforceability of the other provisions of this
Agreement or of the Certificates or the rights of the Holders thereof.

            SECTION 11.07. Grant of a Security Interest.

            The Depositor and the Trustee agree that it is their intent that the
conveyance of the Depositor's right, title and interest in and to the Trust
Mortgage Loans pursuant to this Agreement shall constitute a sale and not a
pledge of security for a loan. If such conveyance is deemed to be a pledge of
security for a loan, however, the Depositor intends that the rights and
obligations of the parties to such loan shall be established pursuant to the
terms of this Agreement. The Depositor also intends and agrees that, in such
event, the Depositor shall be deemed to have granted to the Trustee (in such
capacity) a first priority security interest in the Depositor's entire right,
title and interest in and to the assets constituting the Trust Fund.

            SECTION 11.08. Streit Act.

            Any provisions required to be contained in this Agreement by Section
126 of Article 4-A of the New York Real Property Law are hereby incorporated
herein, and such provisions shall be in addition to those conferred or imposed
by this Agreement; provided, however, that to the extent that such Section 126
shall not have any effect, and if said Section 126 should at any time be
repealed or cease to apply to this Agreement or be construed by judicial
decision to be inapplicable, said Section 126 shall cease to have any further
effect upon the provisions of this Agreement. In case of a conflict between the
provisions of this Agreement and any mandatory provisions of Article 4-A of the
New York Real Property Law, such mandatory provisions of said Article 4-A shall
prevail, provided that if said Article 4-A shall not apply to this Agreement,
should at any time be repealed, or cease to apply to this Agreement or be
construed by judicial decision to be inapplicable, such mandatory provisions of
such Article 4-A shall cease to have any further effect upon the provisions of
this Agreement.

            SECTION 11.09. Successors and Assigns; Beneficiaries.

            The provisions of this Agreement shall be binding upon and inure to
the benefit of the respective successors and assigns of the parties hereto, and
all such provisions shall inure to the benefit of the Certificateholders. Each
of the Sub-Servicers that is a party to a Sub-Servicing Agreement in effect on
the Closing Date (or being negotiated as of the Closing Date and in effect
within 90 days thereafter) shall be a third-party beneficiary to the obligations
of a successor Master Servicer under Section 3.22, provided that the sole remedy
for any claim by a Sub-Servicer as a third party beneficiary pursuant to this
Section 11.09 shall be against a successor Master Servicer solely in its
corporate capacity and no Sub-Servicer shall have any rights or claims against
the Trust Fund or any party hereto (other than a successor Master Servicer in
its corporate capacity as set forth in this Section 11.09) as a result of any
rights conferred on such Sub-Servicer as a third party beneficiary pursuant to
this Section 11.09. Each Non-Trust Noteholder and any designee thereof acting on
behalf of or exercising the rights of such Non-Trust Noteholder shall be a third
party beneficiary to this Agreement with respect to its rights as specifically
provided for herein and under the related Loan Combination Intercreditor
Agreement. This Agreement may not be amended in any manner that would adversely
affect the rights of any third party beneficiary hereof without its consent. No
other person, including, without limitation, any Mortgagor, shall be entitled to
any benefit or equitable right, remedy or claim under this Agreement.

            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. Notices to Rating Agencies.

            (a) The Trustee shall promptly provide notice to each Rating Agency
and the Controlling Class Representative (and, if affected thereby, any
Non-Trust Noteholder) with respect to each of the following of which it has
actual knowledge:

            (i) any material change or amendment to this Agreement;

            (ii) the occurrence of any Event of Default that has not been cured;

            (iii) the resignation or termination of the Trustee, either Master
      Servicer or the Special Servicer;

            (iv) the repurchase of Trust Mortgage Loans by any of the Mortgage
      Loan Sellers pursuant to the applicable Mortgage Loan Purchase Agreement;

            (v) any change in the location of the Distribution Account;

            (vi) the final payment to any Class of Certificateholders; and

            (vii) any sale or disposition of any Trust Mortgage Loan or REO
      Property.

            (b) Each Master Servicer shall promptly provide notice to each
Rating Agency (and, if affected thereby, any Non-Trust Noteholder) with respect
to each of the following of which it has actual knowledge:

            (i) the resignation or removal of the Trustee; and

            (ii) any change in the location of the Collection Account maintained
      by it.

            (c) The Special Servicer shall furnish each Rating Agency and the
Controlling Class Representative (and, with respect to a Loan Combination, the
related Non-Trust Noteholder(s)) with respect to a Trust Specially Serviced
Mortgage Loan such information as the Rating Agency or Controlling Class
Representative (and, with respect to a Loan Combination, the related Non-Trust
Noteholder(s)) shall reasonably request and which the Special Servicer can
reasonably provide in accordance with applicable law.

            (d) To the extent applicable, each Master Servicer and the Special
Servicer shall promptly furnish to each Rating Agency copies of the following
items:

            (i) each of its annual statements as to compliance described in
      Section 3.13;

            (ii) each of its annual independent public accountants' servicing
      reports described in Section 3.14; and

            (iii) any Officer's Certificate delivered by it to the Trustee, as
      applicable, pursuant to Section 3.03(e), 4.03(c) or 3.08.

            (e) The Trustee shall (i) make available to each Rating Agency and
the Controlling Class Representative, upon reasonable notice, the items
described in Section 3.15(a) and (ii) promptly deliver to each Rating Agency and
the Controlling Class Representative a copy of any notices given pursuant to
Section 7.03(a) or Section 7.03(b).

            (f) Each of the Trustee, the Master Servicers and the Special
Servicer shall provide to each Rating Agency such other information with respect
to the Trust Mortgage Loans and the Certificates, to the extent such party
possesses such information, as such Rating Agency shall reasonably request.

            (g) The applicable Master Servicer shall give each Rating Agency at
least 15 days' notice prior to any reimbursement to it of Nonrecoverable
Advances from amounts in the applicable Collection Account allocable to interest
on the Trust Mortgage Loans unless (1) such Master Servicer determines in its
sole discretion that waiting 15 days after such a notice could jeopardize such
Master Servicer's ability to recover Nonrecoverable Advances, (2) changed
circumstances or new or different information becomes known to such Master
Servicer that could affect or cause a determination of whether any Advance is a
Nonrecoverable Advance, whether to defer reimbursement of a Nonrecoverable
Advance or the determination in clause (1) above, or (3) such Master Servicer
has not timely received from the Trustee information requested by such Master
Servicer to consider in determining whether to defer reimbursement of a
Nonrecoverable Advance; provided that, if clause (1), (2) or (3) apply, such
Master Servicer shall give each Rating Agency notice of an anticipated
reimbursement to it of Nonrecoverable Advances from amounts in the applicable
Collection Account allocable to interest on the Trust Mortgage Loans as soon as
reasonably practicable in such circumstances. Neither Master Servicer shall have
any liability for any loss, liability or expense resulting from any notice
provided to any Rating Agency contemplated by the immediately preceding
sentence.

            (h) Notwithstanding any provision herein to the contrary, each
Master Servicer, the Special Servicer and the Trustee shall deliver to any
Underwriter any report prepared by such party hereunder upon request.

            SECTION 11.12. Complete Agreement.

            This Agreement embodies the complete agreement among the parties and
may not be varied or terminated except by a written agreement conforming to the
provisions of Section 11.01. All prior negotiations or representations of the
parties are merged into this Agreement and shall have no force or effect unless
expressly stated herein.

<PAGE>

            IN WITNESS WHEREOF, the parties hereto have caused their names to be
signed hereto by their respective officers thereunto duly authorized, in each
case as of the day and year first above written.

                                       MERRILL LYNCH MORTGAGE INVESTORS, INC.
                                          Depositor

                                       By:_________________________________
                                          Name:
                                          Title:

                                       WACHOVIA BANK, NATIONAL ASSOCIATION
                                          Master Servicer No. 1

                                       By:_________________________________
                                          Name:
                                          Title:

                                       PRUDENTIAL ASSET RESOURCES, INC.
                                          Master Servicer No. 2

                                       By:_________________________________
                                          Name:
                                          Title:

                                       J.E. ROBERT COMPANY, INC. Special
                                          Servicer

                                       By:_________________________________
                                          Name:
                                          Title:

                                       LASALLE BANK NATIONAL ASSOCIATION
                                          Trustee

                                       By:_________________________________
                                          Name:
                                          Title:

<PAGE>

STATE OF NEW YORK       )
                        )     ss.:
COUNTY OF NEW YORK      )

            On the ___ day of August, 2006, before me, a notary public in and
for said State, personally appeared ______________________________________,
known to me to be a ______________________________________ of MERRILL LYNCH
MORTGAGE INVESTORS, INC., one of the entities that executed the within
instrument, and also known to me to be the person who executed it on behalf of
such entity, and acknowledged to me that such entity executed the within
instrument.

            IN WITNESS WHEREOF, I have hereunto set my hand and affixed my
official seal the day and year in this certificate first above written.

                                       _______________________________________
                                                  Notary Public

                       [SEAL]

<PAGE>

STATE OF __________    )
                       )ss.:
COUNTY OF __________   )

            On the ___ day of August, 2006, before me, a notary public in and
for said State, personally appeared ______________________________________,
known to me to be a ______________________________________ of WACHOVIA BANK,
NATIONAL ASSOCIATION, one of the entities that executed the within instrument,
and also known to me to be the person who executed it on behalf of such entity,
and acknowledged to me that such entity executed the within instrument.

            IN WITNESS WHEREOF, I have hereunto set my hand and affixed my
official seal the day and year in this certificate first above written.

                                       _______________________________________
                                                  Notary Public

                       [SEAL]

<PAGE>

STATE OF __________    )
                       )ss.:
COUNTY OF __________   )

            On the ___ day of August, 2006, before me, a notary public in and
for said State, personally appeared ____________, known to me to be a __________
of PRUDENTIAL ASSET RESOURCES, INC., one of the entities that executed the
within instrument, and also known to me to be the person who executed it on
behalf of such entity, and acknowledged to me that such entity executed the
within instrument.

            IN WITNESS WHEREOF, I have hereunto set my hand and affixed my
official seal the day and year in this certificate first above written.

                                       _______________________________________
                                                  Notary Public

                       [SEAL]

<PAGE>

STATE OF ILLINOIS   )
                    )   ss.:
COUNTY OF COOK      )

            On the ______ day of August, 2006, before me, a notary public in and
for said State, personally appeared ______________________________________,
known to me to be a ___________________________________ of LASALLE BANK NATIONAL
ASSOCIATION, one of the entities that executed the within instrument, and also
known to me to be the person who executed it on behalf of such entity, and
acknowledged to me that such entity executed the within instrument.

            IN WITNESS WHEREOF, I have hereunto set my hand and affixed my
official seal the day and year in this certificate first above written.

                                       _______________________________________
                                                  Notary Public

                       [SEAL]

<PAGE>
                                   SCHEDULE I

                             MORTGAGE LOAN SCHEDULE

MLMT 2006-C2: Mortgage Loan Schedule

<TABLE>
<CAPTION>

Loan #   Property Name                                Originator   Property Type
------   ------------------------------------------   ----------   --------------------
<S>      <C>                                          <C>          <C>
     1   ARC Portfolio                                MLML         Manufactured Housing
  1.01   Shadow Hills                                 MLML         Manufactured Housing
  1.02   Hunter Ridge                                 MLML         Manufactured Housing
  1.03   Landmark Village                             MLML         Manufactured Housing
  1.04   Carnes Crossing                              MLML         Manufactured Housing
  1.05   Southwind Village                            MLML         Manufactured Housing
  1.06   Woodlands of Kennesaw                        MLML         Manufactured Housing
  1.07   Casual Estates                               MLML         Manufactured Housing
  1.08   Columbia Heights                             MLML         Manufactured Housing
  1.09   Broadmore                                    MLML         Manufactured Housing
   1.1   Castlewood Estates                           MLML         Manufactured Housing
  1.11   Country Club Crossing                        MLML         Manufactured Housing
  1.12   Twin Pines                                   MLML         Manufactured Housing
  1.13   Enchanted Village                            MLML         Manufactured Housing
  1.14   Villa                                        MLML         Manufactured Housing
  1.15   Oak Ridge                                    MLML         Manufactured Housing
  1.16   Evergreen Village                            MLML         Manufactured Housing
  1.17   Highland                                     MLML         Manufactured Housing
  1.18   Oakwood Forest                               MLML         Manufactured Housing
  1.19   Meadowbrook                                  MLML         Manufactured Housing
   1.2   Silver Creek                                 MLML         Manufactured Housing
  1.21   Five Seasons Davenport                       MLML         Manufactured Housing
  1.22   Forest Creek                                 MLML         Manufactured Housing
  1.23   Deerpointe                                   MLML         Manufactured Housing
  1.24   Loveland                                     MLML         Manufactured Housing
  1.25   Valley Verde                                 MLML         Manufactured Housing
  1.26   Quail Run                                    MLML         Manufactured Housing
  1.27   Cedar Terrace                                MLML         Manufactured Housing
  1.28   President's Park                             MLML         Manufactured Housing
  1.29   Shiloh Pines                                 MLML         Manufactured Housing
   1.3   Overpass Point MHC                           MLML         Manufactured Housing
  1.31   Meadow Glen                                  MLML         Manufactured Housing
  1.32   Woodlake                                     MLML         Manufactured Housing
  1.33   Lakewood - TX                                MLML         Manufactured Housing
  1.34   Chisholm Creek                               MLML         Manufactured Housing
  1.35   Plantation Estates                           MLML         Manufactured Housing
  1.36   Magnolia Circle                              MLML         Manufactured Housing
  1.37   Willow Creek Estates                         MLML         Manufactured Housing
  1.38   Seascape                                     MLML         Manufactured Housing
  1.39   Silver Leaf                                  MLML         Manufactured Housing
   1.4   Lakeside - GA                                MLML         Manufactured Housing
  1.41   Lakeside - IA                                MLML         Manufactured Housing
  1.42   Terrell Crossing                             MLML         Manufactured Housing
  1.43   Shady Hills                                  MLML         Manufactured Housing
  1.44   Crestview                                    MLML         Manufactured Housing
  1.45   Golden Valley                                MLML         Manufactured Housing
  1.46   Autumn Forest                                MLML         Manufactured Housing
  1.47   Eagle Creek                                  MLML         Manufactured Housing
  1.48   Amber Village                                MLML         Manufactured Housing
  1.49   The Pines                                    MLML         Manufactured Housing
   1.5   Birch Meadows                                MLML         Manufactured Housing
  1.51   Bluebonnet Estates                           MLML         Manufactured Housing
  1.52   Kopper View MHC                              MLML         Manufactured Housing
  1.53   Seamist                                      MLML         Manufactured Housing
  1.54   Chambersburg I & II                          MLML         Manufactured Housing
  1.55   Shawnee Hills                                MLML         Manufactured Housing
  1.56   Sherwood Acres                               MLML         Manufactured Housing
  1.57   Mulberry Heights                             MLML         Manufactured Housing
  1.58   Sunset Village                               MLML         Manufactured Housing
  1.59   Park D'Antoine                               MLML         Manufactured Housing
     2   California Market Center                     IXIS         Other
     3   RLJ Portfolio                                MLML         Hospitality
  3.01   Marriott Denver South                        MLML         Hospitality
  3.02   Marriott Midway                              MLML         Hospitality
  3.03   Renaissance Plantation                       MLML         Hospitality
  3.04   HGI Midway                                   MLML         Hospitality
  3.05   Residence Inn Plantation                     MLML         Hospitality
  3.06   Rennaissance Broomfield                      MLML         Hospitality
  3.07   Courtyard Salt Lake City                     MLML         Hospitality
  3.08   Residence Inn Houston Galleria               MLML         Hospitality
  3.09   Marriott Austin South                        MLML         Hospitality
   3.1   Springhill Suites Austin South               MLML         Hospitality
  3.11   Hampton Inn Midway                           MLML         Hospitality
  3.12   Marriott Pontiac                             MLML         Hospitality
  3.13   Holiday Inn Express Midway                   MLML         Hospitality
  3.14   Courtyard Austin Northwest                   MLML         Hospitality
  3.15   Residence Inn Round Rock                     MLML         Hospitality
  3.16   Residence Inn Austin Northwest               MLML         Hospitality
  3.17   Courtyard Brandon                            MLML         Hospitality
  3.18   Residence Inn Pontiac                        MLML         Hospitality
  3.19   Residence Inn Schaumberg                     MLML         Hospitality
   3.2   Sleep Inn Midway                             MLML         Hospitality
  3.21   Springhill Suites Schaumberg                 MLML         Hospitality
  3.22   Fairfield Inn Brandon                        MLML         Hospitality
  3.23   Courtyard Fort Wayne                         MLML         Hospitality
  3.24   Courtyard Louisville NE                      MLML         Hospitality
  3.25   Courtyard Merrillville                       MLML         Hospitality
  3.26   Residence Inn Louisville, CO                 MLML         Hospitality
  3.27   Residence Inn Fishers                        MLML         Hospitality
  3.28   Courtyard Sugarland                          MLML         Hospitality
  3.29   Residence Inn Sugarland                      MLML         Hospitality
   3.3   Fairfield Inn Merrillville                   MLML         Hospitality
  3.31   Courtyard Mesquite                           MLML         Hospitality
  3.32   Residence Inn Merrillville                   MLML         Hospitality
  3.33   Courtyard Mishawaka                          MLML         Hospitality
  3.34   Courtyard Pontiac                            MLML         Hospitality
  3.35   Residence Inn Austin South                   MLML         Hospitality
  3.36   Hampton Inn Merrillville                     MLML         Hospitality
  3.37   Holiday Inn Express Merrillville             MLML         Hospitality
  3.38   Courtyard Valparaiso                         MLML         Hospitality
  3.39   Fairfield Inn Austin South                   MLML         Hospitality
   3.4   Holiday Inn Select Grand Rapids              MLML         Hospitality
  3.41   Residence Inn South Bend                     MLML         Hospitality
  3.42   Courtyard Benton Harbor                      MLML         Hospitality
  3.43   Fairfield Inn Valparaiso                     MLML         Hospitality
     4   Mall at Whitney Field                        IXIS         Retail
     5   Embassy Suites - San Diego                   PMCF         Hospitality
     6   The Promenade of Westlake                    PMCF         Retail
     7   Maui Coast Hotel                             IXIS         Hospitality
     8   City Centre Building                         AMCC         Office
     9   Pavilion Court Apartments                    MLML         Multifamily
    10   The Shops of Fairlawn                        PMCF         Retail
    11   Polo Club Apartments                         MLML         Multifamily
    12   Telephone Road Plaza                         MLML         Retail
    13   Hadley Center II                             PMCF         Retail
    14   Shops at Yorktown                            MLML         Retail
    15   Eastlake & Roy Building                      AMCC         Office
    16   Douglas and Hamilton Wade House Apartments   IXIS         Multifamily
 16.01   Douglas House                                IXIS         Multifamily
 16.02   Hamilton Wade House                          IXIS         Multifamily
    17   Grand Mall                                   IXIS         Retail
 17.01   Grand Mall and Office Center                 IXIS         Retail
 17.02   4007 East 11 Mile Road                       IXIS         Retail
 17.03   25278-25298 Greenfield Road                  IXIS         Retail
    18   Lawndale Plaza                               MLML         Retail
    19   Lake Pointe Apartments                       PMCF         Multifamily
    20   Villa San Carlo                              IXIS         Multifamily
    21   Bridger Office Building                      PMCF         Office
    22   Northgate Shopping Center                    PMCF         Retail
    23   Kmart - CA                                   IXIS         Retail
    24   Kmart - NM                                   IXIS         Retail
    25   Kmart - CO                                   IXIS         Retail
    26   Kmart - IL                                   IXIS         Retail
    27   Kmart - NC                                   IXIS         Retail
    28   Mariner at South Shore Apts.                 IXIS         Multifamily
    29   33-51 Main Street                            IXIS         Retail
    30   Shillito Park Apartments                     PMCF         Multifamily
    31   Welsh Midwest Portfolio                      PMCF         Industrial
 31.01   Lunt Industrial Building                     PMCF         Industrial
 31.02   Zionsville Industrial Building               PMCF         Industrial
 31.03   Beltway Industrial Building                  PMCF         Industrial
 31.04   Stout Industrial Bulding                     PMCF         Industrial
    32   Macayo's Plaza                               AMCC         Retail
    33   The Lake in the Woods                        MLML         Multifamily
    34   Central Park Apartments                      AMCC         Multifamily
    35   Radisson Hotel                               PMCF         Hospitality
    36   Hannah Plaza 1                               IXIS         Retail
    37   Plantation Crossing                          MLML         Retail
    38   Green Acres Apartments                       MLML         Multifamily
    39   Evergreen Office                             MLML         Office
    40   Wing Pointe Apts. & Greenfield Townhomes     PMCF         Multifamily
    41   Metro Distribution Center                    MLML         Industrial
    42   800 King Street                              IXIS         Office
    43   Riverview Tower                              AMCC         Office
    44   Huntington Continental Apartments            MLML         Multifamily
    45   Inland Valley Medical Center                 MLML         Office
    46   Spring Forest Apartments at Deerfield        PMCF         Multifamily
    47   Promenade Business Park                      PMCF         Mixed Use
    48   Cruse Crossing Shopping Center               AMCC         Retail
    49   Windmill Lakes                               PMCF         Retail
    50   PSE Building - Bellevue, WA                  AMCC         Office
    51   Casa Carranza Mesa                           MLML         Multifamily
    52   Madera Royale Plaza                          IXIS         Retail
    53   Spring Hill Center                           MLML         Retail
    54   Capistrano Home Center                       AMCC         Retail
    55   Rainbow Professional                         IXIS         Office
    56   Barrington Estates                           IXIS         Multifamily
    57   Pierpont Building                            IXIS         Office
    58   Bridgepoint                                  IXIS         Multifamily
    59   Naperville Medical Office Building           PMCF         Office
    60   150 West State Street (Capital View)         MLML         Office
    61   One MacDonald Center                         MLML         Office
    62   Courtyard Ocala                              MLML         Hospitality
    63   JP Morgan Chase Building                     MLML         Office
    64   D'Andrea Pointe                              PMCF         Retail
    65   Walerga Plaza                                PMCF         Retail
    66   Cochise Plaza                                PMCF         Retail
    67   Lakewood Place                               MLML         Retail
    68   University City Portfolio                    PMCF         Multifamily
 68.01   Walnut Street                                PMCF         Multifamily
 68.02   Hamilton                                     PMCF         Multifamily
 68.03   Baltimore                                    PMCF         Multifamily
 68.04   Pine Street                                  PMCF         Multifamily
    69   Staybridge Suites Cranbury                   MLML         Hospitality
    70   SSA - Roseville, CA                          AMCC         Office
    71   Northfield Crossing                          AMCC         Retail
    72   Snoqualmie Ridge Retail                      AMCC         Retail
    73   Pointe De Bleu                               IXIS         Office
    74   Coast International Inn                      IXIS         Hospitality
    75   Shops at Old Mill Road                       MLML         Retail
    76   Foothill Plaza                               AMCC         Retail
    77   Beltline Village Shopping Center             AMCC         Retail
    78   Northridge Shopping Center                   AMCC         Retail
    79   Pulaski Highway                              IXIS         Retail
    80   Village at Weber Ranch                       IXIS         Retail
    81   New City Retail                              IXIS         Retail
    82   Spring Creek Village                         AMCC         Mixed Use
    83   500 Pacific                                  PMCF         Office
    84   Epps Bridge Triangle Office Building         AMCC         Office
    85   Redwood Square                               MLML         Retail
    86   Folcroft CargoPort                           IXIS         Industrial
    87   Carroll Gardens Industrial                   MLML         Industrial
    88   Three Parkway Center                         PMCF         Office
    89   McKesson Building                            AMCC         Industrial
    90   High Desert Plaza 2                          IXIS         Retail
    91   Colfax Central                               IXIS         Retail
    92   401 S.W. 12th Avenue                         PMCF         Mixed Use
    93   Wildcreek Plaza                              PMCF         Retail
    94   Eagle Mountain Shopping Center               PMCF         Retail
    95   Electric Building Apartments                 AMCC         Multifamily
    96   170 N. La Cienega                            IXIS         Retail
    97   Southern Community Bank Building             IXIS         Office
    98   Quadrangle of Woodlake Apartments            PMCF         Multifamily
    99   Ethan Allen                                  IXIS         Retail
   100   Jackson Creek Plaza                          IXIS         Retail
   101   Sansegal Industrial Building                 AMCC         Industrial
   102   Gillham Plaza                                IXIS         Office
   103   Hampton Inn Milan                            MLML         Hospitality
   104   Hampton Inn Sandusky                         MLML         Hospitality
   105   Antelope Marketplace                         PMCF         Retail
   106   South Meadows                                IXIS         Industrial
   107   CVS-Armingo                                  MLML         Retail
   108   Walgreen's Mountain Home                     MLML         Retail
   109   Pecan Plaza Shopping Center                  PMCF         Retail
   110   Olive Tree Plaza                             IXIS         Retail
   111   White Pine Shopping Center                   PMCF         Retail
   112   One Beacon Insurance                         MLML         Office
   113   Iowa Courthouse Office Building              AMCC         Office
   114   G Street Industrial                          PMCF         Industrial
   115   Windmill Park Retail                         AMCC         Retail
   116   Overland Corporate Center - Bldg G           AMCC         Office
   117   Lucerne-Creston                              IXIS         Retail
   118   Stillwater Apartments                        AMCC         Multifamily
   119   American Office Building                     AMCC         Mixed Use
   120   Plum Creek Square                            AMCC         Mixed Use
   121   Total Self Storage of Bentonville            AMCC         Self Storage
   122   Overland Corporate Center - Bldg B           AMCC         Office
   123   Rocky Mountain Self Storage                  AMCC         Self Storage
   124   Pony Express                                 IXIS         Retail
   125   Atlantic Family Physicians Center            IXIS         Office
   126   Lake Stevens Station #2                      PMCF         Office

<CAPTION>

Loan #   Street Address                                                                 City
------   ----------------------------------------------------------------------------   -------------------
<S>      <C>                                                                            <C>
     1   Various                                                                        Various
  1.01   8403 Millinockett Lane                                                         Orlando
  1.02   696 Tara Road                                                                  Jonesboro
  1.03   225 Club Drive                                                                 Fairburn
  1.04   420 Pittsburg Landing                                                          Summerville
  1.05   302 Fillmore Street                                                            Naples
  1.06   2880 Cobb Parkway Northwest                                                    Kennesaw
  1.07   8191 Oswego Road                                                               Liverpool
  1.08   2515 Cumberland Road                                                           Grand Forks
  1.09   900 Broadmore Estates                                                          Goshen
   1.1   100 Plantation Hill Road                                                       Mableton
  1.11   1101 Hickory Boulevard                                                         Altoona
  1.12   2011 West Wilden Avenue                                                        Goshen
  1.13   246 Wonderland Drive                                                           Alton
  1.14   3096 Camelot Drive                                                             Flint
  1.15   1201 County Road 15                                                            Elkhart
  1.16   2491 North Highway 89                                                          Pleasant View
  1.17   1875 Osolo Road                                                                Elkhart
  1.18   4100 North US 29 Highway Lot 84                                                Greensboro
  1.19   33550 East Highway 96                                                          Pueblo
   1.2   4930 North Dittmer Street                                                      Davenport
  1.21   5112 North Fairmount Street                                                    Davenport
  1.22   885 East Mishawaka Road                                                        Elkhart
  1.23   9380 103rd Street                                                              Jacksonville
  1.24   4105 North Garfield Avenue                                                     Loveland
  1.25   1751 West Hadley Avenue                                                        Las Cruces
  1.26   903 South Main Street                                                          Hutchins
  1.27   1834 Gretchen Drive Southwest                                                  Cedar Rapids
  1.28   184 Fillmore Avenue                                                            Grand Forks
  1.29   2525 Shiloh Road                                                               Tyler
   1.3   1700 North Pine Canyon Road                                                    Tooele
  1.31   600 Glen Vista Drive                                                           Keller
  1.32   5418 Country Club Road                                                         Greensboro
  1.33   1023 Lakes Drive                                                               Royse City
  1.34   501 East 63rd Street North                                                     Park City
  1.35   3461 Bankhead Highway                                                          Douglasville
  1.36   7915 103rd Street                                                              Jacksonville
  1.37   900 Century Drive                                                              Ogden
  1.38   6301 Old Brownsville Road                                                      Corpus Christi
  1.39   1550 North Main Street                                                         Mansfield
   1.4   3291 Bankhead Highway                                                          Lithia Springs
  1.41   11325 140th Street                                                             Davenport
  1.42   2390 West Moore Avenue                                                         Terrell
  1.43   1508 Dickerson Pike, #L-1                                                      Nashville
  1.44   2323 East 6th Avenue                                                           Stillwater
  1.45   7631 Dallas Highway                                                            Douglasville
  1.46   3700 Autumn Forest Drive                                                       Browns Summit
  1.47   11300 Highway 271                                                              Tyler
  1.48   13965 Skyfrost Drive                                                           Dallas
  1.49   9919 Highway 78                                                                Ladson
   1.5   214 Jones Road                                                                 Wilton
  1.51   901 East Young Avenue                                                          Temple
  1.52   7122 West Bendixon Drive                                                       West Valley City
  1.53   702 South Clarkwood                                                            Corpus Christi
  1.54   5368 Philadelphia Avenue #34                                                   Chambersburg
  1.55   4420 Southwest 61st Steet                                                      Topeka
  1.56   1928 East 47th Street South                                                    Wichita
  1.57   5429 Wilbarger Street                                                          Fort Worth
  1.58   1400 Old Sivells Bend Road                                                     Gainesville
  1.59   779 Route 9                                                                    Wilton
     2   110 East Ninth Street                                                          Los Angeles
     3   Various                                                                        Various
  3.01   10345 Park Meadows Drive                                                       Lone Tree
  3.02   6520 South Cicero Avenue                                                       Bedford Park
  3.03   1230 Pine Island Road                                                          Plantation
  3.04   6530 South Cicero Avenue                                                       Bedford Park
  3.05   130 North University Drive                                                     Plantation
  3.06   500 Flatiron Boulevard                                                         Broomfield
  3.07   4843 West Douglas Corrigan                                                     Salt Lake City
  3.08   2500 McCue Road                                                                Houston
  3.09   4415 South IH-35                                                               Austin
   3.1   4501 South IH-35                                                               Austin
  3.11   6540 South Cicero Avenue                                                       Bedford Park
  3.12   3600 Centerpoint Parkway                                                       Pontiac
  3.13   6500 South Cicero Avenue                                                       Bedford Park
  3.14   9409 Stonelake Boulevard                                                       Austin
  3.15   2505 South IH-35                                                               Round Rock
  3.16   3713 Tudor Boulevard                                                           Austin
  3.17   10152 Palm River Road                                                          Tampa
  3.18   3333 Centerpoint Parkway                                                       Pontiac
  3.19   1610 McConnor Parkway                                                          Schaumburg
   3.2   6650 South Cicero Avenue                                                       Bedford Park
  3.21   1550 McConnor Parkway                                                          Schaumburg
  3.22   10150 Palm River Road                                                          Tampa
  3.23   1619 West Washington Center Road                                               Fort Wayne
  3.24   10200 Champion Farms Drive                                                     Louisville
  3.25   7850 Rhode Island Street                                                       Merrillville
  3.26   845 Coal Creek Circle                                                          Louisville
  3.27   9765 Crosspoint Boulevard                                                      Fishers
  3.28   12655 Southwest Freeway                                                        Stafford
  3.29   12703 Southwest Freeway                                                        Sugarland
   3.3   8275 Georgia Street                                                            Merrillville
  3.31   2300 U.S. Highway 67                                                           Mesquite
  3.32   8018 Delaware Place                                                            Merrillville
  3.33   4825 North Main Street                                                         Mishawaka
  3.34   3555 Centerpoint Parkway                                                       Pontiac
  3.35   4537 South IH-35                                                               Austin
  3.36   8353 Georgia Street                                                            Merrillville
  3.37   8375 Georgia Street                                                            Merrillville
  3.38   2301 East Morthland Drive                                                      Valparaiso
  3.39   4525 South IH-35                                                               Austin
   3.4   3063 Lake Eastbrook Boulevard Southeast                                        Grand Rapids
  3.41   716 North Niles Avenue                                                         South Bend
  3.42   1592 Mall Drive                                                                Benton Harbor
  3.43   2101 East Morthland Drive                                                      Valparaiso
     4   100 Commercial Road                                                            Leominster
     5   601 Pacific Highway                                                            San Diego
     6   Detroit and Crocker Roads                                                      Westlake
     7   2259 South Kihei Road                                                          Kihei
     8   175 East 400 South                                                             Salt Lake City
     9   22675 Pavilion Drive                                                           Novi
    10   3737 West Market Street                                                        Fairlawn
    11   3319 East University Drive                                                     Mesa
    12   4762 Telephone Road                                                            Ventura
    13   4900-5020 (Excluding 5000) Hadley Center Drive                                 South Plainfield
    14   8117-21 Old York Road                                                          Elkins Park
    15   617 Eastlake Avenue East                                                       Seattle
    16   Various                                                                        Brockton
 16.01   20 Haverhill Street                                                            Brockton
 16.02   54 Haverhill Street                                                            Brockton
    17   Various                                                                        Various
 17.01   12741 South Saginaw Street                                                     Grand Blanc
 17.02   4007 East 11 Mile Road                                                         Warren
 17.03   25278-25298 Greenfield Road                                                    Oak Park
    18   6301 Oxford Avenue                                                             Philadelphia
    19   7550 Folsom Auburn Road                                                        Folsom
    20   205 White Drive                                                                Tallahassee
    21   701 Bridger Avenue                                                             Las Vegas
    22   12410, 12420, 12440, 12480 Aberdeen Street, NE                                 Blaine
    23   2019 South Main Street                                                         Lakeport
    24   3850 & 3860 North Main Street                                                  Las Cruces
    25   2665 West Eisenhower Boulevard                                                 Loveland
    26   3655 Nameoki Road                                                              Granite City
    27   950 West Market Street                                                         Smithfield
    28   2201 North Buffalo Drive                                                       Las Vegas
    29   33-51 Main Street                                                              Westport
    30   3500 Beaver Place Road                                                         Lexington
    31   Various                                                                        Various
 31.01   2201 Lunt Avenue                                                               Elk Grove Village
 31.02   7750 North Zionsville Road                                                     Indianapolis
 31.03   1920 Beltway Drive                                                             Overland
 31.04   2036 Stout Field West Drive                                                    Indianapolis
    32   15557, 15569, 15601 & 15609 West Bell Road                                     Surprise
    33   333 Neringa Lane                                                               Hobart
    34   5101, 5131, 5151, 5231, 5251, 5301, 5331 and 5351 Amber Valley Parkway South   Fargo
    35   2450 North Cleveland Avenue                                                    Roseville
    36   4750 - 4790 South Hagadorn Road                                                East Lansing
    37   12220 West Sunrise Boulevard                                                   Plantation
    38   11 Holiday Drive                                                               Kingston
    39   860 West Evergreen Avenue                                                      Chicago
    40   333 East Airport Road                                                          Heber City
    41   4011 Sivan Road                                                                Fort Myers
    42   800 North King Street                                                          Wilmington
    43   111 Soledad Street                                                             San Antonio
    44   17101 Springdale Street                                                        Huntington Beach
    45   36450 Inland Valley Drive                                                      Wildomar
    46   100 Willow Brook Court                                                         Mebane
    47   400-630 North Coit Road                                                        Richardson
    48   910, 950 & 960 Herrington Road                                                 Lawrenceville
    49   11 North Randall Road                                                          Batavia
    50   805 - 156th Avenue NE                                                          Bellevue
    51   1803 & 1903 North Country Club Drive                                           Mesa
    52   1464-1494 Madera Road                                                          Simi Valley
    53   2625-2633 Springs Road                                                         Vallejo
    54   31894 and 31896 Plaza Drive                                                    San Juan Capistrano
    55   3110 - 3140 South Rainbow Blvd                                                 Las Vegas
    56   8717 Old Town West Drive                                                       Indianapolis
    57   122-132 West Pierpont Avenue                                                   Salt Lake City
    58   2200 Brown Street                                                              Waxahachie
    59   1259 Rickert Drive                                                             Naperville
    60   150 West State Street                                                          Trenton
    61   1 North MacDonald                                                              Mesa
    62   3712 Southwest 38th Avenue                                                     Ocala
    63   3401 Morse Crossing                                                            Columbus
    64   3080,3060 & 3150 Vista Boulevard                                               Sparks
    65   4207 Elverta Road                                                              Antelope
    66   2105-2397 East Fry Boulevard                                                   Sierra Vista
    67   10009 and 10011 Bridgeport Way Southwest                                       Lakewood
    68   Various                                                                        Philadelphia
 68.01   4524-38 Walnut Street                                                          Philiadelphia
 68.02   3312-18 Hamilton Street                                                        Philiadelphia
 68.03   4629 Baltimore Avenue                                                          Philiadelphia
 68.04   4748 Pine Street                                                               Philiadelphia
    69   1272 South River Road                                                          Cranbury
    70   910 Cirby Way                                                                  Roseville
    71   1623-1678 Memorial Boulevard                                                   Murfreesboro
    72   7730 and 7802 Center Boulevard SE                                              Snoqualmie
    73   4911 South Arrowhead Drive                                                     Independence
    74   3333 West International Airport Road                                           Anchorage
    75   680 Southwest Powerhouse Drive                                                 Bend
    76   1000 Pocatello Creek Road                                                      Pocatello
    77   3435, 3445 and 3455 Belt Line Road                                             Irving
    78   183 South Highway 127                                                          Russell Springs
    79   8645 Pulaski Highway                                                           Baltimore
    80   5052 & 5084 West Lane and 1540, 1588 & 1710 East March Lane                    Stockton
    81   170 North Main Street                                                          New City
    82   517 and 555 West 100 North                                                     Providence
    83   500 Pacific Avenue                                                             Bremerton
    84   1550 Timothy Road                                                              Athens
    85   480 Redwood Street                                                             Vallejo
    86   401 Kaiser Drive                                                               Folcroft
    87   33-39, 61, and 66 4th Street                                                   Brooklyn
    88   3 Parkway Center Drive                                                         Green Tree Borough
    89   2800 South MacArthur Boulevard                                                 Alexandria
    90   43749-43825 15th Street West                                                   Lancaster
    91   7611 West Colfax Avenue and 1509 Wadsworth Boulevard                           Lakewood
    92   401 S.W. 12th Avenue                                                           Portland
    93   2945 & 2975 El Rancho Drive                                                    Sparks
    94   19 Eagle Mountain Boulevard                                                    Batesville
    95   410 West 7th Street                                                            Fort Worth
    96   170 North La Cienega Boulevard                                                 Beverly Hills
    97   741 West Lanier Avenue                                                         Fayetteville
    98   2021 Gessner Drive                                                             Houston
    99   2401 Solomon's Island Road and 2563 Forest Drive                               Annapolis
   100   505, 525 and 535 State Highway 49                                              Jackson
   101   611 West 9560 South                                                            Sandy
   102   301 East Armour Boulevard                                                      Kansas City
   103   11600 U.S. Route 250                                                           Milan
   104   6100 Milan Road                                                                Sandusky
   105   7893 Walerga Road                                                              Antelope
   106   9475 Double R Boulevard                                                        Reno
   107   2638 - 2648 East Cumberland Street                                             Philadelphia
   108   350 Highway 62 East                                                            Mountain Home
   109   1151 East Highway 377                                                          Granbury
   110   600-680 Edith Avenue                                                           Corning
   111   1212 State Street                                                              White Pine
   112   1051 Texas Street                                                              Salem
   113   18411 Crenshaw Boulevard                                                       Torrance
   114   1816-1860 G Street                                                             Fresno
   115   2165, 2185, and 2207 East Windmill Lane                                        Las Vegas
   116   41637 Margarita Road                                                           Temecula
   117   356-370 River Road                                                             New Milford
   118   245 Tacoma Avenue South                                                        Tacoma
   119   340 South Main Street & 10, 12, 16 & 18 West Market Street                     Salt Lake City
   120   130, 140,151,156,168,177,181 and 187 Kirkham Circle                            Kyle
   121   2110 SE J Street                                                               Bentonville
   122   41607 Margarita Road                                                           Temecula
   123   100 Valency Drive                                                              Loveland
   124   6454 Pony Express Trail                                                        Pollock Pines
   125   2607 Medical Office Place                                                      Goldsboro
   126   9514 4th Street NE                                                             Lake Stevens

<CAPTION>

Loan #   County         State     Zip Code   Cut-Off Date Balance ($)   Original Balance ($)   Monthly P&I Debt Service ($)
------   ------------   -------   --------   ------------------------   --------------------   ----------------------------
<S>      <C>            <C>       <C>        <C>                        <C>                    <C>
     1   Various        Various   Various                 170,000,000            170,000,000                     896,134.14
  1.01   Orange         FL           32825                 12,195,652             12,195,652
  1.02   Clayton        GA           30238                 11,892,609             11,892,609
  1.03   Fayette        GA           30213                  8,182,174              8,182,174
  1.04   Berkeley       SC           29483                  7,487,391              7,487,391
  1.05   Collier        FL           34104                  6,053,478              6,053,478
  1.06   Cobb           GA           30152                  5,543,478              5,543,478
  1.07   Onondaga       NY           13090                  5,543,478              5,543,478
  1.08   Grand Forks    ND           58201                  5,454,783              5,454,783
  1.09   Elkhart        IN           46528                  4,944,783              4,944,783
   1.1   Cobb           GA           30126                  4,826,522              4,826,522
  1.11   Polk           IA           50009                  4,420,000              4,420,000
  1.12   Elkhart        IN           46528                  4,375,652              4,375,652
  1.13   Madison        IL           62002                  4,360,870              4,360,870
  1.14   Genesee        MI           48507                  3,873,043              3,873,043
  1.15   Elkhart        IN           46516                  3,806,522              3,806,522
  1.16   Weber          UT           84404                  3,695,652              3,695,652
  1.17   Elkhart        IN           46514                  3,666,087              3,666,087
  1.18   Guilford       NC           27405                  3,547,826              3,547,826
  1.19   Pueblo         CO           81001                  3,266,957              3,266,957
   1.2   Scott          IA           52806                  3,067,391              3,067,391
  1.21   Scott          IA           52806                  2,934,348              2,934,348
  1.22   Elkhart        IN           46517                  2,808,696              2,808,696
  1.23   Duval          FL           32210                  2,712,609              2,712,609
  1.24   Larimer        CO           80538                  2,609,130              2,609,130
  1.25   Dona Ana       NM           88005                  2,609,130              2,609,130
  1.26   Dallas         TX           75141                  2,431,739              2,431,739
  1.27   Linn           IA           52404                  2,402,174              2,402,174
  1.28   Grand Forks    ND           58201                  2,217,391              2,217,391
  1.29   Smith          TX           75703                  2,017,826              2,017,826
   1.3   Tooele         UT           84074                  1,951,304              1,951,304
  1.31   Tarrant        TX           76248                  1,803,478              1,803,478
  1.32   Guilford       NC           27406                  1,773,913              1,773,913
  1.33   Rockwall       TX           75189                  1,759,130              1,759,130
  1.34   Sedgwick       KS           67219                  1,751,739              1,751,739
  1.35   Douglas        GA           30134                  1,677,826              1,677,826
  1.36   Duval          FL           32210                  1,589,130              1,589,130
  1.37   Weber          UT           84404                  1,544,783              1,544,783
  1.38   Nueces         TX           78417                  1,515,217              1,515,217
  1.39   Tarrant        TX           76063                  1,485,652              1,485,652
   1.4   Douglas        GA           30122                  1,456,087              1,456,087
  1.41   Scott          IA           52804                  1,441,304              1,441,304
  1.42   Kaufman        TX           75160                  1,426,522              1,426,522
  1.43   Davidson       TN           37207                  1,389,565              1,389,565
  1.44   Payne          OK           74074                  1,382,174              1,382,174
  1.45   Douglas        GA           30134                  1,263,913              1,263,913
  1.46   Guilford       NC           27214                  1,234,348              1,234,348
  1.47   Smith          TX           75708                  1,175,217              1,175,217
  1.48   Dallas         TX           75253                  1,145,652              1,145,652
  1.49   Charleston     SC           29456                  1,042,174              1,042,174
   1.5   Saratoga       NY           12866                  1,012,609              1,012,609
  1.51   Bell           TX           76501                  1,012,609              1,012,609
  1.52   Salt Lake      UT           84128                    975,652                975,652
  1.53   Nueces         TX           78406                    953,478                953,478
  1.54   Franklin       PA           17201                    864,783                864,783
  1.55   Shawnee        KS           66619                    628,261                628,261
  1.56   Sedgwick       KS           67216                    576,522                576,522
  1.57   Tarrant        TX           76119                    487,826                487,826
  1.58   Cooke          TX           76240                    480,435                480,435
  1.59   Saratoga       NY           12831                    251,304                251,304
     2   Los Angeles    CA           90015                111,805,891            112,000,000                     688,875.00
     3   Various        Various   Various                  95,367,640             95,367,640                     589,926.80
  3.01   Douglas        CO           80124                  7,481,051              7,481,051
  3.02   Cook           IL           60638                  5,355,005              5,355,005
  3.03   Broward        FL           33324                  4,845,594              4,845,594
  3.04   Cook           IL           60638                  4,092,308              4,092,308
  3.05   Broward        FL           33324                  3,810,452              3,810,452
  3.06   Broomfield     CO           80021                  3,598,275              3,598,275
  3.07   Salt Lake      UT           84116                  3,472,069              3,472,069
  3.08   Harris         TX           77056                  3,363,976              3,363,976
  3.09   Travis         TX           78744                  3,258,074              3,258,074
   3.1   Travis         TX           78744                  3,258,074              3,258,074
  3.11   Cook           IL           60638                  3,163,143              3,163,143
  3.12   Oakland        MI           48341                  2,637,858              2,637,858
  3.13   Cook           IL           60638                  2,463,287              2,463,287
  3.14   Travis         TX           78759                  2,397,271              2,397,271
  3.15   Williamson     TX           78664                  2,209,971              2,209,971
  3.16   Travis         TX           78759                  2,192,835              2,192,835
  3.17   Hillsborough   FL           33619                  2,028,611              2,028,611
  3.18   Oakland        MI           48341                  2,006,568              2,006,568
  3.19   Cook           IL           60173                  1,978,960              1,978,960
   3.2   Cook           IL           60638                  1,972,888              1,972,888
  3.21   Cook           IL           60173                  1,934,363              1,934,363
  3.22   Hillsborough   FL           33619                  1,924,435              1,924,435
  3.23   Allen          IN           46818                  1,855,744              1,855,744
  3.24   Jefferson      KY           40241                  1,805,242              1,805,242
  3.25   Lake           IN           46410                  1,747,072              1,747,072
  3.26   Boulder        CO           80027                  1,610,939              1,610,939
  3.27   Hamilton       IN           46256                  1,592,633              1,592,633
  3.28   Fort Bend      TX           77477                  1,576,580              1,576,580
  3.29   Fort Bend      TX           77477                  1,433,006              1,433,006
   3.3   Lake           IN           46410                  1,428,958              1,428,958
  3.31   Dallas         TX           75150                  1,382,461              1,382,461
  3.32   Lake           IN           46410                  1,358,834              1,358,834
  3.33   Saint Joseph   IN           46545                  1,342,011              1,342,011
  3.34   Oakland        MI           48341                  1,320,304              1,320,304
  3.35   Travis         TX           78744                  1,309,448              1,309,448
  3.36   Lake           IN           46410                  1,104,986              1,104,986
  3.37   Lake           IN           46410                    985,528                985,528
  3.38   Porter         IN           46383                    896,068                896,068
  3.39   Travis         TX           78744                    821,273                821,273
   3.4   Kent           MI           49512                    774,681                774,681
  3.41   Saint Joseph   IN           46617                    647,861                647,861
  3.42   Berrien        MI           49022                    495,913                495,913
  3.43   Porter         IN           46383                    433,035                433,035
     4   Worcester      MA            1453                 74,750,000             75,500,000                     486,549.27
     5   San Diego      CA           92101                 72,874,488             73,000,000                     450,661.18
     6   Cuyahoga       OH           44145                 42,371,817             42,450,000                     253,691.02
     7   Maui           HI           96753                 41,465,012             41,500,000                     247,081.85
     8   Salt Lake      UT           84111                 30,000,000             30,000,000                     153,097.22
     9   Oakland        MI           48375                 24,987,441             25,000,000                     145,514.45
    10   Summit         OH           44333                 21,440,203             21,500,000                     126,425.86
    11   Maricopa       AZ           85213                 20,900,000             20,900,000                     106,445.83
    12   Ventura        CA           93003                 18,650,000             18,650,000                     115,742.52
    13   Middlesex      NJ           07080                 18,000,000             18,000,000                     102,314.98
    14   Montgomery     PA           19027                 17,500,000             17,500,000                     100,684.63
    15   King           WA           98109                 17,100,000             17,100,000                      88,854.69
    16   Plymouth       MA            2301                 16,986,960             17,000,000                     105,103.51
 16.01   Plymouth       MA            2301                 10,795,452             10,803,738
 16.02   Plymouth       MA            2301                  6,191,509              6,196,262
    17   Various        MI        Various                  16,788,152             16,800,000                     107,183.74
 17.01   Genesee        MI           48439                 11,229,575             11,237,500
 17.02   Macomb         MI           48092                  3,310,164              3,312,500
 17.03   Oakland        MI           48237                  2,248,413              2,250,000
    18   Philadelphia   PA           19111                 16,400,000             16,400,000                     101,233.75
    19   Sacramento     CA           95630                 16,200,000             16,200,000                      95,880.89
    20   Leon           FL           32304                 15,884,853             16,000,000                      92,661.38
    21   Clark          NV           89101                 15,275,000             15,275,000                      86,155.62
    22   Anoka          MN           55449                 15,188,088             15,200,000                      93,193.94
    23   Lake           CA           95453                  5,864,193              5,870,000                      36,033.78
    24   Dona Ana       NM           88012                  4,117,923              4,122,000                      25,303.45
    25   Larimer        CO           80537                  2,171,850              2,174,000                      13,345.39
    26   Madison        IL           62040                  2,072,947              2,075,000                      12,737.67
    27   Johnston       NC           27577                    958,051                959,000                       5,886.95
    28   Clark          NV           89128                 15,000,000             15,000,000                      89,547.19
    29   Fairfield      CT            6880                 14,830,000             14,830,000                      93,199.92
    30   Fayette        KY           40503                 13,300,000             13,300,000                      79,398.51
    31   Various        Various   Various                  13,300,000             13,300,000                      80,425.57
 31.01   Cook           IL           60007                  6,900,000              6,900,000
 31.02   Marion         IN           46268                  2,500,000              2,500,000
 31.03   St. Louis      MO           63114                  2,400,000              2,400,000
 31.04   Marion         IN           46241                  1,500,000              1,500,000
    32   Maricopa       AZ           85374                 13,300,000             13,300,000                      81,803.91
    33   Lake           IN           46342                 13,289,667             13,300,000                      81,821.20
    34   Cass           ND           58104                 12,880,000             12,880,000                      74,755.58
    35   Ramsey         MN           55113                 12,500,000             12,500,000                      83,543.73
    36   Ingham         MI           48823                 12,200,000             12,200,000                      74,642.07
    37   Broward        FL           33323                 11,400,000             11,400,000                      69,614.47
    38   Luzerne        PA           18704                 11,300,000             11,300,000                      68,127.45
    39   Cook           IL           60622                 10,991,180             11,000,000                      66,837.16
    40   Wasatch        UT           84032                 10,729,532             10,750,000                      63,212.93
    41   Lee            FL           33916                 10,632,302             10,640,000                      67,252.04
    42   New Castle     DE           19801                 10,500,000             10,500,000                      64,104.98
    43   Bexar          TX           78205                 10,400,000             10,400,000                      64,848.46
    44   Orange         CA           92649                 10,310,000             10,310,000                      53,502.93
    45   Riverside      CA           92595                 10,200,000             10,200,000                      63,281.57
    46   Alamance       NC           27302                  9,800,000              9,800,000                      56,693.07
    47   Dallas         TX           75080                  9,166,391              9,200,000                      55,336.22
    48   Gwinnett       GA           30044                  9,120,000              9,120,000                      52,874.74
    49   Kane           IL           60510                  8,950,000              8,950,000                      54,815.97
    50   King           WA           98007                  8,900,000              8,900,000                      52,164.36
    51   Maricopa       AZ           85201                  8,550,000              8,550,000                      52,149.91
    52   Ventura        CA           93065                  8,270,000              8,270,000                      49,508.42
    53   Solano         CA           94591                  8,120,000              8,120,000                      49,985.67
    54   Orange         CA           92675                  8,000,000              8,000,000                      49,935.76
    55   Clark          NV           89146                  7,980,000              7,980,000                      48,724.95
    56   Marion         IN           46260                  7,850,000              7,850,000                      46,812.67
    57   Salt Lake      UT           84101                  7,771,759              7,800,000                      47,116.55
    58   Ellis          TX           75165                  7,700,000              7,500,000                      47,310.11
    59   DuPage         IL           60540                  7,500,000              7,500,000                      44,533.24
    60   Mercer         NJ           08608                  7,494,197              7,500,000                      46,212.94
    61   Maricopa       AZ           85201                  7,420,000              7,420,000                      44,416.16
    62   Marion         FL           34474                  7,391,234              7,400,000                      49,388.88
    63   Franklin       OH           43219                  7,315,000              7,315,000                      45,621.73
    64   Washoe         NV           89431                  7,259,010              7,265,000                      43,650.81
    65   Sacramento     CA           95843                  7,081,646              7,135,000                      40,466.99
    66   Cochise        AZ           85635                  7,075,736              7,150,000                      51,348.64
    67   Pierce         WA           98499                  6,900,000              6,900,000                      41,942.98
    68   Philadelphia   PA        Various                   6,800,000              6,800,000                      42,400.92
 68.01   Philadelphia   PA           19139                  3,930,000              3,930,000
 68.02   Philadelphia   PA           19104                  1,040,000              1,040,000
 68.03   Philadelphia   PA           19143                    930,000                930,000
 68.04   Philadelphia   PA           19143                    900,000                900,000
    69   Middlesex      NJ            8512                  6,500,000              6,500,000                      44,173.20
    70   Placer         CA           95661                  6,494,961              6,500,000                      40,021.62
    71   Rutherford     TN           37129                  6,350,000              6,350,000                      39,346.17
    72   King           WA           98065                  6,100,000              6,100,000                      35,753.10
    73   Jackson        MO           64055                  5,988,974              6,000,000                      35,895.92
    74   Anchorage      AK           99502                  5,984,734              6,000,000                      40,123.38
    75   Deschutes      OR           97702                  5,945,314              5,950,000                      36,411.02
    76   Bannock        ID           83201                  5,940,000              5,940,000                      36,922.00
    77   Dallas         TX           75062                  5,900,000              5,900,000                      35,791.81
    78   Russell        KY           42642                  5,850,000              5,850,000                      35,564.13
    79   Baltimore      MD           21237                  5,600,000              5,600,000                      35,403.18
    80   San Joaquin    CA           95210                  5,500,000              5,500,000                      34,115.24
    81   Rockland       NY           10956                  5,500,000              5,500,000                      33,240.95
    82   Cache          UT           84332                  5,500,000              5,500,000                      33,721.49
    83   Kitsap         WA           98337                  5,432,716              5,437,000                      33,264.67
    84   Clarke         GA           30606                  5,375,000              5,375,000                      32,920.21
    85   Solano         CA           94590                  5,350,000              5,350,000                      32,933.91
    86   Delaware       PA           19032                  5,350,000              5,350,000                      32,628.35
    87   Kings          NY           11231                  5,296,166              5,300,000                      33,499.61
    88   Allegheny      PA           15220                  5,261,235              5,300,000                      30,426.19
    89   Rapides        LA           71301                  5,195,958              5,200,000                      31,983.48
    90   Los Angeles    CA           93534                  5,000,000              5,000,000                      31,652.74
    91   Jefferson      CO           80214                  4,800,000              4,800,000                      29,211.88
    92   Multnomah      OR           97205                  4,695,077              4,750,000                      30,112.62
    93   Washoe         NV           89431                  4,691,324              4,700,000                      28,058.12
    94   Independence   AR           72501                  4,575,000              4,575,000                      34,190.82
    95   Tarrant        TX           76102                  4,500,000              4,500,000                      27,912.47
    96   Los Angeles    CA           90211                  4,496,615              4,500,000                      28,030.01
    97   Fayetteville   GA           30214                  4,220,000              4,220,000                      26,515.00
    98   Harris         TX           77080                  4,189,849              4,200,000                      26,298.75
    99   Ann Arundel    MD           21401                  3,796,100              3,800,000                      24,188.08
   100   Amador         CA           95642                  3,600,000              3,600,000                      22,308.84
   101   Salt Lake      UT           84070                  3,600,000              3,600,000                      22,329.97
   102   Jackson        MO           64111                  3,575,015              3,600,000                      22,909.62
   103   Erie           OH           44846                  1,925,000              1,925,000                      13,035.41
   104   Erie           OH           44870                  1,650,000              1,650,000                      11,173.21
   105   Sacramento     CA           95843                  3,573,349              3,600,000                      20,530.84
   106   Washoe         NV           89521                  3,560,000              3,560,000                      21,184.05
   107   Philadelphia   PA           19125                  3,423,360              3,425,000                      20,235.50
   108   Baxter         AR           72653                  3,347,333              3,350,000                      20,413.48
   109   Hood           TX           76048                  3,344,454              3,350,000                      21,042.26
   110   Tehama         CA           96021                  3,300,000              3,300,000                      20,307.94
   111   Jefferson      TN           37890                  3,075,000              3,075,000                      18,993.34
   112   Salem          VA           24153                  3,000,000              3,000,000                      15,649.38
   113   Los Angeles    CA           90504                  3,000,000              3,000,000                      18,257.43
   114   Fresno         CA           93706                  2,910,197              2,915,000                      18,348.17
   115   Clark          NV           89123                  2,900,000              2,900,000                      15,215.94
   116   Riverside      CA           92591                  2,500,000              2,500,000                      15,376.67
   117   Bergen         NJ            7646                  2,497,909              2,500,000                      14,932.55
   118   Pierce         WA           98402                  2,350,000              2,350,000                      14,484.64
   119   Salt Lake      UT           84101                  2,300,000              2,300,000                      14,356.53
   120   Hays           TX           78640                  2,221,359              2,225,000                      14,048.88
   121   Benton         AR           72712                  2,198,368              2,200,000                      13,775.54
   122   Riverside      CA           92591                  2,100,000              2,100,000                      12,916.41
   123   Larimer        CO           80537                  2,096,443              2,100,000                      13,053.23
   124   El Dorado      CA           95726                  1,600,000              1,600,000                       9,997.62
   125   Wayne          NC           27534                  1,598,897              1,600,000                      10,292.63
   126   Snohomish      WA           98258                  1,472,680              1,475,000                       9,478.75

<CAPTION>

Loan #   Annual P&I Debt Service ($)   Interest Rate %   Primary Servicing Fee (1)   Master Servicing Fee
------   ---------------------------   ---------------   -------------------------   --------------------
<S>      <C>                           <C>               <C>                         <C>
     1                 10,753,609.72            6.2390                       0.010                  0.010
  1.01
  1.02
  1.03
  1.04
  1.05
  1.06
  1.07
  1.08
  1.09
   1.1
  1.11
  1.12
  1.13
  1.14
  1.15
  1.16
  1.17
  1.18
  1.19
   1.2
  1.21
  1.22
  1.23
  1.24
  1.25
  1.26
  1.27
  1.28
  1.29
   1.3
  1.31
  1.32
  1.33
  1.34
  1.35
  1.36
  1.37
  1.38
  1.39
   1.4
  1.41
  1.42
  1.43
  1.44
  1.45
  1.46
  1.47
  1.48
  1.49
   1.5
  1.51
  1.52
  1.53
  1.54
  1.55
  1.56
  1.57
  1.58
  1.59
     2                  8,266,500.00            6.2400                       0.010                  0.010
     3                  7,079,121.60            6.2940                                              0.010
  3.01
  3.02
  3.03
  3.04
  3.05
  3.06
  3.07
  3.08
  3.09
   3.1
  3.11
  3.12
  3.13
  3.14
  3.15
  3.16
  3.17
  3.18
  3.19
   3.2
  3.21
  3.22
  3.23
  3.24
  3.25
  3.26
  3.27
  3.28
  3.29
   3.3
  3.31
  3.32
  3.33
  3.34
  3.35
  3.36
  3.37
  3.38
  3.39
   3.4
  3.41
  3.42
  3.43
     4                  5,838,591.21            6.4270                       0.010                  0.010
     5                  5,407,934.16            6.2750                       0.000                  0.020
     6                  3,044,292.24            5.9700                       0.000                  0.020
     7                  2,964,982.20            5.9350                       0.010                  0.010
     8                  1,837,166.67            6.0400                       0.010                  0.010
     9                  1,746,173.40            6.1760                       0.010                  0.010
    10                  1,517,110.32            5.8200                       0.000                  0.020
    11                  1,277,349.94            6.0280                       0.010                  0.010
    12                  1,388,910.24            6.3250                       0.010                  0.010
    13                  1,227,779.76            5.5100                       0.000                  0.020
    14                  1,208,215.56            5.6200                       0.010                  0.010
    15                  1,066,256.25            6.1500                       0.010                  0.010
    16                  1,261,242.12            6.2890                       0.010                  0.010
 16.01
 16.02
    17                  1,286,204.88            6.5900                       0.010                  0.010
 17.01
 17.02
 17.03
    18                  1,214,805.00            6.2740                       0.010                  0.010
    19                  1,150,570.68            5.8800                       0.000                  0.020
    20                  1,111,936.56            5.6800                       0.010                  0.010
    21                  1,033,867.44            5.4400                       0.000                  0.020
    22                  1,118,327.28            6.2100                       0.000                  0.020
    23                    432,405.36            5.9800                       0.010                  0.010
    24                    303,641.40            5.9800                       0.010                  0.010
    25                    160,144.68            5.9800                       0.010                  0.010
    26                    152,852.04            5.9800                       0.010                  0.010
    27                     70,643.40            5.9800                       0.010                  0.010
    28                  1,074,566.28            5.9600                       0.010                  0.010
    29                  1,118,399.04            6.4450                       0.010                  0.010
    30                    952,782.12            5.9600                       0.000                  0.020
    31                    965,106.84            6.0800                       0.000                  0.020
 31.01
 31.02
 31.03
 31.04
    32                    981,646.92            6.2400                       0.010                  0.010
    33                    981,854.40            6.2420                       0.010                  0.010
    34                    897,066.96            5.7000                       0.010                  0.010
    35                  1,002,524.76            6.3900                       0.000                  0.020
    36                    895,704.84            6.1900                       0.010                  0.010
    37                    835,373.64            6.1720                       0.010                  0.010
    38                    817,529.40            6.0520                       0.010                  0.010
    39                    802,045.92            6.1250                       0.010                  0.010
    40                    758,555.16            5.8200                       0.000                  0.020
    41                    807,024.48            6.5000                       0.010                  0.010
    42                    769,259.76            6.1700                       0.010                  0.010
    43                    778,181.52            6.3700                       0.010                  0.010
    44                    642,035.16            6.1420                       0.010                  0.010
    45                    759,378.84            6.3220                       0.010                  0.010
    46                    680,316.84            5.6700                       0.000                  0.020
    47                    664,034.64            6.0300                       0.000                  0.020
    48                    634,496.88            5.6900                       0.010                  0.010
    49                    657,791.64            6.2000                       0.000                  0.020
    50                    625,972.32            5.7900                       0.010                  0.010
    51                    625,798.92            6.1610                       0.010                  0.010
    52                    594,101.04            5.9860                       0.010                  0.010
    53                    599,828.04            6.2480                       0.010                  0.010
    54                    599,229.12            6.3800                       0.010                  0.010
    55                    584,699.40            6.1710                       0.010                  0.010
    56                    561,752.04            5.9500                       0.010                  0.010
    57                    565,398.60            6.0700                       0.010                  0.010
    58                    567,721.33            6.2300                       0.010                  0.010
    59                    534,398.88            5.9100                       0.000                  0.020
    60                    554,555.28            6.2570                       0.010                  0.010
    61                    532,993.92            6.4190                       0.010                  0.010
    62                    592,666.56            6.3750                       0.010                  0.010
    63                    547,460.76            6.3720                       0.010                  0.010
    64                    523,809.72            6.0200                       0.000                  0.020
    65                    485,603.88            5.4900                       0.000                  0.020
    66                    616,183.68            6.0300                       0.000                  0.020
    67                    503,315.76            6.1290                       0.010                  0.010
    68                    508,811.04            6.3700                       0.000                  0.020
 68.01
 68.02
 68.03
 68.04
    69                    530,078.40            6.5700                       0.010                  0.010
    70                    480,259.44            6.2500                       0.010                  0.010
    71                    472,154.04            6.3100                       0.010                  0.010
    72                    429,037.20            5.7900                       0.010                  0.010
    73                    430,751.04            5.9800                       0.000                  0.010
    74                    481,480.56            6.3960                       0.010                  0.010
    75                    436,932.24            6.1920                       0.010                  0.010
    76                    443,064.00            6.3400                       0.010                  0.010
    77                    429,501.72            6.1100                       0.000                  0.010
    78                    426,769.56            6.1300                       0.010                  0.010
    79                    424,838.16            6.5020                       0.010                  0.010
    80                    409,382.88            6.3200                       0.010                  0.010
    81                    398,891.40            6.0750                       0.010                  0.010
    82                    404,657.88            6.2100                       0.010                  0.010
    83                    399,176.04            6.1900                       0.000                  0.020
    84                    395,042.52            6.2000                       0.010                  0.010
    85                    395,206.92            6.2480                       0.010                  0.010
    86                    391,540.20            6.1600                       0.010                  0.010
    87                    401,995.32            6.5000                       0.010                  0.010
    88                    365,114.28            5.6000                       0.000                  0.020
    89                    383,801.76            6.2400                       0.010                  0.010
    90                    379,832.88            6.5150                       0.010                  0.010
    91                    350,542.56            6.1400                       0.010                  0.010
    92                    361,351.44            5.8300                       0.000                  0.020
    93                    336,697.44            5.9600                       0.000                  0.020
    94                    410,289.84            6.5300                       0.000                  0.020
    95                    334,949.64            6.3200                       0.000                  0.010
    96                    336,360.12            6.3600                       0.010                  0.010
    97                    318,180.00            6.4429                       0.010                  0.010
    98                    315,585.00            6.4100                       0.000                  0.020
    99                    290,256.96            6.2000                       0.000                  0.010
   100                    267,706.08            6.3110                       0.010                  0.010
   101                    267,959.64            6.3200                       0.010                  0.010
   102                    274,915.44            5.8700                       0.010                  0.010
   103                    156,424.92            7.1760                       0.010                  0.010
   104                    134,078.52            7.1760                       0.010                  0.010
   105                    246,370.08            5.5400                       0.000                  0.020
   106                    254,208.60            5.9300                       0.010                  0.010
   107                    242,826.00            6.3050                       0.010                  0.010
   108                    244,961.76            6.1520                       0.000                  0.010
   109                    252,507.12            6.4400                       0.000                  0.020
   110                    243,695.28            6.2450                       0.010                  0.010
   111                    227,920.08            6.2800                       0.000                  0.020
   112                    187,792.50            6.1740                       0.010                  0.010
   113                    219,089.16            6.1400                       0.010                  0.010
   114                    220,178.04            6.4600                       0.000                  0.020
   115                    182,591.25            6.2100                       0.010                  0.010
   116                    184,520.04            6.2400                       0.000                  0.010
   117                    179,190.60            5.9650                       0.010                  0.010
   118                    173,815.68            6.2600                       0.010                  0.010
   119                    172,278.36            6.3800                       0.010                  0.010
   120                    168,586.56            6.4900                       0.010                  0.010
   121                    165,306.48            6.4100                       0.010                  0.010
   122                    154,996.92            6.2400                       0.000                  0.010
   123                    156,638.76            6.3400                       0.010                  0.010
   124                    119,971.44            6.3900                       0.010                  0.010
   125                    123,511.56            6.6700                       0.000                  0.010
   126                    113,745.00            6.6600                       0.000                  0.020

<CAPTION>

Loan #   Trustee and Paying Agent Fee   Sub Servicing Fee Rate   Admin. Fee % (1)   Net Mortgage Rate % (1)   Accrual Type   Term
------   ----------------------------   ----------------------   ----------------   -----------------------   ------------   ----
<S>      <C>                            <C>                      <C>                <C>                       <C>            <C>
     1                        0.00155                                     0.02155                   6.21745   Actual/360      120
  1.01
  1.02
  1.03
  1.04
  1.05
  1.06
  1.07
  1.08
  1.09
   1.1
  1.11
  1.12
  1.13
  1.14
  1.15
  1.16
  1.17
  1.18
  1.19
   1.2
  1.21
  1.22
  1.23
  1.24
  1.25
  1.26
  1.27
  1.28
  1.29
   1.3
  1.31
  1.32
  1.33
  1.34
  1.35
  1.36
  1.37
  1.38
  1.39
   1.4
  1.41
  1.42
  1.43
  1.44
  1.45
  1.46
  1.47
  1.48
  1.49
   1.5
  1.51
  1.52
  1.53
  1.54
  1.55
  1.56
  1.57
  1.58
  1.59
     2                        0.00155                                     0.02155                   6.21845   Actual/360      120
     3                        0.00155                                     0.01155                   6.28245   Actual/360      120
  3.01
  3.02
  3.03
  3.04
  3.05
  3.06
  3.07
  3.08
  3.09
   3.1
  3.11
  3.12
  3.13
  3.14
  3.15
  3.16
  3.17
  3.18
  3.19
   3.2
  3.21
  3.22
  3.23
  3.24
  3.25
  3.26
  3.27
  3.28
  3.29
   3.3
  3.31
  3.32
  3.33
  3.34
  3.35
  3.36
  3.37
  3.38
  3.39
   3.4
  3.41
  3.42
  3.43
     4                        0.00155                                     0.02155                   6.40545   Actual/360      120
     5                        0.00155                                     0.02155                   6.25345   Actual/360      120
     6                        0.00155                                     0.02155                   5.94845   Actual/360      120
     7                        0.00155                                     0.02155                   5.91345   Actual/360      120
     8                        0.00155                                     0.02155                   6.01845   Actual/360      120
     9                        0.00155                                     0.02155                   6.15445   Actual/360      120
    10                        0.00155                   0.0300            0.05155                   5.76845   Actual/360      120
    11                        0.00155                                     0.02155                   6.00645   Actual/360      120
    12                        0.00155                                     0.02155                   6.30345   Actual/360      120
    13                        0.00155                   0.0500            0.07155                   5.43845   Actual/360      120
    14                        0.00155                                     0.02155                   5.59845   Actual/360      120
    15                        0.00155                                     0.02155                   6.12845   Actual/360      120
    16                        0.00155                                     0.02155                   6.26745   Actual/360      120
 16.01
 16.02
    17                        0.00155                                     0.02155                   6.56845   Actual/360      120
 17.01
 17.02
 17.03
    18                        0.00155                                     0.02155                   6.25245   Actual/360      120
    19                        0.00155                                     0.02155                   5.85845   Actual/360      120
    20                        0.00155                                     0.02155                   5.65845   Actual/360      120
    21                        0.00155                   0.0500            0.07155                   5.36845   Actual/360      120
    22                        0.00155                                     0.02155                   6.18845   Actual/360      120
    23                        0.00155                                     0.02155                   5.95845   Actual/360      120
    24                        0.00155                                     0.02155                   5.95845   Actual/360      120
    25                        0.00155                                     0.02155                   5.95845   Actual/360      120
    26                        0.00155                                     0.02155                   5.95845   Actual/360      120
    27                        0.00155                                     0.02155                   5.95845   Actual/360      120
    28                        0.00155                                     0.02155                   5.93845   Actual/360      120
    29                        0.00155                                     0.02155                   6.42345   Actual/360      120
    30                        0.00155                                     0.02155                   5.93845   Actual/360      120
    31                        0.00155                                     0.02155                   6.05845   Actual/360      120
 31.01
 31.02
 31.03
 31.04
    32                        0.00155                                     0.02155                   6.21845   Actual/360      120
    33                        0.00155                                     0.02155                   6.22045   Actual/360      120
    34                        0.00155                                     0.02155                   5.67845   Actual/360      120
    35                        0.00155                                     0.02155                   6.36845   Actual/360      120
    36                        0.00155                                     0.02155                   6.16845   Actual/360      120
    37                        0.00155                                     0.02155                   6.15045   Actual/360      120
    38                        0.00155                                     0.02155                   6.03045   Actual/360      120
    39                        0.00155                                     0.02155                   6.10345   Actual/360      120
    40                        0.00155                                     0.02155                   5.79845   Actual/360      120
    41                        0.00155                                     0.02155                   6.47845   Actual/360      120
    42                        0.00155                                     0.02155                   6.14845   Actual/360      120
    43                        0.00155                                     0.02155                   6.34845   Actual/360      120
    44                        0.00155                                     0.02155                   6.12045   Actual/360      120
    45                        0.00155                                     0.02155                   6.30045   Actual/360      120
    46                        0.00155                                     0.02155                   5.64845   Actual/360      120
    47                        0.00155                                     0.02155                   6.00845   Actual/360      120
    48                        0.00155                                     0.02155                   5.66845   Actual/360      120
    49                        0.00155                                     0.02155                   6.17845   Actual/360      120
    50                        0.00155                                     0.02155                   5.76845   Actual/360      120
    51                        0.00155                                     0.02155                   6.13945   Actual/360      120
    52                        0.00155                                     0.02155                   5.96445   Actual/360      120
    53                        0.00155                                     0.02155                   6.22645   Actual/360      120
    54                        0.00155                                     0.02155                   6.35845   Actual/360      120
    55                        0.00155                                     0.02155                   6.14945   Actual/360      120
    56                        0.00155                                     0.02155                   5.92845   Actual/360      120
    57                        0.00155                                     0.02155                   6.04845   Actual/360      120
    58                        0.00155                                     0.02155                   6.20845   Actual/360       60
    59                        0.00155                                     0.02155                   5.88845   Actual/360      120
    60                        0.00155                                     0.02155                   6.23545   Actual/360      120
    61                        0.00155                                     0.02155                   6.39745   Actual/360      120
    62                        0.00155                                     0.02155                   6.35345   Actual/360      120
    63                        0.00155                                     0.02155                   6.35045   Actual/360       84
    64                        0.00155                                     0.02155                   5.99845   Actual/360      120
    65                        0.00155                                     0.02155                   5.46845   Actual/360      120
    66                        0.00155                                     0.02155                   6.00845   Actual/360      240
    67                        0.00155                                     0.02155                   6.10745   Actual/360      120
    68                        0.00155                                     0.02155                   6.34845   Actual/360      120
 68.01
 68.02
 68.03
 68.04
    69                        0.00155                                     0.02155                   6.54845   Actual/360      120
    70                        0.00155                                     0.02155                   6.22845   Actual/360      120
    71                        0.00155                                     0.02155                   6.28845   Actual/360      120
    72                        0.00155                                     0.02155                   5.76845   Actual/360      120
    73                        0.00155                   0.0800            0.09155                   5.88845   Actual/360      120
    74                        0.00155                                     0.02155                   6.37445   Actual/360      120
    75                        0.00155                                     0.02155                   6.17045   Actual/360      120
    76                        0.00155                                     0.02155                   6.31845   Actual/360      120
    77                        0.00155                   0.0600            0.07155                   6.03845   Actual/360      120
    78                        0.00155                                     0.02155                   6.10845   Actual/360      120
    79                        0.00155                                     0.02155                   6.48045   Actual/360      120
    80                        0.00155                                     0.02155                   6.29845   Actual/360      120
    81                        0.00155                                     0.02155                   6.05345   Actual/360      120
    82                        0.00155                                     0.02155                   6.18845   Actual/360      120
    83                        0.00155                   0.0500            0.07155                   6.11845   Actual/360      120
    84                        0.00155                                     0.02155                   6.17845   Actual/360      120
    85                        0.00155                                     0.02155                   6.22645   Actual/360      120
    86                        0.00155                                     0.02155                   6.13845   Actual/360      120
    87                        0.00155                                     0.02155                   6.47845   Actual/360      120
    88                        0.00155                   0.0500            0.07155                   5.52845   Actual/360      120
    89                        0.00155                                     0.02155                   6.21845   Actual/360      120
    90                        0.00155                                     0.02155                   6.49345   Actual/360      120
    91                        0.00155                                     0.02155                   6.11845   Actual/360      120
    92                        0.00155                                     0.02155                   5.80845   Actual/360      120
    93                        0.00155                                     0.02155                   5.93845   Actual/360      120
    94                        0.00155                                     0.02155                   6.50845   Actual/360      240
    95                        0.00155                   0.1000            0.11155                   6.20845   Actual/360      120
    96                        0.00155                                     0.02155                   6.33845   Actual/360      120
    97                        0.00155                                     0.02155                   6.42135   Actual/360      120
    98                        0.00155                                     0.02155                   6.38845   Actual/360       61
    99                        0.00155                   0.0700            0.08155                   6.11845   Actual/360      120
   100                        0.00155                                     0.02155                   6.28945   Actual/360      120
   101                        0.00155                                     0.02155                   6.29845   Actual/360      120
   102                        0.00155                                     0.02155                   5.84845   Actual/360      120
   103                        0.00155                                     0.02155                   7.15445   Actual/360      120
   104                        0.00155                                     0.02155                   7.15445   Actual/360      120
   105                        0.00155                                     0.02155                   5.51845   Actual/360      120
   106                        0.00155                                     0.02155                   5.90845   Actual/360      120
   107                        0.00155                                     0.02155                   6.28345   Actual/360      120
   108                        0.00155                   0.0500            0.06155                   6.09045   Actual/360      120
   109                        0.00155                                     0.02155                   6.41845   Actual/360      120
   110                        0.00155                                     0.02155                   6.22345   Actual/360      120
   111                        0.00155                   0.0500            0.07155                   6.20845   Actual/360      120
   112                        0.00155                                     0.02155                   6.15245   Actual/360      120
   113                        0.00155                                     0.02155                   6.11845   Actual/360      120
   114                        0.00155                                     0.02155                   6.43845   Actual/360      120
   115                        0.00155                                     0.02155                   6.18845   Actual/360      120
   116                        0.00155                   0.0800            0.09155                   6.14845   Actual/360      120
   117                        0.00155                                     0.02155                   5.94345   Actual/360      120
   118                        0.00155                                     0.02155                   6.23845   Actual/360      120
   119                        0.00155                                     0.02155                   6.35845   Actual/360      120
   120                        0.00155                                     0.02155                   6.46845   Actual/360      120
   121                        0.00155                                     0.02155                   6.38845   Actual/360      120
   122                        0.00155                   0.0800            0.09155                   6.14845   Actual/360      120
   123                        0.00155                                     0.02155                   6.31845   Actual/360      120
   124                        0.00155                                     0.02155                   6.36845   Actual/360      120
   125                        0.00155                   0.1250            0.13655                   6.53345   Actual/360      120
   126                        0.00155                   0.0500            0.07155                   6.58845   Actual/360      120

<CAPTION>

Loan #   Monthly Payment Date   Rem. Term   Maturity/ ARD Date   Amort Term   Rem. Amort   Title Type   ARD Loan   ARD Step Up
------   --------------------   ---------   ------------------   ----------   ----------   ----------   --------   -----------
<S>      <C>                    <C>         <C>                  <C>          <C>          <C>          <C>        <C>
     1                      1         120   8/1/2016                      0            0   Fee
  1.01                                                                                     Fee
  1.02                                                                                     Fee
  1.03                                                                                     Fee
  1.04                                                                                     Fee
  1.05                                                                                     Fee
  1.06                                                                                     Fee
  1.07                                                                                     Fee
  1.08                                                                                     Fee
  1.09                                                                                     Fee
   1.1                                                                                     Fee
  1.11                                                                                     Fee
  1.12                                                                                     Fee
  1.13                                                                                     Fee
  1.14                                                                                     Fee
  1.15                                                                                     Fee
  1.16                                                                                     Fee
  1.17                                                                                     Fee
  1.18                                                                                     Fee
  1.19                                                                                     Fee
   1.2                                                                                     Fee
  1.21                                                                                     Fee
  1.22                                                                                     Fee
  1.23                                                                                     Fee
  1.24                                                                                     Fee
  1.25                                                                                     Fee
  1.26                                                                                     Fee
  1.27                                                                                     Fee
  1.28                                                                                     Fee
  1.29                                                                                     Fee
   1.3                                                                                     Fee
  1.31                                                                                     Fee
  1.32                                                                                     Fee
  1.33                                                                                     Fee
  1.34                                                                                     Fee
  1.35                                                                                     Fee
  1.36                                                                                     Fee
  1.37                                                                                     Fee
  1.38                                                                                     Fee
  1.39                                                                                     Fee
   1.4                                                                                     Fee
  1.41                                                                                     Fee
  1.42                                                                                     Fee
  1.43                                                                                     Fee
  1.44                                                                                     Fee
  1.45                                                                                     Fee
  1.46                                                                                     Fee
  1.47                                                                                     Fee
  1.48                                                                                     Fee
  1.49                                                                                     Fee
   1.5                                                                                     Fee
  1.51                                                                                     Fee
  1.52                                                                                     Fee
  1.53                                                                                     Fee
  1.54                                                                                     Fee
  1.55                                                                                     Fee
  1.56                                                                                     Fee
  1.57                                                                                     Fee
  1.58                                                                                     Fee
  1.59                                                                                     Fee
     2                      5         118   6/5/2016                    360          358   Fee
     3                      1         119   7/1/2016                    360          360   Fee
  3.01                                                                                     Fee
  3.02                                                                                     Fee
  3.03                                                                                     Fee
  3.04                                                                                     Fee
  3.05                                                                                     Fee
  3.06                                                                                     Fee
  3.07                                                                                     Fee
  3.08                                                                                     Fee
  3.09                                                                                     Fee
   3.1                                                                                     Fee
  3.11                                                                                     Fee
  3.12                                                                                     Fee
  3.13                                                                                     Fee
  3.14                                                                                     Fee
  3.15                                                                                     Fee
  3.16                                                                                     Fee
  3.17                                                                                     Fee
  3.18                                                                                     Fee
  3.19                                                                                     Fee
   3.2                                                                                     Fee
  3.21                                                                                     Fee
  3.22                                                                                     Fee
  3.23                                                                                     Fee
  3.24                                                                                     Fee
  3.25                                                                                     Fee
  3.26                                                                                     Fee
  3.27                                                                                     Fee
  3.28                                                                                     Fee
  3.29                                                                                     Fee
   3.3                                                                                     Fee
  3.31                                                                                     Fee
  3.32                                                                                     Fee
  3.33                                                                                     Fee
  3.34                                                                                     Fee
  3.35                                                                                     Fee
  3.36                                                                                     Fee
  3.37                                                                                     Fee
  3.38                                                                                     Fee
  3.39                                                                                     Fee
   3.4                                                                                     Fee
  3.41                                                                                     Fee
  3.42                                                                                     Fee
  3.43                                                                                     Fee
     4                      5         119   7/5/2016                    324          324   Fee
     5                      5         118   6/5/2016                    360          358   Fee
     6                      5         118   6/5/2016                    360          358   Fee
     7                      5         119   7/5/2016                    360          359   Fee
     8                     11         120   8/11/2016                     0            0   Fee
     9                      1         119   7/1/2016                    420          419   Fee
    10                      5         117   5/5/2016                    360          357   Fee
    11                      1         119   7/1/2016                      0            0   Fee
    12                      1         119   7/1/2016                    360          360   Fee
    13                      5         118   6/5/2016                    360          360   Fee
    14                      1         119   7/1/2016                    360          360   Fee
    15                     11         120   8/11/2016                     0            0   Fee
    16                      7         119   7/7/2016                    360          359   Fee
 16.01                                                                                     Fee
 16.02                                                                                     Fee
    17                      5         119   7/5/2016                    360          359   Fee
 17.01                                                                                     Fee
 17.02                                                                                     Fee
 17.03                                                                                     Fee
    18                      1         120   8/1/2016                    360          360   Fee
    19                      5         118   6/5/2016                    360          360   Fee
    20                      5         113   1/5/2016                    360          353   Fee
    21                      5         113   1/5/2016                    360          360   Fee
    22                      5         119   7/5/2016                    360          359   Fee
    23                      7         119   7/7/2016                    336          335   Fee
    24                      7         119   7/7/2016                    336          335   Fee
    25                      7         119   7/7/2016                    336          335   Fee
    26                      7         119   7/7/2016                    336          335   Fee
    27                      7         119   7/7/2016                    336          335   Fee
    28                      5         119   7/5/2016                    360          360   Fee
    29                      1         119   7/1/2016                    360          360   Fee
    30                      5         118   6/5/2016                    360          360   Fee
    31                      5         118   6/5/2016                    360          360   Fee
 31.01                                                                                     Fee
 31.02                                                                                     Fee
 31.03                                                                                     Fee
 31.04                                                                                     Fee
    32                     11         120   8/11/2016                   360          360   Fee
    33                      1         119   7/1/2016                    360          359   Fee
    34                     11         120   8/11/2016                   360          360   Fee
    35                      1         120   8/1/2016                    300          300   Fee
    36                      5         119   7/5/2016                    360          360   Fee
    37                      1         119   7/1/2016                    360          360   Fee
    38                      1         120   8/1/2016                    360          360   Fee
    39                      1         119   7/1/2016                    360          359   Fee
    40                      5         118   6/5/2016                    360          358   Fee          Yes                  2
    41                      1         119   7/1/2016                    360          359   Fee
    42                      5         120   8/5/2016                    360          360   Fee
    43                     11         119   7/11/2016                   360          360   Fee
    44                      1         119   7/1/2016                      0            0   Fee
    45                      1         119   7/1/2016                    360          360   Fee
    46                      5         116   4/5/2016                    360          360   Fee
    47                      5         116   4/5/2016                    360          356   Fee
    48                     11         120   8/11/2016                   360          360   Fee
    49                      5         119   7/5/2016                    360          360   Fee
    50                     11         119   7/11/2016                   360          360   Fee
    51                      1         119   7/1/2016                    360          360   Fee
    52                      7         118   6/7/2016                    360          360   Fee
    53                      1         119   7/1/2016                    360          360   Fee
    54                     11         120   8/11/2016                   360          360   Fee
    55                      7         119   7/7/2016                    360          360   Fee
    56                      5         120   8/5/2016                    360          360   Fee
    57                      5         116   4/5/2016                    360          356   Fee
    58                      1          57   5/1/2011                    360          360   Fee
    59                      5         118   6/5/2016                    360          360   Fee
    60                      1         119   7/1/2016                    360          359   Fee
    61                      1         120   8/1/2016                    420          420   Leasehold
    62                      1         119   7/1/2016                    300          299   Fee
    63                      1          82   6/1/2013                    360          360   Fee
    64                      5         119   7/5/2016                    360          359   Fee
    65                      5         113   1/5/2016                    360          353   Fee
    66                      5         235   3/5/2026                    240          235   Fee
    67                      1         120   8/1/2016                    360          360   Fee
    68                      5         117   5/5/2016                    360          360   Fee
 68.01                                                                                     Fee
 68.02                                                                                     Fee
 68.03                                                                                     Fee
 68.04                                                                                     Fee
    69                      1         120   8/1/2016                    300          300   Fee
    70                     11         119   7/11/2016                   360          359   Fee
    71                     11         120   8/11/2016                   360          360   Fee
    72                     11         119   7/11/2016                   360          360   Fee
    73                      1         118   6/1/2016                    360          358   Fee
    74                      5         118   6/5/2016                    300          298   Fee
    75                      1         119   7/1/2016                    360          359   Fee
    76                     11         120   8/11/2016                   360          360   Fee
    77                     11         119   7/11/2016                   360          360   Fee
    78                     11         118   6/11/2016                   360          360   Fee
    79                      5         120   8/5/2016                    360          360   Leasehold
    80                      5         118   6/5/2016                    360          360   Fee
    81                      5         119   7/5/2016                    360          360   Fee
    82                     11         120   8/11/2016                   360          360   Fee
    83                      5         119   7/5/2016                    360          359   Fee
    84                     11         119   7/11/2016                   360          360   Fee
    85                      1         119   7/1/2016                    360          360   Fee
    86                      5         120   8/5/2016                    360          360   Fee
    87                      1         119   7/1/2016                    360          359   Fee
    88                      5         113   1/5/2016                    360          353   Fee
    89                     11         119   7/11/2016                   360          359   Fee
    90                      5         120   8/5/2016                    360          360   Fee
    91                      7         119   7/7/2016                    360          360   Fee
    92                      5         112   12/5/2015                   300          292   Fee          Yes                  2
    93                      5         118   6/5/2016                    360          358   Fee
    94                      5         240   8/5/2026                    240          240   Fee
    95                     11         120   8/11/2016                   360          360   Fee
    96                      7         119   7/7/2016                    360          359   Fee
    97                      5         120   8/5/2016                    360          360   Fee
    98                      5          58   6/5/2011                    360          357   Fee
    99                      5         119   7/5/2016                    324          323   Leasehold
   100                      5         119   7/5/2016                    360          360   Fee
   101                     11         120   8/11/2016                   360          360   Fee
   102                      5         115   3/5/2016                    300          295   Fee
   103                      1         120   8/1/2016                    360          360   Fee
   104                      1         120   8/1/2016                    360          360   Fee
   105                      5         113   1/5/2016                    360          353   Fee
   106                      7         119   7/7/2016                    360          360   Fee
   107                      1         119   7/1/2016                    420          419   Fee
   108                      1         119   7/1/2016                    360          359   Fee
   109                      5         118   6/5/2016                    360          358   Fee
   110                      5         118   6/5/2016                    360          360   Fee
   111                      5         118   6/5/2016                    360          360   Fee          Yes                  2
   112                      1         119   7/1/2016                      0            0   Fee
   113                     11         120   8/11/2016                   360          360   Fee
   114                      5         118   6/5/2016                    360          358   Fee
   115                     11         119   7/11/2016                     0            0   Fee
   116                     11         120   8/11/2016                   360          360   Fee
   117                      1         119   7/1/2016                    360          359   Fee
   118                     11         120   8/11/2016                   360          360   Fee
   119                     11         119   7/11/2016                   360          360   Fee
   120                     11         118   6/11/2016                   360          358   Fee
   121                     11         119   7/11/2016                   360          359   Fee
   122                     11         120   8/11/2016                   360          360   Fee
   123                     11         118   6/11/2016                   360          358   Fee
   124                      5         118   6/5/2016                    360          360   Fee
   125                      5         119   7/5/2016                    360          359   Fee
   126                      5         118   6/5/2016                    360          358   Fee

<CAPTION>

Loan #   Environmental Insurance   Cross Defaulted   Cross Collateralized   Partial Defeasance Allowed   Letter of Credit
------   -----------------------   ---------------   --------------------   --------------------------   ----------------
<S>      <C>                       <C>               <C>                    <C>                          <C>
     1   No                                                                 Yes
  1.01   No
  1.02   No
  1.03   No
  1.04   No
  1.05   No
  1.06   No
  1.07   No
  1.08   No
  1.09   No
   1.1   No
  1.11   No
  1.12   No
  1.13   No
  1.14   No
  1.15   No
  1.16   No
  1.17   No
  1.18   No
  1.19   No
   1.2   No
  1.21   No
  1.22   No
  1.23   No
  1.24   No
  1.25   No
  1.26   No
  1.27   No
  1.28   No
  1.29   No
   1.3   No
  1.31   No
  1.32   No
  1.33   No
  1.34   No
  1.35   No
  1.36   No
  1.37   No
  1.38   No
  1.39   No
   1.4   No
  1.41   No
  1.42   No
  1.43   No
  1.44   No
  1.45   No
  1.46   No
  1.47   No
  1.48   No
  1.49   No
   1.5   No
  1.51   No
  1.52   No
  1.53   No
  1.54   No
  1.55   No
  1.56   No
  1.57   No
  1.58   No
  1.59   No
     2   No                                                                 Yes
     3   No                                                                 Yes
  3.01   No
  3.02   No
  3.03   No
  3.04   No
  3.05   No
  3.06   No
  3.07   No
  3.08   No
  3.09   No
   3.1   No
  3.11   No
  3.12   No
  3.13   No
  3.14   No
  3.15   No
  3.16   No
  3.17   No
  3.18   No
  3.19   No
   3.2   No
  3.21   No
  3.22   No
  3.23   No
  3.24   No
  3.25   No
  3.26   No
  3.27   No
  3.28   No
  3.29   No
   3.3   No
  3.31   No
  3.32   No
  3.33   No
  3.34   No
  3.35   No
  3.36   No
  3.37   No
  3.38   No
  3.39   No
   3.4   No
  3.41   No
  3.42   No
  3.43   No
     4   No
     5   No
     6   No
     7   No                                                                 Yes
     8   No
     9   No
    10   No
    11   No
    12   No
    13   No                                                                                              Yes
    14   No
    15   No
    16   No                                                                 Yes
 16.01   No
 16.02   No
    17   No                                                                 Yes
 17.01   No
 17.02   No
 17.03   No
    18   No
    19   No
    20   No                                                                 Yes
    21   No
    22   No
    23   No
    24   No
    25   No
    26   No
    27   No
    28   No                                                                 Yes
    29   No                                                                 Yes
    30   No                                                                                              Yes
    31   No
 31.01   No
 31.02   No
 31.03   No
 31.04   No
    32   No
    33   No
    34   No
    35   No
    36   No
    37   No
    38   No
    39   No
    40   No                                                                 Yes
    41   No
    42   No                                                                 Yes                          Yes
    43   No
    44   No
    45   No
    46   No
    47   No
    48   No
    49   No
    50   No
    51   No
    52   No                                                                 Yes
    53   No
    54   No
    55   No                                                                 Yes
    56   No                                                                 Yes
    57   No                                                                 Yes
    58   No
    59   No
    60   No
    61   No
    62   No
    63   No
    64   No
    65   No
    66   No
    67   No
    68   No
 68.01   No
 68.02   No
 68.03   No
 68.04   No
    69   No
    70   No
    71   No
    72   No
    73   No                                                                 Yes
    74   No                                                                 Yes
    75   No
    76   No
    77   No
    78   No
    79   No                                                                 Yes
    80   No
    81   No                                                                 Yes
    82   No
    83   No
    84   No
    85   No
    86   No                                                                 Yes
    87   No
    88   No
    89   No
    90   No                                                                 Yes
    91   No                                                                 Yes
    92   No
    93   No
    94   No
    95   No
    96   No                                                                 Yes
    97   No                                                                 Yes
    98   No
    99   No                                                                 Yes
   100   No                                                                 Yes
   101   No
   102   No                                                                 Yes
   103   No                                                                 Yes
   104   No                                                                 Yes
   105   No
   106   No                                                                 Yes
   107   No
   108   No
   109   No
   110   No
   111   No
   112   No
   113   No
   114   No
   115   No
   116   No
   117   No                                                                 Yes
   118   No
   119   No
   120   No
   121   No
   122   No
   123   No
   124   No
   125   No                                                                 Yes
   126   No

<CAPTION>

Loan #   Lockbox Type                      Holdback Amount   Upfront Engineering Reserve ($)
------   -------------------------------   ---------------   -------------------------------
<S>      <C>                               <C>               <C>
     1   Soft at Closing, Springing Hard
  1.01
  1.02
  1.03
  1.04
  1.05
  1.06
  1.07
  1.08
  1.09
   1.1
  1.11
  1.12
  1.13
  1.14
  1.15
  1.16
  1.17
  1.18
  1.19
   1.2
  1.21
  1.22
  1.23
  1.24
  1.25
  1.26
  1.27
  1.28
  1.29
   1.3
  1.31
  1.32
  1.33
  1.34
  1.35
  1.36
  1.37
  1.38
  1.39
   1.4
  1.41
  1.42
  1.43
  1.44
  1.45
  1.46
  1.47
  1.48
  1.49
   1.5
  1.51
  1.52
  1.53
  1.54
  1.55
  1.56
  1.57
  1.58
  1.59
     2   Hard
     3   Hard                                                                        500,555
  3.01                                                                                 3,300
  3.02                                                                                 8,200
  3.03                                                                                     0
  3.04                                                                                   500
  3.05                                                                                 3,000
  3.06                                                                                 4,500
  3.07                                                                                     0
  3.08                                                                                 9,300
  3.09                                                                                     0
   3.1                                                                                     0
  3.11                                                                                 7,225
  3.12                                                                                 9,500
  3.13                                                                                 4,750
  3.14                                                                                 2,100
  3.15                                                                                     0
  3.16                                                                                     0
  3.17                                                                                     0
  3.18                                                                                89,200
  3.19                                                                                18,900
   3.2                                                                                 4,000
  3.21                                                                                 6,500
  3.22                                                                                     0
  3.23                                                                                     0
  3.24                                                                                     0
  3.25                                                                                     0
  3.26                                                                                     0
  3.27                                                                                 6,750
  3.28                                                                                31,930
  3.29                                                                                 1,150
   3.3                                                                                 5,000
  3.31                                                                                24,400
  3.32                                                                                     0
  3.33                                                                                     0
  3.34                                                                                21,000
  3.35                                                                                     0
  3.36                                                                                 3,600
  3.37                                                                                35,000
  3.38                                                                                     0
  3.39                                                                                     0
   3.4                                                                                 6,000
  3.41                                                                                     0
  3.42                                                                               194,750
  3.43                                                                                     0
     4   Hard                                                                         19,375
     5   Hard
     6
     7   None at Closing, Springing Hard
     8
     9
    10
    11                                                                                34,688
    12
    13
    14                                           2,000,000
    15
    16   None at Closing, Springing Hard
 16.01
 16.02
    17   None at Closing, Springing Hard                                              16,250
 17.01
 17.02
 17.03
    18
    19                                             400,000                           108,750
    20   Hard
    21
    22
    23   Hard                                                                          2,500
    24   Hard
    25   Hard                                                                            625
    26   Hard                                                                         89,375
    27   Hard                                                                            625
    28   None at Closing, Springing Hard
    29   None at Closing, Springing Hard
    30
    31                                                                               331,250
 31.01
 31.02
 31.03
 31.04
    32
    33   Hard                                                                        105,301
    34
    35
    36   Hard                                                                          3,438
    37
    38
    39   Soft at Closing, Springing Hard
    40   None at closing, Springing Hard                                              27,500
    41
    42   Hard                                                                        149,050
    43
    44                                                                                17,000
    45   Hard
    46
    47
    48
    49
    50   None at Closing, Springing Hard
    51                                                                                16,500
    52   None at Closing, Springing Hard                                              89,675
    53                                                                                80,000
    54                                                                                10,000
    55   None at Closing, Springing Hard                                               1,000
    56   None at Closing, Springing Hard                                             256,500
    57   None at Closing, Springing Hard                                                 625
    58   None at Closing, Springing Hard                                              34,219
    59
    60
    61                                             470,000
    62   Hard
    63   Hard
    64
    65
    66                                                                                73,318
    67
    68                                                                               141,750
 68.01
 68.02
 68.03
 68.04
    69   Hard                                      850,000
    70   Hard
    71
    72
    73   None at Closing, Springing Hard
    74   None at Closing, Springing Hard
    75   Hard
    76
    77                                                                               184,438
    78                                                                               325,000
    79   Hard
    80   None at Closing, Springing Hard                                              29,000
    81   None at Closing, Springing Hard
    82
    83
    84
    85
    86   None at Closing, Springing Hard
    87   Hard
    88                                                                                 8,775
    89   Soft at Closing, Springing Hard                                             246,956
    90   None at Closing, Springing Hard
    91   None at Closing, Springing Hard
    92   None at closing, Springing Hard
    93
    94                                                                                 7,606
    95
    96   None at Closing, Springing Hard                                                 625
    97   Hard
    98
    99   None at Closing, Springing Hard                                                 625
   100   None at Closing, Springing Hard                                             161,219
   101   None at Closing, Springing Hard
   102   None at Closing, Springing Hard                                                 625
   103   Hard
   104   Hard
   105
   106   None at Closing, Springing Hard                                               1,313
   107   Hard
   108   Hard
   109                                             435,000
   110   None at Closing, Springing Hard                                              14,438
   111   Soft at closing, Springing Hard
   112   Hard
   113
   114                                                                                 6,238
   115
   116
   117   None at Closing, Springing Hard                                               1,875
   118
   119
   120
   121
   122
   123
   124   None at Closing, Springing Hard                                               2,500
   125   None at Closing, Springing Hard
   126

<CAPTION>

Loan #   Upfront Capex Reserve ($)   Upfront TI/LC Reserve ($)   Upfront RE Tax Reserve ($)   Upfront Ins. Reserve ($)
------   -------------------------   -------------------------   --------------------------   ------------------------
<S>      <C>                         <C>                         <C>                          <C>
     1                      62,208                                                  857,057                    204,078
  1.01
  1.02
  1.03
  1.04
  1.05
  1.06
  1.07
  1.08
  1.09
   1.1
  1.11
  1.12
  1.13
  1.14
  1.15
  1.16
  1.17
  1.18
  1.19
   1.2
  1.21
  1.22
  1.23
  1.24
  1.25
  1.26
  1.27
  1.28
  1.29
   1.3
  1.31
  1.32
  1.33
  1.34
  1.35
  1.36
  1.37
  1.38
  1.39
   1.4
  1.41
  1.42
  1.43
  1.44
  1.45
  1.46
  1.47
  1.48
  1.49
   1.5
  1.51
  1.52
  1.53
  1.54
  1.55
  1.56
  1.57
  1.58
  1.59
     2                                                                              490,598                    251,131
     3                                                                            3,321,173                    396,648
  3.01                                                                              130,871                     20,594
  3.02                                                                               78,609                     14,578
  3.03                                                                              329,209                     75,014
  3.04                                                                               10,631                      4,901
  3.05                                                                              136,377                     26,315
  3.06                                                                               69,514                     22,884
  3.07                                                                               71,862                      8,205
  3.08                                                                              117,989                     12,369
  3.09                                                                              198,776                     18,337
   3.1                                                                                    0                      7,858
  3.11                                                                              111,176                      6,800
  3.12                                                                              300,176                     14,645
  3.13                                                                               70,074                      2,886
  3.14                                                                               85,271                      5,524
  3.15                                                                               86,109                      4,892
  3.16                                                                               68,278                      4,569
  3.17                                                                               65,932                     13,414
  3.18                                                                              155,232                      3,152
  3.19                                                                              115,402                      7,405
   3.2                                                                              129,132                      3,168
  3.21                                                                               88,415                      7,453
  3.22                                                                               67,578                     11,439
  3.23                                                                               28,384                      6,628
  3.24                                                                               38,750                      6,290
  3.25                                                                               51,024                      5,787
  3.26                                                                               21,466                      4,947
  3.27                                                                               16,642                      4,023
  3.28                                                                               58,168                      6,685
  3.29                                                                               44,637                      5,384
   3.3                                                                               44,244                      5,190
  3.31                                                                               67,801                      5,801
  3.32                                                                               53,144                      4,154
  3.33                                                                               28,265                      4,182
  3.34                                                                               51,413                      4,183
  3.35                                                                               47,236                      3,631
  3.36                                                                               14,408                      3,406
  3.37                                                                               14,395                      3,296
  3.38                                                                               39,139                      5,380
  3.39                                                                               27,286                      2,914
   3.4                                                                               97,273                      4,243
  3.41                                                                               31,335                      6,906
  3.42                                                                               30,934                      4,800
  3.43                                                                               28,613                      3,134
     4                                                                              215,426                     55,447
     5                                                                              685,197
     6                                                                              281,424                      9,975
     7                                                                              125,644                    134,834
     8                                                                              303,767                      9,766
     9                                                                              317,929                     21,288
    10                                                                               93,015                      5,075
    11                                                                               19,371                     22,135
    12                                                 150,000                       70,700                      7,679
    13                                                  90,000                                                   6,271
    14                                                                                8,321                      7,809
    15
    16                   1,000,000                                                    3,386                     38,366
 16.01
 16.02
    17                                                                              295,437                     25,054
 17.01
 17.02
 17.03
    18                                                  75,000                       46,741                     15,619
    19                                                                               79,458                      3,057
    20                                                                               89,323                     26,600
    21                                                 175,000                       12,044                      2,873
    22                                                                               57,052                      6,546
    23
    24                                                                                                           2,000
    25
    26                                                                                                           2,000
    27
    28                                                                               72,353                     13,712
    29                                                                               66,826                      1,794
    30                                                                               53,167                     32,596
    31                                                 200,000                      169,948                     35,253
 31.01
 31.02
 31.03
 31.04
    32                                                                                8,592                     19,863
    33                                                                               61,798                      5,416
    34                                                                              154,583                     45,553
    35                                                                               72,610
    36                                                 200,000                      121,180                      6,831
    37                                                                              157,951                     48,710
    38                     106,000                                                  178,677                      3,794
    39                                                                              165,623                      3,812
    40                                                                               50,420                      7,905
    41                                                                              100,000                     21,430
    42                                                                               34,851
    43                                                 250,000                      218,195                     63,660
    44                                                                               13,769                      2,233
    45                      13,133                     200,000                       12,443
    46                                                                               75,320                     34,584
    47                                                                               62,169                     15,000
    48                                                                               92,329                      4,319
    49                                                                               60,200                     21,671
    50                                                                                                           5,801
    51                                                                                5,424                      8,068
    52                                                  23,580                       45,797                      2,340
    53                                                 200,000                        8,325                      1,184
    54                                                 250,000                       47,012
    55                                                                               37,575                      2,643
    56                                                                               47,527                     17,131
    57                                                                               25,187                      1,990
    58                                                                               77,405                     36,436
    59                                                                               17,737                      4,528
    60                                                                               25,608
    61                                                 150,000                                                   2,421
    62                                                                               73,333                     72,771
    63                                                                                                           3,533
    64                                                                                3,517                      8,117
    65                                                                                1,496                      1,120
    66                                                                               11,164
    67                      11,609                                                   20,505                      7,715
    68                                                                               17,759                      8,525
 68.01
 68.02
 68.03
 68.04
    69                                                                                9,439                     26,581
    70
    71                                                                               38,799                     12,410
    72                                                                                                           2,588
    73                                                                               68,840                      1,781
    74                     948,000                                                   62,295                     24,689
    75                                                                               62,086                     23,190
    76                                                                               23,410                      9,017
    77                                                  20,000                       49,389                      1,176
    78                                                                               41,407                      7,029
    79                                                                               46,879                      2,925
    80                                                                               20,332                      1,747
    81                                                                               66,012                      3,624
    82                                                                               28,777                      2,847
    83                                                  10,000                       18,027                      3,983
    84                                                                               28,040                      2,316
    85                                                                                3,886                      1,178
    86                                                                                3,025                      3,917
    87                      11,225                                                    5,937                     35,134
    88                                                 190,000                      102,330                      6,628
    89                                                                               29,333                      7,205
    90                     150,000                                                   51,467                     13,925
    91                                                 201,464                                                   2,966
    92
    93                                                                                8,488                      4,637
    94                                                  75,000                       35,861                        969
    95                                                                               98,130                     68,495
    96                                                                               17,694                      2,001
    97                                                                               47,250                      3,095
    98
    99                                                                               23,230                      2,833
   100                                                 100,000                       24,703                      3,275
   101                                                 100,000                                                   3,271
   102                                                                               19,385                      1,934
   103                                                                                4,185                     11,080
   104                                                                                2,972                     10,979
   105                                                                                1,079                      1,855
   106                                                                               21,079                      1,644
   107                                                                                                             159
   108
   109                                                                               33,971                      2,097
   110                                                  63,000                       10,480                      1,072
   111                                                                               10,400                        841
   112                                                                                3,621                        744
   113                                                                               17,979
   114                                                  36,000                        6,910                      5,323
   115                                                                               11,985                      6,698
   116                                                                               11,946                      1,548
   117                                                                               15,143                     10,471
   118                                                                                1,380                      6,325
   119                       7,805                                                   15,171                      7,853
   120                                                  25,000                       19,500                      1,468
   121                                                                               28,029                      2,371
   122                                                                               15,000                        771
   123                                                                               10,282                      1,356
   124                                                                                3,549                        939
   125                                                 130,000                       19,491                        366
   126

<CAPTION>

Loan #   Upfront Other Reserve ($)
------   -------------------------
<S>      <C>
     1                   1,088,837
  1.01
  1.02
  1.03
  1.04
  1.05
  1.06
  1.07
  1.08
  1.09
   1.1
  1.11
  1.12
  1.13
  1.14
  1.15
  1.16
  1.17
  1.18
  1.19
   1.2
  1.21
  1.22
  1.23
  1.24
  1.25
  1.26
  1.27
  1.28
  1.29
   1.3
  1.31
  1.32
  1.33
  1.34
  1.35
  1.36
  1.37
  1.38
  1.39
   1.4
  1.41
  1.42
  1.43
  1.44
  1.45
  1.46
  1.47
  1.48
  1.49
   1.5
  1.51
  1.52
  1.53
  1.54
  1.55
  1.56
  1.57
  1.58
  1.59
     2
     3                  30,479,998
  3.01                     116,177
  3.02                   1,429,527
  3.03                     122,388
  3.04                           0
  3.05                   1,403,620
  3.06                      33,836
  3.07                   1,202,624
  3.08                     225,520
  3.09                      56,057
   3.1                   1,268,147
  3.11                   1,655,550
  3.12                   4,276,205
  3.13                     256,004
  3.14                     316,724
  3.15                   1,175,200
  3.16                     135,502
  3.17                     127,562
  3.18                     417,376
  3.19                      17,577
   3.2                     616,350
  3.21                      18,375
  3.22                     260,786
  3.23                   1,788,511
  3.24                      13,150
  3.25                   1,800,188
  3.26                   1,332,108
  3.27                     387,827
  3.28                     126,932
  3.29                     139,131
   3.3                     708,681
  3.31                     301,165
  3.32                     168,121
  3.33                     845,589
  3.34                     434,608
  3.35                     714,440
  3.36                     544,937
  3.37                     657,314
  3.38                   1,649,110
  3.39                           0
   3.4                     247,172
  3.41                   1,615,971
  3.42                   1,873,935
  3.43                           0
     4                   2,080,000
     5
     6                     543,856
     7
     8                   1,500,000
     9
    10
    11
    12                      88,556
    13                   3,107,619
    14                   2,381,149
    15                   1,184,480
    16
 16.01
 16.02
    17                     500,000
 17.01
 17.02
 17.03
    18
    19                     400,000
    20
    21                     484,203
    22                      20,460
    23
    24
    25
    26
    27
    28
    29                     350,000
    30                     900,000
    31                     279,000
 31.01
 31.02
 31.03
 31.04
    32                      34,216
    33
    34                     100,000
    35                     470,000
    36                     325,000
    37                      48,612
    38
    39
    40
    41
    42                   2,015,910
    43
    44                     370,000
    45                     108,239
    46
    47
    48                      10,000
    49
    50                     480,206
    51
    52                     340,000
    53                     622,000
    54
    55
    56
    57                   1,188,299
    58                     194,473
    59                     414,378
    60
    61                     470,000
    62
    63                      66,931
    64                     413,958
    65                     984,378
    66
    67                     190,340
    68
 68.01
 68.02
 68.03
 68.04
    69                     886,668
    70                     217,687
    71                     253,435
    72                      75,034
    73                      46,926
    74                      50,000
    75                      11,000
    76
    77                      70,000
    78
    79                      26,250
    80
    81                     600,000
    82                     995,643
    83
    84                       5,000
    85                      42,000
    86                     872,609
    87                     300,000
    88
    89
    90
    91                      56,500
    92
    93                     272,242
    94
    95                     116,000
    96
    97
    98
    99
   100
   101
   102                       1,250
   103                      28,704
   104                      19,179
   105                     387,397
   106
   107
   108
   109                     502,500
   110
   111
   112                      20,731
   113
   114                      57,500
   115
   116                      40,000
   117
   118
   119
   120                     103,000
   121
   122                      30,000
   123
   124
   125
   126

<CAPTION>

Loan #   Monthly Capex Reserve ($)
------   ----------------------------------------------------------------------------------------------------
<S>      <C>
     1                                                                                                 62,208
  1.01
  1.02
  1.03
  1.04
  1.05
  1.06
  1.07
  1.08
  1.09
   1.1
  1.11
  1.12
  1.13
  1.14
  1.15
  1.16
  1.17
  1.18
  1.19
   1.2
  1.21
  1.22
  1.23
  1.24
  1.25
  1.26
  1.27
  1.28
  1.29
   1.3
  1.31
  1.32
  1.33
  1.34
  1.35
  1.36
  1.37
  1.38
  1.39
   1.4
  1.41
  1.42
  1.43
  1.44
  1.45
  1.46
  1.47
  1.48
  1.49
   1.5
  1.51
  1.52
  1.53
  1.54
  1.55
  1.56
  1.57
  1.58
  1.59
     2                                                                                                 31,858
     3                                                                                                      0
  3.01                                                                                                      0
  3.02                                                                                                      0
  3.03                                                                                                      0
  3.04                                                                                                      0
  3.05                                                                                                      0
  3.06                                                                                                      0
  3.07                                                                                                      0
  3.08                                                                                                      0
  3.09                                                                                                      0
   3.1                                                                                                      0
  3.11                                                                                                      0
  3.12                                                                                                      0
  3.13                                                                                                      0
  3.14                                                                                                      0
  3.15                                                                                                      0
  3.16                                                                                                      0
  3.17                                                                                                      0
  3.18                                                                                                      0
  3.19                                                                                                      0
   3.2                                                                                                      0
  3.21                                                                                                      0
  3.22                                                                                                      0
  3.23                                                                                                      0
  3.24                                                                                                      0
  3.25                                                                                                      0
  3.26                                                                                                      0
  3.27                                                                                                      0
  3.28                                                                                                      0
  3.29                                                                                                      0
   3.3                                                                                                      0
  3.31                                                                                                      0
  3.32                                                                                                      0
  3.33                                                                                                      0
  3.34                                                                                                      0
  3.35                                                                                                      0
  3.36                                                                                                      0
  3.37                                                                                                      0
  3.38                                                                                                      0
  3.39                                                                                                      0
   3.4                                                                                                      0
  3.41                                                                                                      0
  3.42                                                                                                      0
  3.43                                                                                                      0
     4                                                                                                  8,250
     5          The greater of (i) 4% of Gross Revenue or (ii) the monthly amount set forth in the Management
                                                                                       Agreement which is 6%.
     6                                                                                                  3,317
     7                                                                                                 34,863
     8
     9                                                                                                  7,854
    10                                                                                                  1,690
    11                                                                                                  5,875
    12                                                                                                  2,195
    13                                                                                                  1,062
    14                                                                                                  1,041
    15
    16                                                                                                  6,252
 16.01
 16.02
    17                                                                                                  2,073
 17.01
 17.02
 17.03
    18                                                                                                    777
    19                                                                                                  5,900
    20                                                                                                  5,333
    21                                                                                                  1,145
    22                                                                                                    996
    23                                                                                                  1,750
    24                                                                                                  1,220
    25                                                                                                  1,150
    26                                                                                                  2,220
    27                                                                                                    500
    28                                                                                                      0
    29                                                                                                    225
    30                                                                                                  3,600
    31                                                                                                  8,000
 31.01
 31.02
 31.03
 31.04
    32
    33                                                                                                  6,250
    34
    35                                                                                                 14,925
    36                                                                                                  1,373
    37                                                                                                    880
    38
    39                                                                                                  1,694
    40
    41                                                                                                  2,195
    42                                                                                                    550
    43                                                                                                  4,096
    44                                                                                                  1,792
    45                                                                                                    851
    46                                                        3,200 for the first 12 months, 3,600 thereafter
    47                                                                                                  1,478
    48                                                                                                  1,021
    49                                                                                                    887
    50                                                                                                    818
    51                                                                                                  5,667
    52                                                                                                    470
    53                                                                                                    533
    54                                                                                                  2,094
    55                                                                                                    830
    56                                                                                                  3,000
    57                                                                                                    886
    58                                                                                                  4,617
    59                                                                                                    292
    60                                                                                                    721
    61                                                                                                    876
    62                                                                                                 15,383
    63
    64
    65
    66
    67                                                                                                    319
    68                                                                                                  3,383
 68.01
 68.02
 68.03
 68.04
    69                                                                                                  8,047
    70                                                                                                    408
    71                                                                                                    965
    72                                                                                                    363
    73                                                                                                    834
    74                                                                                                 15,658
    75                                                                                                    822
    76
    77                                                                                                    949
    78
    79                                                                                                      0
    80                                                                                                  1,010
    81                                                                                                      0
    82                                                                                                    745
    83                                                                                                  1,708
    84                                                                                                    635
    85                                                                                                    341
    86                                                                                                    473
    87                                                                                                    688
    88                                                                                                  2,186
    89                                                                                                    761
    90                                                                                                  1,569
    91                                                                                                    177
    92
    93
    94
    95                                                                                                  2,687
    96                                                                                                    319
    97                                                                                                    341
    98                                                                                                  2,729
    99                                                                                                    209
   100                                                                                                    289
   101                                                                                                  1,770
   102                                                                                                  2,286
   103                                                                                                  3,001
   104                                                                                                  1,686
   105
   106                                                                                                    690
   107                                                                                                     84
   108
   109                                                                                                    285
   110                                                                                                    638
   111                                                                                                    658
   112                                                                                                    416
   113                                                                                                    959
   114                                                                                                  1,632
   115                                                                                                    153
   116
   117                                                                                                      0
   118                                                                                                    433
   119
   120                                                                                                    303
   121                                                                                                    847
   122
   123
   124                                                                                                    150
   125                                                                                                    215
   126

<CAPTION>

Loan #   Monthly Capex Reserve Cap ($)   Monthly TI/LC Reserve ($)
------   -----------------------------   -----------------------------------------------
<S>      <C>                             <C>
     1
  1.01
  1.02
  1.03
  1.04
  1.05
  1.06
  1.07
  1.08
  1.09
   1.1
  1.11
  1.12
  1.13
  1.14
  1.15
  1.16
  1.17
  1.18
  1.19
   1.2
  1.21
  1.22
  1.23
  1.24
  1.25
  1.26
  1.27
  1.28
  1.29
   1.3
  1.31
  1.32
  1.33
  1.34
  1.35
  1.36
  1.37
  1.38
  1.39
   1.4
  1.41
  1.42
  1.43
  1.44
  1.45
  1.46
  1.47
  1.48
  1.49
   1.5
  1.51
  1.52
  1.53
  1.54
  1.55
  1.56
  1.57
  1.58
  1.59
     2                                                                            77,698
     3
  3.01
  3.02
  3.03
  3.04
  3.05
  3.06
  3.07
  3.08
  3.09
   3.1
  3.11
  3.12
  3.13
  3.14
  3.15
  3.16
  3.17
  3.18
  3.19
   3.2
  3.21
  3.22
  3.23
  3.24
  3.25
  3.26
  3.27
  3.28
  3.29
   3.3
  3.31
  3.32
  3.33
  3.34
  3.35
  3.36
  3.37
  3.38
  3.39
   3.4
  3.41
  3.42
  3.43
     4                                                                            30,000
     5
     6                         119,412
     7
     8
     9
    10                          60,840                                            19,355
    11                         141,000
    12                          45,000
    13                          63,720
    14                          15,000
    15
    16
 16.01
 16.02
    17                                                                            12,500
 17.01
 17.02
 17.03
    18                          46,641
    19
    20
    21
    22
    23
    24
    25
    26
    27
    28
    29
    30
    31                                                                             7,964
 31.01
 31.02
 31.03
 31.04
    32
    33                         225,000
    34
    35
    36                                                                             2,917
    37                                                                             4,578
    38                         106,000
    39                                                                             9,314
    40
    41                                                                             5,096
    42                                                                            11,000
    43                                                                            15,510
    44
    45                          20,424                                            16,667
    46
    47                          53,208                                             5,745
    48                          36,750                                             2,178
    49                                   2,771 for the first 48 months, 3,930 thereafter
    50                          19,629
    51
    52                                                                             3,870
    53                                                                             1,617
    54                          38,988
    55                                                                             3,860
    56
    57                                                                             6,000
    58
    59                                                                             1,658
    60                          43,280                                             1,792
    61                          33,000
    62
    63                                                                            27,500
    64                                                                             2,750
    65                                                                             1,750
    66                                                                             4,500
    67                                                                             2,000
    68
 68.01
 68.02
 68.03
 68.04
    69
    70
    71                          23,157
    72                           8,701                                             6,333
    73                                                                             4,167
    74
    75
    76
    77                          22,776                                             3,163
    78                          66,923
    79
    80                                                                             2,728
    81
    82                          26,835                                             2,485
    83                          52,000                                             4,000
    84                                                                             4,500
    85                                                                             1,321
    86                           5,682                                             2,500
    87
    88                                                                             6,917
    89                                                                             1,430
    90                                                                             3,500
    91                                                                             1,250
    92
    93                                                                             1,500
    94                                                                             2,600
    95
    96                                                                               507
    97                          20,000                                             4,167
    98
    99                                                                             1,392
   100
   101                          63,714                                             5,159
   102                                                                             8,250
   103
   104
   105                                                                               825
   106                                                                             2,825
   107
   108
   109                                                                               789
   110                                                                             1,405
   111                                                                             1,667
   112
   113                          34,520                                             3,093
   114
   115                           3,661                                               508
   116                                                                               825
   117
   118
   119                           7,805
   120                          10,905                                             1,666
   121                          20,320
   122                                                                               825
   123
   124                                                                               839
   125                                                                             1,076
   126

<CAPTION>

Loan #   Monthly TI/LC Reserve Cap ($)   Monthly RE Tax Reserve ($)   Monthly Ins. Reserve ($)
------   -----------------------------   --------------------------   ------------------------
<S>      <C>                             <C>                          <C>
     1                                                      196,145
  1.01
  1.02
  1.03
  1.04
  1.05
  1.06
  1.07
  1.08
  1.09
   1.1
  1.11
  1.12
  1.13
  1.14
  1.15
  1.16
  1.17
  1.18
  1.19
   1.2
  1.21
  1.22
  1.23
  1.24
  1.25
  1.26
  1.27
  1.28
  1.29
   1.3
  1.31
  1.32
  1.33
  1.34
  1.35
  1.36
  1.37
  1.38
  1.39
   1.4
  1.41
  1.42
  1.43
  1.44
  1.45
  1.46
  1.47
  1.48
  1.49
   1.5
  1.51
  1.52
  1.53
  1.54
  1.55
  1.56
  1.57
  1.58
  1.59
     2                       1,500,000                      125,230                     62,783
     3                                                      698,847                    113,801
  3.01                                                       43,624                      5,149
  3.02                                                       26,203                      7,289
  3.03                                                       41,151                     18,753
  3.04                                                        3,544                      2,450
  3.05                                                       17,047                      6,579
  3.06                                                       23,171                      5,721
  3.07                                                        8,983                      2,051
  3.08                                                       19,665                      3,092
  3.09                                                       33,129                      4,584
   3.1                                                            0                      1,964
  3.11                                                       37,059                      3,400
  3.12                                                       60,035                      7,323
  3.13                                                       23,358                      1,443
  3.14                                                       14,212                      1,381
  3.15                                                       14,351                      1,223
  3.16                                                       11,380                      1,142
  3.17                                                        8,241                      3,354
  3.18                                                       31,046                      1,576
  3.19                                                       38,467                      1,851
   3.2                                                       43,044                      1,584
  3.21                                                       29,472                      1,863
  3.22                                                        8,447                      2,860
  3.23                                                        9,461                      1,657
  3.24                                                        4,844                      1,573
  3.25                                                        8,504                      1,447
  3.26                                                        7,155                      1,237
  3.27                                                        5,547                      1,006
  3.28                                                        9,695                      1,671
  3.29                                                        7,440                      1,346
   3.3                                                        7,374                      1,297
  3.31                                                       11,300                      1,270
  3.32                                                        8,857                      1,038
  3.33                                                        9,422                      1,045
  3.34                                                       10,283                      2,092
  3.35                                                        7,873                        908
  3.36                                                        4,803                        852
  3.37                                                        4,798                        824
  3.38                                                        4,892                      1,345
  3.39                                                        4,548                        729
   3.4                                                       16,212                      2,121
  3.41                                                       10,445                      1,726
  3.42                                                        6,187                      1,200
  3.43                                                        3,577                        783
     4                                                       58,000                     14,000
     5                                                      114,200
     6                                                       46,904                      4,988
     7                                                       18,000                     12,284
     8                                                       30,377                      3,255
     9                                                       38,527                     10,644
    10                         600,000                       18,603                      2,538
    11                                                        4,843                      4,427
    12                         150,000                       17,675                      3,839
    13
    14                                                        8,321                      2,603
    15
    16                                                       14,551
 16.01
 16.02
    17                         400,000                       30,763                      5,011
 17.01
 17.02
 17.03
    18                          75,000                       11,685                      7,809
    19                                                       15,892                      3,057
    20                                                        8,095                      6,650
    21                         175,000                        6,022                      1,436
    22                                                       14,685                      3,273
    23
    24                                                                                   1,000
    25
    26                                                                                   1,000
    27
    28                                                       12,100                      3,429
    29                                                       16,800                        897
    30                                                        6,646                      2,963
    31                         450,000                       42,487                      3,525
 31.01
 31.02
 31.03
 31.04
    32                                                        1,718                      1,655
    33                                                       30,899                      5,416
    34                                                       22,083                      5,692
    35                                                       14,522
    36                         200,000                       19,054                      3,416
    37                                                       22,564                     12,178
    38                                                       19,575                      3,794
    39                         802,046                       27,604                      1,906
    40                                                        6,302                      3,953
    41                         150,000                       12,500                      3,061
    42                         300,000                       17,426                      2,868
    43                         500,000                       31,171                      6,366
    44                                                        4,590                      2,233
    45                         400,000                       12,443                        785
    46                                                        9,415                      3,609
    47                         137,880                       15,542
    48                          78,399                        9,233                      1,440
    49                         133,000                       12,040                      1,667
    50                                                        3,633                        527
    51                                                        1,356                      4,034
    52                          75,000                       11,500                      1,000
    53                                                        4,162                        907
    54                         100,000                        7,835
    55                                                        6,300                      1,370
    56                                                        9,600                      4,283
    57                                                        5,037                      1,990
    58                                                       15,481                      3,036
    59                                                        7,421                        503
    60                         107,500                       12,804
    61                         150,000                                                     807
    62                                                        9,167                     10,396
    63                       1,000,000                                                     589
    64                         165,000                          703                        902
    65                         150,000                          499                        560
    66                         108,000                       11,164
    67                          72,000                        5,126                        964
    68                                                        4,440                      4,263
 68.01
 68.02
 68.03
 68.04
    69                                                        9,439                      3,797
    70
    71                                                        4,999                      1,379
    72                         151,992                        3,406                        324
    73                         200,000                        9,834                        755
    74                                                       10,400                      9,868
    75                                                        6,898                      2,899
    76                                                        7,803                      1,042
    77                         100,000                        7,056                        588
    78                         178,462                        5,176                      1,406
    79                                                        4,648                        325
    80                         105,000                        5,200                      1,747
    81                                                        7,269                        453
    82                          89,455                        2,878                        949
    83                          96,000                        4,507                        664
    84                         108,000                        2,549                        290
    85                                                        1,943                        589
    86                         140,000                       11,142                        490
    87                                                        5,937                      5,856
    88                         190,000                       14,619                      1,105
    89                         550,000                        3,667                      3,603
    90                         125,000                        5,147                      1,740
    91                          30,000                        1,693                        494
    92
    93                          72,000                        4,244                        624
    94                         200,000                        3,260                        969
    95                                                       12,266                      5,708
    96                                                        3,700                        200
    97                         300,000                        4,725                        387
    98
    99                                                        2,323                        944
   100                                                        5,000                      1,092
   101                         350,000                                                   1,090
   102                         247,500                        6,462                      1,934
   103                                                        2,092                      1,007
   104                                                        1,486                        998
   105                          48,000                          360                        464
   106                                                        3,800                        820
   107                                                                                     159
   108
   109                          41,500                        5,662                      1,048
   110                                                        2,900                      3,631
   111                          60,000                        2,080                        421
   112                                                        3,621                        744
   113                          74,236                        2,997
   114                          36,000                        3,455                        760
   115                          20,000                        1,998                        670
   116                          40,000                        1,991                        387
   117
   118                                                          276                        606
   119                                                        1,686                        873
   120                          79,970                        3,250                        734
   121                                                        2,548                        790
   122                          40,000                        2,500                        385
   123                                                        3,427                        678
   124                          27,000                        1,100                        939
   125                         190,000                        1,772                        366
   126

<CAPTION>

Loan #   Monthly Other Reserve ($)   Grace Late   Grace Default
------   -------------------------   ----------   -------------
<S>      <C>                         <C>          <C>
     1                                        0               0
  1.01
  1.02
  1.03
  1.04
  1.05
  1.06
  1.07
  1.08
  1.09
   1.1
  1.11
  1.12
  1.13
  1.14
  1.15
  1.16
  1.17
  1.18
  1.19
   1.2
  1.21
  1.22
  1.23
  1.24
  1.25
  1.26
  1.27
  1.28
  1.29
   1.3
  1.31
  1.32
  1.33
  1.34
  1.35
  1.36
  1.37
  1.38
  1.39
   1.4
  1.41
  1.42
  1.43
  1.44
  1.45
  1.46
  1.47
  1.48
  1.49
   1.5
  1.51
  1.52
  1.53
  1.54
  1.55
  1.56
  1.57
  1.58
  1.59
     2                                        0               0
     3                                        0               5
  3.01
  3.02
  3.03
  3.04
  3.05
  3.06
  3.07
  3.08
  3.09
   3.1
  3.11
  3.12
  3.13
  3.14
  3.15
  3.16
  3.17
  3.18
  3.19
   3.2
  3.21
  3.22
  3.23
  3.24
  3.25
  3.26
  3.27
  3.28
  3.29
   3.3
  3.31
  3.32
  3.33
  3.34
  3.35
  3.36
  3.37
  3.38
  3.39
   3.4
  3.41
  3.42
  3.43
     4                                        0               0
     5                                        0               0
     6                                        0               0
     7                                        0               0
     8                                        0               0
     9                                        5               5
    10                                        0               0
    11                                        5               5
    12                                        5               5
    13                                        0               0
    14                                        5               5
    15                                        0               0
    16                                        0               0
 16.01
 16.02
    17                                        0               0
 17.01
 17.02
 17.03
    18                                        5               5
    19                                        0               0
    20                                        0               0
    21                                        0               0
    22                                        0               0
    23                                        0               0
    24                                        0               0
    25                                        0               0
    26                                        0               0
    27                                        0               0
    28                                        0               0
    29                                        5               5
    30                                        0               0
    31                                        0               0
 31.01
 31.02
 31.03
 31.04
    32                                        0               0
    33                                        5               5
    34                                        0               0
    35                                        5               5
    36                                        0               0
    37                                        5               5
    38                                        5               5
    39                                        5               5
    40                                        0               0
    41                                        5               5
    42                                        0               0
    43                                        0               0
    44                                        5               5
    45                                        5               5
    46                                        0               0
    47                                        0               0
    48                                        0               0
    49                                        0               0
    50                                        0               0
    51                                        5               5
    52                                        0               0
    53                                        5               5
    54                                        0               0
    55                                        0               0
    56                                        0               0
    57                                        0               0
    58                                        4               4
    59                                        0               0
    60                                        5               5
    61                                        5               5
    62                                        5               5
    63                                        5               5
    64                                        0               0
    65                                        0               0
    66                                        0               0
    67                                        0               5
    68                                        0               0
 68.01
 68.02
 68.03
 68.04
    69                       9,167            5               5
    70                                        0               0
    71                                        0               0
    72                                        0               0
    73                                        5               5
    74                      Varies            0               0
    75                                        5               5
    76                                        0               0
    77                                        0               0
    78                                        0               0
    79                      26,250            0               0
    80                                        0               0
    81                                        0               0
    82                                        0               0
    83                                        0               0
    84                                        0               0
    85                                        5               5
    86                                        0               0
    87                                        5               5
    88                                        0               0
    89                                        0               0
    90                                        0               0
    91                                        0               0
    92                                        0               0
    93                                        0               0
    94                                        0               0
    95                                        0               0
    96                                        0               0
    97                                        0               0
    98                                        0               0
    99                                        0               0
   100                                        0               0
   101                                        0               0
   102                                        0               0
   103                                        5               5
   104                                        5               5
   105                                        0               0
   106                                        0               0
   107                                        5               5
   108                                        5               5
   109                                        0               0
   110                                        0               0
   111                                        0               0
   112                                        5               5
   113                                        0               0
   114                                        0               0
   115                                        0               0
   116                                        0               0
   117                                        6               6
   118                                        0               0
   119                                        0               0
   120                                        0               0
   121                                        0               0
   122                                        0               0
   123                                        0               0
   124                                        0               0
   125                                        0               0
   126                                        0               0

</TABLE>

(1)   The RLJ Portfolio mortgage loan is being serviced pursuant to the Wachovia
      Bank Commercial Mortgage Trust Commercial Mortgage Pass-Through
      Certificates Series 2006-C27 transaction. The 1 basis point primary
      servicing fee being paid to the Wachovia 2006-C27 trust is not reflected
      in the applicable columns above with respect to the RLJ Portfolio mortgage
      loan.

<PAGE>

                                   SCHEDULE II

           LIST OF MORTGAGE LOANS WITH SECURED CREDITOR ENVIRONMENTAL
                               INSURANCE POLICIES

Loan Number             Property Name
-----------             -------------

<PAGE>

                                  SCHEDULE III

                                   [RESERVED.]

<PAGE>

                                   SCHEDULE IV

        SUB-SERVICERS AS TO WHICH SUB-SERVICING AGREEMENTS ARE IN EFFECT
                               ON THE CLOSING DATE

1.    Capmark Finance Inc.

2.    Columbia National Real Estate Finance, LLC.

3.    CBRE Melody of Texas, LP.

4.    Laureate Capital LLC.

5.    Financial Federal Savings Bank.

6.    Capstone Realty Advisors, LLC.

7.    Collateral Mortgage Capital, LLC.

<PAGE>

                                   SCHEDULE V

                        LIST OF MORTGAGE LOANS REQUIRING
                        OPERATIONS AND MAINTENANCE PLANS

Mortgage Loan Seller    Loan Name
--------------------    ---------

<PAGE>

                                   SCHEDULE VI

                      LIST OF MERRILL TRUST MORTGAGE LOANS
                WITH LATE PAYMENT CHARGES DUE PRIOR TO EXPIRATION
                       OF THEIR PAYMENT DATE GRACE PERIODS

                                     [None.]

<PAGE>

                                   EXHIBIT A-1

                          FORM OF CLASS A-1, A-2, A-3,
                            A-4 AND A-1A CERTIFICATES

                      MERRILL LYNCH MORTGAGE TRUST 2006-C2
                    CLASS [A-1] [A-2] [A-3] [A-4] AND [A-1A]
          COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATE, SERIES 2006-C2

This is one of a series of commercial mortgage pass-through certificates
(collectively, the "Certificates"), issued in multiple classes (each, a
"Class"), which series of Certificates evidences the entire beneficial ownership
interest in a trust (the "Trust") whose assets consist primarily of a pool (the
"Mortgage Pool") of commercial, multifamily and manufactured housing community
mortgage loans (the "Mortgage Loans"), such pool being formed and sold by

                     MERRILL LYNCH MORTGAGE INVESTORS, INC.

Pass-Through Rate: [___% per annum]      Initial Certificate Principal Balance
[Variable]                               of this Certificate as of the Closing
                                         Date: $____________

Agreement: August 1, 2006                Class [A-1] [A-2] [A-3] [A-4] [A-1A]
                                         Certificates as of the Closing Date:
                                         $____________

Closing Date: August 17, 2006            Aggregate unpaid principal balance of
                                         the Mortgage Pool as of the Cut-off
First Distribution Date: September 12,   Date, after deducting payments of
2006                                     principal due on or before such date
                                         (the "Initial Pool Balance"):
                                         $1,542,696,552

Master Servicers: Wachovia Bank,         Trustee: LaSalle Bank National
National Association and Prudential      Association
Asset Resources, Inc.

Special Servicer: J.E. Robert Company,
Inc.

Certificate No. [A-1] [A-2] [A-3]        CUSIP No.:  ________
[A-4] [A-1A]-___
                                         ISIN No.:

<PAGE>

[FOR BOOK ENTRY CERTIFICATES:] UNLESS THIS CERTIFICATE IS PRESENTED BY AN
AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST CORPORATION, A NEW YORK
CORPORATION ("DTC"), TO THE DEPOSITOR, THE CERTIFICATE REGISTRAR, THE TRUSTEE OR
ANY AGENT THEREOF FOR REGISTRATION OF TRANSFER, EXCHANGE OR PAYMENT, AND ANY
CERTIFICATE ISSUED IS REGISTERED IN THE NAME OF CEDE & CO. OR IN SUCH OTHER NAME
AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE
TO CEDE & CO. OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED
REPRESENTATIVE OF DTC), ANY TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR
OTHERWISE BY OR TO ANY PERSON IS WRONGFUL INASMUCH AS THE REGISTERED OWNER
HEREOF, CEDE & CO., HAS AN INTEREST HEREIN.

NO TRANSFER OF THIS CERTIFICATE OR ANY INTEREST HEREIN MAY BE MADE TO (A) ANY
RETIREMENT PLAN OR OTHER EMPLOYEE BENEFIT PLAN OR ARRANGEMENT SUBJECT TO THE
EMPLOYEE RETIREMENT INCOME SECURITY ACT OF 1974, AS AMENDED ("ERISA"), OR
SECTION 4975 OF THE INTERNAL REVENUE CODE OF 1986, AS AMENDED (THE "CODE"), OR
(B) ANY PERSON WHO IS DIRECTLY OR INDIRECTLY PURCHASING THIS CERTIFICATE OR ANY
INTEREST HEREIN ON BEHALF OF, AS NAMED FIDUCIARY OF, AS TRUSTEE OF, OR WITH
ASSETS OF ANY SUCH RETIREMENT PLAN OR OTHER EMPLOYEE BENEFIT PLAN OR
ARRANGEMENT, IF THE PURCHASE OR HOLDING OF THIS CERTIFICATE OR SUCH INTEREST
HEREIN WOULD RESULT IN A VIOLATION OF SECTION 406 OR 407 OF ERISA OR SECTION
4975 OF THE CODE OR WOULD RESULT IN THE IMPOSITION OF AN EXCISE TAX UNDER
SECTION 4975 OF THE CODE.

THIS CERTIFICATE DOES NOT REPRESENT AN OBLIGATION OF OR INTEREST IN MERRILL
LYNCH MORTGAGE INVESTORS, INC., WACHOVIA BANK, NATIONAL ASSOCIATION, PRUDENTIAL
ASSET RESOURCES, INC., LASALLE BANK NATIONAL ASSOCIATION, LASALLE BANK NATIONAL
ASSOCIATION OR ANY OF THEIR RESPECTIVE AFFILIATES. NEITHER THIS CERTIFICATE NOR
THE MORTGAGE LOANS ARE GUARANTEED BY ANY AGENCY OR INSTRUMENTALITY OF THE UNITED
STATES OR ANY OTHER PERSON.

SOLELY FOR U.S. FEDERAL INCOME TAX PURPOSES, THIS CERTIFICATE IS A "REGULAR
INTEREST" IN A "REAL ESTATE MORTGAGE INVESTMENT CONDUIT" (A "REMIC") AS THOSE
TERMS ARE DEFINED, RESPECTIVELY, IN SECTIONS 860G AND 860D OF THE CODE.

THE OUTSTANDING CERTIFICATE PRINCIPAL BALANCE HEREOF AT ANY TIME MAY BE LESS
THAN THE AMOUNT SHOWN ABOVE.

            This certifies that [CEDE & CO.][_________] is the registered owner
of the Percentage Interest evidenced by this Certificate (obtained by dividing
the principal balance of this Certificate (its "Certificate Principal Balance")
as of the Closing Date by the aggregate principal balance of all the
Certificates of the same Class as this Certificate (their "Class Principal
Balance") as of the Closing Date) in that certain beneficial ownership interest
in the Trust evidenced by all the Certificates of the same Class as this
Certificate. The Trust was created and the Certificates were issued pursuant to
a Pooling and Servicing Agreement, dated as specified above (the "Agreement"),
between Merrill Lynch Mortgage Investors, Inc., as depositor (the "Depositor",
which term includes any successor entity under the Agreement), Wachovia Bank,
National Association and Prudential Asset Resources, Inc., as master servicers
(each, a "Master Servicer" and collectively, the "Master Servicers", which term
includes any successor entity under the Agreement), J.E. Robert Company, Inc.,
as special servicer (the "Special Servicer", which term includes any successor
entity under the Agreement), and LaSalle Bank National Association, as trustee
(the "Trustee", which term includes any successor entity under the Agreement), a
summary of certain of the pertinent provisions of which is set forth hereafter.
To the extent not defined herein, the capitalized terms used herein have the
respective meanings assigned in the Agreement. This Certificate is issued under
and is subject to the terms, provisions and conditions of the Agreement, to
which Agreement the Holder of this Certificate by virtue of the acceptance
hereof assents and by which such Holder is bound. In the event of any conflict
between any provision of this Certificate and any provision of the Agreement,
such provision of this Certificate shall be superseded to the extent of such
inconsistency.

            Pursuant to the terms of the Agreement, distributions will be made
on the 12th day of any given month, or if the 12th day is not a Business Day, on
the next succeeding Business Day (each, a "Distribution Date"). Distributions
will be made commencing on the first Distribution Date specified above, to the
Person in whose name this Certificate is registered at the close of business on
the last Business Day of the month immediately preceding the month of such
distribution (the "Record Date"), in an amount equal to the product of the
Percentage Interest evidenced by this Certificate and the amount required to be
distributed pursuant to the Agreement on the applicable Distribution Date in
respect of the Class of Certificates to which this Certificate belongs; provided
that the initial Record Date will be the Closing Date. All distributions made
under the Agreement in respect of this Certificate will be made by the Trustee
by wire transfer in immediately available funds to the account of the Person
entitled thereto at a bank or other entity having appropriate facilities
therefor, if such Certificateholder shall have provided the Trustee with written
wiring instructions no less than five (5) Business Days prior to (or, in the
case of the first such distribution, no later than) the Record Date for such
distribution (which wiring instructions may be in the form of a standing order
applicable to all subsequent distributions as well), or otherwise by check
mailed to the address of such Certificateholder appearing in the Certificate
Register. Notwithstanding the above, the final distribution in respect of this
Certificate (determined without regard to any possible future reimbursement of
any Realized Loss or Additional Trust Fund Expense previously allocated to this
Certificate) will be made after due notice by the Trustee of the pendency of
such distribution and only upon presentation and surrender of this Certificate
at the offices of the Certificate Registrar appointed as provided in the
Agreement or such other location as may be specified in such notice. Also
notwithstanding the foregoing, any distribution that may be made with respect to
this Certificate in reimbursement of any Realized Loss or Additional Trust Fund
Expense previously allocated to this Certificate, which reimbursement is to
occur after the date on which this Certificate is surrendered as contemplated by
the preceding sentence, will be made by check mailed to the address of the
Holder that surrenders this Certificate as such address last appeared in the
Certificate Register or to any such other address of which the Trustee is
subsequently notified in writing.

            Any distribution to the Holder of this Certificate in reduction of
the Certificate Principal Balance hereof is binding on such Holder and all
future Holders of this Certificate and any Certificate issued upon the transfer
hereof or in exchange herefor or in lieu hereof whether or not notation of such
distribution is made upon this Certificate.

            The Certificates are limited in right of distribution to certain
collections and recoveries respecting the Mortgage Loans, all as more
specifically set forth herein and in the Agreement. As provided in the
Agreement, withdrawals from the Collection Accounts, the Distribution Account
and, if established, the Pool REO Account may be made from time to time for
purposes other than, and, in certain cases, prior to, distributions to
Certificateholders, such purposes including the reimbursement of advances made,
or certain expenses incurred, with respect to the Mortgage Loans and the payment
of interest on such advances and expenses.

            The Certificates are issuable in fully registered form only without
coupons in minimum denominations specified in the Agreement. As provided in the
Agreement and subject to certain limitations therein set forth, the Certificates
are exchangeable for new Certificates of the same Class in authorized
denominations evidencing the same aggregate Percentage Interest, as requested by
the Holder surrendering the same.

            As provided in the Agreement and subject to certain limitations
therein set forth, the transfer of this Certificate is registrable in the
Certificate Register upon surrender of this Certificate for registration of
transfer at the offices of the Certificate Registrar, duly endorsed by, or
accompanied by a written instrument of transfer in the form satisfactory to the
Certificate Registrar duly executed by, the Holder hereof or his attorney duly
authorized in writing, and thereupon one or more new Certificates of the same
Class in authorized denominations evidencing the same aggregate Percentage
Interest will be issued to the designated transferee or transferees.

            No service charge will be imposed for any registration of transfer
or exchange of Certificates, but the Trustee or the Certificate Registrar may
require payment of a sum sufficient to cover any tax or other governmental
charge that may be imposed in connection with any transfer or exchange of
Certificates.

            [FOR BOOK ENTRY CERTIFICATES:] Notwithstanding the foregoing, for so
long as this Certificate is registered in the name of Cede & Co. or in such
other name as is requested by an authorized representative of DTC, transfers of
interests in this Certificate shall be made through the book-entry facilities of
DTC.

            The Holder of this Certificate, by its acceptance hereof, shall be
deemed to have agreed to keep confidential any information it obtains from the
Trustee (except that such Holder may provide any such information obtained by it
to any other Person that holds or is contemplating the purchase of this
Certificate or an interest herein, provided that such other Person confirms in
writing such ownership interest or prospective ownership interest and agrees to
keep such information confidential).

            Prior to due presentment of this Certificate for registration of
transfer, the Depositor, the Master Servicers, the Special Servicer, the
Trustee, the Certificate Registrar and any agent of any of them may treat the
Person in whose name this Certificate is registered as of the related Record
Date as the owner hereof for the purpose of receiving distributions pursuant to
the Agreement and may treat the person in whose name this Certificate is
registered as of the relevant date of determination as owner of this Certificate
for all other purposes whatsoever, and none of the Depositor, the Master
Servicers, the Special Servicer, the Trustee, the Certificate Registrar or any
such agent shall be affected by notice to the contrary.

            Subject to certain terms and conditions set forth in the Agreement,
the Trust and the obligations created by the Agreement shall terminate upon
distribution (or provision for distribution) to the Certificateholders of all
amounts held by or on behalf of the Trustee and required to be distributed to
them pursuant to the Agreement following the earlier to occur of (i) the final
payment (or any advance with respect thereto) on or other liquidation of the
last Mortgage Loan or REO Property remaining in the Trust, (ii) the purchase by
either Master Servicer, the Special Servicer or the Plurality Subordinate
Certificateholder at a price determined as provided in the Agreement of all
Mortgage Loans and any REO Properties (or, if specified in the Agreement with
respect to any REO Property, the Trust's interests therein) remaining in the
Trust and (iii) the exchange by the holder of certain remaining outstanding
Classes of Certificates (as described below) for all the Mortgage Loans and REO
Properties (or, if specified in the Agreement with respect to any REO Property,
the Trust's interests therein) in the Trust. The Agreement permits, but does not
require, either Master Servicer, the Special Servicer or the Plurality
Subordinate Certificateholder to purchase from the Trust all Mortgage Loans and
any REO Properties (or, if specified in the Agreement with respect to any REO
Property, the Trust's interests therein) remaining therein. The exercise of such
right will effect early retirement of the Certificates; however, such right to
purchase is subject to the aggregate Stated Principal Balance of the Mortgage
Pool at the time of purchase being less than approximately 1.0% of the Initial
Pool Balance. In addition, following the date on which the total principal
balance of the Class A-1, Class A-2, Class A-3, Class A-4, Class A-1A, Class AM,
Class AJ, Class B, Class C and Class D Certificates is reduced to zero, any
single Holder of each outstanding Class of Certificates (other than the Class Z,
Class R-I and Class R-II Certificates) may, subject to such other conditions as
may be set forth in the Agreement, exchange those Certificates for all Mortgage
Loans and REO Properties (or, if specified in the Agreement with respect to any
REO Property, the Trust's interests therein) remaining in the Trust Fund at the
time of the exchange.

            The Agreement permits, with certain exceptions therein provided, the
amendment thereof, and the modification of the rights and obligations of the
Depositor, the Master Servicers, the Special Servicer and the Trustee thereunder
and the rights of the Certificateholders thereunder, at any time by the Master
Servicers, the Special Servicer and the Trustee with the consent of the Holders
of Certificates entitled to at least 66-2/3% of the Voting Rights. Any such
consent by the Holder of this Certificate shall be conclusive and binding on
such Holder and upon all future Holders of this Certificate and of any
Certificate issued upon the transfer hereof or in exchange herefor or in lieu
hereof whether or not notation of such consent is made upon this Certificate.
The Agreement also permits the amendment thereof, in certain circumstances,
including any amendment necessary to maintain the status of each of REMIC I and
REMIC II as a REMIC, without the consent of the Holders of any of the
Certificates.

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

            The registered Holder hereof, by its acceptance hereof, agrees that
it will look solely to the Trust (to the extent of its rights therein) for
distributions hereunder.

            This Certificate shall be construed in accordance with the internal
laws of the State of New York applicable to agreements made and to be performed
in said State, without applying any conflicts of law principles of such state
(other than the provisions of Section 5-1401 of the New York General Obligations
Law), and the obligations, rights and remedies of the Holder hereof shall be
determined in accordance with such laws.

<PAGE>

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

                                    LASALLE BANK NATIONAL ASSOCIATION,
                                    as Certificate Registrar

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

                          CERTIFICATE OF AUTHENTICATION

            This is one of the Class [A-1] [A-2] [A-3] [A-4] [A-1A] Certificates
referred to in the within-mentioned Agreement.

Dated: August 17, 2006

                                    LASALLE BANK NATIONAL ASSOCIATION
                                    as Authenticating Agent

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

<PAGE>

                                   ASSIGNMENT

      FOR VALUE RECEIVED, the undersigned hereby sell(s), assign(s) and
      transfer(s) unto ________________________________________________
      _________________________________________________________________
      _________________________________________________________________

        (please print or typewrite name and address including postal zip
                                code of assignee)

the beneficial ownership interest in the Trust evidenced by the within
Commercial Mortgage Pass-Through Certificate and hereby authorize(s) the
registration of transfer of such interest to the above named assignee on the
Certificate Register of the Trust.

      I (we) further direct the issuance of a new Commercial Mortgage
      Pass-Through Certificate of a like Percentage Interest and Class
      to the above named assignee and delivery of such Commercial
      Mortgage Pass-Through Certificate to the following address: _____
      _________________________________________________________________
      _________________________________________________________________

Dated:

                                    --------------------------------------------
                                    Signature by or on behalf of Assignor

                                    --------------------------------------------
                                    Signature Guaranteed

                            DISTRIBUTION INSTRUCTIONS

      The assignee should include the following for purposes of
      distribution:

      Distributions shall, if permitted, be made by wire transfer or
      otherwise, in immediately available funds, to ___________________
      for the account of _____________________________________________.

      Distributions made by check (such check to be made payable to
      ______________________) and all applicable statements and notices
      should be mailed to _____________________________________________
      ________________________________________________________________.

      This information is provided by ______________________________,
      the assignee named above, or __________________________________,
      as its agent.

<PAGE>

                                   EXHIBIT A-2

                                   [RESERVED]

<PAGE>

                                   EXHIBIT A-3

                          FORM OF CLASS X CERTIFICATES

                      MERRILL LYNCH MORTGAGE TRUST 2006-C2
              CLASS X COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATE,
                                 SERIES 2006-C2

This is one of a series of commercial mortgage pass-through certificates
(collectively, the "Certificates"), issued in multiple classes (each, a
"Class"), which series of Certificates evidences the entire beneficial ownership
interest in a trust (the "Trust") whose assets consist primarily of a pool (the
"Mortgage Pool") of commercial, multifamily and manufactured housing community
mortgage loans (the "Mortgage Loans"), such pool being formed and sold by

                     MERRILL LYNCH MORTGAGE INVESTORS, INC.

Pass-Through Rate: Variable              Initial Certificate Notional Amount of
                                         this Certificate as of the Closing
                                         Date: $____________

Date of Pooling and Servicing            Original Class X Notional Amount of all
Agreement: August 1, 2006                the Class X  Certificates as of the
                                         Closing Date:

                                         $____________
Closing Date: August 17, 2006            Aggregate unpaid principal balance of
                                         the Mortgage Pool as of the Cut-off
First Distribution Date: September 12,   Date, after deducting payments of
2006                                     principal due on or before such date
                                         (the "Initial Pool Balance"):
                                         $1,542,696,552

Master Servicers: Wachovia Bank,         Trustee: LaSalle Bank National
National Association and Prudential      Association
Asset Resources, Inc.

Special Servicer: J.E. Robert
Company, Inc.

Certificate No. X -___                   CUSIP No.:  ________

                                         ISIN No.:

<PAGE>

[FOR BOOK ENTRY CERTIFICATES:] UNLESS THIS CERTIFICATE IS PRESENTED BY AN
AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST CORPORATION, A NEW YORK
CORPORATION ("DTC"), TO THE DEPOSITOR, THE CERTIFICATE REGISTRAR, THE TRUSTEE OR
ANY AGENT THEREOF FOR REGISTRATION OF TRANSFER, EXCHANGE OR PAYMENT, AND ANY
CERTIFICATE ISSUED IS REGISTERED IN THE NAME OF CEDE & CO. OR IN SUCH OTHER NAME
AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE
TO CEDE & CO. OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED
REPRESENTATIVE OF DTC), ANY TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR
OTHERWISE BY OR TO ANY PERSON IS WRONGFUL INASMUCH AS THE REGISTERED OWNER
HEREOF, CEDE & CO., HAS AN INTEREST HEREIN.

THIS CERTIFICATE HAS NOT BEEN REGISTERED OR QUALIFIED UNDER THE SECURITIES ACT
OF 1933, AS AMENDED (THE "SECURITIES ACT"), OR THE SECURITIES LAWS OF ANY STATE.
ANY RESALE, PLEDGE, TRANSFER OR OTHER DISPOSITION OF THIS CERTIFICATE OR ANY
INTEREST HEREIN WITHOUT SUCH REGISTRATION OR QUALIFICATION MAY BE MADE ONLY IN A
TRANSACTION WHICH DOES NOT REQUIRE SUCH REGISTRATION OR QUALIFICATION AND WHICH
IS IN ACCORDANCE WITH THE PROVISIONS OF SECTION 5.02 OF THE POOLING AND
SERVICING AGREEMENT REFERRED TO HEREIN.

NO TRANSFER OF THIS CERTIFICATE OR ANY INTEREST HEREIN MAY BE MADE TO (A) ANY
RETIREMENT PLAN OR OTHER EMPLOYEE BENEFIT PLAN OR ARRANGEMENT SUBJECT TO THE
EMPLOYEE RETIREMENT INCOME SECURITY ACT OF 1974, AS AMENDED ("ERISA"), OR
SECTION 4975 OF THE INTERNAL REVENUE CODE OF 1986, AS AMENDED (THE "CODE"), OR
(B) ANY PERSON WHO IS DIRECTLY OR INDIRECTLY PURCHASING THIS CERTIFICATE OR ANY
INTEREST HEREIN ON BEHALF OF, AS NAMED FIDUCIARY OF, AS TRUSTEE OF, OR WITH
ASSETS OF ANY SUCH RETIREMENT PLAN OR OTHER EMPLOYEE BENEFIT PLAN OR
ARRANGEMENT, EXCEPT IN ACCORDANCE WITH THE PROVISIONS OF SECTION 5.02 OF THE
POOLING AND SERVICING AGREEMENT REFERRED TO HEREIN.

THIS CERTIFICATE DOES NOT REPRESENT AN OBLIGATION OF OR INTEREST IN MERRILL
LYNCH MORTGAGE INVESTORS, INC., WACHOVIA BANK, NATIONAL ASSOCIATION, PRUDENTIAL
ASSET RESOURCES, INC., LASALLE BANK NATIONAL ASSOCIATION OR ANY OF THEIR
RESPECTIVE AFFILIATES. NEITHER THIS CERTIFICATE NOR THE MORTGAGE LOANS ARE
GUARANTEED BY ANY AGENCY OR INSTRUMENTALITY OF THE UNITED STATES OR ANY OTHER
PERSON.

SOLELY FOR U.S. FEDERAL INCOME TAX PURPOSES, THIS CERTIFICATE IS A "REGULAR
INTEREST" IN A "REAL ESTATE MORTGAGE INVESTMENT CONDUIT" (A "REMIC") AS THOSE
TERMS ARE DEFINED, RESPECTIVELY, IN SECTIONS 860G AND 860D OF THE CODE.

THE OUTSTANDING CERTIFICATE NOTIONAL AMOUNT HEREOF AT ANY TIME MAY BE LESS THAN
THE AMOUNT SHOWN ABOVE. THIS CERTIFICATE DOES NOT HAVE A CERTIFICATE PRINCIPAL
BALANCE AND DOES NOT ENTITLE THE HOLDER HEREOF TO ANY DISTRIBUTIONS OF
PRINCIPAL. THE HOLDER HEREOF WILL BE ENTITLED TO DISTRIBUTIONS OF INTEREST
ACCRUED AS PROVIDED IN THE POOLING AND SERVICING AGREEMENT REFERRED TO HEREIN ON
THE CERTIFICATE NOTIONAL AMOUNT OF THIS CERTIFICATE, WHICH AT ANY TIME MAY BE
LESS THAN THE AMOUNT SHOWN ABOVE.

            This certifies that [CEDE & CO.][_______] is the registered owner of
the Percentage Interest evidenced by this Certificate (obtained by dividing the
notional principal amount of this Certificate (its "Certificate Notional
Amount") as of the Closing Date by the aggregate notional principal amount of
all the Certificates of the same Class as this Certificate (their "Class
Notional Amount") as of the Closing Date) in that certain beneficial ownership
interest in the Trust evidenced by all the Certificates of the same Class as
this Certificate. The Trust was created and the Certificates were issued
pursuant to a Pooling and Servicing Agreement, dated as specified above (the
"Agreement"), between Merrill Lynch Mortgage Investors, Inc., as depositor (the
"Depositor", which term includes any successor entity under the Agreement),
Wachovia Bank, National Association and Prudential Asset Resources, Inc., as
master servicers (each, a "Master Servicer" and collectively, the "Master
Servicers", which term includes any successor entity under the Agreement), J.E.
Robert Company, Inc., as special servicer (the "Special Servicer", which term
includes any successor entity under the Agreement), and LaSalle Bank National
Association, as trustee (the "Trustee", which term includes any successor entity
under the Agreement), a summary of certain of the pertinent provisions of which
is set forth hereafter. To the extent not defined herein, the capitalized terms
used herein have the respective meanings assigned in the Agreement. This
Certificate is issued under and is subject to the terms, provisions and
conditions of the Agreement, to which Agreement the Holder of this Certificate
by virtue of the acceptance hereof assents and by which such Holder is bound. In
the event of any conflict between any provision of this Certificate and any
provision of the Agreement, such provision of this Certificate shall be
superseded to the extent of such inconsistency.

            Pursuant to the terms of the Agreement, distributions will be made
on the 12th day of any given month, or if the 12th day is not a Business Day, on
the next succeeding Business Day (each, a "Distribution Date"). Distributions
will be made commencing on the first Distribution Date specified above, to the
Person in whose name this Certificate is registered at the close of business on
the last Business Day of the month immediately preceding the month of such
distribution (the "Record Date"), in an amount equal to the product of the
Percentage Interest evidenced by this Certificate and the amount required to be
distributed pursuant to the Agreement on the applicable Distribution Date in
respect of the Class of Certificates to which this Certificate belongs; provided
that the initial Record Date will be the Closing Date. All distributions made
under the Agreement in respect of this Certificate will be made by the Trustee
by wire transfer in immediately available funds to the account of the Person
entitled thereto at a bank or other entity having appropriate facilities
therefor, if such Certificateholder shall have provided the Trustee with written
wiring instructions no less than five (5) Business Days prior to (or, in the
case of the first such distribution, no later than) the Record Date for such
distribution (which wiring instructions may be in the form of a standing order
applicable to all subsequent distributions as well), or otherwise by check
mailed to the address of such Certificateholder appearing in the Certificate
Register. Notwithstanding the above, the final distribution in respect of this
Certificate will be made after due notice by the Trustee of the pendency of such
distribution and only upon presentation and surrender of this Certificate at the
offices of the Certificate Registrar appointed as provided in the Agreement or
such other location as may be specified in such notice.

            The Certificates are limited in right of distribution to certain
collections and recoveries respecting the Mortgage Loans, all as more
specifically set forth herein and in the Agreement. As provided in the
Agreement, withdrawals from the Collection Accounts, the Distribution Account
and, if established, the Pool REO Account may be made from time to time for
purposes other than, and, in certain cases, prior to, distributions to
Certificateholders, such purposes including the reimbursement of advances made,
or certain expenses incurred, with respect to the Mortgage Loans and the payment
of interest on such advances and expenses.

            The Certificates are issuable in fully registered form only without
coupons in minimum denominations specified in the Agreement. As provided in the
Agreement and subject to certain limitations therein set forth, the Certificates
are exchangeable for new Certificates of the same Class in authorized
denominations evidencing the same aggregate Percentage Interest, as requested by
the Holder surrendering the same.

            As provided in the Agreement and subject to certain limitations
therein set forth, the transfer of this Certificate is registrable in the
Certificate Register upon surrender of this Certificate for registration of
transfer at the offices of the Certificate Registrar, duly endorsed by, or
accompanied by a written instrument of transfer in the form satisfactory to the
Certificate Registrar duly executed by, the Holder hereof or his attorney duly
authorized in writing, and thereupon one or more new Certificates of the same
Class in authorized denominations evidencing the same aggregate Percentage
Interest will be issued to the designated transferee or transferees.

            No direct or indirect transfer, sale, pledge, hypothecation or other
disposition (each, a "Transfer") of this Certificate or any interest herein
shall be made unless that Transfer is exempt from the registration and/or
qualification requirements of the Securities Act and any applicable state
securities laws, or is otherwise made in accordance with the Securities Act and
such state securities laws.

            If this Certificate constitutes a Definitive Certificate and a
Transfer hereof is to be made without registration under the Securities Act
(other than in connection with the initial issuance of the Certificates or a
Transfer of this Certificate by the Depositor, Merrill Lynch, Pierce, Fenner &
Smith Incorporated or any of their respective Affiliates or, if this Certificate
is a Global Certificate, a Transfer of this Certificate to a successor
Depository or to the applicable Certificate Owner in accordance with Section
5.03 of the Agreement), then the Certificate Registrar shall refuse to register
such Transfer unless it receives (and, upon receipt, may conclusively rely upon)
either: (i) a certificate from the Certificateholder desiring to effect such
Transfer substantially in the form attached as Exhibit E-1 to the Agreement and
a certificate from such Certificateholder's prospective Transferee substantially
in the form attached either as Exhibit E-2A to the Agreement or as Exhibit E-2B
to the Agreement; or (ii) an Opinion of Counsel satisfactory to the Trustee to
the effect that such Transferee is an Institutional Accredited Investor or a
Qualified Institutional Buyer and such Transfer may be made without registration
under the Securities Act (which Opinion of Counsel shall not be an expense of
the Trust Fund or of the Depositor, either Master Servicer, the Special
Servicer, the Trustee or the Certificate Registrar in their respective
capacities as such), together with the written certification(s) as to the facts
surrounding such Transfer from the Certificateholder desiring to effect such
Transfer and/or such Certificateholder's prospective Transferee on which such
Opinion of Counsel is based. If any Transferee of this Certificate does not, in
connection with the subject Transfer, deliver to the Certificate Registrar one
of the certifications described in clause (i) of the preceding sentence or the
Opinion of Counsel described in clause (ii) of the preceding sentence, then such
Transferee shall be deemed to have represented and warranted that all the
certifications set forth in either Exhibit E-2A or Exhibit E-2B attached to the
Agreement are, with respect to the subject Transfer, true and correct.

            If this Certificate constitutes a Rule 144A Global Certificate and a
Transfer of any interest herein is to be made without registration under the
Securities Act (other than in connection with the initial issuance of the
Certificates or a Transfer of any interest herein by the Depositor, Merrill
Lynch, Pierce, Fenner & Smith Incorporated or any of their respective
Affiliates), then the Certificate Owner desiring to effect such Transfer shall
be required to obtain either: (i) a certificate from such Certificate Owner's
prospective Transferee substantially in the form attached as Exhibit E-2C to the
Agreement, or (ii) an Opinion of Counsel to the effect that such Transferee is a
Qualified Institutional Buyer and such Transfer may be made without registration
under the Securities Act. If this Certificate constitutes a Rule 144A Global
Certificate and any Transferee of an interest herein does not, in connection
with the subject Transfer, deliver to the Transferor the Opinion of Counsel or
the certification described in the preceding sentence, then such Transferee
shall be deemed to have represented and warranted that all the certifications
set forth in Exhibit E-2C attached to the Agreement are, with respect to the
subject Transfer, true and correct. No beneficial interest in the Rule 144A
Global Certificate for any Class of Book-Entry Non-Registered Certificates may
be held by any Person that is not a Qualified Institutional Buyer.

            Notwithstanding the preceding paragraph, any interest in the Rule
144A Global Certificate for a Class of Book-Entry Non-Registered Certificates
may be transferred to any Non-United States Securities Person who takes delivery
in the form of a beneficial interest in the Regulation S Global Certificate for
such Class of Certificates, provided that the Certificate Owner desiring to
effect such Transfer (i) complies with the requirements for Transfers of
interests in such Regulation S Global Certificate set forth in the following
paragraph and (ii) delivers or causes to be delivered to the Certificate
Registrar and the Trustee (A) a certificate from such Certificate Owner
confirming its ownership of the beneficial interests in the subject Class of
Book-Entry Non-Registered Certificates to be transferred, (B) a copy of the
certificate to be obtained by such Certificate Owner from its prospective
Transferee in accordance with the second sentence of the following paragraph and
(C) such written orders and instructions as are required under the applicable
procedures of the Depository, Clearstream and Euroclear to direct the Trustee,
as transfer agent for the Depository, to approve the debit of the account of a
Depository Participant by a denomination of interests in such Rule 144A Global
Certificate, and approve the credit of the account of a Depository Participant
by a denomination of interests in such Regulation S Global Certificate, that is
equal to the denomination of beneficial interests in the subject Class of
Book-Entry Non-Registered Certificates to be transferred. Upon delivery to the
Certificate Registrar and the Trustee of such certifications and such orders and
instructions, the Trustee, subject to and in accordance with the applicable
procedures of the Depository, shall reduce the denomination of the Rule 144A
Global Certificate in respect of the subject Class of Book-Entry Non-Registered
Certificates, and increase the denomination of the Regulation S Global
Certificate for such Class of Certificates, by the denomination of the
beneficial interest in such Class of Certificates specified in such orders and
instructions.

            No beneficial interest in the Regulation S Global Certificate for
any Class of Book-Entry Non-Registered Certificates may be held by any Person
that is a United States Securities Person. Any Certificate Owner desiring to
effect any Transfer of a beneficial interest in the Regulation S Global
Certificate for any Class of Book-Entry Non-Registered Certificates shall be
required to obtain from such Certificate Owner's prospective Transferee a
certificate substantially in the form set forth in Exhibit E-2D to the Agreement
to the effect that such Transferee is not a United States Securities Person. If
any Transferee of an interest in the Regulation S Global Certificate for any
Class of Book-Entry Non-Registered Certificates does not, in connection with the
subject Transfer, deliver to the Transferor the certification described in the
preceding sentence, then such Transferee shall be deemed to have represented and
warranted that all the certifications set forth in Exhibit E-2D to the Agreement
are, with respect to the subject Transfer, true and correct.

            Notwithstanding the preceding paragraph, any interest in the
Regulation S Global Certificate for a Class of Book-Entry Non-Registered
Certificates may be transferred to any Qualified Institutional Buyer that takes
delivery in the form of a beneficial interest in the Rule 144A Global
Certificate for such Class of Certificates, provided that the Certificate Owner
desiring to effect such transfer (i) complies with the requirements for
Transfers of interests in such Rule 144A Global Certificate set forth in the
third preceding paragraph and (ii) delivers or causes to be delivered to the
Certificate Registrar and the Trustee (A) a certificate from such Certificate
Owner confirming its ownership of the beneficial interests in the subject Class
of Book-Entry Non-Registered Certificates to be transferred, (B) a copy of the
certificate or Opinion of Counsel to be obtained by such Certificate Owner from
its prospective Transferee in accordance with the first sentence of the third
preceding paragraph and (C) such written orders and instructions as are required
under the applicable procedures of the Depository, Clearstream and Euroclear to
direct the Trustee to debit the account of a Depository Participant by a
denomination of interests in such Regulation S Global Certificate, and credit
the account of a Depository Participant by a denomination of interests in such
Rule 144A Global Certificate, that is equal to the denomination of beneficial
interests in the subject Class of Book-Entry Non-Registered Certificates to be
transferred. Upon delivery to the Certificate Registrar and the Trustee of such
certification(s) and/or Opinion of Counsel and such orders and instructions, the
Trustee, subject to and in accordance with the applicable procedures of the
Depository, shall reduce the denomination of the Regulation S Global Certificate
in respect of the subject Class of Book-Entry Non-Registered Certificates, and
increase the denomination of the Rule 144A Global Certificate for such Class of
Certificates, by the denomination of the beneficial interest in such Class of
Certificates specified in such orders and instructions.

            Also notwithstanding the foregoing, any interest in a Global
Certificate with respect to any Class of Book-Entry Non-Registered Certificates
may be transferred by any Certificate Owner holding such interest to any
Institutional Accredited Investor (other than a Qualified Institutional Buyer)
that takes delivery in the form of a Definitive Certificate of the same Class as
such Global Certificate upon delivery to the Certificate Registrar and the
Trustee of (i) such certifications and/or opinions as are contemplated by the
fourth preceding paragraph and (ii) such written orders and instructions as are
required under the applicable procedures of the Depository to direct the Trustee
to debit the account of a Depository Participant by the denomination of the
transferred interests in such Global Certificate. Upon delivery to the
Certificate Registrar and the Trustee of the certifications and/or opinions
contemplated by the fourth preceding paragraph, the Trustee, subject to and in
accordance with the applicable procedures of the Depository, shall reduce the
denomination of the subject Global Certificate by the denomination of the
transferred interests in such Global Certificate, and shall cause a Definitive
Certificate of the same Class as such Global Certificate, and in a denomination
equal to the reduction in the denomination of such Global Certificate, to be
executed, authenticated and delivered in accordance with the Agreement to the
applicable Transferee.

            None of the Depositor, the Trustee or the Certificate Registrar is
obligated to register or qualify the Class of Certificates to which this
Certificate belongs, under the Securities Act or any other securities law or to
take any action not otherwise required under the Agreement to permit the
Transfer of this Certificate or any interest herein without such registration or
qualification. Any Certificateholder or Certificate Owner desiring to effect a
Transfer of this Certificate or any interest herein shall, and does hereby agree
to, indemnify the Depositor, Merrill Lynch, Pierce, Fenner & Smith Incorporated,
LaSalle Financial Services, Inc., the Trustee, the Master Servicers, the Special
Servicer, the Certificate Registrar and their respective Affiliates against any
liability that may result if such Transfer is not exempt from the registration
and/or qualification requirements of the Securities Act and any applicable state
securities laws or is not made in accordance with such federal and state laws.

            No Transfer of this Certificate or any interest herein shall be made
to (A) any employee benefit plan or other retirement arrangement, including
individual retirement accounts and annuities, Keogh plans and collective
investment funds and separate accounts in which such plans, accounts or
arrangements are invested, including insurance company general accounts, that is
subject to ERISA or the Code or any other federal, state, local or foreign law
("Similar Law") that is substantially similar to Section 405 or 407 of ERISA or
Section 4975 of the Code (each, a "Plan"), or (B) any Person who is directly or
indirectly purchasing this Certificate or such interest herein on behalf of, as
named fiduciary of, as trustee of, or with assets of a Plan, if the purchase and
holding of this Certificate or such interest herein by the prospective
Transferee would result in a non-exempt violation of Section 406 or 407 of ERISA
or Section 4975 of the Code or Similar Law or would result in the imposition of
an excise tax under Section 4975 of the Code. Except in connection with the
initial issuance of the Certificates or any Transfer of this Certificate or any
interest herein by the Depositor, Merrill Lynch, Pierce, Fenner & Smith
Incorporated or any of their respective Affiliates or, if this Certificate
constitutes a Global Certificate, any Transfer of this Certificate to a
successor Depository or to the applicable Certificate Owner in accordance with
Section 5.03 of the Agreement, the Certificate Registrar shall refuse to
register the Transfer of this Certificate unless it has received from the
prospective Transferee, and, if this Certificate constitutes a Global
Certificate, any Certificate Owner transferring an interest herein shall be
required to obtain from its prospective Transferee, one of the following: (i) a
certification to the effect that such prospective Transferee is not a Plan and
is not directly or indirectly purchasing this Certificate or such interest
herein on behalf of, as named fiduciary of, as trustee of, or with assets of a
Plan; or (ii) a certification to the effect that the purchase and holding of
this Certificate or such interest herein by such prospective Transferee is
exempt from the prohibited transaction provisions of Sections 406 and 407 of
ERISA and the excise taxes imposed on such prohibited transactions by Section
4975 of the Code, by reason of Sections I and III of Prohibited Transaction
Class Exemption 95-60; or (iii) if this Certificate is rated in one of the four
highest generic rating categories by either Rating Agency, and this Certificate
or an interest herein is being acquired by or on behalf of a Plan in reliance on
Prohibited Transaction Exemption 90-29, a certification to the effect that such
Plan (X) is an accredited investor as defined in Rule 501(a)(1) of Regulation D
of the Securities Act, (Y) is not sponsored (within the meaning of Section
3(16)(B) of ERISA) by the Trustee, the Depositor any Mortgage Loan Seller,
either Master Servicer, the Special Servicer, any Fiscal Agent, any
Sub-Servicer, any Exemption-Favored Party or any Mortgagor with respect to
Mortgage Loans constituting more than 5% of the aggregate unamortized principal
balance of all the Mortgage Loans determined as of the Closing Date, or by any
Affiliate of such Person, and (Z) agrees that it will obtain from each of its
Transferees that are Plans a written representation that such Transferee, if a
Plan, satisfies the requirements of the immediately preceding clauses (X) and
(Y), together with a written agreement that such Transferee will obtain from
each of its Transferees that are Plans a similar written representation
regarding satisfaction of the requirements of the immediately preceding clauses
(X) and (Y); or (iv) a certification of facts and an Opinion of Counsel which
otherwise establish to the reasonable satisfaction of the Trustee or such
Certificate Owner, as the case may be, that such Transfer will not result in a
violation of Section 406 or 407 of ERISA or Section 4975 of the Code or result
in the imposition of an excise tax under Section 4975 of the Code. If any
Transferee of this Certificate or any interest herein does not, in connection
with the subject Transfer, deliver to the Certificate Registrar (if this
Certificate constitutes a Definitive Certificate) or the Transferor (if this
Certificate constitutes a Global Certificate) a certification and/or Opinion of
Counsel as required by the preceding sentence, then such Transferee shall be
deemed to have represented and warranted that either: (i) such Transferee is not
a Plan and is not directly or indirectly purchasing this Certificate or any
interest herein on behalf of, as named fiduciary of, as trustee of, or with
assets of a Plan; or (ii) the purchase and holding of this Certificate or such
interest herein by such Transferee is exempt from the prohibited transaction
provisions of Sections 406 and 407 of ERISA and the excise taxes imposed on such
prohibited transactions by Section 4975 of the Code.

            No service charge will be imposed for any registration of transfer
or exchange of Certificates, but the Trustee or the Certificate Registrar may
require payment of a sum sufficient to cover any tax or other governmental
charge that may be imposed in connection with any transfer or exchange of
Certificates.

            Notwithstanding the foregoing, for so long as this Certificate is
registered in the name of Cede & Co. or in such other name as is requested by an
authorized representative of DTC, transfers of interests in this Certificate
shall be made through the book-entry facilities of DTC.

            The Holder of this Certificate, by its acceptance hereof, shall be
deemed to have agreed to keep confidential any information it obtains from the
Trustee (except that such Holder may provide any such information obtained by it
to any other Person that holds or is contemplating the purchase of this
Certificate or an interest herein, provided that such other Person confirms in
writing such ownership interest or prospective ownership interest and agrees to
keep such information confidential).

            Prior to due presentment of this Certificate for registration of
transfer, the Depositor, the Master Servicers, the Special Servicer, the
Trustee, the Certificate Registrar and any agent of any of them may treat the
Person in whose name this Certificate is registered as of the related Record
Date as the owner hereof for the purpose of receiving distributions pursuant to
the Agreement and may treat the person in whose name this Certificate is
registered as of the relevant date of determination as owner of this Certificate
for all other purposes whatsoever, and none of the Depositor, the Master
Servicers, the Special Servicer, the Trustee, the Certificate Registrar or any
such agent shall be affected by notice to the contrary.

            Subject to certain terms and conditions set forth in the Agreement,
the Trust and the obligations created by the Agreement shall terminate upon
distribution (or provision for distribution) to the Certificateholders of all
amounts held by or on behalf of the Trustee and required to be distributed to
them pursuant to the Agreement following the earlier to occur of (i) the final
payment (or any advance with respect thereto) on or other liquidation of the
last Mortgage Loan or REO Property remaining in the Trust, (ii) the purchase by
the Master Servicers, the Special Servicer or the Plurality Subordinate
Certificateholder at a price determined as provided in the Agreement of all
Mortgage Loans and any REO Properties (or, if specified in the Agreement with
respect to any REO Property, the Trust's interests therein) remaining in the
Trust and (iii) the exchange by the holder of certain remaining outstanding
Classes of Certificates (as described below) for all the Mortgage Loans and REO
Properties (or, if specified in the Agreement with respect to any REO Property,
the Trust's interests therein) in the Trust. The Agreement permits, but does not
require, the Master Servicers, the Special Servicer or the Plurality Subordinate
Certificateholder to purchase from the Trust all Mortgage Loans and any REO
Properties (or, if specified in the Agreement with respect to any REO Property,
the Trust's interests therein) remaining therein. The exercise of such right
will effect early retirement of the Certificates; however, such right to
purchase is subject to the aggregate Stated Principal Balance of the Mortgage
Pool at the time of purchase being less than approximately 1.0% of the Initial
Pool Balance. In addition, following the date on which the total principal
balance of the Class A-1, Class A-2, Class A-3, Class A-4, Class A-1A, Class AM,
Class AJ, Class B, Class C and Class D Certificates is reduced to zero, any
single Holder of each outstanding Class of Certificates (other than the Class Z,
Class R-I and Class R-II Certificates) may, subject to such other conditions as
may be set forth in the Agreement, exchange those Certificates for all Mortgage
Loans and REO Properties (or, if specified in the Agreement with respect to any
REO Property, the Trust's interests therein) remaining in the Trust Fund at the
time of the exchange.

            The Agreement permits, with certain exceptions therein provided, the
amendment thereof, and the modification of the rights and obligations of the
Depositor, the Master Servicers, the Special Servicer and the Trustee thereunder
and the rights of the Certificateholders thereunder, at any time by the Master
Servicers, the Special Servicer and the Trustee with the consent of the Holders
of Certificates entitled to at least 66-2/3% of the Voting Rights. Any such
consent by the Holder of this Certificate shall be conclusive and binding on
such Holder and upon all future Holders of this Certificate and of any
Certificate issued upon the transfer hereof or in exchange herefor or in lieu
hereof whether or not notation of such consent is made upon this Certificate.
The Agreement also permits the amendment thereof, in certain circumstances,
including any amendment necessary to maintain the status of each of REMIC I and
REMIC II as a REMIC, without the consent of the Holders of any of the
Certificates.

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

            The registered Holder hereof, by its acceptance hereof, agrees that
it will look solely to the Trust (to the extent of its rights therein) for
distributions hereunder.

            This Certificate shall be construed in accordance with the internal
laws of the State of New York applicable to agreements made and to be performed
in said State, without applying any conflicts of law principles of such state
(other than the provisions of Section 5-1401 of the New York General Obligations
Law), and the obligations, rights and remedies of the Holder hereof shall be
determined in accordance with such laws.

<PAGE>

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

                                    LASALLE BANK NATIONAL ASSOCIATION,
                                    as Certificate Registrar

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

                          CERTIFICATE OF AUTHENTICATION

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

Dated: August 17, 2006

                                    LASALLE BANK NATIONAL ASSOCIATION,
                                    as Authenticating Agent

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

<PAGE>

                                   ASSIGNMENT

      FOR VALUE RECEIVED, the undersigned hereby sell(s), assign(s) and
      transfer(s) unto ________________________________________________
      _________________________________________________________________
      _________________________________________________________________

        (please print or typewrite name and address including postal zip
                                code of assignee)

the beneficial ownership interest in the Trust evidenced by the within
Commercial Mortgage Pass-Through Certificate and hereby authorize(s) the
registration of transfer of such interest to the above named assignee on the
Certificate Register of the Trust.

      I (we) further direct the issuance of a new Commercial Mortgage
      Pass-Through Certificate of a like Percentage Interest and Class
      to the above named assignee and delivery of such Commercial
      Mortgage Pass-Through Certificate to the following address: _____
      _________________________________________________________________
      _________________________________________________________________

Dated:

                                    --------------------------------------------
                                    Signature by or on behalf of Assignor

                                    --------------------------------------------
                                    Signature Guaranteed

                            DISTRIBUTION INSTRUCTIONS

      The assignee should include the following for purposes of
      distribution:

      Distributions shall, if permitted, be made by wire transfer or
      otherwise, in immediately available funds, to ___________________
      for the account of _____________________________________________.

      Distributions made by check (such check to be made payable to
      ______________________) and all applicable statements and notices
      should be mailed to _____________________________________________
      ________________________________________________________________.

      This information is provided by ______________________________,
      the assignee named above, or __________________________________,
      as its agent.

<PAGE>

                                   EXHIBIT A-4

                  FORM OF CLASS AM, AJ, B, C AND D CERTIFICATES

                      MERRILL LYNCH MORTGAGE TRUST 2006-C2
    CLASS [AM] [AJ] [B] [C] [D] COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATE,
                                 SERIES 2006-C2

This is one of a series of commercial mortgage pass-through certificates
(collectively, the "Certificates"), issued in multiple classes (each, a
"Class"), which series of Certificates evidences the entire beneficial ownership
interest in a trust (the "Trust") whose assets consist primarily of a pool (the
"Mortgage Pool") of commercial, multifamily and manufactured housing community
mortgage loans (the "Mortgage Loans"), such pool being formed and sold by

                     MERRILL LYNCH MORTGAGE INVESTORS, INC.

Pass-Through Rate: [ ___% per annum]     Initial Certificate Principal Balance
[Variable]                               of this Certificate as of the Closing
                                         Date: $_______________

Date of Pooling and Servicing            Class Principal Balance of all the
Agreement: August 1, 2006                Class [AM] [AJ] [B] [C] [D]
                                         Certificates as of the Closing Date:
                                         $____________

Closing Date: August 17, 2006            Aggregate unpaid principal balance of
                                         the Mortgage Pool as of the Cut-off
First Distribution Date: September 12,   Date, after deducting payments of
2006                                     principal due on or before such date
                                         (the "Initial Pool Balance"):
                                         $1,542,696,552

Master Servicers: Wachovia Bank,         Trustee: LaSalle Bank National
National Association and Prudential      Association
Asset Resources, Inc.

Special Servicer: J.E. Robert Company,
Inc.

Certificate No. [AM] [AJ] [B]
[C] [D] -___                             CUSIP No.:  ________

                                         ISIN No.:

<PAGE>

[FOR BOOK ENTRY CERTIFICATES:] UNLESS THIS CERTIFICATE IS PRESENTED BY AN
AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST CORPORATION, A NEW YORK
CORPORATION ("DTC"), TO THE DEPOSITOR, THE CERTIFICATE REGISTRAR, THE TRUSTEE OR
ANY AGENT THEREOF FOR REGISTRATION OF TRANSFER, EXCHANGE OR PAYMENT, AND ANY
CERTIFICATE ISSUED IS REGISTERED IN THE NAME OF CEDE & CO. OR IN SUCH OTHER NAME
AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE
TO CEDE & CO. OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED
REPRESENTATIVE OF DTC), ANY TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR
OTHERWISE BY OR TO ANY PERSON IS WRONGFUL INASMUCH AS THE REGISTERED OWNER
HEREOF, CEDE & CO., HAS AN INTEREST HEREIN.

NO TRANSFER OF THIS CERTIFICATE OR ANY INTEREST HEREIN MAY BE MADE TO (A) ANY
RETIREMENT PLAN OR OTHER EMPLOYEE BENEFIT PLAN OR ARRANGEMENT SUBJECT TO THE
EMPLOYEE RETIREMENT INCOME SECURITY ACT OF 1974, AS AMENDED ("ERISA"), OR
SECTION 4975 OF THE INTERNAL REVENUE CODE OF 1986, AS AMENDED (THE "CODE"), OR
(B) ANY PERSON WHO IS DIRECTLY OR INDIRECTLY PURCHASING THIS CERTIFICATE OR ANY
INTEREST HEREIN ON BEHALF OF, AS NAMED FIDUCIARY OF, AS TRUSTEE OF, OR WITH
ASSETS OF ANY SUCH RETIREMENT PLAN OR OTHER EMPLOYEE BENEFIT PLAN OR
ARRANGEMENT, IF THE PURCHASE OR HOLDING OF THIS CERTIFICATE OR SUCH INTEREST
HEREIN WOULD RESULT IN A VIOLATION OF SECTION 406 OR 407 OF ERISA OR SECTION
4975 OF THE CODE OR WOULD RESULT IN THE IMPOSITION OF AN EXCISE TAX UNDER
SECTION 4975 OF THE CODE.

THIS CERTIFICATE DOES NOT REPRESENT AN OBLIGATION OF OR INTEREST IN MERRILL
LYNCH MORTGAGE INVESTORS, INC., WACHOVIA BANK, NATIONAL ASSOCIATION, PRUDENTIAL
ASSET RESOURCES, INC., LASALLE BANK NATIONAL ASSOCIATION, LASALLE BANK NATIONAL
ASSOCIATION OR ANY OF THEIR RESPECTIVE AFFILIATES. NEITHER THIS CERTIFICATE NOR
THE MORTGAGE LOANS ARE GUARANTEED BY ANY AGENCY OR INSTRUMENTALITY OF THE UNITED
STATES OR ANY OTHER PERSON.

THE CLASS OF CERTIFICATES TO WHICH THIS CERTIFICATE BELONGS IS SUBORDINATE TO
ONE OR MORE OTHER CLASSES OF CERTIFICATES OF THE SAME SERIES, AS AND TO THE
EXTENT PROVIDED IN THE POOLING AND SERVICING AGREEMENT REFERRED TO HEREIN.

SOLELY FOR U.S. FEDERAL INCOME TAX PURPOSES, THIS CERTIFICATE IS A "REGULAR
INTEREST" IN A "REAL ESTATE MORTGAGE INVESTMENT CONDUIT" (A "REMIC") AS THOSE
TERMS ARE DEFINED, RESPECTIVELY, IN SECTIONS 860G AND 860D OF THE CODE.

THE OUTSTANDING CERTIFICATE PRINCIPAL BALANCE HEREOF AT ANY TIME MAY BE LESS
THAN THE AMOUNT SHOWN ABOVE.

<PAGE>

            This certifies that [CEDE & CO.][_________] is the registered owner
of the Percentage Interest evidenced by this Certificate (obtained by dividing
the principal balance of this Certificate (its "Certificate Principal Balance")
as of the Closing Date by the aggregate principal balance of all the
Certificates of the same Class as this Certificate (their "Class Principal
Balance") as of the Closing Date) in that certain beneficial ownership interest
in the Trust evidenced by all the Certificates of the same Class as this
Certificate. The Trust was created and the Certificates were issued pursuant to
a Pooling and Servicing Agreement, dated as specified above (the "Agreement"),
between Merrill Lynch Mortgage Investors, Inc., as depositor (the "Depositor",
which term includes any successor entity under the Agreement), Wachovia Bank,
National Association and Prudential Asset Resources, Inc., as master servicers
(each, a "Master Servicer" and collectively, the "Master Servicers", which term
includes any successor entity under the Agreement), J.E. Robert Company, Inc.,
as special servicer (the "Special Servicer", which term includes any successor
entity under the Agreement), and LaSalle Bank National Association, as trustee
(the "Trustee", which term includes any successor entity under the Agreement), a
summary of certain of the pertinent provisions of which is set forth hereafter.
To the extent not defined herein, the capitalized terms used herein have the
respective meanings assigned in the Agreement. This Certificate is issued under
and is subject to the terms, provisions and conditions of the Agreement, to
which Agreement the Holder of this Certificate by virtue of the acceptance
hereof assents and by which such Holder is bound. In the event of any conflict
between any provision of this Certificate and any provision of the Agreement,
such provision of this Certificate shall be superseded to the extent of such
inconsistency.

            Pursuant to the terms of the Agreement, distributions will be made
on the 12th day of any given month, or if the 12th day is not a Business Day, on
the next succeeding Business Day (each, a "Distribution Date"). Distributions
will be made commencing on the first Distribution Date specified above, to the
Person in whose name this Certificate is registered at the close of business on
the last Business Day of the month immediately preceding the month of such
distribution (the "Record Date"), in an amount equal to the product of the
Percentage Interest evidenced by this Certificate and the amount required to be
distributed pursuant to the Agreement on the applicable Distribution Date in
respect of the Class of Certificates to which this Certificate belongs; provided
that the initial Record Date will be the Closing Date. All distributions made
under the Agreement in respect of this Certificate will be made by the Trustee
by wire transfer in immediately available funds to the account of the Person
entitled thereto at a bank or other entity having appropriate facilities
therefor, if such Certificateholder shall have provided the Trustee with written
wiring instructions no less than five (5) Business Days prior to (or, in the
case of the first such distribution, no later than) the Record Date for such
distribution (which wiring instructions may be in the form of a standing order
applicable to all subsequent distributions as well), or otherwise by check
mailed to the address of such Certificateholder appearing in the Certificate
Register. Notwithstanding the above, the final distribution in respect of this
Certificate (determined without regard to any possible future reimbursement of
any Realized Loss or Additional Trust Fund Expense previously allocated to this
Certificate) will be made after due notice by the Trustee of the pendency of
such distribution and only upon presentation and surrender of this Certificate
at the offices of the Certificate Registrar appointed as provided in the
Agreement or such other location as may be specified in such notice. Also
notwithstanding the foregoing, any distribution that may be made with respect to
this Certificate in reimbursement of any Realized Loss or Additional Trust Fund
Expense previously allocated to this Certificate, which reimbursement is to
occur after the date on which this Certificate is surrendered as contemplated by
the preceding sentence, will be made by check mailed to the address of the
Holder that surrenders this Certificate as such address last appeared in the
Certificate Register or to any such other address of which the Trustee is
subsequently notified in writing.

            Any distribution to the Holder of this Certificate in reduction of
the Certificate Principal Balance hereof is binding on such Holder and all
future Holders of this Certificate and any Certificate issued upon the transfer
hereof or in exchange herefor or in lieu hereof whether or not notation of such
distribution is made upon this Certificate.

            The Certificates are limited in right of distribution to certain
collections and recoveries respecting the Mortgage Loans, all as more
specifically set forth herein and in the Agreement. As provided in the
Agreement, withdrawals from the Collection Accounts, the Distribution Account
and, if established, the Pool REO Account may be made from time to time for
purposes other than, and, in certain cases, prior to, distributions to
Certificateholders, such purposes including the reimbursement of advances made,
or certain expenses incurred, with respect to the Mortgage Loans and the payment
of interest on such advances and expenses.

            The Certificates are issuable in fully registered form only without
coupons in minimum denominations specified in the Agreement. As provided in the
Agreement and subject to certain limitations therein set forth, the Certificates
are exchangeable for new Certificates of the same Class in authorized
denominations evidencing the same aggregate Percentage Interest, as requested by
the Holder surrendering the same.

            As provided in the Agreement and subject to certain limitations
therein set forth, the transfer of this Certificate is registrable in the
Certificate Register upon surrender of this Certificate for registration of
transfer at the offices of the Certificate Registrar, duly endorsed by, or
accompanied by a written instrument of transfer in the form satisfactory to the
Certificate Registrar duly executed by, the Holder hereof or his attorney duly
authorized in writing, and thereupon one or more new Certificates of the same
Class in authorized denominations evidencing the same aggregate Percentage
Interest will be issued to the designated transferee or transferees.

            No service charge will be imposed for any registration of transfer
or exchange of Certificates, but the Trustee or the Certificate Registrar may
require payment of a sum sufficient to cover any tax or other governmental
charge that may be imposed in connection with any transfer or exchange of
Certificates.

            [FOR BOOK ENTRY CERTIFICATES:] Notwithstanding the foregoing, for so
long as this Certificate is registered in the name of Cede & Co. or in such
other name as is requested by an authorized representative of DTC, transfers of
interests in this Certificate shall be made through the book-entry facilities of
DTC.

            The Holder of this Certificate, by its acceptance hereof, shall be
deemed to have agreed to keep confidential any information it obtains from the
Trustee (except that such Holder may provide any such information obtained by it
to any other Person that holds or is contemplating the purchase of this
Certificate or an interest herein, provided that such other Person confirms in
writing such ownership interest or prospective ownership interest and agrees to
keep such information confidential).

            Prior to due presentment of this Certificate for registration of
transfer, the Depositor, the Master Servicers, the Special Servicer, the
Trustee, the Certificate Registrar and any agent of any of them may treat the
Person in whose name this Certificate is registered as of the related Record
Date as the owner hereof for the purpose of receiving distributions pursuant to
the Agreement and may treat the person in whose name this Certificate is
registered as of the relevant date of determination as owner of this Certificate
for all other purposes whatsoever, and none of the Depositor, the Master
Servicers, the Special Servicer, the Trustee, the Certificate Registrar or any
such agent shall be affected by notice to the contrary.

            Subject to certain terms and conditions set forth in the Agreement,
the Trust and the obligations created by the Agreement shall terminate upon
distribution (or provision for distribution) to the Certificateholders of all
amounts held by or on behalf of the Trustee and required to be distributed to
them pursuant to the Agreement following the earlier to occur of (i) the final
payment (or any advance with respect thereto) on or other liquidation of the
last Mortgage Loan or REO Property remaining in the Trust, (ii) the purchase by
either Master Servicer, the Special Servicer or the Plurality Subordinate
Certificateholder at a price determined as provided in the Agreement of all
Mortgage Loans and any REO Properties (or, if specified in the Agreement with
respect to any REO Property, the Trust's interests therein) remaining in the
Trust and (iii) the exchange by the holder of certain remaining outstanding
Classes of Certificates (as described below) for all the Mortgage Loans and REO
Properties (or, if specified in the Agreement with respect to any REO Property,
the Trust's interests therein) in the Trust. The Agreement permits, but does not
require, either Master Servicer, the Special Servicer or the Plurality
Subordinate Certificateholder to purchase from the Trust all Mortgage Loans and
any REO Properties (or, if specified in the Agreement with respect to any REO
Property, the Trust's interests therein) remaining therein. The exercise of such
right will effect early retirement of the Certificates; however, such right to
purchase is subject to the aggregate Stated Principal Balance of the Mortgage
Pool at the time of purchase being less than approximately 1.0% of the Initial
Pool Balance. In addition, following the date on which the total principal
balance of the Class A-1, Class A-2, Class A-3, Class A-4, Class A-1A, Class AM,
Class AJ, Class B, Class C and Class D Certificates is reduced to zero, any
single Holder of each outstanding Class of Certificates (other than the Class Z,
Class R-I and Class R-II Certificates) may, subject to such other conditions as
may be set forth in the Agreement, exchange those Certificates for all Mortgage
Loans and REO Properties (or, if specified in the Agreement with respect to any
REO Property, the Trust's interests therein) remaining in the Trust Fund at the
time of the exchange.

            The Agreement permits, with certain exceptions therein provided, the
amendment thereof, and the modification of the rights and obligations of the
Depositor, the Master Servicers, the Special Servicer and the Trustee thereunder
and the rights of the Certificateholders thereunder, at any time by the Master
Servicers, the Special Servicer and the Trustee with the consent of the Holders
of Certificates entitled to at least 66-2/3% of the Voting Rights. Any such
consent by the Holder of this Certificate shall be conclusive and binding on
such Holder and upon all future Holders of this Certificate and of any
Certificate issued upon the transfer hereof or in exchange herefor or in lieu
hereof whether or not notation of such consent is made upon this Certificate.
The Agreement also permits the amendment thereof, in certain circumstances,
including any amendment necessary to maintain the status of each of REMIC I and
REMIC II as a REMIC, without the consent of the Holders of any of the
Certificates.

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

            The registered Holder hereof, by its acceptance hereof, agrees that
it will look solely to the Trust (to the extent of its rights therein) for
distributions hereunder.

            This Certificate shall be construed in accordance with the internal
laws of the State of New York applicable to agreements made and to be performed
in said State, without applying any conflicts of law principles of such state
(other than the provisions of Section 5-1401 of the New York General Obligations
Law), and the obligations, rights and remedies of the Holder hereof shall be
determined in accordance with such laws.

<PAGE>

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

                                    LASALLE BANK NATIONAL ASSOCIATION,
                                    as Certificate Registrar

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

                          CERTIFICATE OF AUTHENTICATION

            This is one of the Class [AM] [AJ] [B] [C] [D] Certificates referred
to in the within-mentioned Agreement.

Dated: August 17, 2006

                                    LASALLE BANK NATIONAL ASSOCIATION,
                                    as Authenticating Agent

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

<PAGE>

                                   ASSIGNMENT

      FOR VALUE RECEIVED, the undersigned hereby sell(s), assign(s) and
      transfer(s) unto ________________________________________________
      _________________________________________________________________
      _________________________________________________________________

        (please print or typewrite name and address including postal zip
                                code of assignee)

the beneficial ownership interest in the Trust evidenced by the within
Commercial Mortgage Pass-Through Certificate and hereby authorize(s) the
registration of transfer of such interest to the above named assignee on the
Certificate Register of the Trust.

      I (we) further direct the issuance of a new Commercial Mortgage
      Pass-Through Certificate of a like Percentage Interest and Class
      to the above named assignee and delivery of such Commercial
      Mortgage Pass-Through Certificate to the following address: _____
      _________________________________________________________________
      _________________________________________________________________

Dated:

                                    --------------------------------------------
                                    Signature by or on behalf of Assignor

                                    --------------------------------------------
                                    Signature Guaranteed

                            DISTRIBUTION INSTRUCTIONS

      The assignee should include the following for purposes of
      distribution:

      Distributions shall, if permitted, be made by wire transfer or
      otherwise, in immediately available funds, to ___________________
      for the account of _____________________________________________.

      Distributions made by check (such check to be made payable to
      ______________________) and all applicable statements and notices
      should be mailed to _____________________________________________
      ________________________________________________________________.

      This information is provided by ______________________________,
      the assignee named above, or __________________________________,
      as its agent.

<PAGE>

                                   EXHIBIT A-5

                    FORM OF CLASS E, F, G AND H CERTIFICATES

                      MERRILL LYNCH MORTGAGE TRUST 2006-C2
       CLASS [E] [F] [G] [H] COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATE,
                                 SERIES 2006-C2

This is one of a series of commercial mortgage pass-through certificates
(collectively, the "Certificates"), issued in multiple classes (each, a
"Class"), which series of Certificates evidences the entire beneficial ownership
interest in a trust (the "Trust"), whose assets consist primarily of a pool (the
"Mortgage Pool") of commercial, multifamily and manufactured housing community
mortgage loans (the "Mortgage Loans"), such pool being formed and sold by

                     MERRILL LYNCH MORTGAGE INVESTORS, INC.

Pass-Through Rate: [ ___% per annum]     Initial Certificate Principal Balance
[Variable]                               of this Certificate as of the Closing
                                         Date: $_______________

Date of Pooling and Servicing Class      Principal Balance of all the Class
Agreement: August 1, 2006                [E] [F] [G] [H] Certificates as of the
                                         Closing Date:
                                         $________________

Closing Date: August 17, 2006            Aggregate unpaid principal balance of
                                         the Mortgage Pool as of the Cut-off
First Distribution Date:                 Date, after deducting payments of
September 12, 2006                       principal due on or before such date
                                         (the "Initial Pool Balance"):
                                         $1,542,696,552

Master Servicers: Wachovia Bank,         Trustee: LaSalle Bank National
National Association and Prudential      Association
Asset Resources, Inc.

Special Servicer: J.E. Robert
Company, Inc.

Certificate No. [E] [F] [G] [H]-___        CUSIP No.:  ________

                                           ISIN No.:

<PAGE>

[FOR BOOK ENTRY CERTIFICATES:] UNLESS THIS CERTIFICATE IS PRESENTED BY AN
AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST CORPORATION, A NEW YORK
CORPORATION ("DTC"), TO THE DEPOSITOR, THE CERTIFICATE REGISTRAR, THE TRUSTEE OR
ANY AGENT THEREOF FOR REGISTRATION OF TRANSFER, EXCHANGE OR PAYMENT, AND ANY
CERTIFICATE ISSUED IS REGISTERED IN THE NAME OF CEDE & CO. OR IN SUCH OTHER NAME
AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE
TO CEDE & CO. OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED
REPRESENTATIVE OF DTC), ANY TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR
OTHERWISE BY OR TO ANY PERSON IS WRONGFUL INASMUCH AS THE REGISTERED OWNER
HEREOF, CEDE & CO., HAS AN INTEREST HEREIN.

THIS CERTIFICATE HAS NOT BEEN REGISTERED OR QUALIFIED UNDER THE SECURITIES ACT
OF 1933, AS AMENDED (THE "SECURITIES ACT"), OR THE SECURITIES LAWS OF ANY STATE.
ANY RESALE, PLEDGE, TRANSFER OR OTHER DISPOSITION OF THIS CERTIFICATE OR ANY
INTEREST HEREIN WITHOUT SUCH REGISTRATION OR QUALIFICATION MAY BE MADE ONLY IN A
TRANSACTION WHICH DOES NOT REQUIRE SUCH REGISTRATION OR QUALIFICATION AND WHICH
IS IN ACCORDANCE WITH THE PROVISIONS OF SECTION 5.02 OF THE POOLING AND
SERVICING AGREEMENT REFERRED TO HEREIN.

NO TRANSFER OF THIS CERTIFICATE OR ANY INTEREST HEREIN MAY BE MADE TO (A) ANY
RETIREMENT PLAN OR OTHER EMPLOYEE BENEFIT PLAN OR ARRANGEMENT SUBJECT TO THE
EMPLOYEE RETIREMENT INCOME SECURITY ACT OF 1974, AS AMENDED ("ERISA"), OR
SECTION 4975 OF THE INTERNAL REVENUE CODE OF 1986, AS AMENDED (THE "CODE"), OR
(B) ANY PERSON WHO IS DIRECTLY OR INDIRECTLY PURCHASING THIS CERTIFICATE OR ANY
INTEREST HEREIN ON BEHALF OF, AS NAMED FIDUCIARY OF, AS TRUSTEE OF, OR WITH
ASSETS OF ANY SUCH RETIREMENT PLAN OR OTHER EMPLOYEE BENEFIT PLAN OR
ARRANGEMENT, EXCEPT IN ACCORDANCE WITH THE PROVISIONS OF SECTION 5.02 OF THE
POOLING AND SERVICING AGREEMENT REFERRED TO HEREIN.

THIS CERTIFICATE DOES NOT REPRESENT AN OBLIGATION OF OR INTEREST IN MERRILL
LYNCH MORTGAGE INVESTORS, INC., WACHOVIA BANK, NATIONAL ASSOCIATION, PRUDENTIAL
ASSET RESOURCES, INC., LASALLE BANK NATIONAL ASSOCIATION, LASALLE BANK NATIONAL
ASSOCIATION OR ANY OF THEIR RESPECTIVE AFFILIATES. NEITHER THIS CERTIFICATE NOR
THE MORTGAGE LOANS ARE GUARANTEED BY ANY AGENCY OR INSTRUMENTALITY OF THE UNITED
STATES OR ANY OTHER PERSON.

THE CLASS OF CERTIFICATES TO WHICH THIS CERTIFICATE BELONGS IS SUBORDINATE TO
ONE OR MORE OTHER CLASSES OF CERTIFICATES OF THE SAME SERIES, AS AND TO THE
EXTENT PROVIDED IN THE POOLING AND SERVICING AGREEMENT REFERRED TO HEREIN.

SOLELY FOR U.S. FEDERAL INCOME TAX PURPOSES, THIS CERTIFICATE IS A "REGULAR
INTEREST" IN A "REAL ESTATE MORTGAGE INVESTMENT CONDUIT" (A "REMIC") AS THOSE
TERMS ARE DEFINED, RESPECTIVELY, IN SECTIONS 860G AND 860D OF THE CODE.

THE OUTSTANDING CERTIFICATE PRINCIPAL BALANCE HEREOF AT ANY TIME MAY BE LESS
THAN THE AMOUNT SHOWN ABOVE.

            This certifies that [CEDE & CO.][_______] is the registered owner of
the Percentage Interest evidenced by this Certificate (obtained by dividing the
principal balance of this Certificate (its "Certificate Principal Balance") as
of the Closing Date by the aggregate principal balance of all the Certificates
of the same Class as this Certificate (their "Class Principal Balance") as of
the Closing Date) in that certain beneficial ownership interest in the Trust
evidenced by all the Certificates of the same Class as this Certificate. The
Trust was created and the Certificates were issued pursuant to a Pooling and
Servicing Agreement, dated as specified above (the "Agreement"), between Merrill
Lynch Mortgage Investors, Inc., as depositor (the "Depositor", which term
includes any successor entity under the Agreement), Wachovia Bank, National
Association and Prudential Asset Resources, Inc., as master servicers (each, a
"Master Servicer" and collectively, the "Master Servicers", which term includes
any successor entity under the Agreement), J.E. Robert Company, Inc., as special
servicer (the "Special Servicer", which term includes any successor entity under
the Agreement), and LaSalle Bank National Association, as trustee (the
"Trustee", which term includes any successor entity under the Agreement), a
summary of certain of the pertinent provisions of which is set forth hereafter.
To the extent not defined herein, the capitalized terms used herein have the
respective meanings assigned in the Agreement. This Certificate is issued under
and is subject to the terms, provisions and conditions of the Agreement, to
which Agreement the Holder of this Certificate by virtue of the acceptance
hereof assents and by which such Holder is bound. In the event of any conflict
between any provision of this Certificate and any provision of the Agreement,
such provision of this Certificate shall be superseded to the extent of such
inconsistency.

            Pursuant to the terms of the Agreement, distributions will be made
on the 12th day of any given month, or if the 12th day is not a Business Day, on
the next succeeding Business Day (each, a "Distribution Date"). Distributions
will be made commencing on the first Distribution Date specified above, to the
Person in whose name this Certificate is registered at the close of business on
the last Business Day of the month immediately preceding the month of such
distribution (the "Record Date"), in an amount equal to the product of the
Percentage Interest evidenced by this Certificate and the amount required to be
distributed pursuant to the Agreement on the applicable Distribution Date in
respect of the Class of Certificates to which this Certificate belongs; provided
that the initial Record Date will be the Closing Date. All distributions made
under the Agreement in respect of this Certificate will be made by the Trustee
by wire transfer in immediately available funds to the account of the Person
entitled thereto at a bank or other entity having appropriate facilities
therefor, if such Certificateholder shall have provided the Trustee with written
wiring instructions no less than five (5) Business Days prior to (or, in the
case of the first such distribution, no later than) the Record Date for such
distribution (which wiring instructions may be in the form of a standing order
applicable to all subsequent distributions as well), or otherwise by check
mailed to the address of such Certificateholder appearing in the Certificate
Register. Notwithstanding the above, the final distribution in respect of this
Certificate (determined without regard to any possible future reimbursement of
any Realized Loss or Additional Trust Fund Expense previously allocated to this
Certificate) will be made after due notice by the Trustee of the pendency of
such distribution and only upon presentation and surrender of this Certificate
at the offices of the Certificate Registrar appointed as provided in the
Agreement or such other location as may be specified in such notice. Also
notwithstanding the foregoing, any distribution that may be made with respect to
this Certificate in reimbursement of any Realized Loss or Additional Trust Fund
Expense previously allocated to this Certificate, which reimbursement is to
occur after the date on which this Certificate is surrendered as contemplated by
the preceding sentence, will be made by check mailed to the address of the
Holder that surrenders this Certificate as such address last appeared in the
Certificate Register or to any such other address of which the Trustee is
subsequently notified in writing.

            Any distribution to the Holder of this Certificate in reduction of
the Certificate Principal Balance hereof is binding on such Holder and all
future Holders of this Certificate and any Certificate issued upon the transfer
hereof or in exchange herefor or in lieu hereof whether or not notation of such
distribution is made upon this Certificate.

            The Certificates are limited in right of distribution to certain
collections and recoveries respecting the Mortgage Loans, all as more
specifically set forth herein and in the Agreement. As provided in the
Agreement, withdrawals from the Collection Accounts, the Distribution Account
and, if established, the Pool REO Account may be made from time to time for
purposes other than, and, in certain cases, prior to, distributions to
Certificateholders, such purposes including the reimbursement of advances made,
or certain expenses incurred, with respect to the Mortgage Loans and the payment
of interest on such advances and expenses.

            The Certificates are issuable in fully registered form only without
coupons in minimum denominations specified in the Agreement. As provided in the
Agreement and subject to certain limitations therein set forth, the Certificates
are exchangeable for new Certificates of the same Class in authorized
denominations evidencing the same aggregate Percentage Interest, as requested by
the Holder surrendering the same.

            As provided in the Agreement and subject to certain limitations
therein set forth, the transfer of this Certificate is registrable in the
Certificate Register upon surrender of this Certificate for registration of
transfer at the offices of the Certificate Registrar, duly endorsed by, or
accompanied by a written instrument of transfer in the form satisfactory to the
Certificate Registrar duly executed by, the Holder hereof or his attorney duly
authorized in writing, and thereupon one or more new Certificates of the same
Class in authorized denominations evidencing the same aggregate Percentage
Interest will be issued to the designated transferee or transferees.

            No direct or indirect transfer, sale, pledge, hypothecation or other
disposition (each, a "Transfer") of this Certificate or any interest herein
shall be made unless that Transfer is exempt from the registration and/or
qualification requirements of the Securities Act and any applicable state
securities laws, or is otherwise made in accordance with the Securities Act and
such state securities laws.

            If this Certificate constitutes a Definitive Certificate and a
Transfer hereof is to be made without registration under the Securities Act
(other than in connection with the initial issuance of the Certificates or a
Transfer of this Certificate by the Depositor, Merrill Lynch, Pierce, Fenner &
Smith Incorporated or any of their respective Affiliates or, if this Certificate
is a Global Certificate, a Transfer of this Certificate to a successor
Depository or to the applicable Certificate Owner in accordance with Section
5.03 of the Agreement), then the Certificate Registrar shall refuse to register
such Transfer unless it receives (and, upon receipt, may conclusively rely upon)
either: (i) a certificate from the Certificateholder desiring to effect such
Transfer substantially in the form attached as Exhibit E-1 to the Agreement and
a certificate from such Certificateholder's prospective Transferee substantially
in the form attached either as Exhibit E-2A to the Agreement or as Exhibit E-2B
to the Agreement; or (ii) an Opinion of Counsel satisfactory to the Trustee to
the effect that such Transferee is an Institutional Accredited Investor or a
Qualified Institutional Buyer and such Transfer may be made without registration
under the Securities Act (which Opinion of Counsel shall not be an expense of
the Trust Fund or of the Depositor, either Master Servicer, the Special
Servicer, the Trustee or the Certificate Registrar in their respective
capacities as such), together with the written certification(s) as to the facts
surrounding such Transfer from the Certificateholder desiring to effect such
Transfer and/or such Certificateholder's prospective Transferee on which such
Opinion of Counsel is based. If any Transferee of this Certificate does not, in
connection with the subject Transfer, deliver to the Certificate Registrar one
of the certifications described in clause (i) of the preceding sentence or the
Opinion of Counsel described in clause (ii) of the preceding sentence, then such
Transferee shall be deemed to have represented and warranted that all the
certifications set forth in either Exhibit E-2A or Exhibit E-2B attached to the
Agreement are, with respect to the subject Transfer, true and correct.

            If this Certificate constitutes a Rule 144A Global Certificate and a
Transfer of any interest herein is to be made without registration under the
Securities Act (other than in connection with the initial issuance of the
Certificates or a Transfer of any interest herein by the Depositor, Merrill
Lynch, Pierce, Fenner & Smith Incorporated, or any of their respective
Affiliates), then the Certificate Owner desiring to effect such Transfer shall
be required to obtain either: (i) a certificate from such Certificate Owner's
prospective Transferee substantially in the form attached as Exhibit E-2C to the
Agreement, or (ii) an Opinion of Counsel to the effect that such Transferee is a
Qualified Institutional Buyer and such Transfer may be made without registration
under the Securities Act. If this Certificate constitutes a Rule 144A Global
Certificate and any Transferee of an interest herein does not, in connection
with the subject Transfer, deliver to the Transferor the Opinion of Counsel or
the certification described in the preceding sentence, then such Transferee
shall be deemed to have represented and warranted that all the certifications
set forth in Exhibit E-2C attached to the Agreement are, with respect to the
subject Transfer, true and correct. No beneficial interest in the Rule 144A
Global Certificate for any Class of Book-Entry Non-Registered Certificates may
be held by any Person that is not a Qualified Institutional Buyer.

            Notwithstanding the preceding paragraph, any interest in the Rule
144A Global Certificate for a Class of Book-Entry Non-Registered Certificates
may be transferred to any Non-United States Securities Person who takes delivery
in the form of a beneficial interest in the Regulation S Global Certificate for
such Class of Certificates, provided that the Certificate Owner desiring to
effect such Transfer (i) complies with the requirements for Transfers of
interests in such Regulation S Global Certificate set forth in the following
paragraph and (ii) delivers or causes to be delivered to the Certificate
Registrar and the Trustee (A) a certificate from such Certificate Owner
confirming its ownership of the beneficial interests in the subject Class of
Book-Entry Non-Registered Certificates to be transferred, (B) a copy of the
certificate to be obtained by such Certificate Owner from its prospective
Transferee in accordance with the second sentence of the following paragraph and
(C) such written orders and instructions as are required under the applicable
procedures of the Depository, Clearstream and Euroclear to direct the Trustee,
as transfer agent for the Depository, to approve the debit of the account of a
Depository Participant by a denomination of interests in such Rule 144A Global
Certificate, and approve the credit of the account of a Depository Participant
by a denomination of interests in such Regulation S Global Certificate, that is
equal to the denomination of beneficial interests in the subject Class of
Book-Entry Non-Registered Certificates to be transferred. Upon delivery to the
Certificate Registrar and the Trustee of such certifications and such orders and
instructions, the Trustee, subject to and in accordance with the applicable
procedures of the Depository, shall reduce the denomination of the Rule 144A
Global Certificate in respect of the subject Class of Book-Entry Non-Registered
Certificates, and increase the denomination of the Regulation S Global
Certificate for such Class of Certificates, by the denomination of the
beneficial interest in such Class of Certificates specified in such orders and
instructions.

            No beneficial interest in the Regulation S Global Certificate for
any Class of Book-Entry Non-Registered Certificates may be held by any Person
that is a United States Securities Person. Any Certificate Owner desiring to
effect any Transfer of a beneficial interest in the Regulation S Global
Certificate for any Class of Book-Entry Non-Registered Certificates shall be
required to obtain from such Certificate Owner's prospective Transferee a
certificate substantially in the form set forth in Exhibit E-2D to the Agreement
to the effect that such Transferee is not a United States Securities Person. If
any Transferee of an interest in the Regulation S Global Certificate for any
Class of Book-Entry Non-Registered Certificates does not, in connection with the
subject Transfer, deliver to the Transferor the certification described in the
preceding sentence, then such Transferee shall be deemed to have represented and
warranted that all the certifications set forth in Exhibit E-2D to the Agreement
are, with respect to the subject Transfer, true and correct.

            Notwithstanding the preceding paragraph, any interest in the
Regulation S Global Certificate for a Class of Book-Entry Non-Registered
Certificates may be transferred to any Qualified Institutional Buyer that takes
delivery in the form of a beneficial interest in the Rule 144A Global
Certificate for such Class of Certificates, provided that the Certificate Owner
desiring to effect such transfer (i) complies with the requirements for
Transfers of interests in such Rule 144A Global Certificate set forth in the
third preceding paragraph and (ii) delivers or causes to be delivered to the
Certificate Registrar and the Trustee (A) a certificate from such Certificate
Owner confirming its ownership of the beneficial interests in the subject Class
of Book-Entry Non-Registered Certificates to be transferred, (B) a copy of the
certificate or Opinion of Counsel to be obtained by such Certificate Owner from
its prospective Transferee in accordance with the first sentence of the third
preceding paragraph and (C) such written orders and instructions as are required
under the applicable procedures of the Depository, Clearstream and Euroclear to
direct the Trustee to debit the account of a Depository Participant by a
denomination of interests in such Regulation S Global Certificate, and credit
the account of a Depository Participant by a denomination of interests in such
Rule 144A Global Certificate, that is equal to the denomination of beneficial
interests in the subject Class of Book-Entry Non-Registered Certificates to be
transferred. Upon delivery to the Certificate Registrar and the Trustee of such
certification(s) and/or Opinion of Counsel and such orders and instructions, the
Trustee, subject to and in accordance with the applicable procedures of the
Depository, shall reduce the denomination of the Regulation S Global Certificate
in respect of the subject Class of Book-Entry Non-Registered Certificates, and
increase the denomination of the Rule 144A Global Certificate for such Class of
Certificates, by the denomination of the beneficial interest in such Class of
Certificates specified in such orders and instructions.

            Also notwithstanding the foregoing, any interest in a Global
Certificate with respect to any Class of Book-Entry Non-Registered Certificates
may be transferred by any Certificate Owner holding such interest to any
Institutional Accredited Investor (other than a Qualified Institutional Buyer)
that takes delivery in the form of a Definitive Certificate of the same Class as
such Global Certificate upon delivery to the Certificate Registrar and the
Trustee of (i) such certifications and/or opinions as are contemplated by the
fourth preceding paragraph and (ii) such written orders and instructions as are
required under the applicable procedures of the Depository to direct the Trustee
to debit the account of a Depository Participant by the denomination of the
transferred interests in such Global Certificate. Upon delivery to the
Certificate Registrar and the Trustee of the certifications and/or opinions
contemplated by the fourth preceding paragraph, the Trustee, subject to and in
accordance with the applicable procedures of the Depository, shall reduce the
denomination of the subject Global Certificate by the denomination of the
transferred interests in such Global Certificate, and shall cause a Definitive
Certificate of the same Class as such Global Certificate, and in a denomination
equal to the reduction in the denomination of such Global Certificate, to be
executed, authenticated and delivered in accordance with the Agreement to the
applicable Transferee.

            None of the Depositor, the Trustee or the Certificate Registrar is
obligated to register or qualify the Class of Certificates to which this
Certificate belongs, under the Securities Act or any other securities law or to
take any action not otherwise required under the Agreement to permit the
Transfer of this Certificate or any interest herein without such registration or
qualification. Any Certificateholder or Certificate Owner desiring to effect a
Transfer of this Certificate or any interest herein shall, and does hereby agree
to, indemnify the Depositor, Merrill Lynch, Pierce, Fenner & Smith Incorporated,
LaSalle Financial Services, Inc., the Trustee, the Master Servicers, the Special
Servicer, the Certificate Registrar and their respective Affiliates against any
liability that may result if such Transfer is not exempt from the registration
and/or qualification requirements of the Securities Act and any applicable state
securities laws or is not made in accordance with such federal and state laws.

            No Transfer of this Certificate or any interest herein shall be made
to (A) any employee benefit plan or other retirement arrangement, including
individual retirement accounts and annuities, Keogh plans and collective
investment funds and separate accounts in which such plans, accounts or
arrangements are invested, including insurance company general accounts, that is
subject to ERISA or the Code or any other federal, state, local or foreign law
("Similar Law") that is substantially similar to Section 405 or 407 of ERISA or
Section 4975 of the Code (each, a "Plan"), or (B) any Person who is directly or
indirectly purchasing this Certificate or such interest herein on behalf of, as
named fiduciary of, as trustee of, or with assets of a Plan, if the purchase and
holding of this Certificate or such interest herein by the prospective
Transferee would result in a non-exempt violation of Section 406 or 407 of ERISA
or Section 4975 of the Code or Similar Law or would result in the imposition of
an excise tax under Section 4975 of the Code. Except in connection with the
initial issuance of the Certificates or any Transfer of this Certificate or any
interest herein by the Depositor, Merrill Lynch, Pierce, Fenner & Smith
Incorporated or any of their respective Affiliates or, if this Certificate
constitutes a Global Certificate, any Transfer of this Certificate to a
successor Depository or to the applicable Certificate Owner in accordance with
Section 5.03 of the Agreement, the Certificate Registrar shall refuse to
register the Transfer of this Certificate unless it has received from the
prospective Transferee, and, if this Certificate constitutes a Global
Certificate, any Certificate Owner transferring an interest herein shall be
required to obtain from its prospective Transferee, one of the following: (i) a
certification to the effect that such prospective Transferee is not a Plan and
is not directly or indirectly purchasing this Certificate or such interest
herein on behalf of, as named fiduciary of, as trustee of, or with assets of a
Plan; or (ii) a certification to the effect that the purchase and holding of
this Certificate or such interest herein by such prospective Transferee is
exempt from the prohibited transaction provisions of Sections 406 and 407 of
ERISA and the excise taxes imposed on such prohibited transactions by Section
4975 of the Code, by reason of Sections I and III of Prohibited Transaction
Class Exemption 95-60; or (iii) if this Certificate is rated in one of the four
highest generic rating categories by either Rating Agency, and this Certificate
or an interest herein is being acquired by or on behalf of a Plan in reliance on
Prohibited Transaction Exemption 90-29, a certification to the effect that such
Plan (X) is an accredited investor as defined in Rule 501(a)(1) of Regulation D
of the Securities Act, (Y) is not sponsored (within the meaning of Section
3(16)(B) of ERISA) by the Trustee, the Depositor, any Mortgage Loan Seller, the
Master Servicers, the Special Servicer, any Fiscal Agent, any Sub-Servicer, any
Exemption-Favored Party or any Mortgagor with respect to Mortgage Loans
constituting more than 5% of the aggregate unamortized principal balance of all
the Mortgage Loans determined as of the Closing Date, or by any Affiliate of
such Person, and (Z) agrees that it will obtain from each of its Transferees
that are Plans a written representation that such Transferee, if a Plan,
satisfies the requirements of the immediately preceding clauses (X) and (Y),
together with a written agreement that such Transferee will obtain from each of
its Transferees that are Plans a similar written representation regarding
satisfaction of the requirements of the immediately preceding clauses (X) and
(Y); or (iv) a certification of facts and an Opinion of Counsel which otherwise
establish to the reasonable satisfaction of the Trustee or such Certificate
Owner, as the case may be, that such Transfer will not result in a violation of
Section 406 or 407 of ERISA or Section 4975 of the Code or result in the
imposition of an excise tax under Section 4975 of the Code. If any Transferee of
this Certificate or any interest herein does not, in connection with the subject
Transfer, deliver to the Certificate Registrar (if this Certificate constitutes
a Definitive Certificate) or the Transferor (if this Certificate constitutes a
Global Certificate) a certification and/or Opinion of Counsel as required by the
preceding sentence, then such Transferee shall be deemed to have represented and
warranted that either: (i) such Transferee is not a Plan and is not directly or
indirectly purchasing this Certificate or any interest herein on behalf of, as
named fiduciary of, as trustee of, or with assets of a Plan; or (ii) the
purchase and holding of this Certificate or such interest herein by such
Transferee is exempt from the prohibited transaction provisions of Sections 406
and 407 of ERISA and the excise taxes imposed on such prohibited transactions by
Section 4975 of the Code.

            No service charge will be imposed for any registration of transfer
or exchange of Certificates, but the Trustee or the Certificate Registrar may
require payment of a sum sufficient to cover any tax or other governmental
charge that may be imposed in connection with any transfer or exchange of
Certificates.

            Notwithstanding the foregoing, for so long as this Certificate is
registered in the name of Cede & Co. or in such other name as is requested by an
authorized representative of DTC, transfers of interests in this Certificate
shall be made through the book-entry facilities of DTC.

            The Holder of this Certificate, by its acceptance hereof, shall be
deemed to have agreed to keep confidential any information it obtains from the
Trustee (except that such Holder may provide any such information obtained by it
to any other Person that holds or is contemplating the purchase of this
Certificate or an interest herein, provided that such other Person confirms in
writing such ownership interest or prospective ownership interest and agrees to
keep such information confidential).

            Prior to due presentment of this Certificate for registration of
transfer, the Depositor, the Master Servicers, the Special Servicer, the
Trustee, the Certificate Registrar and any agent of any of them may treat the
Person in whose name this Certificate is registered as of the related Record
Date as the owner hereof for the purpose of receiving distributions pursuant to
the Agreement and may treat the person in whose name this Certificate is
registered as of the relevant date of determination as owner of this Certificate
for all other purposes whatsoever, and none of the Depositor, the Master
Servicers, the Special Servicer, the Trustee, the Certificate Registrar or any
such agent shall be affected by notice to the contrary.

            Subject to certain terms and conditions set forth in the Agreement,
the Trust and the obligations created by the Agreement shall terminate upon
distribution (or provision for distribution) to the Certificateholders of all
amounts held by or on behalf of the Trustee and required to be distributed to
them pursuant to the Agreement following the earlier to occur of (i) the final
payment (or any advance with respect thereto) on or other liquidation of the
last Mortgage Loan or REO Property remaining in the Trust, (ii) the purchase by
either Master Servicer, the Special Servicer or the Plurality Subordinate
Certificateholder at a price determined as provided in the Agreement of all
Mortgage Loans and any REO Properties (or, if specified in the Agreement with
respect to any REO Property, the Trust's interests therein) remaining in the
Trust and (iii) the exchange by the holder of certain remaining outstanding
Classes of Certificates (as described below) for all the Mortgage Loans and REO
Properties (or, if specified in the Agreement with respect to any REO Property,
the Trust's interests therein) in the Trust. The Agreement permits, but does not
require, either Master Servicer, the Special Servicer or the Plurality
Subordinate Certificateholder to purchase from the Trust all Mortgage Loans and
any REO Properties (or, if specified in the Agreement with respect to any REO
Property, the Trust's interests therein) remaining therein. The exercise of such
right will effect early retirement of the Certificates; however, such right to
purchase is subject to the aggregate Stated Principal Balance of the Mortgage
Pool at the time of purchase being less than approximately 1.0% of the Initial
Pool Balance. In addition, following the date on which the total principal
balance of the Class A-1, Class A-2, Class A-3, Class A-4, Class A-1A, Class AM,
Class AJ, Class B, Class C and Class D Certificates is reduced to zero, any
single Holder of each outstanding Class of Certificates (other than the Class Z,
Class R-I and Class R-II Certificates) may, subject to such other conditions as
may be set forth in the Agreement, exchange those Certificates for all Mortgage
Loans and REO Properties (or, if specified in the Agreement with respect to any
REO Property, the Trust's interests therein) remaining in the Trust Fund at the
time of the exchange.

            The Agreement permits, with certain exceptions therein provided, the
amendment thereof, and the modification of the rights and obligations of the
Depositor, the Master Servicers, the Special Servicer and the Trustee thereunder
and the rights of the Certificateholders thereunder, at any time by the Master
Servicers, the Special Servicer and the Trustee with the consent of the Holders
of Certificates entitled to at least 66-2/3% of the Voting Rights. Any such
consent by the Holder of this Certificate shall be conclusive and binding on
such Holder and upon all future Holders of this Certificate and of any
Certificate issued upon the transfer hereof or in exchange herefor or in lieu
hereof whether or not notation of such consent is made upon this Certificate.
The Agreement also permits the amendment thereof, in certain circumstances,
including any amendment necessary to maintain the status of each of REMIC I and
REMIC II as a REMIC, without the consent of the Holders of any of the
Certificates.

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

            The registered Holder hereof, by its acceptance hereof, agrees that
it will look solely to the Trust (to the extent of its rights therein) for
distributions hereunder.

            This Certificate shall be construed in accordance with the internal
laws of the State of New York applicable to agreements made and to be performed
in said State, without applying any conflicts of law principles of such state
(other than the provisions of Section 5-1401 of the New York General Obligations
Law), and the obligations, rights and remedies of the Holder hereof shall be
determined in accordance with such laws.

<PAGE>

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

                                    LASALLE BANK NATIONAL ASSOCIATION,
                                    as Certificate Registrar

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

                          CERTIFICATE OF AUTHENTICATION

            This is one of the Class [E] [F] [G] [H] Certificates referred to in
the within-mentioned Agreement.

Dated: August 17, 2006

                                    LASALLE BANK NATIONAL ASSOCIATION,
                                    as Authenticating Agent

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

<PAGE>

                                   ASSIGNMENT

      FOR VALUE RECEIVED, the undersigned hereby sell(s), assign(s) and
      transfer(s) unto ________________________________________________
      _________________________________________________________________
      _________________________________________________________________

        (please print or typewrite name and address including postal zip
                                code of assignee)

the beneficial ownership interest in the Trust evidenced by the within
Commercial Mortgage Pass-Through Certificate and hereby authorize(s) the
registration of transfer of such interest to the above named assignee on the
Certificate Register of the Trust.

      I (we) further direct the issuance of a new Commercial Mortgage
      Pass-Through Certificate of a like Percentage Interest and Class
      to the above named assignee and delivery of such Commercial
      Mortgage Pass-Through Certificate to the following address: _____
      _________________________________________________________________
      _________________________________________________________________

Dated:

                                    --------------------------------------------
                                    Signature by or on behalf of Assignor

                                    --------------------------------------------
                                    Signature Guaranteed

                            DISTRIBUTION INSTRUCTIONS

      The assignee should include the following for purposes of
      distribution:

      Distributions shall, if permitted, be made by wire transfer or
      otherwise, in immediately available funds, to ___________________
      for the account of _____________________________________________.

      Distributions made by check (such check to be made payable to
      ______________________) and all applicable statements and notices
      should be mailed to _____________________________________________
      ________________________________________________________________.

      This information is provided by ______________________________,
      the assignee named above, or __________________________________,
      as its agent.

<PAGE>

                                   EXHIBIT A-6

                FORM OF CLASS J, K, L, M, N, P AND Q CERTIFICATES

                      MERRILL LYNCH MORTGAGE TRUST 2006-C2
CLASS [J] [K] [L] [M] [N] [P] [Q] COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATE,
                                 SERIES 2006-C2

This is one of a series of commercial mortgage pass-through certificates
(collectively, the "Certificates"), issued in multiple classes (each, a
"Class"), which series of Certificates evidences the entire beneficial ownership
interest in a trust (the "Trust"), whose assets consist primarily of a pool (the
"Mortgage Pool") of commercial, multifamily and manufactured housing community
mortgage loans (the "Mortgage Loans"), such pool being formed and sold by

                     MERRILL LYNCH MORTGAGE INVESTORS, INC.

Pass-Through Rate: [ ___% per annum]     Initial Certificate Principal Balance
[Variable]                               of this Certificate as of the Closing
                                         Date: $_______________

Date of Pooling and Servicing            Class Principal Balance of all the
Agreement: August 1, 2006                [J] [K] [L] [M] [N] [P] [Q]
                                         Certificates Class as of the Closing
                                         Date: $________________

Closing Date: August 17, 2006            Aggregate unpaid principal balance of
                                         the Mortgage Pool as of the Cut-off
First Distribution Date: September 12,   Date, after deducting payments of
2006                                     principal due on or before such date
                                         (the "Initial Pool Balance"):
                                         $1,542,696,552

Master Servicers: Wachovia Bank,         Trustee: LaSalle Bank National
National Association and Prudential      Association
Asset Resources, Inc.

Special Servicer: J.E. Robert Company,
Inc.
Certificate No. [J] [K] [L] [M] [N] [P]  CUSIP No.:  ________
[Q]-___

                                         ISIN No.:

<PAGE>

[FOR BOOK ENTRY CERTIFICATES:] UNLESS THIS CERTIFICATE IS PRESENTED BY AN
AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST CORPORATION, A NEW YORK
CORPORATION ("DTC"), TO THE DEPOSITOR, THE CERTIFICATE REGISTRAR, THE TRUSTEE OR
ANY AGENT THEREOF FOR REGISTRATION OF TRANSFER, EXCHANGE OR PAYMENT, AND ANY
CERTIFICATE ISSUED IS REGISTERED IN THE NAME OF CEDE & CO. OR IN SUCH OTHER NAME
AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE
TO CEDE & CO. OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED
REPRESENTATIVE OF DTC), ANY TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR
OTHERWISE BY OR TO ANY PERSON IS WRONGFUL INASMUCH AS THE REGISTERED OWNER
HEREOF, CEDE & CO., HAS AN INTEREST HEREIN.

THIS CERTIFICATE HAS NOT BEEN REGISTERED OR QUALIFIED UNDER THE SECURITIES ACT
OF 1933, AS AMENDED (THE "SECURITIES ACT"), OR THE SECURITIES LAWS OF ANY STATE.
ANY RESALE, PLEDGE, TRANSFER OR OTHER DISPOSITION OF THIS CERTIFICATE OR ANY
INTEREST HEREIN WITHOUT SUCH REGISTRATION OR QUALIFICATION MAY BE MADE ONLY IN A
TRANSACTION WHICH DOES NOT REQUIRE SUCH REGISTRATION OR QUALIFICATION AND WHICH
IS IN ACCORDANCE WITH THE PROVISIONS OF SECTION 5.02 OF THE POOLING AND
SERVICING AGREEMENT REFERRED TO HEREIN.

NO TRANSFER OF THIS CERTIFICATE OR ANY INTEREST HEREIN MAY BE MADE TO (A) ANY
RETIREMENT PLAN OR OTHER EMPLOYEE BENEFIT PLAN OR ARRANGEMENT SUBJECT TO THE
EMPLOYEE RETIREMENT INCOME SECURITY ACT OF 1974, AS AMENDED ("ERISA"), OR
SECTION 4975 OF THE INTERNAL REVENUE CODE OF 1986, AS AMENDED (THE "CODE"), OR
(B) ANY PERSON WHO IS DIRECTLY OR INDIRECTLY PURCHASING THIS CERTIFICATE OR ANY
INTEREST HEREIN ON BEHALF OF, AS NAMED FIDUCIARY OF, AS TRUSTEE OF, OR WITH
ASSETS OF ANY SUCH RETIREMENT PLAN OR OTHER EMPLOYEE BENEFIT PLAN OR
ARRANGEMENT, EXCEPT IN ACCORDANCE WITH THE PROVISIONS OF SECTION 5.02 OF THE
POOLING AND SERVICING AGREEMENT REFERRED TO HEREIN.

THIS CERTIFICATE DOES NOT REPRESENT AN OBLIGATION OF OR INTEREST IN MERRILL
LYNCH MORTGAGE INVESTORS, INC., WACHOVIA BANK, NATIONAL ASSOCIATION, PRUDENTIAL
ASSET RESOURCES, INC., LASALLE BANK NATIONAL ASSOCIATION, LASALLE BANK NATIONAL
ASSOCIATION OR ANY OF THEIR RESPECTIVE AFFILIATES. NEITHER THIS CERTIFICATE NOR
THE MORTGAGE LOANS ARE GUARANTEED BY ANY AGENCY OR INSTRUMENTALITY OF THE UNITED
STATES OR ANY OTHER PERSON.

THE CLASS OF CERTIFICATES TO WHICH THIS CERTIFICATE BELONGS IS SUBORDINATE TO
ONE OR MORE OTHER CLASSES OF CERTIFICATES OF THE SAME SERIES, AS AND TO THE
EXTENT PROVIDED IN THE POOLING AND SERVICING AGREEMENT REFERRED TO HEREIN.

SOLELY FOR U.S. FEDERAL INCOME TAX PURPOSES, THIS CERTIFICATE IS A "REGULAR
INTEREST" IN A "REAL ESTATE MORTGAGE INVESTMENT CONDUIT" (A "REMIC") AS THOSE
TERMS ARE DEFINED, RESPECTIVELY, IN SECTIONS 860G AND 860D OF THE CODE.

THE OUTSTANDING CERTIFICATE PRINCIPAL BALANCE HEREOF AT ANY TIME MAY BE LESS
THAN THE AMOUNT SHOWN ABOVE.

            This certifies that [CEDE & CO.][_____] is the registered owner of
the Percentage Interest evidenced by this Certificate (obtained by dividing the
principal balance of this Certificate (its "Certificate Principal Balance") as
of the Closing Date by the aggregate principal balance of all the Certificates
of the same Class as this Certificate (their "Class Principal Balance") as of
the Closing Date) in that certain beneficial ownership interest in the Trust
evidenced by all the Certificates of the same Class as this Certificate. The
Trust was created and the Certificates were issued pursuant to a Pooling and
Servicing Agreement, dated as specified above (the "Agreement"), between Merrill
Lynch Mortgage Investors, Inc., as depositor (the "Depositor", which term
includes any successor entity under the Agreement), Wachovia Bank, National
Association and Prudential Asset Resources, Inc., as master servicers (each, a
"Master Servicer" and collectively, the "Master Servicers", which term includes
any successor entity under the Agreement), J.E. Robert Company, Inc., as special
servicer (the "Special Servicer", which term includes any successor entity under
the Agreement), and LaSalle Bank National Association, as trustee (the
"Trustee", which term includes any successor entity under the Agreement), a
summary of certain of the pertinent provisions of which is set forth hereafter.
To the extent not defined herein, the capitalized terms used herein have the
respective meanings assigned in the Agreement. This Certificate is issued under
and is subject to the terms, provisions and conditions of the Agreement, to
which Agreement the Holder of this Certificate by virtue of the acceptance
hereof assents and by which such Holder is bound. In the event of any conflict
between any provision of this Certificate and any provision of the Agreement,
such provision of this Certificate shall be superseded to the extent of such
inconsistency.

            Pursuant to the terms of the Agreement, distributions will be made
on the 12th day of any given month, or if the 12th day is not a Business Day, on
the next succeeding Business Day (each, a "Distribution Date"). Distributions
will be made commencing on the first Distribution Date specified above, to the
Person in whose name this Certificate is registered at the close of business on
the last Business Day of the month immediately preceding the month of such
distribution (the "Record Date"), in an amount equal to the product of the
Percentage Interest evidenced by this Certificate and the amount required to be
distributed pursuant to the Agreement on the applicable Distribution Date in
respect of the Class of Certificates to which this Certificate belongs; provided
that the initial Record Date will be the Closing Date. All distributions made
under the Agreement in respect of this Certificate will be made by the Trustee
by wire transfer in immediately available funds to the account of the Person
entitled thereto at a bank or other entity having appropriate facilities
therefor, if such Certificateholder shall have provided the Trustee with written
wiring instructions no less than five (5) Business Days prior to (or, in the
case of the first such distribution, no later than) the Record Date for such
distribution (which wiring instructions may be in the form of a standing order
applicable to all subsequent distributions as well), or otherwise by check
mailed to the address of such Certificateholder appearing in the Certificate
Register. Notwithstanding the above, the final distribution in respect of this
Certificate (determined without regard to any possible future reimbursement of
any Realized Loss or Additional Trust Fund Expense previously allocated to this
Certificate) will be made after due notice by the Trustee of the pendency of
such distribution and only upon presentation and surrender of this Certificate
at the offices of the Certificate Registrar appointed as provided in the
Agreement or such other location as may be specified in such notice. Also
notwithstanding the foregoing, any distribution that may be made with respect to
this Certificate in reimbursement of any Realized Loss or Additional Trust Fund
Expense previously allocated to this Certificate, which reimbursement is to
occur after the date on which this Certificate is surrendered as contemplated by
the preceding sentence, will be made by check mailed to the address of the
Holder that surrenders this Certificate as such address last appeared in the
Certificate Register or to any such other address of which the Trustee is
subsequently notified in writing.

            Any distribution to the Holder of this Certificate in reduction of
the Certificate Principal Balance hereof is binding on such Holder and all
future Holders of this Certificate and any Certificate issued upon the transfer
hereof or in exchange herefor or in lieu hereof whether or not notation of such
distribution is made upon this Certificate.

            The Certificates are limited in right of distribution to certain
collections and recoveries respecting the Mortgage Loans, all as more
specifically set forth herein and in the Agreement. As provided in the
Agreement, withdrawals from the Collection Accounts, the Distribution Account
and, if established, the Pool REO Account may be made from time to time for
purposes other than, and, in certain cases, prior to, distributions to
Certificateholders, such purposes including the reimbursement of advances made,
or certain expenses incurred, with respect to the Mortgage Loans and the payment
of interest on such advances and expenses.

            The Certificates are issuable in fully registered form only without
coupons in minimum denominations specified in the Agreement. As provided in the
Agreement and subject to certain limitations therein set forth, the Certificates
are exchangeable for new Certificates of the same Class in authorized
denominations evidencing the same aggregate Percentage Interest, as requested by
the Holder surrendering the same.

            As provided in the Agreement and subject to certain limitations
therein set forth, the transfer of this Certificate is registrable in the
Certificate Register upon surrender of this Certificate for registration of
transfer at the offices of the Certificate Registrar, duly endorsed by, or
accompanied by a written instrument of transfer in the form satisfactory to the
Certificate Registrar duly executed by, the Holder hereof or his attorney duly
authorized in writing, and thereupon one or more new Certificates of the same
Class in authorized denominations evidencing the same aggregate Percentage
Interest will be issued to the designated transferee or transferees.

            No direct or indirect transfer, sale, pledge, hypothecation or other
disposition (each, a "Transfer") of this Certificate or any interest herein
shall be made unless that Transfer is exempt from the registration and/or
qualification requirements of the Securities Act and any applicable state
securities laws, or is otherwise made in accordance with the Securities Act and
such state securities laws.

            If this Certificate constitutes a Definitive Certificate and a
Transfer hereof is to be made without registration under the Securities Act
(other than in connection with the initial issuance of the Certificates or a
Transfer of this Certificate by the Depositor, Merrill Lynch, Pierce, Fenner &
Smith Incorporated or any of their respective Affiliates or, if this Certificate
is a Global Certificate, a Transfer of this Certificate to a successor
Depository or to the applicable Certificate Owner in accordance with Section
5.03 of the Agreement), then the Certificate Registrar shall refuse to register
such Transfer unless it receives (and, upon receipt, may conclusively rely upon)
either: (i) a certificate from the Certificateholder desiring to effect such
Transfer substantially in the form attached as Exhibit E-1 to the Agreement and
a certificate from such Certificateholder's prospective Transferee substantially
in the form attached either as Exhibit E-2A to the Agreement or as Exhibit E-2B
to the Agreement; or (ii) an Opinion of Counsel satisfactory to the Trustee to
the effect that such Transferee is an Institutional Accredited Investor or a
Qualified Institutional Buyer and such Transfer may be made without registration
under the Securities Act (which Opinion of Counsel shall not be an expense of
the Trust Fund or of the Depositor, either Master Servicer, the Special
Servicer, the Trustee or the Certificate Registrar in their respective
capacities as such), together with the written certification(s) as to the facts
surrounding such Transfer from the Certificateholder desiring to effect such
Transfer and/or such Certificateholder's prospective Transferee on which such
Opinion of Counsel is based. If any Transferee of this Certificate does not, in
connection with the subject Transfer, deliver to the Certificate Registrar one
of the certifications described in clause (i) of the preceding sentence or the
Opinion of Counsel described in clause (ii) of the preceding sentence, then such
Transferee shall be deemed to have represented and warranted that all the
certifications set forth in either Exhibit E-2A or Exhibit E-2B attached to the
Agreement are, with respect to the subject Transfer, true and correct.

            If this Certificate constitutes a Rule 144A Global Certificate and a
Transfer of any interest herein is to be made without registration under the
Securities Act (other than in connection with the initial issuance of the
Certificates or a Transfer of any interest herein by the Depositor, Merrill
Lynch, Pierce, Fenner & Smith Incorporated or any of their respective
Affiliates), then the Certificate Owner desiring to effect such Transfer shall
be required to obtain either: (i) a certificate from such Certificate Owner's
prospective Transferee substantially in the form attached as Exhibit E-2C to the
Agreement, or (ii) an Opinion of Counsel to the effect that such Transferee is a
Qualified Institutional Buyer and such Transfer may be made without registration
under the Securities Act. If this Certificate constitutes a Rule 144A Global
Certificate and any Transferee of an interest herein does not, in connection
with the subject Transfer, deliver to the Transferor the Opinion of Counsel or
the certification described in the preceding sentence, then such Transferee
shall be deemed to have represented and warranted that all the certifications
set forth in Exhibit E-2C attached to the Agreement are, with respect to the
subject Transfer, true and correct. No beneficial interest in the Rule 144A
Global Certificate for any Class of Book-Entry Non-Registered Certificates may
be held by any Person that is not a Qualified Institutional Buyer.

            Notwithstanding the preceding paragraph, any interest in the Rule
144A Global Certificate for a Class of Book-Entry Non-Registered Certificates
may be transferred to any Non-United States Securities Person who takes delivery
in the form of a beneficial interest in the Regulation S Global Certificate for
such Class of Certificates, provided that the Certificate Owner desiring to
effect such Transfer (i) complies with the requirements for Transfers of
interests in such Regulation S Global Certificate set forth in the following
paragraph and (ii) delivers or causes to be delivered to the Certificate
Registrar and the Trustee (A) a certificate from such Certificate Owner
confirming its ownership of the beneficial interests in the subject Class of
Book-Entry Non-Registered Certificates to be transferred, (B) a copy of the
certificate to be obtained by such Certificate Owner from its prospective
Transferee in accordance with the second sentence of the following paragraph and
(C) such written orders and instructions as are required under the applicable
procedures of the Depository, Clearstream and Euroclear to direct the Trustee,
as transfer agent for the Depository, to approve the debit of the account of a
Depository Participant by a denomination of interests in such Rule 144A Global
Certificate, and approve the credit of the account of a Depository Participant
by a denomination of interests in such Regulation S Global Certificate, that is
equal to the denomination of beneficial interests in the subject Class of
Book-Entry Non-Registered Certificates to be transferred. Upon delivery to the
Certificate Registrar and the Trustee of such certifications and such orders and
instructions, the Trustee, subject to and in accordance with the applicable
procedures of the Depository, shall reduce the denomination of the Rule 144A
Global Certificate in respect of the subject Class of Book-Entry Non-Registered
Certificates, and increase the denomination of the Regulation S Global
Certificate for such Class of Certificates, by the denomination of the
beneficial interest in such Class of Certificates specified in such orders and
instructions.

            No beneficial interest in the Regulation S Global Certificate for
any Class of Book-Entry Non-Registered Certificates may be held by any Person
that is a United States Securities Person. Any Certificate Owner desiring to
effect any Transfer of a beneficial interest in the Regulation S Global
Certificate for any Class of Book-Entry Non-Registered Certificates shall be
required to obtain from such Certificate Owner's prospective Transferee a
certificate substantially in the form set forth in Exhibit E-2D to the Agreement
to the effect that such Transferee is not a United States Securities Person. If
any Transferee of an interest in the Regulation S Global Certificate for any
Class of Book-Entry Non-Registered Certificates does not, in connection with the
subject Transfer, deliver to the Transferor the certification described in the
preceding sentence, then such Transferee shall be deemed to have represented and
warranted that all the certifications set forth in Exhibit E-2D to the Agreement
are, with respect to the subject Transfer, true and correct.

            Notwithstanding the preceding paragraph, any interest in the
Regulation S Global Certificate for a Class of Book-Entry Non-Registered
Certificates may be transferred to any Qualified Institutional Buyer that takes
delivery in the form of a beneficial interest in the Rule 144A Global
Certificate for such Class of Certificates, provided that the Certificate Owner
desiring to effect such transfer (i) complies with the requirements for
Transfers of interests in such Rule 144A Global Certificate set forth in the
third preceding paragraph and (ii) delivers or causes to be delivered to the
Certificate Registrar and the Trustee (A) a certificate from such Certificate
Owner confirming its ownership of the beneficial interests in the subject Class
of Book-Entry Non-Registered Certificates to be transferred, (B) a copy of the
certificate or Opinion of Counsel to be obtained by such Certificate Owner from
its prospective Transferee in accordance with the first sentence of the third
preceding paragraph and (C) such written orders and instructions as are required
under the applicable procedures of the Depository, Clearstream and Euroclear to
direct the Trustee to debit the account of a Depository Participant by a
denomination of interests in such Regulation S Global Certificate, and credit
the account of a Depository Participant by a denomination of interests in such
Rule 144A Global Certificate, that is equal to the denomination of beneficial
interests in the subject Class of Book-Entry Non-Registered Certificates to be
transferred. Upon delivery to the Certificate Registrar and the Trustee of such
certification(s) and/or Opinion of Counsel and such orders and instructions, the
Trustee, subject to and in accordance with the applicable procedures of the
Depository, shall reduce the denomination of the Regulation S Global Certificate
in respect of the subject Class of Book-Entry Non-Registered Certificates, and
increase the denomination of the Rule 144A Global Certificate for such Class of
Certificates, by the denomination of the beneficial interest in such Class of
Certificates specified in such orders and instructions.

            Also notwithstanding the foregoing, any interest in a Global
Certificate with respect to any Class of Book-Entry Non-Registered Certificates
may be transferred by any Certificate Owner holding such interest to any
Institutional Accredited Investor (other than a Qualified Institutional Buyer)
that takes delivery in the form of a Definitive Certificate of the same Class as
such Global Certificate upon delivery to the Certificate Registrar and the
Trustee of (i) such certifications and/or opinions as are contemplated by the
fourth preceding paragraph and (ii) such written orders and instructions as are
required under the applicable procedures of the Depository to direct the Trustee
to debit the account of a Depository Participant by the denomination of the
transferred interests in such Global Certificate. Upon delivery to the
Certificate Registrar and the Trustee of the certifications and/or opinions
contemplated by the fourth preceding paragraph, the Trustee, subject to and in
accordance with the applicable procedures of the Depository, shall reduce the
denomination of the subject Global Certificate by the denomination of the
transferred interests in such Global Certificate, and shall cause a Definitive
Certificate of the same Class as such Global Certificate, and in a denomination
equal to the reduction in the denomination of such Global Certificate, to be
executed, authenticated and delivered in accordance with the Agreement to the
applicable Transferee.

            None of the Depositor, the Trustee or the Certificate Registrar is
obligated to register or qualify the Class of Certificates to which this
Certificate belongs, under the Securities Act or any other securities law or to
take any action not otherwise required under the Agreement to permit the
Transfer of this Certificate or any interest herein without such registration or
qualification. Any Certificateholder or Certificate Owner desiring to effect a
Transfer of this Certificate or any interest herein shall, and does hereby agree
to, indemnify the Depositor, Merrill Lynch, Pierce, Fenner & Smith Incorporated,
LaSalle Financial Services, Inc., the Trustee, the Master Servicers, the Special
Servicer, the Certificate Registrar and their respective Affiliates against any
liability that may result if such Transfer is not exempt from the registration
and/or qualification requirements of the Securities Act and any applicable state
securities laws or is not made in accordance with such federal and state laws.

            No Transfer of this Certificate or any interest herein shall be made
to (A) any employee benefit plan or other retirement arrangement, including
individual retirement accounts and annuities, Keogh plans and collective
investment funds and separate accounts in which such plans, accounts or
arrangements are invested, including insurance company general accounts, that is
subject to ERISA or the Code or any other federal, state, local or foreign law
("Similar Law") that is substantially similar to Section 405 or 407 of ERISA or
Section 4975 of the Code (each, a "Plan"), or (B) any Person who is directly or
indirectly purchasing this Certificate or such interest herein on behalf of, as
named fiduciary of, as trustee of, or with assets of a Plan, if the purchase and
holding of this Certificate or such interest herein by the prospective
Transferee would result in a non-exempt violation of Section 406 or 407 of ERISA
or Section 4975 of the Code or Similar Law or would result in the imposition of
an excise tax under Section 4975 of the Code. Except in connection with the
initial issuance of the Certificates or any Transfer of this Certificate or any
interest herein by the Depositor, Merrill Lynch, Pierce, Fenner & Smith
Incorporated or any of their respective Affiliates or, if this Certificate
constitutes a Global Certificate, any Transfer of this Certificate to a
successor Depository or to the applicable Certificate Owner in accordance with
Section 5.03 of the Agreement, the Certificate Registrar shall refuse to
register the Transfer of this Certificate unless it has received from the
prospective Transferee, and, if this Certificate constitutes a Global
Certificate, any Certificate Owner transferring an interest herein shall be
required to obtain from its prospective Transferee, one of the following: (i) a
certification to the effect that such prospective Transferee is not a Plan and
is not directly or indirectly purchasing this Certificate or such interest
herein on behalf of, as named fiduciary of, as trustee of, or with assets of a
Plan; or (ii) a certification to the effect that the purchase and holding of
this Certificate or such interest herein by such prospective Transferee is
exempt from the prohibited transaction provisions of Sections 406 and 407 of
ERISA and the excise taxes imposed on such prohibited transactions by Section
4975 of the Code, by reason of Sections I and III of Prohibited Transaction
Class Exemption 95-60; or (iii) if this Certificate is rated in one of the four
highest generic rating categories by either Rating Agency, and this Certificate
or an interest herein is being acquired by or on behalf of a Plan in reliance on
Prohibited Transaction Exemption 90-29, a certification to the effect that such
Plan (X) is an accredited investor as defined in Rule 501(a)(1) of Regulation D
of the Securities Act, (Y) is not sponsored (within the meaning of Section
3(16)(B) of ERISA) by the Trustee, the Depositor, any Mortgage Loan Seller, the
Master Servicers, the Special Servicer, any Sub-Servicer, any Fiscal Agent, any
Exemption-Favored Party or any Mortgagor with respect to Mortgage Loans
constituting more than 5% of the aggregate unamortized principal balance of all
the Mortgage Loans determined as of the Closing Date, or by any Affiliate of
such Person, and (Z) agrees that it will obtain from each of its Transferees
that are Plans a written representation that such Transferee, if a Plan,
satisfies the requirements of the immediately preceding clauses (X) and (Y),
together with a written agreement that such Transferee will obtain from each of
its Transferees that are Plans a similar written representation regarding
satisfaction of the requirements of the immediately preceding clauses (X) and
(Y); or (iv) a certification of facts and an Opinion of Counsel which otherwise
establish to the reasonable satisfaction of the Trustee or such Certificate
Owner, as the case may be, that such Transfer will not result in a violation of
Section 406 or 407 of ERISA or Section 4975 of the Code or result in the
imposition of an excise tax under Section 4975 of the Code. If any Transferee of
this Certificate or any interest herein does not, in connection with the subject
Transfer, deliver to the Certificate Registrar (if this Certificate constitutes
a Definitive Certificate) or the Transferor (if this Certificate constitutes a
Global Certificate) a certification and/or Opinion of Counsel as required by the
preceding sentence, then such Transferee shall be deemed to have represented and
warranted that either: (i) such Transferee is not a Plan and is not directly or
indirectly purchasing this Certificate or any interest herein on behalf of, as
named fiduciary of, as trustee of, or with assets of a Plan; or (ii) the
purchase and holding of this Certificate or such interest herein by such
Transferee is exempt from the prohibited transaction provisions of Sections 406
and 407 of ERISA and the excise taxes imposed on such prohibited transactions by
Section 4975 of the Code.

            No service charge will be imposed for any registration of transfer
or exchange of Certificates, but the Trustee or the Certificate Registrar may
require payment of a sum sufficient to cover any tax or other governmental
charge that may be imposed in connection with any transfer or exchange of
Certificates.

            Notwithstanding the foregoing, for so long as this Certificate is
registered in the name of Cede & Co. or in such other name as is requested by an
authorized representative of DTC, transfers of interests in this Certificate
shall be made through the book-entry facilities of DTC.

            The Holder of this Certificate, by its acceptance hereof, shall be
deemed to have agreed to keep confidential any information it obtains from the
Trustee (except that such Holder may provide any such information obtained by it
to any other Person that holds or is contemplating the purchase of this
Certificate or an interest herein, provided that such other Person confirms in
writing such ownership interest or prospective ownership interest and agrees to
keep such information confidential).

            Prior to due presentment of this Certificate for registration of
transfer, the Depositor, the Master Servicers, the Special Servicer, the
Trustee, the Certificate Registrar and any agent of any of them may treat the
Person in whose name this Certificate is registered as of the related Record
Date as the owner hereof for the purpose of receiving distributions pursuant to
the Agreement and may treat the person in whose name this Certificate is
registered as of the relevant date of determination as owner of this Certificate
for all other purposes whatsoever, and none of the Depositor, the Master
Servicers, the Special Servicer, the Trustee, the Certificate Registrar or any
such agent shall be affected by notice to the contrary.

            Subject to certain terms and conditions set forth in the Agreement,
the Trust and the obligations created by the Agreement shall terminate upon
distribution (or provision for distribution) to the Certificateholders of all
amounts held by or on behalf of the Trustee and required to be distributed to
them pursuant to the Agreement following the earlier to occur of (i) the final
payment (or any advance with respect thereto) on or other liquidation of the
last Mortgage Loan or REO Property remaining in the Trust, (ii) the purchase by
either Master Servicer, the Special Servicer or the Plurality Subordinate
Certificateholder at a price determined as provided in the Agreement of all
Mortgage Loans and any REO Properties (or, if specified in the Agreement with
respect to any REO Property, the Trust's interests therein) remaining in the
Trust and (iii) the exchange by the holder of certain remaining outstanding
Classes of Certificates (as described below) for all the Mortgage Loans and REO
Properties (or, if specified in the Agreement with respect to any REO Property,
the Trust's interests therein) in the Trust. The Agreement permits, but does not
require, either Master Servicer, the Special Servicer or the Plurality
Subordinate Certificateholder to purchase from the Trust all Mortgage Loans and
any REO Properties (or, if specified in the Agreement with respect to any REO
Property, the Trust's interests therein) remaining therein. The exercise of such
right will effect early retirement of the Certificates; however, such right to
purchase is subject to the aggregate Stated Principal Balance of the Mortgage
Pool at the time of purchase being less than approximately 1.0% of the Initial
Pool Balance. In addition, following the date on which the total principal
balance of the Class A-1, Class A-2, Class A-3, Class A-4, Class A-1A, Class AM,
Class AJ, Class B, Class C and Class D Certificates is reduced to zero, any
single Holder of each outstanding Class of Certificates (other than the Class Z,
Class R-I and Class R-II Certificates) may, subject to such other conditions as
may be set forth in the Agreement, exchange those Certificates for all Mortgage
Loans and REO Properties (or, if specified in the Agreement with respect to any
REO Property, the Trust's interests therein) remaining in the Trust Fund at the
time of the exchange.

            The Agreement permits, with certain exceptions therein provided, the
amendment thereof, and the modification of the rights and obligations of the
Depositor, the Master Servicers, the Special Servicer and the Trustee thereunder
and the rights of the Certificateholders thereunder, at any time by the Master
Servicers, the Special Servicer and the Trustee with the consent of the Holders
of Certificates entitled to at least 66-2/3% of the Voting Rights. Any such
consent by the Holder of this Certificate shall be conclusive and binding on
such Holder and upon all future Holders of this Certificate and of any
Certificate issued upon the transfer hereof or in exchange herefor or in lieu
hereof whether or not notation of such consent is made upon this Certificate.
The Agreement also permits the amendment thereof, in certain circumstances,
including any amendment necessary to maintain the status of each of REMIC I and
REMIC II as a REMIC, without the consent of the Holders of any of the
Certificates.

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

            The registered Holder hereof, by its acceptance hereof, agrees that
it will look solely to the Trust (to the extent of its rights therein) for
distributions hereunder.

            This Certificate shall be construed in accordance with the internal
laws of the State of New York applicable to agreements made and to be performed
in said State, without applying any conflicts of law principles of such state
(other than the provisions of Section 5-1401 of the New York General Obligations
Law), and the obligations, rights and remedies of the Holder hereof shall be
determined in accordance with such laws.

<PAGE>

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

                                    LASALLE BANK NATIONAL ASSOCIATION,
                                    as Certificate Registrar

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

                          CERTIFICATE OF AUTHENTICATION

            This is one of the Class [J] [K] [L] [M] [N] [P] [Q] Certificates
referred to in the within-mentioned Agreement.

Dated: August 17, 2006

                                    LASALLE BANK NATIONAL ASSOCIATION,
                                    as Authenticating Agent

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

<PAGE>

                                   ASSIGNMENT

      FOR VALUE RECEIVED, the undersigned hereby sell(s), assign(s) and
      transfer(s) unto ________________________________________________
      _________________________________________________________________
      _________________________________________________________________

        (please print or typewrite name and address including postal zip
                                code of assignee)

the beneficial ownership interest in the Trust evidenced by the within
Commercial Mortgage Pass-Through Certificate and hereby authorize(s) the
registration of transfer of such interest to the above named assignee on the
Certificate Register of the Trust.

      I (we) further direct the issuance of a new Commercial Mortgage
      Pass-Through Certificate of a like Percentage Interest and Class
      to the above named assignee and delivery of such Commercial
      Mortgage Pass-Through Certificate to the following address: _____
      _________________________________________________________________
      _________________________________________________________________

Dated:

                                    --------------------------------------------
                                    Signature by or on behalf of Assignor

                                    --------------------------------------------
                                    Signature Guaranteed

                            DISTRIBUTION INSTRUCTIONS

      The assignee should include the following for purposes of
      distribution:

      Distributions shall, if permitted, be made by wire transfer or
      otherwise, in immediately available funds, to ___________________
      for the account of _____________________________________________.

      Distributions made by check (such check to be made payable to
      ______________________) and all applicable statements and notices
      should be mailed to _____________________________________________
      ________________________________________________________________.

      This information is provided by ______________________________,
      the assignee named above, or __________________________________,
      as its agent.

<PAGE>

                                   EXHIBIT A-7

                     FORM OF CLASS R-I AND R-II CERTIFICATES

                      MERRILL LYNCH MORTGAGE TRUST 2006-C2
        CLASS [R-I] [R-II] COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATE,
                                 SERIES 2006-C2

This is one of a series of commercial mortgage pass-through certificates
(collectively, the "Certificates"), issued in multiple classes (each, a
"Class"), which series of Certificates evidences the entire beneficial ownership
interest in a trust (the "Trust"), whose assets consist primarily of a pool (the
"Mortgage Pool") of commercial, multifamily and manufactured housing community
mortgage loans (the "Mortgage Loans"), such pool being formed and sold by

                     MERRILL LYNCH MORTGAGE INVESTORS, INC.

Date of Pooling and Servicing            Percentage Interest evidenced by this
Agreement: August 1, 2006                Certificate in the related Class:_____%

Closing Date: August 17, 2006            Aggregate unpaid principal balance of
                                         the Mortgage Pool as of the Cut-off
First Distribution Date: September 12,   Date, after deducting payments of
2006                                     principal due on or before such date
                                         (the "Initial Pool Balance"):
                                         $1,542,696,552

Master Servicers: Wachovia Bank,         Trustee: LaSalle Bank National
National Association and Prudential      Association
Asset Resources, Inc.

Special Servicer: J.E. Robert Company,
Inc.

Certificate No.  [R-I] [R-II]-___

<PAGE>

THIS CERTIFICATE HAS NOT BEEN REGISTERED OR QUALIFIED UNDER THE SECURITIES ACT
OF 1933, AS AMENDED (THE "SECURITIES ACT"), OR THE SECURITIES LAWS OF ANY STATE.
ANY RESALE, PLEDGE, TRANSFER OR OTHER DISPOSITION OF THIS CERTIFICATE OR ANY
INTEREST HEREIN WITHOUT SUCH REGISTRATION OR QUALIFICATION MAY BE MADE ONLY TO A
"QUALIFIED INSTITUTIONAL BUYER" WITHIN THE MEANING OF RULE 144A UNDER THE
SECURITIES ACT IN A TRANSACTION WHICH DOES NOT REQUIRE SUCH REGISTRATION OR
QUALIFICATION AND WHICH IS IN ACCORDANCE WITH THE PROVISIONS OF SECTION 5.02 OF
THE POOLING AND SERVICING AGREEMENT REFERRED TO HEREIN.

NO TRANSFER OF THIS CERTIFICATE OR ANY INTEREST HEREIN MAY BE MADE TO (A) ANY
RETIREMENT PLAN OR OTHER EMPLOYEE BENEFIT PLAN OR ARRANGEMENT SUBJECT TO THE
EMPLOYEE RETIREMENT INCOME SECURITY ACT OF 1974, AS AMENDED ("ERISA"), OR
SECTION 4975 OF THE INTERNAL REVENUE CODE OF 1986, AS AMENDED (THE "CODE"), OR
(B) ANY PERSON WHO IS DIRECTLY OR INDIRECTLY PURCHASING THIS CERTIFICATE OR ANY
INTEREST HEREIN ON BEHALF OF, AS NAMED FIDUCIARY OF, AS TRUSTEE OF, OR WITH
ASSETS OF ANY SUCH RETIREMENT PLAN OR OTHER EMPLOYEE BENEFIT PLAN OR
ARRANGEMENT.

THIS CERTIFICATE DOES NOT REPRESENT AN OBLIGATION OF OR INTEREST IN MERRILL
LYNCH MORTGAGE INVESTORS, INC., WACHOVIA BANK, NATIONAL ASSOCIATION, PRUDENTIAL
ASSET RESOURCES, INC., LASALLE BANK NATIONAL ASSOCIATION, LASALLE BANK NATIONAL
ASSOCIATION OR ANY OF THEIR RESPECTIVE AFFILIATES. NEITHER THIS CERTIFICATE NOR
THE MORTGAGE LOANS ARE GUARANTEED BY ANY AGENCY OR INSTRUMENTALITY OF THE UNITED
STATES OR ANY OTHER PERSON.

THE CLASS OF CERTIFICATES TO WHICH THIS CERTIFICATE BELONGS IS SUBORDINATE TO
ONE OR MORE OTHER CLASSES OF CERTIFICATES OF THE SAME SERIES, AS AND TO THE
EXTENT PROVIDED IN THE POOLING AND SERVICING AGREEMENT REFERRED TO HEREIN.

SOLELY FOR U.S. FEDERAL INCOME TAX PURPOSES, THIS CERTIFICATE IS A "RESIDUAL
INTEREST" IN A "REAL ESTATE MORTGAGE INVESTMENT CONDUIT" (A "REMIC") AS THOSE
TERMS ARE DEFINED, RESPECTIVELY, IN SECTIONS 860G AND 860D OF THE CODE.
CONSEQUENTLY, THE TRANSFER OF THIS CERTIFICATE IS ALSO SUBJECT TO THE ADDITIONAL
TAX RELATED TRANSFER RESTRICTIONS DESCRIBED HEREIN. IF ANY PERSON BECOMES THE
REGISTERED HOLDER OF THIS CERTIFICATE IN VIOLATION OF SUCH TRANSFER
RESTRICTIONS, SUCH REGISTRATION SHALL BE DEEMED TO BE OF NO LEGAL FORCE OR
EFFECT WHATSOEVER AND SUCH PERSON SHALL NOT BE DEEMED TO BE A CERTIFICATEHOLDER
FOR ANY PURPOSE HEREUNDER OR UNDER THE POOLING AND SERVICING AGREEMENT REFERRED
TO HEREIN, INCLUDING, BUT NOT LIMITED TO, THE RECEIPT OF DISTRIBUTIONS ON THIS
CERTIFICATE.

            This certifies that ____________________________________ is the
registered owner of the Percentage Interest evidenced by this Certificate (as
specified above) in that certain beneficial ownership interest in the Trust
evidenced by all the Certificates of the same Class as this Certificate. The
Trust was created and the Certificates were issued pursuant to a Pooling and
Servicing Agreement, dated as specified above (the "Agreement"), between Merrill
Lynch Mortgage Investors, Inc., as depositor (the "Depositor", which term
includes any successor entity under the Agreement), Wachovia Bank, National
Association and Prudential Asset Resources, Inc., as master servicers (each, a
"Master Servicer" and collectively, the "Master Servicers", which term includes
any successor entity under the Agreement), J.E. Robert Company, Inc., as special
servicer (the "Special Servicer", which term includes any successor entity under
the Agreement), and LaSalle Bank National Association, as trustee (the
"Trustee", which term includes any successor entity under the Agreement), a
summary of certain of the pertinent provisions of which is set forth hereafter.
To the extent not defined herein, the capitalized terms used herein have the
respective meanings assigned in the Agreement. This Certificate is issued under
and is subject to the terms, provisions and conditions of the Agreement, to
which Agreement the Holder of this Certificate by virtue of the acceptance
hereof assents and by which such Holder is bound. In the event of any conflict
between any provision of this Certificate and any provision of the Agreement,
such provision of this Certificate shall be superseded to the extent of such
inconsistency.

            Pursuant to the terms of the Agreement, distributions will be made
on the 12th day of any given month, or if the 12th day is not a Business Day, on
the next succeeding Business Day (each, a "Distribution Date"). Distributions
will be made commencing on the first Distribution Date specified above, to the
Person in whose name this Certificate is registered at the close of business on
the last Business Day of the month immediately preceding the month of such
distribution (the "Record Date"), in an amount equal to the product of the
Percentage Interest evidenced by this Certificate and the amount required to be
distributed pursuant to the Agreement on the applicable Distribution Date in
respect of the Class of Certificates to which this Certificate belongs; provided
that the initial Record Date will be the Closing Date. All distributions made
under the Agreement in respect of this Certificate will be made by the Trustee
by wire transfer in immediately available funds to the account of the Person
entitled thereto at a bank or other entity having appropriate facilities
therefor, if such Certificateholder shall have provided the Trustee with written
wiring instructions no less than five (5) Business Days prior to (or, in the
case of the first such distribution, no later than) the Record Date for such
distribution (which wiring instructions may be in the form of a standing order
applicable to all subsequent distributions as well), or otherwise by check
mailed to the address of such Certificateholder appearing in the Certificate
Register. Notwithstanding the above, the final distribution in respect of this
Certificate will be made after due notice by the Trustee of the pendency of such
distribution and only upon presentation and surrender of this Certificate at the
offices of the Certificate Registrar appointed as provided in the Agreement or
such other location as may be specified in such notice.

            The Certificates are limited in right of distribution to certain
collections and recoveries respecting the Mortgage Loans, all as more
specifically set forth herein and in the Agreement. As provided in the
Agreement, withdrawals from the Collection Accounts, the Distribution Account
and, if established, the Pool REO Account may be made from time to time for
purposes other than, and, in certain cases, prior to, distributions to
Certificateholders, such purposes including the reimbursement of advances made,
or certain expenses incurred, with respect to the Mortgage Loans and the payment
of interest on such advances and expenses.

            The Certificates are issuable in fully registered form only without
coupons in minimum denominations specified in the Agreement. As provided in the
Agreement and subject to certain limitations therein set forth, the Certificates
are exchangeable for new Certificates of the same Class in authorized
denominations evidencing the same aggregate Percentage Interest, as requested by
the Holder surrendering the same.

            As provided in the Agreement and subject to certain limitations
therein set forth, the transfer of this Certificate is registrable in the
Certificate Register upon surrender of this Certificate for registration of
transfer at the offices of the Certificate Registrar, duly endorsed by, or
accompanied by a written instrument of transfer in the form satisfactory to the
Certificate Registrar duly executed by, the Holder hereof or his attorney duly
authorized in writing, and thereupon one or more new Certificates of the same
Class in authorized denominations evidencing the same aggregate Percentage
Interest will be issued to the designated transferee or transferees.

            No direct or indirect transfer, sale, pledge, hypothecation or other
disposition (each, a "Transfer") of this Certificate or any interest herein
shall be made unless that Transfer is exempt from the registration and/or
qualification requirements of the Securities Act and any applicable state
securities laws, or is otherwise made in accordance with the Securities Act and
such state securities laws.

            If a Transfer of this Certificate is to be made without registration
under the Securities Act (other than in connection with the initial issuance of
the Certificates or a Transfer of this Certificate by the Depositor, Merrill
Lynch, Pierce, Fenner & Smith Incorporated or any of their respective
Affiliates), then the Certificate Registrar shall refuse to register such
Transfer unless it receives (and, upon receipt, may conclusively rely upon)
either: (i) a certificate from the Certificateholder desiring to effect such
Transfer substantially in the form attached as Exhibit E-1 to the Agreement and
a certificate from such Certificateholder's prospective Transferee substantially
in the form attached as Exhibit E-2A to the Agreement; or (ii) an Opinion of
Counsel satisfactory to the Trustee to the effect that such Transferee is a
Qualified Institutional Buyer and such Transfer may be made without registration
under the Securities Act (which Opinion of Counsel shall not be an expense of
the Trust Fund or of the Depositor, the Master Servicers, the Special Servicer,
the Trustee or the Certificate Registrar in their respective capacities as
such), together with the written certification(s) as to the facts surrounding
such Transfer from the Certificateholder desiring to effect such Transfer and/or
such Certificateholder's prospective Transferee on which such Opinion of Counsel
is based. If any Transferee of this Certificate does not, in connection with the
subject Transfer, deliver to the Certificate Registrar one of the certifications
described in clause (i) of the preceding sentence or the Opinion of Counsel
described in clause (ii) of the preceding sentence, then such Transferee shall
be deemed to have represented and warranted that all the certifications set
forth in Exhibit E-2A attached to the Agreement are, with respect to the subject
Transfer, true and correct.

            None of the Depositor, the Trustee or the Certificate Registrar is
obligated to register or qualify the Class of Certificates to which this
Certificate belongs, under the Securities Act or any other securities law or to
take any action not otherwise required under the Agreement to permit the
Transfer of this Certificate or any interest herein without such registration or
qualification. Any Certificateholder desiring to effect a Transfer of this
Certificate or any interest herein shall, and does hereby agree to, indemnify
the Depositor, Merrill Lynch, Pierce, Fenner & Smith Incorporated, LaSalle
Financial Services, Inc., the Trustee, the Master Servicers, the Special
Servicer and the Certificate Registrar and their respective Affiliates against
any liability that may result if such Transfer is not exempt from the
registration and/or qualification requirements of the Securities Act and any
applicable state securities laws or is not made in accordance with such federal
and state laws.

            No Transfer of this Certificate or any interest herein shall be made
to (A) any employee benefit plan or other retirement arrangement, including
individual retirement accounts and annuities, Keogh plans and collective
investment funds and separate accounts in which such plans, accounts or
arrangements are invested, including insurance company general accounts, that is
subject to ERISA or the Code or any other federal, state, local or foreign law
that is substantially similar to Section 405 or 407 of ERISA or Section 4975 of
the Code (each, a "Plan"), or (B) any Person who is directly or indirectly
purchasing this Certificate or such interest herein on behalf of, as named
fiduciary of, as trustee of, or with assets of a Plan. Except in connection with
the initial issuance of the Certificates or any Transfer of this Certificate by
the Depositor, Merrill Lynch, Pierce, Fenner & Smith Incorporated or any of
their respective Affiliates, the Certificate Registrar shall refuse to register
the Transfer of this Certificate unless it has received from the prospective
Transferee a certification to the effect that such prospective Transferee is not
a Plan and is not directly or indirectly purchasing this Certificate on behalf
of, as named fiduciary of, as trustee of, or with assets of a Plan. If any
Transferee of this Certificate or any interest herein does not, in connection
with the subject Transfer, deliver to the Certificate Registrar a certification
as required by the preceding sentence, then such Transferee shall be deemed to
have represented and warranted that such Transferee is not a Plan and is not
directly or indirectly purchasing this Certificate or such interest herein on
behalf of, as named fiduciary of, as trustee of, or with assets of a Plan.

            Each Person who has or who acquires any Ownership Interest in this
Certificate shall be deemed by the acceptance or acquisition of such Ownership
Interest to have agreed to be bound by the provisions of Section 5.02(d) of the
Agreement and, if any purported Transferee shall become a Holder of this
Certificate in violation of the provisions of such Section 5.02(d), to have
irrevocably authorized the Trustee under clause (ii)(A) of such Section 5.02(d)
to deliver payments to a Person other than such Person and to have irrevocably
authorized the Trustee under clause (ii)(B) of such Section 5.02(d) to negotiate
the terms of any mandatory disposition and to execute all instruments of
transfer and to do all other things necessary in connection with any such
disposition. Each Person holding or acquiring any Ownership Interest in this
Certificate must be a Permitted Transferee and shall promptly notify the Trustee
and the REMIC Administrator of any change or impending change in its status as a
Permitted Transferee. In connection with any proposed Transfer of any Ownership
Interest in this Certificate, the Certificate Registrar shall require delivery
to it, and shall not register the transfer of this Certificate until its receipt
of, an affidavit and agreement substantially in the form attached as Exhibit G-1
to the Agreement (a "Transfer Affidavit and Agreement") from the proposed
Transferee, representing and warranting, among other things, that such
Transferee is a Permitted Transferee, that it is not acquiring its Ownership
Interest in this Certificate as a nominee, trustee or agent for any Person that
is not a Permitted Transferee, that for so long as it retains its Ownership
Interest in this Certificate, it will endeavor to remain a Permitted Transferee,
and that it has reviewed the provisions of Section 5.02(d) of the Agreement and
agrees to be bound by them. Notwithstanding the delivery of a Transfer Affidavit
and Agreement by a proposed Transferee, if the Certificate Registrar has actual
knowledge that the proposed Transferee is not a Permitted Transferee, the
Certificate Registrar shall not register the Transfer of an Ownership Interest
in this Certificate to such proposed Transferee. In addition, the Certificate
Registrar shall not register the transfer of an Ownership Interest in this
Certificate to any entity classified as a partnership under the Code unless at
the time of transfer, all of its beneficial owners are United States Tax
Persons.

            Each Person holding or acquiring any Ownership Interest in this
Certificate shall agree (x) to require a Transfer Affidavit and Agreement from
any other Person to whom such Person attempts to Transfer its Ownership Interest
herein and (y) not to Transfer its Ownership Interest herein unless it provides
to the Certificate Registrar a certificate substantially in the form attached as
Exhibit G-2 to the Agreement stating that, among other things, it has no actual
knowledge that such other Person is not a Permitted Transferee. Each Person
holding or acquiring an Ownership Interest in this Certificate, by purchasing
such Ownership Interest herein, agrees to give the Trustee and the REMIC
Administrator written notice that it is a "pass-through interest holder" within
the meaning of temporary Treasury regulations section 1.67-3T(a)(2)(i)(A)
immediately upon acquiring such Ownership Interest, if it is, or is holding such
Ownership Interest on behalf of, a "pass-through interest holder".

            The provisions of Section 5.02(d) of the Agreement may be modified,
added to or eliminated, provided that there shall have been delivered to the
Trustee and the REMIC Administrator the following: (a) written notification from
each Rating Agency to the effect that the modification of, addition to or
elimination of such provisions will not cause such Rating Agency to withdraw,
qualify or downgrade its then-current rating of any Class of Certificates; and
(b) an opinion of counsel, in form and substance satisfactory to the Trustee and
the REMIC Administrator, to the effect that such modification of, addition to or
elimination of such provisions will not (i) cause either REMIC I or REMIC II to
(A) cease to qualify as a REMIC or (B) be subject to an entity-level tax caused
by the Transfer of a Residual Certificate to a Person which is not a Permitted
Transferee, or (ii) cause a Person other than the prospective Transferee to be
subject to a REMIC-related tax caused by the Transfer of a Residual Certificate
to a Person that is not a Permitted Transferee.

            A "Permitted Transferee" is any Transferee that is not (i) a
Disqualified Organization, (ii) any Person as to whom the transfer of this
Certificate may cause either REMIC I or REMIC II to fail to qualify as a REMIC,
(iii) a Disqualified Non-United States Tax Person, (iv) a Disqualified
Partnership or (v) a foreign permanent establishment or fixed base (within the
meaning of any applicable income tax treaty between the United States and any
foreign jurisdiction) of a United States Tax Person.

            A "Disqualified Organization" is (i) the United States, any State or
political subdivision thereof, a foreign government, an international
organization, or any agency or instrumentality of any of the foregoing, (ii) any
organization (other than certain farmers' cooperatives described in Section 521
of the Code) that is exempt from the tax imposed by Chapter 1 of the Code
(including the tax imposed by Section 511 of the Code on unrelated business
taxable income), (iii) rural electric and telephone cooperatives described in
Section 1381 of the Code and (iv) any other Person so designated by the Trustee
or the REMIC Administrator based upon an opinion of counsel that the holding of
an Ownership Interest in a Residual Certificate by such Person may cause the
Trust or any Person having an Ownership Interest in any Class of Certificates
(other than such Person) to incur a liability for any federal tax imposed under
the Code that would not otherwise be imposed but for the Transfer of an
Ownership Interest in a Residual Certificate to such Person. The terms "United
States", "State" and "international organization" shall have the meanings set
forth in Section 7701 of the Code or successor provisions.

            A "Disqualified Non-United States Tax Person" is, with respect to
any Residual Certificate, any Non-United States Tax Person or agent thereof
other than: (1) a Non-United States Tax Person that (a) holds such Residual
Certificate and, for purposes of Treasury regulations section 1.860G-3(a)(3), is
subject to tax under Section 882 of the Code, (b) certifies that it understands
that, for purposes of Treasury regulations section 1.860E-1(c)(4)(ii), as a
holder of such Residual Certificate for United States federal income tax
purposes, it may incur tax liabilities in excess of any cash flows generated by
such Residual Certificate and intends to pay taxes associated with holding such
Residual Certificate, and (c) has furnished the Transferor and the Trustee with
an effective IRS Form W-8ECI or successor form and has agreed to update such
form as required under the applicable Treasury regulations; or (2) a Non-United
States Tax Person that has delivered to the Transferor, the Trustee and the
Certificate Registrar an opinion of nationally recognized tax counsel to the
effect that (x) the Transfer of such Residual Certificate to it is in accordance
with the requirements of the Code and the regulations promulgated thereunder and
(y) such Transfer of such Residual Certificate will not be disregarded for
United States federal income tax purposes.

            A "Disqualified Partnership" is any domestic entity classified as a
partnership under the Code, if any of its beneficial owners are Disqualified
Non-United States Tax Persons.

            A "Non-United States Tax Person" is any Person other than a United
States Tax Person. A "United States Tax Person" is a citizen or resident of the
United States, a corporation, partnership or other entity created or organized
in, or under the laws of, the United States or any political subdivision
thereof, or an estate whose income from sources without the United States is
includable in gross income for United States federal income tax purposes
regardless of its connection with the conduct of a trade or business within the
United States, or a trust if a court within the United States is able to
exercise supervision over the administration of the trust and one or more United
States persons have the authority to control all substantial decisions of the
trust (or to the extent provided in the Treasury regulations, if the trust was
in existence on August 20, 1996 and elected to be treated as a United States
person), all within the meaning of Section 7701(a)(30) of the Code.

            No service charge will be imposed for any registration of transfer
or exchange of Certificates, but the Trustee or the Certificate Registrar may
require payment of a sum sufficient to cover any tax or other governmental
charge that may be imposed in connection with any transfer or exchange of
Certificates.

            The Holder of this Certificate, by its acceptance hereof, shall be
deemed to have agreed to keep confidential any information it obtains from the
Trustee (except that such Holder may provide any such information obtained by it
to any other Person that holds or is contemplating the purchase of this
Certificate or an interest herein, provided that such other Person confirms in
writing such ownership interest or prospective ownership interest and agrees to
keep such information confidential).

            Prior to due presentment of this Certificate for registration of
transfer, the Depositor, the Master Servicers, the Special Servicer, the
Trustee, the Certificate Registrar and any agent of any of them may treat the
Person in whose name this Certificate is registered as of the related Record
Date as the owner hereof for the purpose of receiving distributions pursuant to
the Agreement and may treat the person in whose name this Certificate is
registered as of the relevant date of determination as owner of this Certificate
for all other purposes whatsoever, and none of the Depositor, the Master
Servicers, the Special Servicer, the Trustee, the Certificate Registrar or any
such agent shall be affected by notice to the contrary.

            Subject to certain terms and conditions set forth in the Agreement,
the Trust and the obligations created by the Agreement shall terminate upon
distribution (or provision for distribution) to the Certificateholders of all
amounts held by or on behalf of the Trustee and required to be distributed to
them pursuant to the Agreement following the earlier to occur of (i) the final
payment (or any advance with respect thereto) on or other liquidation of the
last Mortgage Loan or REO Property remaining in the Trust, (ii) the purchase by
either Master Servicer, the Special Servicer or the Plurality Subordinate
Certificateholder at a price determined as provided in the Agreement of all
Mortgage Loans and any REO Properties (or, if specified in the Agreement with
respect to any REO Property, the Trust's interests therein) remaining in the
Trust and (iii) the exchange by the holder of certain remaining outstanding
Classes of Certificates (as described below) for all the Mortgage Loans and REO
Properties (or, if specified in the Agreement with respect to any REO Property,
the Trust's interests therein) in the Trust. The Agreement permits, but does not
require, either Master Servicer, the Special Servicer or the Plurality
Subordinate Certificateholder to purchase from the Trust all Mortgage Loans and
any REO Properties (or, if specified in the Agreement with respect to any REO
Property, the Trust's interests therein) remaining therein. The exercise of such
right will effect early retirement of the Certificates; however, such right to
purchase is subject to the aggregate Stated Principal Balance of the Mortgage
Pool at the time of purchase being less than approximately 1.0% of the Initial
Pool Balance. In addition, following the date on which the total principal
balance of the Class A-1, Class A-2, Class A-3, Class A-4, Class A-1A, Class AM,
Class AJ, Class B, Class C and Class D Certificates is reduced to zero, any
single Holder of each outstanding Class of Certificates (other than the Class Z,
Class R-I and Class R-II Certificates) may, subject to such other conditions as
may be set forth in the Agreement, exchange those Certificates for all Mortgage
Loans and REO Properties (or, if specified in the Agreement with respect to any
REO Property, the Trust's interests therein) remaining in the Trust Fund at the
time of the exchange.

            The Agreement permits, with certain exceptions therein provided, the
amendment thereof, and the modification of the rights and obligations of the
Depositor, the Master Servicers, the Special Servicer and the Trustee thereunder
and the rights of the Certificateholders thereunder, at any time by the Master
Servicers, the Special Servicer, the Trustee and any Fiscal Agent with the
consent of the Holders of Certificates entitled to at least 66-2/3% of the
Voting Rights. Any such consent by the Holder of this Certificate shall be
conclusive and binding on such Holder and upon all future Holders of this
Certificate and of any Certificate issued upon the transfer hereof or in
exchange herefor or in lieu hereof whether or not notation of such consent is
made upon this Certificate. The Agreement also permits the amendment thereof, in
certain circumstances, including any amendment necessary to maintain the status
of each of REMIC I and REMIC II as a REMIC, without the consent of the Holders
of any of the Certificates.

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

            The registered Holder hereof, by its acceptance hereof, agrees that
it will look solely to the Trust (to the extent of its rights therein) for
distributions hereunder.

            This Certificate shall be construed in accordance with the internal
laws of the State of New York applicable to agreements made and to be performed
in said State, without applying any conflicts of law principles of such state
(other than the provisions of Section 5-1401 of the New York General Obligations
Law), and the obligations, rights and remedies of the Holder hereof shall be
determined in accordance with such laws.

<PAGE>

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

                                    LASALLE BANK NATIONAL ASSOCIATION,
                                    as Certificate Registrar

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

                          CERTIFICATE OF AUTHENTICATION

            This is one of the Class [R-I] [R-II] Certificates referred to in
the within-mentioned Agreement.

Dated: August 17, 2006

                                    LASALLE BANK NATIONAL ASSOCIATION,
                                    as Authenticating Agent

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

<PAGE>

                                   ASSIGNMENT

      FOR VALUE RECEIVED, the undersigned hereby sell(s), assign(s) and
      transfer(s) unto ________________________________________________
      _________________________________________________________________
      _________________________________________________________________

        (please print or typewrite name and address including postal zip
                                code of assignee)

the beneficial ownership interest in the Trust evidenced by the within
Commercial Mortgage Pass-Through Certificate and hereby authorize(s) the
registration of transfer of such interest to the above named assignee on the
Certificate Register of the Trust.

      I (we) further direct the issuance of a new Commercial Mortgage
      Pass-Through Certificate of a like Percentage Interest and Class
      to the above named assignee and delivery of such Commercial
      Mortgage Pass-Through Certificate to the following address: _____
      _________________________________________________________________
      _________________________________________________________________

Dated:

                                    --------------------------------------------
                                    Signature by or on behalf of Assignor

                                    --------------------------------------------
                                    Signature Guaranteed

                            DISTRIBUTION INSTRUCTIONS

      The assignee should include the following for purposes of
      distribution:

      Distributions shall, if permitted, be made by wire transfer or
      otherwise, in immediately available funds, to ___________________
      for the account of _____________________________________________.

      Distributions made by check (such check to be made payable to
      ______________________) and all applicable statements and notices
      should be mailed to _____________________________________________
      ________________________________________________________________.

      This information is provided by ______________________________,
      the assignee named above, or __________________________________,
      as its agent.

<PAGE>

                                   EXHIBIT A-8

                          FORM OF CLASS Z CERTIFICATES

                      MERRILL LYNCH MORTGAGE TRUST 2006-C2
              CLASS Z COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATE,
                                 SERIES 2006-C2

This is one of a series of commercial mortgage pass-through certificates
(collectively, the "Certificates"), issued in multiple classes (each, a
"Class"), which series of Certificates evidences the entire beneficial ownership
interest in a trust (the "Trust"), whose assets consist primarily of a pool (the
"Mortgage Pool") of commercial, multifamily and manufactured housing community
mortgage loans (the "Mortgage Loans"), such pool being formed and sold by

                     MERRILL LYNCH MORTGAGE INVESTORS, INC.

Date of Pooling and Servicing        Percentage Interest evidenced by this
Agreement: August 1, 2006            Certificate in Class Z:  ___%

Closing Date: August 17, 2006        Aggregate unpaid principal balance of the
                                     Mortgage Pool as of the Cut-off Date,
First Distribution Date:             after deducting payments of principal due
January 12, 2006                     on or before such date (the "Initial Pool
                                     Balance"): $1,542,696,552

Master Servicers: Wachovia Bank,     Trustee: LaSalle Bank National
National Association and             Association
Prudential Asset Resources, Inc.

Special Servicer: J.E. Robert
Company, Inc.

Certificate No. Z-___

<PAGE>

THIS CERTIFICATE HAS NOT BEEN REGISTERED OR QUALIFIED UNDER THE SECURITIES ACT
OF 1933, AS AMENDED (THE "SECURITIES ACT"), OR THE SECURITIES LAWS OF ANY STATE.
ANY RESALE, PLEDGE, TRANSFER OR OTHER DISPOSITION OF THIS CERTIFICATE OR ANY
INTEREST HEREIN WITHOUT SUCH REGISTRATION OR QUALIFICATION MAY BE MADE ONLY TO A
"QUALIFIED INSTITUTIONAL BUYER" WITHIN THE MEANING OF RULE 144A UNDER SECURITIES
ACT IN A TRANSACTION WHICH DOES NOT REQUIRE SUCH REGISTRATION OR QUALIFICATION
AND WHICH IS IN ACCORDANCE WITH THE PROVISIONS OF SECTION 5.02 OF THE POOLING
AND SERVICING AGREEMENT REFERRED TO HEREIN.

NO TRANSFER OF THIS CERTIFICATE OR ANY INTEREST HEREIN MAY BE MADE TO (A) ANY
RETIREMENT PLAN OR OTHER EMPLOYEE BENEFIT PLAN OR ARRANGEMENT SUBJECT TO THE
EMPLOYEE RETIREMENT INCOME SECURITY ACT OF 1974, AS AMENDED ("ERISA"), OR
SECTION 4975 OF THE INTERNAL REVENUE CODE OF 1986, AS AMENDED (THE "CODE"), OR
(B) ANY PERSON WHO IS DIRECTLY OR INDIRECTLY PURCHASING THIS CERTIFICATE OR ANY
INTEREST HEREIN ON BEHALF OF, AS NAMED FIDUCIARY OF, AS TRUSTEE OF, OR WITH
ASSETS OF ANY SUCH RETIREMENT PLAN OR OTHER EMPLOYEE BENEFIT PLAN OR
ARRANGEMENT.

THIS CERTIFICATE DOES NOT REPRESENT AN OBLIGATION OF OR INTEREST IN MERRILL
LYNCH MORTGAGE INVESTORS, INC., WACHOVIA BANK, NATIONAL ASSOCIATION, PRUDENTIAL
ASSET RESOURCES, INC., LASALLE BANK NATIONAL ASSOCIATION, LASALLE BANK NATIONAL
ASSOCIATION OR ANY OF THEIR RESPECTIVE AFFILIATES. NEITHER THIS CERTIFICATE NOR
THE MORTGAGE LOANS ARE GUARANTEED BY ANY AGENCY OR INSTRUMENTALITY OF THE UNITED
STATES OR ANY OTHER PERSON.

THIS CERTIFICATE IS ENTITLED ONLY TO CERTAIN ADDITIONAL INTEREST (IF ANY)
RECEIVED IN RESPECT OF THE ARD LOANS SUBJECT TO THE POOLING AND SERVICING
AGREEMENT REFERRED TO HEREIN.

            This certifies that ________________________________ is the
registered owner of the Percentage Interest evidenced by this Certificate (as
specified above) in that certain beneficial ownership interest in the Trust
evidenced by all the Class Z Certificates. The Trust was created and the
Certificates were issued pursuant to a Pooling and Servicing Agreement, dated as
specified above (the "Agreement"), between Merrill Lynch Mortgage Investors,
Inc., as depositor (the "Depositor", which term includes any successor entity
under the Agreement), Wachovia Bank, National Association and Prudential Asset
Resources, Inc., as master servicers (each, a "Master Servicer" and
collectively, the "Master Servicers", which term includes any successor entity
under the Agreement), J.E. Robert Company, Inc., as special servicer (the
"Special Servicer", which term includes any successor entity under the
Agreement), and LaSalle Bank National Association, as trustee (the "Trustee",
which term includes any successor entity under the Agreement), a summary of
certain of the pertinent provisions of which is set forth hereafter. To the
extent not defined herein, the capitalized terms used herein have the respective
meanings assigned in the Agreement. This Certificate is issued under and is
subject to the terms, provisions and conditions of the Agreement, to which
Agreement the Holder of this Certificate by virtue of the acceptance hereof
assents and by which such Holder is bound. In the event of any conflict between
any provision of this Certificate and any provision of the Agreement, such
provision of this Certificate shall be superseded to the extent of such
inconsistency.

            Pursuant to the terms of the Agreement, distributions will be made
on the 12th day of any given month, or if the 12th day is not a Business Day, on
the next succeeding Business Day (each, a "Distribution Date"). Distributions
will be made commencing on the first Distribution Date specified above, to the
Person in whose name this Certificate is registered at the close of business on
the last Business Day of the month immediately preceding the month of such
distribution (the "Record Date"), in an amount equal to the product of the
Percentage Interest evidenced by this Certificate and the amount required to be
distributed pursuant to the Agreement on the applicable Distribution Date in
respect of the Class of Certificates to which this Certificate belongs; provided
that the initial Record Date will be the Closing Date. All distributions made
under the Agreement in respect of this Certificate will be made by the Trustee
by wire transfer in immediately available funds to the account of the Person
entitled thereto at a bank or other entity having appropriate facilities
therefor, if such Certificateholder shall have provided the Trustee with written
wiring instructions no less than five (5) Business Days prior to (or, in the
case of the first such distribution, no later than) the Record Date for such
distribution (which wiring instructions may be in the form of a standing order
applicable to all subsequent distributions as well), or otherwise by check
mailed to the address of such Certificateholder appearing in the Certificate
Register. Notwithstanding the above, the final distribution in respect of this
Certificate will be made after due notice by the Trustee of the pendency of such
distribution and only upon presentation and surrender of this Certificate at the
offices of the Certificate Registrar appointed as provided in the Agreement or
such other location as may be specified in such notice.

            The Certificates are limited in right of distribution to certain
collections and recoveries respecting the Mortgage Loans, all as more
specifically set forth herein and in the Agreement. As provided in the
Agreement, withdrawals from the Collection Accounts, the Distribution Account
and, if established, the Pool REO Account may be made from time to time for
purposes other than, and, in certain cases, prior to, distributions to
Certificateholders, such purposes including the reimbursement of advances made,
or certain expenses incurred, with respect to the Mortgage Loans and the payment
of interest on such advances and expenses.

            The Certificates are issuable in fully registered form only without
coupons in minimum denominations specified in the Agreement. As provided in the
Agreement and subject to certain limitations therein set forth, the Certificates
are exchangeable for new Certificates of the same Class in authorized
denominations evidencing the same aggregate Percentage Interest, as requested by
the Holder surrendering the same.

            As provided in the Agreement and subject to certain limitations
therein set forth, the transfer of this Certificate is registrable in the
Certificate Register upon surrender of this Certificate for registration of
transfer at the offices of the Certificate Registrar, duly endorsed by, or
accompanied by a written instrument of transfer in the form satisfactory to the
Certificate Registrar duly executed by, the Holder hereof or his attorney duly
authorized in writing, and thereupon one or more new Certificates of the same
Class in authorized denominations evidencing the same aggregate Percentage
Interest will be issued to the designated transferee or transferees.

            No direct or indirect transfer, sale, pledge, hypothecation or other
disposition (each, a "Transfer") of this Certificate or any interest herein
shall be made unless that Transfer is exempt from the registration and/or
qualification requirements of the Securities Act and any applicable state
securities laws, or is otherwise made in accordance with the Securities Act and
such state securities laws.

            If a Transfer of this Certificate is to be made without registration
under the Securities Act (other than in connection with the initial issuance of
the Certificates or a Transfer of this Certificate by the Depositor, Merrill
Lynch, Pierce, Fenner & Smith Incorporated or any of their respective
Affiliates), then the Certificate Registrar shall refuse to register such
Transfer unless it receives (and, upon receipt, may conclusively rely upon)
either: (i) a certificate from the Certificateholder desiring to effect such
Transfer substantially in the form attached as Exhibit E-1 to the Agreement and
a certificate from such Certificateholder's prospective Transferee substantially
in the form attached as Exhibit E-2A to the Agreement; or (ii) an Opinion of
Counsel satisfactory to the Trustee to the effect that such Transferee is a
Qualified Institutional Buyer and such Transfer may be made without registration
under the Securities Act (which Opinion of Counsel shall not be an expense of
the Trust Fund or of the Depositor, the Master Servicers, the Special Servicer,
the Trustee or the Certificate Registrar in their respective capacities as
such), together with the written certification(s) as to the facts surrounding
such Transfer from the Certificateholder desiring to effect such Transfer and/or
such Certificateholder's prospective Transferee on which such Opinion of Counsel
is based. If any Transferee of this Certificate does not, in connection with the
subject Transfer, deliver to the Certificate Registrar one of the certifications
described in clause (i) of the preceding sentence or the Opinion of Counsel
described in clause (ii) of the preceding sentence, then such Transferee shall
be deemed to have represented and warranted that all the certifications set
forth in Exhibit E-2A attached to the Agreement are, with respect to the subject
Transfer, true and correct.

            None of the Depositor, the Trustee or the Certificate Registrar is
obligated to register or qualify the Class of Certificates to which this
Certificate belongs, under the Securities Act or any other securities law or to
take any action not otherwise required under the Agreement to permit the
Transfer of this Certificate or any interest herein without such registration or
qualification. Any Certificateholder desiring to effect a Transfer of this
Certificate or any interest herein shall, and does hereby agree to, indemnify
the Depositor, Merrill Lynch, Pierce, Fenner & Smith Incorporated, LaSalle
Financial Services, Inc., the Trustee, the Master Servicers, the Special
Servicer and the Certificate Registrar and their respective Affiliates against
any liability that may result if such Transfer is not exempt from the
registration and/or qualification requirements of the Securities Act and any
applicable state securities laws or is not made in accordance with such federal
and state laws.

            No Transfer of this Certificate or any interest herein shall be made
to (A) any employee benefit plan or other retirement arrangement, including
individual retirement accounts and annuities, Keogh plans and collective
investment funds and separate accounts in which such plans, accounts or
arrangements are invested, including insurance company general accounts, that is
subject to ERISA or the Code or any other federal, state, local or foreign law
("Similar Law") that is substantially similar to Section 405 or 407 of ERISA or
Section 4975 of the Code (each, a "Plan"), or (B) any Person who is directly or
indirectly purchasing this Certificate or such interest herein on behalf of, as
named fiduciary of, as trustee of, or with assets of a Plan, if the purchase and
holding of this Certificate or such interest herein by the prospective
Transferee would result in a non-exempt violation of Section 406 or 407 of ERISA
or Section 4975 of the Code or Similar Law or would result in the imposition of
an excise tax under Section 4975 of the Code. Except in connection with the
initial issuance of the Certificates or any Transfer of this Certificate by the
Depositor, Merrill Lynch, Pierce, Fenner & Smith Incorporated or any of their
respective Affiliates, the Certificate Registrar shall refuse to register the
Transfer of this Certificate unless it has received from the prospective
Transferee, one of the following: (i) a certification to the effect that such
prospective Transferee is not a Plan and is not directly or indirectly
purchasing this Certificate or such interest herein on behalf of, as named
fiduciary of, as trustee of, or with assets of a Plan; or (ii) a certification
of facts and an Opinion of Counsel which otherwise establish to the reasonable
satisfaction of the Trustee that such Transfer will not result in a violation of
Section 406 or 407 of ERISA or Section 4975 of the Code or result in the
imposition of an excise tax under Section 4975 of the Code. If any Transferee of
this Certificate or any interest herein does not, in connection with the subject
Transfer, deliver to the Certificate Registrar a certification and/or Opinion of
Counsel as required by the preceding sentence, then such Transferee shall be
deemed to have represented and warranted that either: (i) such Transferee is not
a Plan and is not directly or indirectly purchasing this Certificate or such
interest herein on behalf of, as named fiduciary of, as trustee of, or with
assets of a Plan; or (ii) the purchase and holding of this Certificate or such
interest herein by such Transferee is exempt from the prohibited transaction
provisions of Sections 406 and 407 of ERISA and the excise taxes imposed on such
prohibited transactions by Section 4975 of the Code.

            No service charge will be imposed for any registration of transfer
or exchange of Certificates, but the Trustee or the Certificate Registrar may
require payment of a sum sufficient to cover any tax or other governmental
charge that may be imposed in connection with any transfer or exchange of
Certificates.

            The Holder of this Certificate, by its acceptance hereof, shall be
deemed to have agreed to keep confidential any information it obtains from the
Trustee (except that such Holder may provide any such information obtained by it
to any other Person that holds or is contemplating the purchase of this
Certificate or an interest herein, provided that such other Person confirms in
writing such ownership interest or prospective ownership interest and agrees to
keep such information confidential).

            Prior to due presentment of this Certificate for registration of
transfer, the Depositor, the Master Servicers, the Special Servicer, the
Trustee, the Certificate Registrar and any agent of any of them may treat the
Person in whose name this Certificate is registered as of the related Record
Date as the owner hereof for the purpose of receiving distributions pursuant to
the Agreement and may treat the person in whose name this Certificate is
registered as of the relevant date of determination as owner of this Certificate
for all other purposes whatsoever, and none of the Depositor, the Master
Servicers, the Special Servicer, the Trustee, the Certificate Registrar or any
such agent shall be affected by notice to the contrary.

            Subject to certain terms and conditions set forth in the Agreement,
the Trust and the obligations created by the Agreement shall terminate upon
distribution (or provision for distribution) to the Certificateholders of all
amounts held by or on behalf of the Trustee and required to be distributed to
them pursuant to the Agreement following the earlier of (i) the final payment
(or any advance with respect thereto) on or other liquidation of the last
Mortgage Loan or REO Property remaining in the Trust, (ii) the purchase by
either Master Servicer, the Special Servicer or the Plurality Subordinate
Certificateholder at a price determined as provided in the Agreement of all
Mortgage Loans and any REO Properties (or, if specified in the Agreement with
respect to any REO Property, the Trust's interests therein) remaining in the
Trust and (iii) the exchange by the holder of certain remaining outstanding
Classes of Certificates (as described below) for all the Mortgage Loans and REO
Properties (or, if specified in the Agreement with respect to any REO Property,
the Trust's interests therein) in the Trust. The Agreement permits, but does not
require, either Master Servicer, the Special Servicer or the Plurality
Subordinate Certificateholder to purchase from the Trust all Mortgage Loans and
any REO Properties (or, if specified in the Agreement with respect to any REO
Property, the Trust's interests therein) remaining therein. The exercise of such
right will effect early retirement of the Certificates; however, such right to
purchase is subject to the aggregate Stated Principal Balance of the Mortgage
Pool at the time of purchase being less than approximately 1.0% of the Initial
Pool Balance. In addition, following the date on which the total principal
balance of the Class A-1, Class A-2, Class A-3, Class A-4, Class A-1A, Class AM,
Class AJ, Class B, Class C and Class D Certificates is reduced to zero, any
single Holder of each outstanding Class of Certificates (other than the Class Z,
Class R-I and Class R-II Certificates) may, subject to such other conditions as
may be set forth in the Agreement, exchange those Certificates for all Mortgage
Loans and REO Properties (or, if specified in the Agreement with respect to any
REO Property, the Trust's interests therein) remaining in the Trust Fund at the
time of the exchange.

            The Agreement permits, with certain exceptions therein provided, the
amendment thereof, and the modification of the rights and obligations of the
Depositor, the Master Servicers, the Special Servicer and the Trustee thereunder
and the rights of the Certificateholders thereunder, at any time by the Master
Servicers, the Special Servicer, Trustee and the Trustee with the consent of the
Holders of Certificates entitled to at least 66-2/3% of the Voting Rights. Any
such consent by the Holder of this Certificate shall be conclusive and binding
on such Holder and upon all future Holders of this Certificate and of any
Certificate issued upon the transfer hereof or in exchange herefor or in lieu
hereof whether or not notation of such consent is made upon this Certificate.
The Agreement also permits the amendment thereof, in certain circumstances,
including any amendment necessary to maintain the status of each of REMIC I and
REMIC II as a REMIC, without the consent of the Holders of any of the
Certificates.

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

            The registered Holder hereof, by its acceptance hereof, agrees that
it will look solely to the Trust (to the extent of its rights therein) for
distributions hereunder.

            This Certificate shall be construed in accordance with the internal
laws of the State of New York applicable to agreements made and to be performed
in said State, without applying any conflicts of law principles of such state
(other than the provisions of Section 5-1401 of the New York General Obligations
Law), and the obligations, rights and remedies of the Holder hereof shall be
determined in accordance with such laws.

<PAGE>

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

                                    LASALLE BANK NATIONAL ASSOCIATION,
                                    as Certificate Registrar

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

                          CERTIFICATE OF AUTHENTICATION

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

Dated: August 17, 2006

                                    LASALLE BANK NATIONAL ASSOCIATION,
                                    as Authenticating Agent

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

<PAGE>

                                   ASSIGNMENT

      FOR VALUE RECEIVED, the undersigned hereby sell(s), assign(s) and
      transfer(s) unto ________________________________________________
      _________________________________________________________________
      _________________________________________________________________

        (please print or typewrite name and address including postal zip
                                code of assignee)

the beneficial ownership interest in the Trust evidenced by the within
Commercial Mortgage Pass-Through Certificate and hereby authorize(s) the
registration of transfer of such interest to the above named assignee on the
Certificate Register of the Trust.

      I (we) further direct the issuance of a new Commercial Mortgage
      Pass-Through Certificate of a like Percentage Interest and Class
      to the above named assignee and delivery of such Commercial
      Mortgage Pass-Through Certificate to the following address: _____
      _________________________________________________________________
      _________________________________________________________________

Dated:

                                    --------------------------------------------
                                    Signature by or on behalf of Assignor

                                    --------------------------------------------
                                    Signature Guaranteed

                            DISTRIBUTION INSTRUCTIONS

      The assignee should include the following for purposes of
      distribution:

      Distributions shall, if permitted, be made by wire transfer or
      otherwise, in immediately available funds, to ___________________
      for the account of _____________________________________________.

      Distributions made by check (such check to be made payable to
      ______________________) and all applicable statements and notices
      should be mailed to _____________________________________________
      ________________________________________________________________.

      This information is provided by ______________________________,
      the assignee named above, or __________________________________,
      as its agent.

<PAGE>

                                   EXHIBIT A-9

                          FORM OF CLASS XR CERTIFICATES

                      MERRILL LYNCH MORTGAGE TRUST 2006-C2
             CLASS XR COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATE,
                                 SERIES 2006-C2

This is one of a series of commercial mortgage pass-through certificates
(collectively, the "Certificates"), issued in multiple classes (each, a
"Class"), which series of Certificates evidences the entire beneficial ownership
interest in a trust (the "Trust") whose assets consist primarily of a pool (the
"Mortgage Pool") of commercial, multifamily and manufactured housing community
mortgage loans (the "Mortgage Loans"), such pool being formed and sold by

                     MERRILL LYNCH MORTGAGE INVESTORS, INC.

Pass-Through Rate:                    Initial Certificate Notional Amount of
Variable                              this Certificate as of the Closing Date:
                                      $____________

Date of Pooling and Servicing         Original Class XR Notional Amount of all
Agreement: August 1, 2006             the Class XR  Certificates as of the
                                      Closing Date: $____________

Closing Date: August 17, 2006         Aggregate unpaid principal balance of the
                                      Mortgage Pool as of the Cut-off Date,
First Distribution Date:              after deducting payments of principal due
September 12, 2006                    on or before such date (the "Initial Pool
                                      Balance"): $1,542,696,552

Master Servicers: Wachovia Bank,      Trustee: LaSalle Bank National
National Association and Prudential   Association
Asset Resources, Inc.

Special Servicer: J.E. Robert
Company, Inc.

Certificate No.  XR -___              CUSIP No.:  ________

                                      ISIN No.:

<PAGE>

[FOR BOOK ENTRY CERTIFICATES:] UNLESS THIS CERTIFICATE IS PRESENTED BY AN
AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST CORPORATION, A NEW YORK
CORPORATION ("DTC"), TO THE DEPOSITOR, THE CERTIFICATE REGISTRAR, THE TRUSTEE OR
ANY AGENT THEREOF FOR REGISTRATION OF TRANSFER, EXCHANGE OR PAYMENT, AND ANY
CERTIFICATE ISSUED IS REGISTERED IN THE NAME OF CEDE & CO. OR IN SUCH OTHER NAME
AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE
TO CEDE & CO. OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED
REPRESENTATIVE OF DTC), ANY TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR
OTHERWISE BY OR TO ANY PERSON IS WRONGFUL INASMUCH AS THE REGISTERED OWNER
HEREOF, CEDE & CO., HAS AN INTEREST HEREIN.

THIS CERTIFICATE HAS NOT BEEN REGISTERED OR QUALIFIED UNDER THE SECURITIES ACT
OF 1933, AS AMENDED (THE "SECURITIES ACT"), OR THE SECURITIES LAWS OF ANY STATE.
ANY RESALE, PLEDGE, TRANSFER OR OTHER DISPOSITION OF THIS CERTIFICATE OR ANY
INTEREST HEREIN WITHOUT SUCH REGISTRATION OR QUALIFICATION MAY BE MADE ONLY IN A
TRANSACTION WHICH DOES NOT REQUIRE SUCH REGISTRATION OR QUALIFICATION AND WHICH
IS IN ACCORDANCE WITH THE PROVISIONS OF SECTION 5.02 OF THE POOLING AND
SERVICING AGREEMENT REFERRED TO HEREIN.

NO TRANSFER OF THIS CERTIFICATE OR ANY INTEREST HEREIN MAY BE MADE TO (A) ANY
RETIREMENT PLAN OR OTHER EMPLOYEE BENEFIT PLAN OR ARRANGEMENT SUBJECT TO THE
EMPLOYEE RETIREMENT INCOME SECURITY ACT OF 1974, AS AMENDED ("ERISA"), OR
SECTION 4975 OF THE INTERNAL REVENUE CODE OF 1986, AS AMENDED (THE "CODE"), OR
(B) ANY PERSON WHO IS DIRECTLY OR INDIRECTLY PURCHASING THIS CERTIFICATE OR ANY
INTEREST HEREIN ON BEHALF OF, AS NAMED FIDUCIARY OF, AS TRUSTEE OF, OR WITH
ASSETS OF ANY SUCH RETIREMENT PLAN OR OTHER EMPLOYEE BENEFIT PLAN OR
ARRANGEMENT, EXCEPT IN ACCORDANCE WITH THE PROVISIONS OF SECTION 5.02 OF THE
POOLING AND SERVICING AGREEMENT REFERRED TO HEREIN.

THIS CERTIFICATE DOES NOT REPRESENT AN OBLIGATION OF OR INTEREST IN MERRILL
LYNCH MORTGAGE INVESTORS, INC., WACHOVIA BANK, NATIONAL ASSOCIATION, PRUDENTIAL
ASSET RESOURCES, INC., LASALLE BANK NATIONAL ASSOCIATION OR ANY OF THEIR
RESPECTIVE AFFILIATES. NEITHER THIS CERTIFICATE NOR THE MORTGAGE LOANS ARE
GUARANTEED BY ANY AGENCY OR INSTRUMENTALITY OF THE UNITED STATES OR ANY OTHER
PERSON.

SOLELY FOR U.S. FEDERAL INCOME TAX PURPOSES, THIS CERTIFICATE IS A "REGULAR
INTEREST" IN A "REAL ESTATE MORTGAGE INVESTMENT CONDUIT" (A "REMIC") AS THOSE
TERMS ARE DEFINED, RESPECTIVELY, IN SECTIONS 860G AND 860D OF THE CODE.

THE OUTSTANDING CERTIFICATE NOTIONAL AMOUNT HEREOF AT ANY TIME MAY BE LESS THAN
THE AMOUNT SHOWN ABOVE. THIS CERTIFICATE DOES NOT HAVE A CERTIFICATE PRINCIPAL
BALANCE AND DOES NOT ENTITLE THE HOLDER HEREOF TO ANY DISTRIBUTIONS OF
PRINCIPAL. THE HOLDER HEREOF WILL BE ENTITLED TO DISTRIBUTIONS OF INTEREST
ACCRUED AS PROVIDED IN THE POOLING AND SERVICING AGREEMENT REFERRED TO HEREIN ON
THE CERTIFICATE NOTIONAL AMOUNT OF THIS CERTIFICATE, WHICH AT ANY TIME MAY BE
LESS THAN THE AMOUNT SHOWN ABOVE.

            This certifies that [CEDE & CO.][_______] is the registered owner of
the Percentage Interest evidenced by this Certificate (obtained by dividing the
notional principal amount of this Certificate (its "Certificate Notional
Amount") as of the Closing Date by the aggregate notional principal amount of
all the Certificates of the same Class as this Certificate (their "Class
Notional Amount") as of the Closing Date) in that certain beneficial ownership
interest in the Trust evidenced by all the Certificates of the same Class as
this Certificate. The Trust was created and the Certificates were issued
pursuant to a Pooling and Servicing Agreement, dated as specified above (the
"Agreement"), between Merrill Lynch Mortgage Investors, Inc., as depositor (the
"Depositor", which term includes any successor entity under the Agreement),
Wachovia Bank, National Association and Prudential Asset Resources, Inc., as
master servicers (each, a "Master Servicer" and collectively, the "Master
Servicers", which term includes any successor entity under the Agreement), J.E.
Robert Company, Inc., as special servicer (the "Special Servicer", which term
includes any successor entity under the Agreement), and LaSalle Bank National
Association, as trustee (the "Trustee", which term includes any successor entity
under the Agreement), a summary of certain of the pertinent provisions of which
is set forth hereafter. To the extent not defined herein, the capitalized terms
used herein have the respective meanings assigned in the Agreement. This
Certificate is issued under and is subject to the terms, provisions and
conditions of the Agreement, to which Agreement the Holder of this Certificate
by virtue of the acceptance hereof assents and by which such Holder is bound. In
the event of any conflict between any provision of this Certificate and any
provision of the Agreement, such provision of this Certificate shall be
superseded to the extent of such inconsistency.

            Pursuant to the terms of the Agreement, distributions will be made
on the 12th day of any given month, or if the 12th day is not a Business Day, on
the next succeeding Business Day (each, a "Distribution Date"). Distributions
will be made commencing on the first Distribution Date specified above, to the
Person in whose name this Certificate is registered at the close of business on
the last Business Day of the month immediately preceding the month of such
distribution (the "Record Date"), in an amount equal to the product of the
Percentage Interest evidenced by this Certificate and the amount required to be
distributed pursuant to the Agreement on the applicable Distribution Date in
respect of the Class of Certificates to which this Certificate belongs; provided
that the initial Record Date will be the Closing Date. All distributions made
under the Agreement in respect of this Certificate will be made by the Trustee
by wire transfer in immediately available funds to the account of the Person
entitled thereto at a bank or other entity having appropriate facilities
therefor, if such Certificateholder shall have provided the Trustee with written
wiring instructions no less than five (5) Business Days prior to (or, in the
case of the first such distribution, no later than) the Record Date for such
distribution (which wiring instructions may be in the form of a standing order
applicable to all subsequent distributions as well), or otherwise by check
mailed to the address of such Certificateholder appearing in the Certificate
Register. Notwithstanding the above, the final distribution in respect of this
Certificate will be made after due notice by the Trustee of the pendency of such
distribution and only upon presentation and surrender of this Certificate at the
offices of the Certificate Registrar appointed as provided in the Agreement or
such other location as may be specified in such notice.

            The Certificates are limited in right of distribution to certain
collections and recoveries respecting the RLJ Portfolio Trust Mortgage Loan, all
as more specifically set forth herein and in the Agreement. As provided in the
Agreement, withdrawals from the Collection Accounts, the Distribution Account
and, if established, the Pool REO Account may be made from time to time for
purposes other than, and, in certain cases, prior to, distributions to
Certificateholders, such purposes including the reimbursement of advances made,
or certain expenses incurred, with respect to the Mortgage Loans and the payment
of interest on such advances and expenses.

            The Certificates are issuable in fully registered form only without
coupons in minimum denominations specified in the Agreement. As provided in the
Agreement and subject to certain limitations therein set forth, the Certificates
are exchangeable for new Certificates of the same Class in authorized
denominations evidencing the same aggregate Percentage Interest, as requested by
the Holder surrendering the same.

            As provided in the Agreement and subject to certain limitations
therein set forth, the transfer of this Certificate is registrable in the
Certificate Register upon surrender of this Certificate for registration of
transfer at the offices of the Certificate Registrar, duly endorsed by, or
accompanied by a written instrument of transfer in the form satisfactory to the
Certificate Registrar duly executed by, the Holder hereof or his attorney duly
authorized in writing, and thereupon one or more new Certificates of the same
Class in authorized denominations evidencing the same aggregate Percentage
Interest will be issued to the designated transferee or transferees.

            No direct or indirect transfer, sale, pledge, hypothecation or other
disposition (each, a "Transfer") of this Certificate or any interest herein
shall be made unless that Transfer is exempt from the registration and/or
qualification requirements of the Securities Act and any applicable state
securities laws, or is otherwise made in accordance with the Securities Act and
such state securities laws.

            If this Certificate constitutes a Definitive Certificate and a
Transfer hereof is to be made without registration under the Securities Act
(other than in connection with the initial issuance of the Certificates or a
Transfer of this Certificate by the Depositor, Merrill Lynch, Pierce, Fenner &
Smith Incorporated or any of their respective Affiliates or, if this Certificate
is a Global Certificate, a Transfer of this Certificate to a successor
Depository or to the applicable Certificate Owner in accordance with Section
5.03 of the Agreement), then the Certificate Registrar shall refuse to register
such Transfer unless it receives (and, upon receipt, may conclusively rely upon)
either: (i) a certificate from the Certificateholder desiring to effect such
Transfer substantially in the form attached as Exhibit E-1 to the Agreement and
a certificate from such Certificateholder's prospective Transferee substantially
in the form attached either as Exhibit E-2A to the Agreement or as Exhibit E-2B
to the Agreement; or (ii) an Opinion of Counsel satisfactory to the Trustee to
the effect that such Transferee is an Institutional Accredited Investor or a
Qualified Institutional Buyer and such Transfer may be made without registration
under the Securities Act (which Opinion of Counsel shall not be an expense of
the Trust Fund or of the Depositor, either Master Servicer, the Special
Servicer, the Trustee or the Certificate Registrar in their respective
capacities as such), together with the written certification(s) as to the facts
surrounding such Transfer from the Certificateholder desiring to effect such
Transfer and/or such Certificateholder's prospective Transferee on which such
Opinion of Counsel is based. If any Transferee of this Certificate does not, in
connection with the subject Transfer, deliver to the Certificate Registrar one
of the certifications described in clause (i) of the preceding sentence or the
Opinion of Counsel described in clause (ii) of the preceding sentence, then such
Transferee shall be deemed to have represented and warranted that all the
certifications set forth in either Exhibit E-2A or Exhibit E-2B attached to the
Agreement are, with respect to the subject Transfer, true and correct.

            If this Certificate constitutes a Rule 144A Global Certificate and a
Transfer of any interest herein is to be made without registration under the
Securities Act (other than in connection with the initial issuance of the
Certificates or a Transfer of any interest herein by the Depositor, Merrill
Lynch, Pierce, Fenner & Smith Incorporated or any of their respective
Affiliates), then the Certificate Owner desiring to effect such Transfer shall
be required to obtain either: (i) a certificate from such Certificate Owner's
prospective Transferee substantially in the form attached as Exhibit E-2C to the
Agreement, or (ii) an Opinion of Counsel to the effect that such Transferee is a
Qualified Institutional Buyer and such Transfer may be made without registration
under the Securities Act. If this Certificate constitutes a Rule 144A Global
Certificate and any Transferee of an interest herein does not, in connection
with the subject Transfer, deliver to the Transferor the Opinion of Counsel or
the certification described in the preceding sentence, then such Transferee
shall be deemed to have represented and warranted that all the certifications
set forth in Exhibit E-2C attached to the Agreement are, with respect to the
subject Transfer, true and correct. No beneficial interest in the Rule 144A
Global Certificate for any Class of Book-Entry Non-Registered Certificates may
be held by any Person that is not a Qualified Institutional Buyer.

            Notwithstanding the preceding paragraph, any interest in the Rule
144A Global Certificate for a Class of Book-Entry Non-Registered Certificates
may be transferred to any Non-United States Securities Person who takes delivery
in the form of a beneficial interest in the Regulation S Global Certificate for
such Class of Certificates, provided that the Certificate Owner desiring to
effect such Transfer (i) complies with the requirements for Transfers of
interests in such Regulation S Global Certificate set forth in the following
paragraph and (ii) delivers or causes to be delivered to the Certificate
Registrar and the Trustee (A) a certificate from such Certificate Owner
confirming its ownership of the beneficial interests in the subject Class of
Book-Entry Non-Registered Certificates to be transferred, (B) a copy of the
certificate to be obtained by such Certificate Owner from its prospective
Transferee in accordance with the second sentence of the following paragraph and
(C) such written orders and instructions as are required under the applicable
procedures of the Depository, Clearstream and Euroclear to direct the Trustee,
as transfer agent for the Depository, to approve the debit of the account of a
Depository Participant by a denomination of interests in such Rule 144A Global
Certificate, and approve the credit of the account of a Depository Participant
by a denomination of interests in such Regulation S Global Certificate, that is
equal to the denomination of beneficial interests in the subject Class of
Book-Entry Non-Registered Certificates to be transferred. Upon delivery to the
Certificate Registrar and the Trustee of such certifications and such orders and
instructions, the Trustee, subject to and in accordance with the applicable
procedures of the Depository, shall reduce the denomination of the Rule 144A
Global Certificate in respect of the subject Class of Book-Entry Non-Registered
Certificates, and increase the denomination of the Regulation S Global
Certificate for such Class of Certificates, by the denomination of the
beneficial interest in such Class of Certificates specified in such orders and
instructions.

            No beneficial interest in the Regulation S Global Certificate for
any Class of Book-Entry Non-Registered Certificates may be held by any Person
that is a United States Securities Person. Any Certificate Owner desiring to
effect any Transfer of a beneficial interest in the Regulation S Global
Certificate for any Class of Book-Entry Non-Registered Certificates shall be
required to obtain from such Certificate Owner's prospective Transferee a
certificate substantially in the form set forth in Exhibit E-2D to the Agreement
to the effect that such Transferee is not a United States Securities Person. If
any Transferee of an interest in the Regulation S Global Certificate for any
Class of Book-Entry Non-Registered Certificates does not, in connection with the
subject Transfer, deliver to the Transferor the certification described in the
preceding sentence, then such Transferee shall be deemed to have represented and
warranted that all the certifications set forth in Exhibit E-2D to the Agreement
are, with respect to the subject Transfer, true and correct.

            Notwithstanding the preceding paragraph, any interest in the
Regulation S Global Certificate for a Class of Book-Entry Non-Registered
Certificates may be transferred to any Qualified Institutional Buyer that takes
delivery in the form of a beneficial interest in the Rule 144A Global
Certificate for such Class of Certificates, provided that the Certificate Owner
desiring to effect such transfer (i) complies with the requirements for
Transfers of interests in such Rule 144A Global Certificate set forth in the
third preceding paragraph and (ii) delivers or causes to be delivered to the
Certificate Registrar and the Trustee (A) a certificate from such Certificate
Owner confirming its ownership of the beneficial interests in the subject Class
of Book-Entry Non-Registered Certificates to be transferred, (B) a copy of the
certificate or Opinion of Counsel to be obtained by such Certificate Owner from
its prospective Transferee in accordance with the first sentence of the third
preceding paragraph and (C) such written orders and instructions as are required
under the applicable procedures of the Depository, Clearstream and Euroclear to
direct the Trustee to debit the account of a Depository Participant by a
denomination of interests in such Regulation S Global Certificate, and credit
the account of a Depository Participant by a denomination of interests in such
Rule 144A Global Certificate, that is equal to the denomination of beneficial
interests in the subject Class of Book-Entry Non-Registered Certificates to be
transferred. Upon delivery to the Certificate Registrar and the Trustee of such
certification(s) and/or Opinion of Counsel and such orders and instructions, the
Trustee, subject to and in accordance with the applicable procedures of the
Depository, shall reduce the denomination of the Regulation S Global Certificate
in respect of the subject Class of Book-Entry Non-Registered Certificates, and
increase the denomination of the Rule 144A Global Certificate for such Class of
Certificates, by the denomination of the beneficial interest in such Class of
Certificates specified in such orders and instructions.

            Also notwithstanding the foregoing, any interest in a Global
Certificate with respect to any Class of Book-Entry Non-Registered Certificates
may be transferred by any Certificate Owner holding such interest to any
Institutional Accredited Investor (other than a Qualified Institutional Buyer)
that takes delivery in the form of a Definitive Certificate of the same Class as
such Global Certificate upon delivery to the Certificate Registrar and the
Trustee of (i) such certifications and/or opinions as are contemplated by the
fourth preceding paragraph and (ii) such written orders and instructions as are
required under the applicable procedures of the Depository to direct the Trustee
to debit the account of a Depository Participant by the denomination of the
transferred interests in such Global Certificate. Upon delivery to the
Certificate Registrar and the Trustee of the certifications and/or opinions
contemplated by the fourth preceding paragraph, the Trustee, subject to and in
accordance with the applicable procedures of the Depository, shall reduce the
denomination of the subject Global Certificate by the denomination of the
transferred interests in such Global Certificate, and shall cause a Definitive
Certificate of the same Class as such Global Certificate, and in a denomination
equal to the reduction in the denomination of such Global Certificate, to be
executed, authenticated and delivered in accordance with the Agreement to the
applicable Transferee.

            None of the Depositor, the Trustee or the Certificate Registrar is
obligated to register or qualify the Class of Certificates to which this
Certificate belongs, under the Securities Act or any other securities law or to
take any action not otherwise required under the Agreement to permit the
Transfer of this Certificate or any interest herein without such registration or
qualification. Any Certificateholder or Certificate Owner desiring to effect a
Transfer of this Certificate or any interest herein shall, and does hereby agree
to, indemnify the Depositor, Merrill Lynch, Pierce, Fenner & Smith Incorporated,
LaSalle Financial Services, Inc., the Trustee, the Master Servicers, the Special
Servicer, the Certificate Registrar and their respective Affiliates against any
liability that may result if such Transfer is not exempt from the registration
and/or qualification requirements of the Securities Act and any applicable state
securities laws or is not made in accordance with such federal and state laws.

            No Transfer of this Certificate or any interest herein shall be made
to (A) any employee benefit plan or other retirement arrangement, including
individual retirement accounts and annuities, Keogh plans and collective
investment funds and separate accounts in which such plans, accounts or
arrangements are invested, including insurance company general accounts, that is
subject to ERISA or the Code or any other federal, state, local or foreign law
that is substantially similar to Section 405 or 407 of ERISA or Section 4975 of
the Code (each, a "Plan"), or (B) any Person who is directly or indirectly
purchasing this Certificate or such interest herein on behalf of, as named
fiduciary of, as trustee of, or with assets of a Plan. Except in connection with
the initial issuance of the Certificates or any Transfer of this Certificate by
the Depositor, Merrill Lynch, Pierce, Fenner & Smith Incorporated or any of
their respective Affiliates, the Certificate Registrar shall refuse to register
the Transfer of this Certificate unless it has received from the prospective
Transferee a certification to the effect that such prospective Transferee is not
a Plan and is not directly or indirectly purchasing this Certificate on behalf
of, as named fiduciary of, as trustee of, or with assets of a Plan. If any
Transferee of this Certificate or any interest herein does not, in connection
with the subject Transfer, deliver to the Certificate Registrar a certification
as required by the preceding sentence, then such Transferee shall be deemed to
have represented and warranted that such Transferee is not a Plan and is not
directly or indirectly purchasing this Certificate or such interest herein on
behalf of, as named fiduciary of, as trustee of, or with assets of a Plan.

            No service charge will be imposed for any registration of transfer
or exchange of Certificates, but the Trustee or the Certificate Registrar may
require payment of a sum sufficient to cover any tax or other governmental
charge that may be imposed in connection with any transfer or exchange of
Certificates.

            Notwithstanding the foregoing, for so long as this Certificate is
registered in the name of Cede & Co. or in such other name as is requested by an
authorized representative of DTC, transfers of interests in this Certificate
shall be made through the book-entry facilities of DTC.

            The Holder of this Certificate, by its acceptance hereof, shall be
deemed to have agreed to keep confidential any information it obtains from the
Trustee (except that such Holder may provide any such information obtained by it
to any other Person that holds or is contemplating the purchase of this
Certificate or an interest herein, provided that such other Person confirms in
writing such ownership interest or prospective ownership interest and agrees to
keep such information confidential).

            Prior to due presentment of this Certificate for registration of
transfer, the Depositor, the Master Servicers, the Special Servicer, the
Trustee, the Certificate Registrar and any agent of any of them may treat the
Person in whose name this Certificate is registered as of the related Record
Date as the owner hereof for the purpose of receiving distributions pursuant to
the Agreement and may treat the person in whose name this Certificate is
registered as of the relevant date of determination as owner of this Certificate
for all other purposes whatsoever, and none of the Depositor, the Master
Servicers, the Special Servicer, the Trustee, the Certificate Registrar or any
such agent shall be affected by notice to the contrary.

            Subject to certain terms and conditions set forth in the Agreement,
the Trust and the obligations created by the Agreement shall terminate upon
distribution (or provision for distribution) to the Certificateholders of all
amounts held by or on behalf of the Trustee and required to be distributed to
them pursuant to the Agreement following the earlier to occur of (i) the final
payment (or any advance with respect thereto) on or other liquidation of the
last Mortgage Loan or REO Property remaining in the Trust, (ii) the purchase by
the Master Servicers, the Special Servicer or the Plurality Subordinate
Certificateholder at a price determined as provided in the Agreement of all
Mortgage Loans and any REO Properties (or, if specified in the Agreement with
respect to any REO Property, the Trust's interests therein) remaining in the
Trust and (iii) the exchange by the holder of certain remaining outstanding
Classes of Certificates (as described below) for all the Mortgage Loans and REO
Properties (or, if specified in the Agreement with respect to any REO Property,
the Trust's interests therein) in the Trust. The Agreement permits, but does not
require, the Master Servicers, the Special Servicer or the Plurality Subordinate
Certificateholder to purchase from the Trust all Mortgage Loans and any REO
Properties (or, if specified in the Agreement with respect to any REO Property,
the Trust's interests therein) remaining therein. The exercise of such right
will effect early retirement of the Certificates; however, such right to
purchase is subject to the aggregate Stated Principal Balance of the Mortgage
Pool at the time of purchase being less than approximately 1.0% of the Initial
Pool Balance. In addition, following the date on which the total principal
balance of the Class A-1, Class A-2, Class A-3, Class A-4, Class A-1A, Class AM,
Class AJ, Class B, Class C and Class D Certificates is reduced to zero, any
single Holder of each outstanding Class of Certificates (other than the Class Z,
Class R-I and Class R-II Certificates) may, subject to such other conditions as
may be set forth in the Agreement, exchange those Certificates for all Mortgage
Loans and REO Properties (or, if specified in the Agreement with respect to any
REO Property, the Trust's interests therein) remaining in the Trust Fund at the
time of the exchange.

            The Agreement permits, with certain exceptions therein provided, the
amendment thereof, and the modification of the rights and obligations of the
Depositor, the Master Servicers, the Special Servicer and the Trustee thereunder
and the rights of the Certificateholders thereunder, at any time by the Master
Servicers, the Special Servicer and the Trustee with the consent of the Holders
of Certificates entitled to at least 66-2/3% of the Voting Rights. Any such
consent by the Holder of this Certificate shall be conclusive and binding on
such Holder and upon all future Holders of this Certificate and of any
Certificate issued upon the transfer hereof or in exchange herefor or in lieu
hereof whether or not notation of such consent is made upon this Certificate.
The Agreement also permits the amendment thereof, in certain circumstances,
including any amendment necessary to maintain the status of each of REMIC I and
REMIC II as a REMIC, without the consent of the Holders of any of the
Certificates.

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

            The registered Holder hereof, by its acceptance hereof, agrees that
it will look solely to the Trust (to the extent of its rights therein) for
distributions hereunder.

            This Certificate shall be construed in accordance with the internal
laws of the State of New York applicable to agreements made and to be performed
in said State, without applying any conflicts of law principles of such state
(other than the provisions of Section 5-1401 of the New York General Obligations
Law), and the obligations, rights and remedies of the Holder hereof shall be
determined in accordance with such laws.

<PAGE>

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

                                    LASALLE BANK NATIONAL ASSOCIATION,
                                    as Certificate Registrar

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

                          CERTIFICATE OF AUTHENTICATION

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

Dated: August 17, 2006

                                    LASALLE BANK NATIONAL ASSOCIATION,
                                    as Authenticating Agent

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

<PAGE>

                                   ASSIGNMENT

      FOR VALUE RECEIVED, the undersigned hereby sell(s), assign(s) and
      transfer(s) unto ________________________________________________
      _________________________________________________________________
      _________________________________________________________________

        (please print or typewrite name and address including postal zip
                                code of assignee)

the beneficial ownership interest in the Trust evidenced by the within
Commercial Mortgage Pass-Through Certificate and hereby authorize(s) the
registration of transfer of such interest to the above named assignee on the
Certificate Register of the Trust.

      I (we) further direct the issuance of a new Commercial Mortgage
      Pass-Through Certificate of a like Percentage Interest and Class
      to the above named assignee and delivery of such Commercial
      Mortgage Pass-Through Certificate to the following address: _____
      _________________________________________________________________
      _________________________________________________________________

Dated:

                                    --------------------------------------------
                                    Signature by or on behalf of Assignor

                                    --------------------------------------------
                                    Signature Guaranteed

                            DISTRIBUTION INSTRUCTIONS

      The assignee should include the following for purposes of
      distribution:

      Distributions shall, if permitted, be made by wire transfer or
      otherwise, in immediately available funds, to ___________________
      for the account of _____________________________________________.

      Distributions made by check (such check to be made payable to
      ______________________) and all applicable statements and notices
      should be mailed to _____________________________________________
      ________________________________________________________________.

This information is provided by ______________________________, the assignee
named above, or __________________________________, as its agent.

<PAGE>

                                    EXHIBIT B

                       FORM OF DISTRIBUTION DATE STATEMENT

<PAGE>

                                    EXHIBIT C

                         FORM OF CUSTODIAL CERTIFICATION

                                                                          [Date]

Merrill Lynch Mortgage Investors, Inc.
4 World Financial Center
250 Vesey Street, 16th Floor
New York, New York 10080

LaSalle Bank National Association
135 South LaSalle Street, Suite 1625
Chicago, Illinois 60603

Merrill Lynch Mortgage Lending, Inc.
4 World Financial Center
250 Vesey Street, 16th Floor
New York, New York  10080

IXIS Real Estate Capital Inc.
9 West 57th Street
New York, New York 10019

Prudential Mortgage Capital Funding, LLC
Four Gateway Center, 8th Floor
100 Mulberry Street
Newark, New Jersey 07102

Artesia Mortgage Capital Corporation
1180 NW Maple Street, Suite 202
Issaquah, Washington 98027

Wachovia Bank, National Association
NC 1075, 8739 Research Drive URP4
Charlotte, North Carolina 28262

Prudential Asset Resources, Inc.
2200 Ross Avenue, Suite 4900E
Dallas TX 75201

      Re:   Merrill Lynch Mortgage Trust 2006-C2,
            Commercial Mortgage Pass-Through Certificates, Series 2006-C2

Ladies and Gentlemen:

      LaSalle Bank National Association, as Trustee, hereby certifies to the
above referenced parties that, with respect to each Mortgage Loan listed in the
Mortgage Loan Schedule, except as specifically identified in the schedule of
exceptions annexed hereto, (i) without regard to the proviso in the definition
of "Mortgage File," all documents specified in clauses (i), (ii), (iv)(A), (v)
and (vii) of the definition of "Mortgage File", and to the extent provided in
the related Mortgage File and actually known by a Responsible Officer of the
Trustee to be required or to the extent listed on the Mortgage Loan checklist,
if any, provided by the related Mortgage Loan Seller pursuant to the related
Mortgage Loan Purchase Agreement, clauses (iii), (iv)(B), (iv)(C), (vi) and
(viii) through (xii) of the definition of "Mortgage File", are in its
possession, (ii) all documents delivered or caused to be delivered with respect
to a Mortgage Loan by the applicable Mortgage Loan Seller constituting the
related Mortgage File have been reviewed by it and appear regular on their face,
appear to be executed and appear to relate to such Mortgage Loan, and (iii)
based on such examination and only as to the foregoing documents, the
information set forth in the Mortgage Loan Schedule for such Mortgage Loan with
respect to the items specified in clauses (v) and (vi)(c) of the definition of
"Mortgage Loan Schedule" is correct.

      None of the Trustee, either Master Servicer or the Special Servicer is
under any duty or obligation to inspect, review or examine any of the documents,
instruments, certificates or other papers relating to the Mortgage Loans
delivered to it to determine that the same are valid, legal, effective, genuine,
enforceable, in recordable form, sufficient or appropriate for the represented
purpose or that they are other than what they purport to be on their face.
Capitalized terms used herein and not otherwise defined shall have the
respective meanings assigned to them under the Pooling and Servicing Agreement.

                                       Respectfully,

                                       LASALLE BANK NATIONAL ASSOCIATION.

                                       as Trustee

                                       ________________________________________

                                       Name:___________________________________

                                       Title:__________________________________

<PAGE>

                                   EXHIBIT D-1

                   FORM OF MASTER SERVICER REQUEST FOR RELEASE

                                                                          [Date]

LaSalle Bank National Association
135 South LaSalle Street, Suite 1625
Chicago, Illinois 60603
Attention:  Global Securities and Trust Services Group--MLMT Commercial Mortgage
Pass-Through Certificates, Series 2006-C2

      Re:   Merrill Lynch Mortgage Trust 2006-C2,
            Commercial Mortgage Pass-Through Certificates, Series 2006-C2

Ladies and Gentlemen:

      In connection with the administration of the Mortgage Files held by you as
Trustee under a certain Pooling and Servicing Agreement dated as of August 1,
2006 (the "Pooling and Servicing Agreement"), by and among Merrill Lynch
Mortgage Investors, Inc., as Depositor, Wachovia Bank, National Association and
Prudential Asset Resources, Inc., as Master Servicers, J.E. Robert Company,
Inc., as special servicer, and LaSalle Bank National Association, as Trustee,
the undersigned hereby requests a release of the Mortgage File (or the portion
thereof specified below) held by you with respect to the following described
Mortgage Loan for the reason indicated below.

Property Name:

Property Address:

Control No.:

      The Mortgage File should be delivered to the following:

                                       _______________________________________

                                       _______________________________________

                                       _______________________________________

                                       Attn:__________________________________

                                       Phone:_________________________________

<PAGE>

If only particular documents in the Mortgage File are requested, please specify
which:

Reason for requesting file (or portion thereof):

_____ 1.    Mortgage Loan paid in full.

            The Master Servicer hereby certifies that all amounts received in
            connection with the Mortgage Loan that are required to be credited
            to its Collection Account pursuant to the Pooling and Servicing
            Agreement have been or will be so credited.

_____ 2.    Other.  (Describe)

            __________________________________________________________________

            __________________________________________________________________

            __________________________________________________________________

            __________________________________________________________________

            The undersigned acknowledges that the above Mortgage File (or
requested portion thereof) will be held by the undersigned in accordance with
the provisions of the Pooling and Servicing Agreement and will be returned to
you or your designee within ten (10) days of our receipt thereof, unless the
Mortgage Loan has been paid in full, in which case the Mortgage File (or such
portion thereof) will be retained by us permanently.

            Capitalized terms used but not defined herein shall have the
meanings ascribed to them in the Pooling and Servicing Agreement.

<PAGE>

                              [WACHOVIA BANK, NATIONAL ASSOCIATION]
                              [PRUDENTIAL ASSET RESOURCES, INC.]
                              as Master Servicer

                              By:_____________________________________________

                                         Name_________________________________

                                         Title:_______________________________

<PAGE>

                                   EXHIBIT D-2

                  FORM OF SPECIAL SERVICER REQUEST FOR RELEASE

                                                                          [Date]

LaSalle Bank National Association
135 South LaSalle Street, Suite 1625
Chicago, Illinois 60603
Attention: Global Securities and Trust Services Group--MLMT Commercial Mortgage
Pass-Through Certificates, Series 2006-C2

      Re:   Merrill Lynch Mortgage Trust 2006-C2,
            Commercial Mortgage Pass-Through Certificates, Series 2006-C2

Ladies and Gentlemen:

            In connection with the administration of the Mortgage Files held by
you as Trustee under a certain Pooling and Servicing Agreement dated as of
August 1, 2006 (the "Pooling and Servicing Agreement"), by and among Merrill
Lynch Mortgage Investors, Inc., as Depositor, Wachovia Bank, National
Association and Prudential Asset Resources, Inc., as Master Servicers, J.E.
Robert Company, Inc., as special servicer, and LaSalle Bank National
Association, as Trustee, the undersigned hereby requests a release of the
Mortgage File (or the portion thereof specified below) held by you with respect
to the following described Mortgage Loan for the reason indicated below.

Property Name:

Property Address:

Control No.:

            The Mortgage File should be delivered to the following:

                                       _______________________________________

                                       _______________________________________

                                       _______________________________________

                                       Attn:__________________________________

                                       Phone:_________________________________

<PAGE>

If only particular documents in the Mortgage File are requested, please specify
which:

Reason for requesting file (or portion thereof):

_____ 1.    Mortgage Loan is being foreclosed.

_____ 2.    Other.  (Describe)

            __________________________________________________________________

            __________________________________________________________________

            __________________________________________________________________

            __________________________________________________________________

            The undersigned acknowledges that the above Mortgage File (or
requested portion thereof) will be held by the undersigned in accordance with
the provisions of the Pooling and Servicing Agreement and will be returned to
you or your designee within ten (10) days of our receipt thereof, unless the
Mortgage Loan is being foreclosed, in which case the Mortgage File (or such
portion thereof) will be returned when no longer required by us for such
purpose.

            Capitalized terms used but not defined herein shall have the
meanings ascribed to them in the Pooling and Servicing Agreement.

                              J.E. ROBERT COMPANY, INC.
                              as Special Servicer

                              By:_____________________________________________

                                         Name_________________________________

                                         Title:_______________________________

<PAGE>

                                   EXHIBIT E-1

                         FORM OF TRANSFEROR CERTIFICATE
             FOR TRANSFERS OF DEFINITIVE NON-REGISTERED CERTIFICATES

                                                 _______________________, 200___

LaSalle Bank National Association
135 South LaSalle Street, Suite 1625
Chicago, Illinois 60603
Attention: Global Securities and Trust Services Group--MLMT Commercial Mortgage
Pass-Through Certificates, Series 2006-C2

      Re:   Merrill Lynch Mortgage Trust 2006-C2, Commercial Mortgage
            Pass-Through Certificates, Series 2006-C2, Class _____, [having an
            initial aggregate [Certificate Principal Balance] [Certificate
            Notional Amount] as of August 17, 2006 (the "Closing Date") of
            $____________________ ] [representing a _________% Percentage
            Interest in the subject Class]

Ladies and Gentlemen:

            This letter is delivered to you in connection with the transfer by
______________________________ (the "Transferor") to
______________________________ (the "Transferee") of the captioned Certificates
(the "Transferred Certificates"), pursuant to Section 5.02 of the Pooling and
Servicing Agreement (the "Pooling and Servicing Agreement"), dated as of August
1, 2006, between Merrill Lynch Mortgage Investors, Inc., as Depositor, Wachovia
Bank, National Association and Prudential Asset Resources, Inc., as Master
Servicers, J.E. Robert Company, Inc., as special servicer, and LaSalle Bank
National Association, as Trustee. All capitalized terms used herein and not
otherwise defined shall have the respective meanings set forth in the Pooling
and Servicing Agreement. The Transferor hereby certifies, represents and
warrants to you, as Certificate Registrar, and for the benefit of the Trustee
and the Depositor, that:

            1. The Transferor is the lawful owner of the Transferred
Certificates with the full right to transfer such Certificates free from any and
all claims and encumbrances whatsoever.

            2. Neither the Transferor nor anyone acting on its behalf has (a)
offered, transferred, pledged, sold or otherwise disposed of any Transferred
Certificate, any interest in a Transferred Certificate or any other similar
security to any person in any manner, (b) solicited any offer to buy or accept a
transfer, pledge or other disposition of any Transferred Certificate, any
interest in a Transferred Certificate or any other similar security from any
person in any manner, (c) otherwise approached or negotiated with respect to any
Transferred Certificate, any interest in a Transferred Certificate or any other
similar security with any person in any manner, (d) made any general
solicitation with respect to any Transferred Certificate, any interest in a
Transferred Certificate or any other similar security by means of general
advertising or in any other manner, or (e) taken any other action with respect
to any Transferred Certificate, any interest in a Transferred Certificate or any
other similar security, which (in the case of any of the acts described in
clauses (a) through (e) hereof) would constitute a distribution of the
Transferred Certificates under the Securities Act of 1933, as amended (the
"Securities Act"), would render the disposition of the Transferred Certificates
a violation of Section 5 of the Securities Act or any state securities laws, or
would require registration or qualification of the Transferred Certificates
pursuant to the Securities Act or any state securities laws.

                              Very truly yours,

                              ________________________________________________
                              (Transferor)

                              By: ____________________________________________

                                         Name: _______________________________

                                         Title: ______________________________

<PAGE>

                                  EXHIBIT E-2A

                        FORM I OF TRANSFEREE CERTIFICATE
             FOR TRANSFERS OF DEFINITIVE NON-REGISTERED CERTIFICATES

                                                 _______________________, 200___

LaSalle Bank National Association
135 South LaSalle Street, Suite 1625
Chicago, Illinois 60603
Attention: Global Securities and Trust Services Group--MLMT Commercial Mortgage
Pass-Through Certificates, Series 2006-C2

      Re:   Merrill Lynch Mortgage Trust 2006-C2, Commercial Mortgage
            Pass-Through Certificates, Series 2006-C2, Class _______, [having an
            initial aggregate [Certificate Principal Balance] [Certificate
            Notional Amount] as of August 17, 2006 (the "Closing Date") of
            $___________________________ ] [representing a _______% Percentage
            Interest in the subject Class]

Ladies and Gentlemen:

            This letter is delivered to you in connection with the transfer by
______________________________ (the "Transferor") to ___________________________
(the "Transferee") of the captioned Certificates (the "Transferred
Certificates"), pursuant to Section 5.02 of the Pooling and Servicing Agreement
(the "Pooling and Servicing Agreement"), dated as of August 1, 2006, between
Merrill Lynch Mortgage Investors, Inc., as Depositor, Wachovia Bank, National
Association and Prudential Asset Resources, Inc., as Master Servicers, J.E.
Robert Company, Inc., as special servicer, and LaSalle Bank National
Association, as Trustee. All capitalized terms used herein and not otherwise
defined shall have the respective meanings set forth in the Pooling and
Servicing Agreement. The Transferee hereby certifies, represents and warrants to
you, as Certificate Registrar, and for the benefit of the Trustee and the
Depositor, that:

            1. The Transferee is a "qualified institutional buyer" (a "Qualified
      Institutional Buyer") as that term is defined in Rule 144A ("Rule 144A")
      under the Securities Act of 1933, as amended (the "Securities Act"), and
      has completed one of the forms of certification to that effect attached
      hereto as Annex 1 and Annex 2. The Transferee is aware that the sale to it
      is being made in reliance on Rule 144A. The Transferee is acquiring the
      Transferred Certificates for its own account or for the account of another
      Qualified Institutional Buyer, and understands that such Transferred
      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 another Qualified Institutional
      Buyer and 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 Securities Act.

            2. The Transferee has been furnished with all information regarding
      (a) the Depositor, (b) the Transferred Certificates and distributions
      thereon, (c) the nature, performance and servicing of the Mortgage Loans,
      (d) the Pooling and Servicing Agreement and the Trust Fund created
      pursuant thereto, and (e) all related matters, that it has requested.

            3. If the Transferee proposes that the Transferred Certificates be
      registered in the name of a nominee, such nominee has completed the
      Nominee Acknowledgment below.

                              Very truly yours,

                              ________________________________________________
                              (Transferee)

                              By: ____________________________________________

                                         Name: _______________________________

                                         Title: ______________________________

                             Nominee Acknowledgment

            The undersigned hereby acknowledges and agrees that as to the
Transferred Certificates being registered in its name, the sole beneficial owner
thereof is and shall be the Transferee identified above, for whom the
undersigned is acting as nominee.

                              ________________________________________________
                              (Nominee)

                              By: ____________________________________________

                                         Name: _______________________________

                                         Title: ______________________________

<PAGE>

                             ANNEX 1 TO EXHIBIT E-2A

            QUALIFIED INSTITUTIONAL BUYER STATUS UNDER SEC RULE 144A

          [For Transferees Other Than Registered Investment Companies]

            The undersigned hereby certifies as follows to __________________
(the "Transferor") and ______________________________, as Certificate Registrar,
with respect to the mortgage pass-through certificates (the "Transferred
Certificates") described in the Transferee certificate to which this
certification relates and to which this certification is an Annex:

      1. As indicated below, the undersigned is the chief financial officer, a
person fulfilling an equivalent function, or other executive officer of the
entity purchasing the Transferred Certificates (the "Transferee").

      2. The Transferee is a "qualified institutional buyer" as that term is
defined in Rule 144A ("Rule 144A") under the Securities Act of 1933, as amended,
because (i) [the Transferee] [each of the Transferee's equity owners] owned
and/or invested on a discretionary basis $______________________(1) in
securities (other than the excluded securities referred to below) as of the end
of such entity's most recent fiscal year (such amount being calculated in
accordance with Rule 144A) and (ii) the Transferee satisfies the criteria in the
category marked below.

      _______     Corporation, etc. The Transferee is a corporation (other than
                  a bank, savings and loan association or similar institution),
                  Massachusetts or similar business trust, partnership, or any
                  organization described in Section 501(c)(3) of the Internal
                  Revenue Code of 1986, as amended.

      _______     Bank. The Transferee (a) is a national bank or a banking
                  institution organized under the laws of any state, U.S.
                  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, as of a date not more than 16 months
                  preceding the date of sale of the Transferred Certificates in
                  the case of a U.S. bank, and not more than 18 months preceding
                  such date of sale in the case of a foreign bank or equivalent
                  institution.

      _______     Savings and Loan. The Transferee (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, as of a date not more than 16
                  months preceding the date of sale of the Transferred
                  Certificates in the case of a U.S. savings and loan
                  association, and not more than 18 months preceding such date
                  of sale in the case of a foreign savings and loan association
                  or equivalent institution.

      _______     Broker-dealer. The Transferee is a dealer registered pursuant
                  to Section 15 of the Securities Exchange Act of 1934, as
                  amended.

      _______     Insurance Company. The Transferee 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, U.S. territory or the District of Columbia.

      _______     State or Local Plan. The Transferee 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 Transferee is an employee benefit plan within
                  the meaning of Title I of the Employee Retirement Income
                  Security Act of 1974.

      ________    Investment Advisor. The Transferee is an investment advisor
                  registered under the Investment Advisers Act of 1940.

      ________    QIB Subsidiary. All of the Transferee's equity owners are
                  "qualified institutional buyers" within the meaning of Rule
                  144A.

      ________    Other. (Please supply a brief description of the entity and a
                  cross-reference to the paragraph and subparagraph under
                  subsection (a)(1) of Rule 144A pursuant to which it qualifies.
                  Note that registered investment companies should complete
                  Annex 2 rather than this Annex 1)_____________________________
                  ______________________________________________________________
                  ______________________________________________________________
                  _____________________________________________________________.

      3. For purposes of determining the aggregate amount of securities owned
and/or invested on a discretionary basis by any Person, the Transferee did not
include (i) securities of issuers that are affiliated with such Person, (ii)
securities that are part of an unsold allotment to or subscription by such
Person, if such Person is a dealer, (iii) bank deposit notes and certificates of
deposit, (iv) loan participations, (v) repurchase agreements, (vi) securities
owned but subject to a repurchase agreement and (vii) currency, interest rate
and commodity swaps.

      4. For purposes of determining the aggregate amount of securities owned
and/or invested on a discretionary basis by any Person, the Transferee used the
cost of such securities to such Person, unless such Person reports its
securities holdings in its financial statements on the basis of their market
value, and no current information with respect to the cost of those securities
has been published, in which case the securities were valued at market. Further,
in determining such aggregate amount, the Transferee may have included
securities owned by subsidiaries of such Person, but only if such subsidiaries
are consolidated with such Person in its financial statements prepared in
accordance with generally accepted accounting principles and if the investments
of such subsidiaries are managed under such Person's direction. However, such
securities were not included if such Person is a majority-owned, consolidated
subsidiary of another enterprise and such Person is not itself a reporting
company under the Securities Exchange Act of 1934, as amended.

      5. The Transferee is familiar with Rule 144A and understands that the
Transferor and other parties related to the Transferred Certificates are relying
and will continue to rely on the statements made herein because one or more
sales to the Transferee may be in reliance on Rule 144A.

      _______  _______   Will the Transferee be purchasing the Transferred
        Yes      No      Certificates only for the Transferee's own account?

      6. If the answer to the foregoing question is "no", then in each case
where the Transferee is purchasing for an account other than its own, such
account belongs to a third party that is itself a "qualified institutional
buyer" within the meaning of Rule 144A, and the "qualified institutional buyer"
status of such third party has been established by the Transferee through one or
more of the appropriate methods contemplated by Rule 144A.

      7. The Transferee 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 Transferee's purchase of the Transferred
Certificates will constitute a reaffirmation of this certification as of the
date of such purchase. In addition, if the Transferee is a bank or savings and
loan as provided above, the Transferee agrees that it will furnish to such
parties any updated annual financial statements that become available on or
before the date of such purchase, promptly after they become available.

      8. Capitalized terms used but not defined herein have the respective
meanings ascribed thereto in the Pooling and Servicing Agreement pursuant to
which the Transferred Certificates were issued.

                              ________________________________________________
                              (Transferee)

                              By:_____________________________________________

                                         Name:________________________________

                                         Title:_______________________________

                                         Date:________________________________

----------
(1) Transferee or each of its equity owners must own and/or invest on a
discretionary basis at least $100,000,000 in securities unless Transferee or any
such equity owner, as the case may be, is a dealer, and, in that case,
Transferee or such equity owner, as the case may be, must own and/or invest on a
discretionary basis at least $10,000,000 in securities.

<PAGE>

                             ANNEX 2 TO EXHIBIT E-2A

            QUALIFIED INSTITUTIONAL BUYER STATUS UNDER SEC RULE 144A

           [For Transferees That Are Registered Investment Companies]

            The undersigned hereby certifies as follows to ____________________
(the "Transferor") and __________________________, as Certificate Registrar,
with respect to the mortgage pass-through certificates (the "Transferred
Certificates") described in the Transferee Certificate to which this
certification relates and to which this certification is an Annex:

      1. As indicated below, the undersigned is the chief financial officer, a
person fulfilling an equivalent function, or other executive officer of the
entity purchasing the Transferred Certificates (the "Transferee") or, if the
Transferee is a "qualified institutional buyer" as that term is defined in Rule
144A ("Rule 144A") under the Securities Act of 1933, as amended, because the
Transferee is part of a Family of Investment Companies (as defined below), is an
executive officer of the investment adviser (the "Adviser").

      2. The Transferee is a "qualified institutional buyer" as defined in Rule
144A because (i) the Transferee is an investment company registered under the
Investment Company Act of 1940, and (ii) as marked below, the Transferee alone
owned and/or invested on a discretionary basis, or the Transferee'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 Transferee's most
recent fiscal year. For purposes of determining the amount of securities owned
by the Transferee or the Transferee's Family of Investment Companies, the cost
of such securities was used, unless the Transferee or any member of the
Transferee's Family of Investment Companies, as the case may be, reports its
securities holdings in its financial statements on the basis of their market
value, and no current information with respect to the cost of those securities
has been published, in which case the securities of such entity were valued at
market.

      _______     The Transferee owned and/or invested on a discretionary basis
                  $___________________________ in securities (other than the
                  excluded securities referred to below) as of the end of the
                  Transferee's most recent fiscal year (such amount being
                  calculated in accordance with Rule 144A).

      _______     The Transferee 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 Transferee'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 Transferee or are part of the Transferee's
Family of Investment Companies, (ii) bank deposit notes and certificates of
deposit, (iii) loan participations, (iv) repurchase agreements, (v) securities
owned but subject to a repurchase agreement and (vi) currency, interest rate and
commodity swaps. For purposes of determining the aggregate amount of securities
owned and/or invested on a discretionary basis by the Transferee, or owned by
the Transferee's Family of Investment Companies, the securities referred to in
this paragraph were excluded.

      5. The Transferee is familiar with Rule 144A and understands that the
Transferor and other parties related to the Transferred Certificates are relying
and will continue to rely on the statements made herein because one or more
sales to the Transferee will be in reliance on Rule 144A.

       _______  _______  Will the Transferee be purchasing the Transferred
         Yes       No    Certificates only for the Transferee's own account?

      6. If the answer to the foregoing question is "no", then in each case
where the Transferee is purchasing for an account other than its own, such
account belongs to a third party that is itself a "qualified institutional
buyer" within the meaning of Rule 144A, and the "qualified institutional buyer"
status of such third party has been established by the Transferee through one or
more of the appropriate methods contemplated by Rule 144A.

      7. The undersigned will notify the parties to which this certification is
made of any changes in the information and conclusions herein. Until such
notice, the Transferee's purchase of the Transferred Certificates will
constitute a reaffirmation of this certification by the undersigned as of the
date of such purchase.

      8. Capitalized terms used but not defined herein have the respective
meanings ascribed thereto in the Pooling and Servicing Agreement pursuant to
which the Transferred Certificates were issued.

                              ________________________________________________
                              [Transferee][Adviser]

                              By:_____________________________________________

                                         Name:________________________________

                                         Title:_______________________________

                                         Date:  ______________________________

                              IF AN ADVISER:

                              ________________________________________________
                              (Transferee)

                                         Date:  ______________________________

<PAGE>

                                  EXHIBIT E-2B

                        FORM II OF TRANSFEREE CERTIFICATE
             FOR TRANSFERS OF DEFINITIVE NON-REGISTERED CERTIFICATES

                                                 _______________________, 200___

LaSalle Bank National Association
135 South LaSalle Street, Suite 1625
Chicago, Illinois 60603
Attention: Global Securities and Trust Services Group-- MLMT Commercial Mortgage
Pass-Through Certificates, Series 2006-C2

      Re:   Merrill Lynch Mortgage Trust 2006-C2, Commercial Mortgage
            Pass-Through Certificates, Series 2006-C2, Class _______, [having an
            initial aggregate [Certificate Principal Balance] [Certificate
            Notional Amount] as of August 17, 2006 (the "Closing Date") of
            $_______________________ ]

Ladies and Gentlemen:

            This letter is delivered to you in connection with the transfer by
______________________________ (the "Transferor") to
______________________________ (the "Transferee") of the captioned Certificates
(the "Transferred Certificates"), pursuant to Section 5.02 of the Pooling and
Servicing Agreement (the "Pooling and Servicing Agreement"), dated as of August
1, 2006, between Merrill Lynch Mortgage Investors, Inc., as Depositor, Wachovia
Bank, National Association and Prudential Asset Resources, Inc., as Master
Servicers, J.E. Robert Company, Inc., as special servicer, and LaSalle Bank
National Association, as Trustee. All capitalized terms used herein and not
otherwise defined shall have the respective meanings set forth in the Pooling
and Servicing Agreement. The Transferee hereby certifies, represents and
warrants to you, as Certificate Registrar, and for the benefit of the Trustee
and the Depositor, that:

      1. The Transferee is acquiring the Transferred Certificates for its own
account for investment and not with a view to or for sale or transfer in
connection with any distribution thereof, in whole or in part, in any manner
which would violate the Securities Act of 1933, as amended (the "Securities
Act"), or any applicable state securities laws.

      2. The Transferee understands that (a) the Transferred Certificates have
not been and will not be registered under the Securities Act or registered or
qualified under any applicable state securities laws, (b) none of the Depositor,
the Trustee or the Certificate Registrar is obligated so to register or qualify
the Class of Certificates to which the Transferred Certificates belong, and (c)
neither a Transferred Certificate nor any security issued in exchange therefor
or in lieu thereof may be resold or transferred unless it is (i) registered
pursuant to the Securities Act and registered or qualified pursuant to any
applicable state securities laws or (ii) sold or transferred in transactions
which are exempt from such registration and qualification and the Certificate
Registrar has received: (A) a certification from the Certificateholder desiring
to effect such transfer substantially in the form attached as Exhibit E-1 to the
Pooling and Servicing Agreement and a certification from such
Certificateholder's prospective transferee substantially in the form attached
either as Exhibit E-2A to the Pooling and Servicing Agreement or as Exhibit E-2B
to the Pooling and Servicing Agreement; or (B) an opinion of counsel
satisfactory to the Trustee with respect to, among other things, the
availability of such exemption from registration under the Securities Act,
together with copies of the written certification(s) from the transferor and/or
transferee setting forth the facts surrounding the transfer upon which such
opinion is based.

      3. The Transferee understands that it may not sell or otherwise
transfer any Transferred Certificate or interest therein, except in compliance
with the provisions of Section 5.02 of the Pooling and Servicing Agreement,
which provisions it has carefully reviewed, and that each Transferred
Certificate will bear the following legends:

            THIS CERTIFICATE HAS NOT BEEN REGISTERED OR QUALIFIED UNDER THE
SECURITIES ACT OF 1933, AS AMENDED (THE "SECURITIES ACT") OR THE SECURITIES LAWS
OF ANY STATE. ANY RESALE, PLEDGE, TRANSFER OR OTHER DISPOSITION OF THIS
CERTIFICATE OR ANY INTEREST HEREIN WITHOUT SUCH REGISTRATION OR QUALIFICATION
MAY BE MADE ONLY IN A TRANSACTION WHICH DOES NOT REQUIRE SUCH REGISTRATION OR
QUALIFICATION AND WHICH IS IN ACCORDANCE WITH THE PROVISIONS OF SECTION 5.02 OF
THE POOLING AND SERVICING AGREEMENT REFERRED TO HEREIN.

            NO TRANSFER OF THIS CERTIFICATE OR ANY INTEREST HEREIN MAY BE MADE
TO (A) ANY RETIREMENT PLAN OR OTHER EMPLOYEE BENEFIT PLAN OR ARRANGEMENT THAT IS
SUBJECT TO THE EMPLOYEE RETIREMENT INCOME SECURITY ACT OF 1974, AS AMENDED
("ERISA"), OR SECTION 4975 OF THE INTERNAL REVENUE CODE OF 1986, AS AMENDED (THE
"CODE"), OR (B) ANY PERSON WHO IS DIRECTLY OR INDIRECTLY PURCHASING THIS
CERTIFICATE OR SUCH INTEREST HEREIN ON BEHALF OF, AS NAMED FIDUCIARY OF, AS
TRUSTEE OF, OR WITH ASSETS OF ANY SUCH RETIREMENT PLAN OR OTHER EMPLOYEE BENEFIT
PLAN OR ARRANGEMENT, EXCEPT IN ACCORDANCE WITH THE PROVISIONS OF SECTION 5.02 OF
THE POOLING AND SERVICING AGREEMENT REFERRED TO HEREIN.

      4. Neither the Transferee nor anyone acting on its behalf has (a) offered,
pledged, sold, disposed of or otherwise transferred any Transferred Certificate,
any interest in any Transferred Certificate or any other similar security to any
person in any manner, (b) solicited any offer to buy or accept a pledge,
disposition or other transfer of any Transferred Certificate, any interest in
any Transferred Certificate or any other similar security from any person in any
manner, (c) otherwise approached or negotiated with respect to any Transferred
Certificate, any interest in any Transferred Certificate or any other similar
security with any person in any manner, (d) made any general solicitation with
respect to any Transferred Certificate, any interest in any Transferred
Certificate or any other similar security by means of general advertising or in
any other manner, or (e) taken any other action with respect to any Transferred
Certificate, any interest in any Transferred Certificate or any other similar
security, which (in the case of any of the acts described in clauses (a) through
(e) above) would constitute a distribution of the Transferred Certificates under
the Securities Act, would render the disposition of the Transferred Certificates
a violation of Section 5 of the Securities Act or any state securities law or
would require registration or qualification of the Transferred Certificates
pursuant thereto. The Transferee will not act, nor has it authorized or will it
authorize any person to act, in any manner set forth in the foregoing sentence
with respect to any Transferred Certificate, any interest in any Transferred
Certificate or any other similar security.

      5. The Transferee has been furnished with all information regarding (a)
the Depositor, (b) the Transferred Certificates and distributions thereon, (c)
the Pooling and Servicing Agreement and the Trust Fund created pursuant thereto,
(d) the nature, performance and servicing of the Mortgage Loans, and (e) all
related matters, that it has requested.

      6. The Transferee is an "accredited investor" as defined in any of
paragraphs (1), (2), (3) and (7) of Rule 501(a) under the Securities Act or an
entity in which all of the equity owners come within such paragraphs. The
Transferee has such knowledge and experience in financial and business matters
as to be capable of evaluating the merits and risks of an investment in the
Transferred Certificates; the Transferee has sought such accounting, legal and
tax advice as it has considered necessary to make an informed investment
decision; and the Transferee is able to bear the economic risks of such
investment and can afford a complete loss of such investment.

      7. If the Transferee proposes that the Transferred Certificates be
registered in the name of a nominee, such nominee has completed the Nominee
Acknowledgement below.

                              Very truly yours,

                              ________________________________________________
                                            (Transferee)

                              By:_____________________________________________

                                         Name:________________________________

                                         Title:_______________________________

<PAGE>

                             Nominee Acknowledgement
                             -----------------------

      The undersigned hereby acknowledges and agrees that as to the Transferred
Certificates being registered in its name, the sole beneficial owner thereof is
and shall be the Transferee identified above, for whom the undersigned is acting
as nominee.

                              ________________________________________________
                                                (Nominee)

                              By:_____________________________________________

                                         Name:________________________________

                                         Title:_______________________________

<PAGE>

                                  EXHIBIT E-2C

                         FORM OF TRANSFEREE CERTIFICATE
           FOR TRANSFERS OF INTERESTS IN RULE 144A GLOBAL CERTIFICATES

                                                 _______________________, 200___

________________________________
________________________________
________________________________
________________________________
(Name and Address of Transferor)

      Re:   Merrill Lynch Mortgage Trust 2006-C2, Commercial Mortgage
            Pass-Through Certificates, Series 2006-C2, Class _______, having an
            initial aggregate [Certificate Principal Balance] [Certificate
            Notional Amount] as of August 17, 2006 (the "Closing Date") of
            $_________________________

Ladies and Gentlemen:

            This letter is delivered to you in connection with the Transfer by
_________________________ (the "Transferor") to __________________________ (the
"Transferee") through our respective Depository Participants of the Transferor's
beneficial ownership interest (currently maintained on the books and records of
The Depository Trust Company ("DTC") and the Depository Participants) in the
captioned Certificates (the "Transferred Certificates"), pursuant to Section
5.02 of the Pooling and Servicing Agreement (the "Pooling and Servicing
Agreement"), dated as of August 1, 2006, between Merrill Lynch Mortgage
Investors, Inc., as Depositor, Wachovia Bank, National Association and
Prudential Asset Resources, Inc., as Master Servicers, J.E. Robert Company,
Inc., as special servicer, and LaSalle Bank National Association, as Trustee.
All capitalized terms used but not otherwise defined herein shall have the
respective meanings set forth in the Pooling and Servicing Agreement. The
Transferee hereby certifies, represents and warrants to and agrees with you, and
for the benefit of the Depositor, that:

      1. The Transferee is a "qualified institutional buyer" (a "Qualified
Institutional Buyer") as that term is defined in Rule 144A ("Rule 144A") under
the Securities Act of 1933, as amended (the "Securities Act"), and has completed
one of the forms of certification to that effect attached hereto as Annex 1 and
Annex 2. The Transferee is aware that the Transfer to it of the Transferor's
interest in the Transferred Certificates is being made in reliance on Rule 144A.
The Transferee is acquiring such interest in the Transferred Certificates for
its own account or for the account of another Qualified Institutional Buyer.

      2. The Transferee understands that (a) the Transferred Certificates have
not been and will not be registered under the Securities Act or registered or
qualified under any applicable state securities laws, (b) none of the Depositor,
the Trustee or the Certificate Registrar is obligated so to register or qualify
the Transferred Certificates and (c) no interest in the Transferred Certificates
may be resold or transferred unless (i) such Certificates are registered
pursuant to the Securities Act and registered or qualified pursuant any
applicable state securities laws, or (ii) such interest is sold or transferred
in a transaction which is exempt from such registration and qualification and
the Transferor desiring to effect such transfer has received (A) a certificate
from such Certificate Owner's prospective transferee substantially in the form
attached as Exhibit E-2C to the Pooling and Servicing Agreement or (B) an
opinion of counsel to the effect that, among other things, such prospective
transferee is a Qualified Institutional Buyer and such transfer may be made
without registration under the Securities Act.

      3. The Transferee understands that it may not sell or otherwise transfer
the Transferred Certificates or any interest therein except in compliance with
the provisions of Section 5.02 of the Pooling and Servicing Agreement, which
provisions it has carefully reviewed, and that the Transferred Certificates will
bear the following legends:

            THIS CERTIFICATE HAS NOT BEEN REGISTERED OR QUALIFIED UNDER THE
SECURITIES ACT OF 1933, AS AMENDED (THE "SECURITIES ACT"), OR THE SECURITIES
LAWS OF ANY STATE. ANY RESALE, PLEDGE, TRANSFER OR OTHER DISPOSITION OF THIS
CERTIFICATE OR ANY INTEREST HEREIN WITHOUT SUCH REGISTRATION OR QUALIFICATION
MAY BE MADE ONLY IN A TRANSACTION WHICH DOES NOT REQUIRE SUCH REGISTRATION OR
QUALIFICATION AND WHICH IS IN ACCORDANCE WITH THE PROVISIONS OF SECTION 5.02 OF
THE POOLING AND SERVICING AGREEMENT REFERRED TO HEREIN.

            NO TRANSFER OF THIS CERTIFICATE OR ANY INTEREST HEREIN MAY BE MADE
TO (A) ANY RETIREMENT PLAN OR OTHER EMPLOYEE BENEFIT PLAN OR ARRANGEMENT THAT IS
SUBJECT TO THE EMPLOYEE RETIREMENT INCOME SECURITY ACT OF 1974, AS AMENDED
("ERISA"), OR SECTION 4975 OF THE INTERNAL REVENUE CODE OF 1986, AS AMENDED (THE
"CODE"), OR (B) ANY PERSON WHO IS DIRECTLY OR INDIRECTLY PURCHASING THIS
CERTIFICATE OR SUCH INTEREST HEREIN ON BEHALF OF, AS NAMED FIDUCIARY OF, AS
TRUSTEE OF, OR WITH ASSETS OF ANY SUCH RETIREMENT PLAN OR OTHER EMPLOYEE BENEFIT
PLAN OR ARRANGEMENT, EXCEPT IN ACCORDANCE WITH THE PROVISIONS OF SECTION 5.02 OF
THE POOLING AND SERVICING AGREEMENT REFERRED TO HEREIN.

      4. The Transferee has been furnished with all information regarding (a)
the Depositor, (b) the Transferred Certificates and distributions thereon, (c)
the nature, performance and servicing of the Mortgage Loans, (d) the Pooling and
Servicing Agreement and the Trust Fund created pursuant thereto, (e) any credit
enhancement mechanism associated with the Transferred Certificates, and (f) all
related matters, that it has requested.

                              Very truly yours,

                              ________________________________________________
                                            (Transferee)

                              By:_____________________________________________

                                         Name:________________________________

                                         Title:_______________________________

<PAGE>

                             ANNEX 1 TO EXHIBIT E-2C

            QUALIFIED INSTITUTIONAL BUYER STATUS UNDER SEC RULE 144A

          [For Transferees other than Registered Investment Companies]

            The undersigned hereby certifies as follows to ____________________
(the "Transferor") and for the benefit of Merrill Lynch Mortgage Investors, Inc.
with respect to the mortgage pass-through certificates being transferred in
book-entry form (the "Transferred Certificates") as described in the Transferee
Certificate to which this certification relates and to which this certification
is an Annex:

      1. As indicated below, the undersigned is the chief financial officer, a
person fulfilling an equivalent function, or other executive officer of the
entity acquiring interests in the Transferred Certificates (the "Transferee").

      2. The Transferee 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 Transferee] [each of the Transferee's equity owners] owned
and/or invested on a discretionary basis $______________________(2) in
securities (other than the excluded securities referred to below) as of the end
of such entity's most recent fiscal year (such amount being calculated in
accordance with Rule 144A) and (ii) the Transferee satisfies the criteria in the
category marked below.

      _______     Corporation, etc. The Transferee is a corporation (other than
                  a bank, savings and loan association or similar institution),
                  Massachusetts or similar business trust, partnership, or any
                  organization described in Section 501(c)(3) of the Internal
                  Revenue Code of 1986, as amended.

      _______     Bank. The Transferee (a) is a national bank or a banking
                  institution organized under the laws of any state, U.S.
                  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, as of a date not more than 16 months
                  preceding the date of sale of the Transferred Certificates in
                  the case of a U.S. bank, and not more than 18 months preceding
                  such date of sale in the case of a foreign bank or equivalent
                  institution.

      _______     Savings and Loan. The Transferee (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, as of a date not more than 16 months
                  preceding the date of sale of the Transferred Certificates in
                  the case of a U.S. savings and loan association, and not more
                  than 18 months preceding such date of sale in the case of a
                  foreign savings and loan association or equivalent
                  institution.

      _______     Broker-dealer. The Transferee is a dealer registered pursuant
                  to Section 15 of the Securities Exchange Act of 1934, as
                  amended.

      _______     Insurance Company. The Transferee 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, U.S. territory or the District of Columbia.

      _______     State or Local Plan. The Transferee 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 Transferee is an employee benefit plan within
                  the meaning of Title I of the Employee Retirement Income
                  Security Act of 1974.

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

      _______     QIB Subsidiary. All of the Transferee's equity owners are
                  "qualified institutional buyers" within the meaning of Rule
                  144A.

      _______     Other. (Please supply a brief description of the entity and a
                  cross-reference to the paragraph and subparagraph under
                  subsection (a)(1) of Rule 144A pursuant to which it qualifies.
                  Note that registered investment companies should complete
                  Annex 2 rather than this Annex 1.)

      3. For purposes of determining the aggregate amount of securities owned
and/or invested on a discretionary basis by any Person, the Transferee did not
include (i) securities of issuers that are affiliated with such Person, (ii)
securities that are part of an unsold allotment to or subscription by such
Person, if such Person is a dealer, (iii) bank deposit notes and certificates of
deposit, (iv) loan participations, (v) repurchase agreements, (vi) securities
owned but subject to a repurchase agreement and (vii) currency, interest rate
and commodity swaps.

      4. For purposes of determining the aggregate amount of securities owned
and/or invested on a discretionary basis by any Person, the Transferee used the
cost of such securities to such Person, unless such Person reports its
securities holdings in its financial statements on the basis of their market
value, and no current information with respect to the cost of those securities
has been published, in which case the securities were valued at market. Further,
in determining such aggregate amount, the Transferee may have included
securities owned by subsidiaries of such Person, but only if such subsidiaries
are consolidated with such Person in its financial statements prepared in
accordance with generally accepted accounting principles and if the investments
of such subsidiaries are managed under such Person's direction. However, such
securities were not included if such Person is a majority-owned, consolidated
subsidiary of another enterprise and such Person is not itself a reporting
company under the Securities Exchange Act of 1934, as amended.

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

                         Will the Transferee be acquiring interests in the
     _______  _______    Transferred Certificates only for the Transferee's own
       Yes       No      account?

      6. If the answer to the foregoing question is "no", then in each case
where the Transferee is acquiring any interest in the Transferred Certificates
for an account other than its own, such account belongs to a third party that is
itself a "qualified institutional buyer" within the meaning of Rule 144A, and
the "qualified institutional buyer" status of such third party has been
established by the Transferee through one or more of the appropriate methods
contemplated by Rule 144A.

      7. The Transferee 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 Transferee's acquisition of any interest in of
the Transferred Certificates will constitute a reaffirmation of this
certification as of the date of such acquisition. In addition, if the Transferee
is a bank or savings and loan as provided above, the Transferee agrees that it
will furnish to such parties any updated annual financial statements that become
available on or before the date of such acquisition, promptly after they become
available.

      8. Capitalized terms used but not defined herein have the meanings
ascribed thereto in the Pooling and Servicing Agreement pursuant to which the
Transferred Certificates were issued.

                              ________________________________________________
                                                (Transferee)

                              By:_____________________________________________

                                         Name:________________________________

                                         Title:_______________________________

                                         Date:  ______________________________

----------
(1) Transferee or each of its equity owners must own and/or invest on a
discretionary basis at least $100,000,000 in securities unless Transferee or any
such equity owner, as the case may be, is a dealer, and, in that case,
Transferee or such equity owner, as the case may be, must own and/or invest on a
discretionary basis at least $10,000,000 in securities.

<PAGE>

                             ANNEX 2 TO EXHIBIT E-2C

            QUALIFIED INSTITUTIONAL BUYER STATUS UNDER SEC RULE 144A

           [For Transferees that are Registered Investment Companies]

            The undersigned hereby certifies as follows to _____________________
(the "Transferor") and for the benefit of Merrill Lynch Mortgage Investors, Inc.
with respect to the mortgage pass-through certificates being transferred in
book-entry form (the "Transferred Certificates") as described in the Transferee
certificate to which this certification relates and to which this certification
is an Annex:

      1. As indicated below, the undersigned is the chief financial officer, a
person fulfilling an equivalent function, or other executive officer of the
entity acquired interests the Transferred Certificates (the "Transferee") or, if
the Transferee is a "qualified institutional buyer" as that term is defined in
Rule 144A under the Securities Act of 1933, as amended ("Rule 144A"), because
the Transferee is part of a Family of Investment Companies (as defined below),
is an executive officer of the investment adviser (the "Adviser").

      2. The Transferee is a "qualified institutional buyer" as defined in Rule
144A because (i) the Transferee is an investment company registered under the
Investment Company Act of 1940, as amended, and (ii) as marked below, the
Transferee alone owned and/or invested on a discretionary basis, or the
Transferee'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 Transferee's most recent fiscal year. For purposes of determining the
amount of securities owned by the Transferee or the Transferee's Family of
Investment Companies, the cost of such securities was used, unless the
Transferee or any member of the Transferee's Family of Investment Companies, as
the case may be, reports its securities holdings in its financial statements on
the basis of their market value, and no current information with respect to the
cost of those securities has been published, in which case the securities of
such entity were valued at market.

      _______     The Transferee owned and/or invested on a discretionary basis
                  $________________________ in securities (other than the
                  excluded securities referred to below) as of the end of the
                  Transferee's most recent fiscal year (such amount being
                  calculated in accordance with Rule 144A).

      _______     The Transferee 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 Transferee'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 Transferee or are part of the Transferee's
Family of Investment Companies, (ii) bank deposit notes and certificates of
deposit, (iii) loan participations, (iv) repurchase agreements, (v) securities
owned but subject to a repurchase agreement and (vi) currency, interest rate and
commodity swaps. For purposes of determining the aggregate amount of securities
owned and/or invested on a discretionary basis by the Transferee, or owned by
the Transferee's Family of Investment Companies, the securities referred to in
this paragraph were excluded.

      5. The Transferee is familiar with Rule 144A and understands that the
Transferor and other parties related to the Transferred Certificates are relying
and will continue to rely on the statements made herein because one or more
Transfers to the Transferee will be in reliance on Rule 144A.

                         Will the Transferee be acquiring interests in the
       _______  _______  Transferred Certificates only for the Transferee's own
         Yes       No    account?

      6. If the answer to the foregoing question is "no", then in each case
where the Transferee is acquiring any interest in the Transferred Certificates
for an account other than its own, such account belongs to a third party that is
itself a "qualified institutional buyer" within the meaning of Rule 144A, and
the "qualified institutional buyer" status of such third party has been
established by the Transferee through one or more of the appropriate methods
contemplated by Rule 144A.

      7. The undersigned will notify the parties to which this certification is
made of any changes in the information and conclusions herein. Until such
notice, the Transferee's acquisition of any interest in the Transferred
Certificates will constitute a reaffirmation of this certification by the
undersigned as of the date of such acquisition.

      8. Capitalized terms used but not defined herein have the meanings
ascribed thereto in the Pooling and Servicing Agreement pursuant to which the
Transferred Certificates were issued.

                              ________________________________________________
                              (Transferee or Adviser)

                              By:_____________________________________________

                                         Name_________________________________

                                         Title:_______________________________

                                         Date:  ______________________________

                              IF AN ADVISER:

                              Print Name of Transferee

                              ________________________________________________

                                         Date:  ______________________________

<PAGE>

                                  EXHIBIT E-2D

                         FORM OF TRANSFEREE CERTIFICATE
         FOR TRANSFERS OF INTERESTS IN REGULATION S GLOBAL CERTIFICATES

                                                                          [Date]

[TRANSFEROR]

Re:   Merrill Lynch Mortgage Trust 2006-C2, Commercial Mortgage Pass-Through
      Certificates, Series 2006-C2, Class _______, having an initial aggregate
      [Certificate Principal Balance] [Certificate Notional Amount] as of August
      17, 2006 (the "Closing Date") of $_________________________

Ladies and Gentlemen:

            This letter is delivered to you in connection with the transfer by
______________________________ (the "Transferor") to __________________________
(the "Transferee") of the captioned Certificates (the "Transferred
Certificates"), pursuant to Section 5.02 of the Pooling and Servicing Agreement
(the "Pooling and Servicing Agreement"), dated as of August 1, 2006, between
Merrill Lynch Mortgage Investors, Inc., as Depositor, Wachovia Bank, National
Association and Prudential Asset Resources, Inc., as Master Servicers, J.E.
Robert Company, Inc., as special servicer, and LaSalle Bank National
Association, as Trustee. All capitalized terms used herein and not otherwise
defined shall have the respective meanings set forth in the Pooling and
Servicing Agreement. The Transferee hereby certifies, represents and warrants to
and agrees with you, and for the benefit of the Depositor, that the Transferee
is not a United States Securities Person.

            For purposes of this certification, "United States Securities
Person" means (i) any natural person resident in the United States, (ii) any
partnership or corporation organized or incorporated under the laws of the
United States; (iii) any estate of which any executor or administrator is a
United States Securities Person, other than any estate of which any professional
fiduciary acting as executor or administrator is a United States Securities
Person if an executor or administrator of the estate who is not a United States
Securities Person has sole or shared investment discretion with respect to the
assets of the estate and the estate is governed by foreign law, (iv) any trust
of which any trustee is a United States Securities Person, other than a trust of
which any professional fiduciary acting as trustee is a United States Securities
Person if a trustee who is not a United States Securities Person has sole or
shared investment discretion with respect to the trust assets and no beneficiary
of the trust (and no settlor if the trust is revocable) is a United States
Securities Person, (v) any agency or branch of a foreign entity located in the
United States, unless the agency or branch operates for valid business reasons
and is engaged in the business of insurance or banking and is subject to
substantive insurance or banking regulation, respectively, in the jurisdiction
where located, (vi) any non-discretionary account or similar account (other than
an estate or trust) held by a dealer or other fiduciary for the benefit or
account of a United States Securities Person, (vii) any discretionary account or
similar account (other than an estate or trust) held by a dealer or other
fiduciary organized, incorporated or (if an individual) resident in the United
States, other than one held for the benefit or account of a non-United States
Securities Person by a dealer or other professional fiduciary organized,
incorporated or (if any individual) resident in the United States, (viii) any
partnership or corporation if (a) organized or incorporated under the laws of
any foreign jurisdiction and (b) formed by a United States Securities Person
principally for the purpose of investing in securities not registered under the
Securities Act, unless it is organized or incorporated, and owned, by
"accredited investors" (as defined in Rule 501(a)) under the United States
Securities Act of 1933, as amended (the "Securities Act"), who are not natural
persons, estates or trusts; provided, however, that the International Monetary
Fund, the International Bank for Reconstruction and Development, the
Inter-American Development Bank, the Asian Development Bank, the African
Development Bank, the United Nations and their agencies, affiliates and pension
plans, any other similar international organizations, their agencies, affiliates
and pension plans shall not constitute United States Securities Persons.

            The Transferee understands that this certification is required in
connection with certain securities laws of the United States. In connection
therewith, if administrative or legal proceedings are commenced or threatened in
connection with which this certification is or would be relevant, we irrevocably
authorize you to produce this certification to any interested party in such
proceedings.

Dated: __________, _____

                                    Very truly yours,

                                    (Transferee)

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

<PAGE>

                                   EXHIBIT F-1

            FORM I OF TRANSFEREE CERTIFICATE REGARDING ERISA MATTERS
                    (DEFINITIVE NON-REGISTERED CERTIFICATES)

                                                      ___________________, 200__

LaSalle Bank National Association
135 South LaSalle Street, Suite 1625
Chicago, Illinois 60603
Attention: Global Securities and Trust Services Group-- MLMT Commercial Mortgage
Pass-Through Certificates, Series 2006-C2

      Re:   Merrill Lynch Mortgage Trust 2006-C2, Commercial Mortgage
            Pass-Through Certificates, Series 2006-C2 (the "Certificates")

Ladies and Gentlemen:

            This letter is delivered to you in connection with the transfer by
_______________ (the "Transferor") to ________________- (the "Transferee") of
the Class Certificates (the "Transferred Certificates") [having an initial
aggregate [Certificate Principal Balance] [Certificate Notional Amount] as of
August 17, 2006 (the "Closing Date") of $_________ ] [evidencing a ____%
interest in the Classes to which they belong]. The Certificates were issued
pursuant to a Pooling and Servicing Agreement, dated as of August 1, 2006 (the
"Pooling and Servicing Agreement"), among Merrill Lynch Mortgage Investors,
Inc., as depositor (the "Depositor"), Wachovia Bank, National Association and
Prudential Asset Resources, Inc., as master servicers (the "Master Servicers"),
J.E. Robert Company, Inc., as special servicer (the "Special Servicer"), and
LaSalle Bank National Association, as trustee (the "Trustee"). Capitalized terms
used but not defined herein shall have the meanings set forth in the Pooling and
Servicing Agreement. The Transferee hereby certifies, represents and warrants to
you as follows (check the applicable paragraph):

      _____       The Transferee (A) is not an employee benefit plan or other
                  retirement arrangement, including an individual retirement
                  account or annuity, a Keogh plan or a collective investment
                  fund or separate account in which such plans, accounts or
                  arrangements are invested, including, without limitation, an
                  insurance company general account, that is subject to ERISA or
                  the Code (each, a "Plan"), and (B) is not directly or
                  indirectly purchasing the Transferred Certificates on behalf
                  of, as named fiduciary of, as trustee of, or with assets of a
                  Plan; or

      _____       The Transferee is using funds from an insurance company
                  general account to acquire the Transferred Certificates,
                  however, the purchase and holding of such Certificates by such
                  Person is exempt from the prohibited transaction provisions of
                  Sections 406 and 407 of ERISA and the excise taxes imposed on
                  such prohibited transactions by Section 4975 of the Code, by
                  reason of Sections I and III of Prohibited Transaction Class
                  Exemption 95-60.

      _____       The Transferred Certificates are Investment Grade Certificates
                  and are being acquired by or on behalf of a Plan in reliance
                  on Prohibited Transaction Exemption 90-29; and such Plan (X)
                  is an accredited investor as defined in Rule 501(a)(1) of
                  Regulation D of the Securities Act, (Y) is not sponsored
                  (within the meaning of Section 3(16)(B) of ERISA) by the
                  Trustee, the Depositor, any Mortgage Loan Seller, either
                  Master Servicer, the Special Servicer, the Trustee, any Fiscal
                  Agent, any Sub-Servicer, any Exemption-Favored Party or any
                  Mortgagor with respect to Mortgage Loans constituting more
                  than 5% of the aggregate unamortized principal balance of all
                  the Mortgage Loans determined on the date of the initial
                  issuance of the Certificates, or by any Affiliate of such
                  Person, and (Z) such Plan agrees that it will obtain from each
                  of its Transferees that are Plans a written representation
                  that such Transferee satisfies the requirements of the
                  immediately preceding clauses (X) and (Y), together with a
                  written agreement that such Transferee will obtain from each
                  of its Transferees that are Plans a similar written
                  representation regarding satisfaction of the requirements of
                  the immediately preceding clauses (X) and (Y).

            IN WITNESS WHEREOF, the undersigned has executed this certificate as
of the date first written above.

                              ________________________________________________
                                            (Transferee)

                              By:_____________________________________________

                                         Name_________________________________

                                         Title:_______________________________

<PAGE>

                                   EXHIBIT F-2

            FORM II OF TRANSFEREE CERTIFICATE REGARDING ERISA MATTERS
                    (BOOK-ENTRY NON-REGISTERED CERTIFICATES)

                                                      ___________________, 200__

________________________________
________________________________
________________________________
________________________________
(Name and Address of Transferor)

      Re:   Merrill Lynch Mortgage Trust 2006-C2, Commercial Mortgage
            Pass-Through Certificates, Series 2006-C2 (the "Certificates")

Ladies and Gentlemen:

            This letter is delivered to you in connection with the transfer by
_______ (the "Transferor") to _______ (the "Transferee") through our respective
Depository Participants of the Transferor's beneficial ownership interest
(currently maintained on the books and records of The Depository Trust
Corporation ("DTC") and the Depository Participants) in Class Certificates (the
"Transferred Certificates") [having an initial aggregate [Certificate Principal
Balance] [Certificate Notional Amount] as of August 17, 2006 (the "Closing
Date") of $ _____ ]. The Certificates were issued pursuant to a Pooling and
Servicing Agreement, dated as of August 1, 2006 (the "Pooling and Servicing
Agreement"), among Merrill Lynch Mortgage Investors, Inc., as depositor (the
"Depositor"), Wachovia Bank, National Association and Prudential Asset
Resources, Inc., as master servicers (the "Master Servicers"), J.E. Robert
Company, Inc., as special servicer (the "Special Servicer"), and LaSalle Bank
National Association, as trustee (the "Trustee"). Capitalized terms used but not
defined herein shall have the meanings set forth in the Pooling and Servicing
Agreement. The Transferee hereby certifies, represents and warrants to you as
follows (check the applicable paragraph):

      _____       The Transferee (A) is not an employee benefit plan or other
                  retirement arrangement, including an individual retirement
                  account or annuity, a Keogh plan or a collective investment
                  fund or separate account in which such plans, accounts or
                  arrangements are invested, including, without limitation, an
                  insurance company general account, that is subject to ERISA or
                  the Code (each, a "Plan"), and (B) is not directly or
                  indirectly purchasing the Transferred Certificates on behalf
                  of, as named fiduciary of, as trustee of, or with assets of a
                  Plan; or

      _____       The Transferee is using funds from an insurance company
                  general account to acquire the Transferred Certificates,
                  however, the purchase and holding of such Certificates by such
                  Person is exempt from the prohibited transaction provisions of
                  Sections 406 and 407 of ERISA and the excise taxes imposed on
                  such prohibited transactions by Section 4975 of the Code, by
                  reason of Sections I and III of Prohibited Transaction Class
                  Exemption 95-60.

      _____       The Transferred Certificates are Investment Grade Certificates
                  and are being acquired by or on behalf of a Plan in reliance
                  on Prohibited Transaction Exemption 90-29; and such Plan (X)
                  is an accredited investor as defined in Rule 501(a)(1) of
                  Regulation D of the Securities Act, (Y) is not sponsored
                  (within the meaning of Section 3(16)(B) of ERISA) by the
                  Trustee, the Depositor, any Mortgage Loan Seller, either
                  Master Servicer, the Special Servicer, any Fiscal Agent, any
                  Sub-Servicer, any Exemption-Favored Party or any Mortgagor
                  with respect to Mortgage Loans constituting more than 5% of
                  the aggregate unamortized principal balance of all the
                  Mortgage Loans determined on the date of the initial issuance
                  of the Certificates, or by any Affiliate of such Person, and
                  (Z) agrees that it will obtain from each of its Transferees
                  that are Plans a written representation that such Transferee
                  satisfies the requirements of the immediately preceding
                  clauses (X) and (Y), together with a written agreement that
                  such Transferee will obtain from each of its Transferees that
                  are Plans a similar written representation regarding
                  satisfaction of the requirements of the immediately preceding
                  clauses (X) and (Y).

            IN WITNESS WHEREOF, the undersigned has executed this certificate as
of the date first written above.

                              ________________________________________________
                                            (Transferee)

                              By:_____________________________________________

                                         Name_________________________________

                                         Title:_______________________________

<PAGE>

                                   EXHIBIT G-1

                    FORM OF TRANSFER AFFIDAVIT AND AGREEMENT
                    REGARDING RESIDUAL INTEREST CERTIFICATES

TRANSFER AFFIDAVIT PURSUANT TO SECTIONS
860D(a)(6)(A) AND 860E(e)(4) OF THE INTERNAL
REVENUE CODE OF 1986, AS AMENDED, AND
TREASURY REGULATION SECTION 1.860E-1(c)(4)

Re:   Merrill Lynch Mortgage Trust 2006-C2, Commercial Mortgage Pass-Through
      Certificates, Series 2006-C2 (the "Certificates"), issued pursuant to the
      Pooling and Servicing Agreement (the "Pooling and Servicing Agreement"),
      dated as of August 1, 2006, between Merrill Lynch Mortgage Investors,
      Inc., as Depositor, Wachovia Bank, National Association and Prudential
      Asset Resources, Inc., as Master Servicers, J.E. Robert Company, Inc., as
      special servicer, and LaSalle Bank National Association, as Trustee

STATE OF __________________________ )
                                    )     ss.:  _____________________________
COUNTY OF ________________________  )

      The undersigned declares that, to the best knowledge and belief of the
undersigned, the following representations are true, correct and complete:

      1.__________________________________ (the "Purchaser"), is acquiring Class
[R-I] [R-II] Certificates representing ________________% of the residual
interest in [each of] the real estate mortgage investment conduit[s] ([each,] a
"REMIC") designated as ["REMIC I"] ["REMIC II"], [respectively], relating to the
Certificates for which an election is to be made under Section 860D of the
Internal Revenue Code of 1986, as amended (the "Code").

      2. The Purchaser is not a "Disqualified Organization" (as defined below),
and the Purchaser is not acquiring the Class [R-I] [R-II] Certificates for the
account of, or as agent or nominee of, or with a view to the transfer of direct
or indirect record or beneficial ownership thereof, to a Disqualified
Organization. For the purposes hereof, a Disqualified Organization is any of the
following: (i) the United States, (ii) any state or political subdivision
thereof, (iii) any foreign government, (iv) any international organization, (v)
any agency or instrumentality of any of the foregoing, (vi) any tax-exempt
organization (other than a cooperative described in Section 521 of the Code)
which is exempt from the tax imposed by Chapter 1 of the Code unless such
organization is subject to the tax imposed by Section 511 of the Code, (vii) any
organization described in Section 1381(a)(2)(C) of the Code, or (viii) any other
entity designated as a "disqualified organization" by relevant legislation
amending the REMIC Provisions and in effect at or proposed to be effective as of
the time of determination. In addition, a corporation will not be treated as an
instrumentality of the United States or of any state or political subdivision
thereof if all of its activities are subject to tax (except for the Federal Home
Loan Mortgage Corporation) and a majority of its board of directors is not
selected by such governmental unit. The terms "United States" and "international
organization" shall have the meanings set forth in Section 7701 of the Code.

      3. The Purchaser acknowledges that Section 860E(e) of the Code would
impose a substantial tax on the transferor or, in certain circumstances, on an
agent for the transferee, with respect to any transfer of any interest in any
Class [R-I] [R-II] Certificates to a Disqualified Organization.

      4. The Purchaser will not transfer the Class [R-I] [R-II] Certificates to
any person or entity as to which the Purchaser has not received an affidavit
substantially in the form of this affidavit or to any person or entity as to
which the Purchaser has actual knowledge that the requirements set forth in
paragraphs 2 and 7 hereof are not satisfied, or to any person or entity with
respect to which the Purchaser has not (at the time of such transfer) satisfied
the requirements under the Code to conduct a reasonable investigation of the
financial condition of such person or entity (or its current beneficial owners
if such person or entity is classified as a partnership under the Code).

      5. The Purchaser agrees to such amendments of the Pooling and Servicing
Agreement as may be required to further effectuate the prohibition against
transferring the Class [R-I] [R-II] Certificates to a Disqualified Organization,
an agent thereof or a person that does not satisfy the requirements of paragraph
7.

      6. The Purchaser consents to the designation of the REMIC Administrator as
the agent of the Tax Matters Person of [REMIC I] [REMIC II] pursuant to Section
10.01(d) of the Pooling and Servicing Agreement.

      7. No purpose of the acquisition of the Class [R-I] [R-II] Certificates is
to impede the assessment or collection of tax.

                    [CHOOSE BETWEEN PARAGRAPHS 8 OR 9 BELOW]

      8. If the Transferor requires the safe harbor under Treasury regulations
section 1.860E-1 to apply:

      i.    The Purchaser historically has paid its debts as they have come due
            and intends to pay its debts as they come due in the future and the
            Purchaser intends to pay taxes associated with holding the Class
            [R-I] [R-II] Certificates as they become due.

      ii.   The Purchaser understands that it may incur tax liabilities with
            respect to the Class [R-I] [R-II] Certificates in excess of any cash
            flows generated by such Certificates.

      iii.  The Purchaser is not a foreign permanent establishment or a fixed
            base (within the meaning of any applicable income tax treaty between
            the United States and any foreign jurisdiction) of a United States
            Tax Person.

      iv.   The Purchaser will not cause the income from the Class [R-I] [R-II]
            Certificates to be attributable to a foreign permanent establishment
            or fixed base (within the meaning of any applicable income tax
            treaty between the United States and any foreign jurisdiction) of a
            United States Tax Person.

      [CHECK THE STATEMENT THAT APPLIES]

|_|   v)    In accordance with Treasury Regulations Section 1.860E-1, the
            Purchaser:

            a) is an "eligible corporation" as defined in Section
            1.860E-1(c)(6)(i) of the Treasury regulations (i.e., a domestic C
            corporation other than a corporation which is exempt from, or is not
            subject to, tax under Section 11 of the Code; a Regulated Investment
            Company as defined in Section 851(a) of the Code; a Real Estate
            Investment Trust as defined in Section 856(a) of the Code; a REMIC
            as defined in Section 860D of the Code; or an organization to which
            part I of subchapter T of chapter 1 of subtitle A of the Code
            applies, as to which the income of Class [R-I] [R-II] Certificates
            will only be subject to taxation in the United States,

            b) has, and has had in each of its two preceding fiscal years, gross
            assets for financial reporting purposes (excluding any obligation of
            a person related to the transferee within the meaning of Section
            1.860E-1(c)(6)(ii) of the Treasury regulations or any other assets
            if a principal purpose for holding or acquiring such asset is to
            satisfy this condition) in excess of $100 million and net assets of
            $10 million, and

            c) hereby agrees only to transfer the Certificate to another
            "eligible corporation" meeting the criteria set forth in Treasury
            regulations section 1.860E-1.

      OR

|_|   vi)   The Purchaser is a United States Tax Person and the consideration
            paid to the Purchaser for accepting the Class [R-I] [R-II]
            Certificates is greater than the present value of the anticipated
            net federal income taxes and tax benefits ("Tax Liability Present
            Value") associated with owning such Certificates, with such present
            value computed using a discount rate equal to the "Federal
            short-term rate" prescribed by Section 1274 of the Code as of the
            date hereof or, to the extent it is not, if the Transferee has
            asserted that it regularly borrows, in the ordinary course of its
            trade or business, substantial funds from unrelated third parties at
            a lower interest rate than such applicable federal rate and the
            consideration paid to the Purchaser is greater than the Tax
            Liability Present Value using such lower interest rate as the
            discount rate, the transactions with the unrelated third party
            lenders, the interest rate or rates, the date or dates of such
            transactions, and the maturity dates or, in the case of adjustable
            rate debt instruments, the relevant adjustment dates or periods,
            with respect to such borrowings, are accurately stated in Exhibit A
            to this letter

|_|   9. If the Transferor does not require the safe harbor under Treasury
regulations section 1.860E-1 to apply: [CHECK THE STATEMENT THAT APPLIES]

|_|         i) The Purchaser is a "United States person" as defined in Section
            7701(a) of the Code and the regulations promulgated thereunder (the
            Purchaser's U.S. taxpayer identification number is ______________).
            The Purchaser is not classified as a partnership under the Code (or,
            if so classified, all of its beneficial owners are United States
            persons).

      OR

|_|   ii)   The Purchaser is not a United States person. However, the Purchaser:

            a) conducts a trade or business within the United States and, for
            purposes of Treasury regulations section 1.860G-3(a)(3), is subject
            to tax under Section 882 of the Code;

            b) understands that, for purposes of Treasury regulations section
            1.860E-1(c)(4)(ii), as a holder of a Class [R-I] [R-II] Certificate
            for United States federal income tax purposes, it may incur tax
            liabilities in excess of any cash flows generated by such Class
            [R-I] [R-II] Certificate;

            c) intends to pay the taxes associated with holding a Class [R-I]
            [R-II] Certificate;

            d) is not classified as a partnership under the Code (or, if so
            classified, all of its beneficial owners either satisfy clauses (a),
            (b) and (c) of this sentence or are United States persons); and

            e) has furnished the Transferor and the Trustee with an effective
            IRS Form W-8ECI or successor form and will update such form as may
            be required under the applicable Treasury regulations

      Capitalized terms used but not defined herein have the meanings assigned
thereto in the Pooling and Servicing Agreement.

<PAGE>

      IN WITNESS WHEREOF, the Purchaser has caused this instrument to be duly
executed on its behalf by its duly authorized officer this _______ day of
___________________________.

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

                                    Name:
                                       -----------------------------------------

                                    Title:
                                       -----------------------------------------

      Personally appeared before me ___________________________, known or proved
to me to be the same person who executed the foregoing instrument and to be a
_______________________ of the Purchaser, and acknowledged to me that he/she
executed the same at his/her free act and deed and at the free act and deed of
the Purchaser.

                                    Subscribed and sworn before me this
                                    _________ day of ______________________,
                                    20_____.

                                   --------------------------------------------
                                    Notary Public

<PAGE>

                                   EXHIBIT G-2

                         FORM OF TRANSFEROR CERTIFICATE
                     FOR TRANSFERS OF RESIDUAL CERTIFICATES

                                                                          [Date]

LaSalle Bank National Association
135 South LaSalle Street, Suite 1625
Chicago, Illinois 60603
Attention: Global Securities and Trust Services Group-- MLMT Commercial Mortgage
Pass-Through Certificates, Series 2006-C2

      Re:   Merrill Lynch Mortgage Trust 2006-C2, Commercial Mortgage
            Pass-Through Certificates, Series 2006-C2 (the "Certificates"),
            Class [R-I] [R-II]

Ladies and Gentlemen:

            This letter is delivered to you in connection with the transfer by
_________________ (the "Transferor") to _________________ (the "Transferee") of
the above-captioned Certificates evidencing a ___% Percentage Interest in such
Class (the "Residual Certificates"). The Certificates, including the Residual
Certificates, were issued pursuant to the Pooling and Servicing Agreement, dated
as of August 1, 2006 (the "Pooling and Servicing Agreement"), between Merrill
Lynch Mortgage Investors, Inc., as Depositor, Wachovia Bank, National
Association and Prudential Asset Resources, Inc., as Master Servicers, J.E.
Robert Company, Inc., as special servicer, and LaSalle Bank National
Association, as Trustee. All capitalized terms used but not otherwise defined
herein shall have the respective meanings set forth in the Pooling and Servicing
Agreement. The Transferor hereby certifies, represents and warrants to you, as
Certificate Registrar, that:

            1. No purpose of the Transferor relating to the transfer of the
      Residual Certificates by the Transferor to the Transferee is or will be to
      impede the assessment or collection of any tax.

            2. The Transferor understands that the Transferee has delivered to
      you a Transfer Affidavit and Agreement in the form attached to the Pooling
      and Servicing Agreement as Exhibit G-1. The Transferor does not know or
      believe that any representation contained therein is false.

            3. The Transferor has at the time of this transfer conducted a
      reasonable investigation of the financial condition of the Transferee (or
      the beneficial owners of the Transferee if it is classified as a
      partnership under the Internal Revenue Code of 1986, as amended) as
      contemplated by Treasury regulations section 1.860E-1(c)(4)(i) and, as a
      result of that investigation, the Transferor has determined that the
      Transferee has historically paid its debts as they became due and has
      found no significant evidence to indicate that the Transferee will not
      continue to pay its debts as they become due in the future. The Transferor
      understands that the transfer of the Residual Certificates may not be
      respected for United States income tax purposes (and the Transferor may
      continue to be liable for United States income taxes associated therewith)
      unless the Transferor has conducted such an investigation.

                              Very truly yours,

                              ________________________________________________
                              (Transferor)

                                         Name:________________________________

                                         Title:_______________________________

<PAGE>

                                   EXHIBIT H-1

                        FORM OF NOTICE AND ACKNOWLEDGMENT

                                                                          [Date]

Moody's Investors Service, Inc.
99 Church Street, 4th Floor
New York, New York 10041

Standard & Poor's Ratings Services
  a Division of The McGraw-Hill Companies, Inc.
55 Water Street
New York, New York 10041

Ladies and Gentlemen:

            This notice is being delivered pursuant to Section 6.09 of the
Pooling and Servicing Agreement dated as of August 1, 2006 relating to Merrill
Lynch Mortgage Trust 2006-C2, Commercial Mortgage Pass-Through Certificates,
Series 2006-C2 (the "Agreement"). Any term with initial capital letters not
otherwise defined in this notice has the meaning given such term in the
Agreement.

            Notice is hereby given that the Holders of Certificates evidencing a
majority of the Voting Rights allocated to the Controlling Class have designated
[name of proposed special servicer] to serve as the Special Servicer under the
Agreement.

            The designation of [name of proposed special servicer] as Special
Servicer will become final if certain conditions are met and on the date you
will deliver to LaSalle Bank National Association, the trustee under the
Agreement (the "Trustee"), a written confirmation stating that the appointment
of the person designated to become the Special Servicer will not result in the
qualification, downgrading or withdrawal of the rating or ratings assigned to
one or more Classes of the Certificates.

            Please acknowledge receipt of this notice by signing the enclosed
copy of this notice where indicated below and returning it to the Trustee, in
the enclosed stamped self-addressed envelope.

                              Very truly yours,

                        LASALLE BANK NATIONAL ASSOCIATION

                              By:_____________________________________________
                                 Name
                                 Title:

Moody's Investors Service, Inc.          Standard & Poor's Ratings Services

By:_________________________             By:_________________________
   Name:                                    Name:
   Title:                                   Title:

Date:________________________            Date:________________________

<PAGE>

                                   EXHIBIT H-2

               FORM OF ACKNOWLEDGMENT OF PROPOSED SPECIAL SERVICER

                                                                          [Date]

LaSalle Bank National Association
Corporate Trust Services
One Federal Street, 3rd Floor
Boston, MA 02110
Attention: Merrill Lynch Mortgage Trust 2006-C2

      Re:   Merrill Lynch Mortgage Trust 2006-C2,
            Commercial Mortgage Pass-Through Certificates, Series 2006-C2

Ladies & Gentlemen:

            Pursuant to Section 6.09 of the Pooling and Servicing Agreement
dated as of August 1, 2006 relating to Merrill Lynch Mortgage Trust 2006-C2,
Commercial Mortgage Pass-Through Certificates, Series 2006-C2 (the "Agreement"),
the undersigned hereby agrees with all the other parties to the Agreement that
the undersigned shall serve as Special Servicer under, and as defined in, the
Agreement. The undersigned hereby acknowledges that, as of the date hereof, it
is and shall be a party to the Agreement and bound thereby to the full extent
indicated therein in the capacity of Special Servicer. The undersigned hereby
makes, as of the date hereof, the representations and warranties set forth in
Section 3.23(b) of the Agreement as if it were the Special Servicer hereunder.

                              [Name of Proposed Special Servicer]

                              ________________________________________________

                              By:_____________________________________________

                                         Name_________________________________

                                         Title:_______________________________

<PAGE>

                                   EXHIBIT I-1

                        FORM OF INFORMATION REQUEST FROM
                     CERTIFICATEHOLDER OR CERTIFICATE OWNER

                                                   ______________________, 200__

LaSalle Bank National Association
135 South LaSalle Street, Suite 1625
Chicago, Illinois 60603
Attention: Global Securities and Trust Services Group
Merrill Lynch Mortgage Trust 2006-C2

Wachovia Bank, National Association
NC 1075, 8739 Research Drive URP4
Charlotte, North Carolina 28262

Prudential Asset Resources, Inc.
2200 Ross Avenue, Suite 4900E
Dallas TX 75201

Merrill Lynch Mortgage Investors, Inc.
4 World Financial Center
250 Vesey Street, 16th Floor
New York, New York 10080

      Re:   Merrill Lynch Mortgage Trust 2006-C2
            Commercial Mortgage Pass-Through Certificates, Series 2006-C2

            In accordance with the Pooling and Servicing Agreement dated as of
August 1, 2006 (the "Pooling and Servicing Agreement"), among Merrill Lynch
Mortgage Investors, Inc., as depositor (the "Depositor"), Wachovia Bank,
National Association and Prudential Asset Resources, Inc., as master servicers
(the "Master Servicers"), J.E. Robert Company, Inc., as special servicer (the
"Special Servicer"), and LaSalle Bank National Association, as trustee (the
"Trustee"), with respect to the Merrill Lynch Mortgage Trust 2006-C2, Commercial
Mortgage Pass-Through Certificates, Series 2006-C2 (the "Certificates"), the
undersigned (the "Investor") hereby certifies and agrees as follows:

      1.    The Investor is a [holder] [beneficial owner] of [$__________
            aggregate [Certificate Principal Balance/Certificate Notional
            Amount] of] [a ___% Percentage Interest in] the Class ____
            Certificates.

      2.    The Investor is requesting access to the following information (the
            "Information") solely for use in evaluating the Investor's
            investment in the Certificates:

            ___   The information available on the Master Servicers' internet
                  websites pursuant to Section 3.15 of the Pooling and Servicing
                  Agreement.

            ___   The information available on the Trustee's internet website
                  pursuant to Sections 3.15 and 4.02 of the Pooling and
                  Servicing Agreement.

            ___   The information identified on Schedule I attached hereto
                  pursuant to Sections 3.15 and 4.02 of the Pooling and
                  Servicing Agreement.

      3.    In consideration of either Master Servicer's or the Trustee's
            disclosure to the Investor of the Information, the Investor will
            keep the Information confidential (except from such outside Persons
            as are assisting it in evaluating the Information), and such
            Information will not, without the prior written consent of either
            Master Servicer or the Trustee, as applicable, be disclosed by the
            Investor or by its Affiliates, officers, directors, partners,
            shareholders, members, managers, employees, agents or
            representatives (collectively, the "Representatives") in any manner
            whatsoever, in whole or in part; provided, that the Investor may
            provide all or any part of the Information to any other Person that
            holds or is contemplating the purchase of any Certificate or
            interest therein, but only if such Person confirms in writing such
            ownership interest or prospective ownership interest and agrees to
            keep it confidential; and provided further, that the Investor may
            provide all or any part of the Information to its auditors, legal
            counsel and regulators; and provided further, that the Investor
            shall not be obligated to keep confidential any Information that has
            previously been made available on an unrestricted basis and without
            a password via the Trustee's or either Master Servicer's, as
            applicable, Internet Website or has previously been filed with the
            Securities and Exchange Commission.

      4.    The Investor will not use or disclose the Information in any manner
            that could result in a violation of any provision of the Securities
            Act of 1933, as amended (the "Securities Act"), or the Securities
            Exchange Act of 1934, as amended, or that would require registration
            of any Non-Registered Certificate pursuant to Section 5 of the
            Securities Act.

      5.    The Investor hereby acknowledges and agrees that:

            (a)   Neither of the Master Servicers nor the Trustee will make any
                  representations or warranties as to the accuracy or
                  completeness of, and will assume no responsibility for, any
                  report, document or other information delivered pursuant to
                  this request or made available on its internet website;

            (b)   Neither of the Master Servicers nor the Trustee has undertaken
                  any obligation to verify the accuracy or completeness of any
                  information provided by a Mortgagor, a third party, each other
                  or any other Person that is included in any report, document
                  or other information delivered pursuant to this request or
                  made available on its respective internet website;

            (c)   Any transmittal of any report, document or other information
                  to the Investor by either Master Servicer or the Trustee is
                  subject to, which transmittal may (but need not be)
                  accompanied by a letter containing, the following provision:

                        By receiving the information set forth herein, you
                        hereby acknowledge and agree that the United States
                        securities laws restrict any person who possesses
                        material, non-public information regarding the Trust
                        which issued Merrill Lynch Mortgage Investors, Inc.,
                        Commercial Mortgage Pass-Through Certificates, Series
                        2006-C2, from purchasing or selling such Certificates in
                        circumstances where the other party to the transaction
                        is not also in possession of such information. You also
                        acknowledge and agree that such information is being
                        provided to you for the purposes of, and such
                        information may be used only in connection with,
                        evaluation by you or another Certificateholder,
                        Certificate Owner or prospective purchaser of such
                        Certificates or beneficial interest therein;

            (d)   When delivering any report, document or other information
                  pursuant to this request, either Master Servicer or the
                  Trustee may (i) indicate the source thereof and may affix
                  thereto any disclaimer it deems appropriate in its discretion
                  and (ii) contemporaneously provide such report, document or
                  information to the Depositor, the Trustee, any Underwriter,
                  any Rating Agency or Certificateholders or Certificate Owners.

      6.    The Investor agrees to indemnify and hold harmless the Master
            Servicers, the Special Servicer, the Depositor, the Trustee and the
            Trust from any damage, loss, cost or liability (including legal fees
            and expenses and the cost of enforcing this indemnity) arising out
            of or resulting from any unauthorized use or disclosure of the
            Information by the Investor or any of its Representatives. The
            Investor also acknowledges and agrees that money damages would be
            both incalculable and an insufficient remedy for any breach of the
            terms of this letter by the Investor or any of its Representatives
            and that either Master Servicer, the Trustee or the Trust may seek
            equitable relief, including injunction and specific performance, as
            a remedy for any such breach. Such remedies are not the exclusive
            remedies for a breach of this letter but are in addition to all
            other remedies available at law or equity.

      Capitalized terms used in this letter but not defined have the respective
meanings given to them in the Pooling and Servicing Agreement.

      IN WITNESS WHEREOF, the Investor has caused its name to be signed hereto
by its duly authorized officer, as of the day and year written above.

                              [CERTIFICATEHOLDER] [BENEFICIAL OWNER OF A
                              CERTIFICATE]

                              By:_____________________________________________

                              Name____________________________________________

                              Title:__________________________________________

                              Telephone No.:__________________________________

<PAGE>

                                   SCHEDULE I

                        [DESCRIBE INFORMATION REQUESTED]

<PAGE>

                                   EXHIBIT I-2

              FORM OF INFORMATION REQUEST FROM PROSPECTIVE INVESTOR

                                                   ______________________, 200__

LaSalle Bank National Association
135 South LaSalle Street, Suite 1625
Chicago, Illinois 60603
Attention: Global Securities and Trust Services Group
           Merrill Lynch Mortgage Trust 2006-C2

Wachovia Bank, National Association
NC 1075, 8739 Research Drive URP4
Charlotte, North Carolina 28262

Prudential Asset Resources, Inc.
2200 Ross Avenue, Suite 4900E
Dallas TX 75201

Merrill Lynch Mortgage Investors, Inc.
4 World Financial Center
250 Vesey Street, 16th Floor
New York, New York 10080

Re:   Merrill Lynch Mortgage Trust 2006-C2
      Commercial Mortgage Pass-Through Certificates, Series 2006-C2
      (the "Certificates")

      In accordance with the Pooling and Servicing Agreement dated as of August
1, 2006 (the "Pooling and Servicing Agreement"), among Merrill Lynch Mortgage
Investors, Inc., as depositor (the "Depositor"), Wachovia Bank, National
Association and Prudential Asset Resources, Inc., as master servicers (the
"Master Servicers"), J.E. Robert Company, Inc., as special servicer (the
"Special Servicer"), and LaSalle Bank National Association, as trustee (the
"Trustee"), with respect to the Merrill Lynch Mortgage Trust 2006-C2, Commercial
Mortgage Pass-Through Certificates, Series 2006-C2 (the "Certificates"), the
undersigned (the "Investor") hereby certifies and agrees as follows:

      1.    The Investor is contemplating an investment in the Class ____
            Certificates.

      2.    The Investor is requesting access to the following information (the
            "Information") solely for use in evaluating such possible investment
            in the Certificates:

            ___   The information available on the Master Servicers' internet
                  websites pursuant to Section 3.15 of the Pooling and Servicing
                  Agreement.

            ___   The information available on the Trustee's internet website
                  pursuant to Section 3.15 and 4.02 of the Pooling and Servicing
                  Agreement.

            ___   The information identified on Schedule I attached hereto
                  pursuant to Sections 3.15 and 4.02 of the Pooling and
                  Servicing Agreement.

      3.    In consideration of either Master Servicer's or the Trustee's
            disclosure to the Investor of the Information, the Investor will
            keep the Information confidential (except from such outside Persons
            as are assisting it in evaluating the Information in connection with
            the Investor's possible investment in the Certificates), and such
            Information will not, without the prior written consent of either
            Master Servicer or the Trustee, as applicable, be disclosed by the
            Investor or by its Affiliates, officers, directors, partners,
            shareholders, members, managers, employees, agents or
            representatives (collectively, the "Representatives") in any manner
            whatsoever, in whole or in part; provided, that the Investor may
            provide all or any part of the Information to any other Person that
            holds or is contemplating the purchase of any Certificate or
            interest therein, but only if such Person confirms in writing such
            ownership interest or prospective ownership interest and agrees to
            keep it confidential; and provided further, that the Investor may
            provide all or any part of the Information to its auditors, legal
            counsel and regulators; and provided further, that the Investor
            shall not be obligated to keep confidential any Information that has
            previously been made available on an unrestricted basis and without
            a password via the Trustee's or either Master Servicer's, as
            applicable, Internet Website or has previously been filed with the
            Securities and Exchange Commission.

      4.    The Investor will not use or disclose the Information in any manner
            that could result in a violation of any provision of the Securities
            Act of 1933, as amended (the "Securities Act"), or the Securities
            Exchange Act of 1934, as amended, or that would require registration
            of any Non-Registered Certificate pursuant to Section 5 of the
            Securities Act.

      5.    The Investor hereby acknowledges and agrees that:

            (a)   Neither of the Master Servicers nor the Trustee will make any
                  representations or warranties as to the accuracy or
                  completeness of, and will assume no responsibility for, any
                  report, document or other information delivered pursuant to
                  this request or made available on its internet website;

            (b)   Neither of the Master Servicers nor the Trustee has undertaken
                  any obligation to verify the accuracy or completeness of any
                  information provided by a Mortgagor, a third party, each other
                  or any other Person that is included in any report, document
                  or other information delivered pursuant to this request or
                  made available on its respective internet website;

            (c)   Any transmittal of any report, document or other information
                  to the Investor by either Master Servicer or the Trustee is
                  subject to, which transmittal may (but need not be)
                  accompanied by a letter containing, the following provision:

                        By receiving the information set forth herein, you
                        hereby acknowledge and agree that the United States
                        securities laws restrict any person who possesses
                        material, non-public information regarding the Trust
                        which issued Merrill Lynch Mortgage Investors, Inc.,
                        Commercial Mortgage Pass-Through Certificates, Series
                        2006-C2, from purchasing or selling such Certificates in
                        circumstances where the other party to the transaction
                        is not also in possession of such information. You also
                        acknowledge and agree that such information is being
                        provided to you for the purposes of, and such
                        information may be used only in connection with,
                        evaluation by you or another Certificateholder,
                        Certificate Owner or prospective purchaser of such
                        Certificates or beneficial interest therein;

            (d)   When delivering any report, document or other information
                  pursuant to this request, either Master Servicer or the
                  Trustee may (i) indicate the source thereof and may affix
                  thereto any disclaimer it deems appropriate in its discretion
                  and (ii) contemporaneously provide such report, document or
                  information to the Depositor, the Trustee, any Underwriter,
                  any Rating Agency or Certificateholders or Certificate Owners.

      6.    The Investor agrees to indemnify and hold harmless the Master
            Servicers, the Trustee, the Special Servicer, the Depositor, the
            Trustee and the Trust from any damage, loss, cost or liability
            (including legal fees and expenses and the cost of enforcing this
            indemnity) arising out of or resulting from any unauthorized use or
            disclosure of the Information by the Investor or any of its
            Representatives. The Investor also acknowledges and agrees that
            money damages would be both incalculable and an insufficient remedy
            for any breach of the terms of this letter by the Investor or any of
            its Representatives and that either Master Servicer, the Trustee or
            the Trust may seek equitable relief, including injunction and
            specific performance, as a remedy for any such breach. Such remedies
            are not the exclusive remedies for a breach of this letter but are
            in addition to all other remedies available at law or equity.

      Capitalized terms used in this letter but not defined have the respective
meanings given to them in the Pooling and Servicing Agreement.

      IN WITNESS WHEREOF, the Investor has caused its name to be signed hereto
by its duly authorized officer, as of the day and year written above.

                              [PROSPECTIVE PURCHASER]

                              By:_____________________________________________

                                         Name_________________________________

                                         Title:_______________________________

                                        Telephone No.:________________________

<PAGE>

                                   SCHEDULE I

                        [DESCRIBE INFORMATION REQUESTED]

<PAGE>

                                    EXHIBIT J

               FORM OF EXCHANGE ACT REPORTABLE EVENT NOTIFICATION

VIA FAX:        (212) 449-7684
VIA EMAIL:      david_rodgers@ml.com
VIA TELEPHONE:  212-449-3611*
VIA OVERNIGHT MAIL:
[* If notice is given by telephone, similar notice should also be given by fax
or e-mail.]

Merrill Lynch Mortgage Investors, Inc., as Depositor
4 World Financial Center
250 Vesey Street, 16th Floor
New York, New York 10080

Attention: David Rodgers or Director, CMBS Securitization

            Re:   Exchange Act Reportable Event Disclosure

Ladies and Gentlemen:

            In accordance with Section 8.16 of the Pooling and Servicing
Agreement, dated as of August 1, 2006 (the "Pooling and Servicing Agreement"),
among Merrill Lynch Mortgage Investors, Inc., as depositor, Wachovia Bank,
National Association and Prudential Asset Resources, Inc., as master servicers,
J.E. Robert Company, Inc., as special servicer, and LaSalle Bank 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 Exchange Act Reportable Event:

________________________________________________________________________________
________________________________________________________________________________
________________________________________________________________________________

List of any Attachments hereto to be included in the Exchange Act Reportable
Event Disclosure:

________________________________________________________________________________
________________________________________________________________________________
________________________________________________________________________________

            Any inquiries related to this notification should be directed to
[_______________], phone number: [_________]; email address: [_______________].

                                    [NAME OF PARTY],
                                    as [role]

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

<PAGE>

                                    EXHIBIT K

                      FORM OF S&P DEFEASANCE CERTIFICATION

For loans having a principal balance of less than (a) $20,000,000, and (b) 5% of
 outstanding pool balance, and which loan is not one of the 10 largest loans in
                               the respective pool

To:   Standard & Poor's Ratings Services
      55 Water Street
      New York, New York 10041
      Attn: Commercial Mortgage Surveillance

From: [Wachovia Bank, National Association] [Prudential Asset Resources, Inc.]
      in its capacity as Master Servicer (the "Master Servicer") under the
      Pooling and Servicing Agreement dated as of August 1, 2006 (the "Pooling
      and Servicing Agreement"), among Merrill Lynch Mortgage Investors, Inc.,
      as depositor, Wachovia Bank, National Association and Prudential Asset
      Resources, Inc. as master servicers, J.E. Robert Company, Inc., as special
      servicer, and LaSalle Bank National Association, as trustee.

Date: _________, 20___

Re:   Merrill Lynch Mortgage Trust 2006-C2, Commercial Mortgage Pass-Through
      Certificates, Series 2006-C2 -- Mortgage Loan (the "Mortgage Loan")
      heretofore secured by real property known as _______.

      Capitalized terms used but not defined herein have the meanings assigned
to such terms in the Pooling and Servicing Agreement.

      THE STATEMENTS SET FORTH BELOW ARE MADE (A) TO THE BEST KNOWLEDGE OF THE
UNDERSIGNED BASED UPON DUE DILIGENCE CONSISTENT WITH THE SERVICING STANDARD
SPECIFIED IN THE POOLING AND SERVICING AGREEMENT (THE "SERVICING STANDARD"), AND
(B) WITHOUT INTENDING TO WARRANT THE ACCURACY THEREOF OR UNDERTAKE ANY DUTY OR
STANDARD OF CARE GREATER THAN THE DUTIES OF THE MASTER SERVICER UNDER THE
POOLING AND SERVICING AGREEMENT AND THE SERVICING STANDARD.

      We hereby notify you and confirm that each of the following is true,
subject to those exceptions, if any, set forth on Exhibit A hereto, which
exceptions the Master Servicer has determined, consistent with the Servicing
Standard, will have no material adverse effect on the Mortgage Loan or the
defeasance transaction:

            1.    The Mortgagor has consummated a defeasance of the Mortgage
                  Loan of the type checked below:

                  ____  a full defeasance of the entire outstanding principal
                        balance ($___________) of the Mortgage Loan; or

                  ____  a partial defeasance of a portion ($__________) of the
                        Mortgage Loan that represents ___% of the entire
                        principal balance of the Mortgage Loan ($________);

            2.    The defeasance was consummated on __________, 20__.

            3.    The defeasance was completed in all material respects in
                  accordance with the conditions for defeasance specified in the
                  Mortgage Loan documents and in accordance with the Servicing
                  Standard.

            4.    The defeasance collateral consists only of one or more of the
                  following: (i) direct debt obligations of the U.S. Treasury,
                  (ii) direct debt obligations of the Federal National Mortgage
                  Association, (iii) direct debt obligations of the Federal Home
                  Loan Mortgage Corporation, or (iv) interest-only direct debt
                  obligations of the Resolution Funding Corporation. Such
                  defeasance collateral consists of securities that (i) if they
                  include a principal obligation, the principal due at maturity
                  cannot vary or change, (ii) provide for interest at a fixed
                  rate and (iii) are not subject to prepayment, call or early
                  redemption.

            5.    After the defeasance, the defeasance collateral will be owned
                  by an entity (the "Defeasance Obligor") that: (i) is the
                  original Mortgagor, (ii) is a Single-Purpose Entity (as
                  defined in the S&P Criteria), (iii) is subject to restrictions
                  in its organizational documents substantially similar to those
                  contained in the organizational documents of the original
                  Mortgagor with respect to bankruptcy remoteness and single
                  purpose, (iv) has been designated as the Defeasance Obligor by
                  the originator of the Mortgage Loan pursuant to the terms of
                  the Mortgage Loan documents, or (v) has delivered a letter
                  from Standard & Poor's confirming that the organizational
                  documents of such Defeasance Obligor were previously approved
                  by Standard & Poor's. The Defeasance Obligor owns no assets
                  other than defeasance collateral and (only in the case of the
                  original Mortgagor) real property securing one or more
                  Mortgage Loans included in the pool under the Pooling and
                  Servicing Agreement (the "Pool").

            6.    If such Defeasance Obligor (together with its affiliates)
                  holds more than one defeased loan, it does not (together with
                  its affiliates) hold defeased loans aggregating more than $20
                  Million or more than five percent (5%) of the aggregate
                  certificate balance of the Certificates as of the date of the
                  most recent Distribution Date Statement received by the Master
                  Servicer (the "Current Report").

            7.    The defeasance documents require that the defeasance
                  collateral be credited to an eligible account (as defined in
                  the S&P Criteria) that must be maintained as a securities
                  account by a securities intermediary that is at all times an
                  Eligible Institution (as defined in the S&P Criteria). The
                  securities intermediary may reinvest proceeds of the
                  defeasance collateral only in Permitted Investments (as
                  defined in the Pooling and Servicing Agreement).

            8.    The securities intermediary is obligated to pay from the
                  proceeds of the defeasance collateral, directly to the Master
                  Servicer's Collection Account, all scheduled payments on the
                  Mortgage Loan or, in a partial defeasance, not less than 125%
                  of the portion of such scheduled payments attributed to the
                  allocated loan amount for the real property defeased (the
                  "Scheduled Payments").

            9.    The Servicer received written confirmation from an independent
                  certified public accountant stating that (i) revenues from the
                  defeasance collateral (without taking into account any
                  earnings on reinvestment of such revenues) will be sufficient
                  to timely pay each of the Scheduled Payments including the
                  payment in full of the Mortgage Loan (or the allocated portion
                  thereof in connection with a partial defeasance) on its
                  Maturity Date (or, in the case of an ARD Loan, on its
                  Anticipated Repayment Date), (ii) the revenues received in any
                  month from the defeasance collateral will be applied to make
                  Scheduled Payments within four (4) months after the date of
                  receipt, (iii) the defeasance collateral is not subject to
                  prepayment, call or early redemption, and (iv) interest income
                  from the defeasance collateral to the Defeasance Obligor in
                  any tax year will not exceed such Defeasance Obligor's
                  interest expense for the Mortgage Loan (or the allocated
                  portion thereof in a partial defeasance) for such year, other
                  than in the year in which the Maturity Date or Anticipated
                  Repayment Date will occur, when interest income will exceed
                  interest expense.

            10.   The Master Servicer received opinions of counsel that, subject
                  to customary qualifications and exceptions, (i) the defeasance
                  will not cause the Trust to fail to qualify as a REMIC for
                  purpose of the Internal Revenue Code, (ii) the agreements
                  executed by the Mortgagor and the Defeasance Obligor in
                  connection with the defeasance are enforceable against them in
                  accordance with their terms, and (iii) the Trustee will have a
                  perfected, first priority security interest in the defeasance
                  collateral.

            11.   The agreements executed in connection with the defeasance (i)
                  prohibit subordinate liens against the defeasance collateral,
                  (ii) provide for payment from sources other than the
                  defeasance collateral of all fees and expenses of the
                  securities intermediary for administering the defeasance and
                  the securities account and all fees and expenses of
                  maintaining the existence of the Defeasance Obligor, (iii)
                  permit release of surplus defeasance collateral and earnings
                  on reinvestment to the Defeasance Obligor only after the
                  Mortgage Loan has been paid in full, (iv) include
                  representations and/or covenants of the Mortgagor and/or
                  securities intermediary substantially as set forth on Exhibit
                  B hereto, (v) provide for survival of such representations;
                  and (vi) do not permit waiver of such representations and
                  covenants.

            12.   The outstanding principal balance of the Mortgage Loan
                  immediately before the defeasance was less than $20,000,000
                  and less than 5% of the aggregate certificate balance of the
                  Certificates as of the date of the Current Report. The
                  Mortgage Loan is not one of the ten (10) largest loans in the
                  Mortgage Pool.

            13.   Copies of all material agreements, instruments, organizational
                  documents, opinions of counsel, accountant's report and other
                  items delivered in connection with the defeasance will be
                  provided to you upon request.

            14.   The individual executing this notice is an authorized officer
                  or a servicing officer of the Master Servicer.

<PAGE>

      IN WITNESS WHEREOF, the Master Servicer has caused this notice to be
executed as of the date captioned above.

                                       [WACHOVIA BANK, NATIONAL ASSOCIATION]
                                       [PRUDENTIAL ASSET RESOURCES, INC.],

                                       as Master Servicer

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

<PAGE>

                                    EXHIBIT L

<TABLE>
<CAPTION>
------------------------------------------------------------------------------------------------------------------------------------
                                                                                                              RELEVANT SERVICING
                                                        SERVICING CRITERIA                                         CRITERIA
------------------------------------------------------------------------------------------------------------------------------------
      Reference                                             Criteria
------------------------------------------------------------------------------------------------------------------------------------
                                                General Servicing Considerations
------------------------------------------------------------------------------------------------------------------------------------
<S>                     <C>                                                                                   <C>
1122(d)(1)(i)           Policies and procedures are instituted to monitor any performance or other                 Trustee
                        triggers and events of default in accordance with the transaction agreements.          Master Servicers
                                                                                                               Special Servicer
------------------------------------------------------------------------------------------------------------------------------------
1122(d)(1)(ii)          If any material servicing activities are outsourced to third parties, policies             Trustee
                        and procedures are instituted to monitor the third party's performance and             Master Servicers
                        compliance with such servicing activities.                                             Special Servicer
------------------------------------------------------------------------------------------------------------------------------------
1122(d)(1)(iii)         Any requirements in the transaction agreements to maintain a back-up servicer                N/A
                        for the mortgage loans are maintained.
------------------------------------------------------------------------------------------------------------------------------------
1122(d)(1)(iv)          A fidelity bond and errors and omissions policy is in effect on the party              Master Servicers
                        participating in the servicing function throughout the reporting period in the         Special Servicer
                        amount of coverage required by and otherwise in accordance with the terms of               Trustee
                        the transaction agreements.
------------------------------------------------------------------------------------------------------------------------------------
                                               Cash Collection and Administration
------------------------------------------------------------------------------------------------------------------------------------
1122(d)(2)(i)           Payments on mortgage loans are deposited into the appropriate custodial bank               Trustee
                        accounts and related bank clearing accounts no more than two business days             Master Servicers
                        following receipt, or such other number of days specified in the transaction           Special Servicer
                        agreements.
------------------------------------------------------------------------------------------------------------------------------------
1122(d)(2)(ii)          Disbursements made via wire transfer on behalf of an obligor or to an investor             Trustee
                        are made only by authorized personnel.                                                 Master Servicers
                                                                                                               Special Servicer
------------------------------------------------------------------------------------------------------------------------------------
1122(d)(2)(iii)         Advances of funds or guarantees regarding collections, cash flows or                   Master Servicers
                        distributions, and any interest or other fees charged for such advances, are           Special Servicer
                        made, reviewed and approved as specified in the transaction agreements.                    Trustee
------------------------------------------------------------------------------------------------------------------------------------
1122(d)(2)(iv)          The related accounts for the transaction, such as cash reserve accounts or                 Trustee
                        accounts established as a form of overcollateralization, are separately                Master Servicers
                        maintained (e.g., with respect to commingling of cash) as set forth in the             Special Servicer
                        transaction agreements.
------------------------------------------------------------------------------------------------------------------------------------
1122(d)(2)(v)           Each custodial account is maintained at a federally insured depository                     Trustee
                        institution as set forth in the transaction agreements. For purposes of this           Master Servicers
                        criterion, "federally insured depository institution" with respect to a foreign        Special Servicer
                        financial institution means a foreign financial institution that meets the
                        requirements of Rule 13k-1(b)(1) under the Securities Exchange Act.
------------------------------------------------------------------------------------------------------------------------------------
1122(d)(2)(vi)          Unissued checks are safeguarded so as to prevent unauthorized access.                      Trustee
                                                                                                               Master Servicers
                                                                                                               Special Servicer
------------------------------------------------------------------------------------------------------------------------------------
1122(d)(2)(vii)         Reconciliations are prepared on a monthly basis for all asset-backed                       Trustee
                        securities related bank accounts, including custodial accounts and related bank        Master Servicers
                        clearing accounts. These reconciliations are (A) mathematically accurate; (B)          Special Servicer
                        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 Commission, are                 Trustee
                        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 Reporting Servicer.
------------------------------------------------------------------------------------------------------------------------------------
1122(d)(3)(ii)          Amounts due to investors are allocated and remitted in accordance with                     Trustee
                        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               Trustee
                        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                Trustee
                        checks, or other form of payment, or custodial bank statements.
------------------------------------------------------------------------------------------------------------------------------------
                                                   Pool Asset Administration
------------------------------------------------------------------------------------------------------------------------------------
1122(d)(4)(i)           Collateral or security on mortgage loans is maintained as required by the                  Trustee
                        transaction agreements or related mortgage loan documents.                             Master Servicers
                                                                                                               Special Servicer
------------------------------------------------------------------------------------------------------------------------------------
1122(d)(4)(ii)          Mortgage loans and related documents are safeguarded as required by the                    Trustee
                        transaction agreements                                                                 Master Servicers
                                                                                                               Special Servicer
------------------------------------------------------------------------------------------------------------------------------------
1122(d)(4)(iii)         Any additions, removals or substitutions to the asset pool are made, reviewed              Trustee
                        and approved in accordance with any conditions or requirements in the                  Master Servicers
                        transaction agreements.                                                                Special Servicer
------------------------------------------------------------------------------------------------------------------------------------
1122(d)(4)(iv)          Payments on mortgage loans, including any payoffs, made in accordance with the         Master Servicers
                        related mortgage loan documents are posted to the servicer's obligor records           Special Servicer
                        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 reporting servicer's records regarding the mortgage loans agree with the           Master Servicers
                        reporting 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             Master Servicers
                        (e.g., loan modifications or re-agings) are made, reviewed and approved by             Special Servicer
                        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        Special Servicer
                        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              Master Servicers
                        mortgage loan is delinquent in accordance with the transaction agreements. Such        Special Servicer
                        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               Master Servicers
                        variable rates are computed based on the related mortgage loan documents.
------------------------------------------------------------------------------------------------------------------------------------
1122(d)(4)(x)           Regarding any funds held in trust for an obligor (such as escrow accounts): (A)        Master Servicers
                        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          Master Servicers
                        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         Master Servicers
                        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         Master Servicers
                        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               Master Servicers
                        recorded in accordance with the transaction agreements.
------------------------------------------------------------------------------------------------------------------------------------
1122(d)(4)(xv)          Any external enhancement or other support, identified in Item 1114(a)(1)                     N/A
                        through (3) or Item 1115 of Regulation AB, is maintained as set forth in the
                        transaction agreements.
------------------------------------------------------------------------------------------------------------------------------------

</TABLE>

[NAME OF REPORTING SERVICER]

Date:
     --------------------------------

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

Name:
     --------------------------------

Title:
      -------------------------------

<PAGE>

                                   EXHIBIT M-1

                         FORM OF PURCHASE OPTION NOTICE

                                                                          [Date]

[Purchase Option Holder]

      Re:   Merrill Lynch Mortgage Trust 2006-C2
            Commercial Mortgage Pass-Through Certificates, Series 2006-C2

Ladies and Gentlemen:

            You are the holder of an assignable option (the "Purchase Option")
to purchase Mortgage Loan number ___ from the Trust Fund, pursuant to Section
3.18 of the Pooling and Servicing Agreement (the "Pooling and Servicing
Agreement") dated as of August 1, 2006, by and among Merrill Lynch Mortgage
Investors, Inc., as Depositor, Wachovia Bank, National Association and
Prudential Asset Resources, Inc., as Master Servicers, J.E. Robert Company,
Inc., as special servicer, and LaSalle Bank National Association, as Trustee.
Capitalized terms used herein and not otherwise defined shall have the meaning
set forth in the Pooling and Servicing Agreement.

            This notice is to inform you that the exercise of your Purchase
Option in respect of Mortgage Loan number ___, pursuant to your Purchase Option
Notice dated ________, a copy of which is attached hereto, is effective.
Pursuant to Section 3.18 of the Pooling and Servicing Agreement and your
Purchase Option Notice, closing of [your] [_____'s] acquisition of Mortgage Loan
number shall occur within ten (10) Business Days of your receipt of this notice,
at the place and in the manner described below.

            [Describe closing mechanics. Describe documents or instruments
required to be prepared by Purchase Option Holder in connection with assignment
and release of the related Mortgage Loan.]

            Upon payment of the Option Price, Mortgage Loan number and the
related Mortgaged Property will be released and the related Mortgage Loan File
will be delivered to [you] [ ] or at [your] [_________'s] direction.

            Drafts of such instruments of transfer or assignment, in each case
without recourse, reasonably necessary to vest in [you] or [ ] the ownership of
Mortgage Loan number______, together with [describe other documents or
instruments reasonably required to consummate the purchase] should be delivered
to [ ] for review as soon as is practicable.

            [Provide Special Servicer contact information.]

            Please acknowledge receipt of this letter by signing the enclosed
copy and return it to my attention.

                                   Sincerely,

                                   By: __________________________________
                                   Name: ________________________________
                                   Title: _______________________________

Purchase Option Holder's Acknowledgment

By: ___________________________
Name: _________________________
Title: ________________________
Date: _________________________

<PAGE>

                                   EXHIBIT M-2

                      FORM OF PURCHASE OPTION ASSIGNMENT BY
                              THE SPECIAL SERVICER

      THIS ASSIGNMENT OF PURCHASE OPTION (this "Assignment") is made effective
as of [________] by and between J.E. Robert Company, Inc. ("Assignor") and
[_______________] ("Assignee") in connection with (i) the Pooling and Servicing
Agreement dated as of August 1, 2006 (the "Agreement"), by and among Merrill
Lynch Mortgage Investors, Inc., as Depositor, Wachovia Bank, National
Association and Prudential Asset Resources, Inc., as Master Servicers, J.E.
Robert Company, Inc., as special servicer, and LaSalle Bank National
Association, as Trustee, with respect to the Merrill Lynch Mortgage Trust
2006-C2, Series 2006-C2 (the "Series 2006-C2 Securitization"), and (ii) the
transfer of the Loan (defined below) to Assignee.

      Capitalized terms used but not otherwise defined in this Assignment shall
have the respective meanings assigned to them in the Agreement.

      1. The Trust is the owner of a Mortgage Loan in the original principal
amount of $[_______] that is included in the Series 2006-C2 Securitization and
is secured by the Mortgaged Property commonly known as
[___________________________] (the "Loan"). The Loan is a Defaulted Mortgage
Loan under the Agreement and is being serviced and administered by Assignor in
its capacity as Special Servicer.

      2. Assignor, (i) pursuant to Section 3.18(c) of the Agreement, is the
deemed assignee of the Purchase Option with respect to such Loan [for a 15-day
period], (ii) pursuant to Section 3.18(c) of the Agreement, has the
unconditional right to assign the Purchase Option to a third party, and (iii)
has given all notices, if any, required to be given to any Person in order to
assign the Purchase Option and for the assignee thereof to exercise the Purchase
Option and purchase the Loan pursuant thereto.

      3. Assignee intends to purchase the Loan in compliance with the Agreement
and has requested that Assignor assign the Purchase Option to Assignee, and
Assignor desires to assign the Purchase Option to Assignee, pursuant to the
terms and conditions of this Assignment.

      NOW THEREFORE, the parties agree as follows:

      For good and valuable consideration, the receipt and sufficiency of which
is hereby acknowledged, Assignor hereby assigns, transfers and conveys to
Assignee all of Assignor's right, title and interest in and to the Purchase
Option with respect to the Loan under Section 3.18 of the Agreement without any
representation or warranty of any kind whatsoever.

      This Assignment is being executed by Assignee and Assignor and shall be
binding upon Assignee, Assignor and the respective permitted successors and
assigns of each of them, for the uses and purposes set forth above and shall be
effective as of the date set forth above. This Assignment may be executed in any
number of counterparts, each of which shall be deemed to be an original, but all
of which together shall constitute one and the same instrument. Nothing in this
Assignment shall be deemed to create or imply any right or benefit in any person
other than Assignee, Assignor or their respective permitted successors and
assigns.

      IN WITNESS WHEREOF, this Assignment has been executed by the parties as of
the date first set forth above.

      ASSIGNOR:                      J.E. ROBERT COMPANY, INC.

                                    By:_________________________________
                                    Name:_______________________________
                                    Title:______________________________

      ASSIGNEE:                     [ASSIGNEE]

                                    By:_________________________________
                                    Name:_______________________________
                                    Title:______________________________

      ASSIGNEE CONTACT INFORMATION:

      Address:______________________________
      ______________________________________
      ______________________________________
      Telephone No.:________________________
      Facsimile:____________________________

<PAGE>

                                   EXHIBIT M-3

                       FORM OF PURCHASE OPTION ASSIGNMENT
                   BY PLURALITY SUBORDINATE CERTIFICATEHOLDER

      THIS ASSIGNMENT OF PURCHASE OPTION (this "Assignment") is made effective
as of [________] by and between Plurality Subordinate Certificateholder(s)
("Assignor") and [_______________] ("Assignee") in connection with (i) the
Pooling and Servicing Agreement dated as of August 1, 2006 (the "Agreement"), by
and among Merrill Lynch Mortgage Investors, Inc., as Depositor, Wachovia Bank,
National Association and Prudential Asset Resources, Inc., as Master Servicers,
J.E. Robert Company, Inc., as special servicer, and LaSalle Bank National
Association, as Trustee, with respect to the Merrill Lynch Mortgage Trust
2006-C2, Commercial Mortgage Pass-Through Certificates, Series 2006-C2 (the
"Series 2006-C2 Securitization"), and (ii) the transfer of the Loan (defined
below) to Assignee.

      Capitalized terms used but not otherwise defined in this Assignment shall
have the respective meanings assigned to them in the Agreement.

      1.    The Trust is the owner of a Mortgage Loan in the original principal
            amount of $[_______] that is included in the Series 2006-C2
            Securitization and is secured by the Mortgaged Property commonly
            known as [___________________________] (the "Loan"). The Loan is a
            Defaulted Mortgage Loan under the Agreement and is being serviced
            and administered by Wachovia Bank, National Association in its
            capacity as Special Servicer.

      2.    Assignor (i) is the Plurality Subordinate Certificateholder under
            the Agreement, (ii) pursuant to Section 3.18(c) of the Agreement,
            holds a Purchase Option with respect to the Loan, (iii) pursuant to
            Section 3.18 of the Agreement, has the unconditional right to assign
            the Purchase Option to a third party, and (iv) has given all
            notices, if any, required to be given to any Person in order to
            assign the Purchase Option and for the assignee thereof to exercise
            the Purchase Option and purchase the Loan pursuant thereto.

      3.    Assignee intends to purchase the Loan in compliance with the
            Agreement and has requested that Assignor assign the Purchase Option
            to Assignee, and Assignor desires to assign the Purchase Option to
            Assignee, pursuant to the terms and conditions of this Assignment.

      NOW THEREFORE, the parties agree as follows:

      For good and valuable consideration, the receipt and sufficiency of which
is hereby acknowledged, Assignor hereby assigns, transfers and conveys to
Assignee all of Assignor's right, title and interest in and to the Purchase
Option with respect to the Loan under Section 3.18 of the Agreement without any
representation or warranty of any kind whatsoever.

      This Assignment is being executed by Assignee and Assignor and shall be
binding upon Assignee, Assignor and the respective permitted successors and
assigns of each of them, for the uses and purposes set forth above and shall be
effective as of the date set forth above. This Assignment may be executed in any
number of counterparts, each of which shall be deemed to be an original, but all
of which together shall constitute one and the same instrument. Nothing in this
Assignment shall be deemed to create or imply any right or benefit in any person
other than Assignee, Assignor or their respective permitted successors and
assigns.

      IN WITNESS WHEREOF, this Assignment has been executed by the parties as of
the date first set forth above.

      ASSIGNOR:                 PLURALITY SUBORDINATE
                                CERTIFICATEHOLDER

                                    By:

                                    Name:_______________________________
                                    Title:______________________________

      ASSIGNEE:                     [ASSIGNEE]

                                    By:_________________________________
                                    Name:_______________________________
                                    Title:______________________________

      ASSIGNEE CONTACT INFORMATION:

      Address:______________________________
      ______________________________________
      ______________________________________
      Telephone No.:________________________
      Facsimile:____________________________

<PAGE>

                                    EXHIBIT N

                                   [RESERVED]

<PAGE>

                                    EXHIBIT O

                      FORM OF SARBANES-OXLEY CERTIFICATION
                                BY THE DEPOSITOR

Re:   Merrill Lynch Mortgage Trust 2006-C2 (the "Trust"), Commercial Mortgage
      Pass-Through Certificates, Series 2006-C2

      I, [identify the certifying individual], certify that (capitalized terms
used herein but not defined shall have the meanings assigned to such terms in
the Pooling and Servicing Agreement, dated as August 1, 2006 (the "Pooling and
Servicing Agreement"), and relating to the Trust:

      1. I have reviewed this annual report on Form 10-K, and all reports on
Form 10-D required to be filed in respect of the period covered by this annual
report on Form 10-K of the Trust (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. Based on my knowledge and 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, each Master Servicer and the Special Servicer
have fulfilled their obligations under the Pooling and Servicing Agreement in
all material respects; and

      5. All of the reports on assessment of compliance with servicing criteria
for asset-backed securities 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.

      In giving the certifications set forth above, I have reasonably relied on
information provided to me by the following unaffiliated parties: Wachovia Bank,
National Association and Prudential Asset Resources, Inc., as Master Servicers,
J.E. Robert Company, Inc., as special servicer, and LaSalle Bank National
Association, as Trustee.

Date: _________________________

Merrill Lynch Mortgage Investors, Inc.

________________________________
[name of certifying individual]
[title of certifying individual]

<PAGE>

                                   EXHIBIT P-1

                      FORM OF CERTIFICATION TO BE PROVIDED
                     BY THE MASTER SERVICER TO THE DEPOSITOR

Re:   Merrill Lynch Mortgage Trust 2006-C2 (the "Trust"), Commercial Mortgage
      Pass-Through Certificates, Series 2006-C2

            I, [identify the certifying individual], a [title] of [Master
Servicer] (the "Master Servicer"), on behalf of [Master Servicer], certify to
Merrill Lynch Mortgage Investors, Inc. and its officers, directors and
affiliates, and with the knowledge and intent that they will rely upon this
certification in delivering the Sarbanes-Oxley Certification required by the
pooling and servicing agreement, dated as of August 1, 2006 (the "Pooling and
Servicing Agreement") and relating to the Trust and the captioned commercial
mortgage-pass through certificates (capitalized terms used herein but not
defined shall have the meanings assigned to such terms in the Pooling and
Servicing Agreement), that:

1.    I (or persons under my supervision) have reviewed the servicing reports
      (the "Servicing Reports") relating to the trust fund delivered by the
      Master Servicer to the Trustee covering the fiscal year 20__;

2.    Based on my knowledge, (a) assuming the accuracy of the statements
      required to be made in the corresponding certificate of the Special
      Servicer pursuant to Section 8.16(b) of the Pooling and Servicing
      Agreement and (b) assuming that the information regarding the mortgage
      loans, the mortgagors or the mortgaged properties in the Prospectus
      Supplement (the "Mortgage Information") does not contain any untrue
      statement of a material fact or omit to state a material fact necessary to
      make the statement made, in the lights of the circumstances under which
      such statements were made, not misleading (but only to the extent that
      such Mortgage Information is or shall be used by the servicer to prepare
      the servicing reports, provided, however, the servicer shall provide any
      information of which the servicer has knowledge, to the extent such
      information updates the Mortgage Information and is required to be
      provided by the servicer pursuant to the Pooling and Servicing Agreement),
      the servicing information in the Servicing Reports taken as a whole, does
      not contain any untrue statement of a material fact or omit to state a
      material fact necessary to make the statements made, in light of the
      circumstances under which such statements were made, not misleading with
      respect to the period covered by this report;

3.    Based on my knowledge and assuming the accuracy of the statement required
      to be made in the corresponding certificate of the Special Servicer
      pursuant to Section 8.16(b) of the Pooling and Servicing Agreement, all
      servicing information required to be provided to the Trustee by the Master
      Servicer under the Pooling and Servicing Agreement for inclusion in the
      reports to be filed by the Trustee with the Securities and Exchange
      Commission pursuant to the Pooling and Servicing Agreement is included in
      the Servicing Reports;

4.    I am responsible for reviewing the activities performed by the Master
      Servicer under the Pooling and Servicing Agreement and based upon my
      knowledge and the compliance review conducted in preparing the servicer
      compliance statement required in accordance with Item 1123 of Regulation
      AB under the Pooling and Servicing Agreement with respect to the Master
      Servicer, and except as disclosed in such compliance statement delivered
      by the Master Servicer under the Pooling and Servicing Agreement, the
      Master Servicer has fulfilled its obligations under the Pooling and
      Servicing Agreement in all material respects in the year to which such
      review applies.

5.    The report on assessment of compliance with servicing criteria and the
      related attestation report on assessment of compliance with servicing
      criteria required to be delivered by the Master Servicer (in accordance
      with Item 1122 of Regulation AB) in accordance with the Pooling and
      Servicing Agreement discloses, with respect to the Master Servicer, all
      material instances of noncompliance with the Relevant Servicing Criteria.

            In addition, notwithstanding the foregoing certifications under
clauses (2) and (3) above, the Master Servicer does not make any certification
under such clauses (2) and (3) above with respect to the information in the
Servicing Reports referred to in such clauses (2) and (3) above that is in turn
dependent upon information provided by the Special Servicer under the Pooling
and Servicing Agreement beyond the corresponding certification actually provided
by the Special Servicer pursuant to Section 8.16(b) of the Pooling and Servicing
Agreement. Further, notwithstanding the foregoing certifications, the Master
Servicer does not make any certification under the foregoing clauses (1) through
(5) that is in turn dependent (i) upon information required to be provided by
any Sub-Servicer acting under a Sub-Servicing Agreement that the Master Servicer
entered into in connection with the issuance of the Certificates, or upon the
performance by any such Sub-Servicer of its obligations pursuant to any such
Sub-Servicing Agreement, in each case beyond the respective backup
certifications actually provided by such Sub-Servicer to the Master Servicer
with respect to the information that is the subject of such certification.

Date:__________________________________

By:  __________________________________
     [Name]
     [Title]
     [MASTER SERVICER]

<PAGE>

                                   EXHIBIT P-2

                      FORM OF CERTIFICATION TO BE PROVIDED
                         BY THE TRUSTEE TO THE DEPOSITOR

Re:   Merrill Lynch Mortgage Trust 2006-C2 (the "Trust"), Commercial Mortgage
      Pass-Through Certificates, Series 2006-C2

            I, [identify the certifying individual], a [title] of [Trustee],
certify to Merrill Lynch Mortgage Investors, Inc. and its officers, directors
and affiliates, and with the knowledge and intent that they will rely upon this
certification in delivering the Sarbanes-Oxley Certification required by the
pooling and servicing agreement, dated as August 1, 2006 (the "Pooling and
Servicing Agreement") and related to the Trust and the captioned commercial
mortgage pass-through certificates (capitalized terms used herein but not
defined shall have the meanings assigned to such terms in the Pooling and
Servicing Agreement), that:

1.    I have reviewed the annual report on Form 10-K for the fiscal year 20__
      (the "Annual Form 10-K Report"), and all reports on Form 10-D required to
      be filed in respect of periods covered by the annual report on Form 10-K,
      of the Trust (the "Exchange Act Periodic Reports");

2.    Based on my knowledge, and (with respect to information provided by either
      Master Servicer or the Special Servicer, as the case may be) assuming the
      accuracy of the statements made in the corresponding certifications of the
      Master Servicers and the Special Servicer pursuant to Section 8.16(b) of
      the Pooling and Servicing Agreement, (i) the information relating to
      LaSalle Bank National Association ("LaSalle Bank") or the Trustee, (ii)
      the information relating to distributions on, or calculations performed by
      the Trustee with respect to, the Certificates (including such information
      contained in the distribution reports filed with the Exchange Act Periodic
      Reports) and (iii) any other information prepared by LaSalle Bank, in each
      case as contained in the Exchange Act Periodic Reports, taken as a whole,
      does not contain any untrue statement of a material fact or omit to state
      a material fact necessary to make the statements made, in light of the
      circumstances under which such statements were made, not misleading with
      respect to the period covered by the Annual Form 10-K Report;

3.    Based on my knowledge, all of the distribution, servicing and other
      information required to be provided (i) to the Trustee by the Master
      Servicers and the Special Servicer under the Pooling and Servicing
      Agreement and (ii) by the Trustee under the Pooling and Servicing
      Agreement, in each case for inclusion in the Exchange Act Periodic Reports
      is included in such reports; and

4.    The report on assessment of compliance with servicing criteria and the
      related attestation report on assessment of compliance with servicing
      criteria required to be delivered by the Trustee in accordance with the
      Pooling and Servicing Agreement discloses, with respect to the Trustee,
      all material instances of noncompliance with the Relevant Servicing
      Criteria and such assessment of compliance with servicing criteria is
      fairly stated in all material respects.

Date:__________________________________

_______________________________________
[Name]
[Title]
[TRUSTEE]

<PAGE>

                                   EXHIBIT P-3

                      FORM OF CERTIFICATION TO BE PROVIDED
                    BY THE SPECIAL SERVICER TO THE DEPOSITOR

Re:   Merrill Lynch Mortgage Trust 2006-C2 (the "Trust"), Commercial Mortgage
      Pass-Through Certificates, Series 2006-C2

            I, [identify the certifying individual], a [title] of [Special
Servicer] (the "Special Servicer"), on behalf of [Special Servicer], certify to
Merrill Lynch Mortgage Investors, Inc. and its officers, directors and
affiliates, and with the knowledge and intent that they will rely upon this
certification in delivering the Sarbanes-Oxley Certification required by the
pooling and servicing agreement, dated as of August 1, 2006 (the "Pooling and
Servicing Agreement") and relating to the Trust and the captioned commercial
mortgage-pass through certificates (capitalized terms used herein but not
defined shall have the meanings assigned to such terms in the Pooling and
Servicing Agreement), that:

1.    I (or persons under my supervision) have reviewed the servicing reports
      (the "Servicing Reports") relating to the trust fund delivered by the
      Special Servicer to the Master Servicers and the Trustee under the Pooling
      and Servicing Agreement covering the fiscal year 20__;

2.    Based on my knowledge, the servicing information in the Servicing Reports,
      taken as a whole, does not contain any untrue statement of a material fact
      or omit to state a material fact necessary to make the statements made, in
      light of the circumstances under which such statements were made, not
      misleading with respect to the period covered by these servicing reports;

3.    Based on my knowledge, the servicing information required to be provided
      to the Master Servicers and the Trustee by the Special Servicer under the
      Pooling and Servicing Agreement for inclusion in the reports to be filed
      by the Trustee with the Securities and Exchange Commission pursuant to the
      Pooling and Servicing Agreement is included in the Servicing Reports;

4.    I am responsible for reviewing the activities performed by the Special
      Servicer under the Pooling and Servicing Agreement and based upon my
      knowledge and the compliance review conducted in preparing the servicer
      compliance statement(s) required (in accordance with Item 1123 of
      Regulation AB) under the Pooling and Servicing Agreement with respect to
      the Special Servicer and, except as disclosed in such compliance statement
      delivered by the Special Servicer under the Pooling and Servicing
      Agreement, the Special Servicer has fulfilled its obligations under the
      Pooling and Servicing Agreement in all material respects in the year to
      which such review applies.

5.    The report on assessment of compliance with servicing criteria and the
      related attestation report on assessment of compliance with servicing
      criteria required to be delivered by the Special Servicer (in accordance
      with Item 1122 of Regulation AB) in accordance with the Pooling and
      Servicing Agreement discloses, with respect to the Special Servicer, all
      material instances of noncompliance with the Relevant Servicing Criteria
      and such assessment of compliance with servicing criteria is fairly stated
      in all material respects.

Date:__________________________________

_______________________________________
[Name]
[Title]
[SPECIAL SERVICER]

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00109-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00109-of-00352.parquet"}]]