Document:

EXHIBIT 4.1
                                                                  EXECUTION COPY

                     MERRILL LYNCH MORTGAGE INVESTORS, INC.
                                    Depositor

                                       and

                       WACHOVIA BANK, NATIONAL ASSOCIATION
                                 Master Servicer

                                       and

                           MIDLAND LOAN SERVICES, INC.
                                Special Servicer

                                       and

                        LASALLE BANK NATIONAL ASSOCIATION
                                     Trustee

                         POOLING AND SERVICING AGREEMENT

                            Dated as of March 1, 2006

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

                          $ 2,141,833,151 (approximate)

                     ML-CFC Commercial Mortgage Trust 2006-1
                  Commercial Mortgage Pass-Through Certificates

                                  Series 2006-1

                                                TABLE OF CONTENTS

                                                                                                             Page
                                                                                                             ----

                                                    ARTICLE I

                                                   DEFINITIONS

SECTION 1.01.    Defined Terms..................................................................................4
SECTION 1.02.    Certain Adjustments to the Principal Distributions on the Certificates........................84
SECTION 1.03.    Calculation of LIBOR..........................................................................86

                                                    ARTICLE II

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

SECTION 2.01.    Conveyance of Trust Mortgage Loans............................................................88
SECTION 2.02.    Acceptance of the Trust Fund by Trustee.......................................................90
SECTION 2.03.    Mortgage Loan Seller's Repurchase or Substitution of Trust Mortgage Loans for Document
                   Defects and Breaches of Representations and Warranties......................................92
SECTION 2.04.    Representations and Warranties of Depositor...................................................96
SECTION 2.05.    Acceptance of REMIC I and Grantor Trusts by Trustee...........................................97
SECTION 2.06.    Execution, Authentication and Delivery of Class R-I Certificates; Issuance of REMIC I
                   Regular Interests...........................................................................97
SECTION 2.07.    Conveyance of REMIC I Regular Interests; Acceptance of REMIC II by Trustee....................97
SECTION 2.08.    Execution, Authentication and Delivery of REMIC II Certificates...............................97
SECTION 2.09.    Conveyance of Class A-3FL REMIC II Regular Interest and Class AN-FL REMIC II Regular
                   Interest; Acceptance of Grantor Trust A-3FL and Grantor Trust AN-FL by Trustee..............98
SECTION 2.10.    Execution, Authentication and Delivery of Class Z, Class A-3FL and Class AN-FL
                   Certificates................................................................................98

                                                   ARTICLE III

                                  ADMINISTRATION AND SERVICING OF THE TRUST FUND

SECTION 3.01.    Administration of the Mortgage Loans..........................................................99
SECTION 3.02.    Collection of Mortgage Loan Payments.........................................................101
SECTION 3.03.    Collection of Taxes, Assessments and Similar Items; Servicing Accounts; Reserve
                   Accounts...................................................................................103
SECTION 3.04.    Collection Account, Interest Reserve Account, Additional Interest Account,
                   Distribution Account, Gain-on-Sale Reserve Account, Floating Rate Account and Loan
                   Combination Custodial Accounts.............................................................109
SECTION 3.05.    Permitted Withdrawals From the Collection Account, the Interest Reserve Account, the
                   Additional Interest Account, the Floating Rate Account, the Distribution Account and
                   the Loan Combination Custodial Accounts....................................................115

SECTION 3.06.    Investment of Funds in the Servicing Accounts, the Reserve Accounts, the Collection
                   Account, the Distribution Account, the Floating Rate Account, the Loan Combination
                   Custodial Accounts, the Additional Interest Account, the Gain-on-Sale Reserve
                   Account and the REO Accounts...............................................................125
SECTION 3.07.    Maintenance of Insurance Policies; Errors and Omissions and Fidelity Coverage................127
SECTION 3.08.    Enforcement of Alienation Clauses............................................................131
SECTION 3.09.    Realization Upon Defaulted Mortgage Loans; Required Appraisals...............................133
SECTION 3.10.    Trustee and Custodian to Cooperate; Release of Mortgage Files................................138
SECTION 3.11.    Servicing Compensation.......................................................................139
SECTION 3.12.    Property Inspections; Collection of Financial Statements; Delivery of Certain Reports........143
SECTION 3.13.    Annual Statement as to Compliance............................................................147
SECTION 3.14.    Reports on Assessment of Compliance with Servicing Criteria; Registered Public
                   Accounting Firm Attestation Reports........................................................148
SECTION 3.15.    Access to Certain Information................................................................150
SECTION 3.16.    Title to REO Property; REO Accounts..........................................................153
SECTION 3.17.    Management of REO Property...................................................................155
SECTION 3.18.    Resolution of Defaulted Mortgage Loans and REO Properties....................................158
SECTION 3.19.    Additional Obligations of Master Servicer....................................................164
SECTION 3.20.    Modifications, Waivers, Amendments and Consents..............................................165
SECTION 3.21.    Transfer of Servicing Between Master Servicer and Special Servicer; Record Keeping...........171
SECTION 3.22.    Sub-Servicing Agreements.....................................................................174
SECTION 3.23.    Representations and Warranties of Master Servicer and Special Servicer.......................177
SECTION 3.24.    Sub-Servicing Agreement Representation and Warranty..........................................179
SECTION 3.25.    Designation of Controlling Class Representative..............................................180
SECTION 3.26.    Application of Default Charges...............................................................181
SECTION 3.27.    Controlling Class Representative Contact with Servicer.......................................182
SECTION 3.28.    Certain Matters Regarding the Loan Combinations..............................................183
SECTION 3.29.    The Swap Agreements..........................................................................184

                                                    ARTICLE IV

                                          PAYMENTS TO CERTIFICATEHOLDERS

SECTION 4.01.    Distributions................................................................................188
SECTION 4.02.    Statements to Certificateholders.............................................................202
SECTION 4.03.    P&I Advances; Reimbursement of P&I Advances and Servicing Advances...........................207
SECTION 4.04.    Allocation of Realized Losses and Additional Trust Fund Expenses.............................211
SECTION 4.05.    Calculations.................................................................................212

                                                    ARTICLE V

                                                 THE CERTIFICATES

SECTION 5.01.    The Certificates.............................................................................214
SECTION 5.02.    Registration of Transfer and Exchange of Certificates........................................214

SECTION 5.03.    Book-Entry Certificates......................................................................222
SECTION 5.04.    Mutilated, Destroyed, Lost or Stolen Certificates............................................223
SECTION 5.05.    Persons Deemed Owners........................................................................223

                                                    ARTICLE VI

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

SECTION 6.01.    Liability of Depositor, Master Servicer and Special Servicer.................................225
SECTION 6.02.    Merger, Consolidation or Conversion of Depositor or Master Servicer or Special
                   Servicer...................................................................................225
SECTION 6.03.    Limitation on Liability of the Depositor, the Master Servicer, the Special Servicer
                   and Others.................................................................................225
SECTION 6.04.    Resignation of Master Servicer and the Special Servicer......................................228
SECTION 6.05.    Rights of Depositor and Trustee in Respect of Master Servicer and the Special Servicer.......229
SECTION 6.06.    Depositor, Master Servicer and Special Servicer to Cooperate with Trustee....................229
SECTION 6.07.    Depositor, Special Servicer and Trustee to Cooperate with Master Servicer....................229
SECTION 6.08.    Depositor, Master Servicer and Trustee to Cooperate with Special Servicer....................230
SECTION 6.09.    Designation of Special Servicer by the Controlling Class.....................................230
SECTION 6.10.    Master Servicer or Special Servicer as Owner of a Certificate................................231
SECTION 6.11.    The Controlling Class Representative.........................................................231
SECTION 6.12.    Certain Matters with Respect to the Kenwood Towne Centre Loan Combination and the 60
                   State Street Loan Combination..............................................................234

                                                   ARTICLE VII

                                                     DEFAULT

SECTION 7.01.    Events of Default............................................................................236
SECTION 7.02.    Trustee to Act; Appointment of Successor.....................................................239
SECTION 7.03.    Notification to Certificateholders...........................................................240
SECTION 7.04.    Waiver of Events of Default..................................................................241
SECTION 7.05.    Additional Remedies of Trustee Upon Event of Default.........................................241

                                                   ARTICLE VIII

                                   CONCERNING THE TRUSTEE AND THE FISCAL AGENT

SECTION 8.01.    Duties of Trustee............................................................................242
SECTION 8.02.    Certain Matters Affecting Trustee............................................................243
SECTION 8.03.    Trustee and Fiscal Agent Not Liable for Validity or Sufficiency of Certificates or
                   Mortgage Loans.............................................................................244
SECTION 8.04.    Trustee and Fiscal Agent May Own Certificates................................................245
SECTION 8.05.    Fees and Expenses of Trustee; Indemnification of Trustee.....................................245
SECTION 8.06.    Eligibility Requirements for Trustee.........................................................246

SECTION 8.07.    Resignation and Removal of Trustee...........................................................246
SECTION 8.08.    Successor Trustee............................................................................247
SECTION 8.09.    Merger or Consolidation of Trustee...........................................................248
SECTION 8.10.    Appointment of Co-Trustee or Separate Trustee................................................248
SECTION 8.11.    Appointment of Custodians....................................................................249
SECTION 8.12.    Appointment of Authenticating Agents.........................................................250
SECTION 8.13.    Access to Certain Information................................................................251
SECTION 8.14.    Appointment of REMIC Administrators..........................................................251
SECTION 8.15.    Representations, Warranties and Covenants of Trustee.........................................252
SECTION 8.16.    Reports to the Commission....................................................................253
SECTION 8.17.    Maintenance of Mortgage File.................................................................259
SECTION 8.18.    Appointment of Fiscal Agent..................................................................260

                                                    ARTICLE IX

                                                   TERMINATION

SECTION 9.01.    Termination Upon Repurchase or Liquidation of All Trust Mortgage Loans.......................262
SECTION 9.02.    Additional Termination Requirements..........................................................264
SECTION 9.03.    Non-Trust Mortgage Loans.....................................................................265

                                                    ARTICLE X

                                            ADDITIONAL TAX PROVISIONS

SECTION 10.01.   REMIC Administration.........................................................................266
SECTION 10.02.   Grantor Trust Administration.................................................................269

                                                    ARTICLE XI

                                             MISCELLANEOUS PROVISIONS

SECTION 11.01.   Amendment....................................................................................272
SECTION 11.02.   Recordation of Agreement; Counterparts.......................................................274
SECTION 11.03.   Limitation on Rights of Certificateholders...................................................274
SECTION 11.04.   Governing Law; Waiver of Trial By Jury.......................................................275
SECTION 11.05.   Notices......................................................................................275
SECTION 11.06.   Severability of Provisions...................................................................277
SECTION 11.07.   Grant of a Security Interest.................................................................277
SECTION 11.08.   Streit Act...................................................................................277
SECTION 11.09.   Successors and Assigns; Beneficiaries........................................................278
SECTION 11.10.   Article and Section Headings.................................................................278
SECTION 11.11.   Notices to Rating Agencies...................................................................278
SECTION 11.12.   Complete Agreement...........................................................................280

                                              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     Class A-SB Planned Principal Balances
  Schedule V     Sub-Servicers as to Which Sub-Servicing Agreements Are In Effect on the Closing Date
 Schedule VI     List of Mortgage Loans Requiring Operations and Maintenance Plans
 Schedule VII    List of Merrill Trust Mortgage Loans With Late Payment Charges Due Prior to Expiration of Their
                   Payment Date Grace Periods [None.]

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

     A-1         Form of Class A-1, A-2,  A-3, A-3FL, A-3B, A-SB, 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 AN-FL, 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
      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 Servicer to the Depositor
     P-2         Form of Certification to be Provided by the Trustee to the Depositor
     P-3         Form of Certification to be Provided by the Special Servicer to the Depositor

                         POOLING AND SERVICING AGREEMENT

            This Pooling and Servicing Agreement is dated and effective as of
March 1, 2006, among MERRILL LYNCH MORTGAGE INVESTORS, INC., as Depositor,
WACHOVIA BANK, NATIONAL ASSOCIATION, as Master Servicer, MIDLAND LOAN SERVICES,
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 that
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 (or, in the case of the Class X Certificates, each Class X
Component thereof), the Class A-3FL REMIC II Regular Interest and the Class A-4L
REMIC II Regular Interest, 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
for each Class of Sequential Pay Certificates; (iii) the corresponding REMIC I
Regular Interest (the "Corresponding REMIC I Regular Interest") for each Class
of Sequential Pay Certificates; and (iv) the initial REMIC I Principal Balance
of each such Corresponding REMIC I Regular Interest.

--------------------------------------------------------------------------------
                                         Corresponding
    Class           Original Class           REMIC I           Initial REMIC I
 Designation       Principal Balance    Regular Interest      Principal Balance
--------------------------------------------------------------------------------
Class A-1         $       65,000,000         LA-1            $       65,000,000
--------------------------------------------------------------------------------
Class A-2         $      337,500,000         LA-2            $      337,500,000
--------------------------------------------------------------------------------
Class A-3         $       66,150,000         LA-3            $       66,150,000
--------------------------------------------------------------------------------
Class A-3FL(1)    $      105,150,000         LA-3FL          $      105,150,000
--------------------------------------------------------------------------------
Class A-3B        $       75,000,000         LA-3B           $       75,000,000
--------------------------------------------------------------------------------
Class A-SB        $      121,000,000         LA-SB           $      121,000,000
--------------------------------------------------------------------------------

--------------------------------------------------------------------------------
                                         Corresponding
    Class           Original Class           REMIC I           Initial REMIC I
 Designation       Principal Balance    Regular Interest      Principal Balance
--------------------------------------------------------------------------------
Class A-4         $      489,483,000         LA-4            $      489,483,000
--------------------------------------------------------------------------------
Class A-1A        $      240,000,000         LA-1A           $      240,000,000
--------------------------------------------------------------------------------
Class AM          $      214,183,000         LAM             $      214,183,000
--------------------------------------------------------------------------------
Class AJ          $       82,056,000         LAJ             $       82,056,000
--------------------------------------------------------------------------------
Class AN-FL(2)    $      100,000,000         LAN-FL          $      100,000,000
--------------------------------------------------------------------------------
Class B           $       50,868,000         LB              $       50,868,000
--------------------------------------------------------------------------------
Class C           $       21,419,000         LC              $       21,419,000
--------------------------------------------------------------------------------
Class D           $       29,450,000         LD              $       29,450,000
--------------------------------------------------------------------------------
Class E           $       16,064,000         LE              $       16,064,000
--------------------------------------------------------------------------------
Class F           $       24,095,000         LF              $       24,095,000
--------------------------------------------------------------------------------
Class G           $       16,064,000         LG              $       16,064,000
--------------------------------------------------------------------------------
Class H           $       26,773,000         LH              $       26,773,000
--------------------------------------------------------------------------------
Class J           $        5,354,000         LJ              $        5,354,000
--------------------------------------------------------------------------------
Class K           $        5,355,000         LK              $        5,355,000
--------------------------------------------------------------------------------
Class L           $        8,032,000         LL              $        8,032,000
--------------------------------------------------------------------------------
Class M           $        2,677,000         LM              $        2,677,000
--------------------------------------------------------------------------------
Class N           $        8,032,000         LN              $        8,032,000
--------------------------------------------------------------------------------
Class P           $        5,355,000         LP              $        5,355,000
--------------------------------------------------------------------------------
Class Q           $       26,773,151         LQ              $       26,773,151
--------------------------------------------------------------------------------

__________________
(1)   The Class A-3FL REMIC II Regular Interest will have the same designation,
      Original Class Principal Balance and Corresponding REMIC I Regular
      Interest as the Class A-3FL Certificates.

(2)   The Class AN-FL REMIC II Regular Interest will have the same designation,
      Original Class Principal Balance and Corresponding REMIC I Regular
      Interest as the Class AN-FL Certificates.

            There exist three (3) A-Note Trust Mortgage Loans, each of which is
part of a group of loans comprised of that A-Note Trust Mortgage Loan and
another mortgage loan, namely the related B-Note Non-Trust Loan, that are both
secured by the same Mortgage encumbering the related Mortgaged Property. Each
A-Note Trust Mortgage Loan and the related B-Note Non-Trust Loan collectively
constitute a Loan Combination. The relative rights of the holder of an A-Note
Trust Mortgage Loan and the holder of the related B-Note Non-Trust Loan are set
forth in the related Loan Combination Intercreditor Agreement. As and to the
extent provided in the related Loan Combination Intercreditor Agreement, each
B-Note Non-Trust Loan is subordinate in right of payment and in other respects
to the related A-Note Trust Mortgage Loan.

                                       -2-

            As and to the extent provided herein, the Non-Trust Loans, although
not part of the Trust Fund, will be serviced and administered in accordance with
this Agreement by the Master Servicer and the Special Servicer.

            The portion of the Trust Fund consisting of (i) the Class A-3FL
REMIC II Regular Interest (and distributions thereon), the Class A-3FL Swap
Agreement (and payments by the Class A-3FL Swap Counterparty thereunder) and the
applicable sub-account of the Floating Rate Account and (ii) amounts held from
time to time in the applicable sub-account of the Floating Rate Account that
represent distributions on the Class A-3FL REMIC II Regular Interest and
payments by the Class A-3FL Swap Counterparty under the Class A-3FL Swap
Agreement, shall be treated as a grantor trust for federal income tax purposes
and shall be designated as "Grantor Trust A-3FL"; provided that the initial
up-front payment by the Class A-3FL Swap Counterparty to the Depositor under the
Class A-3FL Swap Agreement shall belong to the Depositor and shall not be part
of the Trust Fund or Grantor Trust A-3FL. As provided herein, the Trustee shall
take all actions required hereunder to ensure that the portion of the Trust Fund
consisting of the Grantor Trust A-3FL maintains its status as a grantor trust
under federal income tax law and not be treated as part of REMIC I or REMIC II.
The Class A-3FL Certificates shall represent undivided beneficial interests in
Grantor Trust A-3FL as described herein.

            The portion of the Trust Fund consisting of (i) the Class AN-FL
REMIC II Regular Interest (and distributions thereon), the Class AN-FL Swap
Agreement (and payments by the Class AN-FL Swap Counterparty thereunder) and the
applicable sub-account of the Floating Rate Account and (ii) amounts held from
time to time in the applicable sub-account of the Floating Rate Account that
represent distributions on the Class AN-FL REMIC II Regular Interest and
payments by the Class AN-FL Swap Counterparty under the Class AN-FL Swap
Agreement, shall be treated as a grantor trust for federal income tax purposes
and shall be designated as "Grantor Trust AN-FL". As provided herein, the
Trustee shall take all actions required hereunder to ensure that the portion of
the Trust Fund consisting of the Grantor Trust AN-FL maintains its status as a
grantor trust under federal income tax law and not be treated as part of REMIC I
or REMIC II. The Class AN-FL Certificates shall represent undivided beneficial
interests in Grantor Trust AN-FL as described herein.

            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 Account 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 the portion of the Trust Fund consisting of 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 Servicer, the Special Servicer and the Trustee agree as
follows:

                                       -3-

                                    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.

            "119 North 4th Street Trust Mortgage Loan": The Mortgage Loan
secured by the 119 North 4th Street Mortgaged Property and included in the Trust
Fund.

            "119 North 4th Street Mortgaged Property": The Mortgaged Property
identified on the Mortgage Loan Schedule as 119 North 4th Street.

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

            "60 State Street B-Note Non-Trust Loan": The Mortgage Loan, other
than the 60 State Street Combined Trust Mortgage Loan, that is secured by the
same Mortgage encumbering the 60 State Street Mortgaged Property as the 60 State
Street Combined Trust Mortgage Loan, and that is subordinate in right of payment
and in other respects to the 60 State Street Combined Trust Mortgage Loan.

            "60 State Street B-Note Non-Trust Loan Holder": The holder of the 60
State Street B-Note Non-Trust Loan.

            "60 State Street Combined Trust Mortgage Loan": Collectively, the
Merrill Trust Mortgage Loan and the Eurohypo Trust Mortgage Loan that are each
secured by the 60 State Street Mortgaged Property and included in the Trust
Fund.

            "60 State Street Controlling Party": The "Directing Co-Lender"
within the meaning of the 60 State Street Intercreditor Agreement, which prior
to the occurrence of a 60 State Street Control Appraisal Event (and for so long
as it is continuing) with respect to the 60 State Street B-Note Non-Trust Loan,
shall be, as of any date of determination, the holder of the 60 State Street
B-Note Non-Trust Loan, and, following the occurrence of a 60 State Street
Control Appraisal Event (and for so long as it is continuing) with respect to
the 60 State Street B-Note Non-Trust Loan, shall be the Controlling Class
Representative.

            "60 State Street Control Appraisal Event": The existence of a "Note
B Appraisal Reduction Period" within the meaning of the 60 State Street
Intercreditor Agreement.

            "60 State Street Intercreditor Agreement": The Co-Lender Agreement,
dated March 27, 2006, between the Trust as holder of the 60 State Street
Combined Trust Mortgage Loan and the holders of the 60 State Street Non-Trust
Loan.

            "60 State Street Loan Combination": Collectively, the 60 State
Street Combined Trust Mortgage Loan and the 60 State Street B-Note Non-Trust
Loan. The term "60 State Street Loan Combination" shall include any successor
REO Loans with respect to the 60 State Street Combined Trust Mortgage Loan and
the 60 State Street B-Note Non-Trust Loan.

                                       -4-

            "60 State Street Mortgaged Property": The Mortgaged Property
identified on the Mortgage Loan Schedule as 60 State Street.

            "60 State Street REO Property": With respect to the 60 State Street
Loan Combination, the related Loan Combination REO Property.

            "60 State Street Specially Designated Servicing Actions": Proposed
actions of the Special Servicer in respect of which the consent of the 60 State
Street Controlling Party is required, as set forth in Section 4 of the 60 State
Street Intercreditor Agreement.

            "A-Note Trust Mortgage Loan": Each of the Trust Mortgage Loans as to
which the related Mortgage, which encumbers the related Mortgaged Property, also
secures a B-Note Non-Trust Loan, which B-Note Non-Trust Loan will not be
included in the Trust Fund. The Kenwood Towne Centre Trust Mortgage Loan, the 60
State Street Combined Trust Mortgage Loan and the 119 North 4th Street Trust
Mortgage Loan are the only A-Note Trust Mortgage Loans.

            "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 (other than the Class A-3FL Certificates and the
Class AN-FL Certificates), the Class A-3FL REMIC II Regular Interest or the
Class AN-FL REMIC II Regular Interest, for any Distribution Date, one month's
interest at the Pass-Through Rate applicable to such Class of Certificates, the
Class A-3FL REMIC II Regular Interest or the Class AN-FL REMIC II Regular
Interest, as the case may be, 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, the Class A-3FL REMIC II Regular Interest or the Class AN-FL REMIC
II Regular Interest, 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.

                                       -5-

            "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.

            "Actual/365 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 365 days.

            "Actual/365 Mortgage Loan": Each Mortgage Loan that accrues interest
on an Actual/365Acut Basis.

            "Additional Exclusions": Exclusions in addition to those in the
insurance policies for the Mortgaged Properties on September 11, 2001.

            "Additional MLMLI Deposit": "With respect to MLMLI, cash amounts in
the sum of $13,806.31 (of which $10,130.28 represents principal, $74.21
represents interest at the related Mortgage Rate and $3,601.01 represents the
related Yield Maintenance Charge) and $90.73 (of which $90.00 represents
principal and $0.73 represents interest at the related Mortgage Rate), to be
deposited by MLMLI prior to the initial Distribution Date pursuant to the
related Mortgage Loan Purchase Agreement in respect of the Merrill Trust
Mortgage Loans (Super K-Mart Center and Settlement Apartments) identified as
loan numbers 131 and 139, respectively, on the Mortgage Loan Schedule.

            "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 ML-CFC
Commercial Mortgage Trust 2006-1, Commercial Mortgage Pass-Through Certificates,
Series 2006-1, 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.

                                       -6-

            "Additional Servicer": Any Servicer, other than the Master Servicer,
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 Servicer, the Special Servicer, the
Trustee and any Fiscal Agent 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 Account 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 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 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), the Class A-3FL
REMIC II Regular Interest or the Class AN-FL REMIC II Regular Interest, for any
Distribution Date on which distributions of principal are being made with
respect to that Class of Certificates, the Class A-3FL REMIC II Regular Interest
or the Class AN-FL REMIC II Regular Interest, as the case may be, 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,
Grantor Trust A-3FL with respect to the Class A-3FL REMIC II Regular Interest or
Grantor Trust AN-FL with respect to the Class AN-FL REMIC II Regular Interest
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, the Class A-3FL REMIC II Regular Interest or the Class AN-FL
REMIC II Regular Interest, as the case may be, 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, the
Class A-3FL REMIC II Regular Interest or the Class AN-FL REMIC II Regular
Interest, as the case may be, on such Distribution Date (or, for so long as the
Class A-4 and Class A-1A

                                       -7-

Certificates are outstanding, principal distributable on the subject Class of
Sequential Pay Certificates, the Class A-3FL REMIC II Regular Interest or the
Class AN-FL REMIC II Regular Interest, as the case may be, 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 Master Servicer, as applicable, 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 Master
Servicer, the Special Servicer, the Trustee and any Fiscal Agent 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
Master Servicer, based on information

                                       -8-

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 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 the Master Servicer, the Special Servicer, the Trustee or any
Fiscal Agent, 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 the Master Servicer,
the Special Servicer, the Trustee or any Fiscal Agent 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 any Loan Combination shall be allocated first to the
related B-note Non-Trust Loan, in each case up to the outstanding principal
balance thereof, and then to the applicable A-Note Trust Mortgage Loan.

            "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 Master Servicer, the Special Servicer, the
Trustee and any Fiscal Agent may conclusively rely.

            "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.

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

                                       -9-

            "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 Account 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 Servicer as of the close of business on
such Determination Date and required to be deposited in the Collection Account,
which amounts shall, in the case of the initial Distribution Date, include the
Closing Date Deposit and the Additional MLMLI Deposit, (ii) the aggregate amount
of any P&I Advances made by the Master Servicer, the Trustee or any Fiscal Agent
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 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 amount deposited by
the Master Servicer in the Collection Account 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, 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) the 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, the Interest Reserve Amounts

                                      -10-

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 the Collection Account or the Distribution
Account in error.

            "B-Note Loan Holder": Each holder of (i) the Mortgage Note for a
B-Note Non-Trust Loan and (ii) the corresponding rights under the related Loan
Combination Intercreditor Agreement.

            "B-Note Non-Trust Loan": With respect to each A-Note 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 A-Note Trust
Mortgage Loan to the extent set forth in the related Loan Combination
Intercreditor Agreement and (iii) is secured by the same Mortgage on the same
Mortgaged Property as such A-Note 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 the Master Servicer (which as of the Closing Date
is Charlotte, North Carolina), or the offices of the Special Servicer (which as
of the Closing Date is Overland Park, Kansas), 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
Trustee 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).

                                      -11-

            "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 ML-CFC Commercial Mortgage Trust
2006-1, Commercial Mortgage Pass-Through Certificates, Series 2006-1, 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, the Class X Certificates, the Class A-3FL REMIC II Regular
Interest or the Class AN-FL REMIC II Regular Interest, 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, the Class
A-3FL REMIC II Regular Interest or the Class AN-FL REMIC II Regular Interest, as
the case may be, and the denominator of which is the Original Class Principal
Balance or Original Notional Amount, as the case may be, of such Class of
Certificates, the Class A-3FL REMIC II Regular Interest or the Class AN-FL REMIC
II Regular Interest, as the case may be.

            "Certificate Notional Amount": With respect to any Class X
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.

            "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, the Master Servicer,
the Special Servicer, the Trustee or any Fiscal Agent 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,
the

                                      -12-

Master Servicer, the Special Servicer, the Trustee or any Fiscal Agent, 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 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-3FL, Class A-3B, Class A-SB, 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-3B Certificate": Any one of the Certificates with a "Class
A-3B" 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-3FL Additional Fixed Swap Payment": With respect to any
Distribution Date and the Class A-3FL Swap Payment Date to which it relates
based on the confirmation under the Class A-3FL Swap Agreement, the applicable
"Additional Fixed Amount" within the meaning of the confirmation under the Class
A-3FL Swap Agreement.

            "Class A-3FL Available Funds": With respect to any Distribution
Date, an amount equal to (a) the sum of (i) the total amount of all principal
and/or interest distributions, as well as all distributions of Yield Maintenance
Charges and Prepayment Premiums, properly made on or in respect

                                      -13-

of the Class A-3FL REMIC II Regular Interest with respect to such Distribution
Date and (ii) the amounts, if any, received from the Class A-3FL Swap
Counterparty pursuant to the Class A-3FL Swap Agreement for such Distribution
Date, less (b) any Class A-3FL Net Fixed Swap Payment, Class A-3FL Additional
Fixed Swap Payment and Class A-3FL Fixed Payer Shortfall Reimbursement Payment
required to be paid to the Class A-3FL Swap Counterparty pursuant to the Class
A-3FL Swap Agreement, consistent with Section 3.29, for such Distribution Date.

            "Class A-3FL Certificate": Any one of the Certificates with a "Class
A-3FL" designation on the face thereof, substantially in the form of Exhibit A-1
hereto, and evidencing a proportionate interest in Grantor Trust A-3FL.

            "Class A-3FL Depositor's Retained Amount": The initial up-front
payment from the Class A-3FL Swap Counterparty to the Depositor pursuant to the
Class A-3FL Swap Agreement.

            "Class A-3FL Distribution Conversion": With respect to any
Distribution Date (i) immediately upon and during the continuation of a Swap
Payment Default under the Class A-3FL Swap Agreement while the Trustee is
pursuing remedies under the Class A-3FL Swap Agreement pursuant to Section 3.29,
or (ii) immediately upon and following the termination of the Class A-3FL Swap
Agreement until any replacement agreement is entered into, the conversion of
distributions with respect to the Class A-3FL Certificates from distributions
based, in part, on floating interest payments from the Class A-3FL Swap
Counterparty under the Class A-3FL Swap Agreement to distributions based solely
on distributions in respect of the Class A-3FL REMIC II Regular Interest, as
specified in Section 4.01(c).

            "Class A-3FL Fixed Swap Payment": With respect to any Distribution
Date and the Class A-3FL Swap Payment Date to which it relates based on the
confirmation under the Class A-3FL Swap Agreement, the applicable "Fixed Amount"
within the meaning of the confirmation under the Class A-3FL Swap Agreement.

            "Class A-3FL Fixed Payer Shortfall Reimbursement Payment": With
respect to any Distribution Date and the Class A-3FL Swap Payment Date to which
it relates based on the confirmation under the Class A-3FL Swap Agreement, the
applicable "Fixed Payer Shortfall Reimbursement Amount" within the meaning of
the confirmation under the Class A-3FL Swap Agreement.

            "Class A-3FL Floating Swap Payment": With respect to any
Distribution Date and the Class A-3FL Swap Payment Date to which it relates
based on the confirmation under the Class A-3FL Swap Agreement, the applicable
"Floating Amount" within the meaning of the confirmation under the Class A-3FL
Swap Agreement.

             "Class A-3FL Interest Distribution Amount": With respect to any
Distribution Date, an amount equal to (a) the sum of (i) the Distributable
Certificate Interest with respect to the Class A-3FL REMIC II Regular Interest
for such Distribution Date and, to the extent not previously paid, for all prior
Distribution Dates, (ii) any Class A-3FL Net Floating Swap Payment received from
the Class A-3FL Swap Counterparty for distribution on such Distribution Date and
(iii) if the Class A-3FL Swap Agreement is terminated and a replacement Class
A-3FL Swap Agreement is not obtained, any related Swap Termination Payment
collected during the related Collection Period, less (b) any Class A-3FL Net
Fixed Swap Payment and/or Class A-3FL Fixed Payer Shortfall Reimbursement
Payment made to the Class A-3FL Swap Counterparty with respect to such
Distribution Date.

                                      -14-

            "Class A-3FL Net Fixed Swap Payment": With respect to any
Distribution Date, the excess, if any of (i) the Class A-3FL Fixed Swap Payment
for that Distribution Date over (ii) the Class A-3FL Floating Swap Payment for
that Distribution Date.

            "Class A-3FL Net Floating Swap Payment": With respect to any
Distribution Date, the excess, if any of (i) the Class A-3FL Floating Swap
Payment for that Distribution Date over (ii) the Class A-3FL Fixed Swap Payment
for that Distribution Date.

            "Class A-3FL Principal Distribution Amount": With respect to any
Distribution Date, an amount equal to the amount of principal allocated pursuant
to Section 4.01 in respect of the Class A-3FL REMIC II Regular Interest on such
Distribution Date.

            "Class A-3FL REMIC II Regular Interest": The uncertificated interest
in REMIC II, designated as "Class A-3FL", constituting a "regular interest" in
REMIC II for purposes of the REMIC Provisions and having the characteristics
attributable thereto in this Agreement.

            "Class A-3FL Sub-Account": As defined in Section 3.04(f).

            "Class A-3FL Swap Agreement": With respect to the Class A-3FL
Certificates and the Class A-3FL REMIC II Regular Interest, the applicable
interest rate swap agreement consisting of the ISDA 2002 Master Agreement,
together with the related schedule, confirmation and any annexes thereto, dated
as of March 30, 2006, by and among the Class A-3FL Swap Counterparty and the
Trustee, solely in its capacity as Trustee, on behalf of the Trust, or any
replacement interest rate swap agreement entered into by the Trustee in
accordance with the terms of Section 3.29,

            "Class A-3FL Swap Counterparty": Merrill Lynch Capital Services,
Inc. or its successor in interest or any swap counterparty under a replacement
Class A-3FL Swap Agreement.

            "Class A-3FL Swap Payment Date": The "Payment Date" within the
meaning of the confirmation under the Class A-3FL Swap Agreement.

            ""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 A-SB Certificate": Any one of the Certificates with a "Class
A-SB" 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-SB Planned Principal Balance": With respect to any
Distribution Date, the targeted Class Principal Balance of the Class A-SB
Certificates for such date set forth on Schedule IV attached hereto.

            "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.

                                      -15-

            "Class AN-FL Additional Fixed Swap Payment": With respect to any
Distribution Date and the Class AN-FL Swap Payment Date to which it relates
based on the confirmation under the Class AN-FL Swap Agreement, the applicable
"Additional Fixed Amount" within the meaning of the confirmation under the Class
AN-FL Swap Agreement.

            "Class AN-FL Available Funds": With respect to any Distribution
Date, an amount equal to (a) the sum of (i) the total amount of all principal
and/or interest distributions, as well as all distributions of Yield Maintenance
Charges and Prepayment Premiums, properly made on or in respect of the Class
AN-FL REMIC II Regular Interest with respect to such Distribution Date and (ii)
the amounts, if any, received from the Class AN-FL Swap Counterparty pursuant to
the Class AN-FL Swap Agreement for such Distribution Date, less (b) any Class
AN-FL Net Fixed Swap Payment, Class AN-FL Additional Fixed Swap Payment and
Class AN-FL Fixed Payer Shortfall Reimbursement Payment required to be paid to
the Class AN-FL Swap Counterparty pursuant to the Class AN-FL Swap Agreement,
consistent with Section 3.29, for such Distribution Date.

            "Class AN-FL Certificate": Any one of the Certificates with a "Class
AN-FL" designation on the face thereof, substantially in the form of Exhibit A-5
hereto, and evidencing a proportionate interest in Grantor Trust AN-FL.

            "Class AN-FL Distribution Conversion": With respect to any
Distribution Date (i) immediately upon and during the continuation of a Swap
Payment Default under the Class AN-FL Swap Agreement while the Trustee is
pursuing remedies under the Class AN-FL Swap Agreement pursuant to Section 3.29,
or (ii) immediately upon and following the termination of the Class AN-FL Swap
Agreement until any replacement agreement is entered into, the conversion of
distributions with respect to the Class AN-FL Certificates from distributions
based, in part, on floating interest payments from the Class AN-FL Swap
Counterparty under the Class AN-FL Swap Agreement to distributions based solely
on distributions in respect of the Class AN-FL REMIC II Regular Interest, as
specified in Section 4.01(c).

            "Class AN-FL Fixed Swap Payment": With respect to any Distribution
Date and the Class AN-FL Swap Payment Date to which it relates based on the
confirmation under the Class AN-FL Swap Agreement, the applicable "Fixed Amount"
within the meaning of the confirmation under the Class AN-FL Swap Agreement.

            "Class AN-FL Fixed Payer Shortfall Reimbursement Payment": With
respect to any Distribution Date and the Class AN-FL Swap Payment Date to which
it relates based on the confirmation under the Class AN-FL Swap Agreement, the
applicable "Fixed Payer Shortfall Reimbursement Amount" within the meaning of
the confirmation under the Class AN-FL Swap Agreement.

            "Class AN-FL Floating Swap Payment": With respect to any
Distribution Date and the Class AN-FL Swap Payment Date to which it relates
based on the confirmation under the Class AN-FL Swap Agreement, the applicable
"Floating Amount" within the meaning of the confirmation under the Class AN-FL
Swap Agreement.

             "Class AN-FL Interest Distribution Amount": With respect to any
Distribution Date, an amount equal to (a) the sum of (i) the Distributable
Certificate Interest with respect to the Class AN-FL REMIC II Regular Interest
for such Distribution Date and, to the extent not previously paid, for all prior
Distribution Dates, (ii) any Class AN-FL Net Floating Swap Payment received from
the Class AN-FL Swap Counterparty for distribution on such Distribution Date and
(iii) if the Class AN-FL Swap

                                      -16-

Agreement is terminated and a replacement Class AN-FL Swap Agreement is not
obtained, any related Swap Termination Payment collected during the related
Collection Period, less (b) any Class AN-FL Net Fixed Swap Payment and/or Class
AN-FL Fixed Payer Shortfall Reimbursement Payment made to the Class AN-FL Swap
Counterparty with respect to such Distribution Date.

            "Class AN-FL Net Fixed Swap Payment": With respect to any
Distribution Date, the excess, if any of (i) the Class AN-FL Fixed Swap Payment
for that Distribution Date over (ii) the Class AN-FL Floating Swap Payment for
that Distribution Date.

            "Class AN-FL Net Floating Swap Payment": With respect to any
Distribution Date, the excess, if any of (i) the Class AN-FL Floating Swap
Payment for that Distribution Date over (ii) the Class AN-FL Fixed Swap Payment
for that Distribution Date.

            "Class AN-FL Principal Distribution Amount": With respect to any
Distribution Date, an amount equal to the amount of principal allocated pursuant
to Section 4.01 in respect of the Class AN-FL REMIC II Regular Interest on such
Distribution Date.

            "Class AN-FL REMIC II Regular Interest": The uncertificated interest
in REMIC II, designated as "Class AN-FL", constituting a "regular interest" in
REMIC II for purposes of the REMIC Provisions and having the characteristics
attributable thereto in this Agreement.

            "Class AN-FL Sub-Account": As defined in Section 3.04(f).

            "Class AN-FL Swap Agreement": With respect to the Class AN-FL
Certificates and the Class AN-FL REMIC II Regular Interest, the applicable
interest rate swap agreement consisting of the ISDA 2002 Master Agreement,
together with the related schedule, confirmation and any annexes thereto, dated
as of March 30, 2006, by and among the Class AN-FL Swap Counterparty and the
Trustee, solely in its capacity as Trustee, on behalf of the Trust, or any
replacement interest rate swap agreement entered into by the Trustee in
accordance with the terms of Section 3.29,

            "Class AN-FL Swap Counterparty": Merrill Lynch Capital Services,
Inc. or its successor in interest or any swap counterparty under a replacement
Class AN-FL Swap Agreement.

            "Class AN-FL Swap Payment Date": The "Payment Date" within the
meaning of the confirmation under the Class AN-FL Swap Agreement.

            "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.

                                      -17-

            "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, the Class A-3FL REMIC II Regular Interest
or the Class AN-FL REMIC II Regular Interest, as the case may be, outstanding
from time to time. As of the Closing Date, the Class Principal Balance of each
Class of Sequential Pay Certificates, the Class A-3FL REMIC II Regular Interest
and the Class AN-FL REMIC II Regular Interest 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
(exclusive of the Class A-3FL Certificates and the Class AN-FL Certificates),
the Class A-3FL REMIC II Regular Interest and the Class AN-FL REMIC II Regular
Interest 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
(exclusive of the Class A-3FL Certificates and the Class AN-FL Certificates),
the Class A-3FL REMIC II Regular Interest and the Class AN-FL

                                      -18-

REMIC II Regular Interest 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, the
Class A-3FL REMIC II Regular Interest and the Class AN-FL REMIC II Regular
Interest, as the case may be, shall not constitute distributions of principal
and shall not result in reduction of the related Class Principal Balance. The
Class Principal Balance of the Class A-3FL Certificates shall at all times equal
the Class Principal Balance of the Class A-3FL REMIC II Regular Interest and the
Class Principal Balance of the Class AN-FL Certificates shall at all times equal
the Class Principal Balance of the Class AN-FL REMIC II Regular Interest.

            "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 multiple "regular interests" in REMIC II for
purposes of the REMIC Provisions.

            "Class X Component": Any of the 25 components of the Class X
Certificates listed in the following table.

                       ----------------------------------------
                                             Class Designation
                            Class X           of Corresponding
                           Component            Certificates
                       ----------------------------------------
                       X-A-1                A-1
                       ----------------------------------------
                       X-A-2                A-2
                       ----------------------------------------
                       X-A-3                A-3
                       ----------------------------------------
                       X-A-3FL              A-3FL
                       ----------------------------------------
                       X-A-3B               A-3B
                       ----------------------------------------
                       X-A-SB               A-SB
                       ----------------------------------------
                       X-A-4                A-4
                       ----------------------------------------
                       X-A-1A               A-1A
                       ----------------------------------------
                       X-AM                 AM
                       ----------------------------------------
                       X-AJ                 AJ
                       ----------------------------------------
                       X-ANFL               ANFL
                       ----------------------------------------
                       X-B                  B
                       ----------------------------------------
                       X-C                  C
                       ----------------------------------------

                                      -19-

                       ----------------------------------------
                                             Class Designation
                            Class X           of Corresponding
                           Component            Certificates
                       ----------------------------------------
                       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 (or, in the case of the
Class A-3FL Certificates, for the Class A-3FL REMIC II Regular Interest and, in
the case of the Class AN-FL Certificates, for the Class AN-FL REMIC II Regular
Interest) for such Distribution Date. In no event, however, shall any Class X
Strip Rate be less than zero.

            "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": March 30, 2006.

            "Closing Date Deposit": With respect to MLMLI, a cash amount in the
sum of $62,956.78 to be deposited by MLMLI pursuant to the related Mortgage Loan
Purchase Agreement in respect of the Merrill Trust Mortgage Loan (Encino Valley)
identified as loan number 40 on the Mortgage Loan Schedule, which sum represents
the amount of interest that would have accrued during the entire month of March
2006 at the related Net Mortgage Rate on the Cut-off Date Balance of that Trust
Mortgage Loan.

            "Closing Date Deposit Mortgage Loan": Any Trust Mortgage Loan in
respect of which a Closing Date Deposit is required to be made by the related
Mortgage Loan Seller pursuant to the applicable Mortgage Loan Purchase
Agreement.

            "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

                                      -20-

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 Servicer and reasonably acceptable to the Trustee, 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

                                      -21-

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.

                                      -22-

            "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 the Master Servicer pursuant to Section 3.04(a) on behalf of the
Trustee in trust for the Certificateholders, which shall be entitled: "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
ML-CFC Commercial Mortgage Trust 2006-1, Commercial Mortgage Pass-Through
Certificates, Series 2006-1".

            "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 Eurohypo
Trust Mortgage Loan and/or the Countrywide Trust Mortgage Loans, as applicable.

                                      -23-

            "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 South LaSalle
Street, Suite 1625, Chicago, Illinois 60603, Attention: Global Securities and
Trust Services Group--ML-CFC Commercial Mortgage Trust 2006-1, Commercial
Mortgage Pass-Through Certificates, Series 2006-1.

            "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 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.
With respect to the Class A-3FL REMIC II Regular Interest, REMIC I Regular
Interest LA-3FL. With respect to the Class AN-FL REMIC II Regular Interest,
REMIC I Regular Interest LAN-FL. 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.

            "Countrywide": Countrywide Commercial Real Estate Finance, Inc., a
California corporation, or its successor in interest.

            "Countrywide Mortgage Loan Purchase Agreement": That certain
mortgage loan purchase agreement, dated as of March 22, 2006, between the
Depositor and Countrywide and relating to the transfer of the Countrywide Trust
Mortgage Loans to the Depositor.

                                      -24-

            "Countrywide Securities": Countrywide Securities Corporation, a
California corporation, or its successor in interest.

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

            "Crossed Loan": As defined in Section 2.03(a). The Mortgage Loans
comprising a 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).

            "Custodian": A Person who is at any time appointed by the Trustee
pursuant to Section 8.11 as a document custodian for the Mortgage Files, which
Person shall not be the Depositor, a Mortgage Loan Seller or an Affiliate of the
Depositor or a Mortgage Loan Seller. If no such custodian has been appointed or
if such custodian has been so appointed, but the Trustee shall have terminated
such appointment, then the Trustee shall be the Custodian.

            "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 March 2006; or, with respect to any Mortgage Loan that has its
first Due Date in April 2006, March 1, 2006, or, with respect to any Mortgage
Loan that has its first Due Date in May 2006, its origination date.

            "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.

            "DBRS": Dominion Bond Rating Service, Inc. or its successor in
interest. If neither such Rating Agency nor any successor remains in existence,
"DBRS" 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 Servicer
and the Special Servicer and any Fiscal Agent, and specific ratings of DBRS
herein referenced shall be deemed to refer to the equivalent ratings of the
party so designated.

            "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 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

                                      -25-

Due Date (commencing with the Due Date of such Balloon Payment) during the
period contemplated in clause (y), and (y) the 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 which 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 such 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.

            "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.

            "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, the

                                      -26-

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.

            "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), the Class A-3FL REMIC II Regular Interest and the Class AN-FL REMIC II
Regular Interest, 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, 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.

            "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

                                      -27-

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 beneficial owners are Disqualified
Non-United States Tax Persons.

            "Distributable Certificate Interest": With respect to any Class of
Regular Certificates, the Class A-3FL REMIC II Regular Interest or the Class
AN-FL REMIC II Regular Interest for any Distribution Date, the Accrued
Certificate Interest in respect of such Class of Certificates, the Class A-3FL
REMIC II Regular Interest or the Class AN-FL REMIC II Regular Interest, as the
case may be, for such Distribution Date, reduced (other than with respect to the
Class X 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, the Class
A-3FL REMIC II Regular Interest or the Class AN-FL REMIC II Regular Interest, as
the case may be, 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 (exclusive of the Class A-3FL Certificates and the
Class AN-FL Certificates), the Class A-3FL REMIC II Regular Interest and the
Class AN-FL REMIC II Regular Interest, as the case may be, for such Distribution
Date; provided that, if the aggregate Class Principal Balance of the Sequential
Pay Certificates (exclusive of the Class A-3FL Certificates and the Class AN-FL
Certificates), the Class A-3FL REMIC II Regular Interest or the Class AN-FL
REMIC II Regular Interest 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 (exclusive of the Class A-3FL Certificates and the
Class AN-FL Certificates), the Class A-3FL REMIC II Regular Interest and/or the
Class AN-FL REMIC II Regular Interest 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, the Class A-3FL REMIC II Regular Interest and/or the Class AN-FL
REMIC II Regular Interest 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, the Class A-3FL REMIC II Regular Interest or the Class
AN-FL REMIC II Regular Interest 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 ML-CFC Commercial Mortgage Trust 2006-1, Commercial
Mortgage Pass-Through Certificates, Series 2006-1".

                                      -28-

            "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 April 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": Any of (i) an account maintained with a federal
or state chartered depository institution or trust company, and (a) with respect
to deposits held for 30 days or more in such account, the long-term deposit or
unsecured debt obligations of which are rated at least "AA(low)" by DBRS (if
then rated by DBRS and, if not so rated, then the equivalent rating by two other
nationally recognized statistical rating organizations, which may include Fitch
and S&P), "AA" by Fitch and "AA" by S&P (or "A-" provided the short-term
unsecured debt obligations are rated at least "A-1" by S&P) (or, with respect to
any such Rating Agency, such lower rating as will not result in an Adverse
Rating Event, as evidenced in writing by the applicable Rating Agency), at any
time such funds are on deposit therein, or (b) with respect to deposits held for
less than 30 days in such account, the short-term deposits of which are rated at
least "R-1(middle)" by DBRS (if then rated by DBRS and, if not so rated, then
the equivalent rating by two other nationally recognized statistical rating
organizations, which may include Fitch and S&P), "F-1" by Fitch and "A-1" by S&P
(or, with respect to any such Rating Agency, such lower rating as will not
result in an Adverse Rating Event) as evidenced in writing by the applicable
Rating Agency at any time such funds are on deposit therein, (ii) an account or
accounts maintained with PNC Bank National Association so long as PNC Bank
National Association (1) has a long-term unsecured debt rating of at least "A"
and a short-term rating of at least "R-1(middle)" from DBRS (if then rated by
DBRS), (2) has a long-term unsecured debt rating of at least "A" and a
short-term rating of at least "F-1" from Fitch and (3) has a long-term unsecured
debt rating of at least "A" and a short-term rating of at least "A-1" from S&P,
(iii) a segregated trust account or accounts 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 C.F.R. SS. 9.10(b), having in either case a
combined capital and surplus of at least $50,000,000 and subject to supervision
or examination by federal or state authority, or (iv) any other account the use
of which would not, in and of itself, cause an Adverse Rating Event, as
confirmed in writing by each Rating Agency.

            "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.

                                      -29-

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

            "Escrow Payment": Any payment received by the 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.

            "Euroclear": The Euroclear System or any successor.

            "Eurohypo": Eurohypo AG, New York Branch, the New York branch of a
German bank, Eurohypo AG, or its successor in interest.

            "Eurohypo Trust Mortgage Loan Purchase Agreement": That certain
mortgage loan purchase agreement, dated as of March 22, 2006, between the
Depositor and Eurohypo and relating to the transfer of the Eurohypo Trust
Mortgage Loan to the Depositor.

            "Eurohypo Trust Mortgage Loan: The Trust Mortgage Loan transferred
and assigned to the Depositor pursuant to the Eurohypo Trust Mortgage Loan
Purchase Agreement.

            "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) the Master Servicer or, if and to
the extent specifically applicable thereto or to its duties on behalf of the
Master Servicer, any Servicing Representative of the 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-3B, Class A-SB, 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": Either of Department of Labor Prohibited Transaction
Exemption ("PTE") 90-29 (as amended by PTE 97-34, PTE 2000-58 and PTE 2002-41)
or PTE 2000-55 (as amended by PTE 2000-58 and PTE 2002-41), as each 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 or Countrywide
Securities, (ii) any Person directly or indirectly, through one or more
intermediaries, controlling, controlled by or under

                                      -30-

common control with MLPF&S or Countrywide Securities, 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, or by the related
B-Note Loan Holder (in the case of an A-Note Trust Mortgage Loan) pursuant to
the related Loan Combination Intercreditor Agreement or by the 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.

            "Fiscal Agent": A Person who is at any time appointed by the Trustee
pursuant to Section 8.18 to act as fiscal agent.

            "Fitch": Fitch, Inc. or its successor in interest. If neither such
Rating Agency nor any successor remains in existence, "Fitch" 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 Servicer, the Special Servicer and any
Fiscal Agent, and specific ratings of Fitch herein referenced shall be deemed to
refer to the equivalent ratings of the party so designated.

            "Floating Rate Account": The segregated accounts or sub-accounts
(which may be sub-accounts of the Distribution Account) created and maintained
by the Trustee pursuant to Section 3.04(f), in trust for: (i) in the case of the
Class A-3FL Certificates and the Class A-3FL REMIC II Regular Interest, the
holders of Class A-3FL Certificates and the Class A-3FL Swap Counterparty, as
their interests may appear, which shall be entitled "LaSalle Bank National
Association, as Trustee, on behalf of and in trust for the registered holders of
ML-CFC Commercial Mortgage Trust 2006-1, Commercial Mortgage Pass-Through
Certificates, Series 2006-1, Class A-3FL, and Merrill Lynch Capital Services,
Inc., as their interests may appear, Floating Rate Account"; and (ii) in the
case of the Class AN-FL Certificates and the Class AN-FL REMIC II Regular
Interest, the holders of the Class AN-FL Certificates and the Class AN-FL Swap
Counterparty, as their interests may appear, which shall be entitled "LaSalle
Bank National Association, as Trustee, on behalf of and in trust for the
registered holders of ML-CFC Commercial Mortgage Trust 2006-1, Commercial
Mortgage Pass-Through Certificates, Series 2006-1, Class AN-FL, and Merrill
Lynch Capital Services, Inc., as their interests may appear, Floating Rate
Account".

            "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

                                      -31-

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

                                      -32-

Trustee, in trust for the registered holders of ML-CFC Commercial Mortgage Trust
2006-1, Commercial Mortgage Pass-Through Certificates, Series 2006-1,
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 A-3FL": That certain "grantor trust" (within the
meaning of the Grantor Trust Provisions), the assets of which consist of (i) the
Class A-3FL REMIC II Regular Interest and distributions thereon, (ii) the Class
A-3FL Swap Agreement and, except for the Class A-3FL Depositor's Retained
Amount, payments by the Class A-3FL Swap Counterparty thereunder and (iii) the
Class A-3FL Sub-Account, intended to be treated as a "grantor trust" within the
meaning of the Grantor Trust Provisions.

            "Grantor Trust A-3FL Assets": The segregated pool of assets
comprising Grantor Trust A-3FL.

            "Grantor Trust AN-FL": That certain "grantor trust" (within the
meaning of the Grantor Trust Provisions), the assets of which consist of (i) the
Class AN-FL REMIC II Regular Interest and distributions thereon, (ii) the Class
AN-FL Swap Agreement and payments by the Class AN-FL Swap Counterparty
thereunder and (iii) the Class AN-FL Sub-Account, intended to be treated as a
"grantor trust" within the meaning of the Grantor Trust Provisions.

            "Grantor Trust AN-FL Assets": The segregated pool of assets
comprising Grantor Trust AN-FL.

            "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 Account 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,

                                      -33-

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, the Mortgage Loan
Sellers, the Master Servicer, the Special Servicer, the Controlling Class
Representative, the Trustee, any Fiscal Agent 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, the Mortgage Loan Sellers, the Master Servicer, the Special Servicer,
the Controlling Class Representative, the Trustee, any Fiscal Agent 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, the Mortgage Loan Sellers, the Master Servicer, the
Controlling Class Representative, the Special Servicer, the Trustee, any Fiscal
Agent 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, the Master Servicer, the
Controlling Class Representative, the Special Servicer, the Trustee, any Fiscal
Agent 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, the Master Servicer, the
Special Servicer, the Controlling Class Representative, the Trustee, any Fiscal
Agent 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 the Master
Servicer, the Special Servicer, the Trustee, any Fiscal Agent 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 the
Master Servicer, the Special Servicer, the Trustee, any Fiscal Agent 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

                                      -34-

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": Each of MLPF&S and Countrywide Securities.

            "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,
except with respect to the Class A-3FL Certificates and the Class AN-FL
Certificates prior to a Class A-3FL Distribution Conversion or a Class AN-FL
Distribution Conversion, as the case may be, the calendar month immediately
preceding the calendar month in which such Distribution Date occurs. For
purposes of determining Class A-3FL Interest Distribution Amounts and Class
A-3FL Floating Swap Payments or Class AN-FL Interest Distribution Amounts and
Class AN-FL Floating Swap Payments, for any Distribution Date and any Class
A-3FL Swap Payment Date or Class AN-FL Swap Payment Date, as the case may be,
related thereto based upon the confirmation under the related Swap Agreement,
the Interest Accrual Period will begin on and include the 12th day of the month
preceding the month in which the subject Distribution Date occurs (or, in the
case of the first Distribution Date, will begin on and include the Closing Date)
and will end on and include the 11th day of the month in which the subject
Distribution Date occurs; provided that, if a Class A-3FL Distribution
Conversion or a Class AN-FL Distribution Conversion is in effect with respect to
the subject Distribution Date, then the Interest Accrual Period applicable to
the Class A-3FL Interest Distribution Amount or the Class AN-FL Interest
Distribution Amount, as the case may be, for such Distribution Date will be the
same as the Interest Accrual Period with respect to the Class A-3FL REMIC II
Regular Interest or the Class AN-FL REMIC II Regular Interest, as the case may
be, for such Distribution Date.

            "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 ML-CFC Commercial Mortgage Trust 2006-1,
Commercial Mortgage Pass-Through Certificates, Series 2006-1".

            "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,
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

                                      -35-

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 or an Actual/365 Mortgage Loan and each Trust REO Loan
that relates to an Actual/360 Mortgage Loan or an Actual/365 Mortgage Loan.

            "Interested Person": The Depositor, the Mortgage Loan Seller, the
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 the
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 either of Fitch or S&P.

            "Investment Period": With respect to any Distribution Date and (i)
each of the Collection Account, 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.

            "Investor-Based Exemption": Any of Prohibited Transaction Class
Exemption ("PTCE", 84-14, PTCE 90-1, PTCE 91-38, PTCE 95-60, PTCE 96-23 or a
similar exemption.

            "Kenwood Towne Centre Controlling Party": The "Directing Co-Lender"
within the meaning of the Kenwood Towne Centre Intercreditor Agreement, which
prior to the occurrence of a Kenwood Towne Centre Control Appraisal Event (and
for so long as it is continuing) with respect to the Kenwood Towne Centre B-Note
Non-Trust Loan, shall be, as of any date of determination, the holder of the
Kenwood Towne Centre B-Note Non-Trust Loan, and, following the occurrence of a
Kenwood Towne Centre Control Appraisal Event (and for so long as it is
continuing) with respect to the Kenwood Towne Centre B-Note Non-Trust Loan,
shall be the Controlling Class Representative.

            "Kenwood Towne Centre Control Appraisal Event": The existence of a
"Note B Appraisal Reduction Period" within the meaning of the Kenwood Towne
Centre Intercreditor Agreement.

            "Kenwood Towne Centre Intercreditor Agreement": The Co-Lender
Agreement, dated February 7, 2006, between the Trust as holder of the Kenwood
Towne Centre Trust Mortgage Loan and the holders of the Kenwood Towne Centre
Non-Trust Loan.

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

            "Kenwood Towne Centre Mortgaged Property": The Mortgaged Property
identified on the Mortgage Loan Schedule as Kenwood Towne Centre.

                                      -36-

            "Kenwood Towne Centre REO Property": With respect to the Kenwood
Towne Centre Loan Combination, the related Loan Combination REO Property.

            "Kenwood Towne Centre Specially Designated Servicing Actions":
Proposed actions of the Special Servicer in respect of which the consent of the
Kenwood Towne Centre Controlling Party is required, as set forth in Section 4 of
the Kenwood Towne Centre Intercreditor Agreement.

            "Kenwood Towne Centre B-Note Non-Trust Loan": The Mortgage Loan,
other than the Kenwood Towne Centre Trust Mortgage Loan, that is secured by the
same Mortgage encumbering the Kenwood Towne Centre Mortgaged Property as the
Kenwood Towne Centre Trust Mortgage Loan, and that is subordinate in right of
payment and in other respects to the Kenwood Towne Centre Trust Mortgage Loan.

            "Kenwood Towne Centre B-Note Non-Trust Loan Holder": The holder of
the Kenwood Towne Centre B-Note Non-Trust Loan.

            "Kenwood Towne Centre Trust Mortgage Loan": The Mortgage Loan
secured by the Kenwood Towne Centre Mortgaged Property and included in the Trust
Fund.

            "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.

            "LIBOR": The rate specified in Section 1.03(a) or the rate
calculated by the Trustee in accordance with Section 1.03(b), as applicable
under the circumstances.

            "LIBOR Business Day": Any day on which commercial banks are open for
general business (including dealings in foreign exchange and foreign currency
deposits) in London, England and/or New York, New York.

            "LIBOR Determination Date": For purposes of calculating LIBOR in any
particular calendar month, the second LIBOR Business Day prior to the
commencement of the Interest Accrual Period in such calendar month; provided
that, to the extent that the calculation of LIBOR in accordance with Section
1.03(b) requires a determination made as of New York City time, the subject
LIBOR Determination Date must be a day on which commercial banks are open for
general business (including dealings in foreign exchange and foreign currency
deposits) in London, England and New York, New York.

             "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

                                      -37-

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 the Master
Servicer, the Special Servicer or the Plurality Subordinate Certificateholder
pursuant to Section 9.01; (v) in the case of an A-Note Trust Mortgage Loan, such
Mortgage Loan is purchased by the related B-Note 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 the 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 the 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's 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 the Master Servicer, the Special Servicer, or
the Plurality Subordinate Certificateholder pursuant to Section 9.01; (vii) the
purchase of an A-Note Trust Mortgage Loan by the related B-Note 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": Collectively, each A-Note Trust Mortgage Loan
and the related B-Note Non-Trust Loan. 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": Either of the Kenwood Towne
Centre Loan Combination Controlling Party or the 60 State Street Loan
Combination Controlling Party, as the case may be.

                                      -38-

            "Loan Combination Control Appraisal Event": Either of a Kenwood
Towne Centre Loan Combination Control Appraisal Event or a 60 State Street Loan
Combination Control Appraisal Event, as the case may be.

            "Loan Combination Custodial Account": With respect to any Loan
Combination, the separate account (which may be a sub-account of the Collection
Account) created and maintained by the 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: "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 ML-CFC
Commercial Mortgage Trust 2006-1, Commercial Mortgage Pass-Through Certificates,
Series 2006-1, and [name of the related Non-Trust Noteholder(s)], 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 related 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 "Midland Loan Services, Inc., as Special Servicer for LaSalle Bank
National Association, as Trustee in trust for registered holders of ML-CFC
Commercial Mortgage Trust 2006-1, Commercial Mortgage Pass-Through Certificates,
Series 2006-1, 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 Combination Specially Designated Servicing Actions": Either of
a Kenwood Towne Centre Specially Designated Servicing Action or a 60 State
Street Specially Designated Servicing Action, as the case may be.

            "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.

                                      -39-

            "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": Wachovia Bank, National Association, its
successor in interest, or any successor master servicer appointed as herein
provided.

            "Master Servicer Indemnification Agreement": That certain Master
Servicer Indemnification Agreement, dated as of March 22, 2006, between the
initial Master Servicer, the Trustee, the Underwriters and the Initial
Purchasers.

            "Master 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 Master Servicer or any
      Servicing Representative of the 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 the Master
      Servicer or any Servicing Representative of the 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) the Master Servicer, (B) any Servicing
      Representative of the 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 Serviced Mortgage Loan [ITEM 1.03(a)
      ON FORM 8-K];

                                      -40-

            (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 Master Servicer, (B) any Servicing
      Representative of the 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 Serviced Mortgage Loan [ITEM 1.03(b)
      ON FORM 8-K];

            (v)     any resignation, removal, replacement or substitution of (A)
      the Master Servicer or (B) any Servicing Representative of the 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 the 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 the Master Servicer or any
      Servicing Representative of the 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 the 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, (B) the Master Servicer has determined, in
      accordance with the Servicing Standard, could have an adverse effect on
      payments to any Class of Certificateholders, and (C) is directly related
      to a Performing 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
      Master Servicer is controlling the subject litigation or if the subject
      Material Litigant is (A) the Master Servicer, (B) any Servicing
      Representative of the 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 Serviced Mortgage Loan [ITEM 2 ON
      FORM 10-D AND GENERAL INSTRUCTION J TO FORM 10-K];

            (x)     the receipt by or on behalf of the Master Servicer or any
      Servicing Representative of the Master Servicer of any updated financial
      statements, balance sheets, rent rolls or other financial information
      regarding a Significant Obligor with respect to a Performing Serviced
      Mortgage Loan [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 the 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 the Master Servicer
      that constitutes a Servicer

                                      -41-

      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 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 Countrywide or the Trust, on the one
      hand, and the Master Servicer or any Servicing Representative of the
      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 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" and "Primary 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.

            "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)     the Master Servicer;

            (vi)    the Special Servicer;

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

                                      -42-

            (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 March 22, 2006, between the Depositor and
MLMLI and relating to the transfer of the Merrill Trust Mortgage Loans to the
Depositor.

            "Merrill Trust Mortgage Loans": Each of the Trust Mortgage Loans
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.

            "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 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 ML-CFC Commercial Mortgage Trust 2006-1, Commercial Mortgage
      Pass-Through Certificates, Series 2006-1, 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)

                                      -43-

      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 ML-CFC Commercial Mortgage Trust 2006-1, Commercial Mortgage
      Pass-Through Certificates, Series 2006-1 (or, in the case of a Loan
      Combination, in favor of LaSalle Bank National Association, as trustee for
      the registered holders of ML-CFC Commercial Mortgage Trust 2006-1,
      Commercial Mortgage Pass-Through Certificates, Series 2006-1, and in its
      capacity as lead lender on behalf of the holder of the related Non-Trust
      Loan(s)), or in blank;

            (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 ML-CFC Commercial
      Mortgage Trust 2006-1, Commercial Mortgage Pass-Through Certificates,
      Series 2006-1 (or, in the case of a Loan Combination, in favor of LaSalle
      Bank National Association, as trustee for the registered holders of ML-CFC
      Commercial Mortgage Trust 2006-1, Commercial Mortgage Pass-Through
      Certificates, Series 2006-1, 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 ML-CFC
      Commercial Mortgage Trust 2006-1, Commercial Mortgage Pass-Through
      Certificates, Series 2006-1, as assignee (or, in the case of a Loan
      Combination, in favor of LaSalle Bank National Association, as trustee for
      the registered holders of ML-CFC Commercial Mortgage Trust 2006-1,
      Commercial Mortgage Pass-Through Certificates, Series 2006-1, and in its
      capacity as lead lender on behalf of the holder of the related Non-Trust
      Loan(s)), or in blank;

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

            (x)     an original or a 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;

                                      -44-

            (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
      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;

provided that whenever the term "Mortgage File" is used to refer to documents
actually received by the Trustee or by a Custodian on its behalf, 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 or the Custodian for documents described in clause
(vi) of this definition, shall be deemed to include only such documents to the
extent the Trustee or Custodian has actual knowledge of their existence.

            "Mortgage Loan": Any 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": Any of the Countrywide Mortgage
Loan Purchase Agreement, the Merrill Mortgage Loan Purchase Agreement or the
Eurohypo 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)    the amount of the Periodic Payment due on the first Due Date
                    following the Closing 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;

                                      -45-

            (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": Any of MLMLI, Countrywide or Eurohypo.

            "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.

                                      -46-

            "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 Master Servicer in the
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
Account, 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, the Floating Rate 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
Account, 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, the Floating Rate 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":

            (A)     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);

            (B)     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:

                    (1)     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

                                      -47-

                            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

                    (2)     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; and

            (C)     With respect to any Trust Mortgage Loan (or any successor
      Trust REO Loan with respect thereto) that accrues interest on an
      Actual/365 Basis, for any Distribution Date, an annual rate equal to
      twelve times a fraction, expressed as a percentage:

                    (1)     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) 1/365, 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

                    (2)     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, then the amount of interest referred to in the fractional
numerators described in clauses (B)(1) and (C)(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, 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, as of any date of determination, a rate per annum equal to the
related Mortgage Rate minus the sum of the Trustee 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.

            "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.

                                      -48-

            "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).

            "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 Master Servicer, the Trustee or any Fiscal Agent, as the
case may be, that, as determined by the Master Servicer, the Special Servicer,
the Trustee or any Fiscal Agent, as applicable, in accordance with the Servicing
Standard (in the case of the Master Servicer or the Special Servicer) or its
good faith judgment (in the case of the Trustee or any Fiscal Agent) 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 Master Servicer, the Trustee and any Fiscal Agent) 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 Master
Servicer, the Trustee or any Fiscal Agent is a Nonrecoverable P&I Advance and
shall deliver notice of such determination to the Master Servicer, the Trustee
and any Fiscal Agent. In making a recoverability determination, the applicable
Person will be entitled to consider (among other things) 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
Person'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, 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 Master Servicer's, the Special Servicer's, the Trustee's or any
Fiscal Agent's determination as to the recoverability of any P&I Advance shall
be conclusive and binding on the Certificateholders. The Trustee and any Fiscal
Agent shall be entitled to conclusively rely on any recoverability determination
made by the Master Servicer and the Master Servicer, the Trustee and any Fiscal
Agent 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 Master Servicer, the Special Servicer, the
Trustee or any Fiscal Agent, as the case may be, that, as determined by the

                                      -49-

Master Servicer, the Special Servicer, the Trustee or any Fiscal Agent, as
applicable, in accordance with the Servicing Standard (in the case of the Master
Servicer or the Special Servicer) or its good faith judgment (in the case of the
Trustee or any Fiscal Agent) 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 Master Servicer,
the Trustee and any Fiscal Agent) 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 Master Servicer,
the Trustee or any Fiscal Agent is a Nonrecoverable Servicing Advance and shall
deliver notice of such determination to the Master Servicer, the Trustee and any
Fiscal Agent. 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 Master
Servicer's, the Special Servicer's, the Trustee's or any Fiscal Agent's
determination as to the recoverability of any Servicing Advance shall be
conclusive and binding on the Certificateholders. The Trustee and any Fiscal
Agent shall be entitled to conclusively rely on any recoverability determination
made by the Master Servicer and the Master Servicer, the Trustee and any Fiscal
Agent 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 AN-FL, 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" Any B-Note Non-Trust 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 the 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 Master Servicer or the Special
Servicer) acceptable to and delivered to the Trustee or the Master Servicer, as
the case may be, except that any opinion of counsel relating to (a) the

                                      -50-

qualification of REMIC I or REMIC II as a REMIC; (b) the qualification of any of
Grantor Trust A-3FL, Grantor Trust AN-FL or Grantor Trust Z as a grantor trust;
(c) compliance with REMIC Provisions; or (d) the resignation of the Master
Servicer or Special Servicer pursuant to Section 6.04 must be an opinion of
counsel who is in fact Independent of the 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 Class A-3FL REMIC II Regular Interest or the
Class AN-FL REMIC II Regular Interest, the initial Class Principal Balance
thereof as of the Closing Date, in each case as specified in the Preliminary
Statement. The Class A-3FL Certificates and the Class A-3FL REMIC II Regular
Interest will have the same Original Class Principal Balance, and the Class
AN-FL Certificates and the Class AN-FL REMIC II Regular Interest will have the
same original class Principal Balance.

            "Original Notional Amount": $2,141,833,151, the total original
notional amount of the Class X Certificates.

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

            "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,
                      5.414% per annum;

            (ii)      the Class A-2 Certificates for any Distribution Date, a
                      per annum rate equal to the lesser of (a) 5.439 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 Weighted Average Net Mortgage
                      Pass-Through Rate for such Distribution Date minus 0.051%;

            (iv)      the Class A-3FL REMIC II Regular Interest, for any
                      Distribution Date, a per annum rate equal to the lesser of
                      (a) 5.479 and (b) the Weighted Average Net Mortgage
                      Pass-Through Rate for such Distribution Date;

            (v)       the Class A-3B Certificates for any Distribution Date, a
                      per annum rate equal to the Weighted Average Net Mortgage
                      Pass-Through Rate for such Distribution Date minus 0.052%;

            (vi)      the Class A-SB Certificates for any Distribution Date, a
                      per annum rate equal to the Weighted Average Net Mortgage
                      Pass-Through Rate for such Distribution Date minus 0.077%;

                                      -51-

            (vii)     the Class A-4 Certificates for any Distribution Date, a
                      per annum rate equal to the Weighted Average Net Mortgage
                      Pass-Through Rate for such Distribution Date minus 0.101%;

            (viii)    the Class A-1A Certificates for any Distribution Date, a
                      per annum rate equal to the Weighted Average Net Mortgage
                      Pass-Through Rate for such Distribution Date minus 0.102%;

            (ix)      the Class AM Certificates for any Distribution Date, a per
                      annum rate equal to the Weighted Average Net Mortgage
                      Pass-Through Rate for such Distribution Date minus 0.051%;

            (x)       the Class AJ Certificates for any Distribution Date, a per
                      annum rate equal to the Weighted Average Net Mortgage
                      Pass-Through Rate for such Distribution Date minus 0.002%;

            (xi)      the Class AN-FL REMIC II Regular Interest, for any
                      Distribution Date, a per annum rate equal to the lesser of
                      (a) 5.479% and (b) the Weighted Average Net Mortgage
                      Pass-Through Rate for such Distribution Date;

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

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

            (xvi)     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;

            (xvii)    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;

            (xviii)   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;

            (xix)     the Class J Certificates for any Distribution Date, a per
                      annum rate equal to the lesser of (a) 5.199% and (b) the
                      Weighted Average Net Mortgage Pass-Through Rate for such
                      Distribution Date;

            (xx)      the Class K Certificates for any Distribution Date, a per
                      annum rate equal to the lesser of (a) 5.199% and (b) the
                      Weighted Average Net Mortgage Pass-Through Rate for such
                      Distribution Date;

                                      -52-

            (xxi)     the Class L Certificates for any Distribution Date, a per
                      annum rate equal to the lesser of (a) 5.199% and (b) the
                      Weighted Average Net Mortgage Pass-Through Rate for such
                      Distribution Date;

            (xxii)    the Class M Certificates for any Distribution Date, a per
                      annum rate equal to the lesser of (a) 5.199% and (b) the
                      Weighted Average Net Mortgage Pass-Through Rate for such
                      Distribution Date;

            (xxiii)   the Class N Certificates for any Distribution Date, a per
                      annum rate equal to the lesser of (a) 5.199% and (b) the
                      Weighted Average Net Mortgage Pass-Through Rate for such
                      Distribution Date;

            (xxiv)    the Class P Certificates for any Distribution Date, a per
                      annum rate equal to the lesser of (a) 5.199% and (b) the
                      Weighted Average Net Mortgage Pass-Through Rate for such
                      Distribution Date;

            (xxv)     the Class Q Certificates for any Distribution Date, a per
                      annum rate equal to the lesser of (a) 5.199% and (b) the
                      Weighted Average Net Mortgage Pass-Through Rate for such
                      Distribution Date;

            (xxvi)    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);

            (xxvii)   with respect to the Class A-3FL Certificates, (A) for any
                      Distribution Date with respect to which a Class A-3FL
                      Distribution Conversion does not exist, the per annum
                      rate, expressed as a percentage, equal to the applicable
                      value of LIBOR specified in or calculated in accordance
                      with Section 1.03, plus 0.200% per annum, and (B) for any
                      Distribution Date with respect to which a Class A-3FL
                      Distribution Conversion does exist, the Pass-Through Rate
                      for the Class A-3FL REMIC II Regular Interest for that
                      Distribution Date; and

            (xxviii)  with respect to the Class AN-FL Certificates, (A) for any
                      Distribution Date with respect to which a Class AN-FL
                      Distribution Conversion does not exist, the per annum
                      rate, expressed as a percentage, equal to the applicable
                      value of LIBOR specified in or calculated in accordance
                      with Section 1.03, plus 0.270% per annum, and (B) for any
                      Distribution Date with respect to which a Class AN-FL
                      Distribution Conversion does exist, the Pass-Through Rate
                      for the Class AN-FL REMIC II Regular Interest for that
                      Distribution Date.

            "P&I Advance": As to any Trust Mortgage Loan or Trust REO Loan, any
advance made by the Master Servicer, the Trustee or any Fiscal Agent 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,

                                      -53-

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 or
any Class A-3FL Certificate or Class AN-FL 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 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 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 DBRS (if then rated by
      DBRS and, if not so rated, then the equivalent rating by two other
      nationally recognized statistical rating organizations, which may include
      Fitch and S&P), S&P and Fitch 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;

                                      -54-

            (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 DBRS (if then rated by DBRS and, if not so rated, then the
      equivalent rating by two other nationally recognized statistical rating
      organizations, which may include Fitch and S&P), S&P and Fitch 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 DBRS (if then rated by
      DBRS and, if not so rated, then the equivalent rating by two other
      nationally recognized statistical rating organizations, which may include
      Fitch and S&P), S&P and Fitch 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 DBRS (if then rated by DBRS and, if not so
      rated, then the equivalent rating by two other nationally recognized
      statistical rating organizations, which may include Fitch and S&P), S&P
      and Fitch 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.

                                      -55-

            "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 "Midland
Loan Services, Inc., as Special Servicer, for LaSalle Bank National Association,
as Trustee in trust for the registered holders of ML-CFC Commercial Mortgage
Trust 2006-1, Commercial Mortgage Pass-Through Certificates, Series 2006-1".

            "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 Trustee 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

                                      -56-

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 Servicer 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 Servicer shall select a comparable interest rate index. In
either case, such selection shall be made by the Master Servicer in its sole
discretion and the Master Servicer shall notify the Trustee and the Special
Servicer in writing of its selection.

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

            (a)     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 plus, in the case of the initial Distribution Date,
      the principal portion of the Additional MLMLI Deposit received from MLMLI;

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

            (c)     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;

            (d)     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 Servicer 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

                                      -57-

      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;

            (e)     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;

            (f)     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 Servicer 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

            (g)     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
      (exclusive of the Class A-3FL Certificates and the Class AN-FL
      Certificates), the Class A-3FL REMIC II Regular Interest and the Class
      AN-FL REMIC II Regular Interest 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).

                                      -58-

            "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 Master
Servicer, as applicable, 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
Master Servicer, as applicable), as applicable.

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

            "Prospectus": The prospectus dated March 22, 2006, as supplemented
by the Prospectus Supplement, relating to the Registered Certificates.

            "Prospectus Supplement": The final prospectus supplement dated March
22, 2006 of the Depositor relating to the registration of the Registered
Certificates under the Securities Act.

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

                                      -59-

            "Qualified Insurer": An insurance company or security or bonding
company qualified to write the related Insurance Policy in the relevant
jurisdiction (i) with a minimum claims paying ability rating of at least "A" by
DBRS (if then rated by DBRS and, if not so rated, then the equivalent rating by
two other nationally recognized statistical rating organizations, which may
include Fitch and S&P), "A" by S&P and "A" by Fitch (if rated by Fitch) (or the
obligations of which are guaranteed or backed by a company having such a claims
paying ability) and (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 rated no lower
than two rating categories (without regard to pluses or minuses or numerical
qualifications) below the rating assigned to the then highest rated outstanding
Certificate, but in no event lower than "A" by DBRS (if then rated by DBRS and,
if not so rated, then the equivalent rating by two other nationally recognized
statistical rating organizations, which may include Fitch and S&P), "A-" by S&P
and "A" by Fitch (if rated by Fitch) (or the obligations of which are guaranteed
or backed by a company having such a claims paying ability) or, in the case of
clauses (i) and (ii), such other rating as each Rating Agency shall have
confirmed in writing will not result in an Adverse Rating Event.

            "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 any of the REMICs 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

                                      -60-

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 February
2039.

            "Rating Agency": Each of DBRS, Fitch and 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

                                      -61-

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-3FL, Class A-3B, Class A-SB, 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, the Master Servicer or the Special Servicer,
the term "Relevant Servicing Criteria" may refer to a portion of the Relevant
Servicing Criteria applicable to the 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

                                      -62-

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 (inclusive of the
Closing Date Deposit and the Additional MLMLI Deposit but exclusive of all
Additional Interest) held from time to time in the Collection Account, 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, 9, 10, 11, 12, 13, 14, 16, 17,
19 and 20 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 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-3B, Class A-SB, 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 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.

                                      -63-

            "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 Master Servicer, the Special Servicer,
the Trustee or any Fiscal Agent 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 Master Servicer, the Special Servicer, the
Trustee or any Fiscal Agent 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 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 Master
Servicer, the Special Servicer, the Trustee or any Fiscal Agent, 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
Master Servicer, the Special Servicer, the Trustee or any Fiscal Agent, 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 Master Servicer,
the Special Servicer, the Trustee or any Fiscal Agent, 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

                                      -64-

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; and with respect to a Loan
Combination, the related Loan Combination REO Property.

            "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).

            "Request for Release": A request signed by a Servicing Officer, as
applicable, of the 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
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 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 Trust
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; provided, however, that a
Required Appraisal Mortgage Loan shall cease to be a Required Appraisal Mortgage
Loan:

            (a)     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

                                      -65-

            (b)     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 Global Securities and Trust Services Group of the
initial Trustee, (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, and (iii) any Fiscal Agent, any officer thereof.

            "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.

            "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

                                      -66-

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 Servicer, the Special Servicer and any
Fiscal Agent, 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-3FL, Class A-3B, Class A-SB, 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-3FL, Class A-3B, Class A-SB, Class A-4, Class A-1A, Class AM, Class AJ,
Class AN-FL, 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 Master Servicer, the
Special Servicer, the Trustee or any Fiscal Agent in connection with

                                      -67-

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 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 Master Servicer or the Special
Servicer to the extent such cost is allocable to a particular Mortgaged Property
that the 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 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 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 Master Servicer or 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) the Master Servicer;
(ii) the Special Servicer; (iii) the Trustee; and (iv) any other party hereto,
in addition to the Master Servicer, 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 the 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.

                                      -68-

            "Servicing Representative": With respect to the 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 Standard": With respect to the 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, the 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 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
the 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 the
Master Servicer or the Special Servicer, as the case may be, or by any Affiliate
thereof; (iii) the right of the 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 the Master Servicer or the
Special Servicer, as the case may be, to make Advances; (v) the ownership,
servicing or management by the 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 the Master Servicer or any Affiliate of the Master Servicer to
repurchase or substitute a Mortgage Loan as a Mortgage Loan Seller; (vii) any
obligation of the Master Servicer or any Affiliate of the Master Servicer to
cure a breach of a representation and warranty with respect to a Mortgage Loan;
and (viii) any debt the 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 of $20,000,000 or more 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 5% or more 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

                                      -69-

and groups of Mortgage Loans made to affiliated Mortgagors) by outstanding
principal balance at such time.

            "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).

            "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, the Class A-3FL Certificates
or the Class AN-FL Certificates, evidencing a $1,000 denomination.

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

            "Special Servicer": Midland Loan Services, Inc., or any successor in
interest thereto, or any successor special servicer appointed as herein
provided.

            "Special Servicer Indemnification Agreement": That certain Special
Servicer Indemnification Agreement, dated as of March 22, 2006, between the
initial Special Servicer, the Trustee, the Underwriters and the Initial
Purchasers.

            "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

                                      -70-

      (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, (B) the Special
      Servicer has determined, in accordance with the Servicing Standard, could
      have an adverse effect on payments to any Class of Certificateholders, and
      (C) is directly related to a 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
      [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

                                      -71-

      accordance with Section 8.15(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) the Master Servicer, (F) any Servicing Representative of the Special
      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];

            (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
      Countrywide 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 Countrywide 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, 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 or ground lessor
      estoppel; and

            (v)     a copy of any letter of credit relating to the Trust
      Mortgage Loan;

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

                                      -72-

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

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

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

                    (ii)    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 unless (x) the related Mortgagor (A)
                            makes in respect of each Due Date (commencing with
                            the Due Date of such Balloon Payment) during the
                            period contemplated in (B) below, without omission,
                            Assumed Periodic Payments and (B) delivers a
                            refinancing commitment within 60 days after such
                            Mortgage Loan's maturity date, then for such period
                            (not to exceed 120 days) beyond such Mortgage Loan's
                            maturity date ending on the earlier of the date on
                            which the related Mortgagor fails to make an Assumed
                            Periodic Payment or the date on which it is
                            determined that the refinancing could not reasonably
                            be expected to occur; or

            (b)     the 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

            (c)     the 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

            (d)     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

            (e)     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

                                      -73-

            (f)     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

            (g)   the 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;
provided that, if a B-Note Loan Holder prevents the occurrence of a Servicing
Transfer Event with respect to the related A-Note Trust Mortgage Loan through
the exercise of cure rights as set forth in the related Loan Combination
Intercreditor Agreement, then the existence of such Servicing Transfer Event
with respect to the related B-Note Non-Trust Loan shall not, in and of itself,
result in the existence of a Servicing Transfer Event with respect to such
A-Note Trust Mortgage Loan or cause the servicing of the subject Loan
Combination to be transferred to the Special Servicer, unless a separate
Servicing Transfer Event has occurred with respect thereto.

            "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 New York,
Illinois, North Carolina, Kansas 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.

                                      -74-

            "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:

            (a)     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

            (b)     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

                                      -75-

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 each of the Kenwood
Towne Centre B-Note Non-Trust Loan and the 60 State Street B-Note Non-Trust Loan
or any successor REO Loan with respect thereto, as of any date of determination,
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 a Non-Trust Loan other than the Kenwood Towne Centre
B-Note Non-Trust Loan or the 60 State Street 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 AN-FL,
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 the 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 the 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 the 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" shall mean 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

                                      -76-

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.

            "Swap Agreement": Either of the Class A-3FL Swap Agreement or the
Class AN-FL Swap Agreement.

            "Swap Counterparty": Either of the Class A-3FL Swap Counterparty or
the Class AN-FL Swap Counterparty.

            "Swap Default": With respect to either Swap Agreement, any failure
on the part of the related Swap Counterparty (that continues beyond any
applicable grace period under such Swap Agreement) to (i) make a required
payment under such Swap Agreement as and when due thereunder, (ii) either post
acceptable collateral or find an acceptable replacement Swap Counterparty or
find an acceptable guarantor after a Collateralization Event (as defined in such
Swap Agreement) has occurred, as required by Part 1(n)(1) of the Schedule to the
Master Agreement in such Swap Agreement, or (iii) find an acceptable replacement
Swap Counterparty after a Rating Agency Trigger Event (as defined in such Swap
Agreement) has occurred, as required by Part 1(n)(3) of the Schedule to the
Master Agreement in such Swap Agreement.

            "Swap Payment Default": A Swap Default of the nature described in
clause (i) of the definition of "Swap Default".

            "Swap Termination Fees": With respect to either Swap Agreement, any
fees, costs or expenses payable by the related Swap Counterparty to the Trust in
connection with a Swap Default under such Swap Agreement, termination of such
Swap Agreement or liquidation of such Swap Agreement, as specified in such Swap
Agreement.

            "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 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 each of Grantor Trust A-3FL, Grantor Trust AN-FL and 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).

                                      -77-

            "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 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, (ii) the Grantor Trust Z Assets, (iii) the Grantor Trust A-3FL Assets
and (iv) the Grantor Trust AN-FL Assets.

            "Trust Mortgage Loan": Each of the Mortgage Loans, including any
A-Note 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.

            "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 Fiscal Agent, Authenticating Agent,
Certificate Registrar, REMIC Administrator, Custodian, co-trustee or separate
trustee appointed or designated by the Trustee hereunder.

            "Trustee Fee": With respect to each Trust Mortgage Loan and each
Trust REO Loan for any Distribution Date (excluding, in the case of the initial
Distribution Date, any Closing Date Deposit Mortgage Loan), 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 Trustee 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).

                                      -78-

            "Trustee Fee Rate": 0.0010% per annum.

            "Trustee Investment Period": With respect to any Distribution Date,
the period commencing on the day immediately following the preceding
Distribution Date (or, in the case of the initial Distribution Date, commencing
on the Closing Date) and ending on and including the subject Distribution Date.

            "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];

                                      -79-

            (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, the 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

                                      -80-

      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 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 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];

            (xxii)  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 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]; and

            (xxiii) 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.

                                      -81-

            "Underwriter": Each of MLPF&S, Countrywide Securities, EHY
Securities (USA), LLC, Banc of America Securities LLC, Morgan Stanley & Co.
Incorporated and Goldman, Sachs & Co. 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 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.

            "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.

            "USAP": The Uniform Single Attestation Program for Mortgage Bankers
established by the Mortgage Bankers of America.

            "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, the Class A-3FL Certificates and the Class
AN-FL 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-3FL, Class A-3B,
Class A-SB, Class A-4, Class A-1A, Class AM, Class AJ, Class AN-FL, 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 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 the Master
Servicer is the holder of any Certificates, the Master Servicer, in its capacity
as a Certificateholder, shall have no Voting Rights with respect to matters
concerning compensation affecting the Master Servicer.

            "Wachovia": Wachovia Bank, National Association or any successor in
interest.

                                      -82-

            "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 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
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 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

                                      -83-

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 the 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
      Account 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 Account 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 Account 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 Account 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

                                      -84-

      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 Account 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

                                      -85-

      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.

            SECTION 1.03.     Calculation of LIBOR.

            (a)     The initial value of LIBOR shall be 4.8225% per annum. Such
value of LIBOR shall be utilized in calculating: (i) with respect to the Class
A-3FL Certificates, (A) the Class A-3FL Floating Swap Payment to be made on the
Class A-3FL Swap Payment Date in April 2006 and (B) the Pass-Through Rate with
respect to the Class A-3FL Certificates for the Distribution Date in April 2006,
and (ii) with respect to the Class AN-FL Certificates, (A) the Class AN-FL
Floating Swap Payment to be made on the Class AN-FL Swap Payment Date in April
2006 and (B) the Pass-Through Rate with respect to the Class AN-FL Certificates
for the Distribution Date in April 2006.

            (b)     The value of LIBOR applicable to the calculation of the
Class A-3FL Floating Swap Payment to be made on the Class A-3FL Swap Payment
Date and the Class AN-FL Floating Swap Payment to be made on the Class AN-FL
Swap Payment Date in any particular calendar month subsequent to April 2006, as
well as the calculation of the respective Pass-Through Rates with respect to the
Class A-3FL Certificates and the Class AN-FL Certificates for the Distribution
Date in such calendar month (provided that no Class A-3FL Distribution
Conversion or Class AN-FL Distribution Conversion, as applicable, is then in
effect), shall be determined by the Trustee (and promptly reported to the
related Swap Counterparty) on the LIBOR Determination Date in the preceding
calendar month in accordance with the following methodology: LIBOR shall equal
the rate for deposits in U.S. Dollars, for a period equal to one month, which
appears on the Dow Jones Market Service (formerly Telerate) Page 3750 as of
11:00 a.m., London time, on the applicable LIBOR Determination Date. If that
rate does not appear on the Dow Jones Market Service Page 3750, LIBOR will be
determined on the basis of the rates at

                                      -86-

which deposits in U.S. Dollars are offered by any five major reference banks in
the London interbank market selected by the Trustee to provide that bank's
offered quotation of such rates at approximately 11:00 a.m., London time, on the
applicable LIBOR Determination Date to prime banks in the London interbank
market for a period of one month, commencing on the 12th day of the calendar
month in which the applicable LIBOR Determination Date occurs and in an amount
that is representative for a single such transaction in the relevant market at
the relevant time. The Trustee shall request the principal London office of any
five major reference banks in the London interbank market selected by the
Trustee to provide a quotation of those rates, as offered by each such bank. If
at least two such quotations are provided, LIBOR will be the arithmetic mean of
the quotations. If fewer than two quotations are provided as requested, LIBOR
will be the arithmetic mean of the rates quoted by major banks in New York City
selected by the Trustee, at approximately 11:00 a.m., New York City time, on the
applicable LIBOR Determination Date for loans in U.S. Dollars to leading
European banks for a period equal to one month, commencing on the applicable
LIBOR Determination Date and in an amount that is representative for a single
such transaction in the relevant market at the relevant time. The determination
of LIBOR by the Trustee will be binding absent manifest error.

                                      -87-

                                   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 "ML-CFC Commercial Mortgage Trust 2006-1" 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, 9, 10, 11, 12, 13, 14, 16, 17,
19 and 20 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" or "Lead Lender", as the case may be, under the related Loan Combination
Intercreditor Agreement; provided that the 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. 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 or a Custodian
appointed thereby (with a copy to the Master Servicer and Special Servicer), on
or before the Closing Date, the Mortgage File for each Trust Mortgage Loan so
assigned. The Special Servicer may request the Master Servicer to deliver a copy
of the Servicing File for any Trust Mortgage Loan (other than a Specially
Serviced Mortgage Loan) if the Master Servicer shall not have granted the
Special Servicer electronic access to such Servicing Files. None of the Trustee,
any Fiscal Agent, any Custodian, the Master Servicer 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, 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 or a Custodian appointed thereby on or
before the Closing

                                      -88-

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 or such Custodian 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, 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 or a Custodian
appointed thereby 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 or its Custodian 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 Depositor hereby represents and warrants that with
respect to the Merrill Trust Mortgage Loans, the Countrywide Trust Mortgage
Loans and the Eurohypo Trust Mortgage Loan, the related Mortgage Loan Seller has
covenanted in the related Mortgage Loan Purchase Agreement that it shall retain
or cause to be retained, an Independent Person (such Person, the
"Recording/Filing Agent") that shall, as to each such Trust Mortgage Loan,
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,

                                      -89-

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 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 Master Servicer or such other
Person as may be directed by the Master Servicer (at the expense of the
applicable Mortgage Loan Seller) on or before the Closing Date and shall be held
by the Master Servicer on behalf of the Trustee in trust for the benefit of the
Certificateholders; provided, however, the Master Servicer shall have no
responsibility for holding documents created or maintained by the Special
Servicer hereunder and not delivered to the 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 Master Servicer to draw on such
letter of credit.

            The Master Servicer hereby acknowledges the receipt by it of the
Closing Date Deposit. The Master Servicer shall hold the Closing Date Deposit in
the Collection Account and shall include the Closing Date Deposit in the amounts
it is required to remit to the Trustee on the initial P&I Advance Date. The
Closing Date Deposit shall remain uninvested.

            (f)     In connection with the Depositor's assignment pursuant to
Section 2.01(a) above, the Depositor shall deliver to the Custodian, the 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.

            (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 by it or a Custodian on its behalf,
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 Swap Agreement and each Mortgage Loan
Purchase Agreement, all in good faith and without notice of any adverse claim,
and declares that it or a Custodian on its behalf 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
Servicer, 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

                                      -90-

Documents are in its possession. In addition, within 90 days after the Closing
Date, the Trustee or the Custodian on its behalf will review the Mortgage Files
and certify (in a certificate substantially in the form of Exhibit C) to each of
the Depositor, the Master Servicer, 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 or the Custodian 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, and (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. 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, any Fiscal Agent, the Master Servicer,
the Special Servicer or any Custodian 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, directly or through a Custodian retained by it,
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.

                                      -91-

            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 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 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 Master Servicer for deposit into the 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

                                      -92-

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 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 (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 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; 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; and provided, further, that the Controlling Class Representative
shall have consented to the repurchase or replacement of the affected Crossed
Loan, which consent shall not be unreasonably withheld or delayed. 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 Master Servicer
shall designate the Collection Account as the account to which funds in the
amount of the Purchase Price or the Substitution Shortfall

                                      -93-

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 Master Servicer certifying as to the receipt of the applicable
Purchase Price(s) in the Collection Account (in the case of any such repurchase)
or the receipt of the applicable Substitution Shortfall Amount(s) in the
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
Custodian and the 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 Custodian, the 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 and (iii) the 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; provided that such tender by the Trustee or the Custodian
shall be conditioned upon its receipt from the Master Servicer or the Special
Servicer of a Request for Release. Thereafter, the Trustee, any Fiscal Agent,
the Custodian, the 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 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 Master Servicer to permit the Master Servicer to do so. The
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 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.

                                      -94-

            (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, as
applicable. 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
Master Servicer) be remitted by the 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 Trust Mortgage Loan Seller's rights pursuant to
this paragraph shall be junior, subject and subordinate to the rights of the
Master Servicer, the Special Servicer, the Trustee, any Fiscal Agent 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, any Fiscal Agent, the Trust Fund, the
Master Servicer or the Special Servicer allocable to such Trust Mortgage Loan.
The 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 the 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 the 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 the Master Servicer, the
Special Servicer, the Trustee, any Fiscal Agent, and the Certificateholders
pursuant to the terms of this Agreement.

                                      -95-

            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
the Master Servicer, the Special Servicer and any Fiscal Agent, 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

                                      -96-

      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, the Class A-3FL REMIC II Regular
Interest and the Class AN-FL REMIC II Regular Interest 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 REMIC
II Certificates in authorized denominations, evidencing, together with the Class
A-3FL REMIC II Regular Interest and the Class AN-FL REMIC II Regular Interest,
the entire beneficial ownership of REMIC II. The rights of the

                                      -97-

holders of the respective Classes of REMIC II Certificates, Grantor Trust A-3FL
as holder of the Class A-3FL REMIC II Regular Interest and Grantor Trust AN-FL
as holder of the Class AN-FL REMIC II Regular Interest to receive distributions
from the proceeds of REMIC II in respect of their REMIC II Certificates, the
Class A-3FL REMIC II Regular Interest or the Class AN-FL REMIC II Regular
Interest, as the case may be, and all ownership interests evidenced or
constituted by the respective Classes of REMIC II Certificates, the Class A-3FL
REMIC II Regular Interest and the Class AN-FL REMIC II Regular Interest in such
distributions, shall be as set forth in this Agreement.

            SECTION 2.09.     Conveyance of Class A-3FL REMIC II Regular
                              Interest and Class AN-FL REMIC II Regular
                              Interest; Acceptance of Grantor Trust A-3FL and
                              Grantor Trust AN-FL 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 Class A-3FL
REMIC II Regular Interest and the Class AN-FL REMIC II Regular Interest to the
Trustee for the benefit of the Holders of the Class A-3FL Certificates and the
Holders of the Class AN-FL Certificates, respectively. The Trustee acknowledges
the assignment to it of the Class A-3FL REMIC II Regular Interest and the Class
AN-FL REMIC II Regular Interest 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 Class A-3FL Certificates and the Class AN-FL Certificates,
respectively.

            SECTION 2.10.     Execution, Authentication and Delivery of Class Z,
                              Class A-3FL and Class AN-FL Certificates.

            Concurrently with the assignment to it of (i) the Additional
Interest and the other assets of Grantor Trust Z, (ii) the Class A-3FL REMIC II
Regular Interest and the other assets of Grantor Trust A-3FL and (iii) the Class
AN-FL REMIC II Regular Interest and the other assets of Grantor Trust AN-FL, 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, the Class A-3FL Certificates and the
Class AN-FL Certificates.

                                      -98-

                                   ARTICLE III

                 ADMINISTRATION AND SERVICING OF THE TRUST FUND

            SECTION 3.01.     Administration of the Mortgage Loans.

            (a)     Each of the Master Servicer and the Special Servicer shall
service and administer the Mortgage Loans that each is obligated to service and
administer 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.

            Without limiting the foregoing, and subject to Section 3.21, (i) the
Master Servicer 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 Servicer 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 the Master Servicer shall not 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 the 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 Servicer
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), Section 6.11 and Section 6.12,
the Master Servicer 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 Servicer
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, Section 6.11 and Section 6.12, 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 Master Servicer or the Special Servicer, promptly execute any
limited powers of attorney and other documents furnished by the

                                      -99-

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 the Master Servicer or the Special Servicer.
Notwithstanding anything contained herein to the contrary, neither the Master
Servicer 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 Master Servicer's or 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 Servicer 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. Unless the same Person acts as both Master Servicer and
Special Servicer, the Master Servicer shall not be responsible for the actions
of or failure to act by the Special Servicer and the Special Servicer shall not
be responsible for the actions of or the failure to act by the Master Servicer.

            (d)     Notwithstanding anything herein to the contrary, in no event
shall the Master Servicer, the Trustee or any Fiscal Agent 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 Servicer 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 a B-Note 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 that includes a Trust
Mortgage Loan, 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 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 Master Servicer and/or the Special
Servicer, as the case may be, and shall contain

                                      -100-

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 that includes a Trust
Mortgage Loan, 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 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.

            SECTION 3.02.     Collection of Mortgage Loan Payments.

            (a)     Each of the Master Servicer 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 Servicer 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 the Master
Servicer or 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. The 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 Master Servicer's request for such
consent), and neither the 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 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, unless such Default
Charges would otherwise be payable to the Master Servicer pursuant to Section
3.26. No such additional waiver shall be permitted without the consent of the
Controlling Class Representative, which consent shall be deemed granted if not

                                      -101-

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 VII, the Master Servicer and the Special Servicer shall not 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 Master Servicer or 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 any
Fiscal Agent, and second, to the Master Servicer or 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 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 any Fiscal Agent, second to the Trustee and
third to the Master Servicer or 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

                                      -102-

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 the Master Servicer, the Special Servicer or any other Person to
receive payments from the Collection Account 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 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 the Master Servicer or Special Servicer
receives Additional Interest in any Collection Period, or receives notice from
the related Mortgagor that the Master Servicer or Special Servicer will be
receiving Additional Interest in any Collection Period, the Master Servicer or
Special Servicer, as applicable, will, 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 Servicer, the Trustee,
any Fiscal Agent 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 Master Servicer (with the consent of the Special Servicer),
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)     The Master Servicer shall, as to all Mortgage Loans
establish and maintain one or more accounts (the "Servicing Accounts"), into
which all 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 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
Master Servicer, the Special Servicer, the Trustee or any Fiscal Agent, as
applicable, for any such Servicing Advance (provided that any interest

                                      -103-

thereon may only be withdrawn from the 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 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. The Master Servicer shall
pay or cause to be paid to the 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 the 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, Grantor Trust A-3FL, Grantor Trust AN-FL or
Grantor Trust Z.

            (b)     The Master Servicer, with respect to Mortgage Loans 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 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 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)     The Master Servicer shall, as to all Mortgage Loans, 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 the Master Servicer shall not make any Servicing
Advance prior to the penalty date or cancellation date, as applicable, if the
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 the Master Servicer shall not be
obligated to make any Servicing Advance that would, if made, constitute a
Nonrecoverable Servicing Advance. All such

                                      -104-

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 the 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 Master
Servicer's ability to charge and collect from the Mortgagor such costs together
with interest thereon.

            The Special Servicer shall give the Master Servicer, the Trustee and
any Fiscal Agent 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 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 Master Servicer, the Trustee and any
Fiscal Agent with such information in its possession as the Master Servicer, the
Trustee or any Fiscal Agent, as applicable, may reasonably request to enable the
Master Servicer, the Trustee or any Fiscal Agent, 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 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 the
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 Master Servicer to make with respect
to any Specially Serviced Mortgage Loan or REO Property (regardless of whether
or not the Master Servicer shall make such Servicing Advance). The 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 the Master
Servicer is entitled with respect to any other Servicing Advances made thereby.
Any request by the Special Servicer that the 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
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 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 Master
Servicer shall act in accordance with such determination.

            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 Master Servicer an Officer's
Certificate (via facsimile) setting forth the details of the Servicing Advance,
upon which the Master Servicer may conclusively rely in reimbursing the Special
Servicer. The 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 Master Servicer, by wire
transfer of immediately available funds to an account

                                      -105-

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 the 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 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, the 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 the 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),
the 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
the 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 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 the 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 the Master Servicer, give
written notice of such failure to the Master Servicer. If such Servicing Advance
is not made by the 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.
If the Trustee does not make such Servicing Advance within such period, any
Fiscal Agent shall make such Servicing Advance within such period. Any failure
by the Master Servicer to make a Servicing Advance hereunder shall constitute an
Event of Default by the Master Servicer subject to and as provided in Section
7.01.

            (d)     In connection with its recovery of any Servicing Advance
from the Collection Account pursuant to Section 3.05(a) or from a Loan
Combination Custodial Account pursuant to Section 3.05(e), as applicable, each
of the Master Servicer, the Special Servicer, the Trustee and any Fiscal Agent
shall be entitled to receive, out of amounts then on deposit in the 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 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, then from general collections on the Trust Mortgage Loans
then on deposit in the 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

                                      -106-

of amounts otherwise payable to the related B-Note Loan Holder and/or payments
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 Master
Servicer shall reimburse itself, the Special Servicer, the Trustee or any Fiscal
Agent, as applicable, for any outstanding Servicing Advance made thereby as soon
as practicable after funds available for such purpose have been received by the
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 Master
Servicer on or prior to the date the related Servicing Advance was made.

            (e)     The determination by the 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, any
Fiscal Agent, 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
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
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 Master Servicer or the Special Servicer may
have obtained and that support such determination. The Trustee and any Fiscal
Agent shall act in accordance with any determination made by the 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 the Master Servicer or the Special Servicer; provided, however,
that if the Master Servicer has failed to make a Servicing Advance for reasons
other than a determination by the Master Servicer or the Special Servicer that
such Servicing Advance would be a Nonrecoverable Advance, the Trustee or any
Fiscal Agent shall make such Servicing Advance within the time periods required
by Section 3.03(c) unless the Trustee or any Fiscal Agent 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)     The 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
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 and/or capital
improvements at 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

                                      -107-

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 Master Servicer interest and
investment income earned on amounts in the Reserve Accounts if permitted under
the related Mortgage Loan documents and (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. 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, Grantor Trust A-3FL,
Grantor Trust AN-FL or Grantor Trust Z. Consistent with the Servicing Standard,
the 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, the 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 the 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 the Master Servicer or the Special Servicer, would constitute a
Nonrecoverable Servicing Advance for the subject Mortgage Loan or REO Property;
provided that the 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, to the extent 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 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 VI hereto), the 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 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 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.

                                      -108-

            SECTION 3.04.     Collection Account, Interest Reserve Account,
                              Additional Interest Account, Distribution Account,
                              Gain-on-Sale Reserve Account, Floating Rate
                              Account and Loan Combination Custodial Accounts.

            (a)     The Master Servicer shall establish and maintain one or more
accounts (collectively, the "Collection Account"), held on behalf of the Trustee
in trust for the benefit of the Certificateholders. The Collection Account shall
be an Eligible Account. The Master Servicer shall deposit or cause to be
deposited in the 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 the 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 the Master
      Servicer pursuant to Section 3.06 in connection with losses incurred with
      respect to Permitted Investments of funds held in the Collection Account;

                    (vi)    any amounts required to be deposited by the 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 the Master
      Servicer pursuant to Section 3.19(a) in connection with Prepayment
      Interest Shortfalls and Casualty/Condemnation Interest Shortfalls;

                                      -109-

                    (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;
      and

                    (xii)   any amounts required to be transferred from any Loan
      Combination Custodial Account pursuant to Section 3.05(e);

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 Collection Account
only to the extent provided in Section 3.05(e).

            The foregoing requirements for deposit in the Collection Account
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 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 the Master Servicer in the Collection
Account. If the Master Servicer shall deposit in the Collection Account any
amount not required to be deposited therein, it may at any time withdraw such
amount from the Collection Account, any provision herein to the contrary
notwithstanding. The 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 the 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 Account shall be maintained as a segregated account,
separate and apart from trust funds created for mortgage pass-through
certificates of other series and the other accounts of the Master Servicer.

            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 Master Servicer for deposit into the 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 Master Servicer for deposit into the 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 Master Servicer and shall deliver promptly, but in no event later than two
Business Days after receipt, any such check to the 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.

                                      -110-

            (b)     The Trustee shall establish and maintain one or more trust
accounts (collectively, the "Distribution Account") at the Corporate Trust
Office to be held in trust for the benefit of the Certificateholders. The
Distribution Account shall be an Eligible Account. The Master Servicer shall
deliver to the Trustee each month on or before 2:00 p.m. (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 the Collection Account, together with (i)
any Prepayment Premiums and/or Yield Maintenance Charges received on the 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, the 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 the Master
      Servicer in accordance with Section 4.03(a); and

                    (ii)    the aggregate purchase price paid in connection with
      the purchase by the 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 the
      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 the 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 the Master Servicer
differ in amount from what was reported to the Trustee by the 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 Servicer, the Special Servicer and
any Fiscal Agent 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, 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

                                      -111-

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 the
Master Servicer or 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, the 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 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)     The Trustee shall establish and maintain the Floating Rate
Account, which shall consist of two sub-accounts. One of those sub-accounts (the
"Class A-3FL Sub-Account") shall be held in trust for the benefit of the Holders
of the Class A-3FL Certificates and the Class A-3FL Swap Counterparty, as their
interests may appear, and the other such sub-account (the "Class AN-FL
Sub-Account") shall be held in trust for the benefit of the Holders of the Class
AN-FL Certificates and the Class AN-FL Swap Counterparty, as their interests may
appear. The Floating Rate Account shall be established and maintained as an
Eligible Account consisting of the two sub-accounts described in the preceding
sentence or, subject to Section 3.04(g), two subaccounts of the Distribution
Account. The Trustee shall make or be deemed to have made deposits in and
withdrawals from the Floating Rate Account in accordance with the terms of this
Agreement. The Trustee shall, as and when required, deposit in the applicable
sub-account of the Floating Rate Account any amounts required to be so deposited
by the Trustee pursuant to Section 3.06 in connection with losses incurred with
respect to

                                      -112-

Permitted Investments of funds held in the Floating Rate Account and, to the
extent permitted by Section 3.06, may withdraw any Net Investment Earnings from
the applicable sub-account of the Floating Rate Account. The Trustee shall
deposit into the applicable sub-account of the Floating Rate Account (i.e., the
Class A-3FL Sub-Account, in the case of clauses (i) and (iii) of this sentence,
and the Class AN-FL Sub-Account, in the case of clauses (ii) and (iv) of this
sentence): (i) all amounts distributable with respect to the Class A-3FL REMIC
II Regular Interest pursuant to Sections 4.01 and 9.01 for each Distribution
Date; (ii) all amounts distributable with respect to the Class AN-FL REMIC II
Regular Interest pursuant to Sections 4.01 and 9.01 for each Distribution Date;
(iii) upon receipt, all amounts received from the Class A-3FL Swap Counterparty
under the Class A-3FL Swap Agreement intended for distribution on the Class
A-3FL Certificates; and (iv) upon receipt, all amounts received from the Class
AN-FL Swap Counterparty under the Class AN-FL Swap Agreement intended for
distribution on the Class AN-FL Certificates.

            (g)     Notwithstanding that any of the Interest Reserve Account,
the Additional Interest Account, the Gain-on-Sale Reserve Account or each
sub-account comprising the Floating Rate 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, the Floating Rate 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 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 the Collection
Account), into which, subject to the related Loan Combination Intercreditor
Agreement, the 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) - (ix) of the definition of "Liquidation Proceeds", which
      amounts shall be required to be deposited in the 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;

                                      -113-

                    (v)     any amounts required to be deposited by the 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 the 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 and any amounts representing a cure
      payment made by a related Non-Trust Noteholder in accordance with the
      related Loan Combination Intercreditor Agreement.

            The foregoing requirements for deposit by the 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 the Master Servicer or the Special Servicer is
entitled to retain as additional servicing compensation pursuant to Section 3.11
need not be deposited by the Master Servicer in a Loan Combination Custodial
Account. If the 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 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 the 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 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 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 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

                                      -114-

the Special Servicer into the related REO Account and thereafter remitted to the
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 Collection Account for reasons of administrative
convenience, each Loan Combination Custodial Account and the Collection Account
shall, for all purposes of this Agreement (including the obligations and
responsibilities of the Master Servicer hereunder), be considered to be and
shall be required to be treated as, separate and distinct accounts. The Master
Servicer shall indemnify and hold harmless the Trust Fund and each Non-Trust
Noteholder against any losses arising out of the failure by the 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 Master Servicer and appointment of a successor
master servicer.

            (j)     Funds in the Collection Account, the Distribution Account,
any Loan Combination Custodial Account, the Gain-on-Sale Reserve Account, the
Interest Reserve Account, the Floating Rate Account and the Additional Interest
Account may be invested only in Permitted Investments in accordance with the
provisions of Section 3.06. The Master Servicer shall give written notice to the
Trustee, the Special Servicer and the Rating Agencies of the location of the
Collection Account 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 Servicer, 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 Account,
                              the Interest Reserve Account, the Additional
                              Interest Account, the Floating Rate Account, the
                              Distribution Account and the Loan Combination
                              Custodial Accounts.

            (a)     The Master Servicer may, from time to time, make withdrawals
from the Collection Account 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 any Fiscal Agent, 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), any Fiscal Agent's, the Trustee's and the 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 the Collection Account

                                      -115-

      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, as allocable between the Master Servicer and such holder (if
      different from the Master Servicer), 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),
      the 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 any Fiscal Agent, the Trustee, the
      Special Servicer, or itself, in that order (with reimbursements to the
      Special Servicer and 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), any Fiscal
      Agent's, the Trustee's, the Special Servicer's and the Master Servicer's
      respective rights to reimbursement pursuant to this clause (vi) with
      respect to any Servicing Advance 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 the 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 any Fiscal Agent, the Trustee, the
      Special Servicer or itself, in that order (except that reimbursements to
      the Special Servicer and 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 first, out of REO Revenues,
      Liquidation Proceeds and Insurance Proceeds received on the related Trust
      Mortgage Loan, then, 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

                                      -116-

      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, 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 the Collection Account of all amounts
      received in connection therewith;

                    (viii)  at such time as it reimburses any Fiscal Agent, 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
      any Fiscal Agent, the Trustee, the Special Servicer or itself, as the case
      may be, in that order (except that payments to the Special Servicer and
      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; the Master Servicer's, the
      Special Servicer's, the Trustee's and/or any Fiscal Agent'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 the 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 the Collection
      Account as provided in Section 3.06(b), but only to the extent of the Net
      Investment Earnings with respect to the Collection Account for any
      Investment Period; and (2) any Prepayment Interest Excesses (after
      deduction of the amounts required to be deposited by the Master Servicer
      in the 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;

                                      -117-

                    (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 the 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, all amounts received thereon subsequent to the date of
      purchase;

                    (xv)    to pay, out of general collections on the Mortgage
      Pool on deposit in the 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 any Fiscal Agent, the Trustee, the
      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 the
      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 the Master Servicer and/or the Special Servicer (and which amounts
      shall no longer be payable hereunder) if the 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];

                                      -118-

                    (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 the Collection Account; and

                    (xxii)  to clear and terminate the Collection Account at the
      termination of this Agreement pursuant to Section 9.01.

            The Master Servicer shall keep and maintain separate accounting
records, on a loan-by-loan basis when appropriate, in connection with any
withdrawal from the Collection Account pursuant to clauses (ii)-(xix) above and
such records shall be sufficient to determine the amounts attributable to REMIC
I.

            The Master Servicer shall pay to the Special Servicer, the Trustee
or any Fiscal Agent, on each P&I Advance Date from the Collection Account
amounts permitted to be paid to the Special Servicer, the Trustee or any Fiscal
Agent therefrom based on a certificate of a Servicing Officer of the Special
Servicer or of a Responsible Officer of the Trustee or any Fiscal Agent,
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, the Trustee or any Fiscal Agent, as the case may be, is
entitled. The 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 the
Collection Account. With respect to each Mortgage Loan for which it makes an
Advance, the Trustee and any Fiscal Agent 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 Account for reimbursements of Advances or
interest thereon.

            In connection with any payments required to be made to a Non-Trust
Noteholder in accordance with Section 3.05(a)(xv), the 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 the 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 the Master Servicer, the 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 and the Floating Rate Account, on each Distribution
      Date, pursuant to Section 4.01 or 9.01, as applicable;

                                      -119-

                    (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 respective portions of the Trustee 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 (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, the
      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 Master Servicer any amounts deposited
      by the 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, 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 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

                                      -120-

      accordance with the related Loan Combination Intercreditor Agreements,
      such remittances to the Trust to be made to the Collection Account;

                    (ii)    to reimburse any Fiscal Agent, 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, any Fiscal Agent's, the
      Trustee's and the 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 (as allocable between the Master Servicer and such holder (if
      different from the Master Servicer)) in respect of the related Loan
      Combination (including, without limitation, any successor REO Loans
      comprising such), the 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 any Fiscal Agent, the Trustee, the
      Special Servicer or itself, in that order (with reimbursements to the
      Special Servicer and 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, any Fiscal
      Agent's, the Trustee's, the Special Servicer's and the 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 any Fiscal Agent, the Trustee, the
      Special Servicer or itself, in that order (except that reimbursements to
      the Special Servicer and Master Servicer shall be made concurrently on a
      pro rata basis), for any unreimbursed Servicing Advances in respect of

                                      -121-

      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 any Fiscal Agent, the
      Trustee, the Special Servicer or itself, in that order, for any
      unreimbursed Advance pursuant to clause (ii), (vi) or (vii) above, to pay
      any Fiscal Agent, the Trustee, the Special Servicer or itself, as the case
      may be, in that order (except that payments to the Special Servicer and
      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; the Master Servicer's, Special
      Servicer's, Trustee's and/or Fiscal Agent'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 the Master Servicer in the 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

                                      -122-

      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, 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 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 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 the 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.

                                      -123-

            The Master Servicer shall pay to the Special Servicer, the Trustee
or any Fiscal Agent on each P&I Advance Date from any Loan Combination Custodial
Accounts amounts permitted to be paid to the Special Servicer, the Trustee or
any Fiscal Agent therefrom based on a certificate of a Servicing Officer of the
Special Servicer or of a Responsible Officer of the Trustee or any Fiscal Agent
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, the Trustee or any Fiscal Agent, as the case may be, is
entitled. The 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, each of the Trustee and any Fiscal Agent 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 related Loan Combination Intercreditor Agreement, the Master Servicer
shall, consistent with the Servicing Standard, seek payment from the related
B-Note 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 B-Note 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.

            (g)     The Trustee may, from time to time, make withdrawals from
the Floating Rate Account for (but only for) the following purposes:

                    (i)     solely to the extent of amounts on deposit in the
      Class A-3FL Sub-Account, to make payments to the Class A-3FL Swap
      Counterparty pursuant to Section 3.29(d);

                    (ii)    solely to the extent of amounts on deposit in the
      Class A-3FL Sub-Account, to make distributions to the Holders of the Class
      A-3FL Certificates on each Distribution Date pursuant to Section 4.01(c);

                    (iii)   solely to the extent of amounts on deposit in the
      Class AN-FL Sub-Account, to make payments to the Class AN-FL Swap
      Counterparty pursuant to Section 3.29(d);

                    (iv)    solely to the extent of amounts on deposit in the
      Class AN-FL Sub-Account, to make distributions to the Holders of the Class
      AN-FL Certificates on each Distribution Date pursuant to Section 4.01(c);

                                      -124-

                    (v)     to pay itself Net Investment Earnings earned on
      funds held in the Floating Rate Account;

                    (vi)    to pay to the Persons entitled thereto any amounts
      deposited in the Floating Rate Account in error; and

                    (vii)   to clear and terminate the Floating Rate Account
      pursuant to Section 9.01.

            It is hereby acknowledged that amounts on deposit in the Class A-3FL
Sub-Account as of any Distribution Date and available for such purposes shall be
applied to make any payments to the Class A-3FL Swap Counterparty pursuant to,
and subject to the limitations and conditions set forth in, Section 3.29(d),
prior to being applied to make distributions to the Holders of the Class A-3FL
Certificates pursuant to Section 4.01(c).

            It is hereby acknowledged that amounts on deposit in the Class AN-FL
Sub-Account as of any Distribution Date and available for such purposes shall be
applied to make any payments to the Class AN-FL Swap Counterparty pursuant to,
and subject to the limitations and conditions set forth in, Section 3.29(d),
prior to being applied to make distributions to the Holders of the Class AN-FL
Certificates pursuant to Section 4.01(c).

            SECTION 3.06.     Investment of Funds in the Servicing Accounts, the
                              Reserve Accounts, the Collection Account, the
                              Distribution Account, the Floating Rate Account,
                              the Loan Combination Custodial Accounts, the
                              Additional Interest Account, the Gain-on-Sale
                              Reserve Account and the REO Accounts.

            (a)     The Master Servicer may direct in writing any depository
institution maintaining a Servicing Account, a Reserve Account, the 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 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 any depository institution maintaining the Distribution
Account, the Floating Rate 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 Servicer (with respect to Permitted
Investments of amounts in the Servicing Accounts, the Reserve Accounts, the
Collection Account 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, and the Trustee (with respect to Permitted Investments
of amounts in the Distribution Account, the Floating Rate Account, the
Gain-on-Sale Reserve Account, the Additional Interest Account and the Interest
Reserve Account) shall (and in the case of the Master Servicer and the Special
Servicer, the Trustee hereby designates the Master Servicer and the Special
Servicer, as applicable, as the person that 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.

                                      -125-

Possession of any such Permitted Investment by the Master Servicer, the Special
Servicer or the Trustee 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 Servicer (in the case of the
Collection Account, 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 Floating
Rate 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 Master Servicer, the Special Servicer
      or the Trustee, 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 Master Servicer directs the investment
of funds in any of the Servicing Accounts, the Reserve Accounts, the 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 the 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 Floating Rate 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 Master Servicer
(in the case of the Servicing Accounts, the Reserve Accounts, the 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 Floating Rate 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.

            (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 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

                                      -126-

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 Servicer, with respect to each of the Mortgage
Loans, 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 Servicer
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 related Mortgagor
shall be required to exercise its reasonable efforts to obtain the required
insurance coverage from Qualified Insurers and required insurance coverage
obtained by the Master Servicer shall be from Qualified Insurers. The cost of
any such insurance coverage obtained by either the Master Servicer or the
Special Servicer shall be a Servicing Advance to be paid by the 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 the 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 the Trustee or the 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; (iv) 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 permitted 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

                                      -127-

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 Servicer or the Special Servicer shall not be required to
obtain, and shall not be in default hereunder for failing to obtain, any
insurance coverage that was previously required of the Mortgagor under the
related Mortgage if (a) such insurance is not available at any rate; (b) such
insurance is not available from a Qualified Insurer (provided that the 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 deemed granted if not denied within 10
Business Days after its receipt of the 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 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. Any amounts collected by the
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 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 the 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 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 the
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 Master Servicer and the
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
Master Servicer will not be liable for any loss related to its failure to
require the Mortgagor to

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maintain such insurance and will not be in default of its obligations as a
result of such failure and the Master Servicer will not itself maintain such
insurance or cause such insurance to be maintained.

            (b)     If the 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,
the 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 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 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 the 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 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 Servicer 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 in such
form and amount as would permit it to be a qualified FNMA or FHLMC, whichever is
greater, seller-servicer of multifamily mortgage loans, or in such other form
and amount as would not cause an Adverse Rating Event (as evidenced in writing
from each Rating Agency). Each of the Master Servicer 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 Master Servicer or the Special
Servicer, as the case may be.

            Each of the Master Servicer 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 in such form and amount as would permit it to be a
qualified FNMA seller-servicer of multifamily mortgage loans, or in such other
form and amount as would not result in an Adverse Rating Event (as evidenced in
writing from each Rating Agency). Each of the

                                      -129-

Master Servicer 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 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. The 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 the Master Servicer
or Special Servicer, as the case may be (or in the case of the 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 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 the
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 Master Servicer (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, the 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 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 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 the Master
Servicer has actual knowledge of an Insured Environmental Event giving rise to a
claim under such policy.

            In the event that the 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, the 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 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

                                      -130-

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 Master Servicer and shall be reimbursable to it as a Servicing
Advance.

            SECTION 3.08.     Enforcement of Alienation Clauses.

            (a)     The Master Servicer (with respect to 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 the 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 and
Section 6.12; provided that:

                    (i)     subject to the related Mortgage Loan documents and
      applicable law, neither the Master Servicer 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 Fitch and DBRS 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 the Master Servicer 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, the Master Servicer or the Special Servicer, subject to Section
      6.11 and Section 6.12 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, the Master Servicer shall not 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 and Section 6.12, which consent shall be deemed
      given if not denied

                                      -131-

      in writing within 10 Business Days (or, if the Controlling Class
      Representative is entitled to object pursuant to Section 6.11 (or, in the
      case of a Loan Combination, the Loan Combination Controlling Party is
      entitled to object pursuant to Section 6.12), 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 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, the Master Servicer shall not 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 and Section 6.12 (as applicable),
      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 (or, in the case of a Loan Combination,
      the Loan Combination Controlling Party is entitled to object pursuant to
      Section 6.12), 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
      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 the Master Servicer 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
      the Master Servicer nor the Special Servicer shall be obligated to cover
      or assume any such costs or expenses); and

                    (vi)    neither the Master Servicer 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 (or, in the
      case of a Loan Combination, the Loan Combination Controlling Party is
      entitled to object pursuant to Section 6.12), 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 Master
Servicer from the related Mortgagor in respect of such assumption shall be
promptly remitted by the Master Servicer to the applicable Mortgage Loan Seller.

                                      -132-

            In the case of any Mortgage Loan, the 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 Master
Servicer, with respect to Mortgage Loans that are not Specially Serviced
Mortgage Loans, or the Special Servicer, with respect to 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 the Master Servicer or 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.

            Notwithstanding anything in this Section 3.08(a) or any other
provision of this Agreement to the contrary, neither (i) the consent of the
Special Servicer nor (ii) confirmation from the Rating Agencies that the subject
transfers will not result in an Adverse Rating Event will be required in
connection with the tenant-in-common transfers contemplated by Section 13.7(e)
of the loan agreement for the Trust Mortgage Loan (Chastain Center) identified
as loan number 15 on the Mortgage Loan Schedule. The Master Servicer shall
deliver written notice of such transfers to the Special Servicer and the Rating
Agencies upon the completion of such transfers.

            (b)     Notwithstanding any other provisions of this Section 3.08,
the 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 Specially Serviced
Mortgage Loans, as applicable, may grant, without any Rating Agency confirmation
as 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 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), Section 6.11 and Section 6.12, exercise reasonable efforts,
consistent with the Servicing Standard, to

                                      -133-

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 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 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
Master Servicer, the Controlling

                                      -134-

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 Master Servicer shall
advance the cost of such Required Appraisal; provided, however, that such
expense will be subject to reimbursement to the Master Servicer as a Servicing
Advance out of the 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 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)     Notwithstanding the foregoing provisions of this Section
3.09, neither the Master Servicer nor the Special Servicer shall, 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 Master Servicer or the Special Servicer, as the
case may be, made 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

                                      -135-

delivered to the Trustee, the Controlling Class Representative, the 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 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 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;

                                      -136-

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 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 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 Servicer, all information required to be
reported and the Master Servicer 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. The 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 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 the 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.

                                      -137-

            SECTION 3.10.     Trustee and Custodian to Cooperate; Release of
                              Mortgage Files.

            (a)     Upon the payment in full of any Trust Mortgage Loan, or
the receipt by the Master Servicer of a notification that payment in full shall
be escrowed in a manner customary for such purposes, the Master Servicer shall
promptly notify the Trustee in writing, who shall release or cause the related
Custodian to 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 the
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, or cause any related Custodian to release, the related
Mortgage File to the Master Servicer and shall deliver to the 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 Collection Account or the Distribution Account.

            Upon the payment in full of any Non-Trust Loan, or the receipt by
the Master Servicer of a notification that payment in full shall be escrowed in
a manner customary for such purposes, the 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 Collection
Account or the Distribution Account.

            (b)     If from time to time, and as appropriate for servicing or
foreclosure of any Mortgage Loan, the 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 Master Servicer and receipt from the 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, or cause any related Custodian to release, such Mortgage File (or
portion thereof) (and, in the case of a Non-Trust Loan, the Master Servicer
shall cause the related Non-Trust Noteholder to release the Mortgage Note for
such Mortgage Loan) to the Master Servicer or the Special Servicer, as the case
may be. Upon return of such Mortgage File (or portion thereof) to the Trustee or
related Custodian, 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 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 or related Custodian to the Master
Servicer or the Special Servicer, as applicable.

            (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

                                      -138-

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, the 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, the 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. 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, an Actual/360 Basis or an Actual/365 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
foregoing sentence notwithstanding, the Master Servicing Fee shall not accrue
with respect to any Closing Date Deposit Mortgage Loan for the interest accrual
period to which the related Closing Date Deposit relates. 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.
The 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 the Master Servicer's responsibilities
and obligations under this Agreement.

                                      -139-

            (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 that is 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 application fees,
      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 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 Master Servicer shall be entitled to receive 100% of such fees);

                    (iii)   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 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;

                    (iv)    any and all Prepayment Interest Excesses collected
      with respect to a Trust Mortgage Loan, including a Specially Serviced
      Mortgage Loan (after deduction of the amounts required to be deposited by
      the Master Servicer in the Collection Account for the related Distribution
      Date pursuant to Section 3.19(a) in connection with Prepayment Interest
      Shortfalls and Casualty/Condemnation Interest Shortfalls);

                    (v)     interest or other income earned on deposits in the
      Investment Accounts maintained by the 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

                    (vi)    other customary charges;

may be retained by the Master Servicer (subject to Section 3.11(e) and are not
required to be deposited in the Collection Account; provided that the 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
Master Servicer.

            The 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 the Collection Account or, with respect
to a Loan Combination, out of the related Loan Combination Custodial Account,
and the Master Servicer shall not be entitled to reimbursement therefor except
as expressly provided in this Agreement.

                                      -140-

            (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, an Actual/360 Basis or an Actual/365 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 Account 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

                                      -141-

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 related B-Note Loan Holder pursuant to the related Loan Combination
Intercreditor Agreement unless the purchase price with respect thereto includes
the Principal Recovery Fee, or by the 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, to the extent
provided in clause seventh of Section 3.26(a), and (subject to Section
3.11(b)(ii)) assumption application fees collected with respect to Specially
Serviced Mortgage Loans 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 application fees, 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 Master Servicer (subject to
Section 3.11(e)) and shall not be required to be deposited in the 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

                                      -142-

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 the Collection Account, the Loan Combination
Custodial Accounts or the REO Accounts, as the case may be.

            (e)     If the 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) the 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 the 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 the Master Servicer or the Special Servicer in accordance with
this Section 3.11. Neither the Master Servicer 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 Servicer, 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, so long as such
Mortgage Loan remains a Specially Serviced Mortgage Loan. Beginning in 2007, the
Master Servicer for each Mortgage Loan 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
unless such Mortgaged Property has been inspected in such calendar year by the
Special Servicer. The Special Servicer and the Master Servicer shall each
prepare (and, in the case of the Special Servicer, shall deliver to the 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 the 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 the Master Servicer or the Special
Servicer, as applicable, is aware and

                                      -143-

considers material. The 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 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 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 Master Servicer prior to such inspection,
and provides a copy of such inspection to the Master Servicer; and provided,
further, that the 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 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 Master Servicer with such information in its
possession regarding the Specially Serviced Mortgage Loans and REO Properties as
may be necessary for the Master Servicer to prepare each report and any
supplemental information to be provided by the 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 April 2006, the Special Servicer shall prepare and deliver or cause to be
delivered to the Master Servicer the CMSA Special Servicer Loan File that
contains the information called for in, or that will enable the Master Servicer
to produce, the CMSA files and reports required to be delivered by the Master
Servicer to the Trustee as described below, in each case with respect to all
Specially Serviced Mortgage Loans and the REO Properties.

            (c)     The Master Servicer shall deliver to the Trustee, no later
than 1:00 p.m. New York City time on the second Business Day prior to each
Distribution Date beginning in April 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 the Master Servicer
shall be accompanied by a CMSA Advance Recovery Report. The preparation of each
CMSA Advance Recovery Report shall constitute a responsibility of the Master
Servicer and shall not constitute a responsibility of any other party.
Notwithstanding anything in this Agreement that suggests otherwise, the Master
Servicer 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 Servicer's 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 the Master Servicer of its
duties to provide the related reports, absent such information. Notwithstanding
the foregoing, because the Master Servicer 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
Servicer in April 2006 will be based solely upon information generated from
actual collections received by the Master Servicer and from information the
Depositor delivers or causes to be delivered to the Master Servicer (including
but not limited to

                                      -144-

information prepared by third-party servicers of the subject Mortgage Loans with
respect to the period prior to the Closing Date). On or before 4:00 p.m., New
York City time, on each P&I Advance Date beginning in April 2006, the 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; (x) a CMSA Loan Level
Reserve/LOC Report; and (xi) a CMSA Advance Recovery 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 Servicer.

            (d)     The Special Servicer will deliver to the Master Servicer
the reports set forth in Section 3.12(b) and this Section 3.12(d), and the
Master Servicer shall deliver to the Trustee the reports set forth in Section
3.12(c) in an electronic format reasonably acceptable to the Special Servicer,
the Master Servicer and the Trustee. The 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 File to be
provided by the Master Servicer pursuant to Section 3.12(c). In the case of
information or reports to be furnished by the Master Servicer 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), the Master Servicer shall have no
obligation to provide such information to the Trustee until it has received such
information from the Special Servicer, and the Master Servicer shall not 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 the Master Servicer shall not 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 March 31,
2006, the Special Servicer, in the case of any Specially Serviced Mortgage Loan,
and the Master Servicer, in the case of each non-Specially Serviced Mortgage
Loan that is a 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 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 Master
Servicer within 30 days of its receipt thereof. The 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.

            The Master Servicer shall maintain a CMSA Operating Statement
Analysis Report with respect to each Mortgaged Property and REO Property related
to each Mortgage Loan. Within 60 days

                                      -145-

after receipt by the Master Servicer from the related Mortgagor or otherwise, as
to each non-Specially Serviced Mortgage Loan that is a Mortgage Loan and within
30 days after receipt by the 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, the 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. The 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 Master Servicer of any quarterly or
annual operating statements with respect to any Mortgaged Property or REO
Property, the 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 the Master Servicer or the Special Servicer is required to
deliver any statement, report or information under any provision of this
Agreement, the Master Servicer or 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 the Master Servicer or 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 the Master Servicer or Special Servicer
so fails because such disclosure, in the reasonable belief of the 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. The
Master Servicer and 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. The 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)     The 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

                                      -146-

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 the 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 April 2006, the 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 the 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 the Master Servicer (if other than such Special Servicer or an
Affiliate thereof). Absent manifest error of which it has actual knowledge,
neither the Master Servicer nor 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 the 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 Servicer 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 the Master Servicer.

            (i)     The preparation and maintenance by the 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.

            SECTION 3.13.     Annual Statement as to Compliance.

            Each of the Trustee, the Master Servicer 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,
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 Servicer and the Special Servicer
shall deliver, and shall cause each Additional Item 1123 Servicer retained or
engaged by it 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 the Master Servicer, a statement of
compliance (the "Annual Statement of Compliance") from the Trustee, the 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, the 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, the 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.

                                      -147-

            In the event that the 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 the 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 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, 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, 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

                                      -148-

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, 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 Section 7.01(V)(B) of
this Agreement, a "Servicer Notice" shall constitute either any writing
forwarded to such party or, in the case of the Master Servicer 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: recmcres.compliance@wachovia.com,
clyde.alexander@wachovia.com and lars.carlsten@wachovia.com,, or such other
e-mail addresses as are provided in writing by the 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 the 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 Section 7.01(V )(B ); 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 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

                                      -149-

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 Servicer, 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 Servicer, 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, the 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 (i) 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 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 Servicer
since the Closing Date pursuant to Section 3.12(c), (c) all Officer's
Certificates delivered by the Master Servicer or the Special Servicer since the
Closing Date pursuant to Section 3.13, (d) all accountants' reports delivered to
the Master Servicer 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 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 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, and (i) any and
all Officer's Certificates and other evidence delivered by the 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). Copies of any and all of the foregoing items will be available
from the 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

                                      -150-

Non-Trust Noteholder(s)) at no cost pursuant to their reasonable requests. The
Master Servicer, Special Servicer and 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, the Trustee,
the Master Servicer or the Special Servicer, 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 Trustee, the Master Servicer or the Special Servicer, as
applicable, and which may provide indemnification for the Master Servicer, 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 the
Trustee, the Master Servicer or the Special Servicer, as applicable, and which
may provide indemnification for the Master Servicer or 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 the Master Servicer's, as applicable, Internet Website or
has previously been filed with the Commission, and the Trustee or the 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 the Master Servicer's, as
applicable, Internet Website or has previously been filed with the Commission.

            Each of the Master Servicer 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

                                      -151-

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 the Master Servicer or the Special Servicer, as
the case may be, designated by it.

            The Trustee, the Master Servicer, 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 Servicer may but is 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.

            The 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 the 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 the Master Servicer's Internet Website, the Trustee or the
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 the 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 the Master Servicer, as
applicable)) governing the availability, use and disclosure of such information
and providing indemnification to the Master Servicer or Trustee, as applicable,
for any liability or damage that may arise therefrom.

            The Master Servicer and 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 the Master Servicer, as applicable)) governing the availability, use
and disclosure of information and providing indemnification to the Master
Servicer or 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 the Master Servicer or
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 Trustee, if it has actual knowledge of such
prohibition by the related Mortgage Loan).

                                      -152-

            Notwithstanding anything in this Agreement to the contrary, the
Master Servicer 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 the Master Servicer has determined that such withholding is
appropriate.

            Any transmittal of information by the Master Servicers 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
            ML-CFC Commercial Mortgage Trust 2006-1, Commercial
            Mortgage Pass-Through Certificates, Series 2006-1, 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 Servicer 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 the
Master Servicer or the Special Servicer under this Agreement. None of the Master
Servicer, 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 Servicer and the Special Servicer may disclaim
responsibility for any information distributed by the Trustee, the 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

                                      -153-

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 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.

            (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
Servicer of the

                                      -154-

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 Collection Account, or deliver to the
Master Servicer or such other Person as may be designated by the Master Servicer
(which shall deposit such amounts into the 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 Master Servicer or such other Person as may be designated by the 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 Master Servicer any information
with respect to each REO Account as is reasonably requested by the 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;

                    (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

                                      -155-

      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

                                      -156-

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 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) the Master Servicer determines, in accordance with the
Servicing Standard, that such payment would be a Nonrecoverable Advance;
provided, however, that the 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 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.

                                      -157-

            (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)     The 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

                                      -158-

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 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
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 Master Servicer, and shall instead deliver the
Determination Information to the Trustee, if the 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

                                      -159-

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 Option Price shall include a Principal Recovery Fee payable
to the Special Servicer. 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 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 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

                                      -160-

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 Master Servicer (or, if the 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
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 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 the
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 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 Master Servicer, the Trustee or any
such third party pursuant to this paragraph shall be advanced by the Master
Servicer (or the Trustee, if applicable) and shall constitute, and be
reimbursable as, Servicing Advances. In addition, the Master Servicer (or, if
applicable, the Trustee) shall be entitled to receive out of the 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 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

                                      -161-

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 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 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 Master Servicer
within 10 Business Days of its receipt of the Master Servicer's notice
confirming that the exercise of its Purchase Option is effective. Upon receipt
of a Request for Release from the 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 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 the Collection Account within one (1)
Business Day following receipt.

            (h)     The Special Servicer shall immediately notify the Trustee
and the 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.

                                      -162-

            (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 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, any Fiscal Agent, the Depositor, the Special Servicer,
the Master Servicer, any Mortgage Loan Seller or the Trust. None of the Special
Servicer, the Master Servicer, the Depositor, the Trustee or any Fiscal Agent
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
Collection Account.

                                      -163-

            (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
Collection Account. Upon receipt of an Officer's Certificate from the 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
Custodian, upon receipt of a Request for Release, shall release or cause to be
released to the Master Servicer or 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 each Loan Combination Intercreditor
Agreement, upon the occurrence of one or more specified events set forth in each
such agreement with respect to the related Trust Mortgage Loan, each 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 a Trust Mortgage Loan that is part of a Loan Combination
shall be subject to the rights of the related Non-Trust Noteholder(s) to
purchase such Trust Mortgage Loan pursuant to the related Loan Combination
Intercreditor Agreement.

            SECTION 3.19.     Additional Obligations of Master Servicer.

            (a)     The Master Servicer shall deposit in the Collection Account
on each P&I Advance Date (prior to any transfer of funds from the Collection
Account to the Distribution Account on such date), without any right of
reimbursement therefor with respect to those Trust Mortgage Loans 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 the Trust Mortgage Loans and (ii) the sum of (A) that portion of the
Master Servicing Fees on the Mortgage Pool 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 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, then, for purposes of determining the payment
that the Master Servicer is required to make to cover that Prepayment Interest
Shortfall, the reference to "Master Servicing Fee" in clause (A) above shall be
construed to include (1) the entire Master Servicing Fees payable to the Master
Servicer with respect to the related Collection Period, and inclusive of any
portion payable to a third-party primary servicer and (2) the amount of any
investment income earned by the Master Servicer on the related Principal
Prepayment while on deposit in the Collection Account. .

            Following the payments made by the Master Servicer pursuant to the
preceding paragraph (excluding the payments contemplated by the proviso to the
sole sentence of the preceding

                                      -164-

paragraph), the 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.

            Except as provided in the preceding paragraphs, no other
compensation to the Master Servicer shall be available to cover Prepayment
Interest Shortfalls. The 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.

            (b)     The 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 the Master Servicer. The costs and expenses of any modifications to Ground
Leases shall be paid by the related Mortgagor.

            (c)     The 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 the Master Servicer shall be under no obligation to provide any such
information not in its possession.

            (d)     The Master Servicer 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 Servicer (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 the 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 Servicer's and the Special
Servicer's rights to do so shall be subject to Section 3.08, Section 6.11 and
Section 6.12 (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), the Master Servicer shall not 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 the Master Servicer has obtained the consent of the Special
Servicer (it being understood and agreed that (A) the Master Servicer will
promptly provide the Special Servicer with notice of any Mortgagor request for
such

                                      -165-

modification, waiver, forbearance or amendment, the Master Servicer's written
recommendations and analysis, and all information reasonably available to the
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 Section 6.12 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 (or, in the case
of a Loan Combination, the Loan Combination Controlling Party is entitled to
object pursuant to Section 6.12), 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 the Master
Servicer of the Master Servicer's recommendations and analysis and all
information reasonably requested thereby and reasonably available to the 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 the Master Servicer 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. The Master Servicer or 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 any of Grantor Trust
A-3FL, Grantor Trust AN-FL or Grantor Trust Z under the Code.

            (c)     The Special Servicer, on behalf of the Trust Fund, may
agree or consent to (or permit the 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.

                                      -166-

            In addition, subject to the third paragraph of this Section 3.20(c),
the Special Servicer may (or permit the 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 the Master Servicer or 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 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 the Master Servicer's
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 (or, in the case of a Loan Combination, the Loan
Combination Controlling Party is entitled to object pursuant to Section 6.12),
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, Section 6.11 or Section 6.12 to the contrary, the Master Servicer shall
not 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

                                      -167-

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 any REMIC or an
Adverse Grantor Trust Event with respect to any of Grantor Trust A-3FL, Grantor
Trust AN-FL or Grantor Trust Z, (y) would be consistent with the Servicing
Standard, and (z) shall not violate the terms, provisions or limitations of this
Agreement or any other document contemplated hereby.

            (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, the 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 Servicer 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
Custodian for deposit in the related Mortgage File, (in the case of the Special
Servicer, with a copy to the 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 Master Servicer
pursuant to Section 3.15(a) hereof.

                                      -168-

            (i)     With respect to each Mortgage Loan that provides for
defeasance, the 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 the Master Servicer, to
designate a single purpose entity (which may be a subsidiary of the 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% 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
Master Servicer to impose the foregoing requirements or the 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 DBRS or Fitch
and is not required from S&P so long as the Master Servicer delivers to S&P a
certification substantially in the form attached hereto as Exhibit K. In such
case, the 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 Master Servicer to impose such requirements and the Master
Servicer does not satisfy such requirements on its own, then the 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 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 the 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 the 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 the 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 Master Servicer from the
related Mortgagor in respect of such defeasance shall be promptly remitted by
the Master Servicer to the applicable Mortgage Loan Seller.

                                      -169-

            Subsequent to the second anniversary of the Closing Date, to the
extent that the 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, the 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 Master Servicer shall (i) if consistent with the related Mortgage Loan
documents, refuse to allow the defeasance of the Mortgage Loan or (ii) if the
Master Servicer cannot so refuse and if the related Mortgagor has delivered cash
to purchase defeasance collateral, the Master Servicer shall either (A) to the
extent of the cash delivered by the Mortgagor, purchase defeasance collateral or
(B) prepay 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 the Master Servicer or 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 the 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 the Master Servicer 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

                                      -170-

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 the Master Servicer 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 Servicer 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 Master Servicer, and consistent with
the Servicing Standard.

            SECTION 3.21.     Transfer of Servicing Between Master Servicer and
                              Special Servicer; Record Keeping.

            (a)     Upon determining that a Servicing Transfer Event has
occurred with respect to any Mortgage Loan, the 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 the Master Servicer is not also the Special Servicer, the
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 the Master
Servicer's or any of its directors', officers', employees', affiliates' or
agents' possession or control or otherwise available to the 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 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, the
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 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 Master Servicer is not also the Special
Servicer, the Special Servicer shall

                                      -171-

immediately give notice thereof to the 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 the Master Servicer (or such other Person as may be directed by
the Master Servicer) and upon giving such notice, and returning such Servicing
File, to the Master Servicer (or such other Person as may be directed by the
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 the
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 Custodian 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 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, in the case of the Kenwood Towne Centre
Trust Mortgage Loan or the 60 State Street Combined Trust Mortgage Loan, 45
days), the Special Servicer shall deliver to each Rating Agency, the Trustee,
the Master Servicer, the Controlling Class Representative and, in the case of
the Kenwood Towne Centre Trust Mortgage Loan or the 60 State Street Combined
Trust Mortgage Loan, the related Loan Combination Controlling Party, a report
(the "Asset Status Report") with respect to such 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.

                                      -172-

            With respect to any Mortgage Loan other than the Kenwood Towne
Centre Trust Mortgage Loan or the 60 State Street Combined Trust Mortgage Loan
and, in each case, the related Loan Combination, 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 or Section 6.12, as the case may be, 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 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 other than the Kenwood Towne
Centre Trust Mortgage Loan or the 60 State Street Combined Trust Mortgage Loan
and, in each case, the related Loan Combination, 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 other than the Kenwood Towne
Centre Trust Mortgage Loan or the 60 State Street Combined Trust Mortgage Loan
and, in each case, the related Loan Combination, 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, in the case of a Loan Combination other than the Kenwood Towne Centre Loan
Combination or the 60 State Street Loan Combination, the related Non-Trust
Noteholder(s)) 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, in the case of a Loan Combination other than the
Kenwood Towne Centre Loan Combination or the 60 State Street Loan Combination,
the related Non-Trust Noteholder(s)) 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 (other than the Kenwood Towne Centre Trust
Mortgage Loan or the 60 State Street Combined Trust Mortgage Loan) 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 the either of the Kenwood Towne Centre Loan
Combination or the 60 State Street Loan Combination, the related Loan
Combination Controlling Party shall have a period of 10 days to convey to the
Special Servicer its recommendations regarding the related Asset Status Report.
Notwithstanding the preceding sentence, the Special Servicer may take any action
set forth in an Asset Status Report before the expiration of the 10-day period
referred to in the preceding sentence if (i) the

                                      -173-

Special Servicer has reasonably determined that failure to take such action
before the expiration of such 10-day period would materially and adversely
affect the interests of the Certificateholders and the related Non-Trust
Noteholders as a collective whole and (ii) the Special Servicer has made a
reasonable effort to contact the related Loan Combination Controlling Party. In
the event that the Asset Status Report with respect to either of the Kenwood
Towne Centre Trust Mortgage Loan or the 60 State Street Combined Trust Mortgage
Loan recommends one of the Loan Combination Specially Designated Servicing
Actions, the Special Servicer shall consult with the related Loan Combination
Controlling Party and shall not take any Loan Combination Specially Designated
Servicing Action unless and until the related Loan Combination Controlling Party
(subject to the provisions of the related Loan Combination Intercreditor
Agreement) has approved (or is deemed to have approved) such action.

            In the event that a B-Note Loan Holder is no longer the Loan
Combination Controlling Party because a Loan Combination Control Appraisal Event
is in effect with respect to such Mortgage Loan, such B-Note Loan Holder shall
have non-binding consultation rights to consult with the Special Servicer.

            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 of objection by or failure to approve by the
Controlling Class Representative or the majority of the Certificateholders (or,
in the case of the Kenwood Towne Centre Loan Combination or the 60 State Street
Loan Combination, the related Loan Combination Controlling Party) 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
Master Servicer, the Special Servicer, the Depositor, any of the Mortgage Loan
Sellers, the Trust Fund, the Trustee or any Fiscal Agent 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 Master
Servicer's, the Trustee's, any Fiscal Agent's or the Special Servicer's
responsibilities under this Agreement.

            SECTION 3.22.     Sub-Servicing Agreements.

            (a)     Subject to Section 3.22(b) and Section 3.22(f), the 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), (xi) and (xii)) to the extent applicable (modified to apply
to the Sub-Servicer instead of the Master Servicer); (ii) provides that, if the
Sub-Servicer constitutes an

                                      -174-

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
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 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 V
hereto)) 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 the Master Servicer or the
Special Servicer, as the case may be, thereunder as contemplated by the
immediately preceding clause (ii)) none of the Trustee, any Fiscal Agent, 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 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 the 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 Servicer and the
Special Servicer will 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 Servicer 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 the Master Servicer or the Special Servicer
include actions taken or to be taken by a Sub-Servicer on behalf of the 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 the Master Servicer hereunder to make P&I Advances or Servicing Advances
shall be deemed to have been advanced by the 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 the Master Servicer. For so long as they are
outstanding, Advances shall accrue interest in accordance with Sections 3.03(d)
and

                                      -175-

4.03(d), as applicable, such interest to be allocable between the 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 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 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 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 constitutes an Additional Item 1123 Servicer or a
Sub-Servicing Function Participant. Each of the initial Master Servicer 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).

            (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 Servicer 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 the 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 Servicer 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 any successor Master Servicer 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 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
Servicer 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

                                      -176-

each alone were servicing and administering the Mortgage Loans and/or REO
Properties for which it is responsible.

            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 of the 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
8.15, neither the Master Servicer 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 (except to the
extent that the initial Master Servicer may do so in accordance with the Master
Servicer Indemnification Agreement).

            SECTION 3.23.     Representations and Warranties of Master Servicer
                              and Special Servicer.

            (a)     The 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, any Fiscal Agent and each Non-Trust Noteholder, as
                    of the Closing Date, that:

                    (i)     The Master Servicer is a national banking
      association, duly organized and validly existing under the laws of the
      United States, and the Master 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, except where
      the failure to so qualify or comply would not have a material adverse
      effect on the ability of the Master Servicer to perform its obligations
      hereunder.

                    (ii)    The execution and delivery of this Agreement by the
      Master Servicer, and the performance and compliance with the terms of this
      Agreement by the Master Servicer, will not violate the 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)   The 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 the 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)     The 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

                                      -177-

      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 Master
      Servicer's good faith reasonable judgment, is likely to affect materially
      and adversely either the ability of the Master Servicer to perform its
      obligations under this Agreement or the financial condition of the Master
      Servicer.

                    (vi)    No litigation is pending or, to the best of the
      Master Servicer's knowledge, threatened, against the Master Servicer that
      would prohibit the Master Servicer from entering into this Agreement or,
      in the Master Servicer's good faith reasonable judgment, is likely to
      materially and adversely affect either the ability of the Master Servicer
      to perform its obligations under this Agreement or the financial condition
      of the Master Servicer, calculated on a consolidated basis.

                    (vii)   Each officer, director, or employee of the 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 the Master Servicer of or compliance by the 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 the Master Servicer of its
      obligations under this Agreement, the lack of such item would not have a
      materially adverse effect on the ability of the 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 Servicer, any Fiscal Agent 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 Delaware 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

                                      -178-

      (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 Servicer
and the Special Servicer, set forth in Section 3.23(a) (with respect to the
Master Servicer) 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.

            The 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, any Fiscal Agent 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.

                                      -179-

            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 Servicer 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 Anthracite
Capital, Inc. 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 the Master Servicer or 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 Servicer 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 Servicer 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 Account 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

                                      -180-

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 by a Mortgagor with respect to this
Agreement or any particular Mortgage Loan, the Controlling Class Representative
shall immediately notify the Trustee, the Master Servicer 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 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)
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. 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 any Fiscal Agent, the Trustee, the Master
      Servicer or the Special Servicer, in that order (except that payments to
      the Special Servicer and 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 any Fiscal Agent, the Trustee, the 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

                                      -181-

      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 Master Servicer, if such Default
      Charges (or portion thereof comprised of late payment charges) were
      collected 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 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
Servicer 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 the Master Servicer or the
Special Servicer, as the case may be, is responsible. Any such telephone contact
shall be conditioned on the

                                      -182-

Controlling Class Representative's delivery to the Master Servicer of an
agreement substantially in the form of Exhibit I-1 (or such other form as may be
reasonably acceptable to the Master Servicer or the Special Servicer, as
applicable).

            SECTION 3.28.     Certain Matters Regarding the Loan Combinations.

            (a)     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 Non-Trust Noteholders, 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, or otherwise reasonably necessary, to allow a Non-Trust
Noteholder to purchase the related Trust Mortgage Loan from the Trust.

            (b)     In connection with any purchase of a Trust Mortgage Loan
that is part of a Loan Combination by a related Non-Trust Noteholder pursuant to
the related Loan Combination Intercreditor Agreement, the 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 same, or remit same to
the Master Servicer for deposit, as applicable, into the 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 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 subject
Trust Mortgage Loan in the appropriate purchaser, without recourse,
representations or warranties.

            (c)     The parties hereto acknowledge that each Non-Trust
Noteholder shall not (1) owe any fiduciary duty to the Trustee, the 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.

            (d)     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, also hereby acknowledge
the right of the B-Note Loan Holder with respect to each of the Kenwood Towne
Centre B-Note Non-Trust Loan and the 60 State Street B-Note Non-Trust Loan =to
cure certain events of default by the Mortgagor with respect to the related Loan
Combination and to be reimbursed for any amounts advanced in connection with any
such cure, in each case pursuant to and subject to the terms, conditions and
limitations set forth in the related Loan Combination Intercreditor Agreement.
The

                                      -183-

Trustee, the Master Servicer and the Special Servicer hereby agree, as provided
in and subject to the terms, conditions and limitations set forth in the related
Loan Combination Intercreditor Agreement, not to treat any such default by the
subject Mortgagor that is so cured by a B-Note Loan Holder as a default for the
purposes specified in the related Loan Combination Intercreditor Agreement.

            (e)     To the extent not otherwise expressly provided for herein,
the Special Servicer shall provide to each B-Note Loan Holder or its designee,
with respect to the related B-Note 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 A-Note 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 B-Note Loan Holder
or its designee, with respect to the related B-Note Non-Trust Loan or any
related Loan Combination REO Property, the same reports, documents and other
information that the Trustee, the 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 A-Note Trust Mortgage Loan or the related Loan
Combination REO Property, and on a concurrent basis. In addition, the Trustee,
the Master Servicer or the Special Servicer, as applicable, shall, upon receipt
of a written request, provide to a B-Note Loan Holder 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 B-Note 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 B-Note Loan
Holder 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 B-Note Loan Holder within the same time period
contemplated by this Section 3.28(e) pursuant to any other section of this
Agreement.

            SECTION 3.29.     The Swap Agreements.

            (a)     The Trustee is hereby authorized and directed, not in its
individual capacity but solely as Trustee and on behalf, and for the benefit, of
the Trust, to execute and deliver each Swap Agreement on the Closing Date and to
perform obligations as described herein with respect to each Swap Agreement.
Furthermore, the Trustee is hereby authorized and directed to, and shall,
perform all obligations on the part of the Trustee and/or the Trust under each
Swap Agreement; provided that (i) payments to be made to the Class A-3FL Swap
Counterparty pursuant to Section 3.29(d) shall be made out of amounts allocable
as interest (or, in the case of Class A-3FL Additional Fixed Swap Payments,
Yield Maintenance Charges and Prepayment Premiums) distributable on or with
respect to the Class A-3FL REMIC II Regular Interest, (ii) payments to be made
to the Class AN-FL Swap Counterparty pursuant to Section 3.29(d) shall be made
out of amounts allocable as interest (or, in the case of Class AN-FL Additional
Fixed Swap Payments, Yield Maintenance Charges and Prepayment Premiums)
distributable on or with respect to the Class AN-FL REMIC II Regular Interest
and (iii) any termination payment owing to a Swap Counterparty shall be payable
solely out of any upfront payment made by a replacement swap counterparty with
respect thereto in connection with entering into a replacement interest rate
swap agreement with the Trust, and the Trustee shall not be responsible for
using its own funds in making such payments. Upon the Trustee entering into the
Swap Agreements on behalf of the Trust, the Trust shall be bound by the terms
and conditions of the Swap Agreements.

            (b)     Notwithstanding anything to the contrary in this Agreement,
the Class A-3FL Depositor's Retained Amount shall not be a part of the Class
A-3FL Grantor Trust or the Trust Fund,

                                      -184-

but instead shall belong to the Depositor; and the Trustee, on behalf of the
Trust, hereby assigns to the Depositor the Trust's entire right, title and
interest in and to the Class A-3FL Depositor's Retained Amount.

            Also notwithstanding anything to the contrary in this Agreement, the
Depositor hereby agrees to pay to the Class AN-FL Swap Counterparty the initial
up-front payment contemplated to be paid by the Depositor under the Class AN-FL
Swap Agreement on the Closing Date.

            (c)     The Trustee shall act as "calculation agent" under each Swap
Agreement and shall timely perform all duties associated therewith.

            In addition, by 5:00 p.m. (New York time) on the Business Day prior
to (or, in the case of item (i) below, no later than the Determination Date
relating to) each Distribution Date, based on (in the case of items (ii) and
(iii) below) the CMSA Loan Periodic Update File for the related Collection
Period provided by the Master Servicer pursuant to Section 3.12, the Trustee
shall notify the Class A-3FL Swap Counterparty in writing of (i) the Class
Principal Balance of the Class A-3FL Certificates immediately prior to the
related Distribution Date, (ii) the amount of any Prepayment Premiums and Yield
Maintenance Charges distributable with respect to the Class A-3FL REMIC II
Regular Interest for the related Distribution Date, and (iii) the amount of
interest distributable with respect to the Class A-3FL REMIC II Regular Interest
pursuant to Section 4.01(a) for such Distribution Date.

            In addition, by 5:00 p.m. (New York time) on the Business Day prior
to (or, in the case of item (i) below, no later than the Determination Date
relating to) each Distribution Date, based on (in the case of items (ii) and
(iii) below) the CMSA Loan Periodic Update File for the related Collection
Period provided by the Master Servicer pursuant to Section 3.12, the Trustee
shall notify the Class AN-FL Swap Counterparty in writing of (i) the Class
Principal Balance of the Class AN-FL Certificates immediately prior to the
related Distribution Date, (ii) the amount of any Prepayment Premiums and Yield
Maintenance Charges distributable with respect to the Class AN-FL REMIC II
Regular Interest for the related Distribution Date, and (iii) the amount of
interest distributable with respect to the Class AN-FL REMIC II Regular Interest
pursuant to Section 4.01(a) for such Distribution Date.

            (d)     On each Distribution Date, following all deposits to the
Floating Rate Account on or prior to that date pursuant to Section 3.04(c), the
Trustee shall (i) remit the Class A-3FL Net Fixed Swap Payment, the Class A-3FL
Additional Fixed Swap Payment and the Class A-3FL Fixed Payer Shortfall
Reimbursement Payment, in each case if any, to the Class A-3FL Swap Counterparty
out of amounts on deposit in the Floating Rate Account that represent
distributions of Distributable Certificate Interest (or, in the case of the
Class A-3FL Additional Fixed Swap Payments, Yield Maintenance Charges and
Prepayment Premiums) in respect of the Class A-3FL REMIC II Regular Interest;
and (ii) remit the Class AN-FL Net Fixed Swap Payment, the Class AN-FL
Additional Fixed Swap Payment and the Class AN-FL Fixed Payer Shortfall
Reimbursement Payment, in each case if any, to the Class AN-FL Swap Counterparty
out of amounts on deposit in the Floating Rate Account that represent
distributions of Distributable Certificate Interest (or, in the case of the
Class AN-FL Additional Fixed Swap Payments, Yield Maintenance Charges and
Prepayment Premiums) in respect of the Class AN-FL REMIC II Regular Interest;
provided that, during the continuation of a Swap Payment Default under a Swap
Agreement while the Trustee is pursuing remedies under such Swap Agreement, or
following the termination of a Swap Agreement, the Trustee shall not make such
payments to the related Swap Counterparty. If by 3:00 p.m. New York City time on
any Class A-3FL Swap Payment Date the Trustee has not received any Class A-3FL
Net Floating Swap Payment payable by the Class A-3FL Swap Counterparty on such
date, the Trustee shall, consistent with the Class A-3FL Swap Agreement, in
order to, among other things, cause the commencement of the applicable grace
period, promptly notify the

                                      -185-

Class A-3FL Swap Counterparty that the Trustee has not received such Class A-3FL
Net Floating Swap Payment. If by 3:00 p.m. New York City time on any Class AN-FL
Swap Payment Date the Trustee has not received any Class AN-FL Net Floating Swap
Payment payable by the Class AN-FL Swap Counterparty on such date, the Trustee
shall, consistent with the Class AN-FL Swap Agreement, in order to, among other
things, cause the commencement of the applicable grace period, promptly notify
the Class AN-FL Swap Counterparty that the Trustee has not received such Class
AN-FL Net Floating Swap Payment.

            (e)     Subject to Section 8.02(iii), the Trustee shall at all times
enforce the Trust's rights under the Class A-3FL Swap Agreement. In the event of
a Swap Default under the Class A-3FL Swap Agreement, the Trustee shall (i)
provide notice of such Swap Default on the date of such default to the Class
A-3FL Swap Counterparty and (ii) promptly provide written notice to the Holders
of the Class A-3FL Certificates and, subject to Section 8.02(iii), shall be
required to take such actions (following the expiration of any applicable grace
period specified in the Class A-3FL Swap Agreement), unless otherwise directed
in writing by the Holders or Certificate Owners of Class A-3FL Certificates
representing at least 25% of the Class Principal Balance of the Class A-3FL
Certificates, to enforce such rights of the Trust under the Class A-3FL Swap
Agreement as may be permitted by the terms thereof, including termination
thereof, and use any Swap Termination Fees received from the Class A-3FL Swap
Counterparty to enter into a replacement interest rate swap agreement on
substantially identical terms, with a replacement swap counterparty that would
not cause a Collateralization Event (as defined in the Class A-3FL Swap
Agreement). If the costs attributable to entering into a replacement interest
rate swap agreement with respect to the Class A-3FL Certificates would exceed
the amount of any Swap Termination Fees received from the Class A-3FL Swap
Counterparty, a replacement interest rate swap agreement with respect to the
Class A-3FL Certificates shall not be entered into and any such proceeds will
instead be distributed, pro rata, to the Holders of the Class A-3FL Certificates
on the immediately succeeding Distribution Date as part of the Class A-3FL
Interest Distribution Amount for such Distribution Date. If any replacement swap
counterparty pays any fee in connection with the execution of any replacement
interest rate swap agreement in respect of the Class A-3FL Certificates with the
Trust, the Trustee shall distribute such fee: first, to the Class A-3FL Swap
Counterparty in respect of the terminated Class A-3FL Swap Agreement, up to the
amount of any termination payment owing to the terminated Class A-3FL Swap
Counterparty under, and in connection with the termination of, such Swap
Agreement, and such fee (or applicable portion thereof) shall be deemed to have
been distributed first to the Depositor as compensation to the Depositor under
this Agreement and then from the Depositor to the Class A-3FL Swap Counterparty
in respect of the terminated Class A-3FL Swap Agreement, and then, any
remainder, to the Depositor. Any expenses, costs and/or liabilities incurred by
the Trustee in connection with enforcing the Class A-3FL Swap Agreement shall be
payable and/or reimbursable solely out of indemnification payments made by Class
A-3FL Certificateholders.

            Any Class A-3FL Distribution Conversion shall become permanent
following the determination by the Trustee (in the circumstances contemplated in
the third sentence of the preceding paragraph) or by the Holders or Certificate
Owners of Class A-3FL Certificates representing at least 25% of the Class
Principal Balance of the Class A-3FL Certificates not to enter into a
replacement interest rate swap agreement and distribution of any Swap
Termination Fees paid by the Class A-3FL Swap Counterparty to the Holders of the
Class A-3FL Certificates. Any Swap Default under, or termination of, the Class
A-3FL Swap Agreement and the consequent Class A-3FL Distribution Conversion
shall not, in and of itself, constitute an Event of Default under this
Agreement.

            Upon any change in the payment terms on the Class A-3FL
Certificates, including as a result of a Class A-3FL Distribution Conversion,
termination of a Class A-3FL Distribution Conversion,

                                      -186-

a Swap Default under the Class A-3FL Swap Agreement or the cure of a Swap
Default under the Class A-3FL Swap Agreement, the Trustee shall promptly notify
the Depository of the change in payment terms.

            (f)     Subject to Section 8.02(iii), the Trustee shall at all times
enforce the Trust's rights under the Class AN-FL Swap Agreement. In the event of
a Swap Default under the Class AN-FL Swap Agreement, the Trustee shall (i)
provide notice of such Swap Default on the date of such default to the Class
AN-FL Swap Counterparty and (ii) promptly provide written notice to the Holders
of the Class AN-FL Certificates and, subject to Section 8.02(iii), shall be
required to take such actions (following the expiration of any applicable grace
period specified in the Class AN-FL Swap Agreement), unless otherwise directed
in writing by the Holders or Certificate Owners of Class AN-FL Certificates
representing at least 25% of the Class Principal Balance of the Class AN-FL
Certificates, to enforce such rights of the Trust under the Class AN-FL Swap
Agreement as may be permitted by the terms thereof, including termination
thereof, and use any Swap Termination Fees received from the Class AN-FL Swap
Counterparty to enter into a replacement interest rate swap agreement on
substantially identical terms, with a replacement swap counterparty that would
not cause a Collateralization Event (as defined in the Class AN-FL Swap
Agreement). If the costs attributable to entering into a replacement interest
rate swap agreement with respect to the Class AN-FL Certificates would exceed
the amount of any Swap Termination Fees received from the Class AN-FL Swap
Counterparty, a replacement interest rate swap agreement with respect to the
Class AN-FL Certificates shall not be entered into and any such proceeds will
instead be distributed, pro rata, to the Holders of the Class AN-FL Certificates
on the immediately succeeding Distribution Date as part of the Class AN-FL
Interest Distribution Amount for such Distribution Date. If any replacement swap
counterparty pays any fee in connection with the execution of any replacement
interest rate swap agreement in respect of the Class AN-FL Certificates with the
Trust, the Trustee shall distribute such fee: first, to the Class AN-FL Swap
Counterparty in respect of the terminated Class AN-FL Swap Agreement, up to the
amount of any termination payment owing to the terminated Class AN-FL Swap
Counterparty under, and in connection with the termination of, such Swap
Agreement, and such fee (or applicable portion thereof) shall be deemed to have
been distributed first to the Depositor as compensation to the Depositor under
this Agreement and then from the Depositor to the Class AN-FL Swap Counterparty
in respect of the terminated Class AN-FL Swap Agreement, and then, any
remainder, to the Depositor. Any expenses, costs and/or liabilities incurred by
the Trustee in connection with enforcing the Class AN-FL Swap Agreement shall be
payable and/or reimbursable solely out of indemnification payments made by Class
AN-FL Certificateholders.

            Any Class AN-FL Distribution Conversion shall become permanent
following the determination by the Trustee (in the circumstances contemplated in
the third sentence of the preceding paragraph) or by the Holders or Certificate
Owners of Class AN-FL Certificates representing at least 25% of the Class
Principal Balance of the Class AN-FL Certificates not to enter into a
replacement interest rate swap agreement and distribution of any Swap
Termination Fees paid by the Class AN-FL Swap Counterparty to the Holders of the
Class AN-FL Certificates. Any Swap Default under, or termination of, the Class
AN-FL Swap Agreement and the consequent Class AN-FL Distribution Conversion
shall not, in and of itself, constitute an Event of Default under this
Agreement.

            Upon any change in the payment terms on the Class AN-FL
Certificates, including as a result of a Class AN-FL Distribution Conversion,
termination of a Class AN-FL Distribution Conversion, a Swap Default under the
Class AN-FL Swap Agreement or the cure of a Swap Default under the Class AN-FL
Swap Agreement, the Trustee shall promptly notify the Depository of the change
in payment terms.

                                      -187-

                                   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 Servicer 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, Class A-3B, Class A-SB and Class
      A-4 Certificates and to the Floating Rate Account with respect to the
      Class A-3FL REMIC II Regular Interest, from the Loan Group 1 Available
      Distribution Amount, in an amount equal to, and pro rata as among those
      Classes of Senior Certificates and the Class A-3FL REMIC II Regular
      Interest in accordance with, all Distributable Certificate Interest in
      respect of each such Class of Senior Certificates and the Class A-3FL
      REMIC II Regular Interest 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 or the Class A-3FL REMIC II Regular Interest, as the
      case may be, 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
      (exclusive of the Class A-3FL Certificates) and the Class A-3FL REMIC II
      Regular Interest, up to an amount equal to, and pro rata as among such
      Classes of Senior Certificates and the Class A-3FL REMIC II Regular
      Interest in accordance with, the Distributable Certificate Interest in
      respect of each such Class of Senior Certificates and the Class A-3FL
      REMIC II Regular Interest 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-SB Certificates, until the related Class Principal
      Balance is reduced to the Class A-SB Planned Principal Balance for such
      Distribution Date, second, to the Holders of the Class A-1 Certificates
      until the related Class Principal Balance is reduced to zero, third, to
      the Holders of the Class A-2 Certificates until the related Class
      Principal Balance is reduced to zero, fourth, to the Holders of the Class
      A-3 Certificates and the Floating Rate Account with respect to the Class
      A-3FL REMIC II Regular Interest, on a pro rata basis in accordance with
      the respective Class Principal Balances thereof outstanding immediately
      prior to such Distribution Date, until such related

                                      -188-

      Class Principal Balances are reduced to zero, fifth, to the Holders of the
      Class A-3B Certificates until the related Class Principal Balance is
      reduced to zero, sixth, to the Holders of the Class A-SB Certificates
      until the related Class Principal Balance (after taking into account any
      distributions of principal made with respect to the Class A-SB
      Certificates on such Distribution Date pursuant to subclause first of this
      clause (ii)) is reduced to zero, and seventh, 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
      seventh above (not to exceed the aggregate of the Class Principal Balances
      of those Classes of Senior Certificates and the Class A-3FL REMIC II
      Regular Interest 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, Class A-3B, Class A-SB and Class A-4 Certificates
      and Grantor Trust A-3FL with respect to the Class A-3FL REMIC II Regular
      Interest 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, Class A-3B, Class A-SB and
      Class A-4 Certificates and Grantor Trust A-3FL with respect to the Class
      A-3FL REMIC II Regular Interest, 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 and the Class AN-FL
      REMIC II Regular Interest 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-3B, Class A-SB, Class A-4 and Class A-1A
      Certificates and to the Floating Rate Account with respect to the Class
      A-3FL REMIC II Regular Interest pursuant to this clause (ii) up to an
      amount equal to, and pro rata as among such Classes of Senior Certificates
      and the Class A-3FL REMIC II Regular Interest 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-SB Certificates, until the
      related Class Principal Balance (after taking into account any
      distributions of principal made with respect to the Class A-SB
      Certificates on such Distribution Date pursuant to the immediately
      preceding clause (ii)) is reduced to the Class A-SB Planned Principal
      Balance for such Distribution Date, second, 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, third, 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

                                      -189-

      clause (ii)) is reduced to zero, fourth, to the Holders of the Class A-3
      Certificates and the Floating Rate Account with respect to the Class A-3FL
      REMIC II Regular Interest, on a pro rata basis in accordance with the
      respective Class Principal Balances thereof then outstanding, until such
      related Class Principal Balances (after taking into account any
      distributions of principal with respect to the Class A-3 Certificates and
      the Class A-3FL REMIC II Regular Interest on such Distribution Date
      pursuant to the immediately preceding clause (ii)) are reduced to zero,
      fifth, to the Holders of the Class A-3B Certificates, until the related
      Class Principal Balance (after taking into account any distributions of
      principal made with respect to the Class A-3B Certificates on such
      Distribution Date pursuant to the immediately preceding clause (ii)) is
      reduced to zero, sixth, to the Holders of the Class A-SB Certificates,
      until the related Class Principal Balance (after taking into account any
      distributions of principal made with respect to the Class A-SB
      Certificates on such Distribution Date pursuant to the immediately
      preceding clause (ii) and/or subclause first of this clause (iii)) is
      reduced to zero, and seventh, 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 seventh above (not to exceed the
      aggregate of the Class Principal Balances of those Classes of Senior
      Certificates and the Class A-3FL REMIC II Regular Interest outstanding
      immediately prior to such Distribution Date, reduced by any distributions
      of principal made with respect to those Classes of Senior Certificates and
      the Class A-3FL REMIC II Regular Interest 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, Class A-3B, Class A-SB
      and Class A-4 Certificates and the Class A-3FL REMIC II Regular Interest
      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, Class A-3B, Class
      A-SB and/or Class A-4 Certificates and/or the Class A-3FL REMIC II Regular
      Interest 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-3B, Class A-SB, Class A-4 and Class
      A-1A Certificates and to the Floating Rate Account with respect to the
      Class A-3FL REMIC II Regular Interest, 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 the Class A-3FL REMIC II Regular
      Interest, respectively, 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;

                                      -190-

                    (vii)     after the Class Principal Balances of the Class
      A-1, Class A-2, Class A-3, Class A-3B, Class A-SB, Class A-4 and Class
      A-1A Certificates and the Class A-3FL REMIC II Regular Interest 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 and/or to the Floating Rate Account with respect to the Class
      A-3FL REMIC II Regular Interest 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 and to the Floating Rate Account with respect
      to the Class AN-FL REMIC II Regular Interest in an amount equal to, and
      pro rata as between the Class AJ Certificates and the Class AN-FL REMIC II
      Regular Interest in accordance with, all Distributable Certificate
      Interest in respect of such Class of Certificates and the Class AN-FL
      REMIC II Regular Interest 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 and the Floating Rate Account
      with respect to the Class AN-FL REMIC II Regular Interest, on a pro rata
      basis in accordance with the respective Class Principal Balances thereof,
      in an amount (not to exceed the aggregate of the Class Principal Balances
      of the Class AJ Certificates and the Class AN-FL REMIC II Regular Interest
      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 and/or to the Floating
      Rate Account with respect to the Class A-3FL REMIC II Regular Interest
      pursuant to any prior clause of this Section 4.01(a));

                    (xi)      to make distributions to the Holders of the Class
      AJ Certificates and to the Floating Rate Account with respect to the Class
      AN-FL REMIC II Regular Interest, 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 the Class
      AJ Certificates and the Class AN-FL REMIC II Regular Interest 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 Balances of the Class AJ
      Certificates and the Class AN-FL REMIC II Regular Interest have 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

                                      -191-

      Sequential Pay Certificates and/or to the Floating Rate Account with
      respect to the Class A-3FL REMIC II Regular Interest and/or the Class
      AN-FL REMIC II Regular Interest 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 and/or to the Floating Rate Account with
      respect to the Class A-3FL REMIC II Regular Interest and/or the Class
      AN-FL REMIC II Regular Interest 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 and/or to the Floating Rate Account with
      respect to the Class A-3FL REMIC II Regular Interest and/or the Class
      AN-FL REMIC II Regular Interest 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;

                                      -192-

                    (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 and/or to the Floating Rate Account with
      respect to the Class A-3FL REMIC II Regular Interest and/or the Class
      AN-FL REMIC II Regular Interest 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 and/or to the Floating Rate Account with
      respect to the Class A-3FL REMIC II Regular Interest and/or the Class
      AN-FL REMIC II Regular Interest 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 and/or to the Floating Rate Account with
      respect to the Class A-3FL REMIC II Regular Interest and/or the Class
      AN-FL REMIC II Regular Interest 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;

                                      -193-

                    (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 and/or to the Floating Rate Account with
      respect to the Class A-3FL REMIC II Regular Interest and/or the Class
      AN-FL REMIC II Regular Interest 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 and/or to the Floating Rate Account with
      respect to the Class A-3FL REMIC II Regular Interest and/or the Class
      AN-FL REMIC II Regular Interest 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 and/or to the Floating Rate Account with
      respect to the Class A-3FL REMIC II Regular Interest and/or the Class
      AN-FL REMIC II Regular Interest pursuant to any prior clause of this
      Section 4.01(a));

                                      -194-

                    (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 and/or to the Floating Rate Account with
      respect to the Class A-3FL REMIC II Regular Interest and/or the Class
      AN-FL REMIC II Regular Interest 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 and/or to the Floating Rate Account with
      respect to the Class A-3FL REMIC II Regular Interest and/or the Class
      AN-FL REMIC II Regular Interest 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

                                      -195-

      Holders of any other Class of Sequential Pay Certificates and/or to the
      Floating Rate Account with respect to the Class A-3FL REMIC II Regular
      Interest and/or the Class AN-FL REMIC II Regular Interest 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 and/or to the Floating Rate Account with
      respect to the Class A-3FL REMIC II Regular Interest and/or the Class
      AN-FL REMIC II Regular Interest 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 and/or to the Floating Rate Account with
      respect to the Class A-3FL REMIC II Regular Interest and/or the Class
      AN-FL REMIC II Regular Interest 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,
      the Class A-3FL REMIC II Regular Interest and the Class AN-FL REMIC II
      Regular Interest on such Distribution Date pursuant to clauses (i) through
      (liii) above; and

                                      -196-

                    (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, the Class A-3FL REMIC II
      Regular Interest and the Class AN-FL REMIC II Regular Interest 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, the Class A-3FL REMIC II Regular Interest or the Class AN-FL REMIC
II Regular Interest 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.

            (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 and/or the Floating Rate
Account with respect to the Class A-3FL REMIC II Regular Interest and/or the
Class AN-FL REMIC II Regular Interest 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, and to the
      Floating Rate Account with respect to the Class A-3FL REMIC II Regular
      Interest and/or the Class AN-FL REMIC II Regular Interest (if, in either
      such case, distributions of principal are being made with respect thereto
      on such Distribution Date, pursuant to Section 4.01(a), 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, the Class A-3FL REMIC II Regular Interest (if applicable)
      and/or the Class AN-FL REMIC II Regular Interest (if applicable) 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 and/or the Floating Rate
      Account with respect to the Class A-3FL

                                      -197-

      REMIC II Regular Interest and/or the Class AN-FL REMIC II Regular Interest
      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.

            (c)     Subject to Section 3.29, on each Distribution Date, the
Trustee shall apply amounts on deposit in the Class A-3FL Sub-Account for the
following purposes and in the following order of priority, in each case to the
extent of the Class A-3FL Available Funds (exclusive of any portion thereof that
constitutes Yield Maintenance Charges and/or Prepayment Premiums) for such
Distribution Date:

                    (i)       to make distributions of interest to the Holders
            of the Class A-3FL Certificates, up to the Class A-3FL Interest
            Distribution Amount for such Distribution Date;

                    (ii)      to make distributions of principal to the Holders
            of the Class A-3FL Certificates, in reduction of the Class Principal
            Balance thereof, up to the Class A-3FL Principal Distribution Amount
            for such Distribution Date, until such Class Principal Balance has
            been reduced to zero;

                    (iii)     to reimburse the Holders of the Class A-3FL
            Certificates, until all Realized Losses and Additional Trust Fund
            Expenses previously allocated to the Class A-3FL Certificates, but
            not previously reimbursed, have been reimbursed in full; and

                    (iv)      to make distributions to the Holders of the Class
            A-3FL Certificates of any remaining amount.

            For so long as the Class A-3FL Swap Agreement is in effect and there
is no continuing payment default thereunder on the part of the Class A-3FL Swap
Counterparty, all Prepayment Premiums and Yield Maintenance Charges allocable to
the Class A-3FL REMIC II Regular Interest shall be payable to the Class A-3FL
Swap Counterparty pursuant to the terms of the Class A-3FL Swap Agreement.
However, during the occurrence of a payment default on the part of the Class
A-3FL Swap Counterparty under the Class A-3FL Swap Agreement or if the Class
A-3FL Swap Agreement is terminated and a replacement Class A-3FL Swap Agreement
is not obtained, then all Prepayment Premiums and Yield Maintenance Charges
distributed to the Floating Rate Account with respect to the Class A-3FL REMIC
II Regular Interest shall be distributed by the Trustee to the Holders of the
Class A-3FL Certificates on the subject Distribution Date.

            Subject to Section 3.29, on each Distribution Date, the Trustee
shall apply amounts on deposit in the Class AN-FL Sub-Account for the following
purposes and in the following order of priority, in each case to the extent of
the Class AN-FL Available Funds (exclusive of any portion thereof that
constitutes Yield Maintenance Charges and/or Prepayment Premiums) for such
Distribution Date:

                    (v)       to make distributions of interest to the Holders
            of the Class AN-FL Certificates, up to the Class AN-FL Interest
            Distribution Amount for such Distribution Date;

                                      -198-

                    (vi)      to make distributions of principal to the Holders
            of the Class AN-FL Certificates, in reduction of the Class Principal
            Balance thereof, up to the Class AN-FL Principal Distribution Amount
            for such Distribution Date, until such Class Principal Balance has
            been reduced to zero;

                    (vii)     to reimburse the Holders of the Class AN-FL
            Certificates, until all Realized Losses and Additional Trust Fund
            Expenses previously allocated to the Class AN-FL Certificates, but
            not previously reimbursed, have been reimbursed in full; and

                    (viii)    to make distributions to the Holders of the Class
            AN-FL Certificates of any remaining amount.

            For so long as the Class AN-FL Swap Agreement is in effect and there
is no continuing payment default thereunder on the part of the Class AN-FL Swap
Counterparty, all Prepayment Premiums and Yield Maintenance Charges allocable to
the Class AN-FL REMIC II Regular Interest shall be payable to the Class AN-FL
Swap Counterparty pursuant to the terms of the Class AN-FL Swap Agreement.
However, during the occurrence of a payment default on the part of the Class
AN-FL Swap Counterparty under the Class AN-FL Swap Agreement or if the Class
AN-FL Swap Agreement is terminated and a replacement Class AN-FL Swap Agreement
is not obtained, then all Prepayment Premiums and Yield Maintenance Charges
distributed to the Floating Rate Account with respect to the Class AN-FL REMIC
II Regular Interest shall be distributed by the Trustee to the Holders of the
Class AN-FL Certificates on the subject Distribution Date.

            (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

                                      -199-

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 Servicer, the
Special Servicer or any Fiscal Agent 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-

                                      -200-

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-IMY) 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 (exclusive
of the Class A-3FL Certificates and the Class AN-FL Certificates), the Class
A-3FL REMIC II Regular Interest and the Class AN-FL REMIC II Regular Interest 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, the Class A-3FL REMIC II Regular Interest or the Class
AN-FL REMIC II Regular Interest, as the case may be, 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, the Class A-3FL REMIC II Regular Interest or the Class AN-FL REMIC
II Regular Interest, as the case may be, 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 (other than the
Class A-3FL and Class AN-FL Certificates) and to reimburse the Floating Rate
Account with respect to the Class A-3FL REMIC II Regular Interest and the Class
AN-FL REMIC II Regular Interest (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, the Class A-3FL REMIC II Regular Interest and/or the Class AN-FL
REMIC II Regular Interest. 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

                                      -201-

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 (other than the Class A-3FL and Class AN-FL Certificates), the
Class A-3FL REMIC II Regular Interest and/or the Class AN-FL REMIC II Regular
Interest 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 (other than the Class A-3FL and Class AN-FL
Certificates) and to reimburse the Floating Rate Account with respect to the
Class A-3FL REMIC II Regular Interest and the Class AN-FL REMIC II Regular
Interest (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,
the Class A-3FL REMIC II Regular Interest or the Class AN-FL REMIC II Regular
Interest.

            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
Master Servicer, 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
Servicer 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,
      the Class A-3FL Certificates and/or the Class AN-FL Certificates allocable
      to Distributable Certificate Interest, the Class A-3FL Interest
      Distribution Amount and/or the Class AN-FL Interest Distribution Amount,
      as the case may be;

                    (iii)     the amount of the distribution on such
      Distribution Date to the Holders of each Class of Regular Certificates,
      the Class A-3FL Certificates and/or the Class AN-FL 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;

                                      -202-

                    (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
      Servicer, the Trustee or any Fiscal Agent 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 the Master
      Servicer or 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

                                      -203-

      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, the
      Class A-3FL REMIC II Regular Interest and the Class AN-FL REMIC II Regular
      Interest, as well as the Class A-3FL Interest Distribution Amount and the
      Class AN-FL Interest Distribution Amount, for such Distribution Date;

                    (xix)     any unpaid Distributable Certificate Interest in
      respect of each Class of Regular Certificates, the Class A-3FL REMIC II
      Regular Interest and the Class AN-FL REMIC II Regular Interest,
      respectively, as well as any unpaid portion of the Class A-3FL Interest
      Distribution Amount and the Class AN-FL Interest Distribution Amount,
      respectively, after giving effect to the distributions made on such
      Distribution Date;

                    (xx)      the Pass-Through Rate for each Class of Regular
      Certificates, the Class A-3FL REMIC II Regular Interest, the Class AN-FL
      REMIC II Regular Interest, the Class A-3FL Certificates and the Class
      AN-FL Certificates, respectively, 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);

                                      -204-

                    (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 and Class X Notional
      Amount, as applicable, of each Class of Regular Certificates, the Class
      A-3FL Certificates and the Class AN-FL 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, the Class A-3FL Certificates and the Class AN-FL
      Certificates, respectively, 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 Servicer, the Trustee and any Fiscal Agent 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 Servicer, the Special Servicer, the Trustee and any
      Fiscal Agent 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 Servicer 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, the Class A-3FL
      Certificates and the Class AN-FL Certificates, respectively;

                    (xxxi)    the original and then current ratings known to the
      Trustee for each Class of Regular Certificates, the Class A-3FL
      Certificates and the Class AN-FL Certificates, respectively;

                    (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;

                                      -205-

                    (xxxv)    all payments to and from each Swap Counterparty
      during the month of such Distribution Date;

                    (xxxvi)   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

                    (xxxvii)  if the significance percentage (within the meaning
      of Item 1115 of Regulation AB) of the Class A-3FL Certificates or the
      Class AN-FL Certificates is equal to or greater than 10%, whether such
      significance percentage is (A) equal to or greater 10% but less than 20%
      or (B) whether such significance percentage is equal to or in excess of
      20%.

            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 Servicer
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 Servicer 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 the 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 Servicer 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.

                                      -206-

            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
Master Servicer, as applicable, and shall not be liable for any failure to
deliver any thereof on the prescribed due dates, to the extent caused by failure
to receive timely such underlying information. Nothing herein shall obligate the
Trustee or the Master Servicer to violate any applicable law prohibiting
disclosure of information with respect to any Mortgagor and the failure of the
Trustee, 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 Servicer, and the
Trustee shall not be responsible to recompute, recalculate or verify the
information provided to it by the Master Servicer.

            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, the Master Servicer shall (i) apply amounts in the 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 Servicer
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 the Collection Account for future distribution and so used to make P&I
Advances shall be appropriately reflected in the Master Servicer's records and
replaced by the Master Servicer by deposit in the 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 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 the Master Servicer by facsimile transmission sent to the
facsimile number set forth in Section 11.05 (or such alternative number provided
by the 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

                                      -207-

shall, no later than 12:00 p.m., or if the Trustee fails, any Fiscal Agent
shall, no later than 1:00 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 Master Servicer on such P&I Advance Date, and (ii) with
respect to the 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 the
Master Servicer, the Trustee or any Fiscal Agent 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, in respect of the Trust
Mortgage Loans (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; 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 Master Servicer, the Trustee or any Fiscal
Agent 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 Master Servicer, the
Trustee or any Fiscal Agent 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 A-Note Trust Mortgage Loan 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 A-Note 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 Master
Servicer or 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

                                      -208-

constitute a Nonrecoverable P&I Advance, shall be evidenced by an Officer's
Certificate delivered to the Trustee, any Fiscal Agent 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 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 Master Servicer may have obtained consistent with the
Servicing Standard and at the expense of the Trust Fund, that support such
determination by the Master Servicer. As soon as practical after making such
determination, the Special Servicer shall report to the Master Servicer, the
Trustee and any Fiscal Agent, 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 Master Servicer, the Trustee and any Fiscal Agent shall act in
accordance with such determination and shall be entitled to conclusively rely on
such determination. The Trustee and any Fiscal Agent shall be entitled to rely,
conclusively, on any determination by the Master Servicer that a P&I Advance, if
made, would be a Nonrecoverable Advance (and the Trustee and any Fiscal Agent)
shall rely on the Master Servicer's determination that the P&I Advance would be
a Nonrecoverable Advance if the Trustee or any Fiscal Agent determines that it
does not have sufficient time to make such determination); provided, however,
that if the Master Servicer has failed to make a P&I Advance for reasons other
than a determination by the Master Servicer or the Special Servicer that such
P&I Advance would be a Nonrecoverable Advance, the Trustee or any Fiscal Agent
shall make such Advance within the time periods required by Section 4.03(a)
unless the Trustee or any Fiscal Agent, as the case may be, 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 the Master Servicer hereunder.

            (d)     In connection with the recovery by the Master Servicer,
the Trustee or any Fiscal Agent of any P&I Advance out of the Collection Account
pursuant to Section 3.05(a), subject to the following sentence, the Master
Servicer shall be entitled to pay itself, the Trustee or any Fiscal Agent, as
the case may be, out of any amounts then on deposit in the 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 the
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 Master Servicer shall reimburse itself, the Trustee or any
Fiscal Agent, for any outstanding P&I Advance made thereby as soon as
practicable after funds available for such purpose have been received by the
Master Servicer, and in no event shall interest accrue in accordance with this
Section 4.03(d) on any P&I Advance as to

                                      -209-

which the corresponding Late Collection was received by the Master Servicer on
or prior to the related P&I Advance Date.

            (e)     In no event shall the Master Servicer, the Trustee or any
Fiscal Agent 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 Account, the Master Servicer, the Special Servicer, the
Trustee or any Fiscal Agent, 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 Master Servicer,
the Special Servicer, the Trustee or any Fiscal Agent 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 Master
Servicer, the Special Servicer, the Trustee or any Fiscal Agent 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, the Master Servicer, the Special Servicer, the
Trustee or any Fiscal Agent, 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. The foregoing shall
not, however, be construed to limit any liability that may otherwise be imposed
on such Person for any failure by such Person to comply with the conditions to
making such an election under this subsection or to comply with the terms of
this subsection and the other provisions of this Agreement that apply once such
an election, if any, has been made. Any election by any of the Master Servicer,
the Special Servicer, the Trustee or any Fiscal Agent 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 the Master Servicer, the Special Servicer, the
Trustee or any Fiscal Agent, 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 the Master Servicer, the
Special Servicer, the Trustee or any Fiscal Agent, as the case may be, to
otherwise be reimbursed for such Nonrecoverable Advance (together with interest
thereon). Any such election by any of the Master Servicer, the Special Servicer,
the Trustee or any Fiscal Agent 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 Master Servicer, the Special Servicer, the
Trustee, any Fiscal Agent 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 Master
Servicer or the Special Servicer, constitute a violation of the Servicing
Standard nor, with respect to the Trustee

                                      -210-

or any Fiscal Agent, constitute a violation of any fiduciary duty to the
Certificateholders or any contractual duty under this Agreement. Nothing herein
shall give the Master Servicer, the Special Servicer, the Trustee or any Fiscal
Agent the right to defer reimbursement of a Nonrecoverable Advance to the extent
that principal collections then available in the Collection Account 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 (exclusive of the Class A-3FL
Certificates and the Class AN-FL Certificates), the Class A-3FL REMIC II Regular
Interest and the Class AN-FL REMIC II Regular Interest 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
(exclusive of the Class A-3FL Certificates and the Class AN-FL Certificates),
the Class A-3FL REMIC II Regular Interest and the Class AN-FL REMIC II Regular
Interest 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
Certificates, the Class P Certificates, the Class N Certificates, the Class M
Certificates, the Class L Certificates, the Class K Certificates, the Class J
Certificates, the Class H Certificates, the Class G Certificates, the Class F
Certificates, the Class E Certificates, the Class D Certificates, the Class C
Certificates and the Class B Certificates, in that order, in each case until the
remaining Class Principal Balance thereof is reduced to zero; second, pro rata
(based on remaining Class Principal Balances) to the Class AJ Certificates and
the Class AN-FL REMIC II Regular Interest, until the respective Class Principal
Balances thereof are reduced to zero; third, to the Class AM Certificates, until
the remaining Class Principal Balance thereof has been reduced to zero; and
last, pro rata (based on remaining Class Principal Balances) to the Class A-1,
Class A-2, Class A-3, Class A-3B, Class A-SB, Class A-4 and Class A-1A
Certificates and the Class A-3FL REMIC II Regular Interest, until the respective
Class Principal Balances thereof are reduced to zero. Any Realized Losses and
Additional Trust Fund Expenses allocated to the Class A-3FL REMIC II Regular
Interest shall, in turn, be deemed allocated to the Class A-3FL Certificates.
Any Realized Losses and Additional Trust Fund Expenses allocated to the Class
AN-FL REMIC II Regular Interest shall, in turn, be deemed allocated to the Class
AN-FL Certificates. Any allocation of Realized Losses and Additional Trust Fund
Expenses to a Class of Sequential Pay Certificates, the Class A-3FL REMIC II
Regular Interest and the Class AN-FL REMIC II Regular Interest 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 (exclusive of the
Class A-3FL and Class AN-FL Certificates), the Class A-3FL REMIC II Regular
Interest and/or the Class AN-FL REMIC II Regular Interest as of the Distribution
Date on which the aggregate of the Class Principal Balances of the Sequential
Pay Certificates (exclusive of the Class A-3FL and Class AN-FL Certificates),
the Class A-3FL REMIC II Regular Interest and the Class AN-FL REMIC II Regular
Interest has been reduced to zero, shall be deemed allocated to the Residual
Certificates.

                                      -211-

            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 (exclusive of the Class A-3FL and Class
AN-FL Certificates), the Class A-3FL REMIC II Regular Interest and/or the Class
AN-FL REMIC II Regular Interest 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 (exclusive of the Class A-3FL Certificates and the
Class AN-FL Certificates), the Class A-3FL REMIC II Regular Interest and the
Class AN-FL REMIC II Regular Interest 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 (exclusive of the Class A-3FL Certificates and the
Class AN-FL Certificates), the Class A-3FL REMIC II Regular Interest and the
Class AN-FL REMIC II Regular Interest 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 (exclusive of the Class A-3FL Certificates and the Class AN-FL
Certificates), the Class A-3FL REMIC II Regular Interest and the Class AN-FL
REMIC II Regular Interest 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 (exclusive of the Class A-3FL Certificates and the
Class AN-FL Certificates), the Class A-3FL REMIC II Regular Interest or the
Class AN-FL REMIC II Regular Interest 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 (exclusive of the Class A-3FL Certificates and the Class AN-FL
Certificates), the Class A-3FL REMIC II Regular Interest or the Class AN-FL
REMIC II Regular Interest 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 (exclusive of the Class A-3FL Certificates and the Class AN-FL
Certificates), the Class A-3FL REMIC II Regular Interest or the Class AN-FL
REMIC II Regular Interest 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 Servicer 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

                                      -212-

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 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.

                                      -213-

                                    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 and A-8, 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 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 LaSalle Bank National Association, 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 2006-1) 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 Servicer, the Special Servicer and (if the Trustee is not
the Certificate Registrar) the Trustee, any other

                                      -214-

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 (if it is no longer the Certificate Registrar), the Master Servicer 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 Servicer, 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

                                      -215-

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

                                      -216-

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 Purchasers, the Trustee,
any Fiscal Agent, the Master Servicer, 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

                                      -217-

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, the Master Servicer, the Special Servicer, any Sub-Servicer, any Fiscal
Agent, any Exemption-Favored Party, a Swap Counterparty 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 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

                                      -218-

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.

            For so long as a Class A-3FL Distribution Conversion has not
occurred and become permanent, any Transferee of a Class A-3FL Certificate 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 any
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 such
interest herein by such Transferee is eligible for the exemptive relief
available under an Investor-Based Exemption.

            In addition to the certification required pursuant to clause (iii)
of the second preceding paragraph if the Class AN-FL Certificates are Investment
Grade Certificates that are being acquired by or on behalf of a Plan in reliance
on the Exemption, then for so long as a Class AN-FL Distribution Conversion has
not occurred and become permanent, the Certificate Registrar shall refuse to
register the Transfer of a Class AN-FL Certificate unless it has received from
the prospective Transferee, and, if such Certificate constitutes a Global
Certificate, any Certificate Owner transferring an interest herein shall be
required to obtain from its prospective Transferee, a certification to the
effect that the purchase and holding of such Certificate or an interest therein
by such Plan is eligible for the exemptive relief available under an
Investor-Based Exemption. If any Transferee of a Class AN-FL Certificate or any
interest therein does not, in connection with the subject Transfer, deliver to
the Certificate Registrar (if such Certificate constitutes a Definitive
Certificate) or the related Transferor (if such Certificate constitutes a Global
Certificate) a certification as required by the preceding sentence, then such
Transferee shall be deemed to have represented and warranted that the purchase
and holding of such Class AN-FL Certificate or such interest therein by such
Transferee is eligible for the exemptive relief available under an
Investor-Based Exemption.

            (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

                                      -219-

                            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).

                                      -220-

                    (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.

                                      -221-

            (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 Servicer, 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, the Class A-3FL
Certificates and the Class AN-FL 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 Servicer, 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.

                                      -222-

            (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
Servicer, 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 Servicer, 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 Servicer, the Special

                                      -223-

Servicer, the Trustee, the Certificate Registrar or any agent of any of them
shall be affected by notice to the contrary.

                                      -224-

                                   ARTICLE VI

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

            SECTION 6.01.     Liability of Depositor, Master Servicer and
                              Special Servicer.

            The Depositor, the Master Servicer 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 Servicer
and the Special Servicer herein.

            SECTION 6.02.     Merger, Consolidation or Conversion of Depositor
                              or Master Servicer or Special Servicer.

            Subject to the following paragraph, the Depositor, the Master
Servicer and the Special Servicer shall each keep in full effect its existence,
rights and franchises as a corporation 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 corporation in each jurisdiction in
which such qualification is or shall be necessary to protect the validity and
enforceability of this Agreement, the Certificates or any of the Trust Mortgage
Loans and to perform its respective duties under this Agreement.

            The Depositor, the 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 the
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, the Master Servicer or the Special Servicer shall be a party, or any
Person succeeding to the business (which, in the case of the Master Servicer or
the Special Servicer, may be limited to the commercial mortgage loan servicing
business) of the Depositor, the Master Servicer or the Special Servicer, shall
be the successor of the Depositor, the 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 the 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  Servicer,  the Special  Servicer and
                              Others.

            (a)     None of the Depositor, the Master Servicer, 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, the 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

                                      -225-

faith or negligence in the performance of its obligations or duties hereunder or
negligent disregard of such obligations or duties. The Depositor, the Master
Servicer, the Special Servicer and any director, officer, employee or agent of
the Depositor, the 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 Servicer, 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 Account 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 Account 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 Servicer 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, the 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 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 Account 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 Account 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.

                                      -226-

            In no event shall the 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 of the Master Servicer and the Special Servicer
agrees to indemnify the Depositor, the Trust Fund and 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 the 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 the 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 Servicer 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 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 the Master Servicer or 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 the Master Servicer or
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 the 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 the 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 the Master Servicer or 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 the Master Servicer or 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 the 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 Servicer, the Special
Servicer and 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

                                      -227-

obligations and duties under this Agreement. The 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 hereunder, 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 Servicer, 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,
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 hereunder, whereupon the
Trustee 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 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 Servicer and the Special
                              Servicer.

            The Master Servicer 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 the 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 the Master Servicer or the Special Servicer, as
the case may be, at the date of this Agreement). Any such determination
requiring the resignation of the 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 the 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 Servicer 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 the Master Servicer or 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

                                      -228-

conditions of this Agreement. Neither the 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 the 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 the Master Servicer or the Special Servicer are
transferred to a successor thereto, the 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 Servicer and the Special Servicer.

            The Master Servicer 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 Servicer and the Special
Servicer shall each furnish the Depositor, the Underwriters and the Trustee with
its most recent publicly available 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 Servicer and the Special Servicer hereunder and may,
but is not obligated to, perform, or cause a designee to perform, any defaulted
obligation of the Master Servicer or Special Servicer hereunder or exercise the
rights of the Master Servicer and the Special Servicer hereunder; provided,
however, that neither the 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 the 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 the Master
Servicer or the Special Servicer and is not obligated to supervise the
performance of the Master Servicer or the Special Servicer under this Agreement
or otherwise.

            SECTION 6.06.     Depositor, Master Servicer and Special Servicer to
                              Cooperate with Trustee.

            The Depositor, the Master Servicer 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 the Master
Servicer, the identity of any Non-Trust Noteholder) 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
Servicer in order to enable it to perform its duties hereunder.

                                      -229-

            SECTION 6.08.     Depositor, Master Servicer and Trustee to
                              Cooperate with Special Servicer.

            The Depositor, the Master 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 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 Servicer 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
Account or the applicable REO

                                      -230-

Account or should have been delivered to the Master Servicer or that are
thereafter received with respect to Specially Serviced Mortgage Loans and REO
Properties.

            SECTION 6.10.     Master Servicer or Special Servicer as Owner of a
                              Certificate.

            The Master Servicer or an Affiliate of the 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 the Master
Servicer or the Special Servicer or an Affiliate thereof. If, at any time during
which the Master Servicer or the Special Servicer or an Affiliate of the 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
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 the Master Servicer's or the Special
Servicer's good faith judgment, violate the Servicing Standard, and (ii) if
taken, might nonetheless, in the Master Servicer's or the Special Servicer's
reasonable, good faith judgment, be considered by other Persons to violate the
Servicing Standard, then the 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 the Master Servicer or the Special
Servicer or an Affiliate of the Master Servicer or the Special Servicer, as
appropriate, and (c) describes in reasonable detail the action that the 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 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 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 the 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
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 the 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 Kenwood Towne Centre Trust Mortgage
Loan or the 60 State Street Combined Trust Mortgage Loan and, in each case, any
related Loan Combination REO Property, as to which the provisions of Section
6.12 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 Master Servicer to take) any of the
following actions with respect to the Trust Mortgage Loans and any REO
Properties (other than the Kenwood Towne Centre Trust Mortgage Loan or the 60
State Street Combined Trust Mortgage Loan and, in each case, any related Loan
Combination REO Property, as to which the provisions of Section 6.12 shall
apply) as to which the Controlling Class Representative has objected in writing
within 10 Business Days of being

                                      -231-

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 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);

                                      -232-

                    (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 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 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 the 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 Master Servicer, the Special Servicer, the Trust Fund, the
Trustee, any Fiscal Agent 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 Master Servicer's or
the Special Servicer's responsibilities hereunder or (v) cause the Master
Servicer or the Special Servicer to act, or fail to act, in a manner which
violates the Servicing Standard. The 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

                                      -233-

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.

            SECTION 6.12.     Certain Matters with Respect to the Kenwood Towne
                              Centre Loan Combination and the 60 State Street
                              Loan Combination.

            (a)     The Master Servicer and the Special Servicer each hereby
agree that, prior to taking any of the Loan Combination Specially Designated
Servicing Actions with respect to either of the Kenwood Towne Centre Loan
Combination or the 60 State Street Loan Combination, it shall consult with,
provide required notices and information to, obtain the consent of, receive
objection(s) from and/or take advice and/or direction from, the related Loan
Combination Controlling Party, in each case subject to, and to the extent
required by, Section 4 of the related Loan Combination Intercreditor Agreement.
Notwithstanding the foregoing, the Controlling Class Representative, at any time
when it is not the Loan Combination Controlling Party with respect to either of
the Kenwood Towne Centre Loan Combination or the 60 State Street Loan
Combination, shall have the right to consult with the Special Servicer (who
shall not be obligated, as a result of such consultation, to take any action
that would conflict with any actions that it is taking at the direction of the
related Loan Combination Controlling Party pursuant to this Section 6.12 and the
related Loan Combination Intercreditor Agreement) with respect to the Kenwood
Towne Centre Loan Combination or the 60 State Street Loan Combination, as the
case may be, with respect to any proposed Loan Combination Specially Designated
Servicing Action.

            (b)     If, and for so long as, a Loan Combination Control Appraisal
Event has occurred and is continuing with respect to the Kenwood Towne Centre
B-Note Non-Trust Loan or the 60 State Street B-Note Non-Trust Loan, as the case
may be, and the Trust, as holder of the related A-Note Trust Mortgage Loan (or
any successor Trust REO Loan with respect thereto), is the related Loan
Combination Controlling Party, the Controlling Class Representative (i) is
hereby designated as the representative of the Trust for purposes of exercising
the rights and powers of the Loan Combination Controlling Party under the
related Loan Combination Intercreditor Agreement and (ii) shall be the related
Loan Combination Controlling Party hereunder. The Master Servicer (with the
cooperation of the Trustee) shall take such actions as are necessary or
appropriate to make such designation effective in accordance with the related
Loan Combination Intercreditor Agreement. The Master Servicer shall provide the
parties to this Agreement with notice of the occurrence of a Loan Combination
Control Appraisal Event promptly upon becoming aware of the occurrence thereof.
Until such time as the Controlling Class Representative shall be the applicable
Loan Combination Controlling Party pursuant to the second preceding sentence,
any and all expenses of the Loan Combination Controlling Party shall be borne by
the related B-Note Loan Holder and not by the Trust, and for so long as the
Controlling Class Representative shall be the applicable Loan Combination
Controlling Party pursuant to the second preceding sentence, any and all
expenses of the Controlling Class Representative as such Loan Combination
Controlling Party shall be borne by the Holders (or, if applicable, the
Certificate Owners) of Certificates of the Controlling Class, pro rata according
to their respective Percentage Interests in such Class, and not by the Trust.

            (c)     Each of the rights of a B-Note Loan Holder under or
contemplated by this Section 6.12 shall be exercisable, to the extent not
prevented by the related Loan Combination Intercreditor Agreement, by a designee
thereof on its behalf; provided that the Master Servicer, the Special Servicer

                                      -234-

and the Trustee are provided with written notice by such B-Note Loan Holder of
such designation (upon which such party may conclusively rely) and the contact
details of the designee.

                                      -235-

                                   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 the Master Servicer to deposit into
      the 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 the 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 the Master Servicer does not timely make such
      remittances, the 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 Master
      Servicer for deposit into, the 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 the 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 the Master Servicer by the
      Trustee as provided in Section 3.03(c); or

                    (v)     any failure on the part of the 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 the 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 the 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, the
      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 the
      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

                                      -236-

      Annual Assessment Report, the Annual Attestation Report and/or, if
      required to be filed with the Commission, the Accountant's Consent with
      respect to the Master Servicer (or any Additional Item 1123 Servicer or
      Sub-Servicing Function Participant, as applicable, engaged thereby that is
      not identified on Exhibit K hereto) 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 the 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 has been retained or
      engaged, which Additional Item 1123 Servicer or Sub-Servicing Function
      Participant was performing duties with respect to all or any part of the
      Trust Fund during an Exchange Act Reporting Year, continues unremedied for
      30 days; or

                    (vi)    any breach on the part of the 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 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, the Master Servicer or the Special Servicer, as the
      case may be, shall have an additional cure period of 30 days so long as
      the 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 the 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
      the 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 the 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)  the 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)    the 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

                                      -237-

      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)     Any of DBRS, Fitch 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 DBRS, Fitch 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 the Master Servicer or the Special Servicer, as the case may
      be, as the sole or a material factor in such rating action;

                    (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; or

                    (xii)   the Master Servicer ceases to be rated at least CMS3
      by Fitch or the Special Servicer ceases to be rated at least CSS3 by Fitch
      and such rating is not restored within 30 days after the subject downgrade
      or withdrawal.

            If any Event of Default shall occur with respect to the 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 the Master Servicer 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 the 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 the Master Servicer may not 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. The Master Servicer and the Special
Servicer each 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

                                      -238-

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 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 the 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 the Master Servicer to the
Collection Account, any Loan Combination Custodial Account, the Distribution
Account, a Servicing Account or a Reserve Account (if the 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 Collection Account, any Loan Combination
Custodial Account, a Servicing Account or a Reserve Account or delivered to the
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 the 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.

            SECTION 7.02.     Trustee to Act; Appointment of Successor.

            On and after the time the 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 the 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 the Master Servicer or the Special
Servicer, as the case may be, arising thereafter, including, without limitation,
if the Master Servicer is the resigning or terminated party, the 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 the 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

                                      -239-

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 Master Servicer or Special
Servicer, as the case may be, or shall, if it is unable to so act as either
Master Servicer or Special Servicer, as the case may be, or shall, if the
Trustee is not approved as a master servicer or a 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 the 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 the Master Servicer or the Special Servicer
hereunder, the Trustee shall act in such capacity as hereinabove provided.
Notwithstanding the above, the Trustee shall, if the 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 Master Servicer hereunder in
the assumption of all or any part of the responsibilities, duties or liabilities
of the 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 the Master Servicer or the Special
Servicer pursuant to Section 6.04, any termination of the Master Servicer or the
Special Servicer pursuant to Section 7.01, any appointment of a successor to the
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

                                      -240-

shall notify the Depositor, all 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.

                                      -241-

                                  ARTICLE VIII

                   CONCERNING THE TRUSTEE AND THE FISCAL AGENT

            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.

            (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 or the 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, the Trustee may
      conclusively rely, as to the truth of the statements and the correctness
      of the opinions expressed therein, upon any certificates or opinions
      furnished to the Trustee and conforming to the requirements of this
      Agreement;

                    (ii)    The Trustee shall not be personally liable for an
      error of judgment made in good faith by a Responsible Officer or
      Responsible Officers of the Trustee, unless it shall be proved that the
      Trustee 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

                                      -242-

                    (iv)    The protections, immunities and indemnities afforded
      to the Trustee hereunder shall also be available to it in its capacity as
      Authenticating Agent, Certificate Registrar, REMIC Administrator and
      Custodian.

            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 the Trustee, 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 or 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
      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

                                      -243-

      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 or 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, the Trustee 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 the Master Servicer, the Special Servicer (unless the Trustee
      is acting as Master Servicer or the Special Servicer) or the Depositor;
      and

                    (viii)  neither the Trustee nor the Certificate Registrar
      shall 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 and Certificate Registrar 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  and  Fiscal  Agent 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, the
statements attributed to any Fiscal Agent in Section 8.19 and the signature of
the Certificate Registrar and the Authenticating Agent set forth on each

                                      -244-

outstanding Certificate, shall be taken as the statements of the Depositor or
the Master Servicer or the Special Servicer, as the case may be, and neither the
Trustee nor any Fiscal Agent assumes 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 and any Fiscal Agent 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 the
Collection Account or any other account by or on behalf of the Depositor, the
Master Servicer or the Special Servicer. The Trustee and any Fiscal Agent 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, the Master Servicer or the Special Servicer, and accepted by the
Trustee in good faith, pursuant to this Agreement.

            SECTION 8.04.     Trustee and Fiscal Agent May Own Certificates.

            The Trustee, any Fiscal Agent or any agent of the Trustee or any
Fiscal Agent, 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
                              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 Trustee Fees for such Distribution Date and, to
the extent not previously paid, for all prior Distribution Dates, as
compensation for all services rendered by the Trustee in the execution of the
trusts hereby created and in the exercise and performance of any of the powers
and duties of the Trustee hereunder. Except as contemplated by Section 3.06, the
Trustee 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 or its
capacity as Trustee) and any director, officer, employee, affiliate, agent or
"control" person within the meaning of the Securities Act of 1933, as amended,
of the Trustee shall be entitled to be indemnified for and held harmless by the
Trust Fund out of the Collection Account (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 the Master Servicer or the Special
Servicer taken on behalf of the Trustee as provided for herein, 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
neither the Trustee, nor 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

                                      -245-

(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 combined 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 of at least "A" from each of DBRS (but only to the extent
the Trustee is rated by DBRS) and Fitch 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 the Trustee 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 sentence, 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 Servicer, 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 the
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 Servicer, 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 Servicer, 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.

                                      -246-

            (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 the 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 (other than by reason of the failure
of either the 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 the 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 Servicer 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 Servicer, 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, if necessary, 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 the Master Servicer, one complete
set to the Trustee so removed and one complete set to the successor trustee so
appointed. A copy of such instrument shall be delivered to the Depositor, the
Special Servicer and the remaining Certificateholders by the successor trustee
so appointed.

            (d)     In the event that the Trustee is terminated or removed
pursuant to this Section 8.07, all of its 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, 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 trustee, pursuant to any of the provisions of this Section 8.07
shall not become effective until acceptance of appointment by the successor
trustee, 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, the Master Servicer,
the Special Servicer and to 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.

                                      -247-

The predecessor trustee shall deliver to the successor trustee all Mortgage
Files and related documents and statements held by it hereunder (other than any
Mortgage Files at the time held on its behalf by a third-party Custodian, which
Custodian shall become the agent of the successor trustee), and the Depositor,
the Master Servicer, 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 the successor
trustee all such rights, powers, duties and obligations, and to enable the
successor trustee 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
Trustee, including those associated with transfer of the Mortgage Files and
other documents and statements held by the predecessor Trustee to the 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 trustee 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
such Section, 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 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 the
Master Servicer and the Trustee may consider necessary or desirable. If the
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 the Master Servicer shall have occurred and be continuing, the
Trustee alone shall have the power to make such

                                      -248-

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 the 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.     Appointment of Custodians.

            The Trustee may appoint at the Trustee's expense one or more
Custodians to hold all or a portion of the Mortgage Files as agent for the
Trustee. Each Custodian shall be a depository institution supervised and
regulated by a federal or state banking authority, shall have combined capital
and surplus of at least $10,000,000, shall be qualified to do business in the
jurisdiction in which it holds any Mortgage File and shall not be the Depositor,
any Mortgage Loan Seller or any Affiliate of the Depositor or any Mortgage Loan
Seller. Neither the Master Servicer nor the Special Servicer shall have any duty
to verify that any such Custodian is qualified to act as such in accordance with
the preceding sentence. Any such appointment of a third party Custodian and the
acceptance thereof shall be pursuant to a written agreement, which written
agreement shall (i) be consistent with this Agreement in all material respects
and requires the Custodian to comply with this Agreement in all material
respects and requires the Custodian to comply with all of the applicable
conditions of this Agreement; (ii) provide that if the Trustee shall for any
reason no longer act in the capacity of Trustee hereunder (including, without
limitation, by reason of an Event of Default), the successor trustee or its
designee may thereupon assume all of the rights and, except to the extent such
obligations arose prior to the date of

                                      -249-

assumption, obligations of the Custodian under such agreement or alternatively,
may terminate such agreement without cause and without payment of any penalty or
termination fee; and (iii) not permit the Custodian any rights of
indemnification that may be satisfied out of assets of the Trust Fund. The
appointment of one or more Custodians 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 any Custodian. In the absence of any other Person
appointed in accordance herewith acting as Custodian, the Trustee agrees to act
in such capacity in accordance herewith. The initial Custodian shall be the
Trustee. Notwithstanding anything herein to the contrary, if the Trustee is no
longer the Custodian, any provision or requirement herein requiring notice or
any information or documentation to be provided to the Custodian shall be
construed to require that such notice, information or documents also be provided
to the Trustee. Any Custodian hereunder (other than the Trustee) shall at all
times maintain a fidelity bond and errors and omissions policy in amounts
customary for custodians performing duties similar to those set forth in this
Agreement.

            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, the 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, the 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

                                      -250-

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 the 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 the 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
designated by it. Upon request and with the consent of the Depositor and at the
cost of the requesting Party, the Trustee 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, the 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, the Master

                                      -251-

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 the
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
                              Trustee.

            The Trustee hereby represents and warrants to the Master Servicer,
the Special Servicer and the Depositor and for the benefit of the
Certificateholders, as of the Closing Date, that:

            (a)     The Trustee 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 Trustee,
and the performance and compliance with the terms of this Agreement by the
Trustee, will not violate the Trustee'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 Trustee, enforceable against the Trustee 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 Trustee 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
Trustee's good faith reasonable judgment, is likely to affect materially and
adversely the ability of the Trustee to perform its obligations under this
Agreement.

            (f)     No litigation is pending or, to the best of the Trustee's
knowledge, threatened against the Trustee that, if determined adversely to the
Trustee, would prohibit the Trustee from entering

                                      -252-

into this Agreement or, in the Trustee's good faith reasonable judgment, is
likely to materially and adversely affect the ability of the Trustee 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 Trustee of or compliance by the Trustee 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

                                      -253-

      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 the
      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 the 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 the 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.

                                      -254-

            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, N.A., 135 South LaSalle Street, Suite
1625, Chicago, Illinois 60603, Attention: Daniel Laz (telephone number:
312-992-2191) 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 of the Master Servicer, the Special Servicer (who shall also certify to the
Master 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 the Master Servicer)
hereto with respect to the Special Servicer's certification to the 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, the
Depositor and, in the case of the Special Servicer's Performance Certification,
the Master Servicer may rely. Each partner, representative, Affiliate, member,
manager, shareholder, director, officer, employee and agent of the Depositor or
the Master Servicer (collectively with the Certifying Person, the Depositor and
the Master Servicer, "Certification Parties") may rely on a Performance
Certification (or, in the case of any such Persons related to the Master
Servicer, the

                                      -255-

applicable Performance Certification from the Special Servicer) to the same
extent as the Depositor or the Master Servicer, as the case may be.
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 Master Servicer (if the terminated or resigning Performing
Party is the Special Servicer), 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 Servicer 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 and the Trustee
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 thereto. Each of the Trustee, Master Servicer
and Special Servicer shall provide such notice of any Exchange Act Reportable
Event to the Trustee and 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. 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, the 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

                                      -256-

Responsible Officer (in the case of the Trustee) or a Servicing Officer (in the
case of the 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, the Master Servicer, Special Servicer or Trustee appoints a
Servicing Representative that constitutes a Servicer contemplated by Item
1108(a)(2) of Regulation AB in respect of the Subject Securitization
Transaction, then the 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 Servicer 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
e-mail transmission of such the 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

                                      -257-

Form 15 to its internet website. 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.

            (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, (ii) an
actual breach by the applicable Performing Party of its obligations under this
Section 8.16 or (iii) negligence, bad faith or willful misconduct on the part of
such Performing Party in the performance of its obligations otherwise under this
Agreement. 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
Servicer 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)     On or before the fifth Business Day prior to the
Distribution Date in any month in any Exchange Act Reporting Year, the Trustee
shall make a request to the Depositor that the Depositor provide it with the
significance percentage (as such term is used in Regulation AB) with respect to
the Class A-3FL Certificates and the Class AN-FL Certificates. If the
significance percentage with respect to any such Class is 10% or more, the
Trustee shall report such significance percentage in the manner required to be
set forth in the Form 10-D Distribution Report.

            (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 the Master Servicer, the
Special Servicer or the Trustee with respect to all or any portion of the Trust
Fund fails to deliver, 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 the Master Servicer, the Special Servicer
or the Trustee, as the case may be, shall deliver a written notice thereof to
the Depositor and shall 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 the initial Master Servicer and the subject matter of this sentence,

                                      -258-

insofar as it relates to the initial Master Servicer, 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 the 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 the Master Servicer, the Special Servicer or the
Trustee, as the case may be, shall promptly terminate all engagements with the
subject Servicing Representative relating to the Subject Securitization
Transaction; provided that this provision shall not apply to the initial Master
Servicer and the subject matter of this sentence, insofar as it relates to the
initial Master Servicer, shall be covered by the Master Servicer Indemnification
Agreement.

            (k)     The 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 acting
on behalf of the 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 Serviced 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 e-mail 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

                                      -259-

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.

            SECTION 8.18.     Appointment of Fiscal Agent.

            (a)     Insofar as the Trustee would not otherwise satisfy the
rating requirements of Section 8.06, the Trustee may appoint, at the Trustee's
own expense, a Fiscal Agent for purposes of making Advances hereunder that are
otherwise required to be made by the Trustee. Any Fiscal Agent shall at all
times maintain a long-term unsecured debt rating of no less than "A" from DBRS
(but only if the Fiscal Agent is rated by DBRS), "A" from Fitch and "AA-" from
S&P (or, in the case of any Rating Agency, such lower rating as will not
result in an Adverse Rating Event (as confirmed in writing to the Trustee and
the Depositor by such Rating Agency)). Any Person so appointed by the Trustee
pursuant to this Section 8.18(a) shall become the Fiscal Agent on the date as of
which the Trustee and the Depositor have received: (i) if the long-term
unsecured debt of the designated Person is not rated at least "A" by DBRS (but
only if the Fiscal Agent is rated by DBRS), "A" by Fitch and "AA-" by S&P,
written confirmation from each Rating Agency that the appointment of such
designated Person will not result in an Adverse Rating Event; (ii) a written
agreement whereby the designated Person is appointed as, and agrees to assume
and perform the duties of, Fiscal Agent hereunder, executed by such designated
Person and the Trustee (such agreement, the "Fiscal Agent Agreement"); and (iii)
an opinion of counsel (which shall be paid for by the designated Person or the
Trustee) substantially to the effect that (A) the appointment of the designated
Person to serve as Fiscal Agent is in compliance with this Section 8.18, (B) the
designated Person is duly organized, validly existing and in good standing under
the laws of the jurisdiction of its organization, (C) the related Fiscal Agent
Agreement has been duly authorized, executed and delivered by the designated
Person and (D) upon execution and delivery of the related Fiscal Agent
Agreement, the designated Person shall be bound by the terms of this Agreement
and, subject to customary bankruptcy and insolvency exceptions and customary
equity exceptions, that this Agreement shall be enforceable against the
designated Person in accordance with its terms. Any Person that acts as Fiscal
Agent shall, for so long as it so acts, be deemed a party to this Agreement for
all purposes hereof. Pursuant to the related Fiscal Agent Agreement, each Fiscal
Agent, if any, shall make representations and warranties with respect to itself
that are comparable to those made by the Trustee pursuant to Section 8.15(a).

            (b)     To the extent that the Trustee is required, pursuant to the
terms of this Agreement, to make any Advance, whether as successor Master
Servicer or otherwise, and has failed to do so in accordance with the terms
hereof, a Fiscal Agent (if one has been appointed by the Trustee) shall make
such Advance when and as required by the terms of this Agreement on behalf the
Trustee as if such Fiscal Agent were the Trustee hereunder. To the extent that a
Fiscal Agent (if one has been appointed by the Trustee) makes an Advance
pursuant to this Section 8.18 or otherwise pursuant to this Agreement, the
obligations of the Trustee under this Agreement in respect of such Advance shall
be satisfied.

            (c)     Notwithstanding anything contained in this Agreement to the
contrary, any Fiscal Agent shall be entitled to all limitations on liability,
rights of reimbursement and indemnities to which the Trustee is entitled
hereunder (including, without limitation, pursuant to Section 8.05(b)) as if it
were the Trustee, except that all fees and expenses of a Fiscal Agent (other
than interest owed to such Fiscal Agent in respect of unreimbursed Advances)
incurred by such Fiscal Agent in connection with the transactions contemplated
by this Agreement shall be borne by the Trustee, and neither the Trustee nor
such Fiscal Agent shall be entitled to reimbursement therefor from any of the
Trust, the Depositor, the Master Servicer or the Special Servicer.

                                      -260-

            (d)     The obligations of a Fiscal Agent set forth in this Section
8.18 or otherwise pursuant to this Agreement shall exist only for so long as the
Trustee that appointed it shall act as Trustee hereunder. A Fiscal Agent may
resign or be removed by the Trustee only if and when the existence of such
Fiscal Agent is no longer necessary for such Trustee to satisfy the eligibility
requirements of Section 8.06; provided that a Fiscal Agent shall be deemed to
have resigned at such time as the Trustee that appointed it resigns or is
removed as Trustee hereunder (in which case the responsibility for appointing a
successor Fiscal Agent in accordance with Section 8.18(a) shall belong to the
successor Trustee insofar as such appointment is necessary for such successor
Trustee to satisfy the eligibility requirements of Section 8.06).

            (e)     The Trustee shall promptly notify the other parties hereto
and the Certificateholders in writing of the appointment, resignation or removal
of a Fiscal Agent.

                                      -261-

                                   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 Servicer, the Special Servicer, any Fiscal Agent 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 the
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 Master Servicer, the Special Servicer and the Trustee, minus (3) if the
purchaser is the Master Servicer, the aggregate amount of unreimbursed Advances
made by the Master Servicer, together with any interest accrued and payable to
the 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 the
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 Servicer, the Special Servicer, any Fiscal Agent 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 Servicer 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, the 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

                                      -262-

hereof, and (iii) the Master Servicer shall not have the right to effect such a
purchase if, within 30 days following the 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. If the
Trust Fund is to be terminated in connection with the Plurality Subordinate
Certificateholder's, the 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 Master Servicer or the Special Servicer, as applicable,
shall deliver to the Trustee for deposit in the Collection Account 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, the Master
Servicer shall transfer to the Distribution Account all amounts required to be
transferred thereto on the related P&I Advance Date from the Collection Account
pursuant to the first paragraph of Section 3.04(b), together with any other
amounts on deposit in the 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 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, the 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, the 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-3FL, Class A-3B, Class
A-SB, Class A-4, Class A-1A, Class AM, Class AJ, Class AN-FL, 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 Collection
Account an amount in immediately available funds equal to all amounts then due
and owing to the Depositor, the Master Servicer, the Special Servicer, the
Trustee and any Fiscal Agent 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 Collection
Account. In addition, on the P&I Advance Date immediately preceding the final
Distribution Date, the Master Servicer shall transfer to the Distribution
Account all amounts required to be transferred thereto on such P&I Advance Date
from the Collection Account pursuant to the first paragraph of Section 3.04(b),
together with any other amounts on deposit in the 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

                                      -263-

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.

            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), the 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 Servicer, 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, the 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

                                      -264-

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 the Master Servicer,
      the Special Servicer or the Plurality Subordinate Certificateholder, as
      applicable, 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)     In the event the Trust Fund is to be terminated while a Swap
Agreement is still in effect, the Trustee shall promptly notify the related Swap
Counterparty in writing of the date on which the Trust Fund is to be terminated
and that the notional amount of such Swap Agreement shall be reduced to zero on
such date. Based on the date of termination, the Trustee, prior to any final
distributions to the Holders of the Class A-3FL Certificates and/or the Holders
of the Class AN-FL Certificates as contemplated by Section 9.01, shall pay the
Class A-3FL Net Fixed Swap Payment, if any, to the Class A-3FL Swap Counterparty
and/or the Class AN-FL Net Fixed Swap Payment, if any, to the Class AN-FL Swap
Counterparty.

            (c)     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 A-Note Trust Mortgage Loan and such rights shall be
taken into account in calculating the Purchase Price.

                                      -265-

                                    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, the Class A-3FL REMIC II Regular Interest
and Class AN-FL REMIC II Regular Interest are hereby designated as "regular
interests" (within the meaning of Section 860G(a)(1) of the Code) in REMIC II;
provided that the Class X Certificates shall evidence multiple "regular
interests" 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 Servicer, 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, the
Regular Certificates (exclusive of the Class X Certificates), the Class X
Components, the Class A-3FL REMIC II Regular Interest and the Class AN-FL REMIC
II Regular Interest 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 Trustee 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 file all of the other
Tax Returns in respect of REMIC I and

                                      -266-

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 Servicer 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, the Master Servicer's or the Special Servicer's possession or
control). None of the REMIC Administrator, Master Servicer, 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 the Master Servicer or the Special Servicer has advised it in
writing that either the 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,
the Master Servicer and the Special Servicer shall consult with the REMIC
Administrator or its designee, in writing, with respect to whether such action
could cause an

                                      -267-

Adverse REMIC Event to occur. Neither the Master Servicer 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 the Master Servicer 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) the Master Servicer, if such tax arises out
of or results from a breach by the 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 A-3FL, Grantor Trust
AN-FL and 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
Servicer, or 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, 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 Servicer, 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

                                      -268-

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
Account, 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 Account, 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,
the 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 each of Grantor Trust
A-3FL, Grantor Trust AN-FL and Grantor Trust Z for tax return preparation
purposes, as a "grantor trust" under the Code and shall treat (i) the Class
A-3FL REMIC II Regular Interest and distributions thereon, the Class A-3FL Swap
Agreement and payments by the Class A-3FL Swap Counterparty thereunder and the
Class A-3FL Sub-Account as separate assets of Grantor Trust A-3FL, (ii) the
Class AN-FL REMIC II Regular Interest and distributions thereon, the Class AN-FL
Swap Agreement and payments by the Class AN-FL Swap Counterparty thereunder and
the Class AN-FL Sub-Account as separate assets of Grantor Trust AN-FL, and (iii)
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 in each case (clauses (i)
through (iii) above) not of REMIC I or REMIC II, as permitted by Treasury
Regulations Section 1.860G-2(i)(1). The Class A-3FL Certificates are hereby
designated as representing an undivided beneficial ownership interest in Grantor
Trust A-3FL. The Class AN-FL Certificates are hereby designated as representing
an undivided beneficial ownership interest in Grantor Trust AN-FL. 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 A-3FL, Grantor Trust AN-FL and 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 file when due all of the Tax Returns in respect of Grantor Trust A-3FL,
Grantor Trust AN-FL and 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

                                      -269-

REMIC Administrator or its designee such information with respect to Grantor
Trust A-3FL, Grantor Trust AN-FL and 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 (i) the Holders of the Class Z Certificates, (ii) the Holders of
the Class A-3FL Certificates and (iii) the Holders of the Class AN-FL
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 A-3FL, Grantor Trust AN-FL or Grantor Trust Z, as the case may be,
as may be required under the Code, and shall perform on behalf of Grantor Trust
A-3FL, Grantor Trust AN-FL and 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 each of Grantor Trust A-3FL, Grantor Trust AN-FL
and Grantor Trust Z as a "grantor trust" under the Grantor Trust Provisions (and
the Trustee, the Master Servicer 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, the Master Servicer's or the
Special Servicer's possession or control). None of the REMIC Administrator,
Master Servicer, the Special Servicer or the Trustee shall knowingly take (or
cause any of Grantor Trust A-3FL, Grantor Trust AN-FL or 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 any of Grantor Trust
A-3FL, Grantor Trust AN-FL or 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 any of Grantor Trust
A-3FL, Grantor Trust AN-FL or 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 Servicer 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 Servicer
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 any of Grantor Trust A-3FL,
Grantor Trust AN-FL or Grantor Trust Z so as to take advantage of variations in
the market so as to improve the

                                      -270-

rate of return of Holders of the Class Z Certificates, Holders of the Class
A-3FL Certificates or Holders of the Class AN-FL Certificates, as the case may
be.

            (f)     If any tax is imposed on any of Grantor Trust A-3FL, Grantor
Trust AN-FL and 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) the Master Servicer,
if such tax arises out of or results from a breach by the 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 A-3FL, Grantor Trust AN-FL
or Grantor Trust Z, as the case may be, in all other instances.

                                      -271-

                                   ARTICLE XI

                            MISCELLANEOUS PROVISIONS

            SECTION 11.01.    Amendment.

            (a)     This Agreement may be amended from time to time by the
agreement of the Master Servicer, the Special Servicer, the Trustee and any
Fiscal Agent, 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 the Master Servicer
or 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 Servicer, 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 the Master Servicer or
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 Servicer, 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 Servicer, 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 Servicer, 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 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

                                      -272-

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 Servicer, 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 Section
2.01(d) 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 the Master Servicer
or 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 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 A-3FL,
Grantor Trust AN-FL or Grantor Trust Z or cause either of REMIC I or REMIC II to
fail to qualify as a REMIC or any of Grantor Trust A-3FL, Grantor Trust AN-FL 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, the Swap
Counterparties 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 of the Master Servicer, the Special Servicer, the
Trustee and any Fiscal Agent 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.

                                      -273-

            (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 the 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 Collection Account or the
Distribution Account pursuant to Section 3.05.

            (h)     Notwithstanding anything to the contrary contained in this
Section 11.01, the parties hereto agree that (i) this Agreement may not be
amended except upon 10 days' prior written notice to the Swap Counterparties and
(ii) this Agreement may not be amended in any manner that has a material adverse
effect on a Swap Counterparty without first obtaining the written consent of
such Counterparty. The Trustee may obtain and rely upon an Opinion of Counsel
provided to it at the expense of the party seeking the amendment to the effect
that such action will not adversely affect in any material respect the interests
of a Swap Counterparty (or at the expense of the Trust if the Trustee is the
party seeking such amendment and such amendment benefits the
Certificateholders).

            (i)     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 Master Servicer 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 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

                                      -274-

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 delivered to:

            (i)     in the case of the Depositor, Merrill Lynch Mortgage
      Investors, Inc., 4 World Financial Center, 12th Floor, 250 Vesey Street,
      New York, New York 10080, Attention: David M. Rodgers or Director, CMBS
      Securitization, facsimile number: (212) 449-7864 (with a copy each to
      Michael McGovern and Robert M. Denicola, Office of the General Counsel, 4
      World Financial Center, 250 Vesey Street, 12th Floor, New York, New York
      10080, facsimile number (212) 449-0265;

            (ii)    in the case of the Master Servicer, Wachovia Bank, National
      Association, 8739 Research Drive, URP4, Charlotte, North Carolina
      28262-1075, Re: ML-CFC Commercial Mortgage Trust 2006-1, Commercial
      Mortgage Pass-Through Certificates, Series 2006-1, facsimile number: (704)
      715-0036;

                                      -275-

            (iii)   in the case of the Special Servicer, Midland Loan Services,
      Inc., 10851 Mastin, Suite 300, Overland Park, Kansas 66210 (for
      deliveries), and P.O. Box 25965, Shawnee Mission, Kansas 66225-5965 (for
      communications by United States mail), Attention: President, facsimile
      number: (913) 253-9001;

            (iv)    in the case of the Trustee, LaSalle Bank National
      Association, 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 2006-1, facsimile number: (312) 904-1085;

            (vi)    in the case of the Underwriters,

                    (A)     Merrill Lynch, Pierce, Fenner & Smith Incorporated,
            4 World Financial Center, 250 Vesey Street, 16th Floor, New York,
            New York 10080, Attention: David Rodgers, Re: ML-CFC Commercial
            Mortgage Trust 2006-1, Commercial Mortgage Pass-Through
            Certificates, Series 2006-1, facsimile number: (212) 449-3658 (with
            a copy each to Michael McGovern and Robert Denicola, Office of
            General Counsel, 4 World Financial Center, 250 Vesey Street, 12th
            Floor, New York, New York 10080 (facsimile number: (212) 449-0265);

                    (B)     Countrywide Securities Corporation, 4500 Park
            Granada - MSCH-143, Calabasas, California 91302, Attention: Marlyn
            Marincas, Re: ML-CFC Commercial Mortgage Trust 2006-1, Commercial
            Mortgage Pass-Through Certificates, Series 2006-1, facsimile number:
            (818) 225-4032;

                    (C)     EHY Securities (USA), LLC, Eurohypo AG, New York
            Branch, 1114 Avenue of the Americas, 29th Floor, New York, New York
            10036, Attention: Head of Portfolio Operations, facsimile number:
            (866) 267-7680, Re: ML-CFC Commercial Mortgage Trust 2006-1,
            Commercial Mortgage Pass-Through Certificates, Series 2006-1, with a
            copy to Head of Legal Department, Eurohypo AG, New York Branch, 1114
            Avenue of the Americas, 29th Floor, New York, New York 10036,
            facsimile number (866) 267 7680;

                    (D)     (iv) Banc of America Securities LLC, 214 North Tryon
            Street, Charlotte, North Carolina 28255, Attention: Stephen Hogue,
            facsimile number: (704) 386-1094, Re: ML-CFC Commercial Mortgage
            Trust 2006-1, Commercial Mortgage Pass-Through Certificates, Series
            2006-1;

                    (E)     Morgan Stanley & Co. Incorporated, 1585 Broadway,
            New York, New York 10036, Attention: Warren Friend, Re: ML-CFC
            Commercial Mortgage Trust 2006-1, Commercial Mortgage Pass-Through
            Certificates, Series 2006-1 (with a copy to Michelle Wilke, 1585
            Broadway, New York, New York 10036); and

                    (F)     Goldman, Sachs & Co., 85 Broad Street, New York, New
            York 10004 (facsimile number: (212) 346-3594), Attention Emily
            Brooks, Re: ML-CFC Commercial Mortgage Trust 2006-1, Commercial
            Mortgage Pass-Through Certificates, Series 2006-1 (with a copy to
            David Stiepleman, 85 Broad Street, New York, New York 10004
            (facsimile number: (212) 428-3141).

            (vii)   in the case of the Rating Agencies,

                                      -276-

                    (A)     Fitch, Inc., Commercial Mortgage Backed Securities,
            One State Street Plaza, New York, New York 10004, Attention:
            Surveillance, facsimile number: (212) 635-0294, Re: ML-CFC
            Commercial Mortgage Trust 2006-1, Commercial Mortgage Pass-Through
            Certificates, Series 2006-1;

                    (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: ML-CFC Commercial Mortgage
            Trust 2006-1, Commercial Mortgage Pass-Through Certificates, Series
            2006-1; and

                    (C)     Dominion Bond Rating Service, Inc., 101 N. Wacker
            Drive, Suite 100, Chicago, Illinois 60606, Attention: CMBS
            Surveillance, facsimile number: (312) 332-3492, Re: ML-CFC
            Commercial Mortgage Trust 2006-1, Commercial Mortgage Pass-Through
            Certificates, Series 2006-1;

            (viii)  in the case of the initial Controlling Class Representative,
      Anthracite Capital, Inc., 40 East 52nd Street, New York, New York 10022,
      Attention: Frank Pomar or John Sullivan facsimile number: (212) 810-8758,
      Re: MLCFC Commercial Mortgage Trust 2006-1, Commercial Mortgage
      Pass-Through Certificates, Series 2006-1;

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

                                      -277-

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 and each Swap Counterparty is an intended third-party beneficiary
hereunder. 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, the
      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;

                                      -278-

                    (vi)    the final payment to any Class of
      Certificateholders; and

                    (vii)   any sale or disposition of any Trust Mortgage Loan
      or REO Property.

            (b)     The 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.

            (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 of the 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 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 Servicer 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 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 Collection Account allocable to interest on the Trust Mortgage
Loans unless (1) the Master Servicer determines in its sole discretion that
waiting 15 days after such a notice could jeopardize the Master Servicer's
ability to recover Nonrecoverable Advances, (2) changed circumstances or new or
different information becomes known to the 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) the Master Servicer has not timely received from the
Trustee information requested by the Master Servicer to consider in determining
whether to defer reimbursement of a Nonrecoverable Advance; provided that, if
clause (1), (2) or (3) apply, the Master Servicer shall give each Rating Agency
notice of an anticipated reimbursement to it of Nonrecoverable Advances from

                                      -279-

amounts in the Collection Account allocable to interest on the Trust Mortgage
Loans as soon as reasonably practicable in such circumstances. The Master
Servicer shall have no 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
of the Master Servicer, the Special Servicer or 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.

                                      -280-

            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: /s/ George H. Kok
                                            -----------------------------------
                                        Name: George H. Kok
                                        Title: Vice President

                                        WACHOVIA BANK, NATIONAL ASSOCIATION
                                        Master Servicer

                                        By: /s/ Nisarg D. Mehta
                                            -----------------------------------
                                        Name: Nisarg D. Mehta
                                        Title: Associate

                                        MIDLAND LOAN SERVICES, INC.
                                        Special Servicer

                                        By: /s/ Lawrence D. Ashley
                                            -----------------------------------
                                        Name: Lawrence D. Ashley
                                        Title: Senior Vice President

                                        LASALLE BANK NATIONAL ASSOCIATION
                                        Trustee

                                        By: /s/ Andy Streepey
                                            -----------------------------------
                                        Name: Andy Streepey
                                        Title: Assistant Vice President

                        POOLING AND SERVICING AGREEMENT

STATE OF NEW YORK           )
                            ) ss.:
COUNTY OF NEW YORK          )

            On the 28th day of March, 2006, before me, a notary public in and
for said State, personally appeared George H. Kok, known to me to be a Vice
President 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.

                                        /s/ Valencia Love
                                        ---------------------------------------
                                                     Notary Public

[Notarial Seal]

                        POOLING AND SERVICING AGREEMENT

STATE OF NORTH CAROLINA     )
                            ) ss.:
COUNTY OF MECKLENBURG       )

            On the 27th day of March, 2006, before me, a notary public in and
for said State, personally appeared Nisarg D. Mehta, known to me to be an
Associate 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.

                                        /s/ Amber M. Neil
                                        ---------------------------------------
                                                     Notary Public

[Notarial Seal]

                        POOLING AND SERVICING AGREEMENT

STATE OF KANSAS             )
                            ) ss.:
COUNTY OF JOHNSON           )

            On the 28th day of March, 2006, before me, a notary public in and
for said State, personally appeared Lawrence D. Ashley, known to me to be a
Senior Vice President of MIDLAND LOAN SERVICES, 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.

                                        /s/ Brent Kinder
                                        ---------------------------------------
                                                     Notary Public

[Notarial Seal]

                        POOLING AND SERVICING AGREEMENT

STATE OF ILLINOIS           )
                            ) ss.:
COUNTY OF COOK              )

            On the 28th day of March, 2006, before me, a notary public in and
for said State, personally appeared Andy Streepey, known to me to be an
Assistant Vice President 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.

                                        /s/ Daniel Laz
                                        ---------------------------------------
                                                     Notary Public

[Notarial Seal]

                        POOLING AND SERVICING AGREEMENT

                                   SCHEDULE I

                             MORTGAGE LOAN SCHEDULE

MLCFC 2006-1:  MORTGAGE LOAN SCHEDULE

                                                        PROPERTY
LOAN #  PROPERTY NAME                       ORIGINATOR  TYPE          STREET ADDRESS                  CITY
------  ----------------------------------  ----------  ------------  ------------------------------  ------------------

   1    Galileo NXL Retail Portfolio 3         MLML     Retail        Various                         Various
 1.01   San Dimas Plaza                        MLML     Retail        853-1073 West Arrow Highway     San Dimas
 1.02   The Crossing at Fry Road               MLML     Retail        1705 Fry Road                   Katy
 1.03   Brice Park                             MLML     Retail        2640-2800 Brice Road            Reynoldsburg
 1.04   Fashion Corner                         MLML     Retail        4328-4460 Bay Road              Saginaw
 1.05   Bristol Plaza                          MLML     Retail        2603 Durham Road                Bristol
 1.06   Jones Plaza                            MLML     Retail        10860 FM 1960 West              Houston
 1.07   McKinley Plaza                         MLML     Retail        3670 South McKinley Parkway     Hamburg
 1.08   Green River Plaza                      MLML     Retail        399 Campbellsville By Pass      Campbellsville
 1.09   Stratford Commons                      MLML     Retail        140 Stratford Commons Court     Winston-Salem
 1.10   Hunting Hills                          MLML     Retail        4210 Franklin Road Southwest    Roanoke
 1.11   Tomball Parkway Plaza                  MLML     Retail        27708 Tomball Parkway           Tomball
 1.12   Wisteria Village                       MLML     Retail        2420 Wisteria Drive             Snellville
 1.13   Paradise Plaza                         MLML     Retail        6646 Clark Road                 Paradise
 1.14   Kmart Plaza                            MLML     Retail        1807 North Dixie Highway        Elizabethtown
 1.15   Packard Plaza                          MLML     Retail        5656 South Packard Avenue       Cudahy
 1.16   Northside Plaza                        MLML     Retail        1263 Cleveland Highway          Dalton
 1.17   University Mall                        MLML     Retail        5933 US Highway 11              Canton
   2    Kenwood Towne Centre                   MLML     Retail        7875 Montgomery Road            Cincinnati
   3    60 State Street                        MLML     Office        60 State Street                 Boston
   3    60 State Street                      Eurohypo   Office        60 State Street                 Boston
   4    Ashford Hotel Portfolio 2              MLML     Hospitality   Various                         Various
 4.01   Courtyard Reagan Airport               MLML     Hospitality   2899 Jefferson Davis Highway    Arlington
 4.02   Radisson Indianapolis Downtown         MLML     Hospitality   31 West Ohio Street             Indianapolis
 4.03   Embassy Suites Palm Beach              MLML     Hospitality   4350 PGA Boulevard              Palm Beach Gardens
 4.04   Hilton St. Petersburg                  MLML     Hospitality   333 First Street South          Saint Petersburg
 4.05   Hilton Nassau - Houston                MLML     Hospitality   3000 Nasa Road One              Houston
   5    Ashford Hotel Portfolio 3              MLML     Hospitality   Various                         Various
 5.01   Crowne Plaza Beverly Hills             MLML     Hospitality   1150 South Beverly Drive        Los Angeles
 5.02   Radisson Fort Worth                    MLML     Hospitality   815 Main Street                 Fort Worth
 5.03   SpringHill Suites Gaithersburg         MLML     Hospitality   9715 Washingtonian Boulevard    Gaithersburg
 5.04   Courtyard Fort Lauderdale              MLML     Hospitality   2000 North Commerce Parkway     Fort Lauderdale
 5.05   SpringHill Suites Centreville          MLML     Hospitality   5920 Trinity Parkway            Centreville
   6    Lakewood Apartments                     CRF     Multifamily   515 John Muir Drive             San Francisco
   7    Lightstone Portfolio                    CRF     Retail        Various                         Various
 7.01   25th Street Plaza                       CRF     Retail        2463 Nazareth Road              Easton
 7.02   Monroe Plaza                            CRF     Retail        51 North 3rd Avenue             Stroudsburg
 7.03   New Smyrna Beach Shopping Center        CRF     Retail        1421 South Dixie Freeway        New Smryna Beach
 7.04   Mountainville Shopping Center           CRF     Retail        1604 South 4th Street           Allentown
 7.05   Martintown Plaza                        CRF     Retail        415 East Marintown Road         North Augusta
 7.06   Birney Mall                             CRF     Retail        3409 Birney Avenue              Moosic
 7.07   Shillington Plaza                       CRF     Retail        1 Parkside Avenue               Reading
 7.08   Cloud Springs Plaza                     CRF     Retail        1800 Lafayette Road             Fort Oglethorpe
 7.09   Home Depot                              CRF     Retail        3489 Ross Clark Circle          Dothan
 7.10   Dunmore Plaza                           CRF     Retail        1400 Monroe Avenue              Dunmore
 7.11   Kings Fairground Plaza                  CRF     Retail        101 Piney Forest Road           Danville
   8    CNL-Cirrus MOB Portfolio II             CRF     Various       Various                         Various
 8.01   Ballas Medical Plaza                    CRF     Office        450 North New Ballas Road       Creve Coeur
 8.02   North Texas Hospital                    CRF     Other         2801 Mayhill Road               Denton
 8.03   Osborn Medical Plaza                    CRF     Office        3320 and 3330 North 2nd Street  Phoenix
 8.04   Baylor Health Center at Lake Ridge      CRF     Office        4927 Lake Ridge Parkway         Grand Prairie
 8.05   Midlothian Healthcare Center            CRF     Office        1441 South Midlothian Parkway   Midlothian
 8.06   DeTar Health Center                     CRF     Office        4204 North Laurent Street       Victoria
   9    Sprint Data Center                     MLML     Industrial    1350 Duane Avenue               Santa Clara
  10    Prince Georges Center II                CRF     Office        3700 East West Highway          Hyattsville
  11    Inglewood Park                          CRF     Various       Various                         Largo
 11.01  Inglewood 2                             CRF     Office        1801 McCormick Drive            Largo
 11.02  Inglewood 1                             CRF     Office        9200 Basil Court                Largo
 11.03  Inglewood 6                             CRF     Industrial    1220 Caraway Court              Largo
 11.04  Inglewood 5                             CRF     Industrial    1441 McCormick Drive            Largo
 11.05  Inglewood 4                             CRF     Industrial    1601 McCormick Drive            Largo
 11.06  Inglewood 7                             CRF     Industrial    1221 Caraway Court              Largo
 11.07  Inglewood 3                             CRF     Industrial    9301 Peppercorn Place           Largo
  12    East Thunderbird Square                MLML     Retail        13802 North Scottsdale Road     Scottsdale
  13    Ashford Center & Peachtree Ridge        CRF     Office        Various                         Various
 13.01  Ashford Center                          CRF     Office        100 Ashford Center North        Atlanta
 13.02  Peachtree Ridge                         CRF     Office        3500 Parkway Lane               Norcross
  14    Clinton Square                          CRF     Office        75 South Clinton Avenue         Rochester
  15    Chastain Center                         CRF     Office        60, 100, 200, 300, 400 and 500  Kennesaw
                                                                      Chastain Center Boulevard
  16    South Virginia Plaza                   MLML     Retail        6675 South Virginia Street      Reno
  17    Airport Square                         MLML     Retail        2000 Harvard Avenue             Reno
  18    Colonial Mall Glynn Place               CRF     Retail        100 Mall Boulevard              Brunswick
  19    Lullwater at Bass Apartments            CRF     Multifamily   1644 Bass Road                  Macon
  20    U Stor It Self Storage Portfolio        CRF     Self Storage  Various                         Various
 20.01  2740 West 79th Street                   CRF     Self Storage  2740 West 79th Street           Chicago

                                                                                            CUT-OFF DATE   ORIGINAL
LOAN #  PROPERTY NAME                       ORIGINATOR  COUNTY            STATE   ZIP CODE   BALANCE ($)  BALANCE ($)
------  ----------------------------------  ----------  ---------------  -------  --------  ------------  -----------

   1    Galileo NXL Retail Portfolio 3         MLML     Various          Various   Various   173,000,000  173,000,000
 1.01   San Dimas Plaza                        MLML     Los Angeles        CA        91773    23,028,042   23,028,042
 1.02   The Crossing at Fry Road               MLML     Harris             TX        77449    18,481,104   18,481,104
 1.03   Brice Park                             MLML     Franklin           OH        43068    17,289,366   17,289,366
 1.04   Fashion Corner                         MLML     Saginaw            MI        48603    14,667,543   14,667,543
 1.05   Bristol Plaza                          MLML     Bucks              PA        19007    13,200,788   13,200,788
 1.06   Jones Plaza                            MLML     Harris             TX        77070     9,973,929    9,973,929
 1.07   McKinley Plaza                         MLML     Erie               NY        14219     9,313,890    9,313,890
 1.08   Green River Plaza                      MLML     Taylor             KY        42718     9,240,552    9,240,552
 1.09   Stratford Commons                      MLML     Forsyth            NC        27104     8,235,825    8,235,825
 1.10   Hunting Hills                          MLML     Roanoke            VA        24014     8,213,824    8,213,824
 1.11   Tomball Parkway Plaza                  MLML     Harris             TX        77375     7,773,798    7,773,798
 1.12   Wisteria Village                       MLML     Gwinnett           GA        30078     7,700,460    7,700,460
 1.13   Paradise Plaza                         MLML     Butte              CA        95969     7,363,106    7,363,106
 1.14   Kmart Plaza                            MLML     Hardin             KY        42701     6,673,732    6,673,732
 1.15   Packard Plaza                          MLML     Milwaukee          WI        53110     4,766,951    4,766,951
 1.16   Northside Plaza                        MLML     Whitfield          GA        30721     4,510,269    4,510,269
 1.17   University Mall                        MLML     Saint Lawrence     NY        13617     2,566,820    2,566,820
   2    Kenwood Towne Centre                   MLML     Hamilton           OH        45236   146,493,391  147,000,000
   3    60 State Street                        MLML     Suffolk            MA        02109    65,000,000   65,000,000
   3    60 State Street                      Eurohypo   Suffolk            MA        02109    65,000,000   65,000,000
   4    Ashford Hotel Portfolio 2              MLML     Various          Various   Various   115,645,000  115,645,000
 4.01   Courtyard Reagan Airport               MLML     Arlington          VA        22202    32,477,154   32,477,154
 4.02   Radisson Indianapolis Downtown         MLML     Marion             IN        46204    27,576,322   27,576,322
 4.03   Embassy Suites Palm Beach              MLML     Palm Beach         FL        33410    19,310,740   19,310,740
 4.04   Hilton St. Petersburg                  MLML     Pinellas           FL        33701    19,091,300   19,091,300
 4.05   Hilton Nassau - Houston                MLML     Harris             TX        77058    17,189,485   17,189,485
   5    Ashford Hotel Portfolio 3              MLML     Various          Various   Various    95,905,000   95,905,000
 5.01   Crowne Plaza Beverly Hills             MLML     Los Angeles        CA        90035    32,837,331   32,837,331
 5.02   Radisson Fort Worth                    MLML     Tarrant            TX        76102    22,224,798   22,224,798
 5.03   SpringHill Suites Gaithersburg         MLML     Montgomery         MD        20878    16,080,295   16,080,295
 5.04   Courtyard Fort Lauderdale              MLML     Broward            FL        33326    15,380,483   15,380,483
 5.05   SpringHill Suites Centreville          MLML     Fairfax            VA        20120     9,382,094    9,382,094
   6    Lakewood Apartments                     CRF     San Francisco      CA        94132    62,300,000   62,300,000
   7    Lightstone Portfolio                    CRF     Various          Various   Various    59,165,938   59,350,000
 7.01   25th Street Plaza                       CRF     Northampton        PA        18042    13,889,790   13,933,000
 7.02   Monroe Plaza                            CRF     Monroe             PA        18360     7,950,267    7,975,000
 7.03   New Smyrna Beach Shopping Center        CRF     Volusia            FL        32816     6,255,539    6,275,000
 7.04   Mountainville Shopping Center           CRF     Lehigh             PA        18103     6,096,745    6,115,712
 7.05   Martintown Plaza                        CRF     Aiken              SC        29841     5,857,242    5,875,464
 7.06   Birney Mall                             CRF     Lackawanna         PA        18507     5,582,633    5,600,000
 7.07   Shillington Plaza                       CRF     Berks              PA        19607     4,810,036    4,825,000
 7.08   Cloud Springs Plaza                     CRF     Catoosa            GA        30742     3,474,192    3,485,000
 7.09   Home Depot                              CRF     Houston            AL        36303     3,233,447    3,243,506
 7.10   Dunmore Plaza                           CRF     Lackawanna         PA        18509     1,420,291    1,424,709
 7.11   Kings Fairground Plaza                  CRF     Pittsylvania       VA        24540       595,756      597,609
   8    CNL-Cirrus MOB Portfolio II             CRF     Various          Various   Various    56,330,000   56,330,000
 8.01   Ballas Medical Plaza                    CRF     St. Louis          MO        63141    19,670,000   19,670,000
 8.02   North Texas Hospital                    CRF     Denton             TX        76208    15,730,000   15,730,000
 8.03   Osborn Medical Plaza                    CRF     Maricopa           AZ        85012     7,865,000    7,865,000
 8.04   Baylor Health Center at Lake Ridge      CRF     Tarrant            TX        75050     5,135,000    5,135,000
 8.05   Midlothian Healthcare Center            CRF     Ellis              TX        76065     5,135,000    5,135,000
 8.06   DeTar Health Center                     CRF     Victoria           TX        77901     2,795,000    2,795,000
   9    Sprint Data Center                     MLML     Santa Clara        CA        95054    52,800,000   52,800,000
  10    Prince Georges Center II                CRF     Prince George's    MD        20782    43,360,868   43,500,000
  11    Inglewood Park                          CRF     Prince George's    MD        20774    43,300,000   43,300,000
 11.01  Inglewood 2                             CRF     Prince George's    MD        20774    10,425,000   10,425,000
 11.02  Inglewood 1                             CRF     Prince George's    MD        20774    10,285,000   10,285,000
 11.03  Inglewood 6                             CRF     Prince George's    MD        20774     5,850,000    5,850,000
 11.04  Inglewood 5                             CRF     Prince George's    MD        20774     4,560,000    4,560,000
 11.05  Inglewood 4                             CRF     Prince George's    MD        20774     4,300,000    4,300,000
 11.06  Inglewood 7                             CRF     Prince George's    MD        20774     4,300,000    4,300,000
 11.07  Inglewood 3                             CRF     Prince George's    MD        20774     3,580,000    3,580,000
  12    East Thunderbird Square                MLML     Maricopa           AZ        85254    33,400,000   33,400,000
  13    Ashford Center & Peachtree Ridge        CRF     Various            GA      Various    30,915,000   30,915,000
 13.01  Ashford Center                          CRF     DeKalb             GA        30338    15,494,216   15,494,216
 13.02  Peachtree Ridge                         CRF     Gwinnett           GA        30092    15,420,784   15,420,784
  14    Clinton Square                          CRF     Monroe             NY        14604    30,000,000   30,000,000
  15    Chastain Center                         CRF     Cobb               GA        30144    28,399,000   28,399,000

  16    South Virginia Plaza                   MLML     Washoe             NV        89511    26,000,000   26,000,000
  17    Airport Square                         MLML     Washoe             NV        89502    24,000,000   24,000,000
  18    Colonial Mall Glynn Place               CRF     Glynn              GA        31525    22,888,004   23,000,000
  19    Lullwater at Bass Apartments            CRF     Bibb               GA        31210    21,750,000   21,750,000
  20    U Stor It Self Storage Portfolio        CRF     Cook               IL      Various    21,270,000   21,270,000
 20.01  2740 West 79th Street                   CRF     Cook               IL        60652     8,030,000    8,030,000

                                                           IO MONTHLY         IO ANNUAL     MONTHLY P&I DEBT  ANNUAL P&I DEBT
LOAN #  PROPERTY NAME                       ORIGINATOR  DEBT SERVICE ($)  DEBT SERVICE ($)     SERVICE ($)      SERVICE ($)
------  ----------------------------------  ----------  ----------------  ----------------  ----------------  ---------------

   1    Galileo NXL Retail Portfolio 3         MLML           752,770.25      9,033,243.06
 1.01   San Dimas Plaza                        MLML
 1.02   The Crossing at Fry Road               MLML
 1.03   Brice Park                             MLML
 1.04   Fashion Corner                         MLML
 1.05   Bristol Plaza                          MLML
 1.06   Jones Plaza                            MLML
 1.07   McKinley Plaza                         MLML
 1.08   Green River Plaza                      MLML
 1.09   Stratford Commons                      MLML
 1.10   Hunting Hills                          MLML
 1.11   Tomball Parkway Plaza                  MLML
 1.12   Wisteria Village                       MLML
 1.13   Paradise Plaza                         MLML
 1.14   Kmart Plaza                            MLML
 1.15   Packard Plaza                          MLML
 1.16   Northside Plaza                        MLML
 1.17   University Mall                        MLML
   2    Kenwood Towne Centre                   MLML                                            812,039.18      9,744,470.16
   3    60 State Street                        MLML           604,548.14      7,254,577.78
   3    60 State Street                      Eurohypo         604,548.14      7,254,577.78
   4    Ashford Hotel Portfolio 2              MLML           540,391.15      6,484,693.79     712,276.34      8,547,316.08
 4.01   Courtyard Reagan Airport               MLML
 4.02   Radisson Indianapolis Downtown         MLML
 4.03   Embassy Suites Palm Beach              MLML
 4.04   Hilton St. Petersburg                  MLML
 4.05   Hilton Nassau - Houston                MLML
   5    Ashford Hotel Portfolio 3              MLML           448,149.19      5,377,790.29     590,694.48      7,088,333.76
 5.01   Crowne Plaza Beverly Hills             MLML
 5.02   Radisson Fort Worth                    MLML
 5.03   SpringHill Suites Gaithersburg         MLML
 5.04   Courtyard Fort Lauderdale              MLML
 5.05   SpringHill Suites Centreville          MLML
   6    Lakewood Apartments                     CRF           285,296.50      3,423,558.06     350,611.86      4,207,342.32
   7    Lightstone Portfolio                    CRF                                            349,107.69      4,189,292.28
 7.01   25th Street Plaza                       CRF
 7.02   Monroe Plaza                            CRF
 7.03   New Smyrna Beach Shopping Center        CRF
 7.04   Mountainville Shopping Center           CRF
 7.05   Martintown Plaza                        CRF
 7.06   Birney Mall                             CRF
 7.07   Shillington Plaza                       CRF
 7.08   Cloud Springs Plaza                     CRF
 7.09   Home Depot                              CRF
 7.10   Dunmore Plaza                           CRF
 7.11   Kings Fairground Plaza                  CRF
   8    CNL-Cirrus MOB Portfolio II             CRF           266,000.82      3,192,009.86     322,988.07      3,875,856.88
 8.01   Ballas Medical Plaza                    CRF
 8.02   North Texas Hospital                    CRF
 8.03   Osborn Medical Plaza                    CRF
 8.04   Baylor Health Center at Lake Ridge      CRF
 8.05   Midlothian Healthcare Center            CRF
 8.06   DeTar Health Center                     CRF
   9    Sprint Data Center                     MLML           238,612.00      2,863,344.00
  10    Prince Georges Center II                CRF                                            251,372.62      3,016,471.44
  11    Inglewood Park                          CRF           218,409.41      2,620,912.92     258,770.82      3,105,249.84
 11.01  Inglewood 2                             CRF
 11.02  Inglewood 1                             CRF
 11.03  Inglewood 6                             CRF
 11.04  Inglewood 5                             CRF
 11.05  Inglewood 4                             CRF
 11.06  Inglewood 7                             CRF
 11.07  Inglewood 3                             CRF
  12    East Thunderbird Square                MLML           147,956.97      1,775,483.69     184,291.25      2,211,495.00
  13    Ashford Center & Peachtree Ridge        CRF           148,363.38      1,780,360.50     179,039.16      2,148,469.92
 13.01  Ashford Center                          CRF
 13.02  Peachtree Ridge                         CRF
  14    Clinton Square                          CRF           150,815.97      1,809,791.67     178,901.91      2,146,822.92
  15    Chastain Center                         CRF           136,048.96      1,632,587.51     164,288.42      1,971,461.04

  16    South Virginia Plaza                   MLML           117,636.46      1,411,637.50     145,268.51      1,743,222.12
  17    Airport Square                         MLML           111,527.78      1,338,333.33     136,269.36      1,635,232.32
  18    Colonial Mall Glynn Place               CRF                                            137,859.54      1,654,314.48
  19    Lullwater at Bass Apartments            CRF            96,110.33      1,153,323.96     119,835.02      1,438,020.24
  20    U Stor It Self Storage Portfolio        CRF           103,514.00      1,242,168.00     127,635.84      1,531,630.08
 20.01  2740 West 79th Street                   CRF

                                                        INTEREST     PRIMARY        MASTER         TRUSTEE AND    SUB SERVICING
LOAN #  PROPERTY NAME                       ORIGINATOR   RATE %   SERVICING FEE  SERVICING FEE  PAYING AGENT FEE    FEE RATE
------  ----------------------------------  ----------  --------  -------------  -------------  ----------------  -------------

   1    Galileo NXL Retail Portfolio 3         MLML       5.1500      0.0100         0.0100           0.0010
 1.01   San Dimas Plaza                        MLML
 1.02   The Crossing at Fry Road               MLML
 1.03   Brice Park                             MLML
 1.04   Fashion Corner                         MLML
 1.05   Bristol Plaza                          MLML
 1.06   Jones Plaza                            MLML
 1.07   McKinley Plaza                         MLML
 1.08   Green River Plaza                      MLML
 1.09   Stratford Commons                      MLML
 1.10   Hunting Hills                          MLML
 1.11   Tomball Parkway Plaza                  MLML
 1.12   Wisteria Village                       MLML
 1.13   Paradise Plaza                         MLML
 1.14   Kmart Plaza                            MLML
 1.15   Packard Plaza                          MLML
 1.16   Northside Plaza                        MLML
 1.17   University Mall                        MLML
   2    Kenwood Towne Centre                   MLML      5.25519     0.01000        0.01000          0.00100
   3    60 State Street                        MLML       5.5040      0.0100         0.0100           0.0010
   3    60 State Street                      Eurohypo     5.5040      0.0100         0.0100           0.0010
   4    Ashford Hotel Portfolio 2              MLML       5.5306      0.0100         0.0100           0.0010
 4.01   Courtyard Reagan Airport               MLML
 4.02   Radisson Indianapolis Downtown         MLML
 4.03   Embassy Suites Palm Beach              MLML
 4.04   Hilton St. Petersburg                  MLML
 4.05   Hilton Nassau - Houston                MLML
   5    Ashford Hotel Portfolio 3              MLML       5.5306      0.0100         0.0100           0.0010
 5.01   Crowne Plaza Beverly Hills             MLML
 5.02   Radisson Fort Worth                    MLML
 5.03   SpringHill Suites Gaithersburg         MLML
 5.04   Courtyard Fort Lauderdale              MLML
 5.05   SpringHill Suites Centreville          MLML
   6    Lakewood Apartments                     CRF       5.4200      0.0100         0.0100           0.0010
   7    Lightstone Portfolio                    CRF       5.8230      0.0100         0.0100           0.0010
 7.01   25th Street Plaza                       CRF
 7.02   Monroe Plaza                            CRF
 7.03   New Smyrna Beach Shopping Center        CRF
 7.04   Mountainville Shopping Center           CRF
 7.05   Martintown Plaza                        CRF
 7.06   Birney Mall                             CRF
 7.07   Shillington Plaza                       CRF
 7.08   Cloud Springs Plaza                     CRF
 7.09   Home Depot                              CRF
 7.10   Dunmore Plaza                           CRF
 7.11   Kings Fairground Plaza                  CRF
   8    CNL-Cirrus MOB Portfolio II             CRF       5.5890      0.0100         0.0100           0.0010
 8.01   Ballas Medical Plaza                    CRF
 8.02   North Texas Hospital                    CRF
 8.03   Osborn Medical Plaza                    CRF
 8.04   Baylor Health Center at Lake Ridge      CRF
 8.05   Midlothian Healthcare Center            CRF
 8.06   DeTar Health Center                     CRF
   9    Sprint Data Center                     MLML       5.4230      0.0100         0.0100           0.0010
  10    Prince Georges Center II                CRF       5.6600      0.0100         0.0100           0.0010
  11    Inglewood Park                          CRF       5.9700      0.0100         0.0100           0.0010
 11.01  Inglewood 2                             CRF
 11.02  Inglewood 1                             CRF
 11.03  Inglewood 6                             CRF
 11.04  Inglewood 5                             CRF
 11.05  Inglewood 4                             CRF
 11.06  Inglewood 7                             CRF
 11.07  Inglewood 3                             CRF
  12    East Thunderbird Square                MLML       5.2430      0.0100         0.0100           0.0010
  13    Ashford Center & Peachtree Ridge        CRF       5.6800      0.0100         0.0100           0.0010
 13.01  Ashford Center                          CRF
 13.02  Peachtree Ridge                         CRF
  14    Clinton Square                          CRF       5.9500      0.0100         0.0100           0.0010
  15    Chastain Center                         CRF       5.6700      0.0100         0.0100           0.0010
  16    South Virginia Plaza                   MLML       5.3550      0.0100         0.0100           0.0010
  17    Airport Square                         MLML       5.5000      0.0100         0.0100           0.0010
  18    Colonial Mall Glynn Place               CRF       5.2524      0.0100         0.0100           0.0010
  19    Lullwater at Bass Apartments            CRF       5.2300      0.0100         0.0100           0.0010
  20    U Stor It Self Storage Portfolio        CRF       5.7600      0.0100         0.0100           0.0010
 20.01  2740 West 79th Street                   CRF

                                                                   NET
                                                        ADMIN.  MORTGAGE                                 MATURITY/  AMORT
LOAN #  PROPERTY NAME                       ORIGINATOR  FEE %    RATE %   ACCRUAL TYPE  TERM  REM. TERM   ARD DATE   TERM
------  ----------------------------------  ----------  ------  --------  ------------  ----  ---------  ---------  -----

   1    Galileo NXL Retail Portfolio 3         MLML      0.021   5.1290     Actual/360    84      78     8/31/2012     0
 1.01   San Dimas Plaza                        MLML
 1.02   The Crossing at Fry Road               MLML
 1.03   Brice Park                             MLML
 1.04   Fashion Corner                         MLML
 1.05   Bristol Plaza                          MLML
 1.06   Jones Plaza                            MLML
 1.07   McKinley Plaza                         MLML
 1.08   Green River Plaza                      MLML
 1.09   Stratford Commons                      MLML
 1.10   Hunting Hills                          MLML
 1.11   Tomball Parkway Plaza                  MLML
 1.12   Wisteria Village                       MLML
 1.13   Paradise Plaza                         MLML
 1.14   Kmart Plaza                            MLML
 1.15   Packard Plaza                          MLML
 1.16   Northside Plaza                        MLML
 1.17   University Mall                        MLML
   2    Kenwood Towne Centre                   MLML      0.021   5.2342     Actual/360    60      57     12/1/2010   360
   3    60 State Street                        MLML      0.021   5.4830     Actual/360    60      60      3/1/2011     0
   3    60 State Street                      Eurohypo    0.021   5.4830     Actual/360    60      60      3/1/2011     0
   4    Ashford Hotel Portfolio 2              MLML      0.021   5.5096     Actual/360   121     119      2/1/2016   300
 4.01   Courtyard Reagan Airport               MLML
 4.02   Radisson Indianapolis Downtown         MLML
 4.03   Embassy Suites Palm Beach              MLML
 4.04   Hilton St. Petersburg                  MLML
 4.05   Hilton Nassau - Houston                MLML
   5    Ashford Hotel Portfolio 3              MLML      0.021   5.5096     Actual/360   123     119      2/1/2016   300
 5.01   Crowne Plaza Beverly Hills             MLML
 5.02   Radisson Fort Worth                    MLML
 5.03   SpringHill Suites Gaithersburg         MLML
 5.04   Courtyard Fort Lauderdale              MLML
 5.05   SpringHill Suites Centreville          MLML
   6    Lakewood Apartments                     CRF      0.021   5.3990     Actual/360   120     118      1/8/2016   360
   7    Lightstone Portfolio                    CRF      0.021   5.8020     Actual/360   120     117     12/8/2015   360
 7.01   25th Street Plaza                       CRF
 7.02   Monroe Plaza                            CRF
 7.03   New Smyrna Beach Shopping Center        CRF
 7.04   Mountainville Shopping Center           CRF
 7.05   Martintown Plaza                        CRF
 7.06   Birney Mall                             CRF
 7.07   Shillington Plaza                       CRF
 7.08   Cloud Springs Plaza                     CRF
 7.09   Home Depot                              CRF
 7.10   Dunmore Plaza                           CRF
 7.11   Kings Fairground Plaza                  CRF
   8    CNL-Cirrus MOB Portfolio II             CRF      0.021   5.5680     Actual/360   120     119      2/8/2016   360
 8.01   Ballas Medical Plaza                    CRF
 8.02   North Texas Hospital                    CRF
 8.03   Osborn Medical Plaza                    CRF
 8.04   Baylor Health Center at Lake Ridge      CRF
 8.05   Midlothian Healthcare Center            CRF
 8.06   DeTar Health Center                     CRF
   9    Sprint Data Center                     MLML      0.021   5.4020     30/360        84      79     10/1/2012     0
  10    Prince Georges Center II                CRF      0.021   5.6390     Actual/360   120     117     12/8/2015   360
  11    Inglewood Park                          CRF      0.021   5.9490     Actual/360   120     117     12/8/2015   360
 11.01  Inglewood 2                             CRF
 11.02  Inglewood 1                             CRF
 11.03  Inglewood 6                             CRF
 11.04  Inglewood 5                             CRF
 11.05  Inglewood 4                             CRF
 11.06  Inglewood 7                             CRF
 11.07  Inglewood 3                             CRF
  12    East Thunderbird Square                MLML      0.021   5.2220     Actual/360   120     118      1/1/2016   360
  13    Ashford Center & Peachtree Ridge        CRF      0.021   5.6590     Actual/360   120     118      1/8/2016   360
 13.01  Ashford Center                          CRF
 13.02  Peachtree Ridge                         CRF
  14    Clinton Square                          CRF      0.021   5.9290     Actual/360   120     116     11/8/2015   360
  15    Chastain Center                         CRF      0.021   5.6490     Actual/360   120     119      2/8/2016   360
  16    South Virginia Plaza                   MLML      0.021   5.3340     Actual/360   120     118      1/1/2016   360
  17    Airport Square                         MLML      0.021   5.4790     Actual/360   120     120      3/1/2016   360
  18    Colonial Mall Glynn Place               CRF      0.021   5.2314     Actual/360    60      57     12/8/2010   300
  19    Lullwater at Bass Apartments            CRF      0.021   5.2090     Actual/360   120     115     10/8/2015   360
  20    U Stor It Self Storage Portfolio        CRF      0.021   5.7390     Actual/360    60      58      1/8/2011   336
 20.01  2740 West 79th Street                   CRF

                                                                                                         ARD           ENVIRONMENTAL
LOAN #  PROPERTY NAME                       ORIGINATOR  REM. AMORT     TITLE TYPE     ARD LOAN         STEP UP           INSURANCE
------  ----------------------------------  ----------  ----------     -------------  --------  ---------------------  -------------

   1    Galileo NXL Retail Portfolio 3         MLML           0        Fee/Leasehold     No                                 Yes
 1.01   San Dimas Plaza                        MLML                    Fee                                                  Yes
 1.02   The Crossing at Fry Road               MLML                    Fee                                                  Yes
 1.03   Brice Park                             MLML                    Fee                                                  Yes
 1.04   Fashion Corner                         MLML                    Fee/Leasehold                                        Yes
 1.05   Bristol Plaza                          MLML                    Fee                                                  Yes
 1.06   Jones Plaza                            MLML                    Fee                                                  Yes
 1.07   McKinley Plaza                         MLML                    Fee                                                  Yes
 1.08   Green River Plaza                      MLML                    Fee                                                  Yes
 1.09   Stratford Commons                      MLML                    Fee                                                  Yes
 1.10   Hunting Hills                          MLML                    Fee                                                  Yes
 1.11   Tomball Parkway Plaza                  MLML                    Fee                                                  Yes
 1.12   Wisteria Village                       MLML                    Fee                                                  Yes
 1.13   Paradise Plaza                         MLML                    Fee                                                  Yes
 1.14   Kmart Plaza                            MLML                    Fee                                                  Yes
 1.15   Packard Plaza                          MLML                    Fee                                                  Yes
 1.16   Northside Plaza                        MLML                    Fee                                                  Yes
 1.17   University Mall                        MLML                    Fee                                                  Yes
   2    Kenwood Towne Centre                   MLML         357        Fee/Leasehold     No                                  No
   3    60 State Street                        MLML           0        Fee/Leasehold     No                                  No
   3    60 State Street                      Eurohypo         0        Fee/Leasehold     No                                  No
   4    Ashford Hotel Portfolio 2              MLML         300        Fee               No                                  No
 4.01   Courtyard Reagan Airport               MLML                    Fee                                                   No
 4.02   Radisson Indianapolis Downtown         MLML                    Fee                                                   No
 4.03   Embassy Suites Palm Beach              MLML                    Fee                                                   No
 4.04   Hilton St. Petersburg                  MLML                    Fee                                                   No
 4.05   Hilton Nassau - Houston                MLML                    Fee                                                   No
   5    Ashford Hotel Portfolio 3              MLML         300        Fee/Leasehold     No                                  No
 5.01   Crowne Plaza Beverly Hills             MLML                    Fee                                                   No
 5.02   Radisson Fort Worth                    MLML                    Fee/Leasehold                                         No
 5.03   SpringHill Suites Gaithersburg         MLML                    Fee                                                   No
 5.04   Courtyard Fort Lauderdale              MLML                    Fee                                                   No
 5.05   SpringHill Suites Centreville          MLML                    Fee                                                   No
   6    Lakewood Apartments                     CRF         360        Fee               No                                  No
   7    Lightstone Portfolio                    CRF         357        Fee/Leasehold     No                                  No
 7.01   25th Street Plaza                       CRF                    Fee                                                   No
 7.02   Monroe Plaza                            CRF                    Fee                                                   No
 7.03   New Smyrna Beach Shopping Center        CRF                    Fee                                                   No
 7.04   Mountainville Shopping Center           CRF                    Fee                                                   No
 7.05   Martintown Plaza                        CRF                    Leasehold                                             No
 7.06   Birney Mall                             CRF                    Fee                                                   No
 7.07   Shillington Plaza                       CRF                    Fee                                                   No
 7.08   Cloud Springs Plaza                     CRF                    Fee                                                   No
 7.09   Home Depot                              CRF                    Fee/Leasehold                                         No
 7.10   Dunmore Plaza                           CRF                    Fee                                                   No
 7.11   Kings Fairground Plaza                  CRF                    Leasehold                                             No
   8    CNL-Cirrus MOB Portfolio II             CRF         360        Fee               No                                  No
 8.01   Ballas Medical Plaza                    CRF                    Fee                                                   No
 8.02   North Texas Hospital                    CRF                    Fee                                                   No
 8.03   Osborn Medical Plaza                    CRF                    Fee                                                   No
 8.04   Baylor Health Center at Lake Ridge      CRF                    Fee                                                   No
 8.05   Midlothian Healthcare Center            CRF                    Fee                                                   No
 8.06   DeTar Health Center                     CRF                    Fee                                                   No
   9    Sprint Data Center                     MLML           0        Fee               Yes    Interest Rate plus 2%        No
  10    Prince Georges Center II                CRF         357        Fee               No                                  No
  11    Inglewood Park                          CRF         360        Fee               No                                  No
 11.01  Inglewood 2                             CRF                    Fee                                                   No
 11.02  Inglewood 1                             CRF                    Fee                                                   No
 11.03  Inglewood 6                             CRF                    Fee                                                   No
 11.04  Inglewood 5                             CRF                    Fee                                                   No
 11.05  Inglewood 4                             CRF                    Fee                                                   No
 11.06  Inglewood 7                             CRF                    Fee                                                   No
 11.07  Inglewood 3                             CRF                    Fee                                                   No
  12    East Thunderbird Square                MLML         360        Fee               No                                  No
  13    Ashford Center & Peachtree Ridge        CRF         360        Fee               No                                  No
 13.01  Ashford Center                          CRF                    Fee                                                   No
 13.02  Peachtree Ridge                         CRF                    Fee                                                   No
  14    Clinton Square                          CRF         360        Fee               No                                  No
  15    Chastain Center                         CRF         360        Fee               No                                  No
  16    South Virginia Plaza                   MLML         360        Fee               No                                  No
  17    Airport Square                         MLML         360        Fee               No                                  No
  18    Colonial Mall Glynn Place               CRF         297        Fee               No                                  No
  19    Lullwater at Bass Apartments            CRF         360        Fee               No                                  No
  20    U Stor It Self Storage Portfolio        CRF         336        Fee               No                                  No
 20.01  2740 West 79th Street                   CRF                    Fee                                                   No

                                                                                   PARTIAL
                                                          CROSS    CROSS           DEFEASANCE  LETTER OF  LOCKBOX IN  HOLDBACK
LOAN #  PROPERTY NAME                       ORIGINATOR  DEFAULTED  COLLATERALIZED  ALLOWED     CREDIT     PLACE       AMOUNT
------  ----------------------------------  ----------  ---------  --------------  ----------  ---------  ----------  --------

   1    Galileo NXL Retail Portfolio 3         MLML        No      No              Yes         No         Yes
 1.01   San Dimas Plaza                        MLML
 1.02   The Crossing at Fry Road               MLML
 1.03   Brice Park                             MLML
 1.04   Fashion Corner                         MLML
 1.05   Bristol Plaza                          MLML
 1.06   Jones Plaza                            MLML
 1.07   McKinley Plaza                         MLML
 1.08   Green River Plaza                      MLML
 1.09   Stratford Commons                      MLML
 1.10   Hunting Hills                          MLML
 1.11   Tomball Parkway Plaza                  MLML
 1.12   Wisteria Village                       MLML
 1.13   Paradise Plaza                         MLML
 1.14   Kmart Plaza                            MLML
 1.15   Packard Plaza                          MLML
 1.16   Northside Plaza                        MLML
 1.17   University Mall                        MLML
   2    Kenwood Towne Centre                   MLML        No      No              No          No         Yes
   3    60 State Street                        MLML        No      No              No          No         Yes
   3    60 State Street                      Eurohypo      No      No              No          No         Yes
   4    Ashford Hotel Portfolio 2              MLML      Yes (1)   Yes (1)         Yes         No         Yes
 4.01   Courtyard Reagan Airport               MLML
 4.02   Radisson Indianapolis Downtown         MLML
 4.03   Embassy Suites Palm Beach              MLML
 4.04   Hilton St. Petersburg                  MLML
 4.05   Hilton Nassau - Houston                MLML
   5    Ashford Hotel Portfolio 3              MLML      Yes (1)   Yes (1)         Yes         No         Yes
 5.01   Crowne Plaza Beverly Hills             MLML
 5.02   Radisson Fort Worth                    MLML
 5.03   SpringHill Suites Gaithersburg         MLML
 5.04   Courtyard Fort Lauderdale              MLML
 5.05   SpringHill Suites Centreville          MLML
   6    Lakewood Apartments                     CRF        No      No              No          No         No
   7    Lightstone Portfolio                    CRF        No      No              Yes         No         No
 7.01   25th Street Plaza                       CRF
 7.02   Monroe Plaza                            CRF
 7.03   New Smyrna Beach Shopping Center        CRF
 7.04   Mountainville Shopping Center           CRF
 7.05   Martintown Plaza                        CRF
 7.06   Birney Mall                             CRF
 7.07   Shillington Plaza                       CRF
 7.08   Cloud Springs Plaza                     CRF
 7.09   Home Depot                              CRF
 7.10   Dunmore Plaza                           CRF
 7.11   Kings Fairground Plaza                  CRF
   8    CNL-Cirrus MOB Portfolio II             CRF        No      No              Yes         No         No
 8.01   Ballas Medical Plaza                    CRF
 8.02   North Texas Hospital                    CRF
 8.03   Osborn Medical Plaza                    CRF
 8.04   Baylor Health Center at Lake Ridge      CRF
 8.05   Midlothian Healthcare Center            CRF
 8.06   DeTar Health Center                     CRF
   9    Sprint Data Center                     MLML        No      No              No          No         No
  10    Prince Georges Center II                CRF        No      No              No          No         Yes
  11    Inglewood Park                          CRF        No      No              Yes         No         Yes
 11.01  Inglewood 2                             CRF
 11.02  Inglewood 1                             CRF
 11.03  Inglewood 6                             CRF
 11.04  Inglewood 5                             CRF
 11.05  Inglewood 4                             CRF
 11.06  Inglewood 7                             CRF
 11.07  Inglewood 3                             CRF
  12    East Thunderbird Square                MLML        No      No              No          Yes        No
  13    Ashford Center & Peachtree Ridge        CRF        No      No              No          No         Yes
 13.01  Ashford Center                          CRF
 13.02  Peachtree Ridge                         CRF
  14    Clinton Square                          CRF        No      No              No          No         Yes
  15    Chastain Center                         CRF        No      No              No          No         Yes
  16    South Virginia Plaza                   MLML        No      No              No          No         Yes
  17    Airport Square                         MLML        No      No              No          No         No
  18    Colonial Mall Glynn Place               CRF        No      No              No          No         Yes
  19    Lullwater at Bass Apartments            CRF        No      No              No          No         No
  20    U Stor It Self Storage Portfolio        CRF        No      No              Yes         Yes        Yes
 20.01  2740 West 79th Street                   CRF

                                                          UPFRONT      UPFRONT      UPFRONT      UPFRONT      UPFRONT      UPFRONT
                                                        ENGINEERING     CAPEX       ENVIR.        TI/LC       RE TAX        INS.
LOAN #  PROPERTY NAME                       ORIGINATOR  RESERVE ($)  RESERVE ($)  RESERVE ($)  RESERVE ($)  RESERVE ($)  RESERVE ($)
------  ----------------------------------  ----------  -----------  -----------  -----------  -----------  -----------  -----------

   1    Galileo NXL Retail Portfolio 3         MLML        134,952                                 95,675    1,760,203     305,241
 1.01   San Dimas Plaza                        MLML
 1.02   The Crossing at Fry Road               MLML
 1.03   Brice Park                             MLML
 1.04   Fashion Corner                         MLML
 1.05   Bristol Plaza                          MLML
 1.06   Jones Plaza                            MLML
 1.07   McKinley Plaza                         MLML
 1.08   Green River Plaza                      MLML
 1.09   Stratford Commons                      MLML
 1.10   Hunting Hills                          MLML
 1.11   Tomball Parkway Plaza                  MLML
 1.12   Wisteria Village                       MLML
 1.13   Paradise Plaza                         MLML
 1.14   Kmart Plaza                            MLML
 1.15   Packard Plaza                          MLML
 1.16   Northside Plaza                        MLML
 1.17   University Mall                        MLML
   2    Kenwood Towne Centre                   MLML
   3    60 State Street                        MLML
   3    60 State Street                      Eurohypo
   4    Ashford Hotel Portfolio 2              MLML         85,750                   1,237                     562,526     407,820
 4.01   Courtyard Reagan Airport               MLML
 4.02   Radisson Indianapolis Downtown         MLML
 4.03   Embassy Suites Palm Beach              MLML
 4.04   Hilton St. Petersburg                  MLML
 4.05   Hilton Nassau - Houston                MLML
   5    Ashford Hotel Portfolio 3              MLML         62,350                   1,237                     135,697     345,389
 5.01   Crowne Plaza Beverly Hills             MLML
 5.02   Radisson Fort Worth                    MLML
 5.03   SpringHill Suites Gaithersburg         MLML
 5.04   Courtyard Fort Lauderdale              MLML
 5.05   SpringHill Suites Centreville          MLML
   6    Lakewood Apartments                     CRF        101,000                                             259,524     198,918
   7    Lightstone Portfolio                    CRF      2,328,260                                             860,941      90,137
 7.01   25th Street Plaza                       CRF
 7.02   Monroe Plaza                            CRF
 7.03   New Smyrna Beach Shopping Center        CRF
 7.04   Mountainville Shopping Center           CRF
 7.05   Martintown Plaza                        CRF
 7.06   Birney Mall                             CRF
 7.07   Shillington Plaza                       CRF
 7.08   Cloud Springs Plaza                     CRF
 7.09   Home Depot                              CRF
 7.10   Dunmore Plaza                           CRF
 7.11   Kings Fairground Plaza                  CRF
   8    CNL-Cirrus MOB Portfolio II             CRF                                                            556,911
 8.01   Ballas Medical Plaza                    CRF
 8.02   North Texas Hospital                    CRF
 8.03   Osborn Medical Plaza                    CRF
 8.04   Baylor Health Center at Lake Ridge      CRF
 8.05   Midlothian Healthcare Center            CRF
 8.06   DeTar Health Center                     CRF
   9    Sprint Data Center                     MLML
  10    Prince Georges Center II                CRF                                                            340,025
  11    Inglewood Park                          CRF                                 10,000                     193,333      61,660
 11.01  Inglewood 2                             CRF
 11.02  Inglewood 1                             CRF
 11.03  Inglewood 6                             CRF
 11.04  Inglewood 5                             CRF
 11.05  Inglewood 4                             CRF
 11.06  Inglewood 7                             CRF
 11.07  Inglewood 3                             CRF
  12    East Thunderbird Square                MLML                                                            117,668       2,242
  13    Ashford Center & Peachtree Ridge        CRF                     627,000                 3,325,000       78,690       7,199
 13.01  Ashford Center                          CRF
 13.02  Peachtree Ridge                         CRF
  14    Clinton Square                          CRF                                                            688,478      64,535
  15    Chastain Center                         CRF                   1,000,000                 2,120,000       95,563       7,240
  16    South Virginia Plaza                   MLML                                             1,662,524       25,548      18,801
  17    Airport Square                         MLML
  18    Colonial Mall Glynn Place               CRF                   2,214,733                                 42,149      17,324
  19    Lullwater at Bass Apartments            CRF                                                            352,146       7,543
  20    U Stor It Self Storage Portfolio        CRF                                                            160,980       2,403
 20.01  2740 West 79th Street                   CRF

                                                          UPFRONT          MONTHLY             MONTHLY        MONTHLY
                                                           OTHER            CAPEX               CAPEX          TI/LC
LOAN #  PROPERTY NAME                       ORIGINATOR  RESERVE ($)      RESERVE ($)       RESERVE CAP ($)  RESERVE ($)
------  ----------------------------------  ----------  -----------  --------------------  ---------------  -----------

   1    Galileo NXL Retail Portfolio 3         MLML            667          29,804
 1.01   San Dimas Plaza                        MLML
 1.02   The Crossing at Fry Road               MLML
 1.03   Brice Park                             MLML
 1.04   Fashion Corner                         MLML
 1.05   Bristol Plaza                          MLML
 1.06   Jones Plaza                            MLML
 1.07   McKinley Plaza                         MLML
 1.08   Green River Plaza                      MLML
 1.09   Stratford Commons                      MLML
 1.10   Hunting Hills                          MLML
 1.11   Tomball Parkway Plaza                  MLML
 1.12   Wisteria Village                       MLML
 1.13   Paradise Plaza                         MLML
 1.14   Kmart Plaza                            MLML
 1.15   Packard Plaza                          MLML
 1.16   Northside Plaza                        MLML
 1.17   University Mall                        MLML
   2    Kenwood Towne Centre                   MLML
   3    60 State Street                        MLML
   3    60 State Street                      Eurohypo
   4    Ashford Hotel Portfolio 2              MLML                  4% of Gross Revenues
 4.01   Courtyard Reagan Airport               MLML
 4.02   Radisson Indianapolis Downtown         MLML
 4.03   Embassy Suites Palm Beach              MLML
 4.04   Hilton St. Petersburg                  MLML
 4.05   Hilton Nassau - Houston                MLML
   5    Ashford Hotel Portfolio 3              MLML         42,925   4% of Gross Revenues
 5.01   Crowne Plaza Beverly Hills             MLML
 5.02   Radisson Fort Worth                    MLML
 5.03   SpringHill Suites Gaithersburg         MLML
 5.04   Courtyard Fort Lauderdale              MLML
 5.05   SpringHill Suites Centreville          MLML
   6    Lakewood Apartments                     CRF
   7    Lightstone Portfolio                    CRF         28,565          16,938                            73,398
 7.01   25th Street Plaza                       CRF
 7.02   Monroe Plaza                            CRF
 7.03   New Smyrna Beach Shopping Center        CRF
 7.04   Mountainville Shopping Center           CRF
 7.05   Martintown Plaza                        CRF
 7.06   Birney Mall                             CRF
 7.07   Shillington Plaza                       CRF
 7.08   Cloud Springs Plaza                     CRF
 7.09   Home Depot                              CRF
 7.10   Dunmore Plaza                           CRF
 7.11   Kings Fairground Plaza                  CRF
   8    CNL-Cirrus MOB Portfolio II             CRF
 8.01   Ballas Medical Plaza                    CRF
 8.02   North Texas Hospital                    CRF
 8.03   Osborn Medical Plaza                    CRF
 8.04   Baylor Health Center at Lake Ridge      CRF
 8.05   Midlothian Healthcare Center            CRF
 8.06   DeTar Health Center                     CRF
   9    Sprint Data Center                     MLML                         3,333               40,000
  10    Prince Georges Center II                CRF                         6,576
  11    Inglewood Park                          CRF      5,350,000          7,038                             33,959
 11.01  Inglewood 2                             CRF
 11.02  Inglewood 1                             CRF
 11.03  Inglewood 6                             CRF
 11.04  Inglewood 5                             CRF
 11.05  Inglewood 4                             CRF
 11.06  Inglewood 7                             CRF
 11.07  Inglewood 3                             CRF
  12    East Thunderbird Square                MLML         38,409          2,685
  13    Ashford Center & Peachtree Ridge        CRF      1,364,411                                            13,065
 13.01  Ashford Center                          CRF
 13.02  Peachtree Ridge                         CRF
  14    Clinton Square                          CRF                         6,362                             22,809
  15    Chastain Center                         CRF                         6,322                             25,288
  16    South Virginia Plaza                   MLML                         1,641               59,076
  17    Airport Square                         MLML      1,300,000          2,135                              8,333
  18    Colonial Mall Glynn Place               CRF                         5,665                             20,197
  19    Lullwater at Bass Apartments            CRF                         6,583              150,000
  20    U Stor It Self Storage Portfolio        CRF                         4,019              144,687
 20.01  2740 West 79th Street                   CRF

                                                            MONTHLY        MONTHLY      MONTHLY      MONTHLY
                                                             TI/LC         RE TAX         INS.        OTHER      GRACE
LOAN #  PROPERTY NAME                       ORIGINATOR  RESERVE CAP ($)  RESERVE ($)  RESERVE ($)  RESERVE ($)  PERIOD
------  ----------------------------------  ----------  ---------------  -----------  -----------  -----------  ------

   1    Galileo NXL Retail Portfolio 3         MLML                        249,933       43,606          333       0
 1.01   San Dimas Plaza                        MLML
 1.02   The Crossing at Fry Road               MLML
 1.03   Brice Park                             MLML
 1.04   Fashion Corner                         MLML
 1.05   Bristol Plaza                          MLML
 1.06   Jones Plaza                            MLML
 1.07   McKinley Plaza                         MLML
 1.08   Green River Plaza                      MLML
 1.09   Stratford Commons                      MLML
 1.10   Hunting Hills                          MLML
 1.11   Tomball Parkway Plaza                  MLML
 1.12   Wisteria Village                       MLML
 1.13   Paradise Plaza                         MLML
 1.14   Kmart Plaza                            MLML
 1.15   Packard Plaza                          MLML
 1.16   Northside Plaza                        MLML
 1.17   University Mall                        MLML
   2    Kenwood Towne Centre                   MLML                                                                5
   3    60 State Street                        MLML                                                                0
   3    60 State Street                      Eurohypo                                                              0
   4    Ashford Hotel Portfolio 2              MLML                        141,729       73,830                    0
 4.01   Courtyard Reagan Airport               MLML
 4.02   Radisson Indianapolis Downtown         MLML
 4.03   Embassy Suites Palm Beach              MLML
 4.04   Hilton St. Petersburg                  MLML
 4.05   Hilton Nassau - Houston                MLML
   5    Ashford Hotel Portfolio 3              MLML                         66,021       28,780       14,585       0
 5.01   Crowne Plaza Beverly Hills             MLML
 5.02   Radisson Fort Worth                    MLML
 5.03   SpringHill Suites Gaithersburg         MLML
 5.04   Courtyard Fort Lauderdale              MLML
 5.05   SpringHill Suites Centreville          MLML
   6    Lakewood Apartments                     CRF                         55,847       49,730                    0
   7    Lightstone Portfolio                    CRF                         98,121       10,015        9,522       0
 7.01   25th Street Plaza                       CRF
 7.02   Monroe Plaza                            CRF
 7.03   New Smyrna Beach Shopping Center        CRF
 7.04   Mountainville Shopping Center           CRF
 7.05   Martintown Plaza                        CRF
 7.06   Birney Mall                             CRF
 7.07   Shillington Plaza                       CRF
 7.08   Cloud Springs Plaza                     CRF
 7.09   Home Depot                              CRF
 7.10   Dunmore Plaza                           CRF
 7.11   Kings Fairground Plaza                  CRF
   8    CNL-Cirrus MOB Portfolio II             CRF                        117,390                                 0
 8.01   Ballas Medical Plaza                    CRF
 8.02   North Texas Hospital                    CRF
 8.03   Osborn Medical Plaza                    CRF
 8.04   Baylor Health Center at Lake Ridge      CRF
 8.05   Midlothian Healthcare Center            CRF
 8.06   DeTar Health Center                     CRF
   9    Sprint Data Center                     MLML                                                                5
  10    Prince Georges Center II                CRF                         85,006                                 0
  11    Inglewood Park                          CRF                         48,333        8,809                    0
 11.01  Inglewood 2                             CRF
 11.02  Inglewood 1                             CRF
 11.03  Inglewood 6                             CRF
 11.04  Inglewood 5                             CRF
 11.05  Inglewood 4                             CRF
 11.06  Inglewood 7                             CRF
 11.07  Inglewood 3                             CRF
  12    East Thunderbird Square                MLML                         29,417        2,242                    5
  13    Ashford Center & Peachtree Ridge        CRF                         39,345        7,199                    0
 13.01  Ashford Center                          CRF
 13.02  Peachtree Ridge                         CRF
  14    Clinton Square                          CRF                        114,656        5,867       34,992       0
  15    Chastain Center                         CRF                         23,891        3,620                    0
  16    South Virginia Plaza                   MLML                         12,774        3,760                    5
  17    Airport Square                         MLML         100,000         18,047        2,498                    5
  18    Colonial Mall Glynn Place               CRF                         21,074        8,662                    0
  19    Lullwater at Bass Apartments            CRF                         27,088        7,543                    0
  20    U Stor It Self Storage Portfolio        CRF                         36,587        2,403                    0
 20.01  2740 West 79th Street                   CRF

                                                                 PROPERTY
LOAN #  PROPERTY NAME                                ORIGINATOR  TYPE                  STREET ADDRESS
------  -------------------------------------------  ----------  -------------------   -------------------------------------------

 20.02  1344 West 105th Street                           CRF     Self Storage          1344 West 105th Street
 20.03  1001 East 87th Street                            CRF     Self Storage          1001 East 87th Street
 20.04  1798 and 1800 Busse Highway                      CRF     Self Storage          1798 and 1800 Busse Highway
  21    La Crosse Industrial                            MLML     Industrial            1637 Saint James Street
  22    Kahana Gateway Professional Center - Retail     MLML     Retail                4405 Honoapiilani Highway
  23    Villages at Paseo del Sol                       MLML     Retail                32120, 32140, 32170, 32180, 32200,
                                                                                       32220 & 32240 Highway 79 South
  24    Breckenridge Park Portfolio                      CRF     Industrial            Various
 24.01  Breckenridge I-III                               CRF     Industrial            5905, 5907, 5909, 5910, 5911 and 5912
                                                                                       Breckenridge Parkway
 24.02  Breckenridge IV-V                                CRF     Industrial            5802, 5803, 5805, 5807 and 5906
                                                                                       Breckenridge Parkway
  25    Village Faire Shopping Center                   MLML     Retail                300 Carlsbad Village Drive
  26    Guardian Self Storage                            CRF     Self Storage          Various
 26.01  Storage I (CA)                                   CRF     Self Storage          5873 Centre Avenue
 26.02  Self Storage HR                                  CRF     Self Storage          350 Old Haymaker Road
 26.03  Self Storage WD                                  CRF     Self Storage          1002 East Waterfront Drive
 26.04  Self Storage III (SM)                            CRF     Self Storage          750 South Millvale Avenue
  27    Jacobson Distribution                            CRF     Industrial            Various
 27.01  Jacobson Distribution 1                          CRF     Industrial            2401 and 2501 Expedition Court
 27.02  Jacobson Distribution 2                          CRF     Industrial            1650 21st Street
  28    University Collection Shopping Center           MLML     Retail                2708-2798 East Fowler Avenue
  29    Lakeshore Apartments                            MLML     Multifamily           730 Citadel Circle
  30    Southdown Pavilion                               CRF     Multifamily           3166 Highway 315
  31    Brookhollow Shopping Center                     MLML     Retail                14526-15164 San Pedro Avenue
  32    La Reina Plaza                                  MLML     Retail                14622 Ventura Boulevard
  33    Army Corp Engineer Building                     MLML     Office                4155 Clay Street
  34    Himmarshee Landing                               CRF     Office                1200 East Las Olas
  35    Plaza at Hurstbourne Green                      MLML     Office                3220 Office Pointe Place and 9510
                                                                                       Ormsby Station Road
  36    Singleton Square                                 CRF     Retail                6050 Singleton Road
  37    Hilton Salt Lake City Airport                    CRF     Hospitality           5151 Wiley Post Way
  38    Trappe Shopping Center                          MLML     Retail                130 West Main Street
  39    FNBA - Fountainhead Building                     CRF     Office                1665 West Alameda Drive
  40    Encino Valley Shopping Center                   MLML     Retail                17919-17977 Ventura Boulevard
  41    Hilton Garden Inn - Oxnard                      MLML     Hospitality           2000 Solar Drive
  42    Southern California Ground Lease Portfolio       CRF     Other                 Various
 42.01  Buckingham Heights Business Park                 CRF     Other                 5601-5731 Slauson Avenue
 42.02  Watt Leed Distribution Facility                  CRF     Other                 350 South Ranger Avenue
 42.03  Culver Marina                                    CRF     Other                 4943 McConnell Avenue
 42.04  McConnell Marina                                 CRF     Other                 4935 McConnell Avenue
  43    Cranberry Plaza                                 MLML     Industrial            2 Cranberry Road
  44    GN Resound                                      MLML     Industrial            8001 East Bloomington Freeway
  45    Pueblo Crossing                                  CRF     Retail                5737-5848 North Elizabeth Street
  46    Augusta Corporate Park                           CRF     Office                1481, 1485, and 1489 West Warm Springs Road
  47    McKamy Lakes Apartments                         MLML     Multifamily           290 West Lake Park Road
  48    New City Office                                 MLML     Office                20 Squadron Boulevard
  49    Hilton Garden Inn Garden Grove                   CRF     Hospitality           11777 Harbor Boulevard
  50    Widewaters Commons                               CRF     Retail                Routes 119 and 201
  51    60 East Lake                                     CRF     Other                 60 East Lake Street
  52    Da Vinci Court Apartments                        CRF     Multifamily           1666 Da Vinci Court
  53    Hampton Inn & Suites Garden Grove                CRF     Hospitality           11747 Harbor Boulevard
  54    6221 Wilshire Boulevard                         MLML     Office                6221 Wilshire Boulevard
  55    555 West Beech Street                            CRF     Office                555 West Beech Street
  56    Desert Glen Shopping Center                     MLML     Retail                5350 West Bell Road
  57    Victory Plaza                                   MLML     Retail                1525-1585 Sepulveda Boulevard
  58    Tidewater Estates                               MLML     Manufactured Housing  1701 Northwest 5th Street
  59    Trainers Station Shopping Center                MLML     Retail                20-40 North West End Boulevard
  60    Porterwood Shopping Center                      MLML     Retail                23741 US-59 North
  61    Crenshaw Medical Arts Center                     CRF     Office                3756 Santa Rosalia Drive
  62    Virginia Eye Development                        MLML     Office                241 Corporate Boulevard
  63    Quail Creek Apartments                          MLML     Multifamily           1450 West Lark Lane
  64    Danovitz Portfolio                              MLML     Various               Various
 64.01  10 Duff Road                                    MLML     Office                10 Duff Road
 64.02  Parkway East Professional Center                MLML     Office                10700 Frankstown Road
 64.03  400 Seco Road                                   MLML     Industrial            400 Seco Road
  65    Sherwood Village Apartments                     MLML     Multifamily           1634 South Marion Avenue
  66    State Street Business Park                       CRF     Office                300 West Textile Road
  67    934 South Los Angeles Street                     CRF     Retail                934 South Los Angeles Street
  68    Bond Hotel Master Leases                         CRF     Other                 308 Asylum Street
  69    Battlefield Park                                MLML     Multifamily           3020 South Sagamont
  70    Baggett Office & Shaw #2 Warehouse               CRF     Industrial            3100 and 3132 1st Avenue
  71    International Promenade                          CRF     Retail                4951 West Irlo Bronson Memorial Highway
  72    Centennial Pavilion                              CRF     Retail                7830 and 7800 West Ann Road
  73    755 East Virginia Way                            CRF     Multifamily           755 East Virginia Way
  74    R & R Plaza                                      CRF     Office                8064 West Sahara Avenue
  75    Moon Valley Plaza                                CRF     Retail                13414-13466 North 7th Street,
                                                                                       402-428 and 502 East Thunderbird Road
  76    Garden Office Park                              MLML     Office                1300 & 1350 Division Road
  77    PCG Corporate Center                            MLML     Office                4650 Southwest Macadam Avenue
  78    119 North 4th Street                            MLML     Mixed Use             119 North 4th Street
  79    Cambray Park                                     CRF     Multifamily           13700 East 5th Circle

                                                                                                                   CUT-OFF DATE
LOAN #  PROPERTY NAME                                ORIGINATOR  CITY             COUNTY          STATE  ZIP CODE  BALANCE ($)
------  -------------------------------------------  ----------  ----             ------          -----  --------  ------------

 20.02  1344 West 105th Street                           CRF     Chicago          Cook             IL       60643    5,220,000
 20.03  1001 East 87th Street                            CRF     Chicago          Cook             IL       60619    4,120,000
 20.04  1798 and 1800 Busse Highway                      CRF     Des Plaines      Cook             IL       60016    3,900,000
  21    La Crosse Industrial                            MLML     LaCrosse         LaCrosse         WI       54603   18,935,829
  22    Kahana Gateway Professional Center - Retail     MLML     Lahaina          Maui             HI       96761   18,425,000
  23    Villages at Paseo del Sol                       MLML     Temecula         Riverside        CA       92592   18,260,000
  24    Breckenridge Park Portfolio                      CRF     Tampa            Hillsborough     FL       33404   17,600,000
 24.01  Breckenridge I-III                               CRF     Tampa            Hillsborough     FL       33404   11,880,000
 24.02  Breckenridge IV-V                                CRF     Tampa            Hillsborough     FL       33404    5,720,000
  25    Village Faire Shopping Center                   MLML     Carlsbad         San Diego        CA       92018   17,580,000
  26    Guardian Self Storage                            CRF     Various          Allegheny        PA     Various   17,500,000
 26.01  Storage I (CA)                                   CRF     Pittsburgh       Allegheny        PA       15206    7,600,000
 26.02  Self Storage HR                                  CRF     Monroeville      Allegheny        PA       15146    4,900,000
 26.03  Self Storage WD                                  CRF     Munhall          Allegheny        PA       15120    3,600,000
 26.04  Self Storage III (SM)                            CRF     Pittsburgh       Allegheny        PA       15213    1,400,000
  27    Jacobson Distribution                            CRF     Various          Various          IA     Various   16,961,215
 27.01  Jacobson Distribution 1                          CRF     Sioux City       Woodbury         IA       51111   13,180,052
 27.02  Jacobson Distribution 2                          CRF     LeMars           Plymouth         IA       51031    3,781,163
  28    University Collection Shopping Center           MLML     Tampa            Hillsborough     FL       33612   16,100,000
  29    Lakeshore Apartments                            MLML     Evansville       Vanderburgh      IN       47715   15,600,000
  30    Southdown Pavilion                               CRF     Houma            Terrebonne       LA       70360   14,900,000
  31    Brookhollow Shopping Center                     MLML     San Antonio      Bexar            TX       78232   14,700,000
  32    La Reina Plaza                                  MLML     Sherman Oaks     Los Angeles      CA       91403   14,600,000
  33    Army Corp Engineer Building                     MLML     Vicksburg        Warren           MS       39183   14,400,000
  34    Himmarshee Landing                               CRF     Fort Lauderdale  Broward          FL       33301   14,250,000
  35    Plaza at Hurstbourne Green                      MLML     Louisville       Jefferson        KY       40223   13,500,000
  36    Singleton Square                                 CRF     Norcross         Gwinnett         GA       30093   13,450,000
  37    Hilton Salt Lake City Airport                    CRF     Salt Lake City   Salt Lake        UT       84116   13,425,000
  38    Trappe Shopping Center                          MLML     Trappe           Montgomery       PA       19426   13,200,000
  39    FNBA - Fountainhead Building                     CRF     Tempe            Maricopa         AZ       85282   13,175,383
  40    Encino Valley Shopping Center                   MLML     Encino           Los Angeles      CA       91316   13,100,000
  41    Hilton Garden Inn - Oxnard                      MLML     Oxnard           Ventura          CA       93036   12,960,238
  42    Southern California Ground Lease Portfolio       CRF     Various          Los Angeles      CA     Various   12,469,946
 42.01  Buckingham Heights Business Park                 CRF     Culver City      Los Angeles      CA       90230    9,389,221
 42.02  Watt Leed Distribution Facility                  CRF     Brea             Orange           CA       92821    1,265,934
 42.03  Culver Marina                                    CRF     Los Angeles      Los Angeles      CA       90066      924,472
 42.04  McConnell Marina                                 CRF     Los Angeles      Los Angeles      CA       90066      890,319
  43    Cranberry Plaza                                 MLML     Parsippany       Morris           NJ       07054   12,275,000
  44    GN Resound                                      MLML     Bloomington      Hennepin         MN       55420   12,275,000
  45    Pueblo Crossing                                  CRF     Pueblo           Pueblo           CO       81008   11,800,000
  46    Augusta Corporate Park                           CRF     Henderson        Clark            NV       89014   11,456,250
  47    McKamy Lakes Apartments                         MLML     Lewisville       Denton           TX       75057   11,271,936
  48    New City Office                                 MLML     New City         Rockland         NY       10956   10,937,069
  49    Hilton Garden Inn Garden Grove                   CRF     Garden Grove     Orange           CA       92840   10,776,126
  50    Widewaters Commons                               CRF     Connellsville    Fayette          PA       15425   10,600,000
  51    60 East Lake                                     CRF     Chicago          Cook             IL       60601   10,050,000
  52    Da Vinci Court Apartments                        CRF     Davis            Yolo             CA       95616    9,900,000
  53    Hampton Inn & Suites Garden Grove                CRF     Garden Grove     Orange           CA       92840    9,678,558
  54    6221 Wilshire Boulevard                         MLML     Los Angeles      Los Angeles      CA       90048    9,600,000
  55    555 West Beech Street                            CRF     San Diego        San Diego        CA       92101    9,500,000
  56    Desert Glen Shopping Center                     MLML     Glendale         Maricopa         AZ       85308    9,400,000
  57    Victory Plaza                                   MLML     Los Angeles      Los Angeles      CA       90025    9,237,000
  58    Tidewater Estates                               MLML     Deerfield Beach  Broward          FL       33442    8,951,236
  59    Trainers Station Shopping Center                MLML     Quakertown       Bucks            PA       18951    8,900,000
  60    Porterwood Shopping Center                      MLML     Porter           Montgomery       TX       77365    8,526,000
  61    Crenshaw Medical Arts Center                     CRF     Los Angeles      Los Angeles      CA       90008    8,373,133
  62    Virginia Eye Development                        MLML     Norfolk          Hampton Roads    VA       23502    8,300,000
  63    Quail Creek Apartments                          MLML     Springfield      Greene           MO       65810    8,180,961
  64    Danovitz Portfolio                              MLML     Various          Allegheny        PA     Various    7,889,761
 64.01  10 Duff Road                                    MLML     Pittsburgh       Allegheny        PA       15235    3,299,355
 64.02  Parkway East Professional Center                MLML     Pittsburgh       Allegheny        PA       15235    2,653,829
 64.03  400 Seco Road                                   MLML     Monroeville      Allegheny        PA       15146    1,936,578
  65    Sherwood Village Apartments                     MLML     Springfield      Greene           MO       65807    7,873,028
  66    State Street Business Park                       CRF     Pittsfield       Washtenaw        MI       48108    7,800,000
  67    934 South Los Angeles Street                     CRF     Los Angeles      Los Angeles      CA       90015    7,475,556
  68    Bond Hotel Master Leases                         CRF     Hartford         Hartford         CT        6103    7,000,000
  69    Battlefield Park                                MLML     Springfield      Greene           MO       65807    6,890,532
  70    Baggett Office & Shaw #2 Warehouse               CRF     Birmingham       Jefferson        AL       35233    6,836,831
  71    International Promenade                          CRF     Kissimmee        Osceola          FL       34746    6,800,000
  72    Centennial Pavilion                              CRF     Las Vegas        Clark            NV       89149    6,755,000
  73    755 East Virginia Way                            CRF     Barstow          San Bernardino   CA       92311    6,577,349
  74    R & R Plaza                                      CRF     Las Vegas        Clark            NV       89117    6,539,400
  75    Moon Valley Plaza                                CRF     Phoenix          Maricopa         AZ       85022    6,525,000
  76    Garden Office Park                              MLML     West Warwick     Providence       RI       02893    6,385,699
  77    PCG Corporate Center                            MLML     Portland         Multnomah        OR       97239    6,385,167
  78    119 North 4th Street                            MLML     Minneapolis      Hennepin         MN       55401    6,385,128
  79    Cambray Park                                     CRF     Aurora           Arapahoe         CO       80011    6,300,000

                                                                   ORIGINAL       IO MONTHLY         IO ANNUAL     MONTHLY P&I DEBT
LOAN #  PROPERTY NAME                                ORIGINATOR  BALANCE ($)   DEBT SERVICE ($)  DEBT SERVICE ($)     SERVICE ($)
------  -------------------------------------------  ----------  ------------  ----------------  ----------------  ----------------

 20.02  1344 West 105th Street                           CRF       5,220,000
 20.03  1001 East 87th Street                            CRF       4,120,000
 20.04  1798 and 1800 Busse Highway                      CRF       3,900,000
  21    La Crosse Industrial                            MLML      19,000,000                                          106,335.32
  22    Kahana Gateway Professional Center - Retail     MLML      18,425,000        82,445.05        989,340.61       102,269.12
  23    Villages at Paseo del Sol                       MLML      18,260,000        79,361.68        952,340.16        99,636.90
  24    Breckenridge Park Portfolio                      CRF      17,600,000        84,612.41      1,015,348.89       102,038.97
 24.01  Breckenridge I-III                               CRF      11,880,000
 24.02  Breckenridge IV-V                                CRF       5,720,000
  25    Village Faire Shopping Center                   MLML      17,580,000        81,545.56        978,546.75        99,707.03
  26    Guardian Self Storage                            CRF      17,500,000        85,018.81      1,020,225.69       102,125.25
 26.01  Storage I (CA)                                   CRF       7,600,000
 26.02  Self Storage HR                                  CRF       4,900,000
 26.03  Self Storage WD                                  CRF       3,600,000
 26.04  Self Storage III (SM)                            CRF       1,400,000
  27    Jacobson Distribution                            CRF      17,000,000                                           98,345.12
 27.01  Jacobson Distribution 1                          CRF      13,210,191
 27.02  Jacobson Distribution 2                          CRF       3,789,809
  28    University Collection Shopping Center           MLML      16,100,000        81,087.54        973,050.46
  29    Lakeshore Apartments                            MLML      15,600,000        73,811.11        885,733.33        89,556.32
  30    Southdown Pavilion                               CRF      14,900,000        69,240.16        830,881.94        84,600.56
  31    Brookhollow Shopping Center                     MLML      14,700,000        71,043.19        852,518.33        85,505.26
  32    La Reina Plaza                                  MLML      14,600,000        68,869.92        826,439.08        83,659.09
  33    Army Corp Engineer Building                     MLML      14,400,000        68,376.67        820,520.00
  34    Himmarshee Landing                               CRF      14,250,000        69,470.40        833,644.79        83,340.27
  35    Plaza at Hurstbourne Green                      MLML      13,500,000        64,160.16        769,921.88        77,713.61
  36    Singleton Square                                 CRF      13,450,000        64,888.47        778,661.60        78,149.11
  37    Hilton Salt Lake City Airport                    CRF      13,425,000        67,717.01        812,604.06        80,230.91
  38    Trappe Shopping Center                          MLML      13,200,000        62,065.21        744,782.50        75,487.35
  39    FNBA - Fountainhead Building                     CRF      13,200,000                                           80,980.74
  40    Encino Valley Shopping Center                   MLML      13,100,000        62,004.54        744,054.53        75,220.87
  41    Hilton Garden Inn - Oxnard                      MLML      13,000,000                                           83,759.18
  42    Southern California Ground Lease Portfolio       CRF      12,500,000                                           69,801.71
 42.01  Buckingham Heights Business Park                 CRF       9,411,850
 42.02  Watt Leed Distribution Facility                  CRF       1,268,985
 42.03  Culver Marina                                    CRF         926,700
 42.04  McConnell Marina                                 CRF         892,465
  43    Cranberry Plaza                                 MLML      12,275,000        56,772.16        681,265.91        69,495.99
  44    GN Resound                                      MLML      12,275,000        61,418.47        737,021.69        72,980.40
  45    Pueblo Crossing                                  CRF      11,800,000        56,329.98        675,959.72        68,113.82
  46    Augusta Corporate Park                           CRF      11,456,250        54,592.21        655,106.56        66,057.17
  47    McKamy Lakes Apartments                         MLML      11,300,000                                           61,714.89
  48    New City Office                                 MLML      11,000,000                                           60,212.07
  49    Hilton Garden Inn Garden Grove                   CRF      10,800,000                                           63,803.27
  50    Widewaters Commons                               CRF      10,600,000        48,720.74        584,648.89        59,787.21
  51    60 East Lake                                     CRF      10,050,000        47,636.30        571,635.63        57,758.33
  52    Da Vinci Court Apartments                        CRF       9,900,000        44,165.00        529,980.00        54,852.27
  53    Hampton Inn & Suites Garden Grove                CRF       9,700,000                                           57,304.79
  54    6221 Wilshire Boulevard                         MLML       9,600,000        44,700.33        536,404.00        54,574.02
  55    555 West Beech Street                            CRF       9,500,000        44,708.28        536,499.31        54,357.92
  56    Desert Glen Shopping Center                     MLML       9,400,000        43,308.43        519,701.19        53,095.30
  57    Victory Plaza                                   MLML       9,237,000        43,353.50        520,241.95        52,765.86
  58    Tidewater Estates                               MLML       9,000,000                                           50,819.03
  59    Trainers Station Shopping Center                MLML       8,900,000        41,478.53        497,742.39        50,622.60
  60    Porterwood Shopping Center                      MLML       8,526,000        40,016.45        480,197.35        48,704.31
  61    Crenshaw Medical Arts Center                     CRF       8,400,000                                           48,540.92
  62    Virginia Eye Development                        MLML       8,300,000        40,140.88        481,690.50        48,299.54
  63    Quail Creek Apartments                          MLML       8,200,000                                           46,883.34
  64    Danovitz Portfolio                              MLML       7,900,000                                           48,641.66
 64.01  10 Duff Road                                    MLML       3,303,636
 64.02  Parkway East Professional Center                MLML       2,657,273
 64.03  400 Seco Road                                   MLML       1,939,091
  65    Sherwood Village Apartments                     MLML       7,900,000                                           43,927.96
  66    State Street Business Park                       CRF       7,800,000        38,355.42        460,265.00        45,866.13
  67    934 South Los Angeles Street                     CRF       7,500,000                                           42,866.94
  68    Bond Hotel Master Leases                         CRF       7,000,000                                           44,100.92
  69    Battlefield Park                                MLML       6,900,000                                           40,003.91
  70    Baggett Office & Shaw #2 Warehouse               CRF       6,860,000                                           38,392.65
  71    International Promenade                          CRF       6,800,000        34,299.86        411,598.33        40,638.37
  72    Centennial Pavilion                              CRF       6,755,000        31,675.79        380,109.48        38,566.32
  73    755 East Virginia Way                            CRF       6,600,000                                           36,584.56
  74    R & R Plaza                                      CRF       6,539,400        29,283.49        351,401.93        36,313.59
  75    Moon Valley Plaza                                CRF       6,525,000        30,431.88        365,182.50        37,130.15
  76    Garden Office Park                              MLML       6,400,000                                           37,539.97
  77    PCG Corporate Center                            MLML       6,400,000                                           36,636.19
  78    119 North 4th Street                            MLML       6,400,000                                           36,571.73
  79    Cambray Park                                     CRF       6,300,000        28,743.75        344,925.00        35,376.44

                                                                 ANNUAL P&I DEBT  INTEREST     PRIMARY        MASTER
LOAN #  PROPERTY NAME                                ORIGINATOR    SERVICE ($)     RATE %   SERVICING FEE  SERVICING FEE
------  -------------------------------------------  ----------    -----------     ------   -------------  -------------

 20.02  1344 West 105th Street                           CRF
 20.03  1001 East 87th Street                            CRF
 20.04  1798 and 1800 Busse Highway                      CRF
  21    La Crosse Industrial                            MLML      1,276,023.84     5.3700                     0.0100
  22    Kahana Gateway Professional Center - Retail     MLML      1,227,229.44     5.2960      0.0100         0.0100
  23    Villages at Paseo del Sol                       MLML      1,195,642.80     5.1440      0.0100         0.0100
  24    Breckenridge Park Portfolio                      CRF      1,224,467.64     5.6900      0.0100         0.0100
 24.01  Breckenridge I-III                               CRF
 24.02  Breckenridge IV-V                                CRF
  25    Village Faire Shopping Center                   MLML      1,196,484.36     5.4900      0.0100         0.0100
  26    Guardian Self Storage                            CRF      1,225,503.00     5.7500      0.0100         0.0100
 26.01  Storage I (CA)                                   CRF
 26.02  Self Storage HR                                  CRF
 26.03  Self Storage WD                                  CRF
 26.04  Self Storage III (SM)                            CRF
  27    Jacobson Distribution                            CRF      1,180,141.44     5.6700      0.0100         0.0100
 27.01  Jacobson Distribution 1                          CRF
 27.02  Jacobson Distribution 2                          CRF
  28    University Collection Shopping Center           MLML                       5.9610                     0.0100
  29    Lakeshore Apartments                            MLML      1,074,675.84     5.6000      0.0100         0.0100
  30    Southdown Pavilion                               CRF      1,015,206.72     5.5000      0.0100         0.0100
  31    Brookhollow Shopping Center                     MLML      1,026,063.12     5.7200      0.0100         0.0100
  32    La Reina Plaza                                  MLML      1,003,909.08     5.5830      0.0100         0.0100
  33    Army Corp Engineer Building                     MLML                       5.6200      0.0100         0.0100
  34    Himmarshee Landing                               CRF      1,000,083.24     5.7700      0.0100         0.0100
  35    Plaza at Hurstbourne Green                      MLML       932,563.32      5.6250      0.0100         0.0100
  36    Singleton Square                                 CRF       937,789.32      5.7100      0.0100         0.0100
  37    Hilton Salt Lake City Airport                    CRF       962,770.92      5.9700      0.0100         0.0100
  38    Trappe Shopping Center                          MLML       905,848.20      5.5650      0.0100         0.0100
  39    FNBA - Fountainhead Building                     CRF       971,768.88      5.4900      0.0100         0.0100
  40    Encino Valley Shopping Center                   MLML       902,650.44      5.6020      0.0100         0.0100
  41    Hilton Garden Inn - Oxnard                      MLML      1,005,110.16     6.0000      0.0100         0.0100
  42    Southern California Ground Lease Portfolio       CRF       837,620.52      5.3500      0.0100         0.0100
 42.01  Buckingham Heights Business Park                 CRF
 42.02  Watt Leed Distribution Facility                  CRF
 42.03  Culver Marina                                    CRF
 42.04  McConnell Marina                                 CRF
  43    Cranberry Plaza                                 MLML       833,951.88      5.4740      0.0100         0.0100
  44    GN Resound                                      MLML       875,764.80      5.9220      0.0100         0.0100
  45    Pueblo Crossing                                  CRF       817,365.84      5.6500      0.0100         0.0100
  46    Augusta Corporate Park                           CRF       792,686.04      5.6400      0.0100         0.0100
  47    McKamy Lakes Apartments                         MLML       740,578.68      5.1520      0.0100         0.0100
  48    New City Office                                 MLML       722,544.84      5.1720      0.0100         0.0100
  49    Hilton Garden Inn Garden Grove                   CRF       765,639.24      5.8630      0.0100         0.0100
  50    Widewaters Commons                               CRF       717,446.52      5.4400      0.0100         0.0100
  51    60 East Lake                                     CRF       693,099.96      5.6100      0.0100         0.0100
  52    Da Vinci Court Apartments                        CRF       658,227.24      5.2800      0.0100         0.0100
  53    Hampton Inn & Suites Garden Grove                CRF       687,657.48      5.8630      0.0100         0.0100
  54    6221 Wilshire Boulevard                         MLML       654,888.24      5.5110      0.0100         0.0100
  55    555 West Beech Street                            CRF       652,295.04      5.5700      0.0100         0.0100
  56    Desert Glen Shopping Center                     MLML       637,143.60      5.4530      0.0100         0.0100
  57    Victory Plaza                                   MLML       633,190.32      5.5550      0.0100         0.0100
  58    Tidewater Estates                               MLML       609,828.36      5.4500      0.0100         0.0100
  59    Trainers Station Shopping Center                MLML       607,471.20      5.5160      0.0100         0.0100
  60    Porterwood Shopping Center                      MLML       584,451.72      5.5550      0.0100         0.0100
  61    Crenshaw Medical Arts Center                     CRF       582,491.04      5.6600      0.0100         0.0100
  62    Virginia Eye Development                        MLML       579,594.48      5.7240      0.0100         0.0100
  63    Quail Creek Apartments                          MLML       562,600.08      5.5630      0.0100         0.0100
  64    Danovitz Portfolio                              MLML       583,699.92      6.2500      0.0100         0.0100
 64.01  10 Duff Road                                    MLML
 64.02  Parkway East Professional Center                MLML
 64.03  400 Seco Road                                   MLML
  65    Sherwood Village Apartments                     MLML       527,135.52      5.3120      0.0100         0.0100
  66    State Street Business Park                       CRF       550,393.56      5.8200      0.0100         0.0100
  67    934 South Los Angeles Street                     CRF       514,403.28      5.5600      0.0100         0.0100
  68    Bond Hotel Master Leases                         CRF       529,211.04      5.7650                     0.0100
  69    Battlefield Park                                MLML       480,046.92      5.6900      0.0100         0.0100
  70    Baggett Office & Shaw #2 Warehouse               CRF       460,711.80      5.3700      0.0100         0.0100
  71    International Promenade                          CRF       487,660.44      5.9700      0.0100         0.0100
  72    Centennial Pavilion                              CRF       462,795.84      5.5500      0.0100         0.0100
  73    755 East Virginia Way                            CRF       439,014.72      5.2840      0.0100         0.0100
  74    R & R Plaza                                      CRF       435,763.08      5.3000      0.0100         0.0100
  75    Moon Valley Plaza                                CRF       445,561.80      5.5200      0.0100         0.0100
  76    Garden Office Park                              MLML       450,479.64      5.7970      0.0100         0.0100
  77    PCG Corporate Center                            MLML       439,634.28      5.5740                     0.0100
  78    119 North 4th Street                            MLML       438,860.76      5.5580      0.0100         0.0100
  79    Cambray Park                                     CRF       424,517.28      5.4000      0.0100         0.0100

                                                                    TRUSTEE AND    SUB SERVICING  ADMIN.  MORTGAGE
LOAN #  PROPERTY NAME                                ORIGINATOR  PAYING AGENT FEE    FEE RATE      FEE %   RATE %   ACCRUAL TYPE
------  -------------------------------------------  ----------  ----------------  -------------  ------  --------  ------------

 20.02  1344 West 105th Street                           CRF
 20.03  1001 East 87th Street                            CRF
 20.04  1798 and 1800 Busse Highway                      CRF
  21    La Crosse Industrial                            MLML          0.0010          0.0500       0.061   5.3090     Actual/360
  22    Kahana Gateway Professional Center - Retail     MLML          0.0010                       0.021   5.2750     Actual/360
  23    Villages at Paseo del Sol                       MLML          0.0010                       0.021   5.1230     Actual/360
  24    Breckenridge Park Portfolio                      CRF          0.0010                       0.021   5.6690     Actual/360
 24.01  Breckenridge I-III                               CRF
 24.02  Breckenridge IV-V                                CRF
  25    Village Faire Shopping Center                   MLML          0.0010                       0.021   5.4690     Actual/360
  26    Guardian Self Storage                            CRF          0.0010                       0.021   5.7290     Actual/360
 26.01  Storage I (CA)                                   CRF
 26.02  Self Storage HR                                  CRF
 26.03  Self Storage WD                                  CRF
 26.04  Self Storage III (SM)                            CRF
  27    Jacobson Distribution                            CRF          0.0010                       0.021   5.6490     Actual/360
 27.01  Jacobson Distribution 1                          CRF
 27.02  Jacobson Distribution 2                          CRF
  28    University Collection Shopping Center           MLML          0.0010          0.0600       0.071   5.8900     Actual/360
  29    Lakeshore Apartments                            MLML          0.0010                       0.021   5.5790     Actual/360
  30    Southdown Pavilion                               CRF          0.0010                       0.021   5.4790     Actual/360
  31    Brookhollow Shopping Center                     MLML          0.0010                       0.021   5.6990     Actual/360
  32    La Reina Plaza                                  MLML          0.0010                       0.021   5.5620     Actual/360
  33    Army Corp Engineer Building                     MLML          0.0010                       0.021   5.5990     Actual/360
  34    Himmarshee Landing                               CRF          0.0010                       0.021   5.7490     Actual/360
  35    Plaza at Hurstbourne Green                      MLML          0.0010                       0.021   5.6040     Actual/360
  36    Singleton Square                                 CRF          0.0010                       0.021   5.6890     Actual/360
  37    Hilton Salt Lake City Airport                    CRF          0.0010                       0.021   5.9490     Actual/360
  38    Trappe Shopping Center                          MLML          0.0010                       0.021   5.5440     Actual/360
  39    FNBA - Fountainhead Building                     CRF          0.0010                       0.021   5.4690     Actual/360
  40    Encino Valley Shopping Center                   MLML          0.0010                       0.021   5.5810     Actual/360
  41    Hilton Garden Inn - Oxnard                      MLML          0.0010                       0.021   5.9790     Actual/360
  42    Southern California Ground Lease Portfolio       CRF          0.0010                       0.021   5.3290     Actual/360
 42.01  Buckingham Heights Business Park                 CRF
 42.02  Watt Leed Distribution Facility                  CRF
 42.03  Culver Marina                                    CRF
 42.04  McConnell Marina                                 CRF
  43    Cranberry Plaza                                 MLML          0.0010                       0.021   5.4530     Actual/360
  44    GN Resound                                      MLML          0.0010                       0.021   5.9010     Actual/360
  45    Pueblo Crossing                                  CRF          0.0010                       0.021   5.6290     Actual/360
  46    Augusta Corporate Park                           CRF          0.0010                       0.021   5.6190     Actual/360
  47    McKamy Lakes Apartments                         MLML          0.0010                       0.021   5.1310     Actual/360
  48    New City Office                                 MLML          0.0010                       0.021   5.1510     Actual/360
  49    Hilton Garden Inn Garden Grove                   CRF          0.0010                       0.021   5.8420     Actual/360
  50    Widewaters Commons                               CRF          0.0010                       0.021   5.4190     Actual/360
  51    60 East Lake                                     CRF          0.0010                       0.021   5.5890     Actual/360
  52    Da Vinci Court Apartments                        CRF          0.0010                       0.021   5.2590     Actual/360
  53    Hampton Inn & Suites Garden Grove                CRF          0.0010                       0.021   5.8420     Actual/360
  54    6221 Wilshire Boulevard                         MLML          0.0010                       0.021   5.4900     Actual/360
  55    555 West Beech Street                            CRF          0.0010                       0.021   5.5490     Actual/360
  56    Desert Glen Shopping Center                     MLML          0.0010                       0.021   5.4320     Actual/360
  57    Victory Plaza                                   MLML          0.0010                       0.021   5.5340     Actual/360
  58    Tidewater Estates                               MLML          0.0010                       0.021   5.4290     Actual/360
  59    Trainers Station Shopping Center                MLML          0.0010                       0.021   5.4950     Actual/360
  60    Porterwood Shopping Center                      MLML          0.0010                       0.021   5.5340     Actual/360
  61    Crenshaw Medical Arts Center                     CRF          0.0010                       0.021   5.6390     Actual/360
  62    Virginia Eye Development                        MLML          0.0010                       0.021   5.7030     Actual/360
  63    Quail Creek Apartments                          MLML          0.0010                       0.021   5.5420     Actual/360
  64    Danovitz Portfolio                              MLML          0.0010                       0.021   6.2290     Actual/360
 64.01  10 Duff Road                                    MLML
 64.02  Parkway East Professional Center                MLML
 64.03  400 Seco Road                                   MLML
  65    Sherwood Village Apartments                     MLML          0.0010                       0.021   5.2910     Actual/360
  66    State Street Business Park                       CRF          0.0010                       0.021   5.7990     Actual/360
  67    934 South Los Angeles Street                     CRF          0.0010                       0.021   5.5390     Actual/360
  68    Bond Hotel Master Leases                         CRF          0.0010          0.0700       0.081   5.6840     Actual/360
  69    Battlefield Park                                MLML          0.0010                       0.021   5.6690     Actual/360
  70    Baggett Office & Shaw #2 Warehouse               CRF          0.0010                       0.021   5.3490     Actual/360
  71    International Promenade                          CRF          0.0010                       0.021   5.9490     Actual/360
  72    Centennial Pavilion                              CRF          0.0010                       0.021   5.5290     Actual/360
  73    755 East Virginia Way                            CRF          0.0010                       0.021   5.2630     Actual/360
  74    R & R Plaza                                      CRF          0.0010                       0.021   5.2790     Actual/360
  75    Moon Valley Plaza                                CRF          0.0010                       0.021   5.4990     Actual/360
  76    Garden Office Park                              MLML          0.0010                       0.021   5.7760     Actual/360
  77    PCG Corporate Center                            MLML          0.0010          0.1000       0.111   5.4630     Actual/360
  78    119 North 4th Street                            MLML          0.0010                       0.021   5.5370     Actual/360
  79    Cambray Park                                     CRF          0.0010                       0.021   5.3790     Actual/360

                                                                                  MATURITY/  AMORT
LOAN #  PROPERTY NAME                                ORIGINATOR  TERM  REM. TERM  ARD DATE   TERM   REM. AMORT  TITLE TYPE
------  -------------------------------------------  ----------  ----  ---------  --------   -----  ----------  ----------

 20.02  1344 West 105th Street                           CRF                                                    Fee
 20.03  1001 East 87th Street                            CRF                                                    Fee
 20.04  1798 and 1800 Busse Highway                      CRF                                                    Fee
  21    La Crosse Industrial                            MLML     120      117     12/1/2015   360       357     Fee
  22    Kahana Gateway Professional Center - Retail     MLML     120      118     1/1/2016    360       360     Fee
  23    Villages at Paseo del Sol                       MLML     120      117     12/1/2015   360       360     Fee
  24    Breckenridge Park Portfolio                      CRF     119      117     12/8/2015   360       360     Fee
 24.01  Breckenridge I-III                               CRF                                                    Fee
 24.02  Breckenridge IV-V                                CRF                                                    Fee
  25    Village Faire Shopping Center                   MLML     120      118     1/1/2016    360       360     Fee/Leasehold
  26    Guardian Self Storage                            CRF     120      118     1/8/2016    360       360     Fee
 26.01  Storage I (CA)                                   CRF                                                    Fee
 26.02  Self Storage HR                                  CRF                                                    Fee
 26.03  Self Storage WD                                  CRF                                                    Fee
 26.04  Self Storage III (SM)                            CRF                                                    Fee
  27    Jacobson Distribution                            CRF     120      118     1/8/2016    360       358     Fee
 27.01  Jacobson Distribution 1                          CRF                                                    Fee
 27.02  Jacobson Distribution 2                          CRF                                                    Fee
  28    University Collection Shopping Center           MLML      84       84     3/1/2013     0         0      Fee
  29    Lakeshore Apartments                            MLML     120      119     2/1/2016    360       360     Fee
  30    Southdown Pavilion                               CRF     120      119     2/8/2016    360       360     Fee
  31    Brookhollow Shopping Center                     MLML     120      118     1/1/2016    360       360     Fee
  32    La Reina Plaza                                  MLML     120      118     1/1/2016    360       360     Fee
  33    Army Corp Engineer Building                     MLML     128      125     8/1/2016     0         0      Fee
  34    Himmarshee Landing                               CRF     120      117     12/8/2015   360       360     Fee
  35    Plaza at Hurstbourne Green                      MLML     120      119     2/1/2016    360       360     Fee
  36    Singleton Square                                 CRF     120      118     1/8/2016    360       360     Fee
  37    Hilton Salt Lake City Airport                    CRF      60       57     12/8/2010   360       360     Fee
  38    Trappe Shopping Center                          MLML     120      119     2/1/2016    360       360     Fee
  39    FNBA - Fountainhead Building                     CRF     120      119     2/8/2016    300       299     Fee
  40    Encino Valley Shopping Center                   MLML     121      121     4/1/2016    360       360     Fee/Leasehold
  41    Hilton Garden Inn - Oxnard                      MLML     120      118     1/1/2016    300       298     Fee
  42    Southern California Ground Lease Portfolio       CRF     120      118     1/8/2016    360       358     Fee
 42.01  Buckingham Heights Business Park                 CRF                                                    Fee
 42.02  Watt Leed Distribution Facility                  CRF                                                    Fee
 42.03  Culver Marina                                    CRF                                                    Fee
 42.04  McConnell Marina                                 CRF                                                    Fee
  43    Cranberry Plaza                                 MLML     120      119     2/1/2016    360       360     Fee
  44    GN Resound                                      MLML      71       69     12/1/2011   360       360     Fee
  45    Pueblo Crossing                                  CRF     120      119     2/8/2016    360       360     Fee
  46    Augusta Corporate Park                           CRF     120      119     2/8/2016    360       360     Fee
  47    McKamy Lakes Apartments                         MLML     120      118     1/1/2016    360       358     Fee
  48    New City Office                                 MLML     120      115     10/1/2015   360       355     Fee
  49    Hilton Garden Inn Garden Grove                   CRF     120      118     1/8/2016    360       358     Fee
  50    Widewaters Commons                               CRF     120      120     3/8/2016    360       360     Fee
  51    60 East Lake                                     CRF     120      117     12/8/2015   360       360     Fee
  52    Da Vinci Court Apartments                        CRF     120      119     2/8/2016    360       360     Fee
  53    Hampton Inn & Suites Garden Grove                CRF     120      118     1/8/2016    360       358     Fee
  54    6221 Wilshire Boulevard                         MLML     120      118     1/1/2016    360       360     Fee
  55    555 West Beech Street                            CRF     120      118     1/8/2016    360       360     Fee
  56    Desert Glen Shopping Center                     MLML     120      120     3/1/2016    360       360     Fee
  57    Victory Plaza                                   MLML     120      120     3/1/2016    360       360     Fee
  58    Tidewater Estates                               MLML     120      115     10/1/2015   360       355     Fee
  59    Trainers Station Shopping Center                MLML     120      118     1/1/2016    360       360     Fee/Leasehold
  60    Porterwood Shopping Center                      MLML     120      118     1/1/2016    360       360     Fee
  61    Crenshaw Medical Arts Center                     CRF     120      117     12/8/2015   360       357     Fee
  62    Virginia Eye Development                        MLML     120      118     1/1/2016    360       360     Fee
  63    Quail Creek Apartments                          MLML     120      118     1/1/2016    360       358     Fee
  64    Danovitz Portfolio                              MLML     120      119     2/1/2016    360       359     Fee
 64.01  10 Duff Road                                    MLML                                                    Fee
 64.02  Parkway East Professional Center                MLML                                                    Fee
 64.03  400 Seco Road                                   MLML                                                    Fee
  65    Sherwood Village Apartments                     MLML     120      117     12/1/2015   360       357     Fee
  66    State Street Business Park                       CRF     120      120     3/8/2016    360       360     Fee
  67    934 South Los Angeles Street                     CRF     120      117     12/8/2015   360       357     Fee
  68    Bond Hotel Master Leases                         CRF     120      120     3/8/2016    300       300     Fee
  69    Battlefield Park                                MLML     120      119     2/1/2016    360       359     Fee
  70    Baggett Office & Shaw #2 Warehouse               CRF     120      117     12/8/2015   360       357     Fee
  71    International Promenade                          CRF     120      117     12/8/2015   360       360     Fee
  72    Centennial Pavilion                              CRF     120      118     1/8/2016    360       360     Fee
  73    755 East Virginia Way                            CRF     120      117     12/8/2015   360       357     Fee
  74    R & R Plaza                                      CRF     120      117     12/8/2015   360       360     Fee
  75    Moon Valley Plaza                                CRF     120      120     3/8/2016    360       360     Fee
  76    Garden Office Park                              MLML     120      118     1/1/2016    360       358     Fee
  77    PCG Corporate Center                            MLML     120      118     1/1/2016    360       358     Fee
  78    119 North 4th Street                            MLML     120      118     1/1/2016    360       358     Fee
  79    Cambray Park                                     CRF     120      120     3/8/2016    360       360     Fee

                                                                                            ARD                   ENVIRONMENTAL
LOAN #  PROPERTY NAME                                ORIGINATOR  ARD LOAN                  STEP UP                   INSURANCE
------  -------------------------------------------  ----------  --------  -------------------------------------  -------------

 20.02  1344 West 105th Street                           CRF                                                            No
 20.03  1001 East 87th Street                            CRF                                                            No
 20.04  1798 and 1800 Busse Highway                      CRF                                                            No
  21    La Crosse Industrial                            MLML        No                                                  No
  22    Kahana Gateway Professional Center - Retail     MLML        No                                                  No
  23    Villages at Paseo del Sol                       MLML        No                                                  No
  24    Breckenridge Park Portfolio                      CRF        No                                                  No
 24.01  Breckenridge I-III                               CRF                                                            No
 24.02  Breckenridge IV-V                                CRF                                                            No
  25    Village Faire Shopping Center                   MLML        No                                                  No
  26    Guardian Self Storage                            CRF        No                                                  No
 26.01  Storage I (CA)                                   CRF                                                            No
 26.02  Self Storage HR                                  CRF                                                            No
 26.03  Self Storage WD                                  CRF                                                            No
 26.04  Self Storage III (SM)                            CRF                                                            No
  27    Jacobson Distribution                            CRF        No                                                  No
 27.01  Jacobson Distribution 1                          CRF                                                            No
 27.02  Jacobson Distribution 2                          CRF                                                            No
  28    University Collection Shopping Center           MLML        No                                                  No
  29    Lakeshore Apartments                            MLML        No                                                  No
  30    Southdown Pavilion                               CRF        No                                                  No
  31    Brookhollow Shopping Center                     MLML        No                                                  No
  32    La Reina Plaza                                  MLML        No                                                  No
  33    Army Corp Engineer Building                     MLML        No                                                  No
  34    Himmarshee Landing                               CRF        No                                                  No
  35    Plaza at Hurstbourne Green                      MLML        No                                                  No
  36    Singleton Square                                 CRF        No                                                  No
  37    Hilton Salt Lake City Airport                    CRF        No                                                  No
  38    Trappe Shopping Center                          MLML        No                                                  No
  39    FNBA - Fountainhead Building                     CRF        No                                                  No
  40    Encino Valley Shopping Center                   MLML        No                                                  No
  41    Hilton Garden Inn - Oxnard                      MLML        No                                                  No
  42    Southern California Ground Lease Portfolio       CRF        No                                                  No
 42.01  Buckingham Heights Business Park                 CRF                                                            No
 42.02  Watt Leed Distribution Facility                  CRF                                                            No
 42.03  Culver Marina                                    CRF                                                            No
 42.04  McConnell Marina                                 CRF                                                            No
  43    Cranberry Plaza                                 MLML        No                                                  No
  44    GN Resound                                      MLML        No                                                  No
  45    Pueblo Crossing                                  CRF       Yes     Greater of: (i) Initial Interest Rate        No
                                                                           plus 2% or (ii) 10yr Treasury Rate
                                                                           plus 3.18%
  46    Augusta Corporate Park                           CRF        No                                                  No
  47    McKamy Lakes Apartments                         MLML        No                                                  No
  48    New City Office                                 MLML        No                                                  No
  49    Hilton Garden Inn Garden Grove                   CRF        No                                                  No
  50    Widewaters Commons                               CRF        No                                                  No
  51    60 East Lake                                     CRF        No                                                  No
  52    Da Vinci Court Apartments                        CRF        No                                                  No
  53    Hampton Inn & Suites Garden Grove                CRF        No                                                  No
  54    6221 Wilshire Boulevard                         MLML        No                                                  No
  55    555 West Beech Street                            CRF        No                                                  No
  56    Desert Glen Shopping Center                     MLML        No                                                  No
  57    Victory Plaza                                   MLML        No                                                  No
  58    Tidewater Estates                               MLML        No                                                  No
  59    Trainers Station Shopping Center                MLML        No                                                  No
  60    Porterwood Shopping Center                      MLML        No                                                  No
  61    Crenshaw Medical Arts Center                     CRF        No                                                  No
  62    Virginia Eye Development                        MLML        No                                                  No
  63    Quail Creek Apartments                          MLML        No                                                  No
  64    Danovitz Portfolio                              MLML        No                                                  No
 64.01  10 Duff Road                                    MLML                                                            No
 64.02  Parkway East Professional Center                MLML                                                            No
 64.03  400 Seco Road                                   MLML                                                            No
  65    Sherwood Village Apartments                     MLML        No                                                  No
  66    State Street Business Park                       CRF        No                                                  No
  67    934 South Los Angeles Street                     CRF        No                                                  No
  68    Bond Hotel Master Leases                         CRF        No                                                  No
  69    Battlefield Park                                MLML        No                                                  No
  70    Baggett Office & Shaw #2 Warehouse               CRF        No                                                  No
  71    International Promenade                          CRF        No                                                  No
  72    Centennial Pavilion                              CRF        No                                                  No
  73    755 East Virginia Way                            CRF        No                                                  No
  74    R & R Plaza                                      CRF        No                                                  No
  75    Moon Valley Plaza                                CRF        No                                                  No
  76    Garden Office Park                              MLML        No                                                  No
  77    PCG Corporate Center                            MLML        No                                                  No
  78    119 North 4th Street                            MLML        No                                                  No
  79    Cambray Park                                     CRF        No                                                  No

                                                                                             PARTIAL
                                                                   CROSS    CROSS           DEFEASANCE  LETTER OF  LOCKBOX IN
LOAN #  PROPERTY NAME                                ORIGINATOR  DEFAULTED  COLLATERALIZED  ALLOWED     CREDIT     PLACE
------  -------------------------------------------  ----------  ---------  --------------  ----------  ---------  ----------

 20.02  1344 West 105th Street                           CRF
 20.03  1001 East 87th Street                            CRF
 20.04  1798 and 1800 Busse Highway                      CRF
  21    La Crosse Industrial                            MLML        No      No              No          Yes        Yes
  22    Kahana Gateway Professional Center - Retail     MLML        No      No              No          Yes        No
  23    Villages at Paseo del Sol                       MLML        No      No              No          No         No
  24    Breckenridge Park Portfolio                      CRF        No      No              Yes         No         Yes
 24.01  Breckenridge I-III                               CRF
 24.02  Breckenridge IV-V                                CRF
  25    Village Faire Shopping Center                   MLML        No      No              No          No         No
  26    Guardian Self Storage                            CRF        No      No              Yes         No         Yes
 26.01  Storage I (CA)                                   CRF
 26.02  Self Storage HR                                  CRF
 26.03  Self Storage WD                                  CRF
 26.04  Self Storage III (SM)                            CRF
  27    Jacobson Distribution                            CRF        No      No              Yes         No         Yes
 27.01  Jacobson Distribution 1                          CRF
 27.02  Jacobson Distribution 2                          CRF
  28    University Collection Shopping Center           MLML        No      No              No          No         No
  29    Lakeshore Apartments                            MLML        No      No              No          No         No
  30    Southdown Pavilion                               CRF        No      No              Yes         No         No
  31    Brookhollow Shopping Center                     MLML        No      No              No          Yes        No
  32    La Reina Plaza                                  MLML        No      No              No          No         No
  33    Army Corp Engineer Building                     MLML        No      No              No          No         Yes
  34    Himmarshee Landing                               CRF        No      No              No          No         Yes
  35    Plaza at Hurstbourne Green                      MLML        No      No              No          No         No
  36    Singleton Square                                 CRF        No      No              No          No         No
  37    Hilton Salt Lake City Airport                    CRF        No      No              No          No         Yes
  38    Trappe Shopping Center                          MLML        No      No              No          No         No
  39    FNBA - Fountainhead Building                     CRF        No      No              No          No         No
  40    Encino Valley Shopping Center                   MLML        No      No              No          No         No
  41    Hilton Garden Inn - Oxnard                      MLML        No      No              No          No         Yes
  42    Southern California Ground Lease Portfolio       CRF        No      No              Yes         No         No
 42.01  Buckingham Heights Business Park                 CRF
 42.02  Watt Leed Distribution Facility                  CRF
 42.03  Culver Marina                                    CRF
 42.04  McConnell Marina                                 CRF
  43    Cranberry Plaza                                 MLML        No      No              No          No         No
  44    GN Resound                                      MLML        No      No              No          No         Yes
  45    Pueblo Crossing                                  CRF        No      No              No          No         Yes
  46    Augusta Corporate Park                           CRF        No      No              No          No         No
  47    McKamy Lakes Apartments                         MLML        No      No              No          No         No
  48    New City Office                                 MLML        No      No              No          No         No
  49    Hilton Garden Inn Garden Grove                   CRF        No      No              No          No         Yes
  50    Widewaters Commons                               CRF        No      No              No          No         No
  51    60 East Lake                                     CRF        No      No              No          No         No
  52    Da Vinci Court Apartments                        CRF        No      No              No          No         No
  53    Hampton Inn & Suites Garden Grove                CRF        No      No              No          No         Yes
  54    6221 Wilshire Boulevard                         MLML        No      No              No          No         No
  55    555 West Beech Street                            CRF        No      No              No          No         No
  56    Desert Glen Shopping Center                     MLML        No      No              No          No         No
  57    Victory Plaza                                   MLML        No      No              No          No         No
  58    Tidewater Estates                               MLML        No      No              No          No         Yes
  59    Trainers Station Shopping Center                MLML        No      No              No          No         No
  60    Porterwood Shopping Center                      MLML        No      No              No          No         No
  61    Crenshaw Medical Arts Center                     CRF        No      No              No          No         No
  62    Virginia Eye Development                        MLML        No      No              No          No         Yes
  63    Quail Creek Apartments                          MLML        No      No              No          No         No
  64    Danovitz Portfolio                              MLML        No      No              No          No         Yes
 64.01  10 Duff Road                                    MLML
 64.02  Parkway East Professional Center                MLML
 64.03  400 Seco Road                                   MLML
  65    Sherwood Village Apartments                     MLML        No      No              No          No         No
  66    State Street Business Park                       CRF        No      No              No          No         No
  67    934 South Los Angeles Street                     CRF        No      No              No          No         No
  68    Bond Hotel Master Leases                         CRF        No      No              No          No         No
  69    Battlefield Park                                MLML        No      No              No          No         No
  70    Baggett Office & Shaw #2 Warehouse               CRF        No      No              No          No         Yes
  71    International Promenade                          CRF        No      No              No          No         Yes
  72    Centennial Pavilion                              CRF        No      No              No          No         No
  73    755 East Virginia Way                            CRF        No      No              No          No         No
  74    R & R Plaza                                      CRF        No      No              No          No         No
  75    Moon Valley Plaza                                CRF        No      No              No          No         No
  76    Garden Office Park                              MLML        No      No              No          No         No
  77    PCG Corporate Center                            MLML        No      No              No          No         No
  78    119 North 4th Street                            MLML        No      No              No          No         No
  79    Cambray Park                                     CRF        No      No              No          No         No

                                                                             UPFRONT      UPFRONT      UPFRONT      UPFRONT
                                                                 HOLDBACK  ENGINEERING     CAPEX       ENVIR.        TI/LC
LOAN #  PROPERTY NAME                                ORIGINATOR  AMOUNT    RESERVE ($)  RESERVE ($)  RESERVE ($)  RESERVE ($)
------  -------------------------------------------  ----------  ------    -----------  -----------  -----------  -----------

20.02   1344 West 105th Street                           CRF
20.03   1001 East 87th Street                            CRF
20.04   1798 and 1800 Busse Highway                      CRF
  21    La Crosse Industrial                            MLML
  22    Kahana Gateway Professional Center - Retail     MLML                 19,375                                 250,000
  23    Villages at Paseo del Sol                       MLML
  24    Breckenridge Park Portfolio                      CRF                                                        200,000
24.01   Breckenridge I-III                               CRF
24.02   Breckenridge IV-V                                CRF
  25    Village Faire Shopping Center                   MLML                                                        180,000
  26    Guardian Self Storage                            CRF
26.01   Storage I (CA)                                   CRF
26.02   Self Storage HR                                  CRF
26.03   Self Storage WD                                  CRF
26.04   Self Storage III (SM)                            CRF
  27    Jacobson Distribution                            CRF
27.01   Jacobson Distribution 1                          CRF
27.02   Jacobson Distribution 2                          CRF
  28    University Collection Shopping Center           MLML                 800,000
  29    Lakeshore Apartments                            MLML     400,000
  30    Southdown Pavilion                               CRF
  31    Brookhollow Shopping Center                     MLML                               243,309
  32    La Reina Plaza                                  MLML     500,000                    85,851
  33    Army Corp Engineer Building                     MLML                               664,327
  34    Himmarshee Landing                               CRF
  35    Plaza at Hurstbourne Green                      MLML                                33,214                 1,024,000
  36    Singleton Square                                 CRF
  37    Hilton Salt Lake City Airport                    CRF                             6,250,000
  38    Trappe Shopping Center                          MLML                                58,845                  500,000
  39    FNBA - Fountainhead Building                     CRF                 49,400
  40    Encino Valley Shopping Center                   MLML                                15,461                  175,000
  41    Hilton Garden Inn - Oxnard                      MLML
  42    Southern California Ground Lease Portfolio       CRF
42.01   Buckingham Heights Business Park                 CRF
42.02   Watt Leed Distribution Facility                  CRF
42.03   Culver Marina                                    CRF
42.04   McConnell Marina                                 CRF
  43    Cranberry Plaza                                 MLML                               133,635
  44    GN Resound                                      MLML                                                        10,181
  45    Pueblo Crossing                                  CRF                                                        75,000
  46    Augusta Corporate Park                           CRF                                                        300,000
  47    McKamy Lakes Apartments                         MLML
  48    New City Office                                 MLML                                                        50,000
  49    Hilton Garden Inn Garden Grove                   CRF
  50    Widewaters Commons                               CRF
  51    60 East Lake                                     CRF
  52    Da Vinci Court Apartments                        CRF
  53    Hampton Inn & Suites Garden Grove                CRF
  54    6221 Wilshire Boulevard                         MLML                                                        200,000
  55    555 West Beech Street                            CRF
  56    Desert Glen Shopping Center                     MLML                                                        100,000
  57    Victory Plaza                                   MLML     500,000                    60,065                  150,000
  58    Tidewater Estates                               MLML                 18,750
  59    Trainers Station Shopping Center                MLML                 35,250         32,063
  60    Porterwood Shopping Center                      MLML
  61    Crenshaw Medical Arts Center                     CRF
  62    Virginia Eye Development                        MLML     131,252
  63    Quail Creek Apartments                          MLML
  64    Danovitz Portfolio                              MLML
64.01   10 Duff Road                                    MLML
64.02   Parkway East Professional Center                MLML
64.03   400 Seco Road                                   MLML
  65    Sherwood Village Apartments                     MLML                                84,000
  66    State Street Business Park                       CRF
  67    934 South Los Angeles Street                     CRF
  68    Bond Hotel Master Leases                         CRF
  69    Battlefield Park                                MLML
  70    Baggett Office & Shaw #2 Warehouse               CRF                                            1,250
  71    International Promenade                          CRF
  72    Centennial Pavilion                              CRF                                                        125,000
  73    755 East Virginia Way                            CRF                 18,750
  74    R & R Plaza                                      CRF                                                        150,000
  75    Moon Valley Plaza                                CRF                 16,000                     4,328
  76    Garden Office Park                              MLML                                                        200,000
  77    PCG Corporate Center                            MLML
  78    119 North 4th Street                            MLML
  79    Cambray Park                                     CRF                             1,000,000

                                                                   UPFRONT      UPFRONT      UPFRONT          MONTHLY
                                                                   RE TAX         INS.        OTHER            CAPEX
LOAN #  PROPERTY NAME                                ORIGINATOR  RESERVE ($)  RESERVE ($)  RESERVE ($)      RESERVE ($)
------  -------------------------------------------  ----------  -----------  -----------  -----------  --------------------

20.02   1344 West 105th Street                           CRF
20.03   1001 East 87th Street                            CRF
20.04   1798 and 1800 Busse Highway                      CRF
  21    La Crosse Industrial                            MLML       357,940       88,874                         7,765
  22    Kahana Gateway Professional Center - Retail     MLML        54,402       15,781                           735
  23    Villages at Paseo del Sol                       MLML        28,310        5,250                           962
  24    Breckenridge Park Portfolio                      CRF        24,734       44,278                         4,557
24.01   Breckenridge I-III                               CRF
24.02   Breckenridge IV-V                                CRF
  25    Village Faire Shopping Center                   MLML        67,671       2,528       67,730             1,137
  26    Guardian Self Storage                            CRF       115,536       31,461                         3,461
26.01   Storage I (CA)                                   CRF
26.02   Self Storage HR                                  CRF
26.03   Self Storage WD                                  CRF
26.04   Self Storage III (SM)                            CRF
  27    Jacobson Distribution                            CRF
27.01   Jacobson Distribution 1                          CRF
27.02   Jacobson Distribution 2                          CRF
  28    University Collection Shopping Center           MLML        37,050                   277,427            1,782
  29    Lakeshore Apartments                            MLML        57,867       30,373                         3,733
  30    Southdown Pavilion                               CRF         4,635       16,780                         3,334
  31    Brookhollow Shopping Center                     MLML        42,145       10,694                         3,336
  32    La Reina Plaza                                  MLML        68,835       14,400      129,000            1,045
  33    Army Corp Engineer Building                     MLML                                                    4,154
  34    Himmarshee Landing                               CRF                                                      854
  35    Plaza at Hurstbourne Green                      MLML         7,726       18,201      700,000            2,253
  36    Singleton Square                                 CRF        46,445       30,178                         2,083
  37    Hilton Salt Lake City Airport                    CRF        31,433       71,488                        28,000
  38    Trappe Shopping Center                          MLML       136,737       28,842                         2,135
  39    FNBA - Fountainhead Building                     CRF                                                    3,891
  40    Encino Valley Shopping Center                   MLML                                                      977
  41    Hilton Garden Inn - Oxnard                      MLML        39,062       43,968                 4% of Gross Revenues
  42    Southern California Ground Lease Portfolio       CRF
42.01   Buckingham Heights Business Park                 CRF
42.02   Watt Leed Distribution Facility                  CRF
42.03   Culver Marina                                    CRF
42.04   McConnell Marina                                 CRF
  43    Cranberry Plaza                                 MLML        42,707                    3,000             2,379
  44    GN Resound                                      MLML
  45    Pueblo Crossing                                  CRF        71,202       13,473                         1,142
  46    Augusta Corporate Park                           CRF                      1,514      529,030
  47    McKamy Lakes Apartments                         MLML                     15,857                         4,458
  48    New City Office                                 MLML        53,793        6,151                           922
  49    Hilton Garden Inn Garden Grove                   CRF        41,435                                     13,241
  50    Widewaters Commons                               CRF                                1,450,000
  51    60 East Lake                                     CRF       107,500        6,449      750,000            1,019
  52    Da Vinci Court Apartments                        CRF        50,327                                      1,063
  53    Hampton Inn & Suites Garden Grove                CRF        44,640                                     13,510
  54    6221 Wilshire Boulevard                         MLML                                 43,200               876
  55    555 West Beech Street                            CRF
  56    Desert Glen Shopping Center                     MLML                      2,051      23,995               568
  57    Victory Plaza                                   MLML                                                      976
  58    Tidewater Estates                               MLML        67,523                   101,638              517
  59    Trainers Station Shopping Center                MLML        31,683       31,112                         1,524
  60    Porterwood Shopping Center                      MLML                     26,225                         1,234
  61    Crenshaw Medical Arts Center                     CRF        22,382       16,093      267,600            1,249
  62    Virginia Eye Development                        MLML                      1,187                           710
  63    Quail Creek Apartments                          MLML         5,790        6,718                         3,758
  64    Danovitz Portfolio                              MLML        92,752        7,084
64.01   10 Duff Road                                    MLML
64.02   Parkway East Professional Center                MLML
64.03   400 Seco Road                                   MLML
  65    Sherwood Village Apartments                     MLML         5,470       10,938
  66    State Street Business Park                       CRF        95,044                                        910
  67    934 South Los Angeles Street                     CRF        15,009
  68    Bond Hotel Master Leases                         CRF                                1,050,000
  69    Battlefield Park                                MLML        17,336       16,612                         2,979
  70    Baggett Office & Shaw #2 Warehouse               CRF         8,293       12,194                         1,753
  71    International Promenade                          CRF         9,908       12,638                           595
  72    Centennial Pavilion                              CRF                      2,186      80,394
  73    755 East Virginia Way                            CRF        13,703                                      4,112
  74    R & R Plaza                                      CRF         7,360
  75    Moon Valley Plaza                                CRF        48,178                   272,800            1,059
  76    Garden Office Park                              MLML                      2,866                           892
  77    PCG Corporate Center                            MLML        15,503        3,205                           689
  78    119 North 4th Street                            MLML        35,073        7,408                         1,419
  79    Cambray Park                                     CRF                     41,890

                                                                     MONTHLY        MONTHLY        MONTHLY        MONTHLY
                                                                      CAPEX          TI/LC          TI/LC          RE TAX
LOAN #  PROPERTY NAME                                ORIGINATOR  RESERVE CAP ($)  RESERVE ($)  RESERVE CAP ($)  RESERVE ($)
------  -------------------------------------------  ----------  ---------------  -----------  ---------------  -----------

20.02   1344 West 105th Street                           CRF
20.03   1001 East 87th Street                            CRF
20.04   1798 and 1800 Busse Highway                      CRF
  21    La Crosse Industrial                            MLML                                                       35,794
  22    Kahana Gateway Professional Center - Retail     MLML          20,250                                        9,520
  23    Villages at Paseo del Sol                       MLML                          3,583         86,000         14,863
  24    Breckenridge Park Portfolio                      CRF                         13,672                        34,028
24.01   Breckenridge I-III                               CRF
24.02   Breckenridge IV-V                                CRF
  25    Village Faire Shopping Center                   MLML                          8,000        180,000         22,557
  26    Guardian Self Storage                            CRF                                                       20,846
26.01   Storage I (CA)                                   CRF
26.02   Self Storage HR                                  CRF
26.03   Self Storage WD                                  CRF
26.04   Self Storage III (SM)                            CRF
  27    Jacobson Distribution                            CRF                          6,861        411,650         45,526
27.01   Jacobson Distribution 1                          CRF
27.02   Jacobson Distribution 2                          CRF
  28    University Collection Shopping Center           MLML                                                       18,525
  29    Lakeshore Apartments                            MLML         134,388                                       14,467
  30    Southdown Pavilion                               CRF          50,000                                        2,318
  31    Brookhollow Shopping Center                     MLML                                                       19,839
  32    La Reina Plaza                                  MLML          62,716          3,889        140,000         12,230
  33    Army Corp Engineer Building                     MLML                          7,066
  34    Himmarshee Landing                               CRF                          7,259                        14,060
  35    Plaza at Hurstbourne Green                      MLML                                                        7,726
  36    Singleton Square                                 CRF                                                       11,612
  37    Hilton Salt Lake City Airport                    CRF                                                       15,716
  38    Trappe Shopping Center                          MLML         128,100                                       21,056
  39    FNBA - Fountainhead Building                     CRF         233,452
  40    Encino Valley Shopping Center                   MLML          24,000                                       12,074
  41    Hilton Garden Inn - Oxnard                      MLML                                                       24,588
  42    Southern California Ground Lease Portfolio       CRF
42.01   Buckingham Heights Business Park                 CRF
42.02   Watt Leed Distribution Facility                  CRF
42.03   Culver Marina                                    CRF
42.04   McConnell Marina                                 CRF
  43    Cranberry Plaza                                 MLML                          6,875                        21,353
  44    GN Resound                                      MLML                         10,181
  45    Pueblo Crossing                                  CRF                          5,000        275,000         25,000
  46    Augusta Corporate Park                           CRF                          7,750        300,000          8,960
  47    McKamy Lakes Apartments                         MLML                                                       18,915
  48    New City Office                                 MLML                          4,611                        17,931
  49    Hilton Garden Inn Garden Grove                   CRF                                                       11,745
  50    Widewaters Commons                               CRF
  51    60 East Lake                                     CRF                                                       25,000
  52    Da Vinci Court Apartments                        CRF                                                        4,575
  53    Hampton Inn & Suites Garden Grove                CRF                                                       11,547
  54    6221 Wilshire Boulevard                         MLML          21,000          4,167        300,000          5,245
  55    555 West Beech Street                            CRF                                                       18,992
  56    Desert Glen Shopping Center                     MLML                                                        3,144
  57    Victory Plaza                                   MLML                                                        4,807
  58    Tidewater Estates                               MLML                                                        5,558
  59    Trainers Station Shopping Center                MLML                                                        6,385
  60    Porterwood Shopping Center                      MLML                                                       11,554
  61    Crenshaw Medical Arts Center                     CRF          44,964          6,243        224,736          7,461
  62    Virginia Eye Development                        MLML                          4,717                         2,724
  63    Quail Creek Apartments                          MLML          90,192                                        5,790
  64    Danovitz Portfolio                              MLML                                                       15,459
64.01   10 Duff Road                                    MLML
64.02   Parkway East Professional Center                MLML
64.03   400 Seco Road                                   MLML
  65    Sherwood Village Apartments                     MLML                                                        5,459
  66    State Street Business Park                       CRF          50,000                                       21,557
  67    934 South Los Angeles Street                     CRF                                                        5,003
  68    Bond Hotel Master Leases                         CRF
  69    Battlefield Park                                MLML          71,500                                        4,334
  70    Baggett Office & Shaw #2 Warehouse               CRF                                                        8,293
  71    International Promenade                          CRF                          3,345        120,420          4,954
  72    Centennial Pavilion                              CRF                          2,633        125,000          3,885
  73    755 East Virginia Way                            CRF                                                        4,570
  74    R & R Plaza                                      CRF                          5,303        150,000          7,360
  75    Moon Valley Plaza                                CRF                          1,589         57,198          9,836
  76    Garden Office Park                              MLML                                                        2,248
  77    PCG Corporate Center                            MLML                                                        7,752
  78    119 North 4th Street                            MLML                          2,083        125,000         11,691
  79    Cambray Park                                     CRF                                                        5,564

                                                                   MONTHLY      MONTHLY
                                                                    INS.         OTHER      GRACE
LOAN #  PROPERTY NAME                                ORIGINATOR  RESERVE ($)  RESERVE ($)  PERIOD
------  -------------------------------------------  ----------  -----------  -----------  ------

20.02   1344 West 105th Street                           CRF
20.03   1001 East 87th Street                            CRF
20.04   1798 and 1800 Busse Highway                      CRF
  21    La Crosse Industrial                            MLML        7,776                     5
  22    Kahana Gateway Professional Center - Retail     MLML        5,260                     5
  23    Villages at Paseo del Sol                       MLML        2,625                     5
  24    Breckenridge Park Portfolio                      CRF        8,587                     0
24.01   Breckenridge I-III                               CRF
24.02   Breckenridge IV-V                                CRF
  25    Village Faire Shopping Center                   MLML        2,528                     5
  26    Guardian Self Storage                            CRF        3,146                     0
26.01   Storage I (CA)                                   CRF
26.02   Self Storage HR                                  CRF
26.03   Self Storage WD                                  CRF
26.04   Self Storage III (SM)                            CRF
  27    Jacobson Distribution                            CRF                                  0
27.01   Jacobson Distribution 1                          CRF
27.02   Jacobson Distribution 2                          CRF
  28    University Collection Shopping Center           MLML        6,440                     5
  29    Lakeshore Apartments                            MLML        6,297                     5
  30    Southdown Pavilion                               CRF        8,390                     0
  31    Brookhollow Shopping Center                     MLML        3,565                     5
  32    La Reina Plaza                                  MLML        2,057                     5
  33    Army Corp Engineer Building                     MLML                                  5
  34    Himmarshee Landing                               CRF       10,125                     0
  35    Plaza at Hurstbourne Green                      MLML        3,033                     5
  36    Singleton Square                                 CRF        2,515                     0
  37    Hilton Salt Lake City Airport                    CRF        8,015                     0
  38    Trappe Shopping Center                          MLML        2,622                     5
  39    FNBA - Fountainhead Building                     CRF                                  0
  40    Encino Valley Shopping Center                   MLML                                  5
  41    Hilton Garden Inn - Oxnard                      MLML        5,496                     5
  42    Southern California Ground Lease Portfolio       CRF                                  0
42.01   Buckingham Heights Business Park                 CRF
42.02   Watt Leed Distribution Facility                  CRF
42.03   Culver Marina                                    CRF
42.04   McConnell Marina                                 CRF
  43    Cranberry Plaza                                 MLML                                  5
  44    GN Resound                                      MLML                                  4
  45    Pueblo Crossing                                  CRF        2,245                     0
  46    Augusta Corporate Park                           CRF        1,514                     0
  47    McKamy Lakes Apartments                         MLML        2,643                     5
  48    New City Office                                 MLML        1,538                     5
  49    Hilton Garden Inn Garden Grove                   CRF                                  0
  50    Widewaters Commons                               CRF                                  0
  51    60 East Lake                                     CRF          586                     0
  52    Da Vinci Court Apartments                        CRF        2,643                     0
  53    Hampton Inn & Suites Garden Grove                CRF                                  0
  54    6221 Wilshire Boulevard                         MLML                                  5
  55    555 West Beech Street                            CRF                                  0
  56    Desert Glen Shopping Center                     MLML          684                     5
  57    Victory Plaza                                   MLML                                  5
  58    Tidewater Estates                               MLML        1,000      Variable       5
  59    Trainers Station Shopping Center                MLML        3,111                     5
  60    Porterwood Shopping Center                      MLML        3,666                     5
  61    Crenshaw Medical Arts Center                     CRF        1,463                     0
  62    Virginia Eye Development                        MLML          593                     5
  63    Quail Creek Apartments                          MLML        2,239                     5
  64    Danovitz Portfolio                              MLML        2,361                     5
64.01   10 Duff Road                                    MLML
64.02   Parkway East Professional Center                MLML
64.03   400 Seco Road                                   MLML
  65    Sherwood Village Apartments                     MLML        1,367                     5
  66    State Street Business Park                       CRF                                  0
  67    934 South Los Angeles Street                     CRF          567                     0
  68    Bond Hotel Master Leases                         CRF                                  0
  69    Battlefield Park                                MLML        1,510                     5
  70    Baggett Office & Shaw #2 Warehouse               CRF        2,032                     0
  71    International Promenade                          CRF        1,053                     0
  72    Centennial Pavilion                              CRF        1,093                     0
  73    755 East Virginia Way                            CRF        3,958                     0
  74    R & R Plaza                                      CRF        1,042                     0
  75    Moon Valley Plaza                                CRF                                  0
  76    Garden Office Park                              MLML          955                     5
  77    PCG Corporate Center                            MLML        1,603                     5
  78    119 North 4th Street                            MLML          741                     5
  79    Cambray Park                                     CRF        3,491                     0

                                                                                PROPERTY
LOAN #  PROPERTY NAME                                               ORIGINATOR  TYPE
------  ----------------------------------------------------------  ----------  --------------------

  80    Sherman Square                                                 MLML     Retail
  81    Cambridge Quail                                                 CRF     Office
  82    Kahana Gateway Professional Center - Office                    MLML     Office
  83    Generations Medical Center                                      CRF     Office
  84    17525 Ventura Blvd                                             MLML     Office
  85    Junction Shoppes                                                CRF     Retail
  86    1963 Grand Concourse                                            CRF     Office
  87    501 East Virginia Way                                           CRF     Multifamily
  88    San Leandro Medical Office                                      CRF     Office
  89    Rainbow Diablo Medical Building                                 CRF     Office
  90    Country Lakes Apartments                                        CRF     Multifamily
  91    McCar Homes                                                     CRF     Office
  92    Cheyenne Fountains                                              CRF     Retail
  93    135 West 27th Street Commercial Corp                           MLML     Office
  94    Times Square Retail Center                                      CRF     Retail
  95    Palmdale Meadows and 12th Street Courtyard East Apartments      CRF     Multifamily
95.01   Palmdale Meadows Apartments                                     CRF     Multifamily
95.02   12th Street Courtyard East                                      CRF     Multifamily
  96    North Main Center - Rockford                                    CRF     Retail
  97    Endicott Apartments                                            MLML     Multifamily
  98    Mesa K-Mart (95)                                               MLML     Retail
  99    Hunters Point Apartments                                        CRF     Multifamily
 100    Santee Galleria                                                 CRF     Retail
 101    Glendale Kmart (95)                                            MLML     Retail
 102    Clark Office Building                                           CRF     Office
 103    Walgreen's - Chula Vista                                       MLML     Retail
 104    Hickory Hill Estates                                            CRF     Multifamily
 105    Keystone Center                                                MLML     Office
 106    Casa Grande Gateway                                             CRF     Retail
 107    16812 Sherman Way                                               CRF     Multifamily
 108    Brookhurst Plaza                                               MLML     Retail
 109    Eastern Boulevard Plaza                                         CRF     Retail
 110    Norco Town & Country Business Center                            CRF     Industrial
 111    Westlake Professional Center                                    CRF     Office
 112    1318-1332 Wilshire                                              CRF     Retail
 113    Crestview Apartments                                           MLML     Multifamily
 114    Redmond Ridge Marketplace                                      MLML     Retail
 115    Walgreens 24th & Florin                                         CRF     Retail
 116    Ashby Apartments                                                CRF     Multifamily
 117    Summit Marketplace                                              CRF     Retail
 118    Alii Sunset Plaza                                               CRF     Retail
 119    Rancho Plaza - Thousand Oaks                                    CRF     Office
 120    Woodley Towers                                                  CRF     Multifamily
 121    Sunnyside Town Center                                          MLML     Retail
 122    Walgreen's Fremont                                             MLML     Retail
 123    Watson Business Center (95)                                    MLML     Industrial
 124    Northridge Plaza                                                CRF     Retail
 125    Canton Corners Shopping Center (95)                            MLML     Retail
 126    2823 Bristol                                                    CRF     Office
 127    John R. Wood Realty                                            MLML     Office
 128    Telegraph Avenue Medical Office Building                        CRF     Office
 129    Beloit Mall                                                     CRF     Retail
 130    Dublin Corners                                                 MLML     Retail
 131    Super K-Mart Center (95)                                       MLML     Retail
 132    1638 Placentia Avenue                                           CRF     Industrial
 133    Osco Drug Tucson - Sunrise                                      CRF     Retail
 134    Osco Drug Tucson - Broadway                                     CRF     Retail
 135    The Bluffs Of Burnsville (95)                                  MLML     Multifamily
 136    4120-4160 Kingsley Apartments                                   CRF     Multifamily
 137    861 South Catalina Street                                       CRF     Multifamily
 138    Storage Plus - Sandy                                            CRF     Self Storage
 139    Settlement Apartments (95)                                     MLML     Multifamily
 140    Cypresswood Center                                             MLML     Retail
 141    Walgreens Tomball                                               CRF     Retail
 142    Medical Specialties Center (95)                                MLML     Office
 143    Harbor Side Apartments (95)                                    MLML     Multifamily
 144    Starbucks - Verizon                                             CRF     Retail
 145    Sawtelle Place                                                  CRF     Retail
 146    Regency Apartments                                             MLML     Multifamily
 147    Kennestone Professional Bldg. (95)                             MLML     Office
 148    Victorville Pavilion Shops                                      CRF     Retail
 149    Lakeside Apartments                                             CRF     Multifamily
 150    Edmonds Professional Center (95)                               MLML     Office
 151    Off Broadway Plaza                                              CRF     Office
 152    Meadow View Mobile Home Park                                    CRF     Manufactured Housing

LOAN #  PROPERTY NAME                                               ORIGINATOR  STREET ADDRESS
------  ----------------------------------------------------------  ----------  ----------------------------------------------------

  80    Sherman Square                                                 MLML     7203-19 North Van Nuys Boulevard and 14503-523
                                                                                West Sherman Way
  81    Cambridge Quail                                                 CRF     1601-1681 East Flamingo Road
  82    Kahana Gateway Professional Center - Office                    MLML     10 Hoohui Road
  83    Generations Medical Center                                      CRF     6301 South McClintock Drive
  84    17525 Ventura Blvd                                             MLML     17525 Ventura Boulevard
  85    Junction Shoppes                                                CRF     183 West Apache Trail
  86    1963 Grand Concourse                                            CRF     1963 Grand Concourse
  87    501 East Virginia Way                                           CRF     501 East Virginia Way
  88    San Leandro Medical Office                                      CRF     13851 East 14th Street
  89    Rainbow Diablo Medical Building                                 CRF     5495 South Rainbow Boulevard
  90    Country Lakes Apartments                                        CRF     2714 Ridgewood Avenue
  91    McCar Homes                                                     CRF     4125 Old Milton Parkway
  92    Cheyenne Fountains                                              CRF     7450 West Cheyenne Avenue
  93    135 West 27th Street Commercial Corp                           MLML     135 West 27th Street
  94    Times Square Retail Center                                      CRF     4012, 4016, 4020 South Rainbow and 6820
                                                                                West Flamingo Road
  95    Palmdale Meadows and 12th Street Courtyard East Apartments      CRF     Various
95.01   Palmdale Meadows Apartments                                     CRF     1617 East Avenue R
95.02   12th Street Courtyard East                                      CRF     38675 and 38707 12th Street East
  96    North Main Center - Rockford                                    CRF     NWC of North Main Street and Riverside Boulevard
  97    Endicott Apartments                                            MLML     101 West 81st Street
  98    Mesa K-Mart (95)                                               MLML     1445 South Power Road
  99    Hunters Point Apartments                                        CRF     1422 Hunter's Point Drive
 100    Santee Galleria                                                 CRF     1048 Santee Street
 101    Glendale Kmart (95)                                            MLML     6767 West Bell Road
 102    Clark Office Building                                           CRF     5111 & 5131 South Ridgewood Avenue
 103    Walgreen's - Chula Vista                                       MLML     1115 3rd Avenue
 104    Hickory Hill Estates                                            CRF     427 Mill Road
 105    Keystone Center                                                MLML     135 and 139 Fox Road
 106    Casa Grande Gateway                                             CRF     1659 East Florence Boulevard
 107    16812 Sherman Way                                               CRF     16812 Sherman Way
 108    Brookhurst Plaza                                               MLML     14092-14114 Brookhurst Street
 109    Eastern Boulevard Plaza                                         CRF     2424 Eastern Boulevard
 110    Norco Town & Country Business Center                            CRF     1780, 1790 and 1880 Town & Country Drive
 111    Westlake Professional Center                                    CRF     3180 Willow Lane
 112    1318-1332 Wilshire                                              CRF     1318-1332 Wilshire Boulevard
 113    Crestview Apartments                                           MLML     2700 Temple Crest Drive
 114    Redmond Ridge Marketplace                                      MLML     22500 Northeast Marketplace Drive
 115    Walgreens 24th & Florin                                         CRF     7155 24th Street
 116    Ashby Apartments                                                CRF     800-808 South Hobart Boulevard
 117    Summit Marketplace                                              CRF     385 Crossing Drive
 118    Alii Sunset Plaza                                               CRF     75-5799 Alii Drive
 119    Rancho Plaza - Thousand Oaks                                    CRF     60 and 100 Rancho Road
 120    Woodley Towers                                                  CRF     8614 Woodley Avenue
 121    Sunnyside Town Center                                          MLML     10201-10225 Southeast Sunnyside Road
 122    Walgreen's Fremont                                             MLML     1435 East 23rd Street
 123    Watson Business Center (95)                                    MLML     1930 East Carson Street; 21720, 21730, 21818 & 22010
                                                                                South Wilmington Avenue; 2040 East 22nd Street;
                                                                                23803 Wilmington Avenue; 19433 Laurel Park Road &
                                                                                19520 Rancho Way
 124    Northridge Plaza                                                CRF     2934 North Hills Street
 125    Canton Corners Shopping Center (95)                            MLML     1750 Marietta Highway
 126    2823 Bristol                                                    CRF     2823-2835 South Bristol Street
 127    John R. Wood Realty                                            MLML     2600 Immokalee Road
 128    Telegraph Avenue Medical Office Building                        CRF     3017 Telegraph Avenue
 129    Beloit Mall                                                     CRF     2787 Milwaukee Road
 130    Dublin Corners                                                 MLML     4520, 4524, 4526 Dublin Boulevard
 131    Super K-Mart Center (95)                                       MLML     990 North Kinzie Avenue
 132    1638 Placentia Avenue                                           CRF     1638 Placentia Avenue
 133    Osco Drug Tucson - Sunrise                                      CRF     6895 East Sunrise Drive
 134    Osco Drug Tucson - Broadway                                     CRF     7449 East Broadway Boulevard
 135    The Bluffs Of Burnsville (95)                                  MLML     2800 Selkirk Drive
 136    4120-4160 Kingsley Apartments                                   CRF     4120-4160 Kinsley Street
 137    861 South Catalina Street                                       CRF     861 South Catalina Street
 138    Storage Plus - Sandy                                            CRF     8411 South State Street
 139    Settlement Apartments (95)                                     MLML     1007 130th Avenue Southwest
 140    Cypresswood Center                                             MLML     17500-17520 Kuykendahl Road
 141    Walgreens Tomball                                               CRF     28426 State Highway 249
 142    Medical Specialties Center (95)                                MLML     415 North Center Street
 143    Harbor Side Apartments (95)                                    MLML     1570 North Prospect Avenue
 144    Starbucks - Verizon                                             CRF     13780-13890 Wade Hamilton Boulevard
 145    Sawtelle Place                                                  CRF     1638-1640 Sawtelle Place
 146    Regency Apartments                                             MLML     1401 Montclair Road
 147    Kennestone Professional Bldg. (95)                             MLML     2550 Windy Hill Road
 148    Victorville Pavilion Shops                                      CRF     14190 Bear Valley Road
 149    Lakeside Apartments                                             CRF     112 South Little Flower
 150    Edmonds Professional Center (95)                               MLML     7315 212th Street Southwest
 151    Off Broadway Plaza                                              CRF     305 17th Avenue SW
 152    Meadow View Mobile Home Park                                    CRF     2384 State Route 350

LOAN #  PROPERTY NAME                                               ORIGINATOR  CITY             COUNTY          STATE
------  ----------------------------------------------------------  ----------  ---------------  --------------  -----

  80    Sherman Square                                                 MLML     Van Nuys         Los Angeles       CA
  81    Cambridge Quail                                                 CRF     Las Vegas        Clark             NV
  82    Kahana Gateway Professional Center - Office                    MLML     Lahaina          Maui              HI
  83    Generations Medical Center                                      CRF     Tempe            Maricopa          AZ
  84    17525 Ventura Blvd                                             MLML     Encino           Los Angeles       CA
  85    Junction Shoppes                                                CRF     Apache Junction  Pinal             AZ
  86    1963 Grand Concourse                                            CRF     Bronx            Bronx             NY
  87    501 East Virginia Way                                           CRF     Barstow          San Bernardino    CA
  88    San Leandro Medical Office                                      CRF     San Leandro      Alameda           CA
  89    Rainbow Diablo Medical Building                                 CRF     Las Vegas        Clark             NV
  90    Country Lakes Apartments                                        CRF     Sanford          Seminole          FL
  91    McCar Homes                                                     CRF     Alpharetta       Fulton            GA
  92    Cheyenne Fountains                                              CRF     Las Vegas        Clark             NV
  93    135 West 27th Street Commercial Corp                           MLML     New York         New York          NY
  94    Times Square Retail Center                                      CRF     Las Vegas        Clark             NV
  95    Palmdale Meadows and 12th Street Courtyard East Apartments      CRF     Palmdale         Los Angeles       CA
95.01   Palmdale Meadows Apartments                                     CRF     Palmdale         Los Angeles       CA
95.02   12th Street Courtyard East                                      CRF     Palmdale         Los Angeles       CA
  96    North Main Center - Rockford                                    CRF     Rockford         Winnebago         IL
  97    Endicott Apartments                                            MLML     New York         New York          NY
  98    Mesa K-Mart (95)                                               MLML     Mesa             Maricopa          AZ
  99    Hunters Point Apartments                                        CRF     Zionsville       Boone             IN
 100    Santee Galleria                                                 CRF     Los Angeles      Los Angeles       CA
 101    Glendale Kmart (95)                                            MLML     Glendale         Maricopa          AZ
 102    Clark Office Building                                           CRF     Port Orange      Volusia           FL
 103    Walgreen's - Chula Vista                                       MLML     Chula Vista      San Diego         CA
 104    Hickory Hill Estates                                            CRF     East Aurora      Erie              NY
 105    Keystone Center                                                MLML     Knoxville        Knox              TN
 106    Casa Grande Gateway                                             CRF     Casa Grande      Pinal             AZ
 107    16812 Sherman Way                                               CRF     Van Nuys         Los Angeles       CA
 108    Brookhurst Plaza                                               MLML     Garden Grove     Orange            CA
 109    Eastern Boulevard Plaza                                         CRF     York             York              PA
 110    Norco Town & Country Business Center                            CRF     Norco            Riverside         CA
 111    Westlake Professional Center                                    CRF     Thousand Oaks    Ventura           CA
 112    1318-1332 Wilshire                                              CRF     Santa Monica     Los Angeles       CA
 113    Crestview Apartments                                           MLML     Birmingham       Jefferson         AL
 114    Redmond Ridge Marketplace                                      MLML     Redmond          King              WA
 115    Walgreens 24th & Florin                                         CRF     Sacramento       Sacramento        CA
 116    Ashby Apartments                                                CRF     Los Angeles      Los Angeles       CA
 117    Summit Marketplace                                              CRF     Lafayette        Boulder           CO
 118    Alii Sunset Plaza                                               CRF     Kailua Kona      Hawaii            HI
 119    Rancho Plaza - Thousand Oaks                                    CRF     Thousand Oaks    Ventura           CA
 120    Woodley Towers                                                  CRF     North Hills      Los Angeles       CA
 121    Sunnyside Town Center                                          MLML     Clackamas        Clackamas         OR
 122    Walgreen's Fremont                                             MLML     Fremont          Dodge             NE
 123    Watson Business Center (95)                                    MLML     Carson           Los Angeles       CA
 124    Northridge Plaza                                                CRF     Meridian         Lauderdale        MS
 125    Canton Corners Shopping Center (95)                            MLML     Canton           Cherokee          GA
 126    2823 Bristol                                                    CRF     Santa Ana        Orange            CA
 127    John R. Wood Realty                                            MLML     Naples           Collier           FL
 128    Telegraph Avenue Medical Office Building                        CRF     Berkeley         Alameda           CA
 129    Beloit Mall                                                     CRF     Beloit           Rock              WI
 130    Dublin Corners                                                 MLML     Dublin           Alameda           CA
 131    Super K-Mart Center (95)                                       MLML     Bradley          Kankakee          IL
 132    1638 Placentia Avenue                                           CRF     Costa Mesa       Orange            CA
 133    Osco Drug Tucson - Sunrise                                      CRF     Tucson           Pima              AZ
 134    Osco Drug Tucson - Broadway                                     CRF     Tucson           Pima              AZ
 135    The Bluffs Of Burnsville (95)                                  MLML     Burnsville       Dakota            MN
 136    4120-4160 Kingsley Apartments                                   CRF     Montclair        San Bernardino    CA
 137    861 South Catalina Street                                       CRF     Los Angeles      Los Angeles       CA
 138    Storage Plus - Sandy                                            CRF     Sandy            Salt Lake         UT
 139    Settlement Apartments (95)                                     MLML     Everett          Snohomish         WA
 140    Cypresswood Center                                             MLML     Spring           Harris            TX
 141    Walgreens Tomball                                               CRF     Tomball          Harris            TX
 142    Medical Specialties Center (95)                                MLML     Hickory          Catawba           NC
 143    Harbor Side Apartments (95)                                    MLML     Milwaukee        Milwaukee         WI
 144    Starbucks - Verizon                                             CRF     Greer            Greenville        SC
 145    Sawtelle Place                                                  CRF     Los Angeles      Los Angeles       CA
 146    Regency Apartments                                             MLML     Birmingham       Jefferson         AL
 147    Kennestone Professional Bldg. (95)                             MLML     Marietta         Cobb              GA
 148    Victorville Pavilion Shops                                      CRF     Victorville      San Bernardino    CA
 149    Lakeside Apartments                                             CRF     El Paso          El Paso           TX
 150    Edmonds Professional Center (95)                               MLML     Edmonds          Snohomish         WA
 151    Off Broadway Plaza                                              CRF     Minot            Ward              ND
 152    Meadow View Mobile Home Park                                    CRF     Macedon          Wayne             NY

                                                                                               CUT-OFF DATE    ORIGINAL
LOAN #  PROPERTY NAME                                               ORIGINATOR       ZIP CODE   BALANCE ($)  BALANCE ($)
------  ----------------------------------------------------------  ----------  -------------  ------------  -----------

  80    Sherman Square                                                 MLML             91405     6,235,621    6,250,000
  81    Cambridge Quail                                                 CRF             89119     6,185,762    6,200,000
  82    Kahana Gateway Professional Center - Office                    MLML             96761     6,150,000    6,150,000
  83    Generations Medical Center                                      CRF             85283     6,100,000    6,100,000
  84    17525 Ventura Blvd                                             MLML             91316     6,050,000    6,050,000
  85    Junction Shoppes                                                CRF             85220     6,000,000    6,000,000
  86    1963 Grand Concourse                                            CRF             10453     5,991,986    6,000,000
  87    501 East Virginia Way                                           CRF             92311     5,979,545    6,000,000
  88    San Leandro Medical Office                                      CRF             94578     5,900,000    5,900,000
  89    Rainbow Diablo Medical Building                                 CRF             89118     5,880,000    5,880,000
  90    Country Lakes Apartments                                        CRF             32773     5,821,989    5,835,000
  91    McCar Homes                                                     CRF             30005     5,732,890    5,750,000
  92    Cheyenne Fountains                                              CRF             89149     5,590,000    5,590,000
  93    135 West 27th Street Commercial Corp                           MLML             10001     5,500,000    5,500,000
  94    Times Square Retail Center                                      CRF             89103     5,500,000    5,500,000
  95    Palmdale Meadows and 12th Street Courtyard East Apartments      CRF             93550     5,300,000    5,300,000
95.01   Palmdale Meadows Apartments                                     CRF             93550     2,835,000    2,835,000
95.02   12th Street Courtyard East                                      CRF             93550     2,465,000    2,465,000
  96    North Main Center - Rockford                                    CRF             60187     5,290,023    5,320,000
  97    Endicott Apartments                                            MLML             10024     5,100,000    5,100,000
  98    Mesa K-Mart (95)                                               MLML             85206     5,019,971    6,560,000
  99    Hunters Point Apartments                                        CRF             46077     5,000,000    5,000,000
 100    Santee Galleria                                                 CRF             90015     4,976,791    5,000,000
 101    Glendale Kmart (95)                                            MLML             85308     4,966,525    6,450,000
 102    Clark Office Building                                           CRF     32127 & 32174     4,933,957    4,950,000
 103    Walgreen's - Chula Vista                                       MLML             91911     4,788,172    4,800,000
 104    Hickory Hill Estates                                            CRF             14052     4,754,148    4,800,000
 105    Keystone Center                                                MLML             37922     4,600,000    4,600,000
 106    Casa Grande Gateway                                             CRF             85222     4,382,597    4,410,000
 107    16812 Sherman Way                                               CRF             91406     4,300,000    4,300,000
 108    Brookhurst Plaza                                               MLML             92843     4,190,000    4,190,000
 109    Eastern Boulevard Plaza                                         CRF             17402     4,150,000    4,150,000
 110    Norco Town & Country Business Center                            CRF             92860     4,000,000    4,000,000
 111    Westlake Professional Center                                    CRF             91361     3,944,708    3,950,000
 112    1318-1332 Wilshire                                              CRF             90403     3,827,326    3,840,000
 113    Crestview Apartments                                           MLML             35209     3,780,000    3,780,000
 114    Redmond Ridge Marketplace                                      MLML             98053     3,740,850    3,750,000
 115    Walgreens 24th & Florin                                         CRF             95822     3,695,564    3,700,000
 116    Ashby Apartments                                                CRF             90005     3,550,000    3,550,000
 117    Summit Marketplace                                              CRF             80026     3,500,000    3,500,000
 118    Alii Sunset Plaza                                               CRF             96740     3,488,405    3,500,000
 119    Rancho Plaza - Thousand Oaks                                    CRF             91362     3,400,000    3,400,000
 120    Woodley Towers                                                  CRF             91343     3,350,000    3,350,000
 121    Sunnyside Town Center                                          MLML             97015     3,300,000    3,300,000
 122    Walgreen's Fremont                                             MLML             68025     3,294,525    3,300,000
 123    Watson Business Center (95)                                    MLML             90810     3,159,531    8,000,000
 124    Northridge Plaza                                                CRF             39305     3,076,895    3,100,000
 125    Canton Corners Shopping Center (95)                            MLML             30114     2,982,134    5,910,143
 126    2823 Bristol                                                    CRF             92704     2,937,225    2,950,000
 127    John R. Wood Realty                                            MLML             34110     2,874,005    2,880,000
 128    Telegraph Avenue Medical Office Building                        CRF             94705     2,700,000    2,700,000
 129    Beloit Mall                                                     CRF             53511     2,696,416    2,700,000
 130    Dublin Corners                                                 MLML             94568     2,600,000    2,600,000
 131    Super K-Mart Center (95)                                       MLML             60915     2,480,161    3,270,000
 132    1638 Placentia Avenue                                           CRF             92627     2,400,000    2,400,000
 133    Osco Drug Tucson - Sunrise                                      CRF             85750     2,396,798    2,400,000
 134    Osco Drug Tucson - Broadway                                     CRF             85710     2,097,198    2,100,000
 135    The Bluffs Of Burnsville (95)                                  MLML             55337     1,997,040    2,475,060
 136    4120-4160 Kingsley Apartments                                   CRF             91763     1,995,459    2,000,000
 137    861 South Catalina Street                                       CRF             90005     1,993,699    2,000,000
 138    Storage Plus - Sandy                                            CRF             84070     1,956,630    1,965,000
 139    Settlement Apartments (95)                                     MLML             98204     1,929,651    4,400,000
 140    Cypresswood Center                                             MLML             77379     1,860,000    1,860,000
 141    Walgreens Tomball                                               CRF             77375     1,845,948    1,850,000
 142    Medical Specialties Center (95)                                MLML             28601     1,814,511    3,100,000
 143    Harbor Side Apartments (95)                                    MLML             53202     1,743,601    2,979,546
 144    Starbucks - Verizon                                             CRF             29650     1,700,000    1,700,000
 145    Sawtelle Place                                                  CRF             90025     1,697,729    1,700,000
 146    Regency Apartments                                             MLML             35210     1,674,000    1,674,000
 147    Kennestone Professional Bldg. (95)                             MLML             30067     1,499,589    3,829,090
 148    Victorville Pavilion Shops                                      CRF             92392     1,450,000    1,450,000
 149    Lakeside Apartments                                             CRF             79915     1,312,440    1,330,000
 150    Edmonds Professional Center (95)                               MLML             98026     1,219,594    5,300,000
 151    Off Broadway Plaza                                              CRF             58701     1,073,572    1,075,000
 152    Meadow View Mobile Home Park                                    CRF             14502       996,219    1,000,000

                                                                                                                      MONTHLY
                                                                                   IO MONTHLY         IO ANNUAL      P&I DEBT
LOAN #  PROPERTY NAME                                               ORIGINATOR  DEBT SERVICE ($)  DEBT SERVICE ($)  SERVICE ($)
------  ----------------------------------------------------------  ----------  ----------------  ----------------  -----------

  80    Sherman Square                                                 MLML                                          35,954.85
  81    Cambridge Quail                                                 CRF                                          35,710.27
  82    Kahana Gateway Professional Center - Office                    MLML         27,446.23         329,354.71     34,082.52
  83    Generations Medical Center                                      CRF         29,403.20         352,838.40     35,423.76
  84    17525 Ventura Blvd                                             MLML         28,252.31         339,027.72     34,453.79
  85    Junction Shoppes                                                CRF         27,456.11         329,473.33     33,751.80
  86    1963 Grand Concourse                                            CRF                                          35,780.38
  87    501 East Virginia Way                                           CRF                                          33,392.84
  88    San Leandro Medical Office                                      CRF         28,763.18         345,158.19     34,505.80
  89    Rainbow Diablo Medical Building                                 CRF         27,473.35         329,680.17     33,496.75
  90    Country Lakes Apartments                                        CRF                                          34,274.21
  91    McCar Homes                                                     CRF                                          34,622.17
  92    Cheyenne Fountains                                              CRF         26,996.85         323,962.24     32,501.09
  93    135 West 27th Street Commercial Corp                           MLML                                          40,201.05
  94    Times Square Retail Center                                      CRF                                          32,552.15
  95    Palmdale Meadows and 12th Street Courtyard East Apartments      CRF                                          31,640.01
95.01   Palmdale Meadows Apartments                                     CRF
95.02   12th Street Courtyard East                                      CRF
  96    North Main Center - Rockford                                    CRF                                          29,377.24
  97    Endicott Apartments                                            MLML         22,958.50         275,502.00
  98    Mesa K-Mart (95)                                               MLML                                          53,044.12
  99    Hunters Point Apartments                                        CRF         24,122.11         289,465.28     29,051.71
 100    Santee Galleria                                                 CRF                                          27,517.35
 101    Glendale Kmart (95)                                            MLML                                          52,459.77
 102    Clark Office Building                                           CRF                                          28,385.70
 103    Walgreen's - Chula Vista                                       MLML                                          26,357.32
 104    Hickory Hill Estates                                            CRF                                          32,248.06
 105    Keystone Center                                                MLML                                          27,579.32
 106    Casa Grande Gateway                                             CRF                                          27,239.50
 107    16812 Sherman Way                                               CRF         19,764.07         237,168.89     24,253.30
 108    Brookhurst Plaza                                               MLML         21,212.65         254,551.81     25,099.62
 109    Eastern Boulevard Plaza                                         CRF         19,355.14         232,261.67     23,615.35
 110    Norco Town & Country Business Center                            CRF         18,959.72         227,516.67
 111    Westlake Professional Center                                    CRF                                          23,479.47
 112    1318-1332 Wilshire                                              CRF                                          21,786.24
 113    Crestview Apartments                                           MLML         17,294.16         207,529.88     21,261.27
 114    Redmond Ridge Marketplace                                      MLML                                          20,730.87
 115    Walgreens 24th & Florin                                         CRF                                          20,321.02
 116    Ashby Apartments                                                CRF         17,336.66         208,039.86     20,784.54
 117    Summit Marketplace                                              CRF         17,003.76         204,045.14     20,425.05
 118    Alii Sunset Plaza                                               CRF                                          19,813.36
 119    Rancho Plaza - Thousand Oaks                                    CRF         16,776.48         201,317.78     20,036.29
 120    Woodley Towers                                                  CRF         14,916.42         178,997.01
 121    Sunnyside Town Center                                          MLML         15,176.14         182,113.71     18,619.19
 122    Walgreen's Fremont                                             MLML                                          19,507.19
 123    Watson Business Center (95)                                    MLML                                          81,617.92
 124    Northridge Plaza                                                CRF                                          17,601.46
 125    Canton Corners Shopping Center (95)                            MLML                                          51,762.25
 126    2823 Bristol                                                    CRF                                          16,920.45
 127    John R. Wood Realty                                            MLML                                          17,697.09
 128    Telegraph Avenue Medical Office Building                        CRF         13,048.75         156,585.00     15,705.05
 129    Beloit Mall                                                     CRF                                          16,205.23
 130    Dublin Corners                                                 MLML         12,673.10         152,077.25     15,204.29
 131    Super K-Mart Center (95)                                       MLML                                          26,606.95
 132    1638 Placentia Avenue                                           CRF         11,375.83         136,510.00
 133    Osco Drug Tucson - Sunrise                                      CRF                                          14,327.55
 134    Osco Drug Tucson - Broadway                                     CRF                                          12,536.61
 135    The Bluffs Of Burnsville (95)                                  MLML                                          20,344.99
 136    4120-4160 Kingsley Apartments                                   CRF                                          11,608.01
 137    861 South Catalina Street                                       CRF                                          11,658.76
 138    Storage Plus - Sandy                                            CRF                                          11,379.98
 139    Settlement Apartments (95)                                     MLML                                          45,546.60
 140    Cypresswood Center                                             MLML                                          11,227.09
 141    Walgreens Tomball                                               CRF                                          10,996.71
 142    Medical Specialties Center (95)                                MLML                                          26,171.32
 143    Harbor Side Apartments (95)                                    MLML                                          28,726.12
 144    Starbucks - Verizon                                             CRF         7,942.97          95,315.69       9,684.44
 145    Sawtelle Place                                                  CRF                                          10,137.78
 146    Regency Apartments                                             MLML         7,658.84          91,906.09       9,415.71
 147    Kennestone Professional Bldg. (95)                             MLML                                          38,940.83
 148    Victorville Pavilion Shops                                      CRF         7,179.18          86,150.14
 149    Lakeside Apartments                                             CRF                                           7,775.05
 150    Edmonds Professional Center (95)                               MLML                                          53,756.13
 151    Off Broadway Plaza                                              CRF                                           6,445.17
 152    Meadow View Mobile Home Park                                    CRF                                           6,901.84

                                                                                                                            MASTER
                                                                                ANNUAL P&I DEBT  INTEREST     PRIMARY     SERVICING
LOAN #  PROPERTY NAME                                               ORIGINATOR    SERVICE ($)     RATE %   SERVICING FEE     FEE
------  ----------------------------------------------------------  ----------  ---------------  --------  -------------  ---------

  80    Sherman Square                                                 MLML        431,458.20     5.6190      0.0100        0.0100
  81    Cambridge Quail                                                 CRF        428,523.24     5.6300      0.0100        0.0100
  82    Kahana Gateway Professional Center - Office                    MLML        408,990.24     5.2820      0.0100        0.0100
  83    Generations Medical Center                                      CRF        425,085.12     5.7050      0.0100        0.0100
  84    17525 Ventura Blvd                                             MLML        413,445.48     5.5270      0.0100        0.0100
  85    Junction Shoppes                                                CRF        405,021.60     5.4160      0.0100        0.0100
  86    1963 Grand Concourse                                            CRF        429,364.56     5.9500      0.0100        0.0100
  87    501 East Virginia Way                                           CRF        400,714.08     5.3200      0.0100        0.0100
  88    San Leandro Medical Office                                      CRF        414,069.55     5.7700      0.0100        0.0100
  89    Rainbow Diablo Medical Building                                 CRF        401,961.00     5.5300      0.0100        0.0100
  90    Country Lakes Apartments                                        CRF        411,290.52     5.8100      0.0100        0.0100
  91    McCar Homes                                                     CRF        415,466.04     6.0400      0.0100        0.0100
  92    Cheyenne Fountains                                              CRF        390,013.08     5.7160      0.0100        0.0100
  93    135 West 27th Street Commercial Corp                           MLML        482,412.60     6.2500      0.0100        0.0100
  94    Times Square Retail Center                                      CRF        390,625.80     5.8800      0.0100        0.0100
  95    Palmdale Meadows and 12th Street Courtyard East Apartments      CRF        379,680.12     5.9600      0.0100        0.0100
95.01   Palmdale Meadows Apartments                                     CRF
95.02   12th Street Courtyard East                                      CRF
  96    North Main Center - Rockford                                    CRF        352,526.88     5.2500      0.0100        0.0100
  97    Endicott Apartments                                            MLML                       5.3280      0.0100        0.0100
  98    Mesa K-Mart (95)                                               MLML        636,529.44     8.5500      0.0100        0.0100
  99    Hunters Point Apartments                                        CRF        348,620.52     5.7100      0.0100        0.0100
 100    Santee Galleria                                                 CRF        330,208.20     5.2200      0.0100        0.0100
 101    Glendale Kmart (95)                                            MLML        629,517.24     8.6200      0.0100        0.0100
 102    Clark Office Building                                           CRF        340,628.40     5.5900      0.0100        0.0100
 103    Walgreen's - Chula Vista                                       MLML        316,287.84     5.2000      0.0100        0.0100
 104    Hickory Hill Estates                                            CRF        386,976.72     5.2140      0.0100        0.0100
 105    Keystone Center                                                MLML        330,951.84     6.0000      0.0100        0.0100
 106    Casa Grande Gateway                                             CRF        326,874.00     5.5600      0.0100        0.0100
 107    16812 Sherman Way                                               CRF        291,039.60     5.4400      0.0100        0.0100
 108    Brookhurst Plaza                                               MLML        301,195.44     5.9920                    0.0100
 109    Eastern Boulevard Plaza                                         CRF        283,384.20     5.5200      0.0100        0.0100
 110    Norco Town & Country Business Center                            CRF                       5.6100      0.0100        0.0100
 111    Westlake Professional Center                                    CRF        281,753.64     5.9200      0.0100        0.0100
 112    1318-1332 Wilshire                                              CRF        261,434.88     5.4930      0.0100        0.0100
 113    Crestview Apartments                                           MLML        255,135.24     5.4150      0.0100        0.0100
 114    Redmond Ridge Marketplace                                      MLML        248,770.44     5.2600                    0.0100
 115    Walgreens 24th & Florin                                         CRF        243,852.24     5.5200      0.0100        0.0100
 116    Ashby Apartments                                                CRF        249,414.48     5.7800      0.0100        0.0100
 117    Summit Marketplace                                              CRF        245,100.60     5.7500      0.0100        0.0100
 118    Alii Sunset Plaza                                               CRF        237,760.32     5.4730      0.0100        0.0100
 119    Rancho Plaza - Thousand Oaks                                    CRF        240,435.48     5.8400      0.0100        0.0100
 120    Woodley Towers                                                  CRF                       5.2700      0.0100        0.0100
 121    Sunnyside Town Center                                          MLML        223,430.28     5.4430      0.0100        0.0100
 122    Walgreen's Fremont                                             MLML        234,086.28     5.4670      0.0100        0.0100
 123    Watson Business Center (95)                                    MLML        979,415.04     9.1000      0.0100        0.0100
 124    Northridge Plaza                                                CRF        211,217.52     5.5000      0.0100        0.0100
 125    Canton Corners Shopping Center (95)                            MLML        621,147.00     8.0000      0.0100        0.0100
 126    2823 Bristol                                                    CRF        203,045.40     5.5920      0.0100        0.0100
 127    John R. Wood Realty                                            MLML        212,365.08     6.2310      0.0100        0.0100
 128    Telegraph Avenue Medical Office Building                        CRF        188,460.60     5.7200      0.0100        0.0100
 129    Beloit Mall                                                     CRF        194,462.76     6.0100      0.0100        0.0100
 130    Dublin Corners                                                 MLML        182,451.48     5.7690      0.0100        0.0100
 131    Super K-Mart Center (95)                                       MLML        319,283.40     8.6250      0.0100        0.0100
 132    1638 Placentia Avenue                                           CRF                       5.6100      0.0100        0.0100
 133    Osco Drug Tucson - Sunrise                                      CRF        171,930.60     5.9600      0.0100        0.0100
 134    Osco Drug Tucson - Broadway                                     CRF        150,439.32     5.9600      0.0100        0.0100
 135    The Bluffs Of Burnsville (95)                                  MLML        244,139.88     8.7500      0.0100        0.0100
 136    4120-4160 Kingsley Apartments                                   CRF        139,296.12     5.7000      0.0100        0.0100
 137    861 South Catalina Street                                       CRF        139,905.12     5.7400      0.0100        0.0100
 138    Storage Plus - Sandy                                            CRF        136,559.76     5.6800      0.0100        0.0100
 139    Settlement Apartments (95)                                     MLML        546,559.20     9.6000      0.0100        0.0100
 140    Cypresswood Center                                             MLML        134,725.08     6.0630                    0.0100
 141    Walgreens Tomball                                               CRF        131,960.52     5.9200      0.0100        0.0100
 142    Medical Specialties Center (95)                                MLML        314,055.84     8.1250      0.0100        0.0100
 143    Harbor Side Apartments (95)                                    MLML        344,713.44     9.4400      0.0100        0.0100
 144    Starbucks - Verizon                                             CRF        116,213.28     5.5300      0.0100        0.0100
 145    Sawtelle Place                                                  CRF        121,653.36     5.9500      0.0100        0.0100
 146    Regency Apartments                                             MLML        112,988.52     5.4150      0.0100        0.0100
 147    Kennestone Professional Bldg. (95)                             MLML        467,289.96     9.3750      0.0100        0.0100
 148    Victorville Pavilion Shops                                      CRF                       5.8600      0.0100        0.0100
 149    Lakeside Apartments                                             CRF         93,300.60     5.0000      0.0100        0.0100
 150    Edmonds Professional Center (95)                               MLML        645,073.56     9.0000      0.0100        0.0100
 151    Off Broadway Plaza                                              CRF         77,342.04     6.0000      0.0100        0.0100
 152    Meadow View Mobile Home Park                                    CRF         82,822.08     6.1200      0.0100        0.0100

                                                                                                                            NET
                                                                                   TRUSTEE AND    SUB SERVICING  ADMIN.  MORTGAGE
LOAN #  PROPERTY NAME                                               ORIGINATOR  PAYING AGENT FEE     FEE RATE     FEE %   RATE %
------  ----------------------------------------------------------  ----------  ----------------  -------------  ------  --------

  80    Sherman Square                                                 MLML          0.0010                       0.021   5.5980
  81    Cambridge Quail                                                 CRF          0.0010                       0.021   5.6090
  82    Kahana Gateway Professional Center - Office                    MLML          0.0010                       0.021   5.2610
  83    Generations Medical Center                                      CRF          0.0010                       0.021   5.6840
  84    17525 Ventura Blvd                                             MLML          0.0010                       0.021   5.5060
  85    Junction Shoppes                                                CRF          0.0010                       0.021   5.3950
  86    1963 Grand Concourse                                            CRF          0.0010                       0.021   5.9290
  87    501 East Virginia Way                                           CRF          0.0010                       0.021   5.2990
  88    San Leandro Medical Office                                      CRF          0.0010                       0.021   5.7490
  89    Rainbow Diablo Medical Building                                 CRF          0.0010                       0.021   5.5090
  90    Country Lakes Apartments                                        CRF          0.0010                       0.021   5.7890
  91    McCar Homes                                                     CRF          0.0010                       0.021   6.0190
  92    Cheyenne Fountains                                              CRF          0.0010                       0.021   5.6950
  93    135 West 27th Street Commercial Corp                           MLML          0.0010                       0.021   6.2290
  94    Times Square Retail Center                                      CRF          0.0010                       0.021   5.8590
  95    Palmdale Meadows and 12th Street Courtyard East Apartments      CRF          0.0010                       0.021   5.9390
95.01   Palmdale Meadows Apartments                                     CRF
95.02   12th Street Courtyard East                                      CRF
  96    North Main Center - Rockford                                    CRF          0.0010                       0.021   5.2290
  97    Endicott Apartments                                            MLML          0.0010                       0.021   5.3070
  98    Mesa K-Mart (95)                                               MLML          0.0010                       0.021   8.5290
  99    Hunters Point Apartments                                        CRF          0.0010                       0.021   5.6890
 100    Santee Galleria                                                 CRF          0.0010                       0.021   5.1990
 101    Glendale Kmart (95)                                            MLML          0.0010                       0.021   8.5990
 102    Clark Office Building                                           CRF          0.0010                       0.021   5.5690
 103    Walgreen's - Chula Vista                                       MLML          0.0010                       0.021   5.1790
 104    Hickory Hill Estates                                            CRF          0.0010                       0.021   5.1930
 105    Keystone Center                                                MLML          0.0010                       0.021   5.9790
 106    Casa Grande Gateway                                             CRF          0.0010                       0.021   5.5390
 107    16812 Sherman Way                                               CRF          0.0010                       0.021   5.4190
 108    Brookhurst Plaza                                               MLML          0.0010           0.1000      0.111   5.8810
 109    Eastern Boulevard Plaza                                         CRF          0.0010           0.0600      0.081   5.4390
 110    Norco Town & Country Business Center                            CRF          0.0010                       0.021   5.5890
 111    Westlake Professional Center                                    CRF          0.0010                       0.021   5.8990
 112    1318-1332 Wilshire                                              CRF          0.0010                       0.021   5.4720
 113    Crestview Apartments                                           MLML          0.0010                       0.021   5.3940
 114    Redmond Ridge Marketplace                                      MLML          0.0010           0.1000      0.111   5.1490
 115    Walgreens 24th & Florin                                         CRF          0.0010                       0.021   5.4990
 116    Ashby Apartments                                                CRF          0.0010                       0.021   5.7590
 117    Summit Marketplace                                              CRF          0.0010                       0.021   5.7290
 118    Alii Sunset Plaza                                               CRF          0.0010                       0.021   5.4520
 119    Rancho Plaza - Thousand Oaks                                    CRF          0.0010                       0.021   5.8190
 120    Woodley Towers                                                  CRF          0.0010                       0.021   5.2490
 121    Sunnyside Town Center                                          MLML          0.0010                       0.021   5.4220
 122    Walgreen's Fremont                                             MLML          0.0010                       0.021   5.4460
 123    Watson Business Center (95)                                    MLML          0.0010                       0.021   9.0790
 124    Northridge Plaza                                                CRF          0.0010                       0.021   5.4790
 125    Canton Corners Shopping Center (95)                            MLML          0.0010                       0.021   7.9790
 126    2823 Bristol                                                    CRF          0.0010                       0.021   5.5710
 127    John R. Wood Realty                                            MLML          0.0010                       0.021   6.2100
 128    Telegraph Avenue Medical Office Building                        CRF          0.0010                       0.021   5.6990
 129    Beloit Mall                                                     CRF          0.0010                       0.021   5.9890
 130    Dublin Corners                                                 MLML          0.0010                       0.021   5.7480
 131    Super K-Mart Center (95)                                       MLML          0.0010                       0.021   8.6040
 132    1638 Placentia Avenue                                           CRF          0.0010                       0.021   5.5890
 133    Osco Drug Tucson - Sunrise                                      CRF          0.0010                       0.021   5.9390
 134    Osco Drug Tucson - Broadway                                     CRF          0.0010                       0.021   5.9390
 135    The Bluffs Of Burnsville (95)                                  MLML          0.0010                       0.021   8.7290
 136    4120-4160 Kingsley Apartments                                   CRF          0.0010                       0.021   5.6790
 137    861 South Catalina Street                                       CRF          0.0010                       0.021   5.7190
 138    Storage Plus - Sandy                                            CRF          0.0010                       0.021   5.6590
 139    Settlement Apartments (95)                                     MLML          0.0010                       0.021   9.5790
 140    Cypresswood Center                                             MLML          0.0010           0.1000      0.111   5.9520
 141    Walgreens Tomball                                               CRF          0.0010                       0.021   5.8990
 142    Medical Specialties Center (95)                                MLML          0.0010                       0.021   8.1040
 143    Harbor Side Apartments (95)                                    MLML          0.0010                       0.021   9.4190
 144    Starbucks - Verizon                                             CRF          0.0010                       0.021   5.5090
 145    Sawtelle Place                                                  CRF          0.0010                       0.021   5.9290
 146    Regency Apartments                                             MLML          0.0010                       0.021   5.3940
 147    Kennestone Professional Bldg. (95)                             MLML          0.0010                       0.021   9.3540
 148    Victorville Pavilion Shops                                      CRF          0.0010                       0.021   5.8390
 149    Lakeside Apartments                                             CRF          0.0010                       0.021   4.9790
 150    Edmonds Professional Center (95)                               MLML          0.0010                       0.021   8.9790
 151    Off Broadway Plaza                                              CRF          0.0010                       0.021   5.9790
 152    Meadow View Mobile Home Park                                    CRF          0.0010                       0.021   6.0990

                                                                                                               MATURITY/  AMORT
LOAN #  PROPERTY NAME                                               ORIGINATOR  ACCRUAL TYPE  TERM  REM. TERM  ARD DATE    TERM
------  ----------------------------------------------------------  ----------  ------------  ----  ---------  ---------  -----

  80    Sherman Square                                                 MLML       Actual/360   120      118     1/1/2016   360
  81    Cambridge Quail                                                 CRF       Actual/360   120      118     1/8/2016   360
  82    Kahana Gateway Professional Center - Office                    MLML       Actual/360   120      118     1/1/2016   360
  83    Generations Medical Center                                      CRF       Actual/360   120      119     2/8/2016   360
  84    17525 Ventura Blvd                                             MLML       Actual/360   120      118     1/1/2016   360
  85    Junction Shoppes                                                CRF       Actual/360   120      117    12/8/2015   360
  86    1963 Grand Concourse                                            CRF       Actual/360    60       59     2/8/2011   360
  87    501 East Virginia Way                                           CRF       Actual/360   120      117    12/8/2015   360
  88    San Leandro Medical Office                                      CRF       Actual/360   120      119     2/8/2016   360
  89    Rainbow Diablo Medical Building                                 CRF       Actual/360   120      118     1/8/2016   360
  90    Country Lakes Apartments                                        CRF       Actual/360   120      118     1/8/2016   360
  91    McCar Homes                                                     CRF       Actual/360    60       57    12/8/2010   360
  92    Cheyenne Fountains                                              CRF       Actual/360   120      118     1/8/2016   360
  93    135 West 27th Street Commercial Corp                           MLML       Actual/360   240      240     3/1/2026   240
  94    Times Square Retail Center                                      CRF       Actual/360   120      120     3/8/2016   360
  95    Palmdale Meadows and 12th Street Courtyard East Apartments      CRF       Actual/360   120      120     3/8/2016   360
95.01   Palmdale Meadows Apartments                                     CRF
95.02   12th Street Courtyard East                                      CRF
  96    North Main Center - Rockford                                    CRF       Actual/360   120      115    10/8/2015   360
  97    Endicott Apartments                                            MLML       Actual/360   120      118     1/1/2016     0
  98    Mesa K-Mart (95)                                               MLML       30/360       300      158     5/1/2019   300
  99    Hunters Point Apartments                                        CRF       Actual/360   120      118     1/8/2016   360
 100    Santee Galleria                                                 CRF       Actual/360   120      116    11/8/2015   360
 101    Glendale Kmart (95)                                            MLML       30/360       300      159     6/1/2019   300
 102    Clark Office Building                                           CRF       Actual/360   120      117    12/8/2015   360
 103    Walgreen's - Chula Vista                                       MLML       Actual/360   120      118     1/1/2016   360
 104    Hickory Hill Estates                                            CRF       Actual/360   120      116    11/8/2015   240
 105    Keystone Center                                                MLML       Actual/360   120      120     3/1/2016   360
 106    Casa Grande Gateway                                             CRF       Actual/360   120      116    11/8/2015   300
 107    16812 Sherman Way                                               CRF       Actual/360   120      117    12/8/2015   360
 108    Brookhurst Plaza                                               MLML       Actual/360   120      120     3/1/2016   360
 109    Eastern Boulevard Plaza                                         CRF       Actual/360    84       81    12/8/2012   360
 110    Norco Town & Country Business Center                            CRF       Actual/360   120      119     2/8/2016     0
 111    Westlake Professional Center                                    CRF       Actual/360   120      119     2/8/2016   360
 112    1318-1332 Wilshire                                              CRF       Actual/360   120      117    12/8/2015   360
 113    Crestview Apartments                                           MLML       Actual/360   120      118     1/1/2016   360
 114    Redmond Ridge Marketplace                                      MLML       Actual/360   120      118     1/1/2016   360
 115    Walgreens 24th & Florin                                         CRF       Actual/360   120      119     2/8/2016   396
 116    Ashby Apartments                                                CRF       Actual/360   120      116    11/8/2015   360
 117    Summit Marketplace                                              CRF       Actual/360   120      119     2/8/2016   360
 118    Alii Sunset Plaza                                               CRF       Actual/360   120      117    12/8/2015   360
 119    Rancho Plaza - Thousand Oaks                                    CRF       Actual/360   120      117    12/8/2015   360
 120    Woodley Towers                                                  CRF       Actual/360   120      117    12/8/2015     0
 121    Sunnyside Town Center                                          MLML       Actual/360   120      119     2/1/2016   360
 122    Walgreen's Fremont                                             MLML       Actual/360   120      119     2/1/2016   324
 123    Watson Business Center (95)                                    MLML       30/360       180       46     1/1/2010   180
 124    Northridge Plaza                                                CRF       Actual/360   120      113     8/8/2015   360
 125    Canton Corners Shopping Center (95)                            MLML       Actual/365   215       73     4/1/2012   216
 126    2823 Bristol                                                    CRF       Actual/360   120      116    11/8/2015   360
 127    John R. Wood Realty                                            MLML       Actual/360   108      106     1/1/2015   360
 128    Telegraph Avenue Medical Office Building                        CRF       Actual/360   120      119     2/8/2016   360
 129    Beloit Mall                                                     CRF       Actual/360   120      119     2/8/2016   360
 130    Dublin Corners                                                 MLML       Actual/360   120      119     2/1/2016   360
 131    Super K-Mart Center (95)                                       MLML       Actual/365   299      153    12/1/2018   300
 132    1638 Placentia Avenue                                           CRF       Actual/360   120      119     2/8/2016     0
 133    Osco Drug Tucson - Sunrise                                      CRF       Actual/360   120      119     2/8/2016   360
 134    Osco Drug Tucson - Broadway                                     CRF       Actual/360   120      119     2/8/2016   360
 135    The Bluffs Of Burnsville (95)                                  MLML       Actual/365   241      114     9/1/2015   300
 136    4120-4160 Kingsley Apartments                                   CRF       Actual/360   120      118     1/8/2016   360
 137    861 South Catalina Street                                       CRF       Actual/360   120      117    12/8/2015   360
 138    Storage Plus - Sandy                                            CRF       Actual/360   120      116    11/8/2015   360
 139    Settlement Apartments (95)                                     MLML       Actual/365   186       52     7/1/2010   186
 140    Cypresswood Center                                             MLML       Actual/360   120      120     3/1/2016   360
 141    Walgreens Tomball                                               CRF       Actual/360   120      118     1/8/2016   360
 142    Medical Specialties Center (95)                                MLML       Actual/365   240       94     1/1/2014   240
 143    Harbor Side Apartments (95)                                    MLML       Actual/365   216       83     2/1/2013   216
 144    Starbucks - Verizon                                             CRF       Actual/360   120      117    12/8/2015   360
 145    Sawtelle Place                                                  CRF       Actual/360   120      119     2/8/2016   360
 146    Regency Apartments                                             MLML       Actual/360   120      118     1/1/2016   360
 147    Kennestone Professional Bldg. (95)                             MLML       Actual/365   180       46     1/1/2010   188
 148    Victorville Pavilion Shops                                      CRF       Actual/360   120      120     3/8/2016     0
 149    Lakeside Apartments                                             CRF       Actual/360   120      112     7/8/2015   300
 150    Edmonds Professional Center (95)                               MLML       Actual/365   180       25     4/1/2008   180
 151    Off Broadway Plaza                                              CRF       Actual/360   120      119     2/8/2016   360
 152    Meadow View Mobile Home Park                                    CRF       Actual/360   120      118     1/8/2016   264

LOAN #  PROPERTY NAME                                               ORIGINATOR  REM. AMORT  TITLE TYPE     ARD LOAN
------  ----------------------------------------------------------  ----------  ----------  -------------  --------

  80    Sherman Square                                                 MLML        358      Fee               No
  81    Cambridge Quail                                                 CRF        358      Fee               No
  82    Kahana Gateway Professional Center - Office                    MLML        360      Fee               No
  83    Generations Medical Center                                      CRF        360      Fee               No
  84    17525 Ventura Blvd                                             MLML        360      Fee               No
  85    Junction Shoppes                                                CRF        360      Fee               No
  86    1963 Grand Concourse                                            CRF        359      Fee               No
  87    501 East Virginia Way                                           CRF        357      Fee               No
  88    San Leandro Medical Office                                      CRF        360      Fee               No
  89    Rainbow Diablo Medical Building                                 CRF        360      Fee               No
  90    Country Lakes Apartments                                        CRF        358      Fee               No
  91    McCar Homes                                                     CRF        357      Fee               Yes
  92    Cheyenne Fountains                                              CRF        360      Fee               No
  93    135 West 27th Street Commercial Corp                           MLML        240      Fee               No
  94    Times Square Retail Center                                      CRF        360      Fee               No
  95    Palmdale Meadows and 12th Street Courtyard East Apartments      CRF        360      Fee               No
95.01   Palmdale Meadows Apartments                                     CRF                 Fee
95.02   12th Street Courtyard East                                      CRF                 Fee
  96    North Main Center - Rockford                                    CRF        355      Fee               No
  97    Endicott Apartments                                            MLML          0      Fee               No
  98    Mesa K-Mart (95)                                               MLML        158      Fee               No
  99    Hunters Point Apartments                                        CRF        360      Fee               No
 100    Santee Galleria                                                 CRF        356      Fee               No
 101    Glendale Kmart (95)                                            MLML        159      Fee               No
 102    Clark Office Building                                           CRF        357      Fee               No
 103    Walgreen's - Chula Vista                                       MLML        358      Fee               No
 104    Hickory Hill Estates                                            CRF        236      Fee               No
 105    Keystone Center                                                MLML        360      Fee               No
 106    Casa Grande Gateway                                             CRF        296      Fee               No
 107    16812 Sherman Way                                               CRF        360      Fee               No
 108    Brookhurst Plaza                                               MLML        360      Fee               No
 109    Eastern Boulevard Plaza                                         CRF        360      Fee               No
 110    Norco Town & Country Business Center                            CRF          0      Fee               No
 111    Westlake Professional Center                                    CRF        359      Fee               No
 112    1318-1332 Wilshire                                              CRF        357      Fee               No
 113    Crestview Apartments                                           MLML        360      Fee               No
 114    Redmond Ridge Marketplace                                      MLML        358      Fee               No
 115    Walgreens 24th & Florin                                         CRF        395      Fee               No
 116    Ashby Apartments                                                CRF        360      Fee               No
 117    Summit Marketplace                                              CRF        360      Fee               No
 118    Alii Sunset Plaza                                               CRF        357      Fee/Leasehold     No
 119    Rancho Plaza - Thousand Oaks                                    CRF        360      Fee               No
 120    Woodley Towers                                                  CRF          0      Fee               No
 121    Sunnyside Town Center                                          MLML        360      Fee               No
 122    Walgreen's Fremont                                             MLML        323      Fee               No
 123    Watson Business Center (95)                                    MLML         46      Fee               No
 124    Northridge Plaza                                                CRF        353      Fee               No
 125    Canton Corners Shopping Center (95)                            MLML         74      Fee               No
 126    2823 Bristol                                                    CRF        356      Fee               No
 127    John R. Wood Realty                                            MLML        358      Fee               No
 128    Telegraph Avenue Medical Office Building                        CRF        360      Fee               No
 129    Beloit Mall                                                     CRF        359      Fee               No
 130    Dublin Corners                                                 MLML        360      Fee               No
 131    Super K-Mart Center (95)                                       MLML        154      Fee               No
 132    1638 Placentia Avenue                                           CRF          0      Fee               No
 133    Osco Drug Tucson - Sunrise                                      CRF        359      Fee               No
 134    Osco Drug Tucson - Broadway                                     CRF        359      Fee               No
 135    The Bluffs Of Burnsville (95)                                  MLML        173      Fee               No
 136    4120-4160 Kingsley Apartments                                   CRF        358      Fee               No
 137    861 South Catalina Street                                       CRF        357      Fee               No
 138    Storage Plus - Sandy                                            CRF        356      Fee               No
 139    Settlement Apartments (95)                                     MLML         52      Fee               No
 140    Cypresswood Center                                             MLML        360      Fee               No
 141    Walgreens Tomball                                               CRF        358      Fee               No
 142    Medical Specialties Center (95)                                MLML         94      Leasehold         No
 143    Harbor Side Apartments (95)                                    MLML         83      Fee               No
 144    Starbucks - Verizon                                             CRF        360      Fee               No
 145    Sawtelle Place                                                  CRF        359      Fee               No
 146    Regency Apartments                                             MLML        360      Fee               No
 147    Kennestone Professional Bldg. (95)                             MLML         54      Fee               No
 148    Victorville Pavilion Shops                                      CRF          0      Fee               No
 149    Lakeside Apartments                                             CRF        292      Fee               No
 150    Edmonds Professional Center (95)                               MLML         25      Fee               No
 151    Off Broadway Plaza                                              CRF        359      Fee               No
 152    Meadow View Mobile Home Park                                    CRF        262      Fee               No

                                                                                       ARD             ENVIRONMENTAL    CROSS
LOAN #  PROPERTY NAME                                               ORIGINATOR       STEP UP             INSURANCE    DEFAULTED
------  ----------------------------------------------------------  ----------  ---------------------  -------------  ---------

  80    Sherman Square                                                 MLML                                  No          No
  81    Cambridge Quail                                                 CRF                                  No          No
  82    Kahana Gateway Professional Center - Office                    MLML                                  No          No
  83    Generations Medical Center                                      CRF                                  No          No
  84    17525 Ventura Blvd                                             MLML                                  No          No
  85    Junction Shoppes                                                CRF                                  No          No
  86    1963 Grand Concourse                                            CRF                                  No          No
  87    501 East Virginia Way                                           CRF                                  No          No
  88    San Leandro Medical Office                                      CRF                                  No          No
  89    Rainbow Diablo Medical Building                                 CRF                                  No          No
  90    Country Lakes Apartments                                        CRF                                  No          No
  91    McCar Homes                                                     CRF     Greater of: (i)              No          No
                                                                                Initial Interest
                                                                                Rate plus 5% or (ii)
                                                                                5yr Treasury Rate
                                                                                plus 6.19%.
  92    Cheyenne Fountains                                              CRF                                  No          No
  93    135 West 27th Street Commercial Corp                           MLML                                  No          No
  94    Times Square Retail Center                                      CRF                                  No          No
  95    Palmdale Meadows and 12th Street Courtyard East Apartments      CRF                                  No          No
95.01   Palmdale Meadows Apartments                                     CRF                                  No
95.02   12th Street Courtyard East                                      CRF                                  No
  96    North Main Center - Rockford                                    CRF                                  No          No
  97    Endicott Apartments                                            MLML                                  No          No
  98    Mesa K-Mart (95)                                               MLML                                  No          No
  99    Hunters Point Apartments                                        CRF                                  No          No
 100    Santee Galleria                                                 CRF                                  No          No
 101    Glendale Kmart (95)                                            MLML                                  No          No
 102    Clark Office Building                                           CRF                                  No          No
 103    Walgreen's - Chula Vista                                       MLML                                  No          No
 104    Hickory Hill Estates                                            CRF                                  No          No
 105    Keystone Center                                                MLML                                  No          No
 106    Casa Grande Gateway                                             CRF                                  No          No
 107    16812 Sherman Way                                               CRF                                  No          No
 108    Brookhurst Plaza                                               MLML                                  No          No
 109    Eastern Boulevard Plaza                                         CRF                                  No          No
 110    Norco Town & Country Business Center                            CRF                                  No          No
 111    Westlake Professional Center                                    CRF                                  No          No
 112    1318-1332 Wilshire                                              CRF                                  No          No
 113    Crestview Apartments                                           MLML                                  No          No
 114    Redmond Ridge Marketplace                                      MLML                                  No          No
 115    Walgreens 24th & Florin                                         CRF                                  No          No
 116    Ashby Apartments                                                CRF                                  No          No
 117    Summit Marketplace                                              CRF                                  No          No
 118    Alii Sunset Plaza                                               CRF                                  No          No
 119    Rancho Plaza - Thousand Oaks                                    CRF                                  No          No
 120    Woodley Towers                                                  CRF                                  No          No
 121    Sunnyside Town Center                                          MLML                                  No          No
 122    Walgreen's Fremont                                             MLML                                  No          No
 123    Watson Business Center (95)                                    MLML                                  No          No
 124    Northridge Plaza                                                CRF                                  No          No
 125    Canton Corners Shopping Center (95)                            MLML                                  No          No
 126    2823 Bristol                                                    CRF                                  No          No
 127    John R. Wood Realty                                            MLML                                  No          No
 128    Telegraph Avenue Medical Office Building                        CRF                                  No          No
 129    Beloit Mall                                                     CRF                                  No          No
 130    Dublin Corners                                                 MLML                                  No          No
 131    Super K-Mart Center (95)                                       MLML                                  No          No
 132    1638 Placentia Avenue                                           CRF                                  No          No
 133    Osco Drug Tucson - Sunrise                                      CRF                                  No          No
 134    Osco Drug Tucson - Broadway                                     CRF                                  No          No
 135    The Bluffs Of Burnsville (95)                                  MLML                                  No          No
 136    4120-4160 Kingsley Apartments                                   CRF                                  No          No
 137    861 South Catalina Street                                       CRF                                  No          No
 138    Storage Plus - Sandy                                            CRF                                  No          No
 139    Settlement Apartments (95)                                     MLML                                  No          No
 140    Cypresswood Center                                             MLML                                  No          No
 141    Walgreens Tomball                                               CRF                                  No          No
 142    Medical Specialties Center (95)                                MLML                                  No          No
 143    Harbor Side Apartments (95)                                    MLML                                  No          No
 144    Starbucks - Verizon                                             CRF                                  No          No
 145    Sawtelle Place                                                  CRF                                  No          No
 146    Regency Apartments                                             MLML                                  No          No
 147    Kennestone Professional Bldg. (95)                             MLML                                  No          No
 148    Victorville Pavilion Shops                                      CRF                                  No          No
 149    Lakeside Apartments                                             CRF                                  No          No
 150    Edmonds Professional Center (95)                               MLML                                  No          No
 151    Off Broadway Plaza                                              CRF                                  No          No
 152    Meadow View Mobile Home Park                                    CRF                                  No          No

                                                                                                PARTIAL
                                                                                CROSS           DEFEASANCE  LETTER OF  LOCKBOX IN
LOAN #  PROPERTY NAME                                               ORIGINATOR  COLLATERALIZED  ALLOWED     CREDIT     PLACE
------  ----------------------------------------------------------  ----------  --------------  ----------  ---------  ----------

  80    Sherman Square                                                 MLML     No              No          No         No
  81    Cambridge Quail                                                 CRF     No              No          No         No
  82    Kahana Gateway Professional Center - Office                    MLML     No              No          No         No
  83    Generations Medical Center                                      CRF     No              No          No         Yes
  84    17525 Ventura Blvd                                             MLML     No              No          No         No
  85    Junction Shoppes                                                CRF     No              No          No         No
  86    1963 Grand Concourse                                            CRF     No              No          No         Yes
  87    501 East Virginia Way                                           CRF     No              No          No         No
  88    San Leandro Medical Office                                      CRF     No              No          No         No
  89    Rainbow Diablo Medical Building                                 CRF     No              No          No         No
  90    Country Lakes Apartments                                        CRF     No              No          No         Yes
  91    McCar Homes                                                     CRF     No              No          No         Yes
  92    Cheyenne Fountains                                              CRF     No              No          No         No
  93    135 West 27th Street Commercial Corp                           MLML     No              No          No         No
  94    Times Square Retail Center                                      CRF     No              No          No         Yes
  95    Palmdale Meadows and 12th Street Courtyard East Apartments      CRF     No              No          No         No
95.01   Palmdale Meadows Apartments                                     CRF
95.02   12th Street Courtyard East                                      CRF
  96    North Main Center - Rockford                                    CRF     No              No          No         Yes
  97    Endicott Apartments                                            MLML     No              No          No         No
  98    Mesa K-Mart (95)                                               MLML     No              No          No         No
  99    Hunters Point Apartments                                        CRF     No              No          No         No
 100    Santee Galleria                                                 CRF     No              No          No         No
 101    Glendale Kmart (95)                                            MLML     No              No          No         No
 102    Clark Office Building                                           CRF     No              No          No         No
 103    Walgreen's - Chula Vista                                       MLML     No              No          No         Yes
 104    Hickory Hill Estates                                            CRF     No              No          Yes        No
 105    Keystone Center                                                MLML     No              No          Yes        No
 106    Casa Grande Gateway                                             CRF     No              No          No         No
 107    16812 Sherman Way                                               CRF     No              No          No         No
 108    Brookhurst Plaza                                               MLML     No              No          No         No
 109    Eastern Boulevard Plaza                                         CRF     No              No          No         Yes
 110    Norco Town & Country Business Center                            CRF     No              No          No         No
 111    Westlake Professional Center                                    CRF     No              No          No         No
 112    1318-1332 Wilshire                                              CRF     No              No          No         No
 113    Crestview Apartments                                           MLML     No              No          Yes        No
 114    Redmond Ridge Marketplace                                      MLML     No              No          No         No
 115    Walgreens 24th & Florin                                         CRF     No              No          No         Yes
 116    Ashby Apartments                                                CRF     No              No          No         No
 117    Summit Marketplace                                              CRF     No              No          No         No
 118    Alii Sunset Plaza                                               CRF     No              No          No         No
 119    Rancho Plaza - Thousand Oaks                                    CRF     No              No          No         No
 120    Woodley Towers                                                  CRF     No              No          No         No
 121    Sunnyside Town Center                                          MLML     No              No          No         No
 122    Walgreen's Fremont                                             MLML     No              No          No         Yes
 123    Watson Business Center (95)                                    MLML     No              No          No         No
 124    Northridge Plaza                                                CRF     No              No          No         No
 125    Canton Corners Shopping Center (95)                            MLML     No              No          No         No
 126    2823 Bristol                                                    CRF     No              No          No         No
 127    John R. Wood Realty                                            MLML     No              No          No         Yes
 128    Telegraph Avenue Medical Office Building                        CRF     No              No          No         No
 129    Beloit Mall                                                     CRF     No              No          No         No
 130    Dublin Corners                                                 MLML     No              No          No         Yes
 131    Super K-Mart Center (95)                                       MLML     No              No          No         No
 132    1638 Placentia Avenue                                           CRF     No              No          No         No
 133    Osco Drug Tucson - Sunrise                                      CRF     No              No          No         No
 134    Osco Drug Tucson - Broadway                                     CRF     No              No          No         Yes
 135    The Bluffs Of Burnsville (95)                                  MLML     No              No          No         No
 136    4120-4160 Kingsley Apartments                                   CRF     No              No          No         No
 137    861 South Catalina Street                                       CRF     No              No          No         No
 138    Storage Plus - Sandy                                            CRF     No              No          No         No
 139    Settlement Apartments (95)                                     MLML     No              No          No         No
 140    Cypresswood Center                                             MLML     No              No          No         No
 141    Walgreens Tomball                                               CRF     No              No          No         Yes
 142    Medical Specialties Center (95)                                MLML     No              No          No         No
 143    Harbor Side Apartments (95)                                    MLML     No              No          No         No
 144    Starbucks - Verizon                                             CRF     No              No          No         No
 145    Sawtelle Place                                                  CRF     No              No          No         No
 146    Regency Apartments                                             MLML     No              No          Yes        No
 147    Kennestone Professional Bldg. (95)                             MLML     No              No          No         No
 148    Victorville Pavilion Shops                                      CRF     No              No          No         No
 149    Lakeside Apartments                                             CRF     No              No          No         No
 150    Edmonds Professional Center (95)                               MLML     No              No          No         No
 151    Off Broadway Plaza                                              CRF     No              No          No         No
 152    Meadow View Mobile Home Park                                    CRF     No              Yes         No         Yes

                                                                                            UPFRONT      UPFRONT      UPFRONT
                                                                                HOLDBACK  ENGINEERING     CAPEX       ENVIR.
LOAN #  PROPERTY NAME                                               ORIGINATOR  AMOUNT    RESERVE ($)  RESERVE ($)  RESERVE ($)
------  ----------------------------------------------------------  ----------  --------  -----------  -----------  -----------

  80    Sherman Square                                                 MLML                 26,200
  81    Cambridge Quail                                                 CRF
  82    Kahana Gateway Professional Center - Office                    MLML                 19,219
  83    Generations Medical Center                                      CRF
  84    17525 Ventura Blvd                                             MLML
  85    Junction Shoppes                                                CRF                  6,875
  86    1963 Grand Concourse                                            CRF
  87    501 East Virginia Way                                           CRF
  88    San Leandro Medical Office                                      CRF
  89    Rainbow Diablo Medical Building                                 CRF
  90    Country Lakes Apartments                                        CRF                 14,474
  91    McCar Homes                                                     CRF
  92    Cheyenne Fountains                                              CRF                               90,000
  93    135 West 27th Street Commercial Corp                           MLML                 17,813
  94    Times Square Retail Center                                      CRF
  95    Palmdale Meadows and 12th Street Courtyard East Apartments      CRF                              103,665
95.01   Palmdale Meadows Apartments                                     CRF
95.02   12th Street Courtyard East                                      CRF
  96    North Main Center - Rockford                                    CRF
  97    Endicott Apartments                                            MLML
  98    Mesa K-Mart (95)                                               MLML
  99    Hunters Point Apartments                                        CRF                  9,113
 100    Santee Galleria                                                 CRF
 101    Glendale Kmart (95)                                            MLML
 102    Clark Office Building                                           CRF
 103    Walgreen's - Chula Vista                                       MLML
 104    Hickory Hill Estates                                            CRF
 105    Keystone Center                                                MLML
 106    Casa Grande Gateway                                             CRF
 107    16812 Sherman Way                                               CRF
 108    Brookhurst Plaza                                               MLML
 109    Eastern Boulevard Plaza                                         CRF
 110    Norco Town & Country Business Center                            CRF
 111    Westlake Professional Center                                    CRF                 35,625
 112    1318-1332 Wilshire                                              CRF
 113    Crestview Apartments                                           MLML
 114    Redmond Ridge Marketplace                                      MLML
 115    Walgreens 24th & Florin                                         CRF
 116    Ashby Apartments                                                CRF
 117    Summit Marketplace                                              CRF
 118    Alii Sunset Plaza                                               CRF                 18,750
 119    Rancho Plaza - Thousand Oaks                                    CRF
 120    Woodley Towers                                                  CRF                    869
 121    Sunnyside Town Center                                          MLML                               31,157      350,000
 122    Walgreen's Fremont                                             MLML
 123    Watson Business Center (95)                                    MLML
 124    Northridge Plaza                                                CRF                247,260
 125    Canton Corners Shopping Center (95)                            MLML
 126    2823 Bristol                                                    CRF                 65,000         7,500
 127    John R. Wood Realty                                            MLML
 128    Telegraph Avenue Medical Office Building                        CRF                                               625
 129    Beloit Mall                                                     CRF
 130    Dublin Corners                                                 MLML
 131    Super K-Mart Center (95)                                       MLML
 132    1638 Placentia Avenue                                           CRF                  4,375
 133    Osco Drug Tucson - Sunrise                                      CRF
 134    Osco Drug Tucson - Broadway                                     CRF
 135    The Bluffs Of Burnsville (95)                                  MLML
 136    4120-4160 Kingsley Apartments                                   CRF
 137    861 South Catalina Street                                       CRF                  7,516
 138    Storage Plus - Sandy                                            CRF
 139    Settlement Apartments (95)                                     MLML
 140    Cypresswood Center                                             MLML                 90,656                      4,500
 141    Walgreens Tomball                                               CRF
 142    Medical Specialties Center (95)                                MLML
 143    Harbor Side Apartments (95)                                    MLML
 144    Starbucks - Verizon                                             CRF
 145    Sawtelle Place                                                  CRF
 146    Regency Apartments                                             MLML
 147    Kennestone Professional Bldg. (95)                             MLML
 148    Victorville Pavilion Shops                                      CRF
 149    Lakeside Apartments                                             CRF                  6,563
 150    Edmonds Professional Center (95)                               MLML
 151    Off Broadway Plaza                                              CRF
 152    Meadow View Mobile Home Park                                    CRF                 11,250

                                                                                  UPFRONT      UPFRONT      UPFRONT      UPFRONT
                                                                                   TI/LC       RE TAX        INS.         OTHER
LOAN #  PROPERTY NAME                                               ORIGINATOR  RESERVE ($)  RESERVE ($)  RESERVE ($)  RESERVE ($)
------  ----------------------------------------------------------  ----------  -----------  -----------  -----------  -----------

  80    Sherman Square                                                 MLML                    23,536        5,631
  81    Cambridge Quail                                                 CRF        90,000       7,919                    150,000
  82    Kahana Gateway Professional Center - Office                    MLML       110,000      11,234        5,707
  83    Generations Medical Center                                      CRF                    20,778
  84    17525 Ventura Blvd                                             MLML       150,000
  85    Junction Shoppes                                                CRF        75,000      31,280
  86    1963 Grand Concourse                                            CRF                    38,292        4,885
  87    501 East Virginia Way                                           CRF                    12,390
  88    San Leandro Medical Office                                      CRF                     7,001          956       135,000
  89    Rainbow Diablo Medical Building                                 CRF       200,000       7,895
  90    Country Lakes Apartments                                        CRF                     5,884        4,764
  91    McCar Homes                                                     CRF                    14,601        4,245
  92    Cheyenne Fountains                                              CRF       125,000                      803
  93    135 West 27th Street Commercial Corp                           MLML                    76,878        3,861
  94    Times Square Retail Center                                      CRF                                 10,686
  95    Palmdale Meadows and 12th Street Courtyard East Apartments      CRF                                              500,000
95.01   Palmdale Meadows Apartments                                     CRF
95.02   12th Street Courtyard East                                      CRF
  96    North Main Center - Rockford                                    CRF                    17,515       18,815        40,000
  97    Endicott Apartments                                            MLML                                               70,196
  98    Mesa K-Mart (95)                                               MLML
  99    Hunters Point Apartments                                        CRF                    18,548        2,637
 100    Santee Galleria                                                 CRF                    12,538        9,414
 101    Glendale Kmart (95)                                            MLML
 102    Clark Office Building                                           CRF                   110,000       26,449
 103    Walgreen's - Chula Vista                                       MLML                                               26,357
 104    Hickory Hill Estates                                            CRF                    50,298       26,664
 105    Keystone Center                                                MLML                    19,538        4,870
 106    Casa Grande Gateway                                             CRF
 107    16812 Sherman Way                                               CRF                    21,106        6,250
 108    Brookhurst Plaza                                               MLML                     4,845          320
 109    Eastern Boulevard Plaza                                         CRF        50,000      36,122        3,350
 110    Norco Town & Country Business Center                            CRF                    12,508          923
 111    Westlake Professional Center                                    CRF       100,000       5,863        1,133
 112    1318-1332 Wilshire                                              CRF                     6,510
 113    Crestview Apartments                                           MLML                    24,662       14,998           250
 114    Redmond Ridge Marketplace                                      MLML        50,000       1,769
 115    Walgreens 24th & Florin                                         CRF                                               50,000
 116    Ashby Apartments                                                CRF                    12,143                    550,000
 117    Summit Marketplace                                              CRF                                    386
 118    Alii Sunset Plaza                                               CRF                    13,515
 119    Rancho Plaza - Thousand Oaks                                    CRF       100,000      14,802        1,282
 120    Woodley Towers                                                  CRF                    19,266        9,183
 121    Sunnyside Town Center                                          MLML       168,750       7,373          963
 122    Walgreen's Fremont                                             MLML                                               39,014
 123    Watson Business Center (95)                                    MLML                    85,788
 124    Northridge Plaza                                                CRF                    45,694        8,090       300,000
 125    Canton Corners Shopping Center (95)                            MLML                    10,252       10,259
 126    2823 Bristol                                                    CRF       150,000       4,720        8,535
 127    John R. Wood Realty                                            MLML                     2,231        9,685
 128    Telegraph Avenue Medical Office Building                        CRF       100,000      18,500        1,063
 129    Beloit Mall                                                     CRF        25,000                      177
 130    Dublin Corners                                                 MLML                                    386       192,745
 131    Super K-Mart Center (95)                                       MLML
 132    1638 Placentia Avenue                                           CRF                     6,743          761
 133    Osco Drug Tucson - Sunrise                                      CRF
 134    Osco Drug Tucson - Broadway                                     CRF
 135    The Bluffs Of Burnsville (95)                                  MLML
 136    4120-4160 Kingsley Apartments                                   CRF                    11,911        4,750
 137    861 South Catalina Street                                       CRF                     5,824        5,755
 138    Storage Plus - Sandy                                            CRF
 139    Settlement Apartments (95)                                     MLML                    54,800       28,673
 140    Cypresswood Center                                             MLML                     6,760                    400,000
 141    Walgreens Tomball                                               CRF
 142    Medical Specialties Center (95)                                MLML                    10,501        3,270
 143    Harbor Side Apartments (95)                                    MLML                    32,274
 144    Starbucks - Verizon                                             CRF                    17,500          401
 145    Sawtelle Place                                                  CRF                     3,341          467
 146    Regency Apartments                                             MLML                     8,524        6,508
 147    Kennestone Professional Bldg. (95)                             MLML                    30,160        5,290
 148    Victorville Pavilion Shops                                      CRF                    32,810        2,305
 149    Lakeside Apartments                                             CRF                     2,743        1,600
 150    Edmonds Professional Center (95)                               MLML                    25,254        2,054
 151    Off Broadway Plaza                                              CRF        50,000       3,293          727
 152    Meadow View Mobile Home Park                                    CRF                    27,222          621

                                                                                  MONTHLY        MONTHLY        MONTHLY
                                                                                   CAPEX          CAPEX          TI/LC
LOAN #  PROPERTY NAME                                               ORIGINATOR  RESERVE ($)  RESERVE CAP ($)  RESERVE ($)
------  ----------------------------------------------------------  ----------  -----------  ---------------  -----------

  80    Sherman Square                                                 MLML          393                           833
  81    Cambridge Quail                                                 CRF        1,080
  82    Kahana Gateway Professional Center - Office                    MLML          354         19,500
  83    Generations Medical Center                                      CRF          469
  84    17525 Ventura Blvd                                             MLML          803         29,000
  85    Junction Shoppes                                                CRF        4,222                         2,455
  86    1963 Grand Concourse                                            CRF          350                         3,938
  87    501 East Virginia Way                                           CRF        3,000
  88    San Leandro Medical Office                                      CRF          374                         2,665
  89    Rainbow Diablo Medical Building                                 CRF                                      2,528
  90    Country Lakes Apartments                                        CRF        2,750
  91    McCar Homes                                                     CRF          467
  92    Cheyenne Fountains                                              CRF                                      2,363
  93    135 West 27th Street Commercial Corp                           MLML        1,350
  94    Times Square Retail Center                                      CRF
  95    Palmdale Meadows and 12th Street Courtyard East Apartments      CRF        1,959         84,600
95.01   Palmdale Meadows Apartments                                     CRF
95.02   12th Street Courtyard East                                      CRF
  96    North Main Center - Rockford                                    CRF        3,453                         4,111
  97    Endicott Apartments                                            MLML
  98    Mesa K-Mart (95)                                               MLML
  99    Hunters Point Apartments                                        CRF        2,427
 100    Santee Galleria                                                 CRF
 101    Glendale Kmart (95)                                            MLML
 102    Clark Office Building                                           CRF          689                         3,443
 103    Walgreen's - Chula Vista                                       MLML
 104    Hickory Hill Estates                                            CRF        2,500         60,000
 105    Keystone Center                                                MLML          787
 106    Casa Grande Gateway                                             CRF          210                         2,500
 107    16812 Sherman Way                                               CRF        1,096
 108    Brookhurst Plaza                                               MLML          141                         1,368
 109    Eastern Boulevard Plaza                                         CRF          516
 110    Norco Town & Country Business Center                            CRF
 111    Westlake Professional Center                                    CRF          372                         3,015
 112    1318-1332 Wilshire                                              CRF
 113    Crestview Apartments                                           MLML        3,938
 114    Redmond Ridge Marketplace                                      MLML
 115    Walgreens 24th & Florin                                         CRF
 116    Ashby Apartments                                                CRF        1,021
 117    Summit Marketplace                                              CRF          239                           597
 118    Alii Sunset Plaza                                               CRF          381                           950
 119    Rancho Plaza - Thousand Oaks                                    CRF          331                         2,068
 120    Woodley Towers                                                  CRF
 121    Sunnyside Town Center                                          MLML          524                         1,987
 122    Walgreen's Fremont                                             MLML
 123    Watson Business Center (95)                                    MLML
 124    Northridge Plaza                                                CRF                                      2,000
 125    Canton Corners Shopping Center (95)                            MLML
 126    2823 Bristol                                                    CRF
 127    John R. Wood Realty                                            MLML          159
 128    Telegraph Avenue Medical Office Building                        CRF          263
 129    Beloit Mall                                                     CRF          267                         1,333
 130    Dublin Corners                                                 MLML           83                           555
 131    Super K-Mart Center (95)                                       MLML
 132    1638 Placentia Avenue                                           CRF
 133    Osco Drug Tucson - Sunrise                                      CRF          169
 134    Osco Drug Tucson - Broadway                                     CRF          169
 135    The Bluffs Of Burnsville (95)                                  MLML
 136    4120-4160 Kingsley Apartments                                   CRF
 137    861 South Catalina Street                                       CRF
 138    Storage Plus - Sandy                                            CRF          759
 139    Settlement Apartments (95)                                     MLML
 140    Cypresswood Center                                             MLML          322                         1,667
 141    Walgreens Tomball                                               CRF          166                           553
 142    Medical Specialties Center (95)                                MLML
 143    Harbor Side Apartments (95)                                    MLML
 144    Starbucks - Verizon                                             CRF          667                           513
 145    Sawtelle Place                                                  CRF
 146    Regency Apartments                                             MLML        1,815
 147    Kennestone Professional Bldg. (95)                             MLML
 148    Victorville Pavilion Shops                                      CRF
 149    Lakeside Apartments                                             CRF        1,333
 150    Edmonds Professional Center (95)                               MLML
 151    Off Broadway Plaza                                              CRF          237                           833
 152    Meadow View Mobile Home Park                                    CRF          208

                                                                                MONTHLY  MONTHLY  MONTHLY  MONTHLY
                                                                                 TI/LC   RE TAX    INS.     OTHER
                                                                                RESERVE  RESERVE  RESERVE  RESERVE   GRACE
LOAN #  PROPERTY NAME                                               ORIGINATOR  CAP ($)   ($)      ($)       ($)    PERIOD
------  ----------------------------------------------------------  ----------  -------  -------  -------  -------  ------

  80    Sherman Square                                                 MLML      50,000    5,884   1,021               5
  81    Cambridge Quail                                                 CRF      90,000    3,960                       0
  82    Kahana Gateway Professional Center - Office                    MLML                1,966   1,902               5
  83    Generations Medical Center                                      CRF                5,805     521               0
  84    17525 Ventura Blvd                                             MLML                3,818                       5
  85    Junction Shoppes                                                CRF     104,000    7,820     695               0
  86    1963 Grand Concourse                                            CRF     225,000    6,382   2,443               0
  87    501 East Virginia Way                                           CRF                4,130   2,554               0
  88    San Leandro Medical Office                                      CRF                7,001     956               0
  89    Rainbow Diablo Medical Building                                 CRF     200,000    3,947     733               0
  90    Country Lakes Apartments                                        CRF                5,884   4,764               0
  91    McCar Homes                                                     CRF                7,301   1,415               0
  92    Cheyenne Fountains                                              CRF     125,000    3,045     803               0
  93    135 West 27th Street Commercial Corp                           MLML               25,626   1,931               5
  94    Times Square Retail Center                                      CRF                5,705   1,527               0
  95    Palmdale Meadows and 12th Street Courtyard East Apartments      CRF                5,110   1,770               0
95.01   Palmdale Meadows Apartments                                     CRF
95.02   12th Street Courtyard East                                      CRF
  96    North Main Center - Rockford                                    CRF     410,000    8,758   1,882               0
  97    Endicott Apartments                                            MLML                                            5
  98    Mesa K-Mart (95)                                               MLML                                            0
  99    Hunters Point Apartments                                        CRF                9,274   2,637               0
 100    Santee Galleria                                                 CRF                6,269     941               0
 101    Glendale Kmart (95)                                            MLML                                            0
 102    Clark Office Building                                           CRF     123,933    5,417   3,778               0
 103    Walgreen's - Chula Vista                                       MLML                                            5
 104    Hickory Hill Estates                                            CRF               11,759   2,424               0
 105    Keystone Center                                                MLML                3,256     812               5
 106    Casa Grande Gateway                                             CRF      75,000                                0
 107    16812 Sherman Way                                               CRF                5,277   1,042               0
 108    Brookhurst Plaza                                               MLML      45,000    2,407     160               5
 109    Eastern Boulevard Plaza                                         CRF     200,000    5,216   1,675               0
 110    Norco Town & Country Business Center                            CRF                6,313     923               0
 111    Westlake Professional Center                                    CRF     225,000    2,931     618               0
 112    1318-1332 Wilshire                                              CRF                2,170     197               0
 113    Crestview Apartments                                           MLML                6,165   4,999               5
 114    Redmond Ridge Marketplace                                      MLML                  884     842               5
 115    Walgreens 24th & Florin                                         CRF                                            0
 116    Ashby Apartments                                                CRF                2,024   1,021               0
 117    Summit Marketplace                                              CRF      21,509    3,099     192               0
 118    Alii Sunset Plaza                                               CRF                3,379   1,506               0
 119    Rancho Plaza - Thousand Oaks                                    CRF      74,450    4,934     641               0
 120    Woodley Towers                                                  CRF                3,712   1,020               0
 121    Sunnyside Town Center                                          MLML                3,687     481               5
 122    Walgreen's Fremont                                             MLML                                            5
 123    Watson Business Center (95)                                    MLML               18,853                       3
 124    Northridge Plaza                                                CRF     350,000    5,712   1,011               0
 125    Canton Corners Shopping Center (95)                            MLML                4,026     545              10
 126    2823 Bristol                                                    CRF                1,573     711               0
 127    John R. Wood Realty                                            MLML                  744   1,937    3,166      5
 128    Telegraph Avenue Medical Office Building                        CRF                4,118     532               0
 129    Beloit Mall                                                     CRF      75,000    6,755     177               0
 130    Dublin Corners                                                 MLML      19,980    4,472     386               5
 131    Super K-Mart Center (95)                                       MLML                                            0
 132    1638 Placentia Avenue                                           CRF                4,440     761               0
 133    Osco Drug Tucson - Sunrise                                      CRF                                            0
 134    Osco Drug Tucson - Broadway                                     CRF                                            0
 135    The Bluffs Of Burnsville (95)                                  MLML                                            0
 136    4120-4160 Kingsley Apartments                                   CRF                1,702     948               0
 137    861 South Catalina Street                                       CRF                2,912   1,151               0
 138    Storage Plus - Sandy                                            CRF                2,856     416               0
 139    Settlement Apartments (95)                                     MLML               10,976   2,606               0
 140    Cypresswood Center                                             MLML      40,000    3,380     525               5
 141    Walgreens Tomball                                               CRF                                            0
 142    Medical Specialties Center (95)                                MLML                3,649     725               0
 143    Harbor Side Apartments (95)                                    MLML               13,873                       0
 144    Starbucks - Verizon                                             CRF                1,250     401               0
 145    Sawtelle Place                                                  CRF                1,670     233               0
 146    Regency Apartments                                             MLML                2,131   2,169               5
 147    Kennestone Professional Bldg. (95)                             MLML                6,876     761              10
 148    Victorville Pavilion Shops                                      CRF                4,102   1,152               0
 149    Lakeside Apartments                                             CRF                2,743   1,180               0
 150    Edmonds Professional Center (95)                               MLML                5,050     846              10
 151    Off Broadway Plaza                                              CRF      80,000    1,647     364               0
 152    Meadow View Mobile Home Park                                    CRF                2,269     311               0

                                   SCHEDULE II

           LIST OF MORTGAGE LOANS WITH SECURED CREDITOR ENVIRONMENTAL
                               INSURANCE POLICIES

                                     [None.]

                                      II-1

                                  SCHEDULE III

                                   [RESERVED.]

                                      III-1

                                   SCHEDULE IV

                      CLASS A-SB PLANNED PRINCIPAL BALANCE

                                      IV-1

                 CLASS A-SB PLANNED PRINCIPAL BALANCE SCHEDULE

     DATE       PRINCIPAL BALANCE                DATE       PRINCIPAL BALANCE
--------------  -----------------           --------------  -----------------
   3/30/2006     121,000,000.00                1/12/2011     121,000,000.00
   4/12/2006     121,000,000.00                2/12/2011     121,000,000.00
   5/12/2006     121,000,000.00                3/12/2011     120,903,489.72
   6/12/2006     121,000,000.00                4/12/2011     119,263,153.59
   7/12/2006     121,000,000.00                5/12/2011     117,423,271.18
   8/12/2006     121,000,000.00                6/12/2011     115,765,529.75
   9/12/2006     121,000,000.00                7/12/2011     113,908,693.66
  10/12/2006     121,000,000.00                8/12/2011     112,233,372.50
  11/12/2006     121,000,000.00                9/12/2011     110,549,655.74
  12/12/2006     121,000,000.00               10/12/2011     108,667,517.33
   1/12/2007     121,000,000.00               11/12/2011     106,965,960.26
   2/12/2007     121,000,000.00               12/12/2011      93,234,012.06
   3/12/2007     121,000,000.00                1/12/2012      91,527,076.71
   4/12/2007     121,000,000.00                2/12/2012      89,811,585.42
   5/12/2007     121,000,000.00                3/12/2012      87,714,169.08
   6/12/2007     121,000,000.00                4/12/2012      85,981,054.08
   7/12/2007     121,000,000.00                5/12/2012      84,103,516.34
   8/12/2007     121,000,000.00                6/12/2012      82,402,760.59
   9/12/2007     121,000,000.00                7/12/2012      80,508,043.37
  10/12/2007     121,000,000.00                8/12/2012      78,789,476.74
  11/12/2007     121,000,000.00                9/12/2012      76,894,759.52
  12/12/2007     121,000,000.00               10/12/2012      75,000,042.30
   1/12/2008     121,000,000.00               11/12/2012      73,281,475.67
   2/12/2008     121,000,000.00               12/12/2012      71,562,909.04
   3/12/2008     121,000,000.00                1/12/2013      69,844,342.41
   4/12/2008     121,000,000.00                2/12/2013      68,125,775.78
   5/12/2008     121,000,000.00                3/12/2013      66,152,841.19
   6/12/2008     121,000,000.00                4/12/2013      64,365,749.69
   7/12/2008     121,000,000.00                5/12/2013      62,387,684.74
   8/12/2008     121,000,000.00                6/12/2013      60,581,928.38
   9/12/2008     121,000,000.00                7/12/2013      58,585,681.10
  10/12/2008     121,000,000.00                8/12/2013      56,761,074.89
  11/12/2008     121,000,000.00                9/12/2013      54,927,411.09
  12/12/2008     121,000,000.00               10/12/2013      52,903,976.82
   1/12/2009     121,000,000.00               11/12/2013      51,051,186.39
   2/12/2009     121,000,000.00               12/12/2013      49,009,119.60
   3/12/2009     121,000,000.00                1/12/2014      47,137,497.51
   4/12/2009     121,000,000.00                2/12/2014      45,282,269.33
   5/12/2009     121,000,000.00                3/12/2014      42,880,275.06
   6/12/2009     121,000,000.00                4/12/2014      41,004,074.41
   7/12/2009     121,000,000.00                5/12/2014      38,940,054.70
   8/12/2009     121,000,000.00                6/12/2014      37,044,410.29
   9/12/2009     121,000,000.00                7/12/2014      34,961,448.68
  10/12/2009     121,000,000.00                8/12/2014      33,046,168.97
  11/12/2009     121,000,000.00                9/12/2014      31,121,427.71
  12/12/2009     121,000,000.00               10/12/2014      29,010,119.22
   1/12/2010     121,000,000.00               11/12/2014      27,065,455.87
   2/12/2010     121,000,000.00               12/12/2014      24,934,739.11
   3/12/2010     121,000,000.00                1/12/2015      20,456,470.00
   4/12/2010     121,000,000.00                2/12/2015      18,486,190.38
   5/12/2010     121,000,000.00                3/12/2015      15,980,895.00
   6/12/2010     121,000,000.00                4/12/2015      13,988,556.22
   7/12/2010     121,000,000.00                5/12/2015      11,811,960.61
   8/12/2010     121,000,000.00                6/12/2015       9,799,040.04
   9/12/2010     121,000,000.00                7/12/2015       7,602,392.85
  10/12/2010     121,000,000.00                8/12/2015                --
  11/12/2010     121,000,000.00                9/12/2015                --
  12/12/2010     121,000,000.00

                                      IV-2

                                   SCHEDULE V

        SUB-SERVICERS AS TO WHICH SUB-SERVICING AGREEMENTS ARE IN EFFECT
                               ON THE CLOSING DATE

1.   GMAC Commercial Mortgage Corporation.

2.   ARCS Commercial Mortgage Co., LP.

3.   Columbia National Real Estate Finance, LLC.

                                       V-1

                                   SCHEDULE VI

                        LIST OF MORTGAGE LOANS REQUIRING
                        OPERATIONS AND MAINTENANCE PLANS

MORTGAGE LOAN SELLER                LOAN NAME
--------------------                ---------
Countrywide                         Lakewood Apartments
Countrywide                         25th Street Plaza
Countrywide                         Monroe Plaza
Countrywide                         Cloud Springs Plaza
Countrywide                         Kings Fairground Plaza
Countrywide                         Martintown Plaza
Countrywide                         New Smyrna Beach Shopping Center
Countrywide                         Mountainville Shopping Center
Countrywide                         Birney Mall
Countrywide                         Home Depot
Countrywide                         Dunmore Plaza
Countrywide                         Shillington Plaza
Countrywide                         Prince Georges Center II
Countrywide                         Osborn Medical Plaza
Countrywide                         Colonial Mall Glynn Place
Countrywide                         2740 West 79th Street
Countrywide                         1798 and 1800 Busse Highway
Countrywide                         Doubletree Club Hotel
Countrywide                         Storage I (CA)
Countrywide                         FNBA - Fountainhead Building
Countrywide                         Hilton Salt Lake City Airport
Countrywide                         Sunset View Apartments
Countrywide                         60 East Lake
Countrywide                         Meridian Business Center
Countrywide                         Crenshaw Medical Arts Center
Countrywide                         Bond Hotel Master Leases
Countrywide                         Baggett Office & Shaw #2 Warehouse
Countrywide                         R & R Plaza
Countrywide                         1963 Grand Concourse
Countrywide                         Moon Valley Plaza
Countrywide                         Rainbow Diablo Medical Building
Countrywide                         Country Lakes Apartments
Countrywide                         Santee Galleria
Countrywide                         16812 Sherman Way
Countrywide                         Ashby Apartments
Countrywide                         Woodley Towers
Countrywide                         2823 Bristol
MLML                                135 West 27th Street Commercial Corp
MLML                                San Dimas Plaza
MLML                                The Crossing at Fry Road
MLML                                Brice Park
MLML                                Fashion Corner
MLML                                Bristol Plaza
MLML                                McKinley Plaza
MLML                                Green River Plaza
MLML                                Hunting Hills
MLML                                Wisteria Village
MLML                                Kmart Plaza
MLML                                Packard Plaza
MLML                                University Mall
MLML                                60 State Street
MLML                                Radisson Indianapolis Downtown
MLML                                Hilton St. Peterburg
MLML                                Embassy Suites Palm Beach
MLML                                Hilton Nassau - Houston
MLML                                Crowne Plaza Beverly Hills
MLML                                Radisson Fort Worth
MLML                                1350 Duane Avenue
MLML                                Airport Square
MLML                                La Crosse Industrial
MLML                                Village Faire Shopping Center
MLML                                University Collection Shopping Center
MLML                                Phoenix Industrial Portfolio
MLML                                9602 West Buckeye Road
MLML                                Brookhollow Shopping Center
MLML                                Encino Valley Shopping Center
MLML                                GN Resound
MLML                                Cranberry Plaza
MLML                                6221 Wilshire Boulevard
MLML                                Tidewater Estates
MLML                                Porterwood Shopping Center
MLML                                10 Duff Road
MLML                                Parkway East Professional Center
MLML                                400 Seco Road
MLML                                119 North 4th Street
MLML                                The Bluffs Of Burnsville
MLML                                Settlement Apartments
MLML                                Harbor Side Apartments
MLML                                Regency Apartments
MLML                                Kennestone Professional Bldg.
MLML                                Kenwood Town Center

                                      VI-1

                                  SCHEDULE VII

                      LIST OF MERRILL TRUST MORTGAGE LOANS
                WITH LATE PAYMENT CHARGES DUE PRIOR TO EXPIRATION
                       OF THEIR PAYMENT DATE GRACE PERIODS

                                     [None.]

                                      VII-1

                                   EXHIBIT A-1

                       FORM OF CLASS A-1, A-2, A-3, A-3FL,
                      A-3B, A-SB, A-4 AND A-1A CERTIFICATES

                     ML-CFC COMMERCIAL MORTGAGE TRUST 2006-1
         CLASS [A-1] [A-2] [A-3] [A-3FL] [A-3B] [A-SB] [A-4] AND [A-1A]
           COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATE, SERIES 2006-1

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] [Variable]

Date of Pooling and Servicing Agreement: March 1, 2006

Closing Date: March 30, 2006

First Distribution Date: April 12, 2006

Master Servicer: Wachovia Bank, National Association

Special Servicer: Midland Loan Services, Inc.

Certificate No. [A-1] [A-2] [A-3] [A-3FL] [A-3B] [A-SB] [A-4] [A-1A]

Initial Certificate Principal Balance of this Certificate as of the Closing
Date:
$____________

Class Principal Balance of all the Class [A-1] [A-2] [A-3] [A-3FL] [A-3B] [A-SB]
[A-4] [A-1A] Certificates as of the Closing Date:
$____________

Aggregate unpaid principal balance of the Mortgage Pool as of the Cut-off Date,
after deducting payments of principal due on or before such date (the "Initial
Pool Balance"): $2,141,833,152

Trustee: LaSalle Bank National Association

CUSIP No.: ________

ISIN No.: ________

                                      A-1-1

[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 TRUSTEE, THE CERTIFICATE REGISTRAR 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, MIDLAND
LOAN SERVICES, 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.

[EXCEPT FOR CLASS A-3FL CERTIFICATES: 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.]

[FOR CLASS A-3FL CERTIFICATES ONLY: SOLELY FOR FEDERAL INCOME TAX PURPOSES, THIS
CERTIFICATE REPRESENTS AN UNDIVIDED BENEFICIAL OWNERSHIP INTEREST IN A GRANTOR
TRUST THE ASSETS OF WHICH CONSIST PRIMARILY OF AN INTEREST RATE SWAP AGREEMENT
AND 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.]

[FOR CLASS A-3FL CERTIFICATES ONLY: THE PASS-THROUGH RATE ON THIS CERTIFICATE IS
BASED UPON LIBOR AND THEREFORE IS SUBJECT TO CHANGE

                                      A-1-2

OVER TIME BASED UPON CHANGES IN THE RATE OF LIBOR. IN ADDITION, THE PASS-THROUGH
RATE ON THIS CLASS A-3FL CERTIFICATE MAY CONVERT TO A DIFFERENT PER ANNUM RATE
UNDER CERTAIN CIRCUMSTANCES SET FORTH IN THE POOLING AND SERVICING AGREEMENT
REFERRED TO HEREIN.]

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, as master servicer (the "Master Servicer", which term includes any
successor entity under the Agreement), Midland Loan Services, 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

                                      A-1-3

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 Account, 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.

          [FOR CLASS A-3FL CERTIFICATES ONLY:] For so long as a Class A-3FL
Distribution Conversion has not occurred and become permanent, any Transferee of
this Certificate 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 eligible for the
exemptive relief available under any of Prohibited Transaction Class Exemption
("PTCE") 84-14, PTCE 90-1, PTCE 91-38, PTCE 95-60, PTCE 96-23 or a similar
exemption.

          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.

                                      A-1-4

          [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 Servicer, 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 Servicer, 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 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, the 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-3FL, Class A-3B, Class
A-SB, Class A-4, Class A-1A, Class AM, Class AJ, Class AN-FL, 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 Servicer, the Special Servicer and the Trustee thereunder
and the rights of the Certificateholders thereunder, at any

                                      A-1-5

time by the Master Servicer, 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.

                                      A-1-6

          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-3FL] [A-3B] [A-SB] [A-4]
[A-1A] Certificates referred to in the within-mentioned Agreement.

Dated: March 30, 2006

                                        LASALLE BANK NATIONAL ASSOCIATION
                                        as Authenticating Agent

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

                                      A-1-7

                                   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.

                                     A-1-8

                                   EXHIBIT A-2

                                   [RESERVED]

                                     A-2-1

                                   EXHIBIT A-3

                          FORM OF CLASS X CERTIFICATES

                     ML-CFC COMMERCIAL MORTGAGE TRUST 2006-1
              CLASS X COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATE,
                                  SERIES 2006-1

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

Date of Pooling and Servicing Agreement: March 1, 2006

Closing Date: March 30, 2006

First Distribution Date: April 12, 2006

Master Servicer: Wachovia Bank, National Association

Special Servicer: Midland Loan Services, Inc.

Certificate No. X -

Initial Certificate Notional Amount of this Certificate as of the Closing Date:
$____________

Original Class X Notional Amount of all the Class X Certificates as of the
Closing Date:
$____________

Aggregate unpaid principal balance of the Mortgage Pool as of the Cut-off Date,
after deducting payments of principal due on or before such date (the "Initial
Pool Balance"): $2,141,833,152

Trustee: LaSalle Bank National Association

CUSIP No.: ____________

ISIN No.: ____________

                                       A-3-1

[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 TRUSTEE, THE CERTIFICATE REGISTRAR 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, MIDLAND
LOAN SERVICES, 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

                                     A-3-2

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, as master servicer (the "Master Servicer",
which term includes any successor entity under the Agreement), Midland Loan
Services, 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

                                     A-3-3

provided in the Agreement, withdrawals from the Collection Account, 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, the 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.

                                      A-3-4

          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

                                     A-3-5

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,

                                     A-3-6

Countrywide Securities Corporation, the Trustee, any Fiscal Agent, the Master
Servicer, 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 of Fitch or S&P 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 or 2000-55, 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 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

                                     A-3-7

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.

          [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 Servicer, 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 Servicer, 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 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, the 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

                                     A-3-8

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-3FL, Class A-3B, Class
A-SB, Class A-4, Class A-1A, Class AM, Class AJ, Class AN-FL, 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 Servicer, the Special Servicer and the Trustee thereunder
and the rights of the Certificateholders thereunder, at any time by the Master
Servicer, 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.

                                     A-3-9

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

                                        LASALLE BANK NATIONAL ASSOCIATION,
                                        as Trustee

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

                          CERTIFICATE OF AUTHENTICATION

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

Dated: March 30, 2006

                                        LASALLE BANK NATIONAL ASSOCIATION, as
                                        Authenticating Agent

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

                                     A-3-10

                                   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.

                                     A-3-11

                                   EXHIBIT A-4

                  FORM OF CLASS AM, AJ, B, C AND D CERTIFICATES

                     ML-CFC COMMERCIAL MORTGAGE TRUST 2006-1
          CLASS [AM] [AJ] [B] [C] [D] COMMERCIAL MORTGAGE PASS-THROUGH
                           CERTIFICATE, SERIES 2006-1

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

Date of Pooling and Servicing Agreement: March 1, 2006

Closing Date: March 30, 2006

First Distribution Date: April 12, 2006

Master Servicer: Wachovia Bank, National Association

Special Servicer: Midland Loan Services, Inc.

Certificate No. [AM] [AJ] [B] [C] [D] -___

Initial Certificate Principal Balance of this Certificate as of the Closing
Date:
$____________

Class Principal Balance of all the Class [AM] [AJ] [B] [C] [D] Certificates as
of the Closing Date:
$____________

Aggregate unpaid principal balance of the Mortgage Pool as of the Cut-off Date,
after deducting payments of principal due on or before such date (the "Initial
Pool Balance"): $2,141,833,152

Trustee: LaSalle Bank National Association

CUSIP No.: _____________

ISIN No: _______________

                                      A-4-1

[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 TRUSTEE, THE CERTIFICATE REGISTRAR 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, MIDLAND
LOAN SERVICES, 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.

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.

                                      A-4-2

          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, as master servicer (the "Master Servicer", which term includes any
successor entity under the Agreement), Midland Loan Services, 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.

                                      A-4-3

          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 Account, 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 Servicer, 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 Servicer, the

                                      A-4-4

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 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, the 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-3FL, Class A-3B, Class
A-SB, Class A-4, Class A-1A, Class AM, Class AJ, Class AN-FL, 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 Servicer, the Special Servicer and the Trustee thereunder
and the rights of the Certificateholders thereunder, at any time by the Master
Servicer, 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.

                                      A-4-5

          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.

                                      A-4-6

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

                                        LASALLE BANK NATIONAL ASSOCIATION,
                                        as Trustee

                                        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: March 30, 2006

                                        LASALLE BANK NATIONAL ASSOCIATION,
                                        as Authenticating Agent

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

                                      A-4-7

                                   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.

                                      A-4-8

                                   EXHIBIT A-5

                 FORM OF CLASS AN-FL, E, F, G AND H CERTIFICATES

                     ML-CFC COMMERCIAL MORTGAGE TRUST 2006-1
         CLASS [AN-FL] [E] [F] [G] [H] COMMERCIAL MORTGAGE PASS-THROUGH
                           CERTIFICATE, SERIES 2006-1

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

Date of Pooling and Servicing Agreement: March 1, 2006

Closing Date: March 30, 2006

First Distribution Date: April 12, 2006

Master Servicer: Wachovia Bank, National Association

Special Servicer: Midland Loan Services, Inc.

Certificate No. [AN-FL] [E] [F] [G] [H]-___

Initial Certificate Principal Balance of this Certificate as of the Closing
Date:
$____________

Class Principal Balance of all the Class [AN-FL] [E] [F] [G] [H] Certificates as
of the Closing Date:
$____________

Aggregate unpaid principal balance of the Mortgage Pool as of the Cut-off Date,
after deducting payments of principal due on or before such date (the "Initial
Pool Balance"): $2,141,833,152

Trustee: LaSalle Bank National Association

CUSIP No.: _______

ISIN No.: ________

                                      A-5-1

[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 TRUSTEE, THE CERTIFICATE REGISTRAR 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, MIDLAND
LOAN SERVICES, 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.

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.

[EXCEPT FOR CLASS AN-FL CERTIFICATES: SOLELY FOR U.S. FEDERAL INCOME TAX
PURPOSES, THIS CERTIFICATE IS A "REGULAR INTEREST" IN A "REAL ESTATE

                                      A-5-2

MORTGAGE INVESTMENT CONDUIT" (A "REMIC") AS THOSE TERMS ARE DEFINED,
RESPECTIVELY, IN SECTIONS 860G AND 860D OF THE CODE.]

[FOR CLASS AN-FL CERTIFICATES ONLY: SOLELY FOR FEDERAL INCOME TAX PURPOSES, THIS
CERTIFICATE REPRESENTS AN UNDIVIDED BENEFICIAL OWNERSHIP INTEREST IN A GRANTOR
TRUST THE ASSETS OF WHICH CONSIST PRIMARILY OF AN INTEREST RATE SWAP AGREEMENT
AND 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.]

[FOR CLASS AN-FL CERTIFICATES ONLY: THE PASS-THROUGH RATE ON THIS CERTIFICATE IS
BASED UPON LIBOR AND THEREFORE IS SUBJECT TO CHANGE OVER TIME BASED UPON CHANGES
IN THE RATE OF LIBOR. IN ADDITION, THE PASS-THROUGH RATE ON THIS CLASS AN-FL
CERTIFICATE MAY CONVERT TO A DIFFERENT PER ANNUM RATE UNDER CERTAIN
CIRCUMSTANCES SET FORTH IN THE POOLING AND SERVICING AGREEMENT REFERRED TO
HEREIN.]

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, as master servicer (the "Master Servicer", which term includes any
successor entity under the Agreement), Midland Loan Services, 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

                                      A-5-3

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 Account, 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.

                                      A-5-4

          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, the 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

                                      A-5-5

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

                                      A-5-6

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,
Countrywide Securities Corporation, the Trustee, any Fiscal Agent, the Master
Servicer, 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

                                      A-5-7

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 of Fitch or S&P, 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 or 2000-55, 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 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.

          [FOR CLASS AN-FL ONLY:] In addition to the certification required
pursuant to clause (iii) of the foregoing paragraph if this certificate if rated
in one of the four highest generic rating categories by either of Fitch or S&P
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 or 2000-55, for so
long as a Class AN-FL Distribution Conversion has not occurred and become
permanent, 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 a certification to the effect that the purchase and holding of this
Certificate or such interest herein by such Plan is eligible for the exemptive
relief available under any of Prohibited Transaction Class Exemption ("PTCE")
84-14, PTCE 90-1, PTCE 91-38, PTCE 95-60, PTCE 96-23 or a similar exemption. If
any Transferee of this Certificate or any interest herein does

                                      A-5-8

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 as required by the preceding sentence, then such Transferee shall
be deemed to have represented and warranted that the purchase and holding of
this Certificate or such interest herein by such Transferee is eligible for the
exemptive relief available under any of PTCE 84-14, PTCE 90-1, PTCE 91-38, PTCE
95-60, PTCE 96-23 or a similar exemption.

          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 Servicer, 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 Servicer, 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 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, the 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

                                      A-5-9

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-3FL, Class A-3B, Class
A-SB, Class A-4, Class A-1A, Class AM, Class AJ, Class AN-FL, 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 Servicer, the Special Servicer and the Trustee thereunder
and the rights of the Certificateholders thereunder, at any time by the Master
Servicer, 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.

                                     A-5-10

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

                                        LASALLE BANK NATIONAL ASSOCIATION,
                                        as Trustee

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

                          CERTIFICATE OF AUTHENTICATION

          This is one of the Class [AN-FL] [E] [F] [G] [H] Certificates referred
to in the within-mentioned Agreement.

Dated: March 30, 2006

                                        LASALLE BANK NATIONAL ASSOCIATION,
                                        as Authenticating Agent

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

                                     A-5-11

                                   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.

                                     A-5-12

                                   EXHIBIT A-6

                FORM OF CLASS J, K, L, M, N, P AND Q CERTIFICATES

                     ML-CFC COMMERCIAL MORTGAGE TRUST 2006-1
       CLASS [J] [K] [L] [M] [N] [P] [Q] COMMERCIAL MORTGAGE PASS-THROUGH
                           CERTIFICATE, SERIES 2006-1

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

Date of Pooling and Servicing Agreement: March 1, 2006

Closing Date: March 30, 2006

First Distribution Date: April 12, 2006

Master Servicer: Wachovia Bank, National Association

Special Servicer: Midland Loan Services, Inc.

Certificate No. [J] [K] [L] [M] [N] [P] [Q]-___

Initial Certificate Principal Balance of this Certificate as of the Closing
Date:
$____________

Class Principal Balance of all the Class [J] [K] [L] [M] [N] [P] [Q]
Certificates as of the Closing Date:
$____________

Aggregate unpaid principal balance of the Mortgage Pool as of the Cut-off Date,
after deducting payments of principal due on or before such date (the "Initial
Pool Balance"): $2,141,833,152

Trustee: LaSalle Bank National Association

CUSIP No.: ____________

ISIN No.:

                                      A-6-1

[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 TRUSTEE, THE CERTIFICATE REGISTRAR 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, MIDLAND
LOAN SERVICES, 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.

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

                                      A-6-2

"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, as master servicer (the "Master Servicer", which term includes any
successor entity under the Agreement), Midland Loan Services, 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

                                      A-6-3

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 Account, 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

                                      A-6-4

registration under the Securities Act (which Opinion of Counsel shall not be an
expense of the Trust Fund or of the Depositor, the 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

                                      A-6-5

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

                                      A-6-6

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,
Countrywide Securities Corporation, the Trustee, any Fiscal Agent, the Master
Servicer, 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 Section 4975 of 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 of Fitch or S&P 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 or 2000-55, 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 Servicer, 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

                                      A-6-7

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.

          [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 Servicer, 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 Servicer, 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

                                      A-6-8

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 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, the 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-3FL, Class A-3B, Class A-SB, Class A-4, Class
A-1A, Class AM, Class AJ, Class AN-FL, 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 Servicer, the Special Servicer and the Trustee thereunder
and the rights of the Certificateholders thereunder, at any time by the Master
Servicer, 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.

                                      A-6-9

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

                                        LASALLE BANK NATIONAL ASSOCIATION,
                                        as Trustee

                                        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: March 30, 2006

                                        LASALLE BANK NATIONAL ASSOCIATION,
                                        as Authenticating Agent

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

                                     A-6-10

                                   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.

                                     A-6-11

                                   EXHIBIT A-7

                     FORM OF CLASS R-I AND R-II CERTIFICATES

                     ML-CFC COMMERCIAL MORTGAGE TRUST 2006-1
        CLASS [R-I] [R-II] COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATE,
                                  SERIES 2006-1

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 Agreement: March 1, 2006

Closing Date: March 30, 2006

First Distribution Date: April 12, 2006

Master Servicer: Wachovia Bank, National Association

Special Servicer: Midland Loan Services, Inc.

Certificate No. [R-I] [R-II]-___

Percentage Interest evidenced by this Certificate in the related Class:  _____%

Aggregate unpaid principal balance of the Mortgage Pool as of the Cut-off Date,
after deducting payments of principal due on or before such date (the "Initial
Pool Balance"): $2,141,833,152

Trustee: LaSalle Bank National Association

                                      A-7-1

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, MIDLAND
LOAN SERVICES, 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.

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

                                      A-7-2

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, as master servicer (the "Master Servicer",
which term includes any successor entity under the Agreement), Midland Loan
Services, 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 Account, 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.

                                      A-7-3

          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 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 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, Countrywide
Securities Corporation, the Trustee, any Fiscal Agent, the Master Servicer, 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

                                      A-7-4

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

                                      A-7-5

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

                                      A-7-6

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 Servicer, 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 Servicer, 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 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, the Master Servicer, the Special Servicer or the

                                      A-7-7

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-3FL, Class
A-3B, Class A-SB, Class A-4, Class A-1A, Class AM, Class AJ, Class AN-FL, 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 Servicer, the Special Servicer and the Trustee thereunder
and the rights of the Certificateholders thereunder, at any time by the Master
Servicer, 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.

                                      A-7-8

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

                                        LASALLE BANK NATIONAL ASSOCIATION,
                                        as Trustee

                                        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: March 30, 2006

                                        LASALLE BANK NATIONAL ASSOCIATION,
                                        as Authenticating Agent

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

                                      A-7-9

                                   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.

                                     A-7-10

                                   EXHIBIT A-8

                          FORM OF CLASS Z CERTIFICATES

                     ML-CFC COMMERCIAL MORTGAGE TRUST 2006-1
              CLASS Z COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATE,
                                  SERIES 2006-1

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 Agreement: March 1, 2006

Closing Date: March 30, 2006

First Distribution Date: January 12, 2006

Master Servicer: Wachovia Bank, National Association

Special Servicer: Midland Loan Services, Inc.

Certificate No. Z-___

Percentage Interest evidenced by this Certificate in Class Z:  ___%

Aggregate unpaid principal balance of the Mortgage Pool as of the Cut-off Date,
after deducting payments of principal due on or before such date (the "Initial
Pool Balance"): $2,141,833,152

Trustee: LaSalle Bank National Association

                                      A-8-1

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, MIDLAND
LOAN SERVICES, 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.

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, as master servicer (the "Master Servicer",
which term includes any successor entity under the Agreement), Midland Loan
Services, 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.

                                      A-8-2

          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 Account, 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.

                                      A-8-3

          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 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 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, Countrywide
Securities Corporation, the Trustee, any Fiscal Agent, the Master Servicer, 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 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

                                      A-8-4

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 Servicer, 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 Servicer, 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 the
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, the 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,

                                      A-8-5

following the date on which the total principal balance of the Class A-1, Class
A-2, Class A-3, Class A-3FL, Class A-3B, Class A-SB, Class A-4, Class A-1A,
Class AM, Class AJ, Class AN-FL, 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 Servicer, the Special Servicer and the Trustee thereunder
and the rights of the Certificateholders thereunder, at any time by the Master
Servicer, 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.

                                      A-8-6

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

                                        LASALLE BANK NATIONAL ASSOCIATION,
                                        as Trustee

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

                          CERTIFICATE OF AUTHENTICATION

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

Dated: March 30, 2006

                                        LASALLE BANK NATIONAL ASSOCIATION,
                                        as Authenticating Agent

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

                                      A-8-7

                                   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.

                                      A-8-8

                                    EXHIBIT B

                       FORM OF DISTRIBUTION DATE STATEMENT

                                       B-1

ABN AMRO                               MERRILL LYNCH MORTGAGE INVESTORS, INC.      Statement Date: 04/12/2006
LaSalle Bank N.A.                  COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATES   Payment Date:   04/12/2006
135 S. LaSalle Street Suite 1625                   SERIES 2006-1                   Prior Payment:         N/A
Chicago, IL 60603                                                                  Next Payment:   05/12/2006
                                         ABN AMRO ACCT: __________________         Record Date:    03/31/2006

Administrator:                          REPORTING PACKAGE TABLE OF CONTENTS        Analyst:

--------------------------------------------------------------------------------
---------------------------------
Issue Id:                 MLC0601
Monthly Data File Name:
---------------------------------

-------------------------------------------------------
                                                Page(s)
                                                -------
REMIC Certificate Report
Bond Interest Reconciliation
Cash Reconciliation Summary
15 Month Historical Loan Status Summary
15 Month Historical Payoff/Loss Summary
Historical Collateral Level Prepayment Report
Delinquent Loan Detail
Mortgage Loan Characteristics
Loan Level Detail
Specially Serviced Report
Modified Loan Detail
Realized Loss Detail
Appraisal Reduction Detail
-------------------------------------------------------

----------------------------------------
Closing Date:
First Payment Date:           04/12/2006
Assumed Final Payment Date:
----------------------------------------

--------------------------------------------------------------------------------
                           PARTIES TO THE TRANSACTION
--------------------------------------------------------------------------------
                DEPOSITOR: MERRILL LYNCH MORTGAGE INVESTORS, INC.
      UNDERWRITERS: MERRILL LYNCH, PIERCE, FENNER & SMITH, INC./COUNTRYWIDE
                                SECURITIES CORP./
            EHY SECURITIES (USA), LLC/BANC OF AMERICA SECURITIES LLC/
                    GOLDMAN, SACHS & CO./MORGAN STANLEY & CO.
                      MASTER SERVICER: WACHOVIA BANK, N.A.
                     SPECIAL SERVICER: MIDLAND LOAN SERVICES
   RATING AGENCY: Dominion Bond Rating Services/Fitch, Inc./Standard & Poor's
--------------------------------------------------------------------------------

------------------------------------------------------------------
INFORMATION IS AVAILABLE FOR THIS ISSUE FROM THE FOLLOWING SOURCES
------------------------------------------------------------------
LaSalle Web Site                                  www.etrustee.net
Servicer Website
LaSalle Factor Line                                 (800) 246-5761
------------------------------------------------------------------
--------------------------------------------------------------------------------

                                                                    PAGE 1 OF 23

ABN AMRO                               MERRILL LYNCH MORTGAGE INVESTORS, INC.      Statement Date: 04/12/2006
LaSalle Bank N.A.                  COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATES   Payment Date:   04/12/2006
135 S. LaSalle Street Suite 1625                   SERIES 2006-1                   Prior Payment:         N/A
Chicago, IL 60603                                                                  Next Payment:   05/12/2006
                                         ABN AMRO ACCT: __________________         Record Date:    03/31/2006

Administrator:                                                                     Analyst:

           ORIGINAL      OPENING   PRINCIPAL     PRINCIPAL      NEGATIVE     CLOSING     INTEREST     INTEREST    PASS-THROUGH
CLASS   FACE VALUE (1)   BALANCE    PAYMENT    ADJ. OR LOSS   AMORTIZATION   BALANCE   PAYMENT (2)   ADJUSTMENT       RATE
CUSIP                                                                                                             Next Rate(3)
------------------------------------------------------------------------------------------------------------------------------

Total
------------------------------------------------------------------------------------------------------------------------------

                                                               -----------------
                                                               Total P&I Payment
                                                               -----------------

Notes: (1) N denotes notional balance not included in total (2) Accrued Interest
Plus/Minus Interest Adjustment Minus Deferred Interest equals Interest Payment
(3) Estimated. * Denotes Controlling Class

                                                                    PAGE 2 OF 23

ABN AMRO                              MERRILL LYNCH MORTGAGE INVESTORS, INC.       Statement Date: 04/12/2006
LaSalle Bank N.A.                  COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATES   Payment Date:   04/12/2006
135 S. LaSalle Street Suite 1625                   SERIES 2006-1                   Prior Payment:         N/A
Chicago, IL 60603                                                                  Next Payment:   05/12/2006
                                                                                   Record Date:    03/31/2006
                                            ABN AMRO ACCT: _____________

Administrator:                                                                     Analyst:

                                            CASH RECONCILIATION SUMMARY

----------------------------------------
            INTEREST SUMMARY
----------------------------------------
Current Scheduled Interest          0.00
Less Deferred Interest              0.00
Less PPIS Reducing Scheduled Int    0.00
Plus Gross Advance Interest         0.00
Less ASER Interest Adv Reduction    0.00
Less Other Interest Not Advanced    0.00
Less Other Adjustment               0.00
----------------------------------------
Total                               0.00
----------------------------------------
UNSCHEDULED INTEREST:
----------------------------------------
Prepayment Penalties                0.00
Yield Maintenance Penalties         0.00
Other Interest Proceeds             0.00
----------------------------------------
Total                               0.00
----------------------------------------

----------------------------------------
Less Fee Paid To Servicer           0.00
Less Fee Strips Paid by Servicer    0.00
----------------------------------------
LESS FEES & EXPENSES PAID BY/TO SERVICER
----------------------------------------
Special Servicing Fees              0.00
Workout Fees                        0.00
Liquidation Fees                    0.00
Interest Due Serv on Advances       0.00
Non Recoverable Advances            0.00
Misc. Fees & Expenses               0.00
----------------------------------------

----------------------------------------
Total Unscheduled Fees & Expenses   0.00
----------------------------------------

----------------------------------------
Total Interest Due Trust            0.00
----------------------------------------

----------------------------------------
LESS FEES & EXPENSES PAID BY/TO TRUST
----------------------------------------
Trustee Fee                         0.00
Fee Strips                          0.00
Misc. Fees                          0.00
Interest Reserve Withholding        0.00
Plus Interest Reserve Deposit       0.00
----------------------------------------
Total                               0.00
----------------------------------------

----------------------------------------
            PRINCIPAL SUMMARY
----------------------------------------
SCHEDULED PRINCIPAL:
Current Scheduled Principal         0.00
Advanced Scheduled Principal        0.00
----------------------------------------
Scheduled Principal                 0.00
----------------------------------------
UNSCHEDULED PRINCIPAL:
Curtailments                        0.00
Prepayments in Full                 0.00
Liquidation Proceeds                0.00
Repurchase Proceeds                 0.00
Other Principal Proceeds            0.00
----------------------------------------
Total Unscheduled Principal         0.00
----------------------------------------
Remittance Principal                0.00
----------------------------------------

----------------------------------------
Remittance P&I Due Trust            0.00
----------------------------------------

----------------------------------------
Remittance P&I Due Certs            0.00
----------------------------------------

----------------------------------------
          POOL BALANCE SUMMARY
----------------------------------------
                         Balance   Count
----------------------------------------
Beginning Pool              0.01       0
Scheduled Principal         0.00       0
Unscheduled Principal       0.00       0
Deferred Interest           0.00
Liquidations                0.00       0
Repurchases                 0.00       0
----------------------------------------
Ending Pool                 0.00       0
----------------------------------------

----------------------------------------
        Servicing Advance Summary
----------------------------------------
                                  Amount
----------------------------------------
Prior Outstanding
Plus Current Period
Less Recovered
Less Non Recovered
Ending Outstanding
----------------------------------------

----------------------------------------
        SERVICING FEE SUMMARY
----------------------------------------
Current Servicing Fees              0.00
Plus Fees Advanced for PPIS         0.00
Less Reduction for PPIS             0.00
Plus Delinquent Servicing Fees      0.00
----------------------------------------
Total Servicing Fees                0.00
----------------------------------------

----------------------------------------
           CAP LEASE ACCRETION
----------------------------------------
Accretion Amt                       0.00
Distributable Interest              0.00
Distributable Principal             0.00
----------------------------------------

----------------------------------------
              PPIS SUMMARY
----------------------------------------
Gross PPIS                          0.00
Reduced by PPIE                     0.00
Reduced by Shortfalls in Fees       0.00
Reduced by Other Amounts            0.00
----------------------------------------
PPIS Reducing Scheduled Interest    0.00
----------------------------------------
PPIS Reducing Servicing Fee         0.00
----------------------------------------
PPIS Due Certificate                0.00
----------------------------------------

------------------------------------------
ADVANCE SUMMARY (ADVANCE MADE BY SERVICER)
------------------------------------------
                      Principal   Interest
------------------------------------------
Prior Outstanding          0.00       0.00
Plus Current Period        0.00       0.00
Less Recovered             0.00       0.00
Less Non Recovered         0.00       0.00
Ending Outstanding         0.00       0.00
------------------------------------------

                                                                    PAGE 3 OF 23

ABN AMRO                               MERRILL LYNCH MORTGAGE INVESTORS, INC.      Statement Date: 04/12/2006
LaSalle Bank N.A.                  COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATES   Payment Date:   04/12/2006
135 S. LaSalle Street Suite 1625                   SERIES 2006-1                   Prior Payment:         N/A
Chicago, IL 60603                                                                  Next Payment:   05/12/2006
                                             ABN AMRO ACCT: __________             Record Date:    03/31/2006

Administrator:                          BOND INTEREST RECONCILIATION DETAIL        Analyst:

                     Prior   Current                                                                       Current   Remaining
              Pass Interest Interest   Accrual     Accrued      Total     Total   Distributable Interest   Period   Outstanding
      Opening Thru    Due      Due   ----------- Certificate  Interest   Interest  Certificate   Payment Shortfall/   Interest
Class Balance Rate   Date     Date   Method Days   Interest  Deductions Additions    Interest    Amount   Recovery   Shortfalls
-------------------------------------------------------------------------------------------------------------------------------

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

                                                                    PAGE 4 OF 23

ABN AMRO                              MERRILL LYNCH MORTGAGE INVESTORS, INC.       Statement Date: 04/12/2006
LaSalle Bank N.A.                  COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATES   Payment Date:   04/12/2006
135 S. LaSalle Street Suite 1625                   SERIES 2006-1                   Prior Payment:         N/A
Chicago, IL 60603                                                                  Next Payment:   05/12/2006
                                             ABN AMRO ACCT: __________             Record Date:    03/31/2006

Administrator:                          BOND INTEREST RECONCILIATION DETAIL        Analyst:

                                         Deductions                                       Additions
                             ---------------------------------  ------------------------------------------------------------
                  Accrued               Deferred &              Prior Int  Int Accrual                              Other
       Opening  Certificate  Allocable   Accretion   Interest   Shortfall    on Prior   Prepayment     Yield       Interest
Class  Balance    Interest      PPIS     Interest   Loss / Exp     Due      Shortfall    Premiums   Maintenance  Proceeds(1)
----------------------------------------------------------------------------------------------------------------------------

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

       Distributable  Interest     Credit Support
        Certificate    Payment  --------------------
Class     Interest     Amount   Original  Current(3)
----------------------------------------------------

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

(1) Other Interest Proceeds are additional interest amounts specifically
allocated to the bond(s) and used in determining the bonds Distributable
Interest.

(3) Determined as follows: (A) the ending balance of all the classes less (B)
the sum of (i) the ending balance of the class and (ii) the ending balance of
all classes which are not subordinate to the class divided by (A).

                                                                    PAGE 5 OF 23

ABN AMRO                              MERRILL LYNCH MORTGAGE INVESTORS, INC.       Statement Date: 04/12/2006
LaSalle Bank N.A.                  COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATES   Payment Date:   04/12/2006
135 S. LaSalle Street Suite 1625                   SERIES 2006-1                   Prior Payment:         N/A
Chicago, IL 60603                                                                  Next Payment:   05/12/2006
                                                                                   Record Date:    03/31/2006

                                            ABN AMRO ACCT: ___________

Administrator:                                                                     Analyst:

                                           INTEREST ADJUSTMENTS SUMMARY

SHORTFALL ALLOCATED TO THE BONDS:
-----------------------------------------------------
Net Prepayment Int. Shortfalls Allocated to the Bonds   0.00
Special Servicing Fees                                  0.00
Workout Fees                                            0.00
Liquidation Fees                                        0.00
Legal Fees                                              0.00
Misc. Fees & Expenses Paid by/to Servicer               0.00
Interest Paid to Servicer on Outstanding Advances       0.00
ASER Interest Advance Reduction                         0.00
Interest Not Advanced (Current Period)                  0.00
Recoup of Prior Advances by Servicer                    0.00
Servicing Fees Paid Servicer on Loans Not Advanced      0.00
Misc. Fees & Expenses Paid by Trust                     0.00
Shortfall Due to Rate Modification                      0.00
Other Interest Loss                                     0.00
                                                        ----
Total Shortfall Allocated to the Bonds                  0.00
                                                        ====

EXCESS ALLOCATED TO THE BONDS:
-----------------------------------------------------
Other Interest Proceeds Due the Bonds                   0.00
Prepayment Interest Excess Due the Bonds                0.00
Interest Income                                         0.00
Yield Maintenance Penalties Due the Bonds               0.00
Prepayment Penalties Due the Bonds                      0.00
Recovered ASER Interest Due the Bonds                   0.00
Recovered Interest Due the Bonds                        0.00
ARD Excess Interest                                     0.00
                                                        ----
Total Excess Allocated to the Bonds                     0.00
                                                        ====

    AGGREGATE INTEREST ADJUSTMENT ALLOCATED TO THE BONDS
------------------------------------------------------------
Total Excess Allocated to the Bonds                     0.00
Less Total Shortfall Allocated to the Bonds             0.00
                                                        ----
Total Interest Adjustment to the Bonds                  0.00
                                                        ====

                                                                    PAGE 6 OF 23

ABN AMRO                              MERRILL LYNCH MORTGAGE INVESTORS, INC.       Statement Date: 04/12/2006
LaSalle Bank N.A.                  COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATES   Payment Date:   04/12/2006
135 S. LaSalle Street Suite 1625                   SERIES 2006-1                   Prior Payment:         N/A
Chicago, IL 60603                                                                  Next Payment:   05/12/2006
                                                                                   Record Date:    03/31/2006

                                            ABN AMRO ACCT: ___________

Administrator:                                                                     Analyst:

          ASSET-BACKED FACTS ~ 15 MONTH HISTORICAL LOAN STATUS SUMMARY

                                   Delinquency Aging Categories                              Special Event Categories (1)
             ----------------------------------------------------------------------- --------------------------------------------
             Delinq 1 Month Delinq 2 Months Delinq 3+ Months Foreclosure     REO     Modifications Specially Serviced  Bankruptcy
Distribution -------------- --------------- ---------------- ----------- ----------- ------------- ------------------ -----------
    Date        #  Balance     #  Balance       #  Balance    #  Balance  #  Balance   #  Balance       #  Balance     #  Balance
------------   --- -------    --- -------      --- -------   --- ------- --- -------  --- -------      --- -------    --- -------

                0    0.00      0    0.00        0     0       0    0.00   0    0.00    0    0.00        0    0.00      0    0.00
                0    0.00      0    0.00        0     0       0    0.00   0    0.00    0    0.00        0    0.00      0    0.00
                0    0.00      0    0.00        0     0       0    0.00   0    0.00    0    0.00        0    0.00      0    0.00
                0    0.00      0    0.00        0     0       0    0.00   0    0.00    0    0.00        0    0.00      0    0.00
                0    0.00      0    0.00        0     0       0    0.00   0    0.00    0    0.00        0    0.00      0    0.00
                0    0.00      0    0.00        0     0       0    0.00   0    0.00    0    0.00        0    0.00      0    0.00
                0    0.00      0    0.00        0     0       0    0.00   0    0.00    0    0.00        0    0.00      0    0.00
                0    0.00      0    0.00        0     0       0    0.00   0    0.00    0    0.00        0    0.00      0    0.00
                0    0.00      0    0.00        0     0       0    0.00   0    0.00    0    0.00        0    0.00      0    0.00
                0    0.00      0    0.00        0     0       0    0.00   0    0.00    0    0.00        0    0.00      0    0.00
                0    0.00      0    0.00        0     0       0    0.00   0    0.00    0    0.00        0    0.00      0    0.00
                0    0.00      0    0.00        0     0       0    0.00   0    0.00    0    0.00        0    0.00      0    0.00

(1) Note: Modification, Specially Serviced & Bankruptcy Totals are Included in
the Appropriate Delinquency Aging Category

                                                                    PAGE 7 OF 23

ABN AMRO                              MERRILL LYNCH MORTGAGE INVESTORS, INC.       Statement Date: 04/12/2006
LaSalle Bank N.A.                  COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATES   Payment Date:   04/12/2006
135 S. LaSalle Street Suite 1625                   SERIES 2006-1                   Prior Payment:         N/A
Chicago, IL 60603                                                                  Next Payment:   05/12/2006
                                                                                   Record Date:    03/31/2006

                                            ABN AMRO ACCT: ___________

Administrator:                                                                     Analyst:

ASSET-BACKED FACTS ~ 15 MONTH HISTORICAL PAYOFF/LOSS SUMMARY

                                                     Appraisal                    Realized
             Ending Pool (1)  Payoffs(2)  Penalties Reduct. (2) Liquidations (2) Losses (2) Remaining Term Curr Weighted Avg.
Distribution --------------- ----------- ---------- ----------- ---------------- ---------- -------------- ------------------
    Date        #  Balance    #  Balance  #  Amount  #  Balance     #  Balance    #  Amount   Life Amount     Coupon Remit
------------   --- -------   --- ------- --- ------ --- -------    --- -------   --- ------   ---- ------     ------ -----

                0     0       0      0    0     0    0      0       0      0      0      0      0              0.00%  0.00%
                                  0.00%                  0.00%          0.00%         0.00%
                0     0       0      0    0     0    0      0       0      0      0      0      0              0.00%  0.00%
                                  0.00%                  0.00%          0.00%         0.00%
                0     0       0      0    0     0    0      0       0      0      0      0      0              0.00%  0.00%
                                  0.00%                  0.00%          0.00%         0.00%
                0     0       0      0    0     0    0      0       0      0      0      0      0              0.00%  0.00%
                                  0.00%                  0.00%          0.00%         0.00%
                0     0       0      0    0     0    0      0       0      0      0      0      0              0.00%  0.00%
                                  0.00%                  0.00%          0.00%         0.00%
                0     0       0      0    0     0    0      0       0      0      0      0      0              0.00%  0.00%
                                  0.00%                  0.00%          0.00%         0.00%
                0     0       0      0    0     0    0      0       0      0      0      0      0              0.00%  0.00%
                                  0.00%                  0.00%          0.00%         0.00%
                0     0       0      0    0     0    0      0       0      0      0      0      0              0.00%  0.00%
                                  0.00%                  0.00%          0.00%         0.00%
                0     0       0      0    0     0    0      0       0      0      0      0      0              0.00%  0.00%
                                  0.00%                  0.00%          0.00%         0.00%
                0     0       0      0    0     0    0      0       0      0      0      0      0              0.00%  0.00%
                                  0.00%                  0.00%          0.00%         0.00%
                0     0       0      0    0     0    0      0       0      0      0      0      0              0.00%  0.00%
                                  0.00%                  0.00%          0.00%         0.00%
                0     0       0      0    0     0    0      0       0      0      0      0      0              0.00%  0.00%
                                  0.00%                  0.00%          0.00%         0.00%

(1) Percentage based on pool as of cutoff.

(2) Percentage based on pool as of beginning of period.

                                                                    PAGE 8 OF 23

ABN AMRO                               MERRILL LYNCH MORTGAGE INVESTORS, INC.      Statement Date: 04/12/2006
LaSalle Bank N.A.                  COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATES   Payment Date:   04/12/2006
135 S. LaSalle Street Suite 1625                   SERIES 2006-1                   Prior Payment:         N/A
Chicago, IL 60603                                                                  Next Payment:   05/12/2006
                                                                                   Record Date:    03/31/2006
                                            ABN AMRO ACCT: _____________

Administrator:                                                                     Analyst:

                                           MORTGAGE LOAN CHARACTERISTICS

                       DISTRIBUTION OF PRINCIPAL BALANCES

Current Scheduled    # of      Scheduled    % of         Weighted Average
    Balance         Loans       Balance    Balance   ------------------------
                                                     Term   Coupon   PFY DSCR
-----------------------------------------------------------------------------

-----------------------------------------------------------------------------
                      0                0      0.00%
-----------------------------------------------------------------------------
Average Schedule Balance              0
Maximum Schedule Balance (9,999,999,999)
Minimum Schedule Balance  9,999,999,999

                DISTRIBUTION OF REMAINING TERM (FULLY AMORTIZING)

Fully Amortizing    # of   Scheduled     % of        Weighted Average
 Mortgage Loans    Loans    Balance    Balance   ------------------------
                                                 Term   Coupon   PFY DSCR
-------------------------------------------------------------------------

-------------------------------------------------------------------------
                     0             0      0.00%
-------------------------------------------------------------------------

                     DISTRIBUTION OF MORTGAGE INTEREST RATES

Current Mortgage    # of   Scheduled     % of        Weighted Average
 Interest Rate     Loans    Balance    Balance   ------------------------
                                                 Term   Coupon   PFY DSCR
-------------------------------------------------------------------------

-------------------------------------------------------------------------
                     0             0      0.00%
-------------------------------------------------------------------------
Minimum Mortgage Interest Rate  ,900.000%
Maximum Mortgage Interest Rate  ,900.000%

                    DISTRIBUTION OF REMAINING TERM (BALLOON)

   Balloon          # of   Scheduled     % of        Weighted Average
Mortgage Loans     Loans    Balance    Balance   ------------------------
                                                 Term   Coupon   PFY DSCR
-------------------------------------------------------------------------

-------------------------------------------------------------------------
                     0             0      0.00%
-------------------------------------------------------------------------

                                                                    PAGE 9 OF 23

ABN AMRO                               MERRILL LYNCH MORTGAGE INVESTORS, INC.      Statement Date: 04/12/2006
LaSalle Bank N.A.                  COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATES   Payment Date:   04/12/2006
135 S. LaSalle Street Suite 1625                   SERIES 2006-1                   Prior Payment:         N/A
Chicago, IL 60603                                                                  Next Payment:   05/12/2006
                                                                                   Record Date:    03/31/2006
                                             ABN AMRO ACCT: _____________

Administrator:                                                                     Analyst:

                                           MORTGAGE LOAN CHARACTERISTICS

                           DISTRIBUTION OF DSCR (PFY)

 Debt Service    # of    Scheduled   % of
Coverage Ratio   Loans   Balance     Balance   WAMM   WAC   PFY DSCR
--------------------------------------------------------------------

--------------------------------------------------------------------
                   0             0      0.00%
--------------------------------------------------------------------
Maximum DSCR   0.000
Minimum DSCR   0.000

                          DISTRIBUTION OF DSCR (CUTOFF)

 Debt Service    # of    Scheduled    % of
Coverage Ratio   Loans    Balance    Balance   WAMM   WAC   PFY DSCR
--------------------------------------------------------------------

--------------------------------------------------------------------
                   0             0      0.00%
--------------------------------------------------------------------
Maximum DSCR   0.000
Minimum DSCR   0.000

                             GEOGRAPHIC DISTRIBUTION

Geographic    # of   Scheduled    % of
 Location    Loans    Balance    Balance   WAMM   WAC   PFY DSCR
----------------------------------------------------------------

----------------------------------------------------------------
               0             0      0.00%
----------------------------------------------------------------

                                                                   PAGE 10 OF 23

ABN AMRO                              MERRILL LYNCH MORTGAGE INVESTORS, INC.       Statement Date: 04/12/2006
LaSalle Bank N.A.                  COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATES   Payment Date:   04/12/2006
135 S. LaSalle Street Suite 1625                   SERIES 2006-1                   Prior Payment:         N/A
Chicago, IL 60603                                                                  Next Payment:   05/12/2006
                                                                                   Record Date:    03/31/2006

                                            ABN AMRO ACCT: ___________

Administrator:                                                                     Analyst:

                          MORTGAGE LOAN CHARACTERISTICS

                         DISTRIBUTION OF PROPERTY TYPES

                  # of   Scheduled     % of
Property Types   Loans    Balance    Balance   WAMM   WAC   PFY   DSCR
----------------------------------------------------------------------

----------------------------------------------------------------------
                   0         0        0.00%
----------------------------------------------------------------------

                        DISTRIBUTION OF AMORTIZATION TYPE

                     # of   Scheduled     % of
Amortization Type   Loans    Balance    Balance   WAMM   WAC   PFY   DSCR
-------------------------------------------------------------------------

-------------------------------------------------------------------------
                      0         0        0.00%
-------------------------------------------------------------------------

                         DISTRIBUTION OF LOAN SEASONING

                    # of   Scheduled     % of
Number of Months   Loans    Balance    Balance   WAMM   WAC   PFY   DSCR
------------------------------------------------------------------------

------------------------------------------------------------------------
                     0         0        0.00%
------------------------------------------------------------------------

                       DISTRIBUTION OF YEAR LOANS MATURING

                  # of   Scheduled     % of
     Year        Loans    Balance    Balance   WAMM    WAC   PFY DSCR
---------------------------------------------------------------------
     2006          0         0        0.00%      0    0.00%    0.00
     2007          0         0        0.00%      0    0.00%    0.00
     2008          0         0        0.00%      0    0.00%    0.00
     2009          0         0        0.00%      0    0.00%    0.00
     2010          0         0        0.00%      0    0.00%    0.00
     2011          0         0        0.00%      0    0.00%    0.00
     2012          0         0        0.00%      0    0.00%    0.00
     2013          0         0        0.00%      0    0.00%    0.00
     2014          0         0        0.00%      0    0.00%    0.00
     2015          0         0        0.00%      0    0.00%    0.00
     2016          0         0        0.00%      0    0.00%    0.00
2017 & Greater     0         0        0.00%      0    0.00%    0.00
---------------------------------------------------------------------
                   0         0        0.00%
---------------------------------------------------------------------

                                                                   PAGE 11 OF 23

ABN AMRO                              MERRILL LYNCH MORTGAGE INVESTORS, INC.       Statement Date: 04/12/2006
LaSalle Bank N.A.                  COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATES   Payment Date:   04/12/2006
135 S. LaSalle Street Suite 1625                   SERIES 2006-1                   Prior Payment:         N/A
Chicago, IL 60603                                                                  Next Payment:   05/12/2006
                                                                                   Record Date:    03/31/2006

                                            ABN AMRO ACCT: ___________

Administrator:                                                                     Analyst:

                             DELINQUENT LOAN DETAIL

             Paid                 Outstanding   Out. Property                    Special
Disclosure   Thru   Current P&I       P&I        Protection     Loan Status      Servicer     Foreclosure   Bankruptcy    REO
 Control #   Date     Advance      Advances**      Advances       Code (1)    Transfer Date       Date         Date      Date
-----------------------------------------------------------------------------------------------------------------------------

TOTAL
-----------------------------------------------------------------------------------------------------------------------------
A. IN GRACE PERIOD                    1. DELINQ. 1 MONTH  3. DELINQUENT 3 + MONTHS      5. NON PERFORMING MATURED BALLOON 9. REO
B. LATE PAYMENT BUT < 1 MONTH DELINQ. 2. DELINQ. 2 MONTHS 4. PERFORMING MATURED BALLOON 7. FORECLOSURE

** Outstanding P&I Advances include the current period P&I Advances and may
include Servicer and Trust Advances.

                                                                   PAGE 12 OF 23

ABN AMRO                              MERRILL LYNCH MORTGAGE INVESTORS, INC.       Statement Date: 04/12/2006
LaSalle Bank N.A.                  COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATES   Payment Date:   04/12/2006
135 S. LaSalle Street Suite 1625                   SERIES 2006-1                   Prior Payment:         N/A
Chicago, IL 60603                                                                  Next Payment:   05/12/2006
                                                                                   Record Date:    03/31/2006

                                            ABN AMRO ACCT: ___________

Administrator:                                                                     Analyst:

                                LOAN LEVEL DETAIL

                                             Operating              Ending                                              Loan
Disclosure         Property  Maturity   PFY  Statement    Geo.    Principal  Note  Scheduled  Prepayment  Prepayment   Status
 Control #  Group    Type      Date    DSCR     Date    Location   Balance   Rate     P&I       Amount       Date     Code (1)
------------------------------------------------------------------------------------------------------------------------------

------------------------------------------------------------------------------------------------------------------------------
* NOI and
------------------------------------------------------------------------------------------------------------------------------

(1) Legend: A. In Grace Period      1. Delinquent 1 month  3. Delinquent 3+ months       5. Non Performing Matured Ballon 9. REO
            B. Late Payment but < 1 2. Delinquent 2 months 4. Performing Matured Balloon 7. Foreclosure
               month delinq

                                                                   PAGE 13 OF 23

ABN AMRO                              MERRILL LYNCH MORTGAGE INVESTORS, INC.       Statement Date: 04/12/2006
LaSalle Bank N.A.                  COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATES   Payment Date:   04/12/2006
135 S. LaSalle Street Suite 1625                   SERIES 2006-1                   Prior Payment:         N/A
Chicago, IL 60603                                                                  Next Payment:   05/12/2006
                                                                                   Record Date:    03/31/2006
                                           ABN AMRO Acct: _____________

Administrator:                                                                     Analyst:

                                                       Realized Loss Detail

                                          Beginning            Gross Proceeds   Aggregate       Net       Net Proceeds
        Disclosure  Appraisal  Appraisal  Scheduled    Gross     as a % of     Liquidation  Liquidation     as a % of    Realized
Period   Control #     Date      Value     Balance   Proceeds  Sched. Balance   Expenses *    Proceeds   Sched. Balance    Loss
---------------------------------------------------------------------------------------------------------------------------------

---------------------------------------------------------------------------------------------------------------------------------
Current Total
Cumulative
---------------------------------------------------------------------------------------------------------------------------------

*    Aggregate liquidation expenses also include outstanding P&I advances and
     unpaid servicing fees, unpaid trustee fees, etc..

                                                                   PAGE 14 OF 23

ABN AMRO                              MERRILL LYNCH MORTGAGE INVESTORS, INC.       Statement Date: 04/12/2006
LaSalle Bank N.A.                  COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATES   Payment Date:   04/12/2006
135 S. LaSalle Street Suite 1625                   SERIES 2006-1                   Prior Payment:         N/A
Chicago, IL 60603                                                                  Next Payment:   05/12/2006
                                                                                   Record Date:    03/31/2006
                                           ABN AMRO Acct: _____________

Administrator:                                                                     Analyst:

                  BOND/COLLATERAL REALIZED LOSS RECONCILIATION

                                                                                   Interest
                                                Prior                            (Shortages)
                     Beginning                Realized                            /Excesses
                      Balance    Aggregate      Loss        Amounts Covered by     applied
                       of the     Realized   Applied to   Overcollateralization  to Realized
Prospectus            Loan at       Loss    Certificates     and other Credit       Losses
    ID      Period  Liquidation   on Loans        A                 B                 C
--------------------------------------------------------------------------------------------

CUMULATIVE

                            Additional
            Modification  (Recoveries)/                                   (Recoveries)/
            Adjustments/     Expenses        Current                         Realized
              Appraisal     applied to      Realized                          Loss
              Reduction      Realized         Loss        Recoveries of     Applied to
Prospectus   Adjustment       Losses       Applied to    Realized Losses   Certificate
    ID            D             E        Certififcates*    paid as Cash      Interest
---------------------------------------------------------------------------------------

CUMULATIVE

* In the Initial Period the Current Realized Loss Applied to Certificates will
equal Aggregate Realized Loss on Loans - B - C - D + E instead of A - B - C - D
+ E

Description
of Fields
-----------

     A        Prior Realized Loss Applied to Certificates
     B        Reduction to Realized Loss applied to bonds (could represent OC, insurance policies, reserve accounts, etc)
     C        Amounts classified by the Master as interest adjustments from general collections on a loan with a Realized Loss
     D        Adjustments that are based on principal haircut or future interest foregone due to modification
     E        Realized Loss Adjustments, Supplemental Recoveries or Expenses on a previously liquidated loan

                                                                   PAGE 15 OF 23

ABN AMRO                              MERRILL LYNCH MORTGAGE INVESTORS, INC.       Statement Date: 04/12/2006
LaSalle Bank N.A.                  COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATES   Payment Date:   04/12/2006
135 S. LaSalle Street Suite 1625                   SERIES 2006-1                   Prior Payment:         N/A
Chicago, IL 60603                                                                  Next Payment:   05/12/2006
                                                                                   Record Date:    03/31/2006
                                            ABN AMRO Acct: _____________

Administrator:                                                                     Analyst:

                           APPRAISAL REDUCTION DETAIL

                                                                             Remaining Term                                Appraisal
Disclosure  Appraisal  Scheduled   ARA    Current P&I  ASER  Note  Maturity  --------------  Property  Geographic        -----------
 Control#   Red. Date  Balance    Amount     Advance         Rate    Date         Life         Type     Location   DSCR  Value  Date
------------------------------------------------------------------------------------------------------------------------------------

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

                                                                   PAGE 16 OF 23

ABN AMRO                              MERRILL LYNCH MORTGAGE INVESTORS, INC.       Statement Date: 04/12/2006
LaSalle Bank N.A.                  COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATES   Payment Date:   04/12/2006
135 S. LaSalle Street Suite 1625                   SERIES 2006-1                   Prior Payment:         N/A
Chicago, IL 60603                                                                  Next Payment:   05/12/2006
                                                                                   Record Date:    03/31/2006
                                            ABN AMRO Acct: _____________

Administrator:                                                                     Analyst:

                            MATERIAL BREACHES DETAIL

               Ending    Material
Disclosure   Principal    Breach   Material Breach
 Control #    Balance      Date      Description
--------------------------------------------------

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

                                                                   PAGE 17 OF 23

ABN AMRO                              MERRILL LYNCH MORTGAGE INVESTORS, INC.       Statement Date: 04/12/2006
LaSalle Bank N.A.                  COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATES   Payment Date:   04/12/2006
135 S. LaSalle Street Suite 1625                   SERIES 2006-1                   Prior Payment:         N/A
Chicago, IL 60603                                                                  Next Payment:   05/12/2006
                                                                                   Record Date:    03/31/2006
                                            ABN AMRO Acct: _____________

Administrator:                                                                     Analyst:

                 HISTORICAL COLLATERAL LEVEL PREPAYMENT REPORT

Disclosure   Payoff   Initial          Payoff   Penalty   Prepayment   Maturity   Property   Geographic
 Control #   Period   Balance   Type   Amount    Amount      Date        Date       Type      Location
-------------------------------------------------------------------------------------------------------

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

Current

Cumulative

                                                                   PAGE 18 OF 23

ABN AMRO                               MERRILL LYNCH MORTGAGE INVESTORS, INC.      Statement Date: 04/12/2006
LaSalle Bank N.A.                  COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATES   Payment Date:   04/12/2006
135 S. LaSalle Street Suite 1625                   SERIES 2006-1                   Prior Payment:         N/A
Chicago, IL 60603                                                                  Next Payment:   05/12/2006
                                                                                   Record Date:    03/31/2006

                                             ABN AMRO ACCT: ____________

Administrator:                                                                     Analyst:

            SPECIALLY SERVICED (PART I) ~ LOAN DETAIL (END OF PERIOD)

                          Loan           Balance                         Remaining
Disclosure   Servicing    Status   -----------------   Note   Maturity   ---------   Property     Geo.                      NOI
Control #    Xfer Date   Code(1)   Schedule   Actual   Rate     Date     Life          Type     Location    NOI     DSCR    Date
--------------------------------------------------------------------------------------------------------------------------------

                                                                                                            Not     Not     Not
                                                                                                           Avail   Avail   Avail

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

(1) Legend:  A. P&I Adv - in Grace  1. P&I Adv - delinquent 1  3. P&I Adv - delinquent 3+   5. Non Performing Mat.  9. REO
             Period                 month                      months                       Balloon
             B. P&I Adv - < one     2. P&I Adv - delinquent 2  4. Mat. Balloon/Assumed P&I  7. Foreclosure
             month delinq           months

                                                                   PAGE 19 OF 23

ABN AMRO                               MERRILL LYNCH MORTGAGE INVESTORS, INC.      Statement Date: 04/12/2006
LaSalle Bank N.A.                  COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATES   Payment Date:   04/12/2006
135 S. LaSalle Street Suite 1625                   SERIES 2006-1                   Prior Payment:         N/A
Chicago, IL 60603                                                                  Next Payment:   05/12/2006
                                                                                   Record Date:    03/31/2006

                                             ABN AMRO ACCT: ____________

Administrator:                                                                     Analyst:

  SPECIALLY SERVICED LOAN DETAIL (PART II) ~ SERVICER COMMENTS (END OF PERIOD)

Disclosure   Resolution
 Control #    Strategy    Comments
----------------------------------

                                                                   PAGE 20 OF 23

ABN AMRO                               MERRILL LYNCH MORTGAGE INVESTORS, INC.      Statement Date: 04/12/2006
LaSalle Bank N.A.                  COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATES   Payment Date:   04/12/2006
135 S. LaSalle Street Suite 1625                   SERIES 2006-1                   Prior Payment:         N/A
Chicago, IL 60603                                                                  Next Payment:   05/12/2006
                                                                                   Record Date:    03/31/2006

                                             ABN AMRO ACCT: ____________

Administrator:                                                                     Analyst:

                           MATURITY EXTENSION SUMMARY

LOANS WHICH HAVE HAD THEIR MATURITY DATES EXTENDED
   Number of Loans:                                                       0
   Stated Principal Balance outstanding:                               0.00
   Weighted Average Extension Period:                                     0

LOANS IN THE PROCESS OF HAVING THEIR MATURITY DATES EXTENDED
   Number of Loans:                                                       0
   Stated Principal Balance outstanding:                               0.00
   Weighted Average Extension Period:                                     0

LOANS IN THE PROCESS OF HAVING THEIR MATURITY DATES FURTHER EXTENDED
   Number of Loans:                                                       0
   Cutoff Principal Balance:                                           0.00
   Weighted Average Extension Period:                                     0

LOANS PAID-OFF THAT DID EXPERIENCE MATURITY DATE EXTENSIONS
   Number of Loans:                                                       0
   Cutoff Principal Balance:                                           0.00
   Weighted Average Extension Period:                                     0

LOANS PAID-OFF THAT DID NOT EXPERIENCE MATURITY DATE EXTENSIONS
   Number of Loans:                                                       0
   Cutoff Principal Balance:                                           0.00

                                                                   PAGE 21 OF 23

ABN AMRO                               MERRILL LYNCH MORTGAGE INVESTORS, INC.      Statement Date: 04/12/2006
LaSalle Bank N.A.                  COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATES   Payment Date:   04/12/2006
135 S. LaSalle Street Suite 1625                  SERIES 2006-1                    Prior Payment:         N/A
Chicago, IL 60603                                                                  Next Payment:   05/12/2006
                                                                                   Record Date:    03/31/2006
                                            ABN AMRO Acct: _____________

Administrator:                                                                     Analyst:

                               RATING INFORMATION

                 ORIGINAL RATINGS     RATING CHANGE/CHANGE DATE(1)
                -------------------   ----------------------------
CLASS   CUSIP   DBRS   FITCHS   S&P        DBRS   FITCH   S&P
------------------------------------------------------------------

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

NR - Designates that the class was not rated by the rating agency.

(1) Changed ratings provided on this report are based on information provided by
the applicable rating agency via electronic transmission. It shall be understood
that this transmission will generally have been provided to LaSalle within 30
days of the payment date listed on this statement. Because ratings may have
changed during the 30 day window, or may not be being provided by the rating
agency in an electronic format and therefore not being updated on this report,
LaSalle recommends that investors obtain current rating information directly
from the rating agency.

                                                                   PAGE 22 OF 23

ABN AMRO                               MERRILL LYNCH MORTGAGE INVESTORS, INC.      Statement Date: 04/12/2006
LaSalle Bank N.A.                  COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATES   Payment Date:   04/12/2006
135 S. LaSalle Street Suite 1625                  SERIES 2006-1                    Prior Payment:         N/A
Chicago, IL 60603                                                                  Next Payment:   05/12/2006
                                                                                   Record Date:    03/31/2006
                                            ABN AMRO Acct: _____________

Administrator:                                                                     Analyst:

                                     LEGEND

Until this statement/report is filed with the Commission with respect to the
Trust pursuant to Section 15(d) of the Securities Exchange Act of 1934, as
amended, the recipient hereof shall be deemed to keep the information contained
herein confidential and such information will not, without the prior consent of
the Master Servicer or the Trustee, be disclosed by such recipient or by its
officers, directors, partners, employees, agents or representatives in any
manner whatsoever, in whole or in part.

                                                                   PAGE 23 OF 23

                                    EXHIBIT C

                         FORM OF CUSTODIAL CERTIFICATION

                                                                          [Date]

Merrill Lynch Mortgage Investors, Inc.
4 World Financial Center
250 Vesey Street, 10th Floor
New York, New York 10080

Merrill Lynch Mortgage Lending, Inc.
4 World Financial Center
250 Vesey Street, 10th Floor
New York, New York 10080

Countrywide Commercial Real Estate Finance, Inc.
4500 Park Granada CH-143
Calabasas, California 91302

Eurohypo AG, New York Branch
1114 Avenue of the Americas
New York, New York 10036

Wachovia Bank, National Association
8739 Research Drive, URP4
Charlotte, North Carolina 28262-1075

Midland Loan Services, Inc.
10851 Mastin, Suite 300
Overland Park, Kansas 66210

     Re: ML-CFC Commercial Mortgage Trust 2006-1,
         Commercial Mortgage Pass-Through Certificates, Series 2006-1

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 or the Custodian 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

                                       C-1

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, the Master Servicer, the Special Servicer or any
Custodian 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

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

                                       C-2

                                   EXHIBIT D-1

                   FORM OF MASTER SERVICER REQUEST FOR RELEASE

                                                                          [Date]

LaSalle Bank National Association
135 S. LaSalle Street
Suite 1625
Chicago, Illinois 60603
Attention: Global Securities and Trust Services Group, ML-CFC Commercial
           Mortgage Trust 2006-1

     Re: ML-CFC Commercial Mortgage Trust 2006-1,
         Commercial Mortgage Pass-Through Certificates, Series 2006-1

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 March 1,
2006 (the "Pooling and Servicing Agreement"), by and among Merrill Lynch
Mortgage Investors, Inc., as Depositor, Wachovia Bank, National Association, as
Master Servicer, Midland Loan Services, Inc., as Special Servicer, and you, 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: _________________________________

                                      D-1-1

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
          the 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.

                                        WACHOVIA BANK, NATIONAL ASSOCIATION
                                        as Master Servicer

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

                                      D-1-2

                                   EXHIBIT D-2

                  FORM OF SPECIAL SERVICER REQUEST FOR RELEASE

                                                                          [Date]

LaSalle Bank National Association
135 S. LaSalle Street
Suite 1625
Chicago, Illinois 60603
Attention: Global Securities and Trust Services Group, ML-CFC Commercial
           Mortgage Trust 2006-1

     Re:  ML-CFC Commercial Mortgage Trust 2006-1,
          Commercial Mortgage Pass-Through Certificates, Series 2006-1

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 March
1, 2006 (the "Pooling and Servicing Agreement"), by and among Merrill Lynch
Mortgage Investors, Inc., as Depositor, Wachovia Bank, National Association, as
Master Servicer, Midland Loan Services, Inc., as Special Servicer, and you, 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: ____________________________

                                      D-2-1

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.

                                        MIDLAND LOAN SERVICES, INC.
                                        as Special Servicer

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

                                      D-2-2

                                   EXHIBIT E-1

                         FORM OF TRANSFEROR CERTIFICATE
             FOR TRANSFERS OF DEFINITIVE NON-REGISTERED CERTIFICATES

                                                 _______________________, 200___

LaSalle Bank National Association
135 S. LaSalle Street
Suite 1625
Chicago, Illinois 60603
Attention: Global Securities and Trust Services Group, ML-CFC Commercial
           Mortgage Trust 2006-1

     Re:  ML-CFC Commercial Mortgage Trust 2006-1, Commercial Mortgage
          Pass-Through Certificates, Series 2006-1, Class _____, [having an
          initial aggregate [Certificate Principal Balance] [Certificate
          Notional Amount] as of March 30, 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 March
1, 2006, between Merrill Lynch Mortgage Investors, Inc., as Depositor, Wachovia
Bank, National Association, as Master Servicer, Midland Loan Services, 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

                                      E-1-1

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

                                      E-1-2

                                  EXHIBIT E-2A

                        FORM I OF TRANSFEREE CERTIFICATE
             FOR TRANSFERS OF DEFINITIVE NON-REGISTERED CERTIFICATES

                                                 _______________________, 200___

LaSalle Bank National Association
135 S. LaSalle Street
Suite 1625
Chicago, Illinois 60603

Attention: Global Securities and Trust Services Group, ML-CFC Commercial
           Mortgage Trust 2006-1

     Re: ML-CFC Commercial Mortgage Trust 2006-1, Commercial Mortgage
         Pass-Through Certificates, Series 2006-1, Class _______, [having an
         initial aggregate [Certificate Principal Balance] [Certificate
         Notional Amount] as of March 30, 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 March 1, 2006, between Merrill Lynch
Mortgage Investors, Inc., as Depositor, Wachovia Bank, National Association, as
Master Servicer, Midland Loan Services, 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.

                                     E-2A-1

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

                                     E-2A-2

                             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

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

                                     E-2A-3

             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.

                                     E-2A-4

     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.

                                     E-2A-5

                                        ________________________________________
                                        (Transferee)

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

                                     E-2A-6

                             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).

                                     E-2A-7

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

                                     E-2A-8

                                        IF AN ADVISER:

                                        ________________________________________
                                        (Transferee)

                                           Date:
                                                 _______________________________

                                     E-2A-9

                                  EXHIBIT E-2B

                        FORM II OF TRANSFEREE CERTIFICATE
             FOR TRANSFERS OF DEFINITIVE NON-REGISTERED CERTIFICATES

                                                 _______________________, 200___

LaSalle Bank National Association
135 S. LaSalle Street
Suite 1625
Chicago, Illinois 60603
Attention: Global Securities and Trust Services Group, ML-CFC Commercial
           Mortgage Trust 2006-1

     Re: ML-CFC Commercial Mortgage Trust 2006-1, Commercial Mortgage
         Pass-Through Certificates, Series 2006-1, Class _______, [having an
         initial aggregate [Certificate Principal Balance] [Certificate
         Notional Amount] as of March 30, 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 March 1, 2006, between
Merrill Lynch Mortgage Investors, Inc., as Depositor, Wachovia Bank, National
Association, as Master Servicer, Midland Loan Services, 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

                                     E-2B-1

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

                                     E-2B-2

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

                                     E-2B-3

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

                                     E-2B-4

                                  EXHIBIT E-2C

                         FORM OF TRANSFEREE CERTIFICATE
           FOR TRANSFERS OF INTERESTS IN RULE 144A GLOBAL CERTIFICATES

                                                 _______________________, 200___

____________________________________

____________________________________

____________________________________

____________________________________
(Name and Address of Transferor)

     Re: ML-CFC Commercial Mortgage Trust 2006-1, Commercial Mortgage
         Pass-Through Certificates, Series 2006-1, Class _______, having an
         initial aggregate [Certificate Principal Balance] [Certificate
         Notional Amount] as of March 30, 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 March 1, 2006, between Merrill Lynch Mortgage
Investors, Inc., as Depositor, Wachovia Bank, National Association, as Master
Servicer, Midland Loan Services, 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

                                     E-2C-1

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.

                                     E-2C-2

                                        Very truly yours,

                                        ________________________________________
                                        (Transferee)

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

                                     E-2C-3

                             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 $______________________(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

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

                                     E-2C-4

             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

                                     E-2C-5

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.

                                     E-2C-6

                                        ________________________________________
                                        (Transferee)

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

                                     E-2C-7

                             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).

                                     E-2C-8

     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.

                                     E-2C-9

                                        ________________________________________
                                        (Transferee or Adviser)

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

                                        IF AN ADVISER:

                                        Print Name of Transferee

                                        ________________________________________

                                        Date:
                                              ----------------------------------

                                     E-2C-10

                                  EXHIBIT E-2D

                         FORM OF TRANSFEREE CERTIFICATE
         FOR TRANSFERS OF INTERESTS IN REGULATION S GLOBAL CERTIFICATES

                                                                          [Date]

[TRANSFEROR]

Re: ML-CFC Commercial Mortgage Trust 2006-1, Commercial Mortgage Pass-Through
    Certificates, Series 2006-1, Class _______, having an initial aggregate
    [Certificate Principal Balance] [Certificate Notional Amount] as of March
    30, 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 March 1, 2006, between Merrill Lynch
Mortgage Investors, Inc., as Depositor, Wachovia Bank, National Association, as
Master Servicer, Midland Loan Services, 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

                                     E-2D-1

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:

                                     E-2D-2

                                   EXHIBIT F-1

            FORM I OF TRANSFEREE CERTIFICATE REGARDING ERISA MATTERS
                    (DEFINITIVE NON-REGISTERED CERTIFICATES)

                                                      ___________________, 200__

LaSalle Bank National Association
135 S. LaSalle Street
Suite 1625
Chicago, Illinois 60603
Attention: Global Securities and Trust Services Group, ML-CFC Commercial
           Mortgage Trust 2006-1

     Re: ML-CFC Commercial Mortgage Trust 2006-1, Commercial Mortgage
         Pass-Through Certificates, Series 2006-1 (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
March 30, 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 March 1, 2006 (the "Pooling and
Servicing Agreement"), among Merrill Lynch Mortgage Investors, Inc., as
depositor, Wachovia Bank, National Association, as master servicer, Midland Loan
Services, Inc., as 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

                                      F-1-1

             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 or 2000-55; 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, the 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) 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).

             [FOR CLASS AN-FL ONLY SO LONG AS A CLASS AN-FL DISTRIBUTION
             CONVERSION HAS NOT BECOME PERMANENT:] The Transferred Certificates
             are Investment Grade Certificates and (X) the purchase and holding
             of the Transferred Certificates by the Plan is eligible for the
             exemptive relief available under ___________________ (identify
             applicable Prohibited Transaction Class Exemption: PTCE 84-14, PTCE
             90-1, PTCE 91-38, PTCE 95-60, PTCE 96-23 or a similar exemption).

          IN WITNESS WHEREOF, the undersigned has executed this certificate as
of the date first written above.

                                      F-1-2

                                        ________________________________________
                                        (Transferee)

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

                                      F-1-3

                                   EXHIBIT F-2

            FORM II OF TRANSFEREE CERTIFICATE REGARDING ERISA MATTERS
                    (BOOK-ENTRY NON-REGISTERED CERTIFICATES)

                                                      ___________________, 200__

_____________________________________

_____________________________________

_____________________________________

_____________________________________
(Name and Address of Transferor)

     Re: ML-CFC Commercial Mortgage Trust 2006-1, Commercial Mortgage
         Pass-Through Certificates, Series 2006-1 (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 March 30, 2006 (the
"Closing Date") of $ _____ ]. The Certificates were issued pursuant to a Pooling
and Servicing Agreement, dated as of March 1, 2006 (the "Pooling and Servicing
Agreement"), among Merrill Lynch Mortgage Investors, Inc., as depositor,
Wachovia Bank, National Association, as master servicer, Midland Loan Services,
Inc., as 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

                                      F-2-1

             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 or 2000-55; 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, the 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).

             [FOR CLASS AN-FL ONLY SO LONG AS A CLASS AN-FL DISTRIBUTION
             CONVERSION HAS NOT BECOME PERMANENT:] The Transferred Certificates
             are Investment Grade Certificates and (X) the purchase and holding
             of the Transferred Certificates by the Plan is eligible for the
             exemptive relief available under ___________________ (identify
             applicable Prohibited Transaction Class Exemption: PTCE 84-14, PTCE
             90-1, PTCE 91-38, PTCE 95-60, PTCE 96-23 or a similar exemption).

          IN WITNESS WHEREOF, the undersigned has executed this certificate as
of the date first written above.

                                      F-2-2

                                        ________________________________________
                                        (Transferee)

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

                                      F-2-3

                                   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: ML-CFC Commercial Mortgage Trust 2006-1, Commercial Mortgage Pass-Through
    Certificates,  Series 2006-1 (the "Certificates"),  issued pursuant to the
    Pooling and Servicing Agreement (the "Pooling and Servicing Agreement"),
    dated as of March 1, 2006, between Merrill Lynch Mortgage Investors,  Inc.,
    as Depositor,  Wachovia Bank, National Association,  as Master Servicer,
    Midland Loan Services, 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

                                      G-1-1

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 Trustee
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.

                                      G-1-2

     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

                                      G-1-3

[_]  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.

                                      G-1-4

     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

                                      G-1-5

                                   EXHIBIT G-2

                         FORM OF TRANSFEROR CERTIFICATE
                     FOR TRANSFERS OF RESIDUAL CERTIFICATES

                                                                          [Date]

LaSalle Bank National Association
135 S. LaSalle Street
Suite 1625
Chicago, Illinois 60603
Attention: Global Securities and Trust Services Group, ML-CFC Commercial
           Mortgage Trust 2006-1

     Re: ML-CFC Commercial Mortgage Trust 2006-1, Commercial Mortgage
         Pass-Through Certificates, Series 2006-1 (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 March 1, 2006 (the "Pooling and Servicing Agreement"), between Merrill
Lynch Mortgage Investors, Inc., as Depositor, Wachovia Bank, National
Association, as Master Servicer, Midland Loan Services, 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

                                      G-2-1

     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: _________________________________

                                      G-2-2

                                   EXHIBIT H-1

                        FORM OF NOTICE AND ACKNOWLEDGMENT

                                                                          [Date]

Moody's Investors Service, Inc.
99 Church Street
New York, New York 10007

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 March 1, 2006 relating to ML-CFC Commercial
Mortgage Trust 2006-1, Commercial Mortgage Pass-Through Certificates, Series
2006-1 (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.

                                      H-1-1

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

                                      H-1-2

                                   EXHIBIT H-2

               FORM OF ACKNOWLEDGMENT OF PROPOSED SPECIAL SERVICER

                                                                          [Date]

LaSalle Bank National Association
135 S. LaSalle Street
Suite 1625
Chicago, Illinois 60603
Attention: Global Securities and Trust Services Group, ML-CFC Commercial
           Mortgage Trust 2006-1

     Re:  ML-CFC Commercial Mortgage Trust 2006-1, Commercial Mortgage
          Pass-Through Certificates, Series 2006-1

Ladies & Gentlemen:

          Pursuant to Section 6.09 of the Pooling and Servicing Agreement dated
as of March 1, 2006 relating to ML-CFC Commercial Mortgage Trust 2006-1,
Commercial Mortgage Pass-Through Certificates, Series 2006-1 (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:
                                               ---------------------------------

                                      H-2-1

                                   EXHIBIT I-1

                        FORM OF INFORMATION REQUEST FROM
                     CERTIFICATEHOLDER OR CERTIFICATE OWNER

                                                   ______________________, 200__

LaSalle Bank National Association
135 S. LaSalle Street
Suite 1625
Chicago, Illinois 60603
Attention: Global Securities and Trust Services Group,
           ML-CFC Commercial Mortgage Trust 2006-1

Wachovia Bank, National Association
8739 Research Drive, URP4
Charlotte, North Carolina 28262-1075

Merrill Lynch Mortgage Investors, Inc.
4 World Financial Center
250 Vesey Street, 10th Floor
New York, New York 10080

     Re:  ML-CFC Commercial Mortgage Trust 2006-1
          Commercial Mortgage Pass-Through Certificates, Series 2006-1

          In accordance with the Pooling and Servicing Agreement dated as of
March 1, 2006 (the "Pooling and Servicing Agreement"), among Merrill Lynch
Mortgage Investors, Inc., as depositor (the "Depositor"), Wachovia Bank,
National Association, as master servicer (the "Master Servicer"), Midland Loan
Services, Inc., as special servicer, and LaSalle Bank National Association, as
trustee (the "Trustee"), with respect to the ML-CFC Commercial Mortgage Trust
2006-1, Commercial Mortgage Pass-Through Certificates, Series 2006-1 (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 Servicer's internet
                  website 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.

                                      I-1-1

          _____   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 the 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 the 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
          the 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 the Master Servicer 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 the Master Servicer 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 the Master Servicer or the Trustee is subject to,
               which transmittal may (but need not be) accompanied by a letter
               containing, the following provision:

                                      I-1-2

               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 2006-1, 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, the 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
          Servicer, 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 the
          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.

                                      I-1-3

     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.:
                                                       -------------------------

                                      I-1-4

                                   SCHEDULE I

                        [DESCRIBE INFORMATION REQUESTED]

                                      I-1-5

                                   EXHIBIT I-2

              FORM OF INFORMATION REQUEST FROM PROSPECTIVE INVESTOR

                                                   ______________________, 200__

LaSalle Bank National Association
135 S. LaSalle Street
Suite 1625
Chicago, Illinois 60603
Attention: Global Securities and Trust Services Group,
           ML-CFC Commercial Mortgage Trust 2006-1

Wachovia Bank, National Association
8739 Research Drive, URP4
Charlotte, North Carolina 28262-1075

Merrill Lynch Mortgage Investors, Inc.
4 World Financial Center
250 Vesey Street, 10th Floor
New York, New York 10080

Re: ML-CFC Commercial Mortgage Trust 2006-1 Commercial Mortgage Pass-Through
    Certificates, Series 2006-1 (the "Certificates")

     In accordance with the Pooling and Servicing Agreement dated as of March 1,
2006 (the "Pooling and Servicing Agreement"), among Merrill Lynch Mortgage
Investors, Inc., as depositor (the "Depositor"), Wachovia Bank, National
Association, as master servicer (the "Master Servicer"), Midland Loan Services,
Inc., as special servicer, and LaSalle Bank National Association, as trustee
(the "Trustee"), with respect to the ML-CFC Commercial Mortgage Trust 2006-1,
Commercial Mortgage Pass-Through Certificates, Series 2006-1 (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:

          _____   The information available on the Master Servicer's internet
                  website 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.

                                      I-2-1

     3.   In consideration of the 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 making the investment decision described in paragraph
          1), and such Information will not, without the prior written consent
          of the 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
          the 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 the Master Servicer 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 the Master Servicer 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 the 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

                                      I-2-2

                    Investors, Inc., Commercial Mortgage Pass-Through
                    Certificates, Series 2006-1, 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, the 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
          Servicer, 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 the
          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.:
                                                           ---------------------

                                      I-2-3

                                   SCHEDULE I

                        [DESCRIBE INFORMATION REQUESTED]

                                      I-2-4

                                    EXHIBIT J

               FORM OF EXCHANGE ACT REPORTABLE EVENT NOTIFICATION

VIA FAX:       _________________________
VIA EMAIL:     _________________________
VIA TELEPHONE: _________________________

VIA OVERNIGHT MAIL:

Merrill Lynch Mortgage Investors, Inc., as Depositor
4 World Financial Center
250 Vesey Street, 10th Floor
New York, New York 10080

Attention:

          Re: Exchange Act Reportable Event Disclosure

Ladies and Gentlemen:

          In accordance with Section 8.16 of the Pooling and Servicing
Agreement, dated as of March 1, 2006 (the "Pooling and Servicing Agreement"),
among Merrill Lynch Mortgage Investors, Inc., as depositor, Wachovia Bank,
National Association, as master servicer, Midland Loan Services, 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:
________________________________________________________________________________
________________________________________________________________________________
________________________________________________________________________________

                                       J-1

          Any inquiries related to this notification should be directed to
[_______________], phone number: [_________]; email address: [_______________].

                                        [NAME OF PARTY],
                                        as [role]

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

                                       J-2

                                    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, in its capacity as Master Servicer
      (the "Master Servicer") under the Pooling and Servicing Agreement dated as
      of March 1, 2006 (the "Pooling and Servicing Agreement"), among Merrill
      Lynch Mortgage Investors, Inc., as depositor, the Master Servicer, Midland
      Loan Services, Inc., as special servicer, and LaSalle Bank National
      Association, as trustee.

Date: _________, 20___

Re:   ML-CFC Commercial Mortgage Trust 2006-1, Commercial Mortgage Pass-Through
      Certificates, Series 2006-1 -- 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:

                                       K-1

               ____   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

                                       K-2

               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

                                       K-3

               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.

     IN WITNESS WHEREOF, the Master Servicer has caused this notice to be
executed as of the date captioned above.

                                        WACHOVIA BANK, NATIONAL ASSOCIATION
                                        As Master Servicer

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

                                       K-4

                                    EXHIBIT L

                                                                                                           RELEVANT
                                                                                                           SERVICING
                                                   SERVICING CRITERIA                                      CRITERIA
-----------------------------------------------------------------------------------------------------------------------
    REFERENCE                                           CRITERIA
-----------------------------------------------------------------------------------------------------------------------

                                            GENERAL SERVICING CONSIDERATIONS

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 Servicer
                                                                                                       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 Servicer
                   compliance with such servicing activities.                                          Special Servicer

1122(d)(1)(iii)    Any requirements in the transaction agreements to maintain a back-up servicer for          N/A
                   the mortgage loans are maintained.

1122(d)(1)(iv)     A fidelity bond and errors and omissions policy is in effect on the party            Master Servicer
                   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 the       Custodian
                   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 Servicer
                   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.

1122(d)(2)(iii)    Advances of funds or guarantees regarding collections, cash flows or                 Master Servicer
                   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 Servicer
                   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 Servicer
                   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) of the Securities Exchange Act.

1122(d)(2)(vi)     Unissued checks are safeguarded so as to prevent unauthorized access.                    Trustee
                                                                                                        Master Servicer
                                                                                                       Special Servicer

1122(d)(2)(vii)    Reconciliations are prepared on a monthly basis for all asset-backed securities          Trustee
                   related bank accounts, including custodial accounts and related bank clearing        Master Servicer
                   accounts. These reconciliations are (A) mathematically accurate; (B) prepared       Special Servicer
                   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

                                       L-1

                                                                                                           RELEVANT
                                                                                                           SERVICING
                                                   SERVICING CRITERIA                                      CRITERIA
-----------------------------------------------------------------------------------------------------------------------
    REFERENCE                                           CRITERIA
-----------------------------------------------------------------------------------------------------------------------

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 Servicer
                                                                                                       Special Servicer
                                                                                                          Custodian

1122(d)(4)(ii)     Mortgage loan and related documents are safeguarded as required by the                   Trustee
                   transaction agreements                                                               Master Servicer
                                                                                                       Special Servicer
                                                                                                          Custodian

1122(d)(4)(iii)    Any additions, removals or substitutions to the asset pool are made, reviewed and        Trustee
                   approved in accordance with any conditions or requirements in the transaction        Master Servicer
                   agreements.                                                                         Special Servicer

1122(d)(4)(iv)     Payments on mortgage loans, including any payoffs, made in accordance with the       Master Servicer
                   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 Servicer
                   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 (e.g.,    Master Servicer
                   loan modifications or re-agings) are made, reviewed and approved by authorized      Special Servicer
                   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 Servicer
                   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 variable    Master Servicer
                   rates are computed based on the related mortgage loan documents.

                                       L-2

                                                                                                           RELEVANT
                                                                                                           SERVICING
                                                   SERVICING CRITERIA                                      CRITERIA
-----------------------------------------------------------------------------------------------------------------------
    REFERENCE                                           CRITERIA
-----------------------------------------------------------------------------------------------------------------------

1122(d)(4)(x)      Regarding any funds held in trust for an obligor (such as escrow accounts): (A)      Master Servicer
                   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 Servicer
                   made on or before the related penalty or expiration dates, as indicated on the
                   appropriate bills or notices for such payments, provided that such support has
                   been received by the servicer at least 30 calendar days prior to these dates, or
                   such other number of days specified in the transaction agreements.

1122(d)(4)(xii)    Any late payment penalties in connection with any payment to be made on behalf of    Master Servicer
                   an obligor are paid from the servicer's funds and not charged to the obligor,
                   unless the late payment was due to the obligor's error or omission.

1122(d)(4)(xiii)   Disbursements made on behalf of an obligor are posted within two business days to    Master Servicer
                   the obligor's records maintained by the servicer, or such other number of days
                   specified in the transaction agreements.

1122(d)(4)(xiv)    Delinquencies, charge-offs and uncollectible accounts are recognized and recorded    Master Servicer
                   in accordance with the transaction agreements.

1122(d)(4)(xv)     Any external enhancement or other support, identified in Item 1114(a)(1) through           N/A
                   (3) or Item 1115 of Regulation AB, is maintained as set forth in the transaction
                   agreements.

[NAME OF REPORTING SERVICER]

Date:
      -------------------------------

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

                                       L-3

                                   EXHIBIT M-1

                         FORM OF PURCHASE OPTION NOTICE

                                                                          [Date]

[Purchase Option Holder]

     Re: ML-CFC Commercial Mortgage Trust 2006-1
         Commercial Mortgage Pass-Through Certificates, Series 2006-1

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 March 1, 2006, by and among Merrill Lynch Mortgage Investors, Inc.,
as depositor, Wachovia Bank, National Association, as master servicer, Midland
Loan Services, 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.

                                      M-1-1

                                        Sincerely,
                                                   -----------------------------

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

Purchase Option Holder's Acknowledgment

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

                                      M-1-2

                                   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 Midland Loan Services, Inc. ("Assignor") and
[_______________] ("Assignee") in connection with (i) the Pooling and Servicing
Agreement dated as of March 1, 2006 (the "Agreement"), by and among Merrill
Lynch Mortgage Investors, Inc., as Depositor, Wachovia Bank, National
Association, as Master Servicer, Assignor as Special Servicer, and LaSalle Bank
National Association, as Trustee (the "Trustee"), with respect to the ML-CFC
Commercial Mortgage Trust 2006-1, Series 2006-1 (the "Series 2006-1
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 2006-1 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.

                                      M-2-1

     IN WITNESS WHEREOF, this Assignment has been executed by the parties as of
the date first set forth above.

     ASSIGNOR:                          MIDLAND LOAN SERVICES, INC.

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

     ASSIGNEE:                          [ASSIGNEE]

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

     ASSIGNEE CONTACT INFORMATION:

     Address: ___________________________
     ____________________________________
     ____________________________________
     Telephone No.: _____________________
     Facsimile: _________________________

                                      M-2-2

                                   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 March 1, 2006 (the "Agreement"), by
and among Merrill Lynch Mortgage Investors, Inc., as Depositor, Wachovia Bank,
National Association, as Master Servicer, Midland Loan Services, Inc., as
Special Servicer, and LaSalle Bank National Association, as trustee (the
"Trustee"), with respect to the ML-CFC Commercial Mortgage Trust 2006-1,
Commercial Mortgage Pass-Through Certificates, Series 2006-1 (the "Series 2006-1
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 2006-1
          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 Midland Loan Services, Inc. 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

                                      M-3-1

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: ________________________

                                      M-3-2

                                    EXHIBIT N

                                   [RESERVED]

                                       N-1<PAGE>

                                                                    EXHIBIT 10.1

================================================================================

                                CREDIT AGREEMENT

                                      among

                           DHM HOLDING COMPANY, INC.,

                           DOLE HOLDING COMPANY, LLC,

                            DOLE FOOD COMPANY, INC.,

                                 SOLVEST, LTD.,

                          VARIOUS LENDING INSTITUTIONS,

                        DEUTSCHE BANK AG NEW YORK BRANCH,
                  as Administrative Agent and as Deposit Bank,

                         BANC OF AMERICA SECURITIES LLC,
                              as Syndication Agent,

                                       and

                             THE BANK OF NOVA SCOTIA

                                       and

                             RABOBANK INTERNATIONAL,
                           as Co-Documentation Agents

                           Dated as of March 28, 2003,

                    Amended and Restated as of April 18, 2005

              and further Amended and Restated as of April 12, 2006

                                   ----------

                         DEUTSCHE BANK SECURITIES INC.,
                      as Lead Arranger and Sole Book Runner

                                   ----------

================================================================================

<PAGE>
                                TABLE OF CONTENTS

<TABLE>
<CAPTION>
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                                                                            ----
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Section 1. Amount and Terms of Credit ...................................      1
   1.01  Commitments ....................................................      1
   1.02  Minimum Borrowing Amounts, etc .................................      4
   1.03  Notice of Borrowing ............................................      4
   1.04  Disbursement of Funds ..........................................      5
   1.05  Notes ..........................................................      6
   1.06  Conversions ....................................................      7
   1.07  Pro Rata Borrowings ............................................      8
   1.08  Interest .......................................................      8
   1.09  Interest Periods ...............................................      9
   1.10  Increased Costs; Illegality; etc ...............................     10
   1.11  Compensation ...................................................     13
   1.12  Change of Lending Office .......................................     14
   1.13  Replacement of Lenders .........................................     15
   1.14  Special Provisions Applicable to Lenders Upon the Occurrence
            of a Sharing Event ..........................................     16
   1.15  Incremental Term Loan Commitments ..............................     19

Section 2................................................................     22
   Section 2A. Letters of Credit ........................................     22
      2A.01 Letters of Credit ...........................................     22
      2A.02 Minimum Stated Amount .......................................     24
      2A.03 Letter of Credit Requests ...................................     25
      2A.04 Letter of Credit Participations .............................     25
      2A.05 Agreement to Repay Letter of Credit Drawings ................     28
      2A.06 Increased Costs .............................................     29

   Section 2B. Bank Guaranties ..........................................     30
      2B.01 Bank Guaranties .............................................     30
      2B.02 Minimum Face Amount .........................................     32
      2B.03 Bank Guaranty Requests ......................................     32
      2B.04 Bank Guaranty Participations ................................     33
      2B.05 Agreement to Repay Bank Guaranty Payments ...................     35
      2B.06 Increased Costs .............................................     37
      2B.07 Cash Collateralization ......................................     38

   Section 2C. Special Provisions .......................................     38
      2C.01 Credit-Linked Deposit Account ...............................     38
      2C.02 European Monetary Union .....................................     40
      2C.03 Special Provisions Regarding Non-Dollar Denominated Letters
               of Credit and Non-Dollar Denominated Bank Guaranties .....     40
      2C.04 Special Provisions Regarding Return Of Credit-Linked
               Deposits .................................................     41
</TABLE>

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<PAGE>

                                Table of Contents
                                   (continued)

<TABLE>
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Section 3. Fees; Commitments ............................................     42
   3.01  Fees ...........................................................     42
   3.02  Voluntary Termination or Reduction of Commitments and
            Adjustments of Commitments ..................................     45
   3.03  Mandatory Reduction of Commitments .............................     46

Section 4. Prepayments; Repayments; Taxes ...............................     48
   4.01  Voluntary Prepayments ..........................................     48
   4.02  Mandatory Repayments and Commitment Reductions .................     49
   4.03  Method and Place of Payment ....................................     58
   4.04  Net Payments ...................................................     58

Section 5. Conditions Precedent to Credit Events on the
              Restatement Effective Date ................................     60
   5.01  Execution of Agreement; Notes ..................................     60
   5.02  Officer's Certificate ..........................................     60
   5.03  Opinions of Counsel ............................................     61
   5.04  Company Documents; Proceedings .................................     61
   5.05  Adverse Change, etc ............................................     62
   5.06  Litigation .....................................................     62
   5.07  Approvals ......................................................     62
   5.08  Refinancing; Original Credit Agreement; etc ....................     62
   5.09  Outstanding Indebtedness and Preferred Equity ..................     64
   5.10  U.S. Subsidiaries Guaranty; Intercompany Subordination Agreement
            Acknowledgement .............................................     64
   5.11  U.S. Security Documents ........................................     65
   5.12  Foreign Security Document Acknowledgements and Amendments ......     66
   5.13  Shareholders' Agreements; Management Agreements; Existing
            Indebtedness Agreements; and Tax Allocation Agreements ......     67
   5.14  Solvency Certificate ...........................................     68
   5.15  Financial Statements; Pro Forma Financial Statements;
            Projections .................................................     69
   5.16  Payment of Fees ................................................     69
   5.17  Consent Letter .................................................     69
   5.18  Intercreditor Agreement ........................................     69

Section 6. Conditions Precedent to All Credit Events ....................     69
   6.01  No Default; Representations and Warranties .....................     70
   6.02  Notice of Borrowing; Letter of Credit Request; etc .............     70
   6.03  Incremental Term Loans .........................................     70

Section 7. Representations and Warranties ...............................     70
   7.01  Company Status .................................................     71
   7.02  Company Power and Authority ....................................     71
   7.03  No Violation ...................................................     71
   7.04  Litigation .....................................................     72
</TABLE>

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                                Table of Contents
                                   (continued)

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   7.05  Use of Proceeds; Margin Regulations ............................     72
   7.06  Governmental Approvals .........................................     73
   7.07  Investment Company Act .........................................     73
   7.08  Public Utility Holding Company Act .............................     73
   7.09  True and Complete Disclosure ...................................     73
   7.10  Financial Condition; Financial Statements ......................     74
   7.11  Security Interests .............................................     75
   7.12  Compliance with ERISA ..........................................     75
   7.13  Capitalization .................................................     77
   7.14  Subsidiaries ...................................................     78
   7.15  Intellectual Property, etc .....................................     78
   7.16  Compliance with Statutes; Agreements, etc ......................     78
   7.17  Environmental Matters ..........................................     78
   7.18  Properties .....................................................     79
   7.19  Labor Relations ................................................     80
   7.20  Tax Returns and Payments .......................................     80
   7.21  Scheduled Existing Indebtedness ................................     80
   7.22  Insurance ......................................................     81
   7.23  Transaction ....................................................     81
   7.24  Special Purpose Corporations ...................................     81
   7.25  Subordination ..................................................     82

Section 8. Affirmative Covenants ........................................     83
   8.01  Information Covenants ..........................................     83
   8.02  Books, Records and Inspections .................................     88
   8.03  Insurance ......................................................     88
   8.04  Payment of Taxes ...............................................     89
   8.05  Existence; Franchises ..........................................     89
   8.06  Compliance with Statutes; etc ..................................     90
   8.07  Compliance with Environmental Laws .............................     90
   8.08  ERISA ..........................................................     91
   8.09  Good Repair ....................................................     92
   8.10  End of Fiscal Years; Fiscal Quarters ...........................     92
   8.11  Additional Security; Additional Guaranties; Actions with Respect
            to Non-Guarantor Subsidiaries; Further Assurances ...........     92
   8.12  Foreign Subsidiaries Security ..................................     98
   8.13  Use of Proceeds ................................................    100
   8.14  Ownership of Subsidiaries ......................................    100
   8.15  Permitted Acquisitions .........................................    100
   8.16  Maintenance of Company Separateness ............................    102
   8.17  Performance of Obligations .....................................    102
   8.18  Conduct of Business ............................................    102
   8.19  Margin Stock ...................................................    104
   8.20  Foreign Security Document Amendments ...........................    104
   8.21  Refinancing ....................................................    105
</TABLE>

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<PAGE>

                                Table of Contents
                                   (continued)

<TABLE>
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                                                                            ----
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Section 9. Negative Covenants ...........................................    105
   9.01  Changes in Business; etc .......................................    105
   9.02  Consolidation; Merger; Sale or Purchase of Assets; etc .........    109
   9.03  Liens ..........................................................    113
   9.04  Indebtedness ...................................................    117
   9.05  Advances; Investments; Loans ...................................    122
   9.06  Restricted Payments; etc .......................................    127
   9.07  Transactions with Affiliates ...................................    132
   9.08  Limitation on Voluntary Payments and Modifications of
            Indebtedness; Modifications of Certificate of Incorporation,
            By-Laws and Certain Other Agreements; Issuances of Capital
            Stock; etc ..................................................    132
   9.09  Limitation on Issuance of Equity Interests .....................    133
   9.10  Limitation on Certain Restrictions on Subsidiaries .............    134
   9.11  Limitation on the Creation of Subsidiaries and Joint Ventures ..    135
   9.12  Special Restrictions Relating to Principal Property ............    136

Section 10. Events of Default ...........................................    137
   10.01 Payments .......................................................    137
   10.02 Representations, etc ...........................................    137
   10.03 Covenants ......................................................    137
   10.04 Default Under Other Agreements .................................    138
   10.05 Bankruptcy, etc ................................................    138
   10.06 ERISA ..........................................................    138
   10.07 Security Documents .............................................    139
   10.08 Guaranties .....................................................    139
   10.09 Judgments ......................................................    140
   10.10 Ownership ......................................................    140
   10.11 Denial of Liability ............................................    140
   10.12 Governmental Action ............................................    140
   10.13 Special Defaults Relating to Bermuda Entities ..................    141

Section 11. Definitions .................................................    142

Section 12. The Agents ..................................................    202
   12.01 Appointment ....................................................    202
   12.02 Nature of Duties ...............................................    203
   12.03 Certain Rights of the Agents ...................................    204
   12.04 Reliance by Agents .............................................    204
   12.05 Notice of Default, etc .........................................    204
   12.06 Nonreliance on Agents and Other Lenders ........................    205
   12.07 Indemnification ................................................    205
   12.08 Agents in their Individual Capacities ..........................    206
   12.09 Holders ........................................................    206
   12.10 Resignation of the Agents ......................................    206
</TABLE>

                                      (iv)

<PAGE>

                                Table of Contents
                                   (continued)

<TABLE>
<CAPTION>
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                                                                            ----
<S>                                                                         <C>
   12.11 Collateral Matters .............................................    207
   12.12 Delivery of Information ........................................    208
   12.13 Special Appointment of Collateral Agent (Germany) ..............    209
   12.14 Special Provisions Relating to Canadian Security Documents .....    209
   12.15 Special Appointment of Collateral Agent (Italy) ................    210
   12.16 Continuing Indemnities for Original Agents .....................    211

Section 13. Miscellaneous ...............................................    211
   13.01 Payment of Expenses, etc .......................................    211
   13.02 Right of Setoff ................................................    213
   13.03 Notices ........................................................    214
   13.04 Benefit of Agreement ...........................................    214
   13.05 No Waiver; Remedies Cumulative .................................    217
   13.06 Payments Pro Rata ..............................................    217
   13.07 Calculations; Computations .....................................    218
   13.08 Governing Law; Submission to Jurisdiction; Venue ...............    218
   13.09 Counterparts ...................................................    219
   13.10 Effectiveness ..................................................    219
   13.11 Headings Descriptive ...........................................    220
   13.12 Amendment or Waiver; etc .......................................    220
   13.13 Survival .......................................................    223
   13.14 Domicile of Loans and Commitments ..............................    223
   13.15 Confidentiality ................................................    224
   13.16 Waiver of Jury Trial ...........................................    225
   13.17 Register .......................................................    225
   13.18 English Language ...............................................    226
   13.19 Special Provisions Regarding Pledges of Equity Interests in, and
            Promissory Notes Owed by, Persons Not Organized in Qualified
            Jurisdictions ...............................................    226
   13.20 Powers of Attorney; etc ........................................    227
   13.21 Waiver of Sovereign Immunity ...................................    228
   13.22 Judgment Currency ..............................................    228
   13.23 Special Acknowledgments ........................................    229
   13.24 Special Provisions Relating to Amendment and Restatement .......    229
   13.25 USA Patriot Act ................................................    230
   13.26 Other Liens on Collateral; Terms of Intercreditor
            Agreement; Etc ..............................................    230
   13.27 Post-Closing Actions ...........................................    231

Section 14. Credit Agreement Party Guaranty .............................    232
   14.01 The Guaranty ...................................................    232
   14.02 Bankruptcy .....................................................    233
   14.03 Nature of Liability ............................................    233
   14.04 Independent Obligation .........................................    233
   14.05 Authorization ..................................................    233
   14.06 Reliance .......................................................    234
   14.07 Subordination ..................................................    234
</TABLE>

                                       (v)

<PAGE>

                                Table of Contents
                                   (continued)

<TABLE>
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   14.08 Waiver .........................................................    235
   14.09 Payments .......................................................    237
</TABLE>

                                      (vi)

<PAGE>

                                Table of Contents
                                   (continued)

Schedule I     - List of Lenders and Commitments
Schedule II    - Lender Addresses
Schedule III   - Real Properties
Schedule IV    - Scheduled Existing Indebtedness
Schedule V     - Pension Plans
Schedule VI    - Existing Investments
Schedule VII   - Subsidiaries
Schedule VIII  - Insurance
Schedule IX    - Existing Liens
Schedule X     - Capitalization
Schedule XI    - Existing Letters of Credit
Schedule XII   - Certain Foreign Security Documents, Foreign Subsidiaries
                 Party to Foreign Security Documents, etc.
Schedule XIII  - Non-Guarantor Subsidiaries; Excluded Foreign Subsidiaries
Schedule XIV   - Transactions with Affiliates
Schedule XV    - Principal Properties
Schedule XVI   - Tax Matters
Schedule XVII  - Initial Qualified Jurisdictions
Schedule XVIII - Post-Closing Matters

                                      (vii)

<PAGE>

                                Table of Contents
                                   (continued)

Exhibit A-1    - Form of Notice of Borrowing
Exhibit A-2    - Form of Notice of Conversion/Continuation
Exhibit B-1    - Form of Tranche B Term Note
Exhibit B-2    - Form of Tranche C Term Note
Exhibit B-3    - Form of Incremental Term Note
Exhibit C-1    - Form of Letter of Credit Request
Exhibit C-2    - Form of Bank Guaranty Request
Exhibit D      - Form of Section 4.04(b)(ii) Certificate
Exhibit E-1    - Form of Opinion of Paul, Hastings, Janofsky & Walker LLP
Exhibit E-2    - Form of Opinion of Appleby, Spurling Hunter
Exhibit F      - Form of Officers' Certificate
Exhibit G-1    - Form of U.S. Subsidiaries Guaranty
Exhibit G-2    - Form of Foreign Subsidiaries Guaranty Acknowledgment
Exhibit G-3    - Form of Foreign Subsidiaries Guaranty
Exhibit H-1    - Form of U.S. Pledge Agreement
Exhibit H-2    - Form of U.S. Security Agreement
Exhibit I      - Form of Solvency Certificate
Exhibit J      - Form of Assignment and Assumption Agreement
Exhibit K      - Form of Intercompany Note
Exhibit L      - Form of Shareholder Subordinated Note
Exhibit M      - Form of Special Colombian Put Note
Exhibit N      - Form of Consent Letter
Exhibit O-1    - Form of Intercompany Subordination Acknowledgment
Exhibit O-2    - Form of Intercompany Subordination Agreement
Exhibit P      - Form of Incremental Term Loan Commitment Agreement
Exhibit Q      - Form of Intercreditor Agreement

                                     (viii)
<PAGE>

          CREDIT AGREEMENT, dated as of March 28, 2003, amended and restated as
of April 18, 2005 and further amended and restated as of April 12, 2006, among
DHM HOLDING COMPANY, INC., a Delaware corporation ("Holdings"), DOLE HOLDING
COMPANY, LLC, a Delaware limited liability company ("Intermediate Holdco"), DOLE
FOOD COMPANY, INC., a Delaware corporation (the "U.S. Borrower"), SOLVEST, LTD.,
a company organized under the laws of Bermuda (the "Bermuda Borrower" and,
together with the U.S. Borrower, the "Borrowers"), the Lenders from time to time
party hereto, DEUTSCHE BANK AG NEW YORK BRANCH, as Deposit Bank (in such
capacity, the "Deposit Bank"), DEUTSCHE BANK AG NEW YORK BRANCH, as
Administrative Agent (in such capacity, the "Administrative Agent"), BANC OF
AMERICA SECURITIES LLC, as Syndication Agent (in such capacity, the "Syndication
Agent"), THE BANK OF NOVA SCOTIA and RABOBANK INTERNATIONAL, as Co-Documentation
Agents (in such capacity, each, a "Co-Documentation Agent" and, collectively,
the "Co-Documentation Agents") and DEUTSCHE BANK SECURITIES INC., as Lead
Arranger and Sole Book Runner (in such capacity, the "Lead Arranger"). Unless
otherwise defined herein, all capitalized terms used herein and defined in
Section 11 are used herein as so defined.

                                   WITNESSETH:

          WHEREAS, Holdings, Intermediate Holdco, the Borrowers, the Original
Lenders, Deutsche Bank AG New York Branch, as Administrative Agent, Banc of
America Securities LLC and The Bank of Nova Scotia, as Co-Syndication Agents,
Fortis Capital Corporation, Harris Trust and Savings Bank and Rabobank
International, as Co-Documentation Agents and Deutsche Bank Securities Inc.,
Banc of America Securities LLC and The Bank of Nova Scotia, as Joint Lead
Arrangers, are party to a Credit Agreement, dated as of March 28, 2003 and
amended and restated as of April 18, 2005 (as the same has been further amended,
restated, modified and/or supplemented to, but not including, the Restatement
Effective Date, the "Original Credit Agreement");

          WHEREAS, the parties hereto wish to amend and restate the Original
Credit Agreement in the form of this Agreement; and

          NOW, THEREFORE, the parties hereto agree that, effective as of the
Restatement Effective Date, the Original Credit Agreement shall be, and hereby
is, amended and restated in its entirety as follows:

          Section 1. Amount and Terms of Credit.

          1.01 Commitments. (a) Tranche B Term Loans. Subject to and upon the
terms and conditions set forth herein, each Lender with a Tranche B Term Loan
Commitment severally agrees to make a term loan (each, a "Tranche B Term Loan"
and, collectively, the "Tranche B Term Loans") to the U.S. Borrower, which
Tranche B Term Loans:

          (i) shall be incurred by the U.S. Borrower pursuant to a single
     drawing on the Restatement Effective Date for the purposes described in
     Section 7.05(a);

          (ii) shall be denominated in Dollars;

<PAGE>

          (iii) except as hereafter provided, shall, at the option of the U.S.
     Borrower, be incurred and maintained as one or more Borrowings of Base Rate
     Loans or Eurodollar Loans; provided (A) except as otherwise specifically
     provided in Section 1.10(b), all Tranche B Term Loans made as part of the
     same Borrowing shall at all times consist of Tranche B Term Loans of the
     same Type and (B) unless the Administrative Agent has determined that the
     Syndication Date has occurred (at which time this clause (B) shall no
     longer be applicable), no more than four Borrowings of Tranche B Term Loans
     to be maintained as Eurodollar Loans may be incurred prior to the 30th day
     after the Restatement Effective Date (or, if later, the last day of the
     Interest Period applicable to the fourth Borrowing of Eurodollar Loans
     referred to below), each of which Borrowings of Eurodollar Loans may only
     have an Interest Period of one week, and the first of which Borrowings may
     be made no earlier than the third Business Day, and no later than the fifth
     Business Day, after the Restatement Effective Date, the second of which
     Borrowings may only be made on the last day of the Interest Period of the
     first such Borrowing, the third of which Borrowings may only be made on the
     last day of the Interest Period of the second such Borrowing and the fourth
     of which Borrowings may only be made on the last day of the Interest Period
     of the third such Borrowing; and

          (iv) shall be made by each Lender in that initial aggregate principal
     amount as is equal to the Tranche B Term Loan Commitment of such Lender on
     the Restatement Effective Date (before giving effect to the termination
     thereof on such date pursuant to Section 3.03(b)).

Once repaid, Tranche B Term Loans incurred hereunder may not be reborrowed.

          (b) Tranche C Term Loans. Subject to and upon the terms and conditions
set forth herein, (I) each Consenting Tranche C Term Loan Lender severally
agrees that, on the Restatement Effective Date, the Original Tranche B Term Loan
made by such Consenting Tranche C Term Loan Lender to the Bermuda Borrower
pursuant to the Original Credit Agreement and outstanding on the Restatement
Effective Date (immediately prior to giving effect thereto) shall convert (the
"Term Loan Conversion") into a new term loan to the Bermuda Borrower (each such
term loan, a "Converted Tranche C Term Loan"); provided that if the aggregate
principal amount of the Original Tranche B Term Loan made by the respective
Consenting Tranche C Term Loan Lender to the Bermuda Borrower pursuant to the
Original Credit Agreement and outstanding on the Restatement Effective Date
(immediately prior to giving effect thereto) exceeds the amount set forth
opposite the name of such Lender on Schedule I hereto under the heading
"Converted Tranche C Term Loans," the amount of such Consenting Tranche C Term
Loan Lender's Converted Tranche C Term Loan shall equal the amount so set forth
for such Lender on Schedule I and the outstanding principal amount of such
Lender's outstanding Original Tranche B Term Loan in excess thereof shall be
repaid on the Restatement Effective Date (together with interest, breakage costs
and any other amounts owing with respect thereto as provided below), and (II)
each Lender with a Tranche C Term Loan Commitment severally agrees to make, on
the Restatement Effective Date, a term loan or term loans to the Bermuda
Borrower (each, an "Additional Tranche C Term Loan" and, collectively, the
"Additional Tranche C Term Loans", and, together with the Converted Tranche B
Term Loans, each, a "Tranche C Term Loan" and, collectively, the "Tranche C Term
Loans"), which Tranche C Term Loans:

                                      -2-

<PAGE>

          (i) shall, in the case of Additional Tranche C Term Loans, be incurred
     by the Bermuda Borrower pursuant to a single drawing on the Restatement
     Effective Date for the purposes described in Section 7.05(a);

          (ii) shall be denominated in Dollars;

          (iii) except as hereinafter provided, shall, at the option of the
     Bermuda Borrower, be incurred and maintained as, and/or converted into one
     or more Borrowings of Base Rate Loans or Eurodollar Loans, provided that
     (A) except as otherwise specifically provided in Section 1.10(b), all
     Tranche C Term Loans made as part of the same Borrowing shall at all times
     consist of Tranche C Term Loans of the same Type and (B) unless the
     Administrative Agent has determined that the Syndication Date has occurred
     (at which time this clause (B) shall no longer be applicable), no more than
     four Borrowings of Tranche C Term Loans to be maintained as Eurodollar
     Loans may be incurred prior to the 30th day after the Restatement Effective
     Date (or, if later, the last day of the Interest Period applicable to the
     fourth Borrowing of Eurodollar Loans referred to below), each of which
     Borrowings of Eurodollar Loans may only have an Interest Period of one
     week, and the first of which Borrowings may be made no earlier than the
     third Business Day, and no later than the fifth Business Day, after the
     Restatement Effective Date, the second of which Borrowings may only be made
     on the last day of the Interest Period of the first such Borrowing, the
     third of which Borrowings may only be made on the last day of the Interest
     Period of the second such Borrowing and the fourth of which Borrowings may
     only be made on the last day of the Interest Period of the third such
     Borrowing; and

          (iv) shall not exceed for any Lender, in initial principal amount,
     that amount which equals the sum of (x) the aggregate principal amount of
     its Converted Tranche C Term Loan (if any) made as provided in clause
     (b)(I) above (and as set forth opposite its name on Schedule I hereto under
     the heading "Converted Tranche C Term Loans") plus (y) the Tranche C Term
     Loan Commitment of such Lender (if any) as in effect on the Restatement
     Effective Date (before giving effect to any reductions thereto on such date
     pursuant to Section 3.03(c)).

In connection with the Term Loan Conversion and the incurrence of Additional
Tranche C Term Loans pursuant to this Section 1.01(b), (i) the Interest Period
applicable to each Borrowing of Original Tranche B Term Loans, subject to
conversion pursuant to this Section 1.01(b), existing on the Restatement
Effective Date (immediately prior to the Term Loan Conversion) and maintained as
Eurodollar Loans under the Original Credit Agreement shall, simultaneously with
the occurrence of the Term Loan Conversion, be broken, (ii) the Administrative
Agent shall (and is hereby authorized to) take all appropriate actions to ensure
that all Lenders with outstanding Tranche C Term Loans (after giving effect to
the Term Loan Conversion and the incurrence of Additional Tranche C Term Loans
pursuant to this Section 1.01(b)) participate in each new Borrowing of Tranche C
Term Loans on a pro rata basis (based upon their respective Tranche C Term Loan
Borrowing Amounts as in effect on the Restatement Effective Date) and (iii) the
Bermuda Borrower shall be obligated to pay to the respective Original Lenders
breakage and/or other costs of the type referred to in Section 1.11 of the
Original Credit Agreement (if any) incurred in connection with the Term Loan
Conversion and/or the actions taken pursuant to

                                      -3-

<PAGE>

preceding clause (ii) of this Section 1.01(b). Once repaid, Tranche C Term Loans
may not be reborrowed.

          (c) Subject to and upon the terms and conditions set forth herein,
each Lender with an Incremental Term Loan Commitment for a given Tranche of
Incremental Term Loans severally agrees, at any time and from time to time on
and after the date that such Incremental Term Loan Commitment is obtained
pursuant to Section 1.15 and prior to the Incremental Term Loan Commitment
Termination Date for such Tranche of Incremental Term Loans, to make a term loan
(each, an "Incremental Term Loan" and, collectively, the "Incremental Term
Loans") to the Incremental Term Loan Borrower for such Tranche, which
Incremental Term Loans:

          (i) shall be incurred on an Incremental Term Loan Borrowing Date for
     the purposes described in Section 7.05(a);

          (ii) shall be denominated in Dollars;

          (iii) except as hereinafter provided, shall, at the option of the
     Incremental Term Loan Borrower for such Tranche, be incurred and maintained
     as, and/or converted into one or more Borrowings of Base Rate Loans or
     Eurodollar Loans, provided that except as otherwise specifically provided
     in Section 1.10(b), all Incremental Term Loans of a given Tranche made as
     part of the same Borrowing shall at all times consist of Incremental Term
     Loans of the same Type; and

          (iv) shall not exceed for any such Incremental Term Loan Lender at any
     time of any incurrence thereof, the Incremental Term Loan Commitment of
     such Incremental Term Loan Lender for such Tranche at such time (before
     giving effect to any reductions thereto on such date pursuant to Section
     3.03(e)).

Once repaid, Incremental Term Loans may not be reborrowed.

          1.02 Minimum Borrowing Amounts, etc. The aggregate principal amount of
each Borrowing of Loans shall not be less than the Minimum Borrowing Amount
applicable to Borrowings of the respective Type and Tranche of Loans to be made
or maintained pursuant to the respective Borrowing. More than one Borrowing may
be incurred on any day, but at no time shall there be outstanding more than 35
Borrowings of Eurodollar Loans.

          1.03 Notice of Borrowing. Whenever a Borrower desires to make a
Borrowing of Loans hereunder, an Authorized Officer of such Borrower shall give
the Administrative Agent at its Notice Office at least one Business Day's prior
written (or telephonic notice promptly confirmed in writing) notice of each Base
Rate Loan and at least three Business Days' prior written (or telephonic notice
promptly confirmed in writing) notice of each Eurodollar Loan to be made
hereunder, provided that any such notice shall be deemed to have been given on a
certain day only if given before 2:00 P.M. (New York time) on such day. Each
such written notice or written confirmation of telephonic notice (each, a
"Notice of Borrowing"), except as otherwise expressly provided in Section 1.10,
shall be irrevocable and shall be given by or on behalf of the respective
Borrower in the form of Exhibit A-1, appropriately completed to specify: (i) the
aggregate principal amount of the Loans to be made pursuant to such Borrowing,
(ii) the date of such Borrowing (which shall be a Business Day), (iii) whether
the respective Borrowing

                                      -4-

<PAGE>

shall consist of Tranche B Term Loans, Tranche C Term Loans, U.S. Borrower
Incremental Term Loans or Bermuda Borrower Incremental Term Loans and (iv)
whether the Loans being made pursuant to such Borrowing are to be initially
maintained as Base Rate Loans or Eurodollar Loans. The Administrative Agent
shall promptly give each Lender which is required to make Loans of the Tranche
specified in the respective Notice of Borrowing notice of such proposed
Borrowing, of such Lender's proportionate share thereof (determined in
accordance with Section 1.07) and of the other matters required by the
immediately preceding sentence to be specified in the Notice of Borrowing.

          1.04 Disbursement of Funds. Not later than 1:00 P.M. (New York time)
on the date specified in each Notice of Borrowing, each Lender with a Commitment
under the respective Tranche, will make available its pro rata portion
(determined in accordance with Section 1.07) of each such Borrowing requested to
be made on such date (or, in the case of Additional Tranche C Term Loans, each
Lender with a Tranche C Term Loan Commitment will make available an amount
thereof equal to its Tranche C Term Loan Commitment on the Restatement Effective
Date (prior to the termination thereof pursuant to Section 3.03(c) on such
date)). All such amounts shall be made available in Dollars and in immediately
available funds at the Payment Office of the Administrative Agent, and the
Administrative Agent will make available to the respective Borrower the Payment
Office or such other location as may be reasonably satisfactory to the
Administrative Agent and specified in the relevant Notice of Borrowing the
aggregate of the amounts so made available by the Lenders prior to 3:00 P.M.
(New York time) on such day to the extent of funds actually received by the
Administrative Agent prior to such time on such day. Unless the Administrative
Agent shall have been notified by any Lender prior to the date of Borrowing that
such Lender does not intend to make available to the Administrative Agent such
Lender's portion of any Borrowing to be made on such date, the Administrative
Agent may assume that such Lender has made such amount available to the
Administrative Agent on such date of Borrowing and the Administrative Agent may,
in reliance upon such assumption, make available to the relevant Borrower a
corresponding amount. If such corresponding amount is not in fact made available
to the Administrative Agent by such Lender, the Administrative Agent shall be
entitled to recover such corresponding amount on demand from such Lender. If
such Lender does not pay such corresponding amount forthwith upon the
Administrative Agent's demand therefor, the Administrative Agent shall promptly
notify the relevant Borrower to pay immediately such corresponding amount to the
Administrative Agent and such Borrower shall immediately pay such corresponding
amount to the Administrative Agent. The Administrative Agent shall also be
entitled to recover on demand from such Lender or the U.S. Borrower or the
Bermuda Borrower, as the case may be, interest on such corresponding amount in
respect of each day from the date such corresponding amount was made available
by the Administrative Agent to the respective Borrower until the date such
corresponding amount is recovered by the Administrative Agent, at a rate per
annum equal to (i) if recovered from such Lender, the overnight Federal Funds
Rate and (ii) if recovered from the respective Borrower, the rate of interest
applicable to the respective Borrowing, as determined pursuant to Section 1.08.
Nothing in this Section 1.04 shall be deemed to relieve any Lender from its
obligation to make Loans hereunder or to prejudice any rights which the relevant
Borrower may have against any Lender as a result of any failure by such Lender
to make Loans hereunder.

                                      -5-

<PAGE>

          1.05 Notes. (a) Subject to the provisions of Section 1.05(f), the U.S.
Borrower's (in the case of Tranche B Term Loans and U.S. Borrower Incremental
Term Loans) and the Bermuda Borrower's (in the case of Tranche C Term Loans and
Bermuda Borrower Incremental Term Loans) obligation to pay the principal of, and
interest on, the Loans made by each Lender shall be evidenced (i) in the case of
Tranche B Term Loans, by a promissory note duly executed and delivered by the
U.S. Borrower substantially in the form of Exhibit B-1, with blanks
appropriately completed in conformity herewith (each, a "Tranche B Term Note"
and, collectively, the "Tranche B Term Notes"), (ii) in the case of Tranche C
Term Loans, by a promissory note duly executed and delivered by the Bermuda
Borrower substantially in the form of Exhibit B-2, with blanks appropriately
completed in conformity herewith (each, a "Tranche C Term Note" and,
collectively, the "Tranche C Term Notes") and (iii) in the case of Incremental
Term Loans, by a promissory note duly executed and delivered by the applicable
Incremental Term Loan Borrower for such Tranche substantially in the form of
Exhibit B-3, with blanks appropriately completed in conformity herewith (each,
an "Incremental Term Note" and, collectively, the "Incremental Term Notes").

          (b) The Tranche B Term Note issued to each Lender with a Tranche B
Term Loan Commitment or outstanding Tranche B Term Loans shall (i) be executed
by the U.S. Borrower, (ii) be payable to such Lender (or an affiliate designated
by such Lender) or its registered assigns and be dated the Restatement Effective
Date (or, in the case of any Tranche B Term Note issued after the Restatement
Effective Date, the date of issuance thereof), (iii) be in a stated principal
amount (expressed in Dollars) equal to the Tranche B Term Loan Commitment of
such Lender on the Restatement Effective Date before giving effect to any
reductions thereto on such date (or, in the case of any Tranche B Term Note
issued after the Restatement Effective Date, in a stated principal amount
(expressed in Dollars) equal to the outstanding principal amount of the Tranche
B Term Loan of such Lender on the date of the issuance thereof) and be payable
(in Dollars) in the principal amount of the Tranche B Term Loan evidenced
thereby from time to time, (iv) mature on the Tranche B/C Term Loan Maturity
Date, (v) bear interest as provided in the appropriate clauses of Section 1.08
in respect of the Base Rate Loans and Eurodollar Loans, as the case may be,
evidenced thereby, (vi) be subject to voluntary repayment as provided in Section
4.01 and mandatory repayment as provided in Section 4.02 and (vii) be entitled
to the benefits of this Agreement and the other Credit Documents.

          (c) The Tranche C Term Note issued to each Lender with a Tranche C
Term Loan Commitment or outstanding Tranche C Term Loans shall (i) be executed
by the Bermuda Borrower, (ii) be payable to such Lender (or an affiliate
designated by such Lender) or its registered assigns and be dated the
Restatement Effective Date (or, in the case of any Tranche C Term Note issued
after the Restatement Effective Date, the date of issuance thereof), (iii) be in
a stated principal amount (expressed in Dollars) equal to the sum of the Tranche
C Term Loan Commitment of such Lender on the Restatement Effective Date (before
giving effect to any reductions thereto on such date) plus the aggregate
principal amount of the Converted Tranche B Term Loan (if any) of such Lender on
the Restatement Effective Date (or, in the case of any Tranche C Term Note
issued after the Restatement Effective Date, in a stated principal amount
(expressed in Dollars) equal to the outstanding principal amount of the Tranche
C Term Loan of such Lender on the date of the issuance thereof) and be payable
(in Dollars) in the principal amount of the Tranche C Term Loan evidenced
thereby from time to time, (iv) mature on the Tranche B/C Term Loan Maturity
Date, (v) bear interest as provided in the appropriate clause of

                                      -6-

<PAGE>
Section 1.08 in respect of the Base Rate Loans and Eurodollar Loans, as the case
may be, evidenced thereby, (vi) be subject to voluntary repayment as provided in
Section 4.01 and mandatory repayment as provided in Section 4.02 and (vii) be
entitled to the benefits of this Agreement and the other Credit Documents.

          (d) The Incremental Term Note issued to each Lender with an
Incremental Term Loan Commitment or outstanding Incremental Term Loans under a
given Tranche shall (i) be executed by the Incremental Term Loan Borrower for
such Tranche, (ii) be payable to such Lender (or an affiliate designated by such
Lender) or its registered assigns and be dated the date of issuance thereof,
(iii) be in a stated principal amount (expressed in Dollars) equal to the
Incremental Term Loan Commitment of such Lender on the effective date of the
respective Incremental Term Loan Commitment Agreement (prior to the incurrence
of any Incremental Term Loans pursuant thereto on such date) (or, if issued
thereafter, be in a stated principal amount (expressed in Dollars) equal to the
sum of the then remaining amount of the Incremental Term Loan Commitment of such
Lender plus the outstanding principal amount of the Incremental Term Loans of
such Lender on the date of issuance thereof) and be payable (in Dollars) in the
principal amount of the Incremental Term Loans evidenced thereby from time to
time, (iv) mature on the respective Incremental Term Loan Maturity Date, (v)
bear interest as provided in the appropriate clause of Section 1.08 in respect
of Base Rate Loans and Eurodollar Loans, as the case may be, evidenced thereby,
(vi) be subject to voluntary prepayment as provided in Section 4.01 and
mandatory repayment as provided in Section 4.02 and (vi) be entitled to the
benefits of this Agreement and the other Credit Documents.

          (e) Each Lender will note on its internal records the amount of each
Loan made by it and each payment in respect thereof and will prior to any
transfer of any of its Notes endorse on the reverse side thereof the outstanding
principal amount of Loans evidenced thereby. Failure to make any such notation
or any error in any such notation or endorsement shall not affect either
Borrower's obligations in respect of any Loans.

          (f) Notwithstanding anything to the contrary contained above or
elsewhere in this Agreement, Notes shall only be delivered to Lenders that at
any time specifically request the delivery of such Notes. No failure of any
Lender to request or obtain a Note evidencing its Loans to either Borrower shall
affect or in any manner impair the obligations of the respective Borrower to pay
the Loans (and all related Obligations) which would otherwise be evidenced
thereby in accordance with the requirements of this Agreement, and shall not in
any way affect the security or guaranties therefor provided pursuant to the
various Credit Documents. Any Lender that does not have a Note evidencing its
outstanding Loans shall in no event be required to make the notations or
endorsements otherwise described in preceding clause (e). At any time when any
Lender requests the delivery of a Note to evidence any of its Loans, the
relevant Borrower shall promptly execute and deliver to the respective Lender
the requested Note or Notes in the appropriate amount or amounts to evidence
such Loans.

          1.06 Conversions. Each Borrower shall have the option to convert, on
any Business Day occurring after the Restatement Effective Date, all or a
portion equal to at least the applicable Minimum Borrowing Amount (and, if
greater, in an integral multiple of $500,000) of the outstanding principal
amount of Loans made to such Borrower pursuant to one or more Borrowings of one
or more Types of Loans under a single Tranche into a Borrowing or

                                      -7-

<PAGE>

Borrowings of another Type of Loan under such Tranche, provided that (i) except
as otherwise provided in Section 1.10(b) or unless the respective Borrower pays
all amounts owing pursuant to Section 1.11 concurrently with any such
conversion, Eurodollar Loans may be converted into Base Rate Loans only on the
last day of an Interest Period applicable to the Eurodollar Loans being
converted and no such partial conversion of Eurodollar Loans shall reduce the
outstanding principal amount of such Eurodollar Loans made pursuant to a single
Borrowing to less than the applicable Minimum Borrowing Amount applicable
thereto, (ii) unless the Required Lenders otherwise agree, Base Rate Loans may
only be converted into Eurodollar Loans if no Default or Event of Default is in
existence on the date of conversion, (iii) unless the Administrative Agent has
determined that the Syndication Date has occurred (at which time this clause
(iii) shall no longer be applicable), prior to the 30th day after the
Restatement Effective Date, conversions of Base Rate Loans into Eurodollar Loans
may only be made if any such conversion is effective on the first day of the
first, second, third or fourth Interest Period referred to in clause (B) of the
provisos appearing in each of Section 1.01(a)(iii) and Section 1.01(b)(iii) and
so long as any such conversion does not result in a greater number of Borrowings
of Eurodollar Loans prior to the 30th day after the Restatement Effective Date
as are permitted under Section 1.01(a)(iii) and Section 1.01(b)(iii), and (iv)
no conversion pursuant to this Section 1.06 shall result in a greater number of
Borrowings of Eurodollar Loans than is permitted under Section 1.02. Each such
conversion shall be effected by the applicable Borrower by giving the
Administrative Agent at its Notice Office prior to 2:00 P.M. (New York time) at
least three Business Days' prior notice (each, a "Notice of
Conversion/Continuation") in the form of Exhibit A-2, appropriately completed to
specify the Loans of such Borrower to be so converted, the Borrowing or
Borrowings pursuant to which such Loans were made and, if to be converted into
Eurodollar Loans, the Interest Period to be initially applicable thereto. The
Administrative Agent shall give each Lender prompt notice of any such proposed
conversion affecting any of its Loans.

          1.07 Pro Rata Borrowings. All Borrowings of Tranche B Term Loans,
Tranche C Term Loans and Incremental Term Loans of a given Tranche under this
Agreement shall be incurred from the Lenders pro rata on the basis of such
Lenders' Tranche B Term Loan Commitments, Tranche C Term Loan Borrowing Amounts
or Incremental Term Loan Commitments of the applicable given Tranche, as the
case may be. It is understood that no Lender shall be responsible for any
default by any other Lender of its obligation to make Loans hereunder and that
each Lender shall be obligated to make the Loans provided to be made by it
hereunder, regardless of the failure of any other Lender to make its Loans
hereunder.

          1.08 Interest. (a) The U.S. Borrower hereby agrees to pay (in the case
of Tranche B Term Loans and U.S. Borrower Incremental Term Loans, in each case
maintained as Base Rate Loans) and the Bermuda Borrower hereby agrees to pay (in
the case of Tranche C Term Loans and Bermuda Borrower Incremental Term Loans, in
each case maintained as Base Rate Loans) interest in respect of the unpaid
principal amount of each Base Rate Loan made to it from the date of the
Borrowing thereof until the earlier of (i) the maturity (whether by acceleration
or otherwise) of such Base Rate Loan and (ii) the conversion of such Base Rate
Loan to a Eurodollar Loan pursuant to Section 1.06, at a rate per annum which
shall be equal to the sum of the Base Rate in effect from time to time during
the period such Base Rate Loan is outstanding plus the relevant Applicable
Margin as in effect from time to time.

                                      -8-

<PAGE>

          (b) The U.S. Borrower hereby agrees to pay (in the case of Tranche B
Term Loans and U.S. Borrower Incremental Term Loans, in each case maintained as
Eurodollar Loans) and the Bermuda Borrower hereby agrees to pay (in the case of
Tranche C Term Loans and Bermuda Borrower Incremental Term Loans, in each case
maintained as Eurodollar Loans), interest in respect of the unpaid principal
amount of each Eurodollar Loan made to it from the date of the Borrowing thereof
until the earlier of (i) the maturity (whether by acceleration or otherwise) of
such Eurodollar Loan and (ii) the conversion of such Eurodollar Loan to a Base
Rate Loan pursuant to Section 1.06, 1.09 or 1.10, as applicable, at a rate per
annum which shall, during each Interest Period applicable thereto, be equal to
the sum of the Eurodollar Rate for such Interest Period plus the relevant
Applicable Margin as in effect from time to time.

          (c) Overdue principal and, to the extent permitted by law, overdue
interest in respect of each Loan and any other overdue amount payable hereunder
shall, in each case, bear interest at a rate per annum equal to the greater of
(x) 2% per annum in excess of the rate otherwise applicable to Base Rate Loans
maintained pursuant to the respective Tranche (or, if the overdue amount owing
does not relate to any specific Tranche, the rate otherwise applicable to
Tranche B Term Loans which are maintained as Base Rate Loans) from time to time
and (y) the rate which is 2% in excess of the rate then borne by such Loans, in
each case with such interest to be payable on demand.

          (d) Accrued (and theretofore unpaid) interest shall be payable (i) in
respect of each Base Rate Loan, quarterly in arrears on each Quarterly Payment
Date, (ii) in respect of each Eurodollar Loan, on the last day of each Interest
Period applicable thereto and, in the case of an Interest Period in excess of
three months, on each date occurring at three month intervals after the first
day of such Interest Period and (iii) in respect of each Loan, on any repayment
or prepayment (on the amount repaid or prepaid), at maturity (whether by
acceleration or otherwise) and, after such maturity, on demand.

          (e) Upon each Interest Determination Date, the Administrative Agent
shall determine the Eurodollar Rate for the respective Interest Period or
Interest Periods and shall promptly notify the respective Borrower and the
respective Lenders thereof. Each such determination shall, absent manifest
error, be final and conclusive and binding on all parties hereto.

          1.09 Interest Periods. At the time a Borrower gives any Notice of
Borrowing or Notice of Conversion/Continuation in respect of the making of, or
conversion into, any Eurodollar Loan (in the case of the initial Interest Period
applicable thereto) or on the third Business Day prior to the expiration of an
Interest Period applicable to such Eurodollar Loan (in the case of any
subsequent Interest Period), the respective Borrower shall have the right to
elect, by having an Authorized Officer of such Borrower give the Administrative
Agent notice thereof, the interest period applicable to such Eurodollar Loan,
which Interest Period shall, at the option of such Borrower (but otherwise
subject to (x) clause (B) of the proviso appearing in Section 1.01(a)(iii), (y)
clause (B) of the proviso appearing in Section 1.01(b)(iii) and (z) clause (iii)
of the proviso appearing in Section 1.06) be, in the case of a Eurodollar Loan,
a one, two, three or six-month period or, to the extent agreed to by all Lenders
required to make Loans under the respective Tranche, a nine or twelve-month
period (or, if required by clause (B) of the proviso appearing in either Section
1.01(a)(iii) or Section 1.01(b)(iii), a one-week period); provided that:

                                      -9-

<PAGE>

          (i) all Eurodollar Loans comprising the same Borrowing shall at all
     times have the same Interest Period;

          (ii) the initial Interest Period for any Eurodollar Loan shall
     commence on the date of Borrowing of such Eurodollar Loan (including the
     date of any conversion thereto from a Borrowing of Base Rate Loans) and
     each Interest Period occurring thereafter in respect of such Eurodollar
     Loan shall commence on the day on which the next preceding Interest Period
     applicable thereto expires;

          (iii) if any Interest Period relating to a Eurodollar Loan begins on a
     day for which there is no numerically corresponding day in the calendar
     month at the end of such Interest Period, such Interest Period shall end on
     the last Business Day of such calendar month;

          (iv) if any Interest Period for a Eurodollar Loan would otherwise
     expire on a day which is not a Business Day, such Interest Period shall
     expire on the next succeeding Business Day; provided, however, that if any
     Interest Period for a Eurodollar Loan would otherwise expire on a day which
     is not a Business Day but is a day of the month after which no further
     Business Day occurs in such month, such Interest Period shall expire on the
     next preceding Business Day;

          (v) no Interest Period in respect of any Borrowing under a given
     Tranche of Loans shall be selected which extends beyond the respective
     Maturity Date for such Tranche of Loans;

          (vi) unless the Required Lenders otherwise agree, no Interest Period
     for a Eurodollar Loan may be selected at any time when a Default or Event
     of Default is then in existence; and

          (vii) no Interest Period in respect of any Borrowing of any Tranche of
     Term Loans shall be elected which extends beyond any date upon which a
     Scheduled Repayment for the respective Tranche of Term Loans will be
     required to be made under Section 4.02(b) if, after giving effect to the
     election of such Interest Period, the aggregate principal amount of such
     Tranche of Term Loans which have Interest Periods which will expire after
     such date will be in excess of the aggregate principal amount of such
     Tranche of Term Loans then outstanding less the aggregate amount of such
     required Scheduled Repayment.

If upon the expiration of any Interest Period applicable to a Borrowing of
Eurodollar Loans, the U.S. Borrower or the Bermuda Borrower, as applicable, has
failed to elect, or is not permitted to elect, a new Interest Period to be
applicable to such Eurodollar Loans as provided above, the relevant Borrower
shall be deemed to have elected to convert such Eurodollar Loans into Base Rate
Loans, in any such case effective as of the expiration date of such current
Interest Period.

          1.10 Increased Costs; Illegality; etc. (a) In the event that any
Lender shall have determined in good faith (which determination shall, absent
manifest error, be final and conclusive and binding upon all parties hereto but,
with respect to clause (i) below, may be made only by the Administrative Agent):

                                      -10-

<PAGE>

          (i) on any Interest Determination Date that, by reason of any changes
     arising after the Restatement Effective Date affecting the applicable
     interbank market, adequate and fair means do not exist for ascertaining the
     applicable interest rate on the basis provided for in the definition of the
     Eurodollar Rate; or

          (ii) at any time that such Lender shall incur increased costs or
     reductions in the amounts received or receivable hereunder with respect to
     any Eurodollar Loan because of (x) any change since the Restatement
     Effective Date in any applicable law or governmental rule, regulation,
     order, guideline or request (whether or not having the force of law) or in
     the interpretation or administration thereof and including the introduction
     of any new law or governmental rule, regulation, order, guideline or
     request, such as, for example, but not limited to (A) a change in the basis
     of taxation of payments to a Lender of the principal of or interest on the
     Loans or any other amounts payable hereunder (except for changes in the
     rate of tax on, or determined by reference to, the net income or net
     profits of such Lender imposed by the jurisdiction in which its principal
     office or applicable lending office is located) or (B) a change in official
     reserve requirements, but, in all events, excluding reserves required under
     Regulation D to the extent included in the computation of the Eurodollar
     Rate and/or (y) other circumstances arising since the Restatement Effective
     Date affecting such Lender, the interbank market or the position of such
     Lender in such market (whether or not such Lender was a Lender at the time
     of such occurrence); or

          (iii) at any time after the Restatement Effective Date, that the
     making or continuance of any Eurodollar Loan has been made unlawful by any
     law or governmental rule, regulation or order (or would conflict with any
     governmental rule, regulation, guideline, request or order not having the
     force of law but with which such Lender customarily complies even though
     the failure to comply therewith would not be unlawful), or impracticable as
     a result of a contingency occurring after the Restatement Effective Date
     which materially and adversely affects the applicable interbank market;

then, and in any such event, such Lender (or the Administrative Agent, in the
case of clause (i) above) shall promptly give notice (by telephone confirmed in
writing) to the affected Borrower, and, except in the case of clause (i) above,
to the Administrative Agent of such determination (which notice the
Administrative Agent shall promptly transmit to each of the other Lenders).
Thereafter (x) in the case of clause (i) above, Eurodollar Loans shall no longer
be available until such time as the Administrative Agent notifies Holdings, any
affected Borrower and the Lenders that the circumstances giving rise to such
notice by the Administrative Agent no longer exist, and any Notice of Borrowing
or Notice of Conversion/Continuation given by either Borrower with respect to
Eurodollar Loans which have not yet been incurred (including by way of
conversion) shall be deemed rescinded by such Borrower, (y) in the case of
clause (ii) above, the respective Borrower or Borrowers, as the case may be,
agrees to pay to such Lender, upon written demand therefor, such additional
amounts (in the form of an increased rate of, or a different method of
calculating, interest or otherwise as such Lender in its sole discretion shall
determine) as shall be required to compensate such Lender for such increased
costs or reductions in amounts received or receivable hereunder (with the
written notice as to the additional amounts owed to such Lender, submitted to
the respective Borrower or Borrowers by such Lender in accordance with the
foregoing to be, absent manifest error, final and conclusive and binding on

                                      -11-

<PAGE>

all the parties hereto, although the failure to give any such notice shall not
release or diminish any of the respective Borrower's or Borrowers' obligations
to pay additional amounts pursuant to this Section 1.10(a) upon the subsequent
submission of such notice) and (z) in the case of clause (iii) above, the
respective Borrower or Borrowers shall take one of the actions specified in
Section 1.10(b) as promptly as possible and, in any event, within the time
period required by law. Each of the Administrative Agent and each Lender agrees
that if it gives notice to either Borrower of any of the events described in
clause (i), (ii) or (iii) above, it shall promptly notify such Borrower and, in
the case of any such Lender, the Administrative Agent, if such event ceases to
exist.

          (b) At any time that any Eurodollar Loan is affected by the
circumstances described in Section 1.10(a)(ii) or (iii), the affected Borrower
may (and, in the case of a Eurodollar Loan affected by the circumstances
described in Section 1.10(a)(iii), shall) either (x) if the affected Eurodollar
Loan is then being made initially or pursuant to a conversion, cancel the
respective Borrowing by giving the Administrative Agent telephonic notice
(confirmed in writing) on the same date that such Borrower was notified by the
affected Lender or the Administrative Agent pursuant to Section 1.10(a)(ii) or
(iii), as the case may be, or (y) if the affected Eurodollar Loan is then
outstanding, upon at least three Business Days' written notice to the
Administrative Agent, require the affected Lender to convert such Eurodollar
Loan into a Base Rate Loan (which conversion, in the case of the circumstance
described in Section 1.10(a)(iii), shall occur no later than the last day of the
Interest Period then applicable to such Eurodollar Loan or such earlier day as
shall be required by applicable law).

          (c) If any Lender shall have determined after the Restatement
Effective Date that the adoption or effectiveness after the Restatement
Effective Date of any applicable law, rule or regulation regarding capital
adequacy, or any change therein, or any change after the Restatement Effective
Date in the interpretation or administration thereof by any governmental
authority, central bank or comparable agency charged with the interpretation or
administration thereof, or compliance by such Lender or any Person controlling
such Lender with any request or directive regarding capital adequacy (whether or
not having the force of law) of any such authority, central bank or comparable
agency, has or would have the effect of reducing the rate of return on such
Lender's or such other controlling Person's capital or assets as a consequence
of such Lender's Commitment or Commitments hereunder or its obligations
hereunder to a level below that which such Lender or such other controlling
Person could have achieved but for such adoption, effectiveness, change or
compliance (taking into consideration such Lender's or such other controlling
Person's policies with respect to capital adequacy), then from time to time,
upon written demand by such Lender (with a copy to the Administrative Agent),
accompanied by the notice referred to in the next succeeding sentence of this
Section 1.10(c), the Borrowers jointly and severally agree to pay to such Lender
such additional amount or amounts as will compensate such Lender or such other
controlling Person for such reduction in the rate of return to such Lender or
such other controlling Person. Each Lender, upon determining in good faith that
any additional amounts will be payable pursuant to this Section 1.10(c), will
give prompt written notice thereof to the relevant Borrower (a copy of which
shall be sent by such Lender to the Administrative Agent), which notice shall
set forth such Lender's basis for asserting its rights under this Section
1.10(c) and the calculation, in reasonable detail, of such additional amounts
claimed hereunder, although the failure to give any such notice shall not
release or diminish either Borrower's obligations to pay additional amounts
pursuant to this Section 1.10(c) upon the

                                      -12-

<PAGE>

subsequent receipt of such notice. A Lender's good faith determination of
compensation owing under this Section 1.10(c) shall, absent manifest error, be
final and conclusive and binding on all the parties hereto.

          (d) In the event that any Lender shall in good faith determine (which
determination shall, absent manifest error, be final and conclusive and binding
on all parties hereto) at any time that such Lender is required to maintain
reserves (including, without limitation, any marginal, emergency, supplemental,
special or other reserves required by applicable law) which have been
established by any Federal, state, local or foreign court or governmental
agency, authority, instrumentality or regulatory body with jurisdiction over
such Lender (including any branch, Affiliate or funding office thereof) in
respect of any Non-Dollar Denominated Letter of Credit, any Non-Dollar
Denominated Bank Guaranties or any category of liabilities which includes
deposits by reference to which the interest rate on any Non-Dollar Denominated
Letter of Credit or any Non-Dollar Denominated Bank Guaranty is determined or
any category of extensions of credit or other assets which includes loans by a
non-United States office of any Lender to non-United States residents, then,
unless such reserves are included in the calculation of the interest rate
applicable to such Non-Dollar Denominated Letter of Credit or such Non-Dollar
Denominated Bank Guaranty or in Section 1.10(a)(ii), such Lender shall promptly
notify Holdings and the Borrowers in writing specifying the additional amounts
required to indemnify such Lender against the cost of maintaining such reserves
(such written notice to provide in reasonable detail a computation of such
additional amounts) and the Borrowers jointly and severally agree to pay to such
Lender such specified amounts as additional fees at the time that either
Borrower is otherwise required to pay regularly accruing fees in respect of such
Non-Dollar Denominated Letter of Credit or such Non-Dollar Denominated Bank
Guaranty or, if later, on written demand therefor by such Lender.

          1.11 Compensation. (a) The Borrowers jointly and severally agree to
compensate each Lender, upon its written request (which request shall set forth
in reasonable detail the basis for requesting such compensation), for all
losses, expenses and liabilities (including, without limitation, any loss,
expense or liability incurred by reason of the liquidation or reemployment of
deposits or other funds required by such Lender to fund its Eurodollar Loans but
excluding any loss of anticipated profit) which such Lender may sustain: (i) if
for any reason (other than a default by such Lender or any Agent) a Borrowing
of, or conversion from or into, Eurodollar Loans does not occur on a date
specified therefor in a Notice of Borrowing or Notice of Conversion/Continuation
(whether or not withdrawn by the respective Borrower or Borrowers or deemed
withdrawn pursuant to Section 1.10(a)); (ii) if any repayment (including any
repayment made pursuant to Section 4.01 or 4.02 or as a result of an
acceleration of the Loans pursuant to Section 10 or as a result of the
replacement of a Lender pursuant to Section 1.13, 4.01 or 13.12(b)), conversion
or permitted "realignment" of any of its Eurodollar Loans occurs on a date which
is not the last day of an Interest Period applicable thereto; (iii) if any
prepayment of any of its Eurodollar Loans is not made on any date specified in a
notice of prepayment given by the respective Borrower or Borrowers; or (iv) as a
consequence of (x) any other default by the respective Borrower to repay its
Loans when required by the terms of this Agreement or any Note held by such
Lender or (y) any election made pursuant to Section 1.10(b). Each Lender's
calculation of the amount of compensation owing pursuant to this Section 1.11(a)
shall be made in good faith. A Lender's basis for requesting compensation
pursuant to this Section 1.11(a) and

                                      -13-

<PAGE>

a Lender's calculation of the amount thereof, shall, absent manifest error, be
final and conclusive and binding on all parties hereto.

          (b) The Borrowers jointly and severally agree to compensate the
Deposit Bank and each CL Lender, upon the Deposit Bank's or applicable CL
Lender's written request (which request shall set forth in reasonable detail the
basis for requesting such compensation), for all losses, expenses and
liabilities incurred by the Deposit Bank or such CL Lender in connection with:
(i) any withdrawals from the Credit-Linked Deposit Account pursuant to the terms
of this Agreement prior to the end of the applicable Interest Period or
Scheduled Investment Termination Date for the Credit-Linked Deposits; and (ii)
the termination of the Total Credit-Linked Commitment (and the related
termination of the investment of the funds held in the Credit-Linked Deposit
Account) prior to the end of any applicable Interest Period or Scheduled
Investment Termination Date for the Credit-Linked Deposits; provided, however,
that neither of the Borrowers shall have any obligation to compensate the
Deposit Bank or any CL Lender pursuant to this Section 1.11(b) for any losses,
expenses and liabilities in connection with periods after such Interest Period
or Scheduled Investment Termination Date, as the case may be.

          1.12 Change of Lending Office. (a) Each Lender may at any time or from
time to time designate, by written notice to the Administrative Agent to the
extent not already reflected on Schedule II, one or more lending offices (which,
for this purpose, may include Affiliates of the respective Lender) for the
various Loans made, and Letters of Credit and Bank Guaranties participated in,
by such Lender (including, without limitation, by designating a separate lending
office (or Affiliate) to act as such with respect to Dollar Denominated Letter
of Credit Outstandings and Dollar Denominated Bank Guaranty Outstandings versus
Non-Dollar Denominated Letter of Credit Outstandings and Non-Dollar Denominated
Bank Guaranty Outstandings); provided that, for designations made after the
Restatement Effective Date (unless such designation is made after the occurrence
of a Sharing Event as a result of any Lender's purchase of participating
interests in Loans, Letters of Credit, Unpaid Drawings, Unreimbursed Payments
and Credit-Linked Deposits pursuant to Section 1.14), to the extent such
designation shall result in increased costs under Section 1.10, 2A.06, 2B.06 or
4.04 in excess of those which would be charged in the absence of the designation
of a different lending office (including a different Affiliate of the respective
Lender), then the Borrowers shall not be obligated to pay such excess increased
costs (although if such designation results in increased costs, the Borrowers
shall be obligated to pay the costs which would have applied in the absence of
such designation and any subsequent increased costs of the type described above
resulting from changes after the date of the respective designation). Except as
provided in the immediately preceding sentence, such lending office and
Affiliate of any Lender designated as provided above shall, for all purposes of
this Agreement, be treated in the same manner as the respective Lender (and
shall be entitled to all indemnities and similar provisions in respect of its
acting as such hereunder).

          (b) Each Lender agrees that upon the occurrence of any event giving
rise to the operation of Section 1.10(a)(ii) or (iii), Section 1.10(c), Section
2A.06, Section 2B.06 or Section 4.04 with respect to such Lender, it will, if
requested by the applicable Borrower by notice to such Lender, use reasonable
efforts (subject to overall policy considerations of such Lender) to designate
another lending office for any Loans, Letters of Credit and/or Bank Guaranties,
as the case may be, affected by such event, provided that such designation is
made

                                      -14-

<PAGE>

on such terms that such Lender and its lending office suffer no economic, legal
or regulatory disadvantage, with the object of avoiding the consequence of the
event giving rise to the operation of any of the aforementioned Sections.
Nothing in this Section 1.12 shall affect or postpone any of the obligations of
either Borrower or the rights of any Lender provided in Sections 1.10, 2A.06,
2B.06 and 4.04.

          1.13 Replacement of Lenders. (x) If any Lender becomes a Defaulting
Lender, (y) upon the occurrence of any event giving rise to the operation of
Section 1.10(a)(ii) or (iii), Section 1.10(c) or (d), Section 2A.06, Section
2B.06 or Section 4.04 with respect to any Lender which results in such Lender
charging to either Borrower increased costs materially in excess of the average
costs being charged by the other Lenders in respect of such contingency or (z)
in the case of a refusal by a Lender to consent to a proposed change, waiver,
discharge or termination with respect to this Agreement which has been approved
by the Required Lenders as provided in Section 13.12(b), the U.S. Borrower or
the Bermuda Borrower, as the case may be, shall have the right, in accordance
with the requirements of Section 13.04(b), if no Event of Default then exists or
would exist after giving effect to such replacement, to replace such Lender (the
"Replaced Lender") with one or more Eligible Transferees (collectively, the
"Replacement Lender"), none of whom shall constitute a Defaulting Lender at the
time of such replacement and each of whom shall be reasonably acceptable to the
Administrative Agent or, in the case of a replacement as provided in Section
13.12(b) where the consent of the respective Lender is required with respect to
less than all Tranches of its Loans or Commitments, at the option of Holdings,
to replace only the Commitments and/or outstanding Loans of such Lender in
respect of each Tranche where the consent of such Lender would otherwise be
individually required, with identical Commitments and/or Loans of the respective
Tranche provided by the Replacement Lender; provided that:

          (i) at the time of any replacement pursuant to this Section 1.13, the
     Replacement Lender shall enter into one or more Assignment and Assumption
     Agreements pursuant to Section 13.04(b) (and with all fees payable pursuant
     to said Section 13.04(b) to be paid by the Replacement Lender) pursuant to
     which the Replacement Lender shall acquire all of the Commitments and all
     then outstanding Loans (or, in the case of the replacement of less than all
     the Tranches of Commitments and outstanding Loans of the respective
     Replaced Lender, all the Commitments and/or all then outstanding Loans
     relating to the Tranche or Tranches with respect to which such Lender is
     being replaced) of, and all participations in all then outstanding Letters
     of Credit and Bank Guaranties issued pursuant to the respective Tranche or
     Tranches where the respective Lender is being replaced by, the Replaced
     Lender and, in connection therewith, shall pay to the Replaced Lender in
     respect thereof an amount equal to the sum (in the relevant currency or
     currencies) of (A) an amount equal to the principal of, and all accrued
     interest on, all then outstanding Loans of the respective Replaced Lender
     under each Tranche with respect to which such Replaced Lender is being
     replaced, (B) an amount equal to the then remaining Credit-Linked Deposit
     of such Lenders (if any) at such time, (C) an amount equal to all Unpaid
     Drawings (if any) under each Tranche with respect to which the respective

                                      -15-

<PAGE>

     Replaced Lender is being replaced, in each case that have been funded by
     (and not reimbursed to) such Replaced Lender (including by way of
     application of such Lender's Credit-Linked Deposit) at such time, together
     with all then unpaid interest with respect thereto at such time, (D) an
     amount equal to all Unreimbursed Payments (if any) under each Tranche with
     respect to which the respective Replaced Lender is being replaced, in each
     case that have been funded by (and not reimbursed to) such Replaced Lender
     (including by way of application of such Lender's Credit-Linked Deposit) at
     such time, together with all then unpaid interest with respect thereto at
     such time, and (E) an amount equal to all accrued, but theretofore unpaid,
     Fees owing to the Replaced Lender (but only with respect to the relevant
     Tranche or Tranches, in the case of the replacement of less than all
     Tranches then held by the respective Replaced Lender) pursuant to Section
     3.01; and

          (ii) all obligations of the Borrowers owing to the Replaced Lender in
     respect of each Tranche where such Replaced Lender is being replaced (other
     than those specifically described in clause (i) above in respect of which
     the assignment purchase price has been, or is concurrently being, paid)
     shall be paid in full to such Replaced Lender concurrently with such
     replacement.

Upon the execution of the respective Assignment and Assumption Agreement, the
payment of amounts referred to in clauses (i) and (ii) above, recordation of the
assignment on the Register by the Administrative Agent pursuant to Section 13.17
and, if so requested by the Replacement Lender (when applicable) pursuant to
Section 1.05(f), delivery to the Replacement Lender of the appropriate Note or
Notes executed by the respective Borrower, (x) the Replacement Lender shall
become a Lender hereunder and, unless the respective Replaced Lender continues
to have outstanding Loans or any Commitment hereunder, the Replaced Lender shall
cease to constitute a Lender hereunder, except with respect to indemnification
provisions under this Agreement (including, without limitation, Sections 1.10,
1.11, 2A.06, 2B.06, 4.04, 13.01 and 13.06), which shall survive as to such
Replaced Lender and (y) in the case of the replacement of any Credit-Linked
Commitment pursuant to this Section 1.13, the CL Percentages of the CL Lenders
shall be automatically adjusted at such time to give effect to such replacement.
In connection with any replacement of Lenders pursuant to, and as contemplated
by, this Section 1.13, each of the U.S. Borrower and the Bermuda Borrower hereby
irrevocably authorizes Holdings to take all necessary action, in the name of the
U.S. Borrower or the Bermuda Borrower, as the case may be, as described above in
this Section 1.13 in order to effect the replacement of the respective Lender or
Lenders in accordance with the preceding provisions of this Section 1.13. The
Credit-Linked Deposit funded by any CL Lender shall not be released in
connection with any assignment of its Credit-Linked Commitment, but shall
instead be purchased by the relevant assignee (at par, as described in clause
(i)(B) of the proviso above) and continue to be held by the Deposit Bank for
application (if not already applied) pursuant to Sections 2A.04 and 2B.04 in
respect of such assignee's obligations under the Credit-Linked Commitment
assigned to it.

          1.14 Special Provisions Applicable to Lenders Upon the Occurrence of a
Sharing Event. (a) On the date of the occurrence of any Sharing Event, or
promptly thereafter, (i) if there have been any Drawings pursuant to Letters of
Credit which have not yet been reimbursed to the respective Issuing Lender
pursuant to Section 2A, the respective Issuing Lender shall seek reimbursement
therefor as permitted pursuant to Section 2A.04(c) and (ii) if there have been
any Bank Guaranty Payments pursuant to Bank Guaranties which have not yet been
reimbursed to the respective Bank Guaranty Issuer pursuant to Section 2B, the
respective Bank Guaranty Issuer shall seek reimbursement therefor as permitted
pursuant to Section 2B.04(c)). After giving effect to the actions taken (or
required to be taken) pursuant to the preceding sentence, the Administrative
Agent shall request that the Deposit Bank return (in

                                      -16-

<PAGE>

which case the Deposit Bank shall return) to the Administrative Agent who shall,
in turn, return to the CL Lenders amounts (if any) representing Credit-Linked
Deposits which are permitted to be returned to the CL Lenders at such time in
accordance with Section 2C.04(a) hereof.

          (b) (i) Upon the occurrence of a Sharing Event, but after giving
effect to the actions required to be taken pursuant to preceding clause (a) of
this Section 1.14 (although any failure by the Administrative Agent, the Deposit
Bank or any Lender to take the actions required of it pursuant to said clause
shall not prevent the actions required hereby, but the respective Administrative
Agent, Deposit Bank or Lender shall continue to be obligated to perform its
obligations as required above and the Administrative Agent shall be authorized
to make any equitable adjustments as may be deemed necessary or desirable
pursuant to the provisions of this Section 1.14(b)), the Lenders shall purchase
participations from other Lenders in each of the respective Tranches of Loans
and the CL Tranche (including, in the case of the CL Tranche, participations in
each outstanding Letter of Credit, each Unpaid Drawing owing to the CL Lenders,
each outstanding Bank Guaranty, each Unreimbursed Payment owing to the CL
Lenders and the Credit-Linked Deposits of the various CL Lenders) so that, after
giving effect to such purchases, each Lender shall have the same credit exposure
in each Tranche at such time (including, (x) in the case of the Total
Credit-Linked Commitment, an interest in each outstanding Letter of Credit, each
Unpaid Drawing owing to the CL Lenders, each outstanding Bank Guaranty, each
Unreimbursed Payment owing to the CL Lenders and the Credit-Linked Deposits of
the various CL Lenders and (y) a participation in the Credit-Linked Deposits
established pursuant to Section 2C.01 and all amounts deposited in the
Credit-Linked Deposit Account from time to time or to be returned to the Lenders
in accordance with the provisions of Section 2), whether or not such Lender
shall previously have participated therein, equal to such Lender's Exchange
Percentage thereof.

          (ii) The foregoing actions pursuant to immediately preceding clause
(i) shall be accomplished pursuant to this Section 1.14(b) through purchases and
sales of participations in the various Tranches as required hereby, and at the
request of the Administrative Agent each Lender hereby agrees to enter into
customary participation agreements approved by the Administrative Agent to
evidence same. All purchases and sales of participations pursuant to this
Section 1.14(b) shall be made in Dollars. Without limiting the foregoing, it is
understood and agreed that, pursuant to this Section 1.14(b), the various CL
Lenders may be selling participations to the other Lenders in their
Credit-Linked Deposits (after giving effect to the actions required on, or
promptly following, the occurrence of the Sharing Event pursuant to Section
1.14(a)), and in connection therewith each CL Lender shall be paid, in
immediately available funds in Dollars, amounts equal to the percentage
participations sold by them in their Credit-Linked Deposits, which immediately
available funds shall be paid by the Lenders acquiring participations therein.
At the request of the Administrative Agent, each Lender which has sold
participations in any of its Tranches as provided above (through the
Administrative Agent) will deliver to each Lender (through the Administrative
Agent) which has so purchased a participation therein a participation
certificate in the appropriate amount as determined in conjunction with the
Administrative Agent. It is understood that the amount of immediately available
funds delivered by each Lender shall be calculated on a net basis, giving effect
to both the sales and purchases of participations by the various Lenders as
required above.

                                      -17-

<PAGE>

          (c) In the event that any Lender shall default on its obligation to
pay over any amount to the Administrative Agent in respect of any Letter of
Credit or any Bank Guaranty as provided in Section 1.14(b), each other Lender
shall have a claim against such defaulting Lender (and not against the
Administrative Agent, any Issuing Lender, any Bank Guaranty Issuer, the Deposit
Bank or any other Lender) for any damages sustained by it as a result of such
default.

          (d) All determinations by the Administrative Agent pursuant to this
Section 1.14 shall be made by it in accordance with the provisions herein and
with the intent being to equitably share the credit risk for all Tranches (and
the Credit-Linked Deposits) hereunder in accordance with the provisions hereof.
Absent manifest error, all determinations by the Administrative Agent hereunder
shall be binding on the Borrowers, each of the Lenders, each Issuing Lender,
each Bank Guaranty Issuer and the Deposit Bank. The Administrative Agent shall
have no liability to either Borrower, any Lender, any Issuing Bank, any Bank
Guaranty Issuer or the Deposit Bank for any determinations made by it hereunder
except to the extent resulting from the Administrative Agent's gross negligence
or willful misconduct (as determined by a court of competent jurisdiction in a
final and non-appealable decision).

          (e) Upon, and after, the occurrence of a Sharing Event (i) no further
Credit Events shall be made or occur, and (ii) all Credit-Linked Commitments and
all Incremental Term Loan Commitments (if any) shall be automatically
terminated. Notwithstanding anything to the contrary contained above, the
failure of any Lender to purchase its participating interests as required above
in any extensions of credit (and/or any Credit-Linked Deposits) upon the
occurrence of a Sharing Event shall not relieve any other Lender of its
obligation hereunder to purchase its participating interests in a timely manner,
but no Lender shall be responsible for the failure of any other Lender to
purchase the participating interest to be purchased by such other Lender on any
date.

          (f) If any amount required to be paid by any Lender pursuant to this
Section 1.14 is not paid to the Administrative Agent on the date upon which the
Sharing Event occurred, such Lender shall, in addition to such aforementioned
amount, also pay to the Administrative Agent on demand an amount equal to the
product of (i) the amount so required to be paid by such Lender for the purchase
of its participations, (ii) the daily average Federal Funds Rate, during the
period from and including the date of request for payment to the date on which
such payment is immediately available to the Administrative Agent and (iii) a
fraction the numerator of which is the number of days that elapsed during such
period and the denominator of which is 360. A certificate of the Administrative
Agent submitted to any Lender with respect to any amounts payable under this
Section 1.14 shall be conclusive in the absence of manifest error. Amounts
payable by any Lender pursuant to this Section 1.14 shall be paid to the
Administrative Agent for the account of the relevant Lenders, provided that, if
the Administrative Agent (in its sole discretion) has elected to fund on behalf
of such other Lender the amounts owing to such other Lenders, then the amounts
shall be paid to the Administrative Agent for its own account.

          (g) Whenever, at any time after the relevant Lenders have received
from any other Lenders purchases of participations pursuant to this Section
1.14, the various Lenders receive any payment on account thereof, such Lenders
will distribute to the Administrative Agent, for the account of the various
Lenders participating therein, such Lenders' participating interests in such
amounts (appropriately adjusted, in the case of interest payments, to reflect
the

                                      -18-

<PAGE>

period of time during which such participations were outstanding) in like funds
as received, provided, however, that in the event that such payment received by
any Lenders is required to be returned, the Lenders who received previous
distributions in respect of their participating interests therein will return to
the respective Lenders any portion thereof previously so distributed to them in
like funds as such payment is required to be returned by the respective Lenders.

          (h) Each Lender's obligation to purchase participating interests
pursuant to this Section 1.14 shall be absolute and unconditional and shall not
be affected by any circumstance including, without limitation, (i) any setoff,
counterclaim, recoupment, defense or other right which such Lender may have
against any other Lender, any Credit Agreement Party or any other Person for any
reason whatsoever, (ii) the occurrence or continuance of any Default or Event of
Default, (iii) any adverse change in the condition (financial or otherwise) or
prospects of any Credit Agreement Party or any other Person, (iv) any breach of
this Agreement or any other Credit Document by any Credit Agreement Party, any
Lender, any Issuing Lender, any Bank Guaranty Issuer, any Agent, the Deposit
Bank or any other Person, or (v) any other circumstance, happening or event
whatsoever, whether or not similar to any of the foregoing.

          (i) Notwithstanding anything to the contrary contained elsewhere in
this Agreement, upon any purchase of participations as required above, (i) the
relevant Borrower shall pay to each Lender granting any participations as
required above, for the account of the respective Lender which has purchased
such participations, any increased costs and indemnities (including, without
limitation, pursuant to Sections 1.11, 1.12, 2A.06, 2B.06 and 4.04) to the same
extent as if such Lender which has purchased such participations were the direct
Lender as opposed to a participant therein, which increased costs shall be
calculated without regard to Section 1.13, Section 13.04(a) or the penultimate
sentence of Section 13.04(b) and (ii) each Lender which has sold such
participations shall be entitled to receive from the relevant Borrower
indemnification from and against any and all taxes imposed as a result of the
sale of the participations pursuant to this Section 1.14. Each Borrower
acknowledges and agrees that, upon the occurrence of a Sharing Event and after
giving effect to the requirements of this Section 1.14, increased Taxes may be
owing by it pursuant to Section 4.04, which Taxes shall be paid (to the extent
provided in Section 4.04) by the respective Borrower or Borrowers, without any
claim that the increased Taxes are not payable because same resulted from the
participations effected as otherwise required by this Section 1.14.

          1.15 Incremental Term Loan Commitments. (a) So long as the Incremental
Term Loan Commitment Request Requirements are satisfied at the time of the
delivery of the request referred to below, each Borrower shall have the right,
in consultation and coordination with the Administrative Agent as to all of the
matters set forth below in this Section 1.15, but without requiring the consent
of any of the Lenders, to request, at any time and from time to time after the
Restatement Effective Date and prior to the date which is 12 months prior to the
then latest Maturity Date, that one or more Lenders (and/or one or more other
Persons which are Eligible Transferees and which will become Lenders) provide
Incremental Term Loan Commitments to such Borrower and, subject to the terms and
conditions contained in this Agreement and in the respective Incremental Term
Loan Commitment Agreement, make Incremental Term Loans pursuant thereto; it
being understood and agreed, however, that (i) no Lender shall be obligated to
provide an Incremental Term Loan Commitment as a result of any

                                      -19-

<PAGE>

such request by such Borrower, and until such time, if any, as such Lender has
agreed in its sole discretion to provide an Incremental Term Loan Commitment and
executed and delivered to the Administrative Agent an Incremental Term Loan
Commitment Agreement as provided in clause (b) of this Section 1.15 such Lender
shall not be obligated to fund any Incremental Term Loans, (ii) any Lender
(including any Eligible Transferee who will become a Lender) may so provide an
Incremental Term Loan Commitment without the consent of any other Lender, (iii)
each Tranche of Incremental Term Loan Commitments shall be made available to a
single Incremental Term Loan Borrower and shall be denominated in Dollars, (iv)
the amount of each Tranche of Incremental Term Loan Commitments shall be in a
minimum aggregate amount for all Lenders which provide an Incremental Term Loan
Commitment under such Tranche of Incremental Term Loans (including Eligible
Transferees who will become Lenders) of at least $25,000,000, (v) the aggregate
amount of all Incremental Term Loan Commitments provided pursuant to this
Section 1.15 shall not exceed the Maximum Incremental Term Loan Commitment
Amount (it being understood and agreed, however, to the extent that any such
Incremental Term Loan Commitments are obtained but later expire, terminate or
are voluntarily reduced in each case without being utilized, the amount of such
Incremental Term Loan Commitments so expired, terminated or voluntarily reduced
may again be available to be obtained under this Section 1.15 within the limits
set forth herein), (vi) the up-front fees and, if applicable, any unutilized
commitment fees and/or other fees, payable in respect of each Incremental Term
Loan Commitment shall be separately agreed to by Holdings, the respective
Incremental Term Loan Borrower and each Incremental Term Loan Lender (and with
all such fees to be disclosed in writing by Holdings to the Administrative
Agent), (vii) each Tranche of Incremental Term Loans shall have (I) (x) an
Incremental Term Loan Maturity Date of no earlier than the then latest Maturity
Date as then in effect, and (y) a Weighted Average Life to Maturity of no less
than the Weighted Average Life to Maturity as then in effect for the Tranche of
then outstanding Loans with the longest Weighted Average Life to Maturity and
(II) an "interest rate" or "interest rates" applicable to such Tranche of
Incremental Term Loans (which, for such purposes only, shall be determined by
the Administrative Agent and deemed to include all upfront or similar fees or
original issue discount (amortized over the life of such Incremental Term Loans)
payable to all Lenders providing such Incremental Term Loans, but exclusive of
any arrangement, structuring or other fees payable in connection therewith that
are not shared with all Lenders providing such Tranche of Incremental Term
Loans) that may (at such time or from time to time thereafter) exceed the
"interest rates" applicable to the Term Loans provided that, in the event that
the "interest rate" excess applicable to such Tranche of Incremental Term Loans
shall at such time be greater than 0.50% (or its equivalent), the Applicable
Margin for the Tranche B Term Loans, the Tranche C Term Loans and each other
then existing Tranche of Incremental Term Loans shall be increased by such
amounts, and for such time periods, as are needed so that at no time shall the
"interest rate" for the respective new Tranche of Incremental Term Loans
(calculated as described above) exceed the relevant interest rates applicable to
the then existing Tranches of Term Loans by more than 0.50%; provided further,
that, at no time shall the provisions of this Section 1.15 be construed to
result in any decrease in any interest rate applicable to any then existing
Tranche of Term Loans (including after giving effect to any prior increases in
interest rates applicable thereto pursuant to the preceding provisions of this
Section 1.15(a)), (viii) the proceeds of all Incremental Term Loans shall be
used only for the purposes permitted by Section 7.05(a), (ix) each Incremental
Term Loan Commitment Agreement shall specifically designate, with the approval
of the Administrative Agent, the Tranche of the Incremental Term Loan

                                      -20-

<PAGE>

Commitments being provided thereunder (which Tranche shall be a new Tranche
(i.e., not the same as any existing Tranche of Incremental Term Loans,
Incremental Term Loan Commitments or other Term Loans) unless the requirements
of Section 1.15(c) are satisfied), (x) all Incremental Term Loans (and all
interest, fees and other amounts payable thereon) shall be Obligations under
this Agreement and the other applicable Credit Documents and shall be secured by
the relevant Security Documents, and guaranteed under each relevant Guaranty, on
a pari passu basis with all other Loans of the applicable Borrower secured by
each such Security Agreement and guaranteed under each such Guaranty, and (xi)
each Lender (including any Eligible Transferee who will become a Lender)
agreeing to provide an Incremental Term Loan Commitment pursuant to an
Incremental Term Loan Commitment Agreement shall, subject to the satisfaction of
the relevant conditions set forth in this Agreement, make Incremental Term Loans
under the Tranche specified in such Incremental Term Loan Commitment Agreement
as provided in Section 1.01(c) and such Loans shall thereafter be deemed to be
Incremental Term Loans under such Tranche for all purposes of this Agreement and
the other applicable Credit Documents.

          (b) At the time of the provision of Incremental Term Loan Commitments
pursuant to this Section 1.15, the respective Incremental Term Loan Borrower,
the Administrative Agent and each such Lender or other Eligible Transferee which
agrees to provide an Incremental Term Loan Commitment (each, an "Incremental
Term Loan Lender") shall execute and deliver to the Administrative Agent an
Incremental Term Loan Commitment Agreement substantially in the form of Exhibit
P (appropriately completed), with the effectiveness of the Incremental Term Loan
Commitment provided therein to occur on the date set forth in such Incremental
Term Loan Commitment Agreement, which date in any event shall be no earlier than
the date on which (w) all fees required to be paid in connection therewith at
the time of such effectiveness shall have been paid (including, without
limitation, any agreed upon up-front or arrangement fees owing to the
Administrative Agent), (x) all Incremental Term Loan Commitment Requirements are
satisfied, (y) all other conditions set forth in this Section 1.15 shall have
been satisfied, and (z) all other conditions precedent that may be set forth in
such Incremental Term Loan Commitment Agreement shall have been satisfied. The
Administrative Agent shall promptly notify each Lender as to the effectiveness
of each Incremental Term Loan Commitment Agreement, and at such time, (i)
Schedule I shall be deemed modified to reflect the revised Incremental Term Loan
Commitments of the affected Lenders and (ii) to the extent requested by any
Incremental Term Loan Lender, Incremental Term Notes will be issued at the
respective Incremental Term Loan Borrower's expense, to such Incremental Term
Loan Lender, to be in conformity with the requirements of Section 1.05(d) (with
appropriate modification) to the extent needed to reflect the new Incremental
Term Loans made by such Incremental Term Loan Lender.

          (c) Notwithstanding anything to the contrary contained above in this
Section 1.15, the Incremental Term Loan Commitments provided by an Incremental
Term Loan Lender or Incremental Term Loan Lenders, as the case may be, pursuant
to each Incremental Term Loan Commitment Agreement shall constitute a new
Tranche, which shall be separate and distinct from the existing Tranches
pursuant to this Agreement (with a designation which may be made in letters
(i.e., A, B, C, etc.), numbers (1, 2, 3, etc.) or a combination thereof (i.e.,
A-1, A-2, B-1, B-2, C-1, C-2, etc.), provided that, with the consent of the
Administrative Agent, the parties to a given Incremental Term Loan Commitment
Agreement may specify therein that the respective

                                      -21-

<PAGE>

Incremental Term Loans made pursuant thereto shall constitute part of, and be
added to, an existing Tranche of Incremental Term Loans or to the outstanding
Tranche of Tranche B Term Loans or Tranche C Term Loans, in either case so long
as the following requirements are satisfied:

          (i) the Incremental Term Loans to be made pursuant to such Incremental
     Term Loan Commitment Agreement shall have the same Borrower, shall have the
     same Maturity Date and shall have the same Applicable Margins as the
     Tranche of Term Loans to which the new Incremental Term Loans are being
     added;

          (ii) the new Incremental Term Loans shall have the same Scheduled
     Repayment dates as then remain with respect to the Tranche to which such
     new Incremental Term Loans are being added (with the amount of each
     Scheduled Repayment applicable to such new Incremental Term Loans to be the
     same (on a proportionate basis) as is theretofore applicable to the Tranche
     to which such new Incremental Term Loans are being added, thereby
     increasing the amount of each then remaining Scheduled Repayment of the
     respective Tranche proportionately); and

          (iii) on the date of the making of such new Incremental Term Loans,
     and notwithstanding anything to the contrary set forth in Section 1.09,
     such new Incremental Term Loans shall be added to (and form part of) each
     Borrowing of outstanding Term Loans of the respective Tranche on a pro rata
     basis (based on the relative sizes of the various outstanding Borrowings),
     so that each Lender will participate proportionately in each then
     outstanding Borrowing of Term Loans of the respective Tranche.

To the extent the provisions of preceding clause (iii) require that Lenders
making new Incremental Term Loans add such Incremental Term Loans to the then
outstanding Borrowings of Eurodollar Loans of such Tranche, it is acknowledged
that the effect thereof may result in such new Incremental Term Loans having
short Interest Periods (i.e., an Interest Period that began during an Interest
Period then applicable to outstanding Eurodollar Loans of such Tranche and which
will end on the last day of such Interest Period). In connection therewith, the
respective Incremental Term Loan Borrower may agree, in the respective
Incremental Term Loan Commitment Agreement, to compensate the Lenders making the
new Incremental Term Loans of the respective Tranche for funding Eurodollar
Loans during an existing Interest Period on such basis as may be agreed by such
Incremental Term Loan Borrower and the respective Incremental Term Loan Lender
or Incremental Term Loan Lenders.

          Section 2 Letters of Credit; Bank Guaranties; Etc.

          Section 2A. Letters of Credit.

               2A.01 Letters of Credit. (a) Subject to and upon the terms and
conditions herein set forth, a Borrower may request an Issuing Lender, at any
time and from time to time on and after the Restatement Effective Date and prior
to the fifth Business Day (or the 30th day in the case of Trade Letters of
Credit) preceding the CL Maturity Date, to issue, (x) for the account of the
U.S. Borrower (in the case of requests made by it) or the account of the Bermuda
Borrower (in the case of requests made by it) and for the benefit of any holder
(or any trustee,

                                      -22-

<PAGE>

agent or other similar representative for any such holders) of L/C Supportable
Indebtedness of the respective Account Party or any of its or their Wholly-Owned
Subsidiaries, irrevocable standby letters of credit in a form customarily used
by such Issuing Lender or in such other form as has been approved by such
Issuing Lender (each such standby letter of credit, a "Standby Letter of
Credit") in support of such L/C Supportable Indebtedness and (y) for the account
of the respective Account Party and for the benefit of sellers of goods to the
respective Account Party or any of its or their Subsidiaries in the ordinary
course of business, irrevocable sight trade letters of credit in a form
customarily used by such Issuing Lender or in such other form as has been
approved by such Issuing Lender (each such trade letter of credit, a "Trade
Letter of Credit", and each such Standby Letter of Credit and Trade Letter of
Credit, a "Letter of Credit" and, collectively, the "Letters of Credit"). All
Letters of Credit shall be issued on a sight basis only and shall be denominated
in Dollars or, subject to the provisions of Section 2C.03, an Alternative
Currency. Each Letter of Credit shall be deemed to constitute a utilization of
the Credit-Linked Commitments and shall, subject to the provisions of Section
1.14 if a Sharing Event occurs, be participated in (as more fully described in
following Section 2A.04(a)) by the CL Lenders in accordance with their
respective CL Percentages (subject to the provisions of Section 2C to the extent
applicable). All Letters of Credit shall be denominated in Dollars or an
Alternative Currency. The Bermuda Borrower shall have no liability with respect
to any U.S. Borrower Letter of Credit which may be issued to the U.S. Borrower.

          (b) Subject to and upon the terms and conditions set forth herein,
each Issuing Lender hereby agrees (subject to Section 2C.03, to the extent
applicable in the case of Non-Dollar Denominated Letters of Credit) that it
will, at any time and from time to time on and after the Restatement Effective
Date and prior to (i) the fifth Business Day in the case of Standby Letters of
Credit, or (ii) the 30th day, in the case of Trade Letters of Credit, preceding
the CL Maturity Date, following its receipt of the respective Letter of Credit
Request, issue for the account of the respective Account Party one or more
Letters of Credit, (x) in the case of Trade Letters of Credit, in support of
trade obligations of the respective Account Party or any of its or their
Subsidiaries that arise in the ordinary course of business or (y) in the case of
Standby Letters of Credit, in support of such L/C Supportable Indebtedness as is
permitted to remain outstanding without giving rise to a Default or Event of
Default hereunder; provided that the respective Issuing Lender shall be under no
obligation to issue any Letter of Credit if at the time of such issuance:

          (i) any order, judgment or decree of any governmental authority or
     arbitrator shall purport by its terms to enjoin or restrain such Issuing
     Lender from issuing such Letter of Credit or any requirement of law
     applicable to such Issuing Lender or any request or directive (whether or
     not having the force of law) from any governmental authority with
     jurisdiction over such Issuing Lender shall prohibit, or request that such
     Issuing Lender refrain from, the issuance of letters of credit generally or
     such Letter of Credit in particular or shall impose upon such Issuing
     Lender with respect to such Letter of Credit any restriction or reserve or
     capital requirement (for which such Issuing Lender is not otherwise
     compensated) not in effect on the Restatement Effective Date, or any
     unreimbursed loss, cost or expense which was not applicable, in effect or
     known to such Issuing Lender as of the Restatement Effective Date and which
     such Issuing Lender in good faith deems material to it; or

                                      -23-
<PAGE>

          (ii) such Issuing Lender, prior to the issuance of such Letter of
     Credit, shall have received written notice from any Credit Agreement Party
     or the Required Lenders of the type described in clause (iv) of Section
     2A.01(c) or the last sentence of Section 2A.03(b).

          (c) Notwithstanding the foregoing, (i) no Letter of Credit shall be
issued at any time when the Aggregate CL Exposure exceeds (or would after giving
effect to such issuance exceed) either (x) the Total Credit-Linked Commitment at
such time or (y) the aggregate amount of the Credit-Linked Deposits in the
Credit-Linked Deposit Account at such time, (ii) (x) each Standby Letter of
Credit shall by its terms terminate on or before the date which occurs 12 months
after the date of the issuance thereof (although any such Standby Letter of
Credit may be extendable for successive periods of up to 12 months, but not
beyond the fifth Business Day preceding the CL Maturity Date, on terms
acceptable to the Issuing Lender thereof), provided that a Standby Letter of
Credit issued to support obligations under any Specified Existing Ship Lease may
terminate by its terms on or prior to the earlier to occur of (1) the date which
occurs 24 months after the date of the issuance thereof and (2) the fifth
Business Day preceding the CL Maturity Date and (y) each Trade Letter of Credit
shall by its terms terminate on or before the date occurring not later than 180
days after such Trade Letter of Credit's date of issuance, (iii) (x) no Standby
Letter of Credit shall have an expiry date occurring later than the fifth
Business Day preceding the CL Maturity Date and (y) no Trade Letter of Credit
shall have an expiry date occurring later than 30 days prior to the CL Maturity
Date and (iv) no Issuing Lender will issue any Letter of Credit after it has
received written notice from any Credit Agreement Party or the Required Lenders
stating that a Default or an Event of Default exists until such time as such
Issuing Lender shall have received a written notice of (x) rescission of such
notice from the party or parties originally delivering the same or (y) a waiver
of such Default or Event of Default by the Required Lenders.

          (d) Part A of Schedule XI hereto contains a description of certain
letters of credit issued (or deemed issued) pursuant to the Original Credit
Agreement and outstanding on the Restatement Effective Date (and setting forth,
with respect to each such letter of credit, (i) the name of the issuing lender,
(ii) the letter of credit number, (iii) the name(s) of the account party or
account parties, (iv) the stated amount (including the currency in which such
letter of credit is denominated, which shall be Dollars or an Alternative
Currency), (v) the name of the beneficiary, (vi) the expiry date and (vii)
whether such letter of credit constitutes a standby letter of credit or a trade
letter of credit). Each such letter of credit, including any extension or
renewal thereof (each, as amended from time to time in accordance with the terms
thereof and hereof, an "Existing Letter of Credit") shall constitute a "Letter
of Credit" and a "Bermuda Borrower Letter of Credit" or a "U.S. Borrower Letter
of Credit" (as set forth on Part A of Schedule XI) for all purposes of this
Agreement and issued, for purposes of Section 2A.04(a), on the Restatement
Effective Date. Any Lender hereunder (and any of such Lender's Affiliates and/or
branches) which has issued an Existing Letter of Credit shall constitute an
"Issuing Lender" for all purposes of this Agreement.

               2A.02 Minimum Stated Amount. The Stated Amount of each Letter of
Credit upon issuance shall be not less than (x) in the case of a Dollar
Denominated Letter of Credit, $250,000, (y) in the case of a Euro Denominated
Letter of Credit, E150,000 and (z) in the case of

                                      -24-

<PAGE>

a Sterling Denominated Letter of Credit, L150,000, or in each case such lesser
amount as is reasonably acceptable to the respective Issuing Lender.

               2A.03 Letter of Credit Requests. (a) Whenever an Account Party
desires that a Letter of Credit be issued for its account, such Account Party
shall give the Administrative Agent (at the appropriate Notice Office) and the
respective Issuing Lender at least 3 Business Days' (or such shorter period as
is acceptable to such Issuing Lender in any given case) written notice prior to
the proposed date of issuance (which shall be a Business Day). Each notice shall
be in the form of Exhibit C-1 (each, a "Letter of Credit Request"), including,
without limitation, by specifying: (i) whether the requested Letter of Credit
shall constitute a U.S. Borrower Letter of Credit or a Bermuda Borrower Letter
of Credit; and (ii) the currency in which the requested Letter of Credit is to
be denominated (which shall be Dollars or, to the extent permitted hereunder, an
Alternative Currency. Each Letter of Credit Request shall include any other
documents as such Issuing Lender customarily requires in connection therewith.

          (b) The making of each Letter of Credit Request shall be deemed to be
a representation and warranty by the applicable Account Party that such Letter
of Credit may be issued in accordance with, and will not violate the
requirements of, Section 2A.01(c). Unless the respective Issuing Lender has
received notice from the Required Lenders before it issues a Letter of Credit
that one or more of the applicable conditions specified in Section 5 or 6, as
the case may be, are not then satisfied, or that the issuance of such Letter of
Credit would violate Section 2A.01(c), then such Issuing Lender may issue the
requested Letter of Credit for the account of the respective Account Party in
accordance with such Issuing Lender's usual and customary practices.

               2A.04 Letter of Credit Participations. (a) Immediately upon the
issuance by any Issuing Lender of any Letter of Credit, but subject to Section
2C.03 to the extent applicable in the case of Non-Dollar Denominated Letters of
Credit, such Issuing Lender shall be deemed to have sold and transferred to each
CL Lender (each such Lender with respect to any Letter of Credit, in its
capacity under this Section 2A.04, a "L/C Participant"), and each such L/C
Participant shall be deemed irrevocably and unconditionally to have purchased
and received from such Issuing Lender, without recourse or warranty, an
undivided interest and participation (each an "L/C Participation"), in a
percentage equal to such L/C Participant's CL Percentage in such Letter of
Credit, and each Drawing made thereunder and the obligations of the respective
Account Party under this Agreement with respect thereto (although CL Facility
Fees shall be payable directly to the Administrative Agent for the account of
the CL Lenders as provided in Section 3.01(a) and the L/C Participants shall
have no right to receive any portion of any Facing Fees or any administration
fees with respect to any such Letters of Credit) and any security therefor or
guaranty pertaining thereto. Upon any change in the Credit-Linked Commitments
and, as a result thereof, the CL Percentages of the CL Lenders pursuant to
Section 1.13, or 13.04, it is hereby agreed that with respect to all outstanding
Letters of Credit and Unpaid Drawings relating thereto, there shall be an
automatic adjustment to the participations pursuant to this Section 2A.04 to
reflect the new CL Percentages of the CL Lenders. With respect to each Letter of
Credit from time to time outstanding, all calculations of the percentage
participations therein of the various CL Lenders shall be made from time to time
by the Administrative Agent, which calculations shall be conclusive absent
manifest error. Furthermore, upon the occurrence of a Sharing Event and as more
fully set forth in Section 1.14, additional sub-participations may be

                                      -25-

<PAGE>

required to be granted by the various CL Lenders in their participations in
outstanding Letters of Credit, in each case in accordance with, and subject to
the provisions of, Section 1.14.

          (b) In determining whether to pay under any Letter of Credit, the
respective Issuing Lender shall have no obligation relative to the other Lenders
other than to confirm that any documents required to be delivered under such
Letter of Credit appear to have been delivered and that they appear to
substantially comply on their face with the requirements of such Letter of
Credit. Any action taken or omitted to be taken by any Issuing Lender under or
in connection with any Letter of Credit issued by it if taken or omitted in the
absence of gross negligence or willful misconduct (as determined by a court of
competent jurisdiction in a final and non-appealable decision), shall not create
for such Issuing Lender any resulting liability to any Account Party or any
Lender.

          (c) In the event that any Issuing Lender makes any payment or
disbursement under any Letter of Credit issued by it and the respective Account
Party shall not have reimbursed such amount in full to such Issuing Lender
pursuant to Section 2A.05(a) by the date required by said Section 2A.05(a) for
such reimbursement, such Issuing Lender shall promptly notify the Administrative
Agent, which shall promptly notify each L/C Participant therein and the Deposit
Bank of such failure, and each CL Lender (including in its capacity as an L/C
Participant) hereby irrevocably authorizes the Deposit Bank (and the Deposit
Bank hereby agrees) to reimburse such Issuing Lender for such amount in Dollars
(or, to the extent that the respective Unpaid Drawing is in an Alternative
Currency, in an amount equal to the Dollar Equivalent thereof, as determined by
the Administrative Agent on the date on which such payment or disbursement was
made under the respective Letter of Credit) solely from such CL Lender's CL
Percentage of the Credit-Linked Deposits on deposit with the Deposit Bank in the
Credit-Linked Deposit Account, in which case the Total Credit-Linked Commitment
shall be reduced by the amount so applied (with a corresponding reduction in the
Credit-Linked Commitment of each CL Lender equal to such CL Lender's CL
Percentage of such aggregate amount so applied); provided that any portion of
the Unpaid Drawings with respect to a Non-Dollar Denominated Letter of Credit,
which, because of currency fluctuations, represents amounts in excess of the
Total Credit-Linked Deposits (as more fully described in Section 2C.03), shall
not be reimbursed from Credit-Linked Deposits but shall instead be immediately
repaid by the respective Account Party. Furthermore, if any Specified Default or
any Event of Default then exists, the respective Issuing Lender may, with
respect to any payment or disbursement made by it under any Letter of Credit,
request the Deposit Bank, in which case each CL Lender hereby irrevocably
authorizes the Deposit Bank (and the Deposit Bank hereby agrees), to reimburse
the Issuing Lender, solely from such CL Lender's CL Percentage of the
Credit-Linked Deposits on deposit in the Credit-Linked Deposit Account with the
Deposit Bank, for any Drawing under such Letter of Credit as provided in the
immediately preceding sentence (notwithstanding the date of reimbursement of any
such Drawings by the date required by Section 2A.05(a)), in which case the Total
Credit-Linked Commitment shall be reduced by the amount so applied as otherwise
provided in the immediately preceding sentence, and any amounts actually
received pursuant to Section 2A.05(a) shall be applied to reimburse L/C
Participants as provided in following Section 2A.04(d).

          (d) Whenever any Issuing Lender receives a payment of a reimbursement
obligation as to which the Administrative Agent has received for the account of
such Issuing

                                      -26-

<PAGE>

Lender any payments from the L/C Participants (or from the Deposit Bank on their
behalf) pursuant to Section 2A.04(c) above, such Issuing Lender shall, after
paying itself any amounts owing to it as described in Section 2C.03 in the case
of payments received with respect to Non-Dollar Denominated Letters of Credit,
pay (in same day funds in Dollars) to the Administrative Agent (and the
Administrative Agent shall promptly pay (in same day funds in Dollars) to each
L/C Participant which has paid its relevant CL Percentage thereof) an amount
equal to such L/C Participant's share (based on the proportionate aggregate
amount funded by such L/C Participant to the aggregate amount funded by all L/C
Participants) of the principal amount of such reimbursement obligation and
interest thereon accruing after the purchase of the respective participations.

          (e) Each Issuing Lender shall, promptly after the issuance of, or
amendment or modification to, a Standby Letter of Credit, give the
Administrative Agent and the respective Account Party written notice of such
issuance, amendment or modification, as the case may be, and such notice shall
be accompanied by a copy of such Standby Letter of Credit, such amendment or
such modification, as the case may be. Promptly upon receipt of such notice, the
Administrative Agent shall notify each L/C Participant, in writing, of such
issuance, amendment or modification and if any L/C Participant shall so request,
the Administrative Agent shall furnish said L/C Participant with a copy of such
Standby Letter of Credit, such amendment or such modification, as the case may
be.

          (f) Each Issuing Lender (other than DBAG) shall deliver to the
Administrative Agent and the Deposit Bank, promptly on the first Business Day of
each week, by facsimile transmission, the aggregate daily Stated Amount
available to be drawn under the outstanding Trade Letters of Credit issued by
such Issuing Lender for the previous week.

          (g) The obligations of the L/C Participants to make payments to the
Administrative Agent for the account of the respective Issuing Lender with
respect to Letters of Credit issued by it shall be irrevocable and not subject
to counterclaim, set-off or other defense or any other qualification or
exception whatsoever and shall be made in accordance with the terms and
conditions of this Agreement under all circumstances, including, without
limitation, any of the following circumstances:

          (i) any lack of validity or enforceability of this Agreement or any of
     the Credit Documents;

          (ii) the existence of any claim, setoff, defense or other right which
     any Credit Party or any of its Subsidiaries may have at any time against a
     beneficiary named in a Letter of Credit, any transferee of any Letter of
     Credit (or any Person for whom any such transferee may be acting), any
     Agent, any Lender, any Issuing Lender, any L/C Participant, or any other
     Person, whether in connection with this Agreement, any Letter of Credit,
     the transactions contemplated herein or any unrelated transactions
     (including any underlying transaction between any Credit Party or any of
     its Subsidiaries and the beneficiary named in any such Letter of Credit);

                                      -27-

<PAGE>

          (iii) any draft, certificate or any other document presented under any
     Letter of Credit proving to be forged, fraudulent, invalid or insufficient
     in any respect or any statement therein being untrue or inaccurate in any
     respect;

          (iv) the surrender or impairment of any security for the performance
     or observance of any of the terms of any of the Credit Documents; or

          (v) the occurrence of any Default or Event of Default;

provided that the L/C Participants shall not be obligated to reimburse such
Issuing Lender for any wrongful payment made by such Issuing Lender under a
Letter of Credit issued by it as a result of deliberate acts or omissions
constituting willful misconduct or gross negligence on the part of such Issuing
Lender (as determined by a court of competent jurisdiction in a final and
non-appealable decision). Any action taken or omitted to be taken by any Issuing
Lender under or in connection with any Letter of Credit shall not create for
such Issuing Lender any resulting liability to the L/C Participants or any other
Person unless such action is taken or omitted to be taken with gross negligence
or willful misconduct (as determined by a court of competent jurisdiction in a
final and non-appealable decision).

               2A.05 Agreement to Repay Letter of Credit Drawings. (a) The U.S.
Borrower hereby agrees (in the case of U.S Borrower Letters of Credit), and the
Bermuda Borrower hereby agrees (in the case of Bermuda Borrower Letters of
Credit) to reimburse the respective Issuing Lender, by making payment in Dollars
(or, if the respective Letter of Credit is denominated in an Alternative
Currency, in an amount equal to the Dollar Equivalent of the respective payment
or disbursement, as determined by the Administrative Agent on the date of such
payment or disbursement) to the Administrative Agent in immediately available
funds at the Payment Office (or by making the payment directly to such Issuing
Lender at such location as may otherwise have been agreed upon by the respective
Account Party and such Issuing Lender), for any payment or disbursement (in the
case of any such payment or disbursement under any Non-Dollar Denominated Letter
of Credit, taking the Dollar Equivalent, as determined by the Administrative
Agent, of the amount of the respective payment or disbursement on the date upon
which the respective payment or disbursement is made) made by such Issuing
Lender under any Letter of Credit issued by it (each such amount so paid until
reimbursed, an "Unpaid Drawing"), not later than the third Business Day after
the Administrative Agent or the Issuing Lender notifies the respective Account
Party of such payment or disbursement (provided that no such notice shall be
required to be given if a Default or an Event of Default under Section 10.05
shall have occurred and be continuing, in which case all such Unpaid Drawings
shall be due and payable immediately without presentment, demand, protest or
notice of any kind (all of which are hereby waived by the respective Account
Party)), with interest on the amount so paid or disbursed by such Issuing
Lender, to the extent not reimbursed prior to 1:00 P.M. (New York time), on the
date of such payment or disbursement, from and including the date paid or
disbursed to but excluding the date such Issuing Lender is reimbursed by the
respective Account Party therefor at a rate per annum equal to the Base Rate in
effect from time to time plus the Applicable Margin for Tranche B Term Loans
maintained as Base Rate Loans, as in effect from time to time; provided,
however, to the extent such amounts are not reimbursed prior to 1:00 P.M. (New
York time) on the third Business Day following the receipt by the Account Party
of notice to the respective Account Party by the Administrative Agent or the
respective Issuing

                                      -28-

<PAGE>

Lender of such payment or disbursement (or, if sooner, from the date of
occurrence of a Default or an Event of Default under Section 10.05), interest
shall thereafter accrue on the amounts so paid or disbursed by such Issuing
Lender (and until reimbursed by the respective Account Party) at a rate per
annum which is 2% in excess of the rate otherwise applicable to the respective
Unpaid Drawing as provided above, with all such interest payable pursuant to
this Section 2A.05 to be payable on demand. The respective Issuing Lender shall
give the respective Account Party prompt notice of each Drawing under any Letter
of Credit, provided that the failure to give, or any delay in giving, any such
notice shall in no way affect, impair or diminish the respective Account Party's
obligations under this Agreement. The obligations of the respective Account
Party to repay Unpaid Drawings as required above shall not be reduced, or
satisfied, in any respect by payments made to the Issuing Lender with any
amounts on deposit in the Credit-Linked Deposit Account or as otherwise provided
in Section 2A.04(c).

          (b) The obligations of the U.S. Borrower (with respect to U.S.
Borrower Letters of Credit) and the obligations of the Bermuda Borrower (with
respect to Bermuda Borrower Letters of Credit) under this Section 2A.05 to
reimburse the respective Issuing Lender with respect to Unpaid Drawings
(including, in each case, interest thereon) shall be absolute and unconditional
under any and all circumstances and irrespective of any setoff, counterclaim or
defense to payment which the respective Account Party may have or have had
against any Lender (including in its capacity as Issuing Lender or as L/C
Participant), including, without limitation, any defense based upon the failure
of any drawing under a Letter of Credit (each, a "Drawing") to conform to the
terms of such Letter of Credit or any non-application or misapplication by the
beneficiary of the proceeds of such Drawing, the respective Issuing Lender's
only obligation to the respective Account Party being to confirm that any
documents required to be delivered under such Letter of Credit appear to have
been delivered and that they appear to substantially comply on their face with
requirements of such Letter of Credit; provided, however, that no Account Party
shall be obligated to reimburse any Issuing Lender for any wrongful payment made
by such Issuing Lender under a Letter of Credit issued by it as a result of
deliberate acts or omissions constituting willful misconduct or gross negligence
on the part of such Issuing Lender (as determined by a court of competent
jurisdiction in a final and non-appealable decision). Any action taken or
omitted to be taken by any Issuing Lender under or in connection with any Letter
of Credit shall not create for such Issuing Lender any resulting liability to
any Account Party unless such action is taken or admitted to be taken with gross
negligence or willful misconduct (as determined by a court of competent
jurisdiction in a final and non-appealable decision).

               2A.06 Increased Costs. If after the Restatement Effective Date,
the Deposit Bank, any Issuing Lender or any L/C Participant determines in good
faith that the adoption or effectiveness after the Restatement Effective Date of
any applicable law, rule or regulation, order, guideline or request or any
change therein, or any change after the Restatement Effective Date in the
interpretation or administration thereof by any governmental authority, central
bank or comparable agency charged with the interpretation or administration
thereof, or compliance by any Issuing Lender or any L/C Participant with any
request or directive (whether or not having the force of law) by any such
authority, central bank or comparable agency shall either (i) impose, modify or
make applicable any reserve, deposit, capital adequacy or similar requirement
against Letters of Credit issued by such Issuing Lender or such L/C
Participant's participation therein, or (ii) impose on the Deposit Bank, any
Issuing Lender or any L/C Participant any other

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conditions directly or indirectly affecting this Agreement, the Credit-Linked
Deposits, any Letter of Credit or such L/C Participant's participation therein;
and the result of any of the foregoing is to increase the cost to the Deposit
Bank, such Issuing Lender or such L/C Participant of issuing, maintaining or
participating in the Credit-Linked Deposits or any Letter of Credit, or to
reduce the amount of any sum received or receivable by the Deposit Bank, such
Issuing Lender or such L/C Participant hereunder or under the other Credit
Documents or reduce the rate of return on its capital with respect to
Credit-Linked Deposits or Letters of Credit, then, upon written demand to the
U.S. Borrower or the Bermuda Borrower, as the case may be, by the Deposit Bank,
such Issuing Lender or such L/C Participant (a copy of which notice shall be
sent by the Deposit Bank, such Issuing Lender or such L/C Participant to the
Administrative Agent), accompanied by the certificate described in the last
sentence of this Section 2A.06, the respective Account Party shall pay to the
Deposit Bank, such Issuing Lender or such L/C Participant for such increased
cost or reduction. A certificate submitted to the relevant Borrower by the
Deposit Bank, such Issuing Lender or such L/C Participant, as the case may be (a
copy of which certificate shall be sent by the Deposit Bank, such Issuing Lender
or such L/C Participant to the Administrative Agent), setting forth in
reasonable detail the basis for the determination of such additional amount or
amounts necessary to compensate the Deposit Bank, such Issuing Lender or such
L/C Participant as aforesaid shall be final and conclusive and binding on such
Account Party absent manifest error, although the failure to deliver any such
certificate shall not release or diminish such Account Party's obligations to
pay additional amounts pursuant to this Section 2A.06 upon subsequent receipt of
such certificate.

          Section 2B. Bank Guaranties.

               2B.01 Bank Guaranties. (a) Subject to and upon the terms and
conditions herein set forth, a Borrower may request a Bank Guaranty Issuer, at
any time and from time to time on and after the Restatement Effective Date and
prior to the tenth Business Day preceding the CL Maturity Date, to issue, for
the account of the U.S. Borrower (in the case of requests made by it) or the
account of the Bermuda Borrower (in the case of requests made by it) and for the
benefit of any holder (or any trustee, agent or other similar representative for
any such holders) of B/G Supportable Indebtedness of the respective Account
Party or any of its or their Wholly-Owned Subsidiaries, a bank guaranty in a
form customarily used by such Bank Guaranty Issuer or in such other form as has
been approved by such Bank Guaranty Issuer (each such bank guaranty, a "Bank
Guaranty" and collectively, the "Bank Guaranties") in support of such B/G
Supportable Indebtedness (it being understood and agreed that (i) the form of
Bank Guaranties shall be subject to the respective Bank Guaranty Issuer's
internal policies and procedures for the issuance of bank guaranties and to
applicable local law restrictions and regulations and (ii) each Bank Guaranty
Issuer may request the respective Account Party to accept such Bank Guaranty
Issuer's general business conditions specifically applicable to its bank
guaranty business prior to the issuance of any Bank Guaranty). Each Bank
Guaranty shall constitute a utilization of the Credit-Linked Commitments and
shall, subject to the provisions of Section 1.14 if a Sharing Event occurs, be
participated in (as more fully described in following Section 2B.04(a)) by the
CL Lenders in accordance with their respective CL Percentages. All Bank
Guaranties shall be denominated in Dollars or an Alternative Currency and shall
expressly provide the maximum amount that may be paid thereunder. Each Bank
Guaranty shall constitute either a U.S. Borrower Bank Guaranty or a Bermuda
Borrower Bank Guaranty. The Bermuda Borrower shall

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<PAGE>

have no liability with respect to any U.S. Borrower Bank Guaranty which may be
issued to the U.S. Borrower.

          (b) Subject to and upon the terms and conditions set forth herein,
each Bank Guaranty Issuer hereby agrees (subject to Section 2C.03, to the extent
applicable in the case of Non-Dollar Denominated Bank Guaranties) that it will,
at any time and from time to time on and after the Restatement Effective Date
and prior to the tenth Business Day preceding the CL Maturity Date, following
its receipt of the respective Bank Guaranty Request, issue for the account of
the respective Account Party one or more Bank Guaranties, in support of such B/G
Supportable Indebtedness as is permitted to remain outstanding without giving
rise to a Default or Event of Default hereunder; provided that the respective
Bank Guaranty Issuer shall be under no obligation to issue any Bank Guaranty if
at the time of such issuance:

          (i) any order, judgment or decree of any governmental authority or
     arbitrator shall purport by its terms to enjoin or restrain such Bank
     Guaranty Issuer from issuing such Bank Guaranty or any requirement of law
     applicable to such Bank Guaranty Issuer or any request or directive
     (whether or not having the force of law) from any governmental authority
     with jurisdiction over such Bank Guaranty Issuer shall prohibit, or request
     that such Bank Guaranty Issuer refrain from, the issuance of bank
     guaranties generally or such Bank Guaranty in particular or shall impose
     upon such Bank Guaranty Issuer with respect to such Bank Guaranty any
     restriction or reserve or capital requirement (for which such Bank Guaranty
     Issuer is not otherwise compensated) not in effect on the Restatement
     Effective Date, or any unreimbursed loss, cost or expense which was not
     applicable, in effect or known to such Bank Guaranty Issuer as of the
     Restatement Effective Date and which such Bank Guaranty Issuer in good
     faith deems material to it; or

          (ii) such Bank Guaranty Issuer, prior to the issuance of such Bank
     Guaranty, shall have received written notice from any Credit Agreement
     Party or the Required Lenders prior to the issuance of such Bank Guaranty
     of the type described in clause (v) of Section 2B.01(c) or the last
     sentence of Section 2B.03(b).

          (c) Notwithstanding the foregoing, (i) no Bank Guaranty shall be
issued at any time when the Aggregate CL Exposure exceeds (or would after giving
effect to such issuance exceed) either (x) the Total Credit-Linked Commitment at
such time or (y) the aggregate amount of the Credit-Linked Deposits in the
Credit-Linked Deposit Account at such time, and (ii) each Bank Guaranty shall by
its terms terminate on or before the date which occurs 12 months after the date
of the issuance thereof (although any such Bank Guaranty may be extendable for
successive periods of up to 12 months, but not beyond the tenth Business Day
preceding the CL Maturity Date, on terms acceptable to the Bank Guaranty Issuer
thereof), provided, however, that a Bank Guaranty shall not be required to
terminate by its terms on or before the twelve month anniversary of the date of
issuance thereof if the respective Account Party reasonably determines that the
intended beneficiary of such Bank Guaranty will not permit same to terminate as
otherwise provided above, (iii) no Bank Guaranty shall have an expiry date
occurring later than the tenth Business Day preceding the CL Maturity Date,
provided, however, that a Bank Guaranty shall not be required to have an expiry
date as otherwise required above if the respective Account Party reasonably
determines that the beneficiary of such Bank Guaranty

                                      -31-

<PAGE>

will not accept a Bank Guaranty with an expiry date, (iv) each Bank Guaranty
shall be denominated in Dollars or an Alternative Currency and (v) no Bank
Guaranty Issuer will issue any Bank Guaranty after it has received written
notice from any Credit Agreement Party or the Required Lenders stating that a
Default or an Event of Default exists until such time as such Bank Guaranty
Issuer shall have received a written notice of (x) rescission of such notice
from the party or parties originally delivering the same or (y) a waiver of such
Default or Event of Default by the Required Lenders.

          (d) Part B of Schedule XI hereto contains a description of certain
bank guaranties issued (or deemed issued) pursuant to the Original Credit
Agreement and outstanding on the Restatement Effective Date (and setting forth,
with respect to each such bank guaranty, (i) the name of the bank guaranty
issuer, (ii) the face amount (including the currency in which such bank guaranty
is denominated, which shall be Dollars or an Alternative Currency), (iii) the
name of the beneficiary, and (iv) the expiry date (if any)). Each such bank
guaranty, including any extension or renewal thereof (each, as amended from time
to time in accordance with the terms thereof and hereof, an "Existing Bank
Guaranty"), shall constitute either a "Bermuda Borrower Bank Guaranty" or a
"U.S. Borrower Bank Guaranty" (as set forth on Part B of Schedule XI) for all
purposes of this Agreement and issued, for purposes of Section 2B.04(a), on the
Restatement Effective Date. Any Lender hereunder (and any of such Lender's
Affiliates and/or branches) which has issued an Existing Bank Guaranty shall
constitute a "Bank Guaranty Issuer" for all purposes of this Agreement.

               2B.02 Minimum Face Amount. The Face Amount of each Bank Guaranty
upon issuance shall be not less than (x) in the case of a Dollar Denominated
Bank Guaranty, $250,000, (y) in the case of a Euro Denominated Bank Guaranty,
E150,000 and (z) in the case of a Sterling Denominated Bank Guaranty, L150,000,
or in each case such lesser amount as is acceptable to the respective Bank
Guaranty Issuer.

               2B.03 Bank Guaranty Requests. (a) Whenever an Account Party
desires that a Bank Guaranty be issued for its account, such Account Party shall
give the Administrative Agent (at the appropriate Notice Office) and the
respective Bank Guaranty Issuer at least 3 Business Days' (or such shorter
period as is acceptable to such Bank Guaranty Issuer in any given case) written
notice prior to the proposed date of issuance (which shall be a Business Day).
Each notice shall be in the form of Exhibit C-2 (each, a "Bank Guaranty
Request"), including, without limitation, whether the requested Bank Guaranty
shall constitute a U.S. Borrower Bank Guaranty or a Bermuda Borrower Bank
Guaranty and, by specifying the Available Currency in which the requested Bank
Guaranty is to be denominated. Each Bank Guaranty Request shall include any
other documents as such Bank Guaranty Issuer customarily requires in connection
therewith.

          (b) The making of each Bank Guaranty Request shall be deemed to be a
representation and warranty by the U.S. Borrower or the Bermuda Borrower, as the
case may be, that such Bank Guaranty may be issued in accordance with, and will
not violate the requirements of, Section 2B.01(c). Unless the respective Bank
Guaranty Issuer has received notice from the Required Lenders before it issues a
Bank Guaranty that one or more of the applicable conditions specified in Section
5 or 6, as the case may be, are not then satisfied, or that the issuance of such
Bank Guaranty would violate Section 2B.01(c), then such Bank Guaranty Issuer may
issue the

                                      -32-

<PAGE>

requested Bank Guaranty for the account of the respective Account Party in
accordance with such Bank Guaranty Issuer's usual and customary practices.

               2B.04 Bank Guaranty Participations. (a) Immediately upon the
issuance by any Bank Guaranty Issuer of any Bank Guaranty, but subject to
Section 2C.03 to the extent applicable in the case of Non-Dollar Denominated
Bank Guaranties, such Bank Guaranty Issuer shall be deemed to have sold and
transferred to each CL Lender (each such Lender with respect to any Bank
Guaranty, in its capacity under this Section 2B.04, a "B/G Participant"), and
each such B/G Participant shall be deemed irrevocably and unconditionally to
have purchased and received from such Bank Guaranty Issuer, without recourse or
warranty, an undivided interest and participation (each a "B/G Participation"),
in a percentage equal to such B/G Participant's CL Percentage in such Bank
Guaranty, each Bank Guaranty Payment made thereunder and the obligations of the
respective Account Party under this Agreement with respect thereto (although CL
Facility Fees shall be payable directly to the Administrative Agent for the
account of the CL Lenders as provided in Section 3.01(a) and the B/G
Participants shall have no right to receive any portion of any Fronting Fees or
any administration fees with respect to any such Bank Guaranties) and any
security therefor or guaranty pertaining thereto. Upon any change in the
Credit-Linked Commitments and, as a result thereof the CL Percentages, of the CL
Lenders pursuant to Section 1.13 or 13.04, it is hereby agreed that, with
respect to all outstanding Bank Guaranties and Unreimbursed Payments relating
thereto, there shall be an automatic adjustment to the participations pursuant
to this Section 2B.04 to reflect the new CL Percentages of the CL Lenders. With
respect to each Bank Guaranty from time to time outstanding, all calculations of
the percentage participations therein of the various CL Lenders shall be made
from time to time by the Administrative Agent, which calculations shall be
conclusive absent manifest error. Furthermore, upon the occurrence of a Sharing
Event and as more fully set forth in Section 1.14, additional sub-participations
may be required to be granted by the various CL Lenders in their participations
in outstanding Bank Guaranties, in each case in accordance with, and subject to
the provisions of, Section 1.14.

          (b) In determining whether to pay under any Bank Guaranty, the
respective Bank Guaranty Issuer shall have no obligation relative to the other
Lenders other than to confirm that any documents required to be delivered under
such Bank Guaranty appear to have been delivered and that they appear to
substantially comply on their face with the requirements of such Bank Guaranty.
Any action taken or omitted to be taken by any Bank Guaranty Issuer under or in
connection with any Bank Guaranty issued by it if taken or omitted in the
absence of gross negligence or willful misconduct (as determined by a court of
competent jurisdiction in a final and non-appealable decision), shall not create
for such Bank Guaranty Issuer any resulting liability to the respective Account
Party or any Lender.

          (c) In the event that any Bank Guaranty Issuer makes any payment or
disbursement under any Bank Guaranty issued by it and the respective Account
Party shall not have reimbursed such amount in full to such Bank Guaranty Issuer
pursuant to Section 2B.05(a) by the date required by said Section 2B.05(a) for
such reimbursement, such Bank Guaranty Issuer shall promptly notify the
Administrative Agent, which shall promptly notify each B/G Participant therein
and the Deposit Bank of such failure, and each CL Lender (including in its
capacity as a B/G Participant) hereby irrevocably authorizes the Deposit Bank
(and the Deposit Bank hereby agrees) to reimburse such Bank Guaranty Issuer for
such amount in Dollars (or, to

                                      -33-

<PAGE>

the extent that the respective Unreimbursed Payment is in an Alternative
Currency, in an amount equal to the Dollar Equivalent thereof, as determined by
the Administrative Agent on the date on which such payment or disbursement was
made under the respective Bank Guaranty) solely from such B/G Participant's CL
Percentage of the Credit-Linked Deposits on deposit with the Deposit Bank in the
Credit-Linked Deposit Account, in which case the Total Credit-Linked Commitment
shall be reduced by the amount so applied (with a corresponding reduction in the
Credit-Linked Commitment of each CL Lender equal to such CL Lender's CL
Percentage of such aggregate amount so applied); provided that any portion of
the Unreimbursed Payments with respect to a Non-Dollar Denominated Bank Guaranty
which, because of currency fluctuations, represents amounts in excess of the
Total Credit-Linked Deposits, as more fully described in Section 2C.03, shall
not be reimbursed from Credit-Linked Deposits but shall instead be immediately
repaid by the respective Account Party. Furthermore, if any Specified Default or
any Event of Default then exists, the respective Bank Guaranty Issuer may, with
respect to any payment or disbursement made by it under any Bank Guaranty,
request of the Deposit Bank, in which case each CL Lender hereby irrevocably
authorizes the Deposit Bank (and the Deposit Bank hereby agrees), to reimburse
the Bank Guaranty, solely from such CL Lender's CL Percentage of the
Credit-Linked Deposits on deposit in the Credit-Linked Deposit Account with the
Deposit Bank for any Bank Guaranty Payment made by such Bank Guaranty Issuer
under such Bank Guaranty, as provided in the immediately preceding sentence
(notwithstanding the date of reimbursement of any such Bank Guaranty Payment by
the date required by Section 2B.05(a)), in which case the Total Credit-Linked
Commitment shall be reduced by the amount so applied as otherwise provided in
the immediately preceding sentence, and any amounts actually received pursuant
to Section 2B.05(a) shall be applied to reimburse B/G Participants as provided
in following Section 2B.04(d)

          (d) Whenever any Bank Guaranty Issuer receives a payment of a
reimbursement obligation as to which the Administrative Agent has received for
the account of such Bank Guaranty Issuer any payments from the B/G Participants
(or from the Deposit Bank on their behalf) pursuant to Section 2B.04(c) above,
such Bank Guaranty Issuer shall, after paying itself any amounts owing to it as
described in Section 2C.03 in the case of payments received with respect to
Non-Dollar Denominated Bank Guaranties, pay (in same day funds in Dollars) to
the Administrative Agent (and the Administrative Agent shall promptly pay (in
same day funds in Dollars) each B/G Participant which has paid its CL Percentage
thereof), an amount equal to such B/G Participant's share (based on the
proportionate aggregate amount funded by such B/G Participant to the aggregate
amount funded by all B/G Participants) of the principal amount of such
reimbursement obligation and interest thereon accruing after the purchase of the
respective participations.

          (e) Each Bank Guaranty Issuer shall, promptly after the issuance of,
or amendment or modification to, a Bank Guaranty, give the Administrative Agent
and the respective Account Party written notice of such issuance, amendment or
modification, as the case may be, and such notice shall be accompanied by a copy
of such Bank Guaranty, such amendment or such modification, as the case may be.
Promptly upon receipt of such notice, the Administrative Agent shall notify each
B/G Participant, in writing, of such issuance, amendment or modification and if
any B/G Participant shall so request, the Administrative Agent shall furnish
said B/G Participant with a copy of such Bank Guaranty, such amendment or such
modification, as the case may be.

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<PAGE>

          (f) Each Bank Guaranty Issuer (other than DBAG) shall deliver to the
Administrative Agent and the Deposit Bank, promptly on the first Business Day of
each week, by facsimile transmission, the aggregate daily Face Amount available
to be drawn under each outstanding Bank Guaranty issued by such Bank Guaranty
Issuer for the previous week.

          (g) The obligations of the B/G Participants to make payments to the
Administrative Agent for the account of the respective Bank Guaranty Issuer with
respect to Bank Guaranties issued by it shall be irrevocable and not subject to
counterclaim, set-off or other defense or any other qualification or exception
whatsoever and shall be made in accordance with the terms and conditions of this
Agreement under all circumstances, including, without limitation, any of the
following circumstances:

          (i) any lack of validity or enforceability of this Agreement or any of
     the Credit Documents;

          (ii) the existence of any claim, setoff, defense or other right which
     any Credit Party or any of its Subsidiaries may have at any time against a
     beneficiary named in a Bank Guaranty, any transferee of any Bank Guaranty
     (or any Person for whom any such transferee may be acting), any Agent, any
     Lender, any Bank Guaranty Issuer, any B/G Participant, or any other Person,
     whether in connection with this Agreement, any Bank Guaranty, the
     transactions contemplated herein or any unrelated transactions (including
     any underlying transaction between any Credit Party or any of its
     Subsidiaries and the beneficiary named in any such Bank Guaranty);

          (iii) any draft, certificate or any other document presented under any
     Bank Guaranty proving to be forged, fraudulent, invalid or insufficient in
     any respect or any statement therein being untrue or inaccurate in any
     respect;

          (iv) the surrender or impairment of any security for the performance
     or observance of any of the terms of any of the Credit Documents; or

          (v) the occurrence of any Default or Event of Default;

provided that the B/G Participants shall not be obligated to reimburse such Bank
Guaranty Issuer for any wrongful payment made by such Bank Guaranty Issuer under
a Bank Guaranty issued by it as a result of deliberate acts or omissions
constituting willful misconduct or gross negligence on the part of such Bank
Guaranty Issuer (as determined by a court of competent jurisdiction in a final
and non-appealable decision). Any action taken or omitted to be taken by any
Bank Guaranty Issuer under or in connection with any Bank Guaranty shall not
create for such Bank Guaranty Issuer any resulting liability to the B/G
Participants or any other Person unless such action is taken or omitted to be
taken with gross negligence or willful misconduct (as determined by a court of
competent jurisdiction in a final and non-appealable decision).

               2B.05 Agreement to Repay Bank Guaranty Payments. (a) The U.S.
Borrower hereby agrees (in the case of U.S. Borrower Bank Guaranties) and the
Bermuda Borrower hereby agrees (in the case of Bermuda Borrower Bank Guaranties)
to reimburse the respective Bank Guaranty Issuer, by making payment in Dollars
(if the respective Bank Guaranty is denominated in an Alternative Currency, in
an amount equal to the Dollar Equivalent of the

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<PAGE>

respective payment or disbursement, as determined by the Administrative Agent on
the date of such payment or disbursement) to the Administrative Agent in
immediately available funds at the Payment Office (or by making the payment
directly to such Bank Guaranty Issuer at such location as may otherwise have
been agreed upon by the respective Account Party and such Bank Guaranty Issuer),
for any payment or disbursement (in the case of any such payment or disbursement
under any Non-Dollar Denominated Bank Guaranty, taking the Dollar Equivalent, as
determined by the Administrative Agent, of the amount of the respective payment
or disbursement on the date upon which the respective payment or disbursement is
made) made by such Bank Guaranty Issuer under any Bank Guaranty issued by it
(each such amount so paid until reimbursed, an "Unreimbursed Payment"), not
later than the third Business Day after the Administrative Agent or the Bank
Guaranty Issuer notifies the respective Account Party of such payment or
disbursement (provided that no such notice shall be required to be given if a
Default or an Event of Default under Section 10.05 shall have occurred and be
continuing, in which case all such Unreimbursed Payments shall be due and
payable immediately without presentment, demand, protest or notice of any kind
(all of which are hereby waived by the respective Account Party)), with interest
on the amount so paid or disbursed by such Bank Guaranty Issuer, to the extent
not reimbursed prior to 1:00 P.M. (New York time), on the date of such payment
or disbursement, from and including the date paid or disbursed to but excluding
the date such Bank Guaranty Issuer is reimbursed by the respective Account Party
therefor at a rate per annum which shall be equal to Base Rate in effect from
time to time plus the Applicable Margin for Tranche B Term Loans maintained as
Base Rate Loans, as in effect from time to time; provided, however, to the
extent such amounts are not reimbursed prior to 1:00 P.M. (New York time) on the
third Business Day following the receipt by an Account Party of notice of such
payment or disbursement (or, if sooner, from the date of occurrence of a Default
or an Event of Default under Section 10.05, interest shall thereafter accrue on
the amounts so paid or disbursed by such Bank Guaranty Issuer (and until
reimbursed by the respective Account Party) at a rate per annum which is 2% in
excess of the rate otherwise applicable to the respective Unreimbursed Payment
as provided above, with all such interest payable pursuant to this Section 2B.05
to be payable on demand. The respective Bank Guaranty Issuer shall give the
respective Account Party prompt notice of each Bank Guaranty Payment under any
Bank Guaranty, provided that the failure to give, or any delay in giving, any
such notice shall in no way affect, impair or diminish the respective Account
Party's obligations under this Agreement. The obligations of the respective
Account Party to repay Unreimbursed Payments as required above shall not be
reduced, or satisfied, in any respect by payments made to the Issuing Lender
with any amounts on deposit in the Credit-Linked Deposit Account or as otherwise
provided in Section 2B.04(c).

          (b) The obligations of the U.S. Borrower (with respect to U.S.
Borrower Bank Guaranties) and the Bermuda Borrower (with respect to Bermuda
Borrower Bank Guaranties) under this Section 2B.05 to reimburse the respective
Bank Guaranty Issuer with respect to Unreimbursed Payments (including, in each
case, interest thereon) shall be absolute and unconditional under any and all
circumstances and irrespective of any setoff, counterclaim or defense to payment
which the respective Account Party may have or have had against any Lender
(including in its capacity as Bank Guaranty Issuer or as B/G Participant),
including, without limitation, any defense based upon the failure of any payment
under a Bank Guaranty (each, a "Bank Guaranty Payment") to conform to the terms
of such Bank Guaranty or any nonapplication or misapplication by the beneficiary
of the proceeds of such Bank Guaranty Payment, the respective Bank Guaranty
Issuer's only obligation to the respective Account Party

                                      -36-

<PAGE>

being to confirm that any documents required to be delivered under such Bank
Guaranty appear to have been delivered and that they appear to substantially
comply on their face with requirements of such Bank Guaranty; provided, however,
that no Account Party shall be obligated to reimburse any Bank Guaranty Issuer
for any wrongful payment made by such Bank Guaranty Issuer under a Bank Guaranty
issued by it as a result of deliberate acts or omissions constituting willful
misconduct or gross negligence on the part of such Bank Guaranty Issuer (as
determined by a court of competent jurisdiction in a final and non-appealable
decision). Any action taken or omitted to be taken by any Bank Guaranty Issuer
under or in connection with any Bank Guaranty shall not create for such Bank
Guaranty Issuer any resulting liability to any Account Party unless such action
is taken or admitted to be taken with gross negligence or willful misconduct (as
determined by a court of competent jurisdiction in a final and non-appealable
decision).

               2B.06 Increased Costs. If after the Restatement Effective Date,
the Deposit Bank, any Bank Guaranty Issuer or any B/G Participant determines in
good faith that the adoption or effectiveness after the Restatement Effective
Date of any applicable law, rule or regulation, order, guideline or request or
any change therein, or any change after the Restatement Effective Date in the
interpretation or administration thereof by any governmental authority, central
bank or comparable agency charged with the interpretation or administration
thereof, or compliance by the Deposit Bank, any Bank Guaranty Issuer or any B/G
Participant with any request or directive (whether or not having the force of
law) by any such authority, central bank or comparable agency shall either (i)
impose, modify or make applicable any reserve, deposit, capital adequacy or
similar requirement against Bank Guaranties issued by such Bank Guaranty Issuer
or such B/G Participant's participation therein, or (ii) impose on the Deposit
Bank, any Bank Guaranty Issuer or any B/G Participant any other conditions
directly or indirectly affecting this Agreement, the Credit-Linked Deposits, any
Bank Guaranty or such B/G Participant's participation therein; and the result of
any of the foregoing is to increase the cost to the Deposit Bank, such Bank
Guaranty Issuer or such B/G Participant of issuing, maintaining or participating
in the Credit-Linked Deposits, any Bank Guaranty, or to reduce the amount of any
sum received or receivable by the Deposit Bank, such Bank Guaranty Issuer or
such B/G Participant hereunder or under the other Credit Documents or reduce the
rate of return on its capital with respect to Bank Guaranties, then, upon
written demand to the U.S. Borrower or the Bermuda Borrower, as the case may be,
by the Deposit Bank, such Bank Guaranty Issuer or such B/G Participant (a copy
of which notice shall be sent by the Deposit Bank, such Bank Guaranty Issuer or
such B/G Participant to the Administrative Agent), accompanied by the
certificate described in the last sentence of this Section 2B.06, the respective
Account Party shall pay to the Deposit Bank, such Bank Guaranty Issuer or such
B/G Participant for such increased cost or reduction. A certificate submitted to
the relevant Account Party by the Deposit Bank, such Bank Guaranty Issuer or
such B/G Participant, as the case may be (a copy of which certificate shall be
sent by the Deposit Bank, such Bank Guaranty Issuer or such B/G Participant to
the Administrative Agent), setting forth in reasonable detail the basis for the
determination of such additional amount or amounts necessary to compensate the
Deposit Bank, such Bank Guaranty Issuer or such B/G Participant as aforesaid
shall be final and conclusive and binding on such Account Party absent manifest
error, although the failure to deliver any such certificate shall not release or
diminish such Account Party's obligations to pay additional amounts pursuant to
this Section 2B.06 upon subsequent receipt of such certificate.

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<PAGE>

               2B.07 Cash Collateralization. No later than the date occurring
ten Business Days prior to the CL Maturity Date, the U.S. Borrower or the
Bermuda Borrower, as the case may be, shall either (i) terminate each Bank
Guaranty issued to it without an expiry date (and cause each such terminated
Bank Guaranty to be surrendered for termination to the respective Bank Guaranty
Issuer) or (ii) enter into cash collateral arrangements with each Bank Guaranty
Issuer which shall have issued a Bank Guaranty to it without an expiry date on
terms satisfactory to such Bank Guaranty Issuer and the Administrative Agent,
with the U.S. Borrower or the Bermuda Borrower, as the case may be, depositing
cash and/or Cash Equivalents (in the respective currency or currencies of the
respective Bank Guaranties, and in such amounts as will fully cash collateralize
the maximum future payments that could be made under the respective Bank
Guaranties) pursuant to such cash collateral arrangements to be held as security
for all Bank Guaranty Outstandings of the U.S. Borrower or the Bermuda Borrower,
as the case may be, in respect of such Bank Guaranties. If (and only if) all
actions required above are taken to the satisfaction of the relevant Bank
Guaranty Issuers and the Administrative Agent, the Aggregate CL Exposure
attributable to the Bank Guaranties so fully cash collateralized shall be deemed
to be $0 (including for purposes of Section 2C.04(a); provided that unless and
until such actions are taken the full amount of Bank Guaranty Outstandings
relating thereto shall be included in determining the Aggregate CL Exposure
(including for purposes of Section 2C.04(a)).

          Section 2C. Special Provisions.

               2C.01 Credit-Linked Deposit Account. (a) On the Restatement
Effective Date and subject to the satisfaction of the conditions precedent set
forth in Sections 5 and 6, each CL Lender on such date shall pay to the Deposit
Bank such CL Lender's Credit-Linked Deposit. The Credit-Linked Deposits shall be
held by the Deposit Bank in (or credited to) the Credit-Linked Deposit Account,
and no Person other than the Deposit Bank shall have a right of withdrawal from
the Credit-Linked Deposit Account or any other right or power with respect to
the Credit-Linked Deposits. Notwithstanding anything herein to the contrary, the
funding obligation of each CL Lender in respect of its participation in CL
Credit Events shall be satisfied in full upon the funding in full of its
Credit-Linked Deposit.

          (b) Each of the Deposit Bank, the Administrative Agent, each Issuing
Lender, each Bank Guaranty Issuer and each CL Lender hereby acknowledges and
agrees that (i) each CL Lender is funding its Credit-Linked Deposit to the
Deposit Bank for application in the manner contemplated by Sections 2A.04 and
2B.04, (ii) the Deposit Bank may invest the Credit-Linked Deposits in such
investments as may be determined from time to time by the Deposit Bank and (iii)
the Deposit Bank has agreed to pay to the Administrative Agent, who shall in
turn pay to each CL Lender, a return on its Credit-Linked Deposit (except (x)
during periods when such Credit-Linked Deposits are used to reimburse an Issuing
Lender or a Bank Guaranty Issuer, as the case may be, with respect to payments
and disbursements on Letters of Credit and/or Bank Guaranties or (y) as
otherwise provided in Sections 2C.01(d) and 2C.01(e)) for each CL Lender equal
at any time to the LIBOR Rate for the Interest Period in effect for the
Credit-Linked Deposits at such time less the Credit-Linked Deposit Cost Amount
at such time. Such interest will be paid to the CL Lenders (solely from amounts
received by it from the Deposit Bank) at the LIBOR Rate for an Interest Period
of one month (or at an amount determined in accordance with

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<PAGE>

Sections 2C.01(d) or 2C.01(e), as applicable) less, in each case, the
Credit-Linked Deposit Cost Amount in arrears on each CL Interest Payment Date.

          (c) The U.S. Borrower, the Bermuda Borrower or any other Credit Party
shall not have (x) any right, title or interest in or to the Credit-Linked
Deposit Account or the Credit-Linked Deposits and/or (y) any obligations with
respect thereto (except to refund portions thereof used to reimburse (I) an
Issuing Lender with respect to payments or disbursements on Letters of Credit as
provided in Section 2A.04 and/or (II) a Bank Guaranty Issuer with respect to
payments or disbursements on Bank Guaranties as provided in Section 2B.04), it
being acknowledged and agreed by the parties hereto that the funding of the
Credit-Linked Deposits by the CL Lenders to the Deposit Bank for deposit in the
Credit-Linked Deposit Account and the application of the Credit-Linked Deposits
in the manner contemplated by Sections 2A.04 and 2B.04 constitute agreements
among the Deposit Bank, the Administrative Agent, each Issuing Lender, each Bank
Guaranty Issuer and each CL Lender with respect to the L/C Participations in the
Letters of Credit and the B/G Participations in the Bank Guaranties and do not
constitute any loan or extension of credit to the U.S. Borrower, the Bermuda
Borrower or any other Credit Party.

          (d) If the Deposit Bank is not offering Dollar deposits (in the
applicable amounts) in the applicable Eurodollar interbank market, or the
Deposit Bank determines that adequate and fair means do not otherwise exist for
ascertaining the LIBOR Rate for the Credit-Linked Deposits (or any part
thereof), then the Credit-Linked Deposits (or such parts, as applicable) shall
be invested so as to earn a return equal to the greater of (x) the Federal Funds
Rate and (y) a rate determined by the Deposit Bank in accordance with banking
industry rules on interbank compensation.

          (e) If any (x) payment or disbursement under a Letter of Credit that
has been funded by the CL Lenders from the Credit-Linked Deposits as provided in
Section 2A.04(c) or (y) payment or disbursement under a Bank Guaranty that has
been funded by the CL Lenders from the Credit-Linked Deposits as provided in
Section 2B.04(c) shall, in either case, be reimbursed by the applicable Account
Party (or another Person on its behalf) on a day other than on the last day of
an Interest Period or Scheduled Investment Termination Date applicable to the
Credit-Linked Deposits, the Administrative Agent shall, upon receipt thereof,
pay over such amounts to the Deposit Bank which, in turn, will invest the amount
so reimbursed in overnight or short-term cash equivalent investments until the
end of the Interest Period or Scheduled Investment Termination Date at the time
in effect and the respective Account Party shall pay to the Deposit Bank, upon
the Deposit Bank's request therefor (provided that if an Event of Default
specified in Section 10.05 shall occur with respect to either Borrower, the
result which would occur upon the giving of such request by the Deposit Bank
shall occur automatically without the giving of any such request), the amount,
if any, by which the interest accrued on a like amount of the Credit-Linked
Deposits at the LIBOR Rate for the Interest Period in effect therefor shall
exceed the interest earned through the investment of the amount so reimbursed
for the period from the date of such repayment or reimbursement through the end
of the applicable Interest Period, as determined by the Deposit Bank (such
determination shall, absent manifest error, be final and conclusive and binding
on all parties hereto) and set forth in the request for payment delivered to the
respective Account Party. In the event that the respective Account Party shall
fail to pay any amount due under this Section 2C.01(e), the interest payable by
the Deposit Bank

                                      -39-

<PAGE>

to the CL Lenders on their Credit-Linked Deposits under Section 2C.01(b) shall
be correspondingly reduced and the CL Lenders shall, without further act,
succeed, ratably in accordance with their respective CL Percentages, to the
rights of the Deposit Bank with respect to such amount due from the respective
Account Party. All reimbursements of (x) Drawings under Letters of Credit that
have been funded by the CL Lenders from the Credit-Linked Deposits as provided
in Section 2A.04(c) or (y) Bank Guaranty Payments under Bank Guaranties that
have been funded by the CL Lenders from the Credit-Linked Deposits as provided
in Section 2B.04(c), in each case received by the Administrative Agent prior to
the termination of the Total Credit-Linked Commitment, shall be paid over to the
Deposit Bank which will deposit same in the Credit-Linked Deposit Account. The
Account Party shall not have any responsibility or liability to the CL Lenders,
the Administrative Agent, the Issuing Lender or any other Person in respect of
the establishment, maintenance, administration or misappropriation of the
Credit-Linked Deposit Account or with respect to the investment of amounts held
therein; provided, however, that notwithstanding anything to the contrary
contained in this Section 2C.01(e), the Administrative Agent, acting in its
capacity as such, shall be entitled to the indemnities provided elsewhere in
this Agreement.

               2C.02 European Monetary Union. The following provisions of this
Section 2C.02 shall come into effect on and from the date on which the United
Kingdom becomes a Participating Member State. Each obligation under this
Agreement which has been denominated in Sterling shall be redenominated into
Euros in accordance with the relevant EMU Legislation. However, if and to the
extent that the relevant EMU Legislation provides that an amount which is
denominated in Sterling can be paid by the debtor either in Euros or in that
national currency unit, each party to this Agreement shall be entitled to pay or
repay any amount denominated or owing in Sterling hereunder either in Euros or
in Sterling. Without prejudice and in addition to any method of conversion or
rounding prescribed by any relevant EMU Legislation, (i) each reference in this
Agreement to a minimum amount (or an integral multiple thereof) in Sterling
shall be replaced by a reference to such reasonably comparable and convenient
amount (or an integral multiple thereof) in Euros as the Administrative Agent
may from time to time specify and (ii) except as expressly provided in this
Section 2C.02, this Agreement shall be subject to such reasonable changes of
construction as the Administrative Agent may from time to time specify to be
necessary or appropriate to reflect the introduction of or changeover to Euros
in the United Kingdom, provided that this Section 2C.02 shall not reduce or
increase any actual or contingent liability arising under this Agreement.

               2C.03 Special Provisions Regarding Non-Dollar Denominated Letters
of Credit and Non-Dollar Denominated Bank Guaranties. As an accommodation to
each of the Account Parties, it is understood and agreed that the respective
Issuing Lenders and Bank Guaranty Issuers may, but shall not be obligated to,
issue from time to time Letters of Credit or Bank Guaranties, as the case may
be, denominated in Alternative Currencies, otherwise in accordance with the
relevant provisions of this Section 2. The respective Issuing Lender or Bank
Guaranty Issuer, as the case may be, may, at any time, in its sole discretion,
determine not to issue Letters of Credit or Bank Guaranties, as the case may be,
denominated in any Alternative Currency. If any Non-Dollar Denominated Letters
of Credit and/or Non-Dollar Denominated Bank Guaranties are from time to time
issued, it is understood that the definitions of Stated Amount (in the case of
Non-Dollar Denominated Letters of Credit) and Face Amount (in the case of
Non-Dollar Denominated Bank Guaranties) contained in this Agreement are each,
respectively,

                                      -40-

<PAGE>

designed to provide (pursuant to the proviso thereto) a cushion to reduce the
risk that the sum of (x) the aggregate Unpaid Drawings with respect to the
Letters of Credit and (y) the aggregate Unreimbursed Payments with respect to
the Bank Guaranties would ever exceed the aggregate amount of Credit-Linked
Deposits available to repay same. Nonetheless, it is possible, because of
currency fluctuations, that the sum of the aggregate Letter of Credit
Outstandings and Bank Guaranty Outstandings would exceed the amount of
Credit-Linked Deposits from time to time. If that situation ever occurs at any
time, the U.S. Borrower and/or the Bermuda Borrower, as the case may be, shall
immediately make all payments required pursuant to Section 4.02(a). Furthermore,
if a Drawing occurs under any Non-Dollar Denominated Letter of Credit or a Bank
Guaranty Payment occurs under any Non-Dollar Denominated Bank Guaranty at a time
when the sum of the aggregate Letter of Credit Outstandings and Bank Guaranty
Outstandings exceeds the Total Credit-Linked Deposits as a result of currency
fluctuations after the initial issuance of the respective Non-Dollar Denominated
Letter of Credit and/or Non-Dollar Denominated Bank Guaranty, as the case may
be, then, unless the respective Account Party repays such Drawing and/or Bank
Guaranty Payment (or the portion thereof which represents the excess amounts
described above), (x) the respective Issuing Lender shall bear the risk on that
portion of the Unpaid Drawings with respect to such Non-Dollar Denominated
Letter of Credit which represents the excess of the sum of the aggregate Letter
of Credit Outstandings and Bank Guaranty Outstandings over the amount of
Credit-Linked Deposits (but only to the extent caused by currency fluctuations
after the issuance of the respective Non-Dollar Denominated Letter of Credit)
and (y) the respective Bank Guaranty Issuer shall bear the risk on that portion
of the Bank Guaranty Payments with respect to such Non-Dollar Denominated Bank
Guaranties which represents the excess of the sum of the aggregate Letter of
Credit Outstandings and Bank Guaranty Outstandings over the amount of
Credit-Linked Deposits (but only to the extent caused by currency fluctuations
after the issuance of the respective Non-Dollar Denominated Bank Guaranty), and
any payments received by the Issuing Lender or Bank Guaranty Issuer, as the case
may be, (or others on their respective behalf) with respect to such Unpaid
Drawings (and interest thereon, which shall in any event be payable at the rates
specified in Section 2A.05(a)) and/or Unreimbursed Payments (and interest
thereon, which shall in any event be payable at the rates specified in Section
2B.05(a)), shall be retained by the respective Issuing Lender or Bank Guaranty
Issuer, as the case may be, for its own account. Any amounts owing to an Issuing
Lender or Bank Guaranty Issuer as described above in this Section 2C.03 shall be
entitled to elevated priorities with respect to cash collateral as described in
Section 4.02(a) and the enhanced priorities described in Section 7.4 of the U.S.
Security Agreement.

               2C.04 Special Provisions Regarding Return Of Credit-Linked
Deposits. (a) At the time of any termination or reduction of the Total
Credit-Linked Commitment pursuant to Sections 2A.04(c), 2B.04(c), 3.02(b), 3.03
or 10, the Deposit Bank shall return to the Administrative Agent who shall, in
turn, return to the CL Lenders (ratably in accordance with their respective CL
Percentages) their Credit-Linked Deposits (to the extent not theretofore applied
pursuant to Sections 2A.04(c) or 2B.04(c)) in an amount (if any) by which the
aggregate amount of Credit-Linked Deposits at such time exceeds the greater of
(x) the Total Credit-Linked Commitment after giving effect to such reduction or
termination and (y) the Aggregate CL Exposure at such time. If at the time of
any determination pursuant to the immediately preceding sentence the amount
determined pursuant to clause (y) of the preceding sentence exceeded the amount
determined pursuant to clause (x) of the preceding sentence, the Deposit Bank
shall from time to time thereafter, upon the direction of the Administrative
Agent, return to the

                                      -41-

<PAGE>

Administrative Agent who shall, in turn, return to the CL Lenders (ratably in
accordance with their CL Percentages) their Credit-Linked Deposits to the extent
that the aggregate amount thereof from time to time exceeds the greater of (x)
the Total Credit-Linked Commitment after giving effect to prior reductions
thereto or terminations thereof and (y) the Aggregate CL Exposure at such time.

          (b) If at any time, and for any reason, any Issuing Bank or Bank
Guaranty Issuer is required to return to the respective Account Party (or any
other Person) or otherwise disgorge amounts in respect of payments previously
received by it from (or on behalf of) any Account Party or other Credit Party in
respect of payments theretofore received by the respective Issuing Bank or Bank
Guaranty Issuer in respect of Drawings or Bank Guaranty Payments, as the case
may be, previously made, then the respective Issuing Bank or Bank Guaranty
Issuer shall be entitled to treat the amounts so returned or disgorged as not
having been paid to it (by the respective Account Party or other Credit Party)
for purposes of this Agreement and shall be entitled to reimbursement as
provided in the relevant provisions of Sections 2A or 2B, as the case may be,
and, without limiting the foregoing, to the extent that Credit-Linked Deposits
have previously been returned to the CL Lenders (in accordance with the
provisions of preceding clause (a) or otherwise), the respective Issuing Bank or
Bank Guaranty Issuer shall be entitled to be indemnified by the CL Lenders for
the amount so returned or disgorged (and the CL Lenders hereby agree to so
indemnify the respective Issuing Bank or Bank Guaranty Issuer); provided that no
CL Lender shall be obligated pursuant to this clause (b) to make payments, in
the aggregate, of amounts in excess of the amount of Credit-Linked Deposits
actually returned to it.

          Section 3. Fees; Commitments.

               3.01 Fees. (a) The Borrowers jointly and severally agree to pay
to the Administrative Agent for distribution to each CL Lender (based on each
such CL Lender's CL Percentage) a fee (the "CL Facility Fee") equal to the sum
of (I) a rate per annum equal to the Applicable Margin for Tranche B Term Loans
maintained as Eurodollar Loans on the Total Credit-Linked Commitment as in
effect from time to time (or, if terminated, on the aggregate amount of the
Credit-Linked Deposits from time to time) and (II) a rate per annum equal to the
Credit-Linked Deposit Cost Amount as in effect from time to time on the amount
of the Total Credit-Linked Commitment as in effect from time to time (or, if
terminated, on the aggregate amount of the Credit-Linked Deposits from time to
time), in each case for the period from and including the Restatement Effective
Date to and including the date on which the Total Credit-Linked Commitment has
been terminated, all remaining Credit-Linked Deposits have been returned to the
CL Lenders or applied to pay amounts owing with respect to Letters of Credit
and/or Bank Guaranties as more fully provided in Sections 2A and 2B hereof, all
Unpaid Drawings and all Unreimbursed Payments (including, in each case, all
accrued and unpaid interest thereon) have been paid in full and all Letters of
Credit and all Bank Guaranties have been terminated. Accrued CL Facility Fees
shall be due and payable quarterly in arrears on each CL Interest Payment Date
and on the first date upon which the Total Credit-Linked Commitment has been
terminated, all remaining Credit-Linked Deposits have been returned to the CL
Lenders or applied to pay amounts owing with respect to Letters of Credit and/or
Bank Guaranties as more fully provided in Sections 2A and 2B hereof, all Unpaid
Drawings and all Unreimbursed Payments (including, in each case, all accrued and
unpaid interest thereon) have been paid in full and all Letters of Credit and
all Bank Guaranties have been terminated.

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<PAGE>

          (b) Each Account Party agrees to pay to the respective Issuing Lender,
for its own account, in Dollars, a facing fee in respect of each Letter of
Credit issued for its account hereunder (the "Facing Fee") for the period from
and including the date of issuance or renewal of such Letter of Credit to and
including the termination or expiration of such Letter of Credit, computed at a
rate equal to 1/8 of 1% per annum of the daily Stated Amount of such Letter of
Credit; provided that in no event shall the annual Facing Fee with respect to
any Letter of Credit be less than the Minimum Applicable Facing Fee; it being
agreed that (i) on the date of issuance of any Letter of Credit and on each
anniversary thereof prior to the termination of such Letter of Credit, if the
Minimum Applicable Facing Fee will exceed the amount of Facing Fees that will
accrue with respect to such Letter of Credit for the immediately succeeding
12-month period, the full Minimum Applicable Facing Fee shall be payable on the
date of issuance of such Letter of Credit and on each such anniversary thereof
prior to the termination of such Letter of Credit and (ii) if on the date of the
termination of any Letter of Credit, the Minimum Applicable Facing Fee actually
exceeds the amount of Facing Fees paid or payable with respect to such Letter of
Credit for the period beginning on the date of the issuance thereof (or, if the
respective Letter of Credit has been outstanding for more than one year, the
date of the last anniversary of the issuance thereof occurring prior to the
termination of such Letter of Credit) and ending on the date of the termination
thereof, an amount equal to such excess shall be paid as additional Facing Fees
with respect to such Letter of Credit on the next date upon which Facing Fees
are payable in accordance with the immediately succeeding sentence. Except as
provided in the immediately preceding sentence, accrued Facing Fees shall be due
and payable quarterly in arrears on each CL Interest Payment Date and upon the
first day on or after the termination of the Total Credit-Linked Commitment upon
which no Letters of Credit remain outstanding. Notwithstanding anything to the
contrary contained in this Agreement, to the extent that any Account Party has
paid advance facing fees to any Issuing Lender with respect to any Existing
Letter of Credit pursuant to the Original Credit Agreement, there shall be
credited against the Facing Fees due to such Issuing Lender under this Agreement
the amount of such advance facing fees which related to periods after the
Restatement Effective Date.

          (c) The respective Account Party agrees to pay to the respective
Issuing Lender, in Dollars, for its own account, upon each payment under,
issuance of, or amendment to, any Letter of Credit, such amount as shall at the
time of such event be the administrative charge which such Issuing Lender is
customarily charging for issuances of, payments under or amendments of, Letters
of Credit issued by it.

          (d) Each Account Party agrees to pay to the respective Bank Guaranty
Issuer, for its own account, in Dollars, a fronting fee in respect of each Bank
Guaranty issued to it hereunder (the "Fronting Fee") for the period from and
including the date of issuance or renewal of such Bank Guaranty to and including
the termination or expiration of such Bank Guaranty, computed at a rate equal to
1/8 of 1% per annum of the daily Face Amount of such Bank Guaranty, provided
that in no event shall the annual Fronting Fee with respect to any Bank Guaranty
be less than the Minimum Applicable Fronting Fee; it being agreed that (i) on
the date of issuance of any Bank Guaranty and on each anniversary thereof prior
to the termination of such Bank Guaranty, if the Minimum Applicable Fronting Fee
will exceed the amount of Fronting Fees that will accrue with respect to such
Bank Guaranty for the immediately succeeding 12-month period, the full Minimum
Applicable Fronting Fee shall be payable on the date of issuance of such Bank
Guaranty and on each such anniversary thereof prior to the

                                      -43-

<PAGE>

termination of such Bank Guaranty and (ii) if on the date of the termination of
any Bank Guaranty, the Minimum Applicable Fronting Fee actually exceeds the
amount of Fronting Fees paid or payable with respect to such Bank Guaranty for
the period beginning on the date of the issuance thereof (or, if the respective
Bank Guaranty has been outstanding for more than one year, the date of the last
anniversary of the issuance thereof occurring prior to the termination of such
Bank Guaranty) and ending on the date of the termination thereof, an amount
equal to such excess shall be paid as additional Fronting Fees with respect to
such Bank Guaranty on the next date upon which Fronting Fees are payable in
accordance with the immediately succeeding sentence. Except as provided in the
immediately preceding sentence, accrued Fronting Fees shall be due and payable,
quarterly in arrears on each CL Interest Payment Date and upon the first day on
or after the termination of the Total Credit-Linked Commitment upon which no
Bank Guaranties remain outstanding. Notwithstanding anything to the contrary
contained in this Agreement, to the extent that any Account Party has paid
advance fronting fees to any Bank Guaranty Issuer with respect to any Existing
Bank Guaranty pursuant to the Original Credit Agreement, there shall be credited
against the Fronting Fees due to such Bank Guaranty Issuer under this Agreement
the amount of such advance fronting fees which related to periods after the
Restatement Effective Date.

          (e) The respective Account Party agrees to pay to the respective Bank
Guaranty Issuer, in Dollars, for its own account, upon each payment under,
issuance of, or amendment to, any Bank Guaranty, such amount as shall at the
time of such event be the administrative charge which such Bank Guaranty Issuer
is customarily charging for issuances of, payments under or amendments of, Bank
Guaranties issued by it.

          (f) The Borrowers shall pay to the Administrative Agent for
distribution to each Incremental Term Loan Lender such fees and other amounts,
if any, as are specified in the relevant Incremental Term Loan Commitment
Agreement, with the fees and other amounts, if any, to be payable on the
respective Incremental Term Loan Commitment Date.

          (g) Each Borrower agrees to pay to each Agent, for its own account,
such other fees as have been agreed to in writing by such Borrower and the
Agents.

          (h) At the time of the consummation of a Repricing Transaction that is
consummated prior to the first anniversary of the Restatement Effective Date,
the respective Borrower agrees to pay to the Administrative Agent, for the
ratable account of each Lender with outstanding Term Loans and/or Credit-Linked
Deposits of any Tranche subject to such Repricing Transaction (including each
Lender that withholds its consent to such Repricing Transaction and is replaced
or is removed as a Lender under Section 1.13 or 4.01(vi), as the case may be), a
fee equal to 1.0% of (x) in the case of a Repricing Transaction of the type
described in clause (1) of the definition thereof, the aggregate principal
amount of all Term Loans and/or Credit-Linked Deposits, as the case may be,
prepaid (or converted) in connection with such Repricing Transaction and (y) in
the case of a Repricing Transaction of the type described in clause (2) of the
definition thereof, the aggregate principal amount of all Term Loans and/or
Credit-Linked Deposits, as the case may be, outstanding on such date that are
subject to an effective pricing reduction pursuant to such Repricing
Transaction. The fees described above in this Section 3.01(h) shall be due and
payable upon the date of the effectiveness of such Repricing Transaction.

                                      -44-
<PAGE>

          (i) All computations of Fees shall be made in accordance with Section
13.07(b).

          3.02 Voluntary Termination or Reduction of Commitments and Adjustments
of Commitments. (a) Upon at least three Business Days' prior notice from an
Authorized Officer of Holdings to the Administrative Agent at its Notice Office
(which notice the Administrative Agent shall promptly transmit to each of the
Incremental Term Loan Lenders), Holdings and/or the applicable Incremental Term
Loan Borrower shall have the right, at any time and from time to time, without
premium or penalty, to terminate the Total Incremental Term Loan Commitment at
such time, in whole or in part, in aggregate minimum amounts of at least
$1,000,000 in the case of partial reductions, with the amount of each reduction
pursuant to this Section 3.02(a) to apply proportionately and permanently reduce
the Incremental Term Loan Commitments of each Lender with such a Commitment.
Each reduction to the Total Incremental Term Loan Commitment pursuant to this
Section 3.02(a) shall be applied to reduce the then remaining Incremental Term
Loan Scheduled Repayments of the respective Tranche of Incremental Term Loans on
a pro rata basis (based upon the then remaining principal amount of the
Incremental Term Loan Scheduled Repayments of such Tranche after giving effect
to all prior reductions thereto).

          (b) Upon at least three Business Days' prior written notice to the
Administrative Agent at the Notice Office (which notice the Administrative Agent
shall promptly transmit to each of the CL Lenders), the U.S. Borrower shall have
the right, at any time and from time to time, without premium or penalty, to
terminate the Total Unutilized Credit-Linked Commitment in whole, or reduce it
in part in aggregate minimum amounts of $1,000,000, provided that no such
reduction shall be permitted to be made pursuant to this Section 3.02(b) if the
effect thereof is to cause the Aggregate CL Exposure to exceed the Total
Credit-Linked Commitment after giving effect to the reduction thereto pursuant
to this Section 3.02(b). Each reduction to the Total Credit-Linked Commitment
pursuant to this Section 3.02(b) shall apply to proportionately and permanently
reduce the Credit-Linked Commitment of each CL Lender (based on their respective
CL Percentages). At the time of any termination or reduction of the Total
Credit-Linked Commitment pursuant to this Section 3.02(b), the Administrative
Agent shall request the Deposit Bank to (and the Deposit Bank agrees that it
will) withdraw from the Credit-Linked Deposit Account and to pay same over to
the Administrative Agent, and the Administrative Agent shall return to the CL
Lenders (ratably in accordance with their respective CL Percentages) their
Credit-Linked Deposits in an amount by which the aggregate amount of the
Credit-Linked Deposits at such time exceeds the Total Credit-Linked Commitment
as in effect immediately after giving effect to such termination. Each
termination of all or any portion of the Total Unutilized Credit-Linked
Commitment pursuant to this Section 3.02(b) made prior to the first anniversary
of the Restatement Effective Date in connection with a Repricing Transaction
shall be subject to the payment of the fee described in Section 3.01(h).

          (c) In the event of certain refusals by a Lender as provided in
Section 4.01 or 13.12(b) to consent to certain proposed changes, waivers,
discharges or terminations with respect to this Agreement which have been
approved by the Required Lenders, Holdings may, subject to the applicable
requirements of said Sections 4.01 and/or 13.12(b), upon five Business Days'
prior written notice to the Administrative Agent at its Notice Office (which
notice the Administrative Agent shall promptly transmit to each of the Lenders)
terminate the Incremental

                                      -45-

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Term Loan Commitments, if any, and/or the Credit-Linked Commitment, if any, of
such Lender, so long as (x) all Loans, Unpaid Drawings and Unreimbursed Payments
(to the extent that such Lender's Credit-Linked Commitment is being terminated),
together with accrued and unpaid interest, Fees and all other amounts, owing to
such Lender (excluding amounts owing in respect of Loans of any Tranche
maintained by such Lender which are not being repaid pursuant to Section
13.12(b)) are repaid concurrently with the effectiveness of such termination (at
which time Schedule I shall be deemed modified to reflect such changed amounts)
and (y) after giving effect to such termination (and the adjustments to the CL
Percentages of the remaining Lenders as contemplated below), the Individual CL
Exposure of any remaining CL Lender shall not exceed its Credit-Linked
Commitment. After giving effect to the termination of the Commitments of any
Lender pursuant to the provisions of this Section 3.02(c), unless the respective
Lender continues to have outstanding Term Loans or other Commitments (if any)
hereunder, such Lender shall no longer constitute a "Lender" for purposes of
this Agreement, except with respect to indemnifications under this Agreement
(including, without limitation, Sections 1.10, 1.11, 2A.06, 2B.06, 4.04, 13.01
and 13.06), which shall survive as to such repaid Lender. In cases where the
Credit-Linked Commitments of any Lender are terminated pursuant to this Section
3.02(c), except in cases where the respective Credit-Linked Commitments are
replaced in full, after giving effect to the termination of any such
Credit-Linked Commitments of a given Lender pursuant to this Section 3.02(c),
there shall occur automatic adjustments (as determined by the Administrative
Agent) in the respective CL Percentages of the remaining CL Lenders in
accordance with the definition of CL Percentage contained herein. At the time of
any termination of a CL Lender's Credit-Linked Commitment pursuant to this
Section 3.02(c), the Administrative Agent shall request the Deposit Bank to (and
the Deposit Bank agrees that it will) withdraw from the Credit-Linked Deposit
Account and to pay same over to the Administrative Agent, and the Administrative
Agent shall return to such CL Lender its Credit-Linked Deposit; provided that
if, and to the extent, the respective CL Lender is replaced by way of
assignment, then its Credit-Linked Deposit shall remain in the Credit-Linked
Deposit Account and the respective assignee shall pay the assigning CL Lender an
amount equal to the Credit-Linked Deposit so assigned. Each reduction to the
Total Incremental Term Loan Commitment pursuant to this Section 3.02(c) shall be
applied to reduce the then remaining Incremental Term Loan Scheduled Repayments
of the respective Tranche of Incremental Term Loans on a pro rata basis (based
upon the then remaining principal amount of the Incremental Term Loan Scheduled
Repayments of such Tranche after giving effect to all prior reductions thereto).

          (d) In connection with any reduction or termination of the Total
Incremental Term Loan Commitment and/or the Total Credit-Linked Commitment of
any Lender pursuant to this Section 3.02 and Section 3.03, as the case may be,
each of the U.S. Borrower and the Bermuda Borrower hereby irrevocably authorizes
Holdings to take all necessary action, in the name of the U.S. Borrower or the
Bermuda Borrower, as the case may be, as described in this Section 3.02 or
Section 3.03, as the case may be, in order to effect the reduction or
termination of the Total Incremental Term Loan Commitment and/or the Total
Credit-Linked Commitment of such Lender in accordance with the provisions of
this Section 3.02 or Section 3.03, as the case may be.

          3.03 Mandatory Reduction of Commitments. (a) The Total Commitment (and
the Tranche B Term Loan Commitment, the Tranche C Term Loan Commitment and the
Credit-

                                      -46-

<PAGE>

Linked Commitment of each Lender with such a Commitment) shall terminate in its
entirety on April 12, 2006, unless the Restatement Effective Date has occurred
on or before such date.

          (b) In addition to any other mandatory commitment reductions pursuant
to this Section 3.03, the Total Tranche B Term Loan Commitment (and the Tranche
B Term Loan Commitment of each Lender with such a Commitment) shall terminate in
its entirety on the Restatement Effective Date (after giving effect to the
making of Tranche B Term Loans on such date).

          (c) In addition to any other mandatory commitment reductions pursuant
to this Section 3.03, the Total Tranche C Term Loan Commitment (and the Tranche
C Term Loan Commitment of each Lender with such a Commitment) shall terminate in
its entirety on the Restatement Effective Date (after giving effect to the
making of Tranche C Term Loans on such date).

          (d) In addition to any other mandatory commitment reductions pursuant
to this Section 3.03, the Total Credit-Linked Commitment shall be reduced on the
dates, and in the amounts provided in Sections 2A.04(c) and 2B.04(c). At the
time of any termination or reduction of the Total Credit-Linked Commitment
pursuant to Section 2A.04(c), Section 2B.04(c), this Section 3.03 or Section 10,
the actions required by Section 2C.04(a) shall be taken. Each reduction to, or
termination of, the Total Credit-Linked Commitment shall be applied to
proportionately reduce or terminate, as the case may be, the Credit-Linked
Commitment of each CL Lender (in accordance with their respective CL
Percentages).

          (e) In addition to any other mandatory commitment reductions pursuant
to this Section 3.03, the Total Incremental Term Loan Commitment under a given
Tranche shall (i) be permanently reduced on each Incremental Term Loan Borrowing
Date in respect of such Tranche in an amount equal to the aggregate principal
amount of Incremental Term Loans of such Tranche incurred on each such date,
(ii) terminate in its entirety (to the extent not theretofore terminated) on the
Incremental Term Loan Commitment Termination Date for such Tranche of
Incremental Term Loans (after giving effect to any Incremental Term Loans of
such Tranche to be made on such date) and (iii) prior to the termination of the
Total Incremental Term Loan Commitment in respect of such Tranche, be
permanently reduced from time to time to the extent required by Section 4.02.

          (f) Each reduction to the Total Tranche B Term Loan Commitment, the
Total Tranche C Term Loan Commitment, the Total Credit-Linked Commitment and the
Total Incremental Term Loan Commitment under a given Tranche pursuant to this
Section 3.03 as provided above (or pursuant to Section 4.02) shall be applied
proportionately to reduce the Tranche B Term Loan Commitment, the Tranche C Term
Loan Commitment, the Total Credit-Linked Commitment or the Incremental Term Loan
Commitment under such Tranche, as the case may be, of each Lender with such a
Commitment.

          (g) In addition to any other mandatory commitment reductions pursuant
to this Section 3.03, on the Restatement Effective Date (and concurrently with
the occurrence thereof) the Total Multicurrency Facility Revolving Loan
Commitment (as defined in the Original Credit Agreement), the Multicurrency
Facility Revolving Loan Commitment (as

                                      -47-

<PAGE>

defined in the Original Credit Agreement) of each Original Lender, the Total
Dollar Facility Revolving Loan Commitment (as defined in the Original Credit
Agreement) and the Dollar Facility Revolving Loan Commitment (as defined in the
Original Credit Agreement) of each Original Lender, shall all be terminated in
their entirety.

          Section 4. Prepayments; Repayments; Taxes.

          4.01 Voluntary Prepayments. Each Borrower shall have the right to
prepay the Loans made to such Borrower, without premium or penalty except as
otherwise provided in this Agreement, and the right to allocate such prepayments
to Loans of a given Tranche, as such Borrower elects, in whole or in part, at
any time and from time to time on the following terms and conditions:

          (i) an Authorized Officer of such Borrower shall give the
     Administrative Agent at its Notice Office written notice (or telephonic
     notice promptly confirmed in writing) of its intent to prepay the Loans,
     specifying the Tranche or Tranches of the Loans to be prepaid, the Types of
     Loans to be repaid and, in the case of Eurodollar Loans, the specific
     Borrowing or Borrowings pursuant to which made, which notice shall be given
     by the Authorized Officer of such Borrower (x) prior to 2:00 P.M. (New York
     time) at least one Business Day prior to the date of such prepayment in the
     case of Loans maintained as Base Rate Loans and (y) prior to 10:00 A.M.
     (New York time) at least three Business Days prior to the date of such
     prepayment in the case of Eurodollar Loans, which notice shall be promptly
     transmitted by the Administrative Agent to each of the Lenders;

          (ii) each partial prepayment applied to any Tranche of Loans shall be
     in an aggregate principal amount of at least $1,000,000, provided that if
     any partial prepayment of Eurodollar Loans made pursuant to any Borrowing
     shall reduce the outstanding Eurodollar Loans made pursuant to such
     Borrowing to an amount less than the Minimum Borrowing Amount applicable
     thereto, then such Borrowing may not be continued as a Borrowing of
     Eurodollar Loans beyond the Interest Period applicable thereto and any
     election of an Interest Period with respect thereto given by such Borrower
     shall have no force or effect;

          (iii) at the time of any prepayment of Eurodollar Loans pursuant to
     this Section 4.01 on any date other than the last day of the Interest
     Period applicable thereto, such Borrower shall pay the amounts required
     pursuant to Section 1.11(a);

          (iv) except as provided in Section 4.01(v) below, each prepayment in
     respect of any Loans made pursuant to a Borrowing shall be applied pro rata
     among such Loans made pursuant to such Borrowing;

          (v) each prepayment of principal of Loans of a given Tranche pursuant
     to this Section 4.01 shall, subject to the immediately succeeding proviso,
     be applied to reduce the then remaining Scheduled Repayments of the
     respective Tranche of Term Loans on a pro rata basis (based upon the then
     remaining principal amounts of the Scheduled Repayments of such Tranche of
     Loans after giving effect to all prior reductions thereto);

                                      -48-

<PAGE>

     provided that repayments of any Tranche of Loans pursuant to Section
     4.01(vi) below shall only apply to reduce the then remaining Scheduled
     Repayments of such Tranche to the extent the Term Loans so repaid are not
     replaced (and are not required to be replaced) pursuant to Section
     13.12(b), with any such application to reduce the then remaining Scheduled
     Repayments of the respective Tranche in the manner provided above in this
     Section 4.01(v), unless otherwise specifically agreed by the Required
     Lenders;

          (vi) in the event of certain refusals by a Lender as provided in
     Section 13.12(b) to consent to certain proposed changes, waivers,
     discharges or terminations with respect to this Agreement which have been
     approved by the Required Lenders, such Borrower may, upon five Business
     Days' written notice by an Authorized Officer of such Borrower to the
     Administrative Agent at its Notice Office (which notice the Administrative
     Agent shall promptly transmit to each of the Lenders), repay all Loans and
     pay all accrued and unpaid interest, Fees, and other amounts, in each case
     owing by such Borrower to such Lender (or owing by such Borrower to such
     Lender with respect to each Tranche which gave rise to the need to obtain
     such Lender's individual consent) in accordance with, and subject to the
     requirements of, said Section 13.12(b) so long as (A) in the case of the
     repayment of Incremental Term Loans of any Lender under a given Tranche,
     the Incremental Term Loan Commitment of such Lender under such Tranche (if
     any) is terminated concurrently with such repayment pursuant to Section
     3.02(c) (at which time Schedule I shall be deemed modified to reflect the
     changed Incremental Term Loan Commitments of such Tranche) and (B) the
     consents required by Section 13.12(b) in connection with the repayment
     pursuant to this clause (vi) have been obtained;

          (vii) in the case of any prepayment of Tranche C Term Loans or Bermuda
     Borrower Incremental Term Loans by the Bermuda Borrower with the proceeds
     of an Investment in the Bermuda Partnership and the prepayment by the
     Bermuda Partnership of an intercompany loan to the Bermuda Borrower as
     contemplated by Section 9.05(xviii) at any time Tranche B Term Loans or
     U.S. Borrower Incremental Term Loans are outstanding, such prepayment shall
     be accompanied by a prepayment of Tranche B Term Loans or U.S. Borrower
     Incremental Term Loans by the U.S. Borrower in such amount so that the
     voluntary prepayments of Term Loans at such time is made on a pro rata
     basis (based upon the TL Repayment Percentages of each such Tranche of Term
     Loans and the then outstanding principal amounts of each such Tranche of
     Term Loans); and

          (viii) each prepayment of Loans of any Tranche pursuant to this
     Section 4.01 made prior to the first anniversary of the Restatement
     Effective Date in connection with a Repricing Transaction shall be subject
     to the payment of the fee described in Section 3.01(h).

          4.02 Mandatory Repayments and Commitment Reductions. (a) If on any
date the aggregate amount of all Letter of Credit Outstandings and Bank Guaranty
Outstandings exceeds the Total Credit-Linked Commitment as then in effect, the
U.S. Borrower or the Bermuda Borrower (as determined by the U.S. Borrower)
(subject to clause (x) of the proviso to this clause (a)) agrees to pay to the
Administrative Agent at the Payment Office on such date an amount of cash and/or
Cash Equivalents in Dollars equal to such excess, such cash or Cash Equivalents
to be held as security for all Obligations of the respective Borrower
(including,

                                      -49-

<PAGE>

without limitation, in the case of the U.S. Borrower pursuant to the Credit
Agreement Party Guaranty) to the Issuing Lenders, Bank Guaranty Issuers and
Lenders relating to Letters of Credit and Bank Guaranties (and reimbursement and
other Obligations relating thereto) hereunder in a cash collateral account to be
established by, and under the sole dominion and control of, the Administrative
Agent; provided that (x) the aggregate amount of cash and/or Cash Equivalents
paid by the Bermuda Borrower to the Administrative Agent under this clause (a)
shall not at any time exceed the sum of the Letter of Credit Outstandings (with
respect to Bermuda Borrower Letters of Credit) and the Bank Guaranty
Outstandings (with respect to Bermuda Borrower Bank Guaranties) at such time and
(y) any such cash and/or Cash Equivalents shall first be applied to repay any
amounts owing to the respective Issuing Lender and Bank Guaranty Issuer as
described in Section 2C.03 hereof.

          (b) (i) In addition to any other mandatory repayments or commitment
     reductions pursuant to this Section 4.02, on each date set forth below, the
     U.S. Borrower shall be required to repay that principal amount of Tranche B
     Term Loans, to the extent then outstanding, as is set forth opposite such
     date (each such repayment, as the same may be reduced as provided in
     Sections 4.01 and 4.02(g), a "Tranche B Term Loan Scheduled Repayment"):

<TABLE>
<CAPTION>
Tranche B Scheduled Repayment Date        Amount
----------------------------------     ------------
<S>                                    <C>
Last Business Day of June, 2006        $    562,500
Last Business Day of September, 2006   $    562,500
Last Business Day of December, 2006    $    562,500
Last Business Day of March, 2007       $    562,500
Last Business Day of June, 2007        $    562,500
Last Business Day of September, 2007   $    562,500
Last Business Day of December, 2007    $    562,500
Last Business Day of March, 2008       $    562,500
Last Business Day of June, 2008        $    562,500
Last Business Day of September, 2008   $    562,500
Last Business Day of December, 2008    $    562,500
Last Business Day of March, 2009       $    562,500
Last Business Day of June, 2009        $    562,500
Last Business Day of September, 2009   $    562,500
</TABLE>

                                      -50-

<PAGE>

<TABLE>
<S>                                    <C>
Last Business Day of December, 2009    $    562,500
Last Business Day of March, 2010       $    562,500
Last Business Day of June, 2010        $    562,500
Last Business Day of September, 2010   $    562,500
Last Business Day of December, 2010    $    562,500
Last Business Day of March, 2011       $    562,500
Last Business Day of June, 2011        $    562,500
Last Business Day of September, 2011   $    562,500
Last Business Day of December, 2011    $    562,500
Last Business Day of March, 2012       $    562,500
Last Business Day of June, 2012        $    562,500
Last Business Day of September, 2012   $    562,500
Last Business Day of December, 2012    $    562,500
Tranche B/C Term Loan Maturity Date    $209,812,500
</TABLE>

          (ii) In addition to any other mandatory repayments or commitment
     reductions pursuant to this Section 4.02, on each date set forth below, the
     Bermuda Borrower shall be required to repay that principal amount of
     Tranche C Term Loans, to the extent then outstanding, as is set forth
     opposite such date (each such repayment, as the same may be reduced as
     provided in Sections 4.01 and 4.02(g), a "Tranche C Term Loan Scheduled
     Repayment"):

<TABLE>
<CAPTION>
Tranche C Scheduled Repayment Date        Amount
----------------------------------     ------------
<S>                                    <C>
Last Business Day of  June, 2006       $  1,875,000
Last Business Day of September, 2006   $  1,875,000
Last Business Day of December, 2006    $  1,875,000
Last Business Day of March, 2007       $  1,875,000
Last Business Day of June, 2007        $  1,875,000
</TABLE>

                                      -51-

<PAGE>

<TABLE>
<S>                                    <C>
Last Business Day of September, 2007   $  1,875,000
Last Business Day of December, 2007    $  1,875,000
Last Business Day of March, 2008       $  1,875,000
Last Business Day of June, 2008        $  1,875,000
Last Business Day of September, 2008   $  1,875,000
Last Business Day of December, 2008    $  1,875,000
Last Business Day of March, 2009       $  1,875,000
Last Business Day of June, 2009        $  1,875,000
Last Business Day of September, 2009   $  1,875,000
Last Business Day of December, 2009    $  1,875,000
Last Business Day of March, 2010       $  1,875,000
Last Business Day of June, 2010        $  1,875,000
Last Business Day of September, 2010   $  1,875,000
Last Business Day of December, 2010    $  1,875,000
Last Business Day of March, 2011       $  1,875,000
Last Business Day of June, 2011        $  1,875,000
Last Business Day of September, 2011   $  1,875,000
Last Business Day of December, 2011    $  1,875,000
Last Business Day of March, 2012       $  1,875,000
Last Business Day of June, 2012        $  1,875,000
Last Business Day of September, 2012   $  1,875,000
Last Business Day of December, 2012    $  1,875,000
Tranche B/C Term Loan Maturity Date    $699,375,000
</TABLE>

          (iii) In addition to any other mandatory repayments or commitment
     reductions pursuant to this Section 4.02, each Incremental Term Loan
     Borrower shall be required to

                                      -52-

<PAGE>

     make, with respect to each Tranche of Incremental Term Loans of such
     Incremental Term Loan Borrower, to the extent then outstanding, scheduled
     amortization payments of such Tranche of Incremental Term Loans on the
     dates and in the principal amounts set forth in the respective Incremental
     Term Loan Commitment Agreement (each such repayment, as the same may be
     reduced as provided in Sections 3.02, 4.01 and 4.02(g), an "Incremental
     Term Loan Scheduled Repayment"); provided that, if any Incremental Term
     Loans are incurred which will be added to (and form part of) an existing
     Tranche of Term Loans, the amount of the then remaining Scheduled
     Repayments of the respective Tranche shall be proportionally increased
     (with the aggregate amount of increases to the then remaining Loan
     Scheduled Repayments to equal the aggregate principal amount of such new
     Incremental Term Loans then being incurred) in accordance with the
     requirements of clause (ii) of Section 1.15(c).

          (c) In addition to any other mandatory repayments or commitment
reductions pursuant to this Section 4.02, on each date on or after the
Restatement Effective Date upon which Holdings or any of the its Subsidiaries
receives Net Sale Proceeds from any Asset Sale (other than the California
Disposition, to the extent the Net Sale Proceeds therefrom received by a
Subsidiary of the U.S. Borrower (exclusive of any portion thereof which is
distributed to a minority shareholder of such Subsidiary in accordance with the
requirements of Section 9.06) are promptly on-loaned to an Affiliate of the U.S.
Borrower in accordance with the requirements of Section 9.05 and 9.07), an
amount equal to 100% of the Net Sale Proceeds from such Asset Sale shall be
applied as a mandatory repayment and/or commitment reduction in accordance with
the requirements of Sections 4.02(g) and (h); provided that (I) Net Sale
Proceeds from any Asset Sale (other than (x) Net Sale Proceeds from any
Contemplated Asset Sale consummated in accordance with the requirements of
Section 9.02(xviii), (y) any Net Sale Proceeds from the sale of any Principal
Property pursuant to Section 9.02(xix) and (z) Net Sale Proceeds from the sale
or other disposition of the Equity Interests of the Unrestricted Wellbeing Joint
Venture pledged pursuant to the U.S. Pledge Agreement) shall not give rise to a
mandatory repayment and/or commitment reduction on such date as otherwise
required above, so long as no Specified Default and no Event of Default exists
at the time such Net Sale Proceeds are received and an Authorized Officer of
Holdings or the U.S. Borrower has delivered a certificate to the Administrative
Agent on or prior to such date stating that such Net Sale Proceeds shall be used
(or contractually committed to be used) to purchase capital assets used or to be
used in a Permitted Business (other than inventory) within 360 days following
the date of receipt of such Net Sale Proceeds from such Asset Sale (which
certificate shall set forth (in reasonable detail) the estimates of the proceeds
to be so expended) and (II) Net Sale Proceeds from one (but not more than one)
sale of a Principal Property consummated after the Restatement Effective Date in
reliance on Section 9.02(xix) and notified in writing to the Administrative
Agent shall not give rise to a mandatory repayment and/or commitment reduction
on such date as otherwise required above, so long as no Specified Default and no
Event of Default exists at the time such Net Sale Proceeds are received and an
Authorized Officer of Holdings or the U.S. Borrower has delivered a certificate
to the Administrative Agent on or prior to such date stating that such Net Sale
Proceeds shall be used (or contractually committed to be used) to purchase,
construct and/or make investments in a new Principal Property (or assets and
properties that upon completion of such purchase, construction and/or
investments will become a Principal Property) within 360 days following the date
of receipt of such Net Sale Proceeds from such sale of such Principal Property
(which certificate shall set forth the estimates of the proceeds to be so
expended); provided, however, that (I) if all

                                      -53-

<PAGE>

or any portion of such Net Sale Proceeds are not so used within such 360-day
period (or contractually committed within such period to be used), such
remaining portion shall be applied on the last day of such period as a mandatory
repayment as provided above (without giving effect to the immediately preceding
proviso) and (II) if all or any portion of such Net Sale Proceeds are not
required to be applied on the last day of such 360-day period referred to in
clause (I) of this proviso because such amount is contractually committed within
such period to be used and then either (A) subsequent to such date such contract
is terminated or expires without such portion being so used or (B) such
contractually committed portion is not so used within six months after the last
day of such 360-day period referred to in clause (I) of this proviso, such
remaining portion, in the case of either of the preceding clauses (A) or (B),
shall be applied as a mandatory repayment as provided above (without giving
effect to the immediately preceding proviso). Notwithstanding anything to the
contrary contained in this Section 4.02(c), (x) if any Permitted Senior Notes
Document (after the execution and delivery thereof), any Permitted Refinancing
Senior Notes Document (after the execution and delivery thereof), the
Intermediate Holdco Credit Documents or the Existing Senior Notes Documents
permit a lesser amount to be retained or reinvested, or have a shorter
reinvestment period, than is provided above with respect to any Asset Sales,
then such lesser permitted retained or reinvestment amount, and/or shorter
reinvestment period, as the case may be, shall be applicable for purposes of
this Section 4.02(c) so long as such Permitted Senior Notes, Permitted
Refinancing Senior Notes, Intermediate Holdco Indebtedness or Existing Senior
Notes, as the case may be, remain outstanding, and (y) in no event shall
Holdings or any of its Subsidiaries use any proceeds from any Asset Sale to make
any voluntary or mandatory repayment or prepayment of Permitted Senior Notes,
Permitted Refinancing Senior Notes, Intermediate Holdco Indebtedness or Existing
Senior Notes and, before any such obligation to use such proceeds to make such
repayment shall arise, Holdings or the respective Subsidiary shall reinvest the
respective amounts as permitted above in this Section 4.02(c) or apply such
proceeds as a mandatory prepayment in accordance with requirements of Sections
4.02(g) and (h).

          (d) In addition to any other mandatory repayments or commitment
reductions pursuant to this Section 4.02, on each date on or after the
Restatement Effective Date on which Holdings or any of its Subsidiaries receives
any cash proceeds from any incurrence of Indebtedness (other than Indebtedness
permitted to be incurred pursuant to Section 9.04 as in effect on the
Restatement Effective Date), an amount equal to 100% of the Net Cash Proceeds of
the respective incurrence of Indebtedness shall be applied as a mandatory
repayment in accordance with the requirements of Sections 4.02(g) and (h).

          (e) In addition to any other mandatory repayments or commitment
reductions pursuant to this Section 4.02, within 10 days following each date on
or after the Restatement Effective Date on which Holdings or any of its
Subsidiaries receives any proceeds from any Recovery Event (other than proceeds
from Recovery Events in an amount less than $5,000,000 per Recovery Event), an
amount equal to 100% of the proceeds of such Recovery Event (net of reasonable
costs (including, without limitation, legal costs and expenses) and taxes
incurred in connection with such Recovery Event and the amount of such proceeds
required to be used to repay any Indebtedness (other than Indebtedness of the
Lenders pursuant to this Agreement) which is secured by the respective assets
subject to such Recovery Event) shall be applied as a mandatory repayment and/or
commitment reduction in accordance with the requirements of Sections 4.02(g) and
(h); provided that so long as no Specified Default and no Event of Default

                                      -54-

<PAGE>

then exists, such proceeds shall not be required to be so applied on such date
to the extent that an Authorized Officer of Holdings or the U.S. Borrower has
delivered a certificate to the Administrative Agent on or prior to such date
stating that such proceeds shall be used (or contractually committed to be used)
within 360 days following the date of receipt of such proceeds from such
Recovery Event to replace or restore any properties or assets in respect of
which such proceeds were paid (which certificate shall set forth the estimates
of the proceeds to be so expended), and provided, further, that (I) if all or
any portion of such proceeds are not so used (or contractually committed to be
used) within such 360-day period, such remaining portion shall be applied as a
mandatory repayment and/or commitment reduction as provided above (without
giving effect to the immediately preceding proviso) and (II) if all or any
portion of such proceeds are not required to be applied on the last day of such
360-day period referred to in clause (I) of this proviso because such amount is
contractually committed to be used and then either (A) subsequent to such date
such contract is terminated or expires without such portion being so used or (B)
such contractually committed portion is not so used within six months after the
last day of such 360-day period referred to in clause (I) of this proviso, such
remaining portion, in the case of either of the preceding clauses (A) or (B),
shall be applied as a mandatory repayment and/or commitment reduction as
provided above (without giving effect to the immediately preceding proviso).

          (f) In addition to any other mandatory repayments or commitment
reductions pursuant to this Section 4.02, on each Excess Cash Payment Date, an
amount equal to the remainder (if positive) of (x) the Applicable Prepayment
Percentage of the Excess Cash Flow for the relevant Excess Cash Flow Payment
Period minus (y) the aggregate amount of principal repayments of Loans (and
Original Loans to the extent (and only to the extent) that such repayments were
made as a voluntary prepayment pursuant to Section 4.01 hereof (or the Original
Credit Agreement, as applicable) with internally generated funds during the
relevant Excess Cash Flow Payment Period, shall be applied as a mandatory
repayment and/or commitment reduction in accordance with the requirements of
Sections 4.02(g) and (h).

          (g) (I) Each amount required to be applied pursuant to Sections
4.02(c), (d), (e), and (f) in accordance with this Section 4.02(g) shall be
applied, subject to immediately succeeding clause (IV), (i) first, to repay the
outstanding principal amount of Term Loans and (ii) second, to the extent in
excess of the amounts applied pursuant to preceding clause (i), as a mandatory
reduction to the Total Incremental Term Loan Commitment in effect at such time
(if any).

          (II) Each amount required to be applied to repay outstanding Term
Loans pursuant to this Section 4.02(g) shall, subject to succeeding clause (IV)
and the immediately succeeding proviso, be applied pro rata to each Tranche of
Term Loans (based upon the TL Repayment Percentages of the various Tranches of
Term Loans and the then outstanding principal amounts of the respective Tranches
of Term Loans); provided that (i) the Net Sale Proceeds from any Asset Sale
effected by Holdings or any of its Domestic Subsidiaries and proceeds from any
Recovery Event with respect to the properties or assets of Holdings or any of
its Domestic Subsidiaries and, in each case, required to be applied to the
repayment of Term Loans pursuant to clause (I) of this Section 4.02(g), shall be
applied (x) first, to repay principal of outstanding Tranche B Term Loans and
U.S. Borrower Incremental Term Loans, if any (on a pro rata basis to each
Tranche of U.S. Borrower Term Loans based on the TL Repayment

                                      -55-

<PAGE>

Percentages of such Tranches of U.S. Borrower Term Loans and the then
outstanding principal amount of the Tranche B Term Loans and each such Tranche
of U.S. Borrower Incremental Term Loans (but, for such purposes, as if no
Bermuda Borrower Term Loans were then outstanding)) and (y) second, after the
repayment in full of all outstanding U.S. Borrower Term Loans, to repay
principal of outstanding Tranche C Term Loans and Bermuda Borrower Incremental
Term Loans (on a pro rata basis to each such Tranche of Term Loans, based upon
the TL Repayment Percentages of such Tranches of Term Loans and the then
outstanding principal amounts of such Tranches of Term Loans) and (ii) the Net
Sale Proceeds from any Asset Sale effected by any Foreign Subsidiary of Holdings
and the proceeds from any Recovery Event with respect to the properties or
assets of any Foreign Subsidiary of Holdings and, in each case, required to be
applied to the repayment of Term Loans pursuant to clause (I) of this Section
4.02(g), shall be applied (x) first, to repay principal of outstanding Tranche C
Term Loans and Bermuda Borrower Incremental Term Loans (on a pro rata basis to
each such Tranche of Term Loans, based upon the TL Repayment Percentages of such
Tranches of Term Loans and the then outstanding principal amounts of such
Tranches of Term Loans (but, for such purposes, as if no U.S. Borrower Term
Loans were then outstanding)) and (y) second, after the repayment in full of all
outstanding Bermuda Borrower Term Loans, to repay principal of outstanding
Tranche B Term Loans and U.S. Borrower Incremental Term Loans, if any (on a pro
rata basis to each Tranche of U.S. Borrower Term Loans based on the TL Repayment
Percentages of such Tranches of U.S. Borrower Term Loans and the then
outstanding principal amount of such Tranches of U.S. Borrower Term Loans).

          (III) All repayments or commitment reductions, as the case may be, of
outstanding Term Loans or Incremental Term Loan Commitments of a given Tranche,
as the case may be, pursuant to Section 4.02(c), (d), (e) or (f) shall be
applied to reduce the then remaining Scheduled Repayments of the respective
Tranche of Term Loans on a pro rata basis (based upon the then remaining
principal amounts of the Scheduled Repayments of such Tranche of Term Loans
after giving effect to all prior reductions thereto); provided that if
Incremental Term Loan Commitments of a given Tranche are not included as part of
the Incremental Term Loan Scheduled Repayments for such Tranche set forth in the
respective Incremental Term Loan Commitment Agreement (e.g., because the
Incremental Term Loan Scheduled Repayments are set forth on a percentage basis
rather in a Dollar amount), no such reduction to the respective Incremental Term
Loan Scheduled Repayments shall be required as a result of a reduction in the
Incremental Term Loan Commitments of such Tranche.

          (IV) Notwithstanding anything to the contrary in this Section 4.02,
neither Holdings nor any of its Subsidiaries shall be obligated to apply any Net
Sale Proceeds pursuant to this Section 4.02(g) to the extent attributable to any
Asset Sales of ABL Priority Collateral (including, in the case of an Asset Sale
consisting of the sale of all or substantially all of the capital stock or
equity interests in, any U.S. Credit Party, that portion of the proceeds
determined in good faith by Holdings to be attributable to the ABL Priority
Collateral owned by such U.S. Credit Party at the time of the consummation of
such Asset Sale) to the extent that such Net Sale Proceeds are required to be
and are applied to the repayment of ABL Loans (or to the permanent reduction of
any commitment under the ABL Credit Agreement) in accordance with the terms of
the ABL Credit Agreement.

                                      -56-
<PAGE>

          (h) With respect to each repayment of Loans required by this Section
4.02, the respective Borrower may (subject to the requirements of preceding
Section 4.02(g)) designate the Types of Loans of the respective Tranche which
are to be repaid and, in the case of Eurodollar Loans, the specific Borrowing or
Borrowings of the respective Tranche pursuant to which made, provided that: (i)
in the case of repayments of Eurodollar Loans pursuant to this Section 4.02 on
any day other than the last day of an Interest Period applicable thereto, such
repayments shall be accompanied by payment by the respective Borrower of all
amounts owing in connection therewith pursuant to Section 1.11(a), (ii) if any
repayment of Eurodollar Loans made pursuant to a single Borrowing shall reduce
the outstanding Eurodollar Loans made pursuant to such Borrowing to an amount
less than the Minimum Borrowing Amount applicable to the Eurodollar Loans, such
Borrowing, shall be converted at the end of the then current Interest Period
into a Borrowing of Base Rate Loans, and (iii) each repayment of any Tranche of
Loans made pursuant to a Borrowing shall be applied pro rata among such Tranche
of Loans. In the absence of a designation by the respective Borrower as
described in the preceding sentence, the Administrative Agent shall, subject to
the above, make such designation in its sole discretion with a view, but no
obligation, to minimize breakage costs owing under Section 1.11(a).

          (i) Notwithstanding anything to the contrary contained elsewhere in
this Agreement, (i) all other then outstanding Loans shall be repaid in full on
the respective Maturity Date for such Loans and (ii) unless the Required Lenders
shall otherwise agree in writing in their sole discretion, all outstanding Loans
shall be repaid in full upon the occurrence of a Change of Control.

          (j) For purposes of clarity, it is understood and agreed that none of
Sections 4.02(c) through (f), inclusive, shall require that amounts received by
any Foreign Subsidiary or Foreign Subsidiaries be used to repay Obligations owed
by any U.S. Credit Parties, but that said Sections merely determine the amounts
required to be applied by the various Borrowers to the repayment of their
Obligations as more fully described in this Section 4.02.

          (k) In addition to the mandatory repayments required above, on the
Restatement Effective Date the Borrowers shall make all repayments required
pursuant to Section 4.02(a) of the Original Credit Agreement as a result of the
termination of the Total Multicurrency Facility Revolving Loan Commitment (as
defined in the Original Credit Agreement) and the termination of the Total
Dollar Facility Revolving Loan Commitment (as defined in the Original Credit
Agreement), as provided in Section 3.03(g) hereof; provided that no cash
collateralization shall be required with respect to any Existing Letter of
Credit or Existing Bank Guaranty, each as defined herein. Also on the
Restatement Effective Date, the Borrowers shall cause all Letters of Credit
(other than Existing Letters of Credit as defined herein) and Bank Guaranties
(other than Existing Bank Guaranties as defined herein) under, and as defined
in, the Original Credit Agreement to be terminated and returned to the
respective Issuing Lender (as defined in the Original Credit Agreement) or Bank
Guaranty Issuer (as defined in the Original Credit Agreement). On the
Restatement Effective Date, the respective Borrowers shall also be obligated to
pay to the Original Lenders any breakage or other costs of the type referred to
in Section 1.11 of the Original Credit Agreement (if any) incurred in connection
with the repayments required above.

                                      -57-

<PAGE>

          (l) In addition to the mandatory repayments required above, on the
Restatement Effective Date the Borrower shall repay in full all outstanding
Tranche A Term Loans under, and as defined in, the Original Credit Agreement. On
the Restatement Effective Date, the Bermuda Borrower shall also be obligated to
pay to the respective Original Lenders any breakage or other costs of the type
referred to in Section 1.11 of the Original Credit Agreement (if any) incurred
in connection with the repayments required above.

          4.03 Method and Place of Payment. Except as otherwise specifically
provided herein, all payments under this Agreement or any Note shall be made to
the Administrative Agent for the account of the Lender or Lenders entitled
thereto not later than 2:00 P.M. (New York time) on the date when due and shall
be made in Dollars in immediately available funds at the Payment Office of the
Administrative Agent. The Administrative Agent will thereafter cause to be
distributed on the same day (if payment was actually received by the
Administrative Agent prior to 2:00 P.M. (New York time) like funds relating to
payment of principal, interest or Fees ratably to the Lenders entitled thereto.
Any payments under this Agreement which are made later than 2:00 P.M. (New York
time) shall be deemed to have been made on the next succeeding Business Day.
Whenever any payment to be made hereunder or under any Note shall be stated to
be due on a day which is not a Business Day, the due date thereof shall be
extended to the next succeeding Business Day and, with respect to payments of
principal, interest shall be payable at the applicable rate during such
extension.

          4.04 Net Payments. (a) All payments made by any Credit Party under any
Credit Document (including, in the case of a Credit Agreement Party, in its
capacity as a guarantor pursuant to Section 14) or under any Note will be made
without setoff, counterclaim or other defense. Except as provided in Section
4.04(b), all such payments will be made free and clear of, and without deduction
or withholding for, any present or future taxes, levies, imposts, duties, fees,
assessments or other charges of whatever nature now or hereafter imposed by any
jurisdiction or by any political subdivision or taxing authority thereof or
therein with respect to such payments (but excluding, except as provided in the
second succeeding sentence, any tax imposed on or measured by the net income of
a Lender pursuant to the laws of the jurisdiction in which it is organized or
the jurisdiction in which the principal office or applicable lending office of
such Lender is located or any subdivision thereof or therein) and all interest,
penalties or similar liabilities with respect thereto (all such non-excluded
taxes, levies, imposts, duties, fees, assessments or other charges being
referred to collectively as "Taxes"). If any Taxes are so levied or imposed, the
respective Borrower (and any other Credit Party making the payment) agrees to
pay the full amount of such Taxes, and such additional amounts as may be
necessary so that every payment of all amounts due under this Agreement or under
any Note, after withholding or deduction for or on account of any Taxes, will
not be less than the amount provided for herein or in such Note. If any amounts
are payable in respect of Taxes pursuant to the preceding sentence, then the
respective Borrower (and any other Credit Party making the payment) shall be
obligated to reimburse each Lender, upon the written request of such Lender, for
the net additional taxes (after taking into account available credits with
respect to such withholding taxes) imposed on or measured by the net income of
such Lender pursuant to the laws of the jurisdiction in which such Lender is
organized or in which the principal office or applicable lending office of such
Lender is located or under the laws of any political subdivision or taxing
authority of any such jurisdiction in which such Lender is organized or in which
the principal office or applicable lending office of such Lender is located and
for any withholding of

                                      -58-

<PAGE>

taxes as such Lender shall determine are payable by, or withheld from, such
Lender in respect of such amounts so paid to or on behalf of such Lender
pursuant to the preceding sentence and in respect of any amounts paid to or on
behalf of such Lender pursuant to this sentence, the respective Borrower (or
Credit Party) will furnish to the Administrative Agent within 45 days after the
date of the payment of any Taxes due pursuant to applicable law certified copies
of tax receipts evidencing such payment by such Borrower (or the respective
other Credit Party). The Credit Agreement Parties jointly and severally agree
(and each Subsidiary Guarantor pursuant to its respective Subsidiary Guaranty,
and the incorporation by reference therein of the provisions of this Section
4.04, shall agree) to indemnify and hold harmless each Lender, and reimburse
such Lender upon its written request, for the amount of any Taxes so levied or
imposed and paid by such Lender.

          (b) Each Lender that is not a United States person (as such term is
defined in Section 7701(a)(30) of the Code) agrees to deliver to the U.S.
Borrower and the Administrative Agent on or prior to the Restatement Effective
Date, or in the case of a Lender that is an assignee or transferee of an
interest under this Agreement pursuant to Section 1.13 or 13.04 (unless the
respective Lender was already a Lender hereunder immediately prior to such
assignment or transfer), on the date of such assignment or transfer to such
Lender, (i) two accurate and complete original signed copies of Internal Revenue
Service Form W-8ECI or Form W-8BEN (with respect to a complete exemption under
an income tax treaty) (or successor forms) certifying to such Lender's
entitlement as of such date to a complete exemption from United States
withholding tax with respect to payments to be made under this Agreement and
under any Note, or (ii) if the Lender is not a "bank" within the meaning of
Section 881(c)(3)(A) of the Code and cannot deliver either Internal Revenue
Service Form W-8ECI or Form W-8BEN (with respect to a complete exemption under
an income tax treaty) pursuant to clause (i) above, (x) a certificate
substantially in the form of Exhibit D (any such certificate, a "Section
4.04(b)(ii) Certificate") and (y) two accurate and complete original signed
copies of Internal Revenue Service Form W-8BEN (with respect to the portfolio
interest exemption) (or successor form) certifying to such Lender's entitlement
as of such date to a complete exemption from United States withholding tax with
respect to payments of interest to be made under this Agreement and under any
Note. In addition, each Lender agrees that from time to time after the
Restatement Effective Date, when a lapse in time or change in circumstances
renders the previous certification obsolete or inaccurate in any material
respect, it will deliver to the U.S. Borrower and the Administrative Agent two
new accurate and complete original signed copies of Internal Revenue Service
Form W-8ECI, Form W-8BEN (with respect to the benefits of any income tax
treaty), or Form W-8BEN (with respect to the portfolio interest exemption) and a
Section 4.04(b)(ii) Certificate, as the case may be, and such other forms as may
be required in order to confirm or establish the entitlement of such Lender to a
continued exemption from or reduction in United States withholding tax with
respect to payments under this Agreement and any Note, or it shall immediately
notify the U.S. Borrower and the Administrative Agent of its inability to
deliver any such Form or Certificate, in which case such Lender shall not be
required to deliver any such Form or Certificate pursuant to this Section
4.04(b). Notwithstanding anything to the contrary contained in Section 4.04(a),
but subject to Section 13.04(b) and the immediately succeeding sentence, (x) the
U.S. Borrower shall be entitled, to the extent it is required to do so by law,
to deduct or withhold income or similar taxes imposed by the United States (or
any political subdivision or taxing authority thereof or therein) from interest,
fees or other amounts payable by the U.S. Borrower hereunder for the account of
any Lender which is not a United

                                      -59-

<PAGE>

States person (as such term is defined in Section 7701(a)(30) of the Code) for
U.S. Federal income tax purposes to the extent that such Lender has not provided
to the U.S. Borrower U.S. Internal Revenue Service Forms that establish a
complete exemption from such deduction or withholding and (y) the U.S. Borrower
shall not be obligated pursuant to Section 4.04(a) hereof to gross-up payments
to be made to a Lender in respect of income or similar taxes imposed by the
United States if (I) such Lender has not provided to the U.S. Borrower the
Internal Revenue Service Forms required to be provided to the U.S. Borrower
pursuant to this Section 4.04(b) or (II) in the case of a payment, other than
interest, to a Lender described in clause (ii) above, to the extent that such
forms do not establish a complete exemption from withholding of such taxes.
Notwithstanding anything to the contrary contained in the preceding sentence or
elsewhere in this Section 4.04 and except as set forth in Section 13.04(b), the
U.S. Borrower agrees to pay additional amounts and to indemnify each Lender in
the manner set forth in Section 4.04(a) (without regard to the identity of the
jurisdiction requiring the deduction or withholding) in respect of any amounts
deducted or withheld by it as described in the immediately preceding sentence
(x) as a result of any changes after the Restatement Effective Date (or, if
later, the date such Lender became party to this Agreement) in any applicable
law, treaty, governmental rule, regulation, guideline or order, or in the
interpretation thereof, relating to the deducting or withholding of income or
similar taxes or (y) as a result of the purchase of a participation as required
by Section 1.14 following the occurrence of a Sharing Event.

          Section 5. Conditions Precedent to Credit Events on the Restatement
Effective Date. The occurrence of the Restatement Effective Date and the
obligation of each Lender to make Loans hereunder (including by way of the
conversion of Original Tranche B Term Loans on the Restatement Effective Date as
contemplated by Section 1.01(b)), the obligation of each CL Lender to fund its
Credit-Linked Deposit, the obligation of each Issuing Lender to issue Letters of
Credit (including any Existing Letters of Credit deemed issued on the
Restatement Effective Date as contemplated by Section 2A.01(d)), and the
obligation of each Bank Guaranty Issuer to issue each Bank Guaranty hereunder
(including any Existing Bank Guaranties deemed issued on the Restatement
Effective Date as contemplated by Section 2B.01(d)), in each case on the
Restatement Effective Date, is subject at the time of the occurrence of the
Restatement Effective Date to the satisfaction of the following conditions:

          5.01 Execution of Agreement; Notes. On or prior to the Restatement
Effective Date, (i) this Agreement shall have been executed and delivered as
provided in Section 13.10 and (ii) there shall have been delivered to the
Administrative Agent for the account of each Lender which has requested the same
the appropriate Tranche B Term Note and Tranche C Term Note, in each case
executed by the relevant Borrower and in the amount, maturity and as otherwise
provided herein.

          5.02 Officer's Certificate. On the Restatement Effective Date, the
Administrative Agent shall have received a certificate from the U.S. Borrower,
dated such date and signed by an Authorized Officer of the U.S. Borrower,
certifying that all of the applicable conditions set forth in Sections 5.05
through 5.09, inclusive, Section 5.13 and Section 6 (other than such conditions
that are expressly subject to the satisfaction of the Agents and/or the Required
Lenders), have been satisfied on such date.

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<PAGE>

          5.03 Opinions of Counsel. On the Restatement Effective Date, the
Administrative Agent shall have received (i) from Paul, Hastings, Janofsky &
Walker LLP, special counsel to the Credit Parties, an opinion addressed to each
Agent, the Collateral Agent and each of the Lenders and dated the Restatement
Effective Date substantially in the form of Exhibit E-1, (ii) from Appleby,
Spurling Hunter, special Bermuda counsel to the Credit Parties organized under
the laws of Bermuda, an opinion addressed to each Agent, the Collateral Agent
and each of the Lenders and dated the Restatement Effective Date substantially
in the form of Exhibit E-2, and (iii) if requested by the Agents from foreign
counsel to the Credit Parties and/or the Agents in each Qualified Non-U.S.
Jurisdiction and the Philippines, in each case reasonably satisfactory to the
Agents, opinions which shall (x) be addressed to each Agent, the Collateral
Agent and each of the Lenders and be dated the Restatement Effective Date, (y)
cover various matters regarding the execution, delivery and performance of the
Credit Documents to which Subsidiaries of Holdings organized in the relevant
such jurisdiction are party, the perfection and priority of security interests
granted by Credit Parties organized in such jurisdiction or granted in respect
of entities organized in such jurisdiction, and/or such other matters incident
to the transactions contemplated herein as the Agents may reasonably request and
(z) be in form, scope and substance reasonably satisfactory to the Agents.

          5.04 Company Documents; Proceedings. (a) On the Restatement Effective
Date, the Administrative Agent shall have received from (i) each New U.S. Credit
Party a certificate, dated the Restatement Effective Date, signed by the
chairman, a vice-chairman, the president or any vice-president of such New U.S.
Credit Party, and attested to by the secretary, any assistant secretary or other
senior officer of such New U.S. Credit Party, in the form of Exhibit F with
appropriate insertions, together with copies of the certificate of
incorporation, by-laws or equivalent organizational documents of such New U.S.
Credit Party and the resolutions of such New U.S. Credit Party referred to in
such certificate and (ii) the U.S. Borrower a certificate, dated the Restatement
Effective Date, attaching copies of the certificates of incorporation, by-laws
or equivalent organizational documents of each Foreign Subsidiary of Holdings
(x) which is a New Foreign Subsidiary Guarantor or (y) in respect of which
security interests are being (or have been) granted by a New Foreign Subsidiary
Guarantor, and all of the foregoing (including each such certificate of
incorporation, by-laws or other organizational document) shall be reasonably
satisfactory to the Agents.

          (b) On the Restatement Effective Date, the Administrative Agent shall
have received a certificate from each Credit Agreement Party and each U.S.
Subsidiary Guarantor (other than the New U.S. Credit Parties) (x) certifying
that there were no changes, or providing the text of any changes, to the
certificate of incorporation, by-laws or equivalent organizational documents of
such Credit Agreement Party or such U.S. Subsidiary Guarantor as delivered
pursuant to Section 5.04 of the Original Credit Agreement (and, in the case of
the certificate from the U.S. Borrower, of each Foreign Subsidiary Guarantor
(other than a New Foreign Subsidiary Guarantor) as delivered pursuant to Section
5.04 of the Original Credit Agreement), and (y) providing the resolutions
adopted by such Credit Agreement Party or such U.S. Subsidiary Guarantor (and,
in the case of the certificate from the U.S. Borrower, each Foreign Subsidiary
Guarantor specifically requested by the Administrative Agent based on advice of
local counsel) with respect to the actions contemplated by this Agreement, and
all of the foregoing shall be acceptable to the Administrative Agent.

                                      -61-

<PAGE>

          (c) On the Restatement Effective Date, all Company and legal
proceedings and all instruments and agreements in connection with the
transactions contemplated by this Agreement and the other Documents shall be
reasonably satisfactory in form and substance to the Agents, and the
Administrative Agent shall have received all information and copies of all
certificates, documents and papers, including good standing certificates,
bring-down certificates and any other records of Company proceedings and
governmental approvals, if any, which the Agents reasonably may have requested
in connection therewith, such documents and papers, where appropriate, to be
certified by proper Company or governmental authorities.

          (d) On the Restatement Effective Date and after giving effect to the
Transaction, the capital structure (including, without limitation, the terms of
any capital stock, options, warrants or other securities issued by Holdings and
its Subsidiaries) and management of Holdings, the U.S. Borrower and their
respective Subsidiaries shall be in form and substance reasonably satisfactory
to the Agents.

          5.05 Adverse Change, etc. On the Restatement Effective Date, nothing
shall have occurred since December 31, 2005 (and the Agents and Lenders shall
have become aware of no facts, conditions or other information not previously
known) which any Agent or the Required Lenders shall reasonably determine has
had, or could reasonably be likely to have, individually or in the aggregate,
(i) a Material Adverse Effect or (ii) material adverse effect on the
Transaction.

          5.06 Litigation. On the Restatement Effective Date, there shall be no
actions, suits, proceedings or investigations pending or threatened (a) with
respect to the Transaction or any documentation executed in connection therewith
(including any Credit Document) or the transactions contemplated hereby and
thereby, (b) with respect to any Existing Indebtedness or (c) which any Agent or
the Required Lenders shall determine has had, or could reasonably be expected to
have, individually or in the aggregate, (i) a Material Adverse Effect or (ii) a
material adverse effect on the Transaction.

          5.07 Approvals. On or prior to the Restatement Effective Date, (i) all
necessary governmental (domestic and foreign), regulatory and third party
approvals and/or consents in connection with any Existing Indebtedness, the
Transaction, the transactions contemplated by the Documents and otherwise
referred to herein or therein shall have been obtained and remain in full force
and effect as of the Restatement Effective Date and evidence thereof shall have
been provided to the Administrative Agent, and (ii) all applicable waiting
periods shall have expired without any action being taken by any competent
authority which restrains, prevents or imposes materially adverse conditions
upon the consummation of the Transaction, the making of the Loans and the
transactions contemplated by the Documents or otherwise referred to herein or
therein. Additionally, there shall not exist any judgment, order, injunction or
other restraint issued or filed or a hearing seeking injunctive relief or other
restraint pending or notified prohibiting or imposing materially adverse
conditions upon, or materially delaying, or making economically unfeasible, the
consummation of the Transaction or the making of the Loans or the other
transactions contemplated by the Documents or otherwise referred to herein or
therein.

          5.08 Refinancing; Original Credit Agreement; etc. (a) On the
Restatement Effective Date (and concurrently with the Credit Events occurring on
such date), Intermediate

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<PAGE>

Holdco shall have (i) prepaid all of the outstanding Intermediate Holdco
Indebtedness (other than indemnities not then due and payable) (including,
without limitation, the call or other premiums payable in connection therewith
and all accrued and unpaid interest thereon up to and including the Intermediate
Holdco Prepayment Date) in accordance with, and pursuant to, the terms of the
Intermediate Holdco Credit Agreement and the other Intermediate Holdco Credit
Documents (and shall have obtained all necessary amendments or waivers required
thereunder to give effect to the foregoing, on terms satisfactory to the
Administrative Agent) or (ii) (A) submitted to the Agent (as defined in the
Intermediate Holdco Credit Agreement) an irrevocable notice of prepayment (the
"Intermediate Holdco Irrevocable Prepayment Notice") of all of the outstanding
Intermediate Holdco Indebtedness (other than customary indemnities) pursuant to,
and in accordance with, the terms of the Intermediate Holdco Credit Agreement
(including, without limitation, Section 4.01 thereof) and the other Intermediate
Holdco Credit Documents (with a copy of such notice to the Administrative Agent
and the Intermediate Holdco Paying Agent (as defined below)) specifying that
such prepayment shall occur on a fixed date (which shall be a Business Day) no
later than on the 35th day following the mailing of such Intermediate Holdco
Irrevocable Prepayment Notice (the "Intermediate Holdco Prepayment Date"), (B)
deposited with DBAG, as paying agent (in such capacity, and including any
successor appointed pursuant to Section 12.10, the "Intermediate Holdco Paying
Agent"), amounts borrowed under the ABL Credit Agreement and this Agreement
sufficient to, and for the exclusive purpose, of prepaying all of the
outstanding Intermediate Holdco Indebtedness on the Intermediate Holdco
Prepayment Date (including, without limitation, the call or other premiums
payable in connection therewith and all accrued and unpaid interest thereon up
to and including the Intermediate Holdco Prepayment Date) in accordance with,
and pursuant to, the terms of the Intermediate Holdco Credit Documents
(collectively, the "Intermediate Holdco Prepayment Funds"), on terms and
pursuant to escrow arrangements reasonably satisfactory to the Administrative
Agent and (C) concurrently with the deposit of the Intermediate Holdco
Prepayment Funds, deliver to the Intermediate Holdco Paying Agent (with a copy
to the Administrative Agent), a written irrevocable letter of instruction (in
form and substance reasonably satisfactory to the Administrative Agent),
executed by Intermediate Holdco and Corporate Holdco, directing the Intermediate
Holdco Paying Agent to (I) hold the Intermediate Holdco Prepayment Funds in
escrow until the Intermediate Holdco Prepayment Date and (II) release, disburse
and apply the Intermediate Holdco Prepayment Funds on the Intermediate Holdco
Prepayment Date, in accordance with the Intermediate Holdco Credit Agreement for
the exclusive purpose of prepaying all of the outstanding Intermediate Holdco
Indebtedness on such date (the foregoing, collectively, the "Intermediate Holdco
Refinancing"). On the Restatement Effective Date, (x) the Administrative Agent
shall have received true and correct copies of all Refinancing Documents
relating to the Intermediate Holdco Refinancing, certified as such by an
appropriate officer of the U.S. Borrower and (y) all terms and conditions of the
Intermediate Holdco Refinancing and the Refinancing Documents governing the same
shall be reasonably satisfactory to the Agents.

          (b) On the Restatement Effective Date (and concurrently with the
Credit Events occurring on such date), the parties thereto shall have entered
into the ABL Credit Agreement and the initial borrowing shall have occurred
thereunder.

          (c) On the Restatement Effective Date (and concurrently with the
Credit Events occurring on such date), and without duplication of amounts
required to be paid, (i) the

                                      -63-

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relevant Borrowers shall have made all payments required by the last paragraph
of Section 1.01(b) hereof and clauses (k) and (l) of Section 4.02 hereof, (ii)
the principal of all outstanding Original Loans (other than the Original Tranche
B Loans being converted into Converted Tranche C Term Loans on the Restatement
Effective Date pursuant to Section 1.01(b)) shall be repaid in full, (iii) all
accrued interest on all outstanding extensions of credit pursuant to the
Original Credit Agreement, and all regularly accruing fees pursuant to the
Original Credit Agreement, shall be paid in full on, and through, the
Restatement Effective Date (whether or not same would otherwise then be due and
payable pursuant to the Original Credit Agreement) and (iv) the Borrowers shall
have paid all other amounts then due and payable to any Original Lenders or any
agent pursuant to the terms of the Original Credit Agreement.

          5.09 Outstanding Indebtedness and Preferred Equity. On the Restatement
Effective Date and after giving effect to the consummation of the Transaction
(including the Intermediate Holdco Prepayment Consummation as if the same had
occurred on such date), Holdings and its Subsidiaries shall have no outstanding
Preferred Equity or Indebtedness, except for (i) Indebtedness pursuant to or in
respect of the Credit Documents, (ii) Indebtedness pursuant to or in respect of
the Existing Senior Notes Documents in an aggregate outstanding principal amount
not to exceed $1,125,000,000, (iii) intercompany Indebtedness incurred by the
Bermuda Borrower pursuant to the Intercompany Distribution Transactions, (iv)
Intercompany Scheduled Existing Indebtedness (it being understood and agreed
that, for the purposes of this Section 5.09, such Intercompany Scheduled
Existing Indebtedness shall be determined as of February 25, 2006), (v) existing
Indebtedness of the U.S. Borrower and its Subsidiaries of the type described in
clauses (viii), (xiii) and (xviii) of Section 9.04(b) in an aggregate principal
amount not to exceed the principal amount of such Indebtedness permitted by such
clauses of Section 9.04(b), (vi) Synthetic Lease obligations arising under the
lease entered into in connection with the Sale-Leaseback Transaction, (vii)
Indebtedness pursuant to the ABL Credit Documents and (viii) such other existing
indebtedness of Holdings and its Subsidiaries, if any, as shall be permitted by
the Agents and Required Lenders to remain outstanding (all of which Indebtedness
described in this clause (viii) (other than immaterial Contingent Obligations of
Subsidiaries of the U.S. Borrower that represent guaranties of obligations other
than Indebtedness) shall be required to be specifically listed as Third Party
Scheduled Existing Indebtedness on Part A of Schedule IV); for the avoidance of
doubt, preceding clauses (iv), (v), (vi) and (viii) shall in no event include
any Indebtedness under, or with respect to, the HQ Lease Agreements (as defined
in the Original U.S. Security Agreement), which Indebtedness has been paid in
full (and related commitments with respect thereto terminated) prior to the
Restatement Effective Date. On and as of the Restatement Effective Date, all
Indebtedness described in the immediately preceding sentence shall remain
outstanding after giving effect to the Transaction and the other transactions
contemplated hereby without any breach, required repayment, required offer to
purchase, default, event of default or termination rights existing thereunder or
arising as a result of the Transaction and the other transactions contemplated
hereby and there shall not be any amendments or modifications to the Existing
Indebtedness Agreements (other than as requested or approved by the Agents and
the Required Lenders). On and as of the Restatement Effective Date, the Agents
and the Required Lenders shall be satisfied with the amount of and the terms and
conditions of all Indebtedness described above in this Section 5.09.

          5.10 U.S. Subsidiaries Guaranty, Foreign Subsidiaries Guaranty
Acknowledgment; Intercompany Subordination Agreement Acknowledgement.

                                      -64-

<PAGE>

          (a) On the Restatement Effective Date, each U.S. Subsidiary
Guarantor shall have duly authorized, executed and delivered the Amended and
Restated U.S. Subsidiaries Guaranty in the form of Exhibit G-1 (as further
amended, modified or supplemented from time to time in accordance with the terms
hereof and thereof, the "U.S. Subsidiaries Guaranty"). On the Restatement
Effective Date, the U.S. Subsidiaries Guaranty shall be in full force and
effect.

          (b) On the Restatement Effective Date, each Wholly-Owned Foreign
Subsidiary of Holdings party to the Foreign Subsidiaries Guaranty shall have
duly authorized, executed and delivered an acknowledgment in the form of Exhibit
G-2 (the "Foreign Subsidiaries Guaranty Acknowledgement"), which Foreign
Subsidiaries Guaranty Acknowledgment shall contain, among other things, (i) an
acknowledgment of this Agreement and the transactions contemplated hereby, (ii)
an acknowledgement that the "Obligations" (as defined in the Foreign
Subsidiaries Guaranty) include all of the Obligations of the Bermuda Borrower
under this Agreement after giving effect to the Restatement Effective Date, and
(iii) an acknowledgment that, after giving effect to the Restatement Effective
Date, the Foreign Subsidiaries Guaranty shall remain in full force and effect in
accordance with its terms. On the Restatement Effective Date, the Foreign
Subsidiaries Guaranty shall be in full force and effect.

          (a) On the Restatement Effective Date, each Credit Party and each
other Subsidiary of Holdings which is an obligee or obligor with respect to any
Intercompany Debt (other than those Non-Wholly-Owned Subsidiaries listed on Part
D of Schedule XII) shall have duly authorized, executed and delivered an
acknowledgment in the form of Exhibit O-1 (the "Intercompany Subordination
Agreement Acknowledgement"), and the Intercompany Subordination Agreement shall
be in full force and effect.

          5.11 U.S. Security Documents. (a) On the Restatement Effective Date,
the U.S. Credit Parties shall have (i) delivered to the Collateral Agent, or
caused to be delivered to the Collateral Agent, fully executed counterparts of
amendments (or, in the alternative, amended and restated mortgages), in form and
substance satisfactory to the Administrative Agent, to each of the Mortgages
covering a U.S. Mortgaged Property, together with evidence that counterparts of
each such mortgage amendment and each such amended and restated mortgage has
been delivered to the title company insuring the Lien on the Mortgages for
recording in all places to the extent necessary or desirable, in the judgment of
the Collateral Agent, effectively to maintain a valid and enforceable first
priority mortgage lien on the U.S. Mortgaged Properties, in accordance with the
terms of the Intercreditor Agreement, in favor of the Collateral Agent for the
benefit of the Secured Creditors securing all of the Obligations (including the
Term Loans, all extensions of credit pursuant to the CL Tranche and the maximum
amount of Incremental Term Loans which may be incurred), (ii) delivered to the
Collateral Agent, or caused to be delivered to the Collateral Agent,
endorsements to each Mortgage Policy reasonably satisfactory to the Collateral
Agent, insuring the Collateral Agent that each Mortgage is a valid and
enforceable first priority mortgage lien on the respective Mortgaged Properties,
free and clear of all defects and encumbrances except Permitted Encumbrances and
(iii) taken (or caused to be taken) all actions reasonably required by the
Administrative Agent (including, without limitation, the obtaining of UCC-11's
or equivalent reports and the filing of UCC-1's or UCC-3's) in connection with
the granting of liens pursuant to the Mortgages covering U.S. Mortgaged
Properties.

                                      -65-

<PAGE>

          (b) On the Restatement Effective Date, each U.S. Credit Party shall
have duly authorized, executed and delivered the Amended and Restated U.S.
Pledge Agreement in the form of Exhibit H-1 (as amended, modified, restated
and/or supplemented from time to time in accordance with the terms hereof and
thereof, the "U.S. Pledge Agreement") and shall have delivered (or shall have
previously delivered) to the Collateral Agent, as Pledgee thereunder, all of the
U.S. Pledge Agreement Collateral, if any, referred to therein and then owned by
such U.S. Credit Party, together with executed and undated endorsements for
transfer or transfer powers, as applicable, in the case of Equity Interests
constituting certificated U.S. Pledge Agreement Collateral, along with evidence
that all other actions necessary or, in the reasonable opinion of the Collateral
Agent, desirable, to perfect the security interests purported to be created by
the U.S. Pledge Agreement have been taken and the U.S. Pledge Agreement shall be
in full force and effect.

          (c) On the Restatement Effective Date, each U.S. Credit Party shall
have duly authorized, executed and delivered the Amended and Restated U.S.
Security Agreement in the form of Exhibit H-2 (as amended, modified, restated
and/or supplemented from time to time in accordance with the terms hereof and
thereof, the "U.S. Security Agreement") and shall have delivered (or shall have
previously delivered) to the Collateral Agent thereunder evidence that all other
actions necessary or, in the reasonable opinion of the Collateral Agent,
desirable, to perfect the security interests purported to be created by the U.S.
Security Agreement have been taken and the U.S. Security Agreement shall be in
full force and effect. No filings, recordings, registrations or other actions
shall be necessary or desirable to maintain the perfection and priority of the
security interests granted pursuant to the U.S. Security Agreement, in
accordance with the terms of the Intercreditor Agreement, in the U.S. Security
Agreement Collateral covered thereby.

          (d) On the Restatement Effective Date, the Intercompany Receivables
Documents shall be in full force and effect.

          5.12 Foreign Security Document Acknowledgements and Amendments. (a) On
the Restatement Effective Date, (i) each of the Credit Parties listed on Part F
of Schedule XII shall have duly authorized, executed and delivered an
acknowledgement and/or amendment with respect to each Foreign Security Document
to which it is a party (each a "Foreign Security Document Acknowledgement and/or
Amendment"), which acknowledgement and/or amendment shall (w) be prepared by
local counsel reasonably satisfactory to the Agents, (x) be sufficient to
maintain a valid and enforceable first priority lien on the Collateral covered
by such Foreign Security Document in favor of the Collateral Agent for the
benefit of the Secured Creditors securing all of the relevant Obligations
(including any incremental Obligations resulting from the provision of Letters
of Credit and Bank Guaranties, Tranche C Term Loans and Incremental Term Loan
Commitments to the Bermuda Borrower), (y) be in full force and effect (and, if
applicable, properly recorded) and (z) otherwise be in form and substance
satisfactory to the Administrative Agent, (ii) such Credit Parties shall have
taken such actions as may be necessary or desirable under local law (as advised
by local counsel) to create, maintain, effect, perfect, preserve, maintain and
protect the security interests granted (or purported to be granted) by each such
Foreign Security Document and (iii) each Foreign Security Document shall be in
full force and effect. Part E of Schedule XII sets forth a list of all Foreign
Security Document

                                      -66-

<PAGE>

Acknowledgements and/or Amendments to be executed and delivered on the
Restatement Effective Date.

          (b) On the Restatement Effective Date, each Foreign Credit Party
listed on Part G of Schedule XII shall have duly authorized, executed and
delivered such amended and restated and/or replacement security agreements,
documents and instruments as may be required by the Agents (based on advice of
local counsel), with the intent being that the Lenders receive valid and
enforceable first priority, perfected security interests in the assets owned by
such Foreign Credit Party and originally covered by the Foreign Security
Agreements entered into by such Foreign Credit Party pursuant to the Original
Credit Agreement, securing all of the relevant Obligations (including such
Foreign Credit Party's guaranty obligations with respect to the Letters of
Credit and Bank Guaranties issued for the account of the Bermuda Borrower and
the Tranche C Term Loans and the Bermuda Borrower Incremental Term Loans). All
such security documentation to be executed and delivered by the Foreign Credit
Parties pursuant to the immediately preceding sentence (each, as amended,
modified, restated and/or supplemented from time to time, a "Replacement Foreign
Security Agreement" and, collectively, the "Replacement Foreign Security
Agreements") shall (i) be prepared by local counsel reasonably satisfactory to
the Agents, (ii) be in form and substance reasonably satisfactory to the Agents
and (iii) be in full force and effect on the Restatement Effective Date. In
connection with the execution and delivery of the Replacement Foreign Security
Agreements, the respective Foreign Credit Parties shall take such actions as may
be necessary or desirable under local law (as advised by local counsel) to
create, maintain, effect, perfect, preserve, maintain and protect the security
interests granted (or purported to be granted) thereby, in each case to the
extent customary in connection with secured transactions under the laws of the
respective jurisdiction or deemed necessary or desirable by the Agents based on
advice of local counsel. Part G of Schedule XII sets forth all Replacement
Foreign Security Agreements to be executed and delivered on the Restatement
Effective Date.

          5.13 Shareholders' Agreements; Management Agreements; Existing
Indebtedness Agreements; and Tax Allocation Agreements. (a) On or prior to the
Restatement Effective Date, there shall have been made available to the
Administrative Agent by the U.S. Borrower true and correct copies of the
following documents as same will be in effect on the Restatement Effective Date
after the consummation of the Transaction, in each case, except to the extent
already delivered or made available for review by the Administrative Agent
pursuant to Section 5.13 of the Original Credit Agreement), certified as such by
the U.S. Borrower (in the case of the agreements referred to in clause (i), (ii)
and (iv) below):

          (i) all written agreements (including, without limitation,
     shareholders' agreements, subscription agreements and registration rights
     agreements) entered into by Holdings or any of its Subsidiaries governing
     the terms and relative rights of its capital stock or other Equity
     Interests and any agreements entered into by shareholders relating to any
     such entity with respect to its capital stock or other Equity Interests
     (collectively, together with any agreements referred to in Section 5.13(i)
     of the Original Credit Agreement that continue to be in effect on the
     Restatement Effective Date, and any amendments thereto referred to in
     Section 5.13(b), the "Shareholders' Agreements");

                                      -67-

<PAGE>

          (ii) all material written agreements (including employment agreements
     but limited to those of executive management and division presidents)
     entered into by Holdings or any of its Subsidiaries with respect to the
     management of Holdings or any of its Subsidiaries after giving effect to
     the Transaction (including consulting agreements and other management
     advisory agreements) (collectively, together with any agreements referred
     to in Section 5.13(ii) of the Original Credit Agreement that continue to be
     in effect on the Restatement Effective Date, and any amendments thereto
     referred to in Section 5.13(b), the "Management Agreements");

          (iii) all agreements evidencing or relating to any material Existing
     Indebtedness of Holdings or any of its Subsidiaries (collectively, together
     with any agreements referred to in Section 5.13(iii) of the Original Credit
     Agreement that continue to be in effect on the Restatement Effective Date,
     and any amendments thereto referred to in Section 5.13(b), the "Existing
     Indebtedness Agreements"); and

          (iv) any tax sharing or tax allocation agreements entered into by
     Holdings or any of its Subsidiaries (collectively, together with any
     agreements referred to in Section 5.13(iv) of the Original Credit Agreement
     that continue to be in effect on the Restatement Effective Date, and any
     amendments thereto referred to in Section 5.13(b), the "Tax Allocation
     Agreements");

all of which Shareholders' Agreements, Management Agreements, Existing
Indebtedness Agreements and Tax Allocation Agreements shall be in form and
substance reasonably satisfactory to the Agents and shall be in full force and
effect on the Restatement Effective Date.

          (b) On or prior to the Restatement Effective Date, the Administrative
Agent shall have received (i) a certification from an Authorized Officer of the
U.S. Borrower that all agreements referenced in clauses (i), (ii), (iii) and
(iv) of Section 5.13 of the Original Credit Agreement previously delivered (or
made available) to the Administrative Agent by the U.S. Borrower and/or any of
its Subsidiaries, remain in full force and effect (or specifying which of such
agreements do not remain in full force and effect) and (ii) any amendments to
the agreements referred to in clauses (i), (ii), (iii) and (iv) of Section 5.13
of the Original Credit Agreement that remain in effect on the Restatement
Effective Date.

          5.14 Solvency Certificate. On or before the Restatement Effective
Date, the Administrative Agent shall have received a solvency certificate in the
form of Exhibit I from the chief financial officer of Holdings, dated the
Restatement Effective Date, and supporting the conclusion that, after giving
effect to the Transaction and the incurrence of all financings contemplated
herein, each Borrower (on a stand-alone basis), the U.S. Borrower and its
Subsidiaries (on a consolidated basis), the Bermuda Borrower and its
Subsidiaries (on a consolidated basis) and Holdings and its Subsidiaries (on a
consolidated basis), in each case, are not insolvent and will not be rendered
insolvent by the indebtedness incurred in connection herewith, will not be left
with unreasonably small capital with which to engage in its or their respective
businesses and will not have incurred debts beyond its or their ability to pay
such debts as they mature and become due.

                                      -68-

<PAGE>

          5.15 Financial Statements; Pro Forma Financial Statements;
Projections. (a) On or prior to the Restatement Effective Date, there shall have
been delivered to the Administrative Agent (i) true and correct copies of the
financial statements referred to in Section 7.10(b)(i) and (ii) an unaudited pro
forma (calculated as if the Transaction had occurred on such date) consolidated
balance sheet of the U.S. Borrower and its Consolidated Subsidiaries as of
December 31, 2005 and the related pro forma (calculated as if the Transaction
had occurred on the first day of the period covered thereby) statement of income
for the twelve-month period ended as of such date, after giving effect to the
Transaction and the incurrence of all Indebtedness contemplated herein (the "Pro
Forma Financial Statements"), together with a related funds flow statement,
which financial statements, Pro Forma Financial Statements and funds flow
statement shall be reasonably satisfactory to the Agents and the Required
Lenders.

          (b) On or prior to the Restatement Effective Date, there shall have
been delivered to the Administrative Agent detailed projected consolidated
financial statements of the U.S. Borrower and its Consolidated Subsidiaries
certified by the Chief Financial Officer of the U.S. Borrower for the five
Fiscal Years ended after the Restatement Effective Date (the "Projections"),
which Projections (x) shall reflect the forecasted consolidated financial
conditions and income and expenses of the U.S. Borrower and its Consolidated
Subsidiaries after giving effect to the Transaction and the related financing
thereof and the other transactions contemplated hereby and (y) shall be
reasonably satisfactory in form and substance to the Agents and the Required
Lenders.

          5.16 Payment of Fees. On the Restatement Effective Date, all costs,
fees and expenses, and all other compensation due to the Agents and the Lenders
(including, without limitation, legal fees and expenses) shall have been paid to
the extent then due.

          5.17 Consent Letter. On the Restatement Effective Date, the
Administrative Agent shall have received a letter from Corporation Service
Company, presently located at 80 State Street, Albany, New York, 12207,
substantially in the form of Exhibit N, indicating its consent to its
appointment by each New Foreign Subsidiary Guarantor as its agent to receive
service of process as specified in the Foreign Subsidiaries Guaranty.

          5.18 Intercreditor Agreement. On the Restatement Effective Date, each
Credit Party, the Collateral Agent, each ABL Credit Party and the ABL Collateral
Agent shall have duly authorized, executed and delivered the Intercreditor
Agreement in the form of Exhibit Q (as amended, modified, restated and/or
supplemented from time to time, the "Intercreditor Agreement"), and the
Intercreditor Agreement shall be in full force and effect on the Restatement
Effective Date.

          Section 6. Conditions Precedent to All Credit Events. The obligation
of each Lender to make Loans (including Loans made on the Restatement Effective
Date), the obligation of the each CL Lender to fund its Credit-Linked Deposit
and the obligation of an Issuing Lender to issue any Letter of Credit (including
any Existing Letters of Credit, deemed issued on the Restatement Effective Date
as contemplated by Section 2A.01(d)) and the obligation of a Bank Guaranty
Issuer to issue any Bank Guaranty (including Existing Bank Guaranties, deemed
issued on the Restatement Effective Date as contemplated by Section 2B.01(d)),
is subject, at the time

                                      -69-

<PAGE>

of each such Credit Event (except as hereinafter indicated), to the satisfaction
of the following conditions:

          6.01 No Default; Representations and Warranties. At the time of each
such Credit Event and immediately after giving effect thereto (i) there shall
exist no Default or Event of Default and (ii) all representations and warranties
contained herein or in any other Credit Document shall be true and correct in
all material respects with the same effect as though such representations and
warranties had been made on the date of such Credit Event (it being understood
and agreed that any representation or warranty which by its terms is made as of
a specified date shall be required to be true and correct in all material
respects only as of such specified date).

          6.02 Notice of Borrowing; Letter of Credit Request; etc. (a) Prior to
the making of each Loan, the Administrative Agent shall have received a Notice
of Borrowing meeting the requirements of Section 1.03.

          (b) Prior to the issuance of each Letter of Credit (other than the
Existing Letters of Credit), the Administrative Agent and the respective Issuing
Lender shall have received a Letter of Credit Request meeting the requirements
of Section 2A.03(a).

          (c) Prior to the issuance of each Bank Guaranty (other than the
Existing Bank Guaranties), the Administrative Agent and the respective Bank
Guaranty Issuer shall have received a Bank Guaranty Request meeting the
requirements of Section 2B.03(a).

          6.03 Incremental Term Loans. Prior to the incurrence of any
Incremental Term Loans, Holdings shall have satisfied (or caused to be
satisfied) all of the applicable conditions set forth in Section 1.15.

          The occurrence of the Restatement Effective Date and the acceptance of
the benefits or proceeds of each Credit Event shall constitute a representation
and warranty by each Credit Agreement Party to each Agent and each of the
Lenders that all the conditions specified in Section 5 (with respect to Credit
Events occurring on the Restatement Effective Date) and Section 6 (with respect
to Credit Events on and after the Restatement Effective Date) and applicable to
such Credit Event (other than such conditions that are expressly subject to the
satisfaction of the Agents and/or the Required Lenders) exist as of that time.
All of the Notes, certificates, legal opinions and other documents and papers
referred to in Sections 5 and 6, unless otherwise specified, shall be delivered
to the Administrative Agent at the Notice Office for the account of each of the
Lenders and, except for the Notes, in sufficient counterparts or copies for each
of the Lenders and shall be in form and substance reasonably satisfactory to the
Lenders (as evidenced by their execution and delivery of this Agreement).

          Section 7. Representations and Warranties. In order to induce the
Lenders to enter into this Agreement, to make (and/or continue) the Loans, fund
the Credit-Linked Deposits and issue and/or participate in the Letters of Credit
and Bank Guaranties as provided for herein, each Credit Agreement Party makes
the following representations, warranties and agreements with the Lenders, in
each case after giving effect to the Transaction, all of which shall survive the
execution and delivery of this Agreement, the making of the Loans, the funding
of the Credit-

                                      -70-

<PAGE>

Linked Deposits and the issuance (or deemed issuance) of the Letters of Credit
and Bank Guaranties (with the occurrence of the Restatement Effective Date and
each Credit Event on or after the Restatement Effective Date being deemed to
constitute a representation and warranty that the matters specified in this
Section 7 are true and correct in all material respects on and as of the
Restatement Effective Date and on and as of the date of each such Credit Event,
unless stated to relate to a specific earlier date in which case such
representations and warranties shall be true and correct in all material
respects as of such earlier date):

          7.01 Company Status. Each of Holdings and each of its Subsidiaries (i)
is a duly organized and validly existing Company in good standing (or its
equivalent) under the laws of the jurisdiction of its organization, (ii) has the
Company power and authority to own its property and assets and to transact the
business in which it is engaged and presently proposes to engage and (iii) is
duly qualified and is authorized to do business and is in good standing (or its
equivalent) in all jurisdictions where it is required to be so qualified (or its
equivalent) and where the failure to be so qualified has had, or could
reasonably be expected to have, a Material Adverse Effect.

          7.02 Company Power and Authority. Each Credit Party and each
Subsidiary thereof has the Company power and authority to execute, deliver and
carry out the terms and provisions of the Documents to which it is a party and
has taken all necessary Company action to authorize the execution, delivery and
performance of the Documents to which it is a party. Each Credit Party and each
Subsidiary thereof has duly executed and delivered each Document to which it is
a party and each such Document constitutes the legal, valid and binding
obligation of such Credit Party enforceable in accordance with its terms, except
to the extent that the enforceability thereof may be limited by applicable
bankruptcy, insolvency, reorganization, moratorium or similar laws generally
affecting creditors' rights and by equitable principles (regardless of whether
enforcement is sought in equity or at law).

          7.03 No Violation. (a) Neither the execution, delivery or performance
by any Credit Party or any Subsidiary thereof of the Documents to which it is a
party, nor compliance by any Credit Party or any such Subsidiary with the terms
and provisions thereof, nor the consummation of the transactions contemplated
herein or therein, (i) will contravene any material provision of any applicable
law, statute, rule or regulation, or any order, writ, injunction or decree of
any court or governmental instrumentality, (ii) will conflict or be inconsistent
with or result in any breach of, any of the terms, covenants, conditions or
provisions of, or constitute a default under, or (other than pursuant to the
Security Documents) result in the creation or imposition of (or the obligation
to create or impose) any Lien upon any of the material property or assets of
Holdings or any of its Subsidiaries pursuant to the terms of any indenture,
mortgage, deed of trust, loan agreement, credit agreement or any other material
agreement, contract or instrument to which Holdings or any of its Subsidiaries
is a party or by which it or any of its material property or assets are bound or
to which it may be subject (including, without limitation, the ABL Credit
Documents, the Existing Senior Notes Documents, the Intermediate Holdco Credit
Documents, the other Existing Indebtedness Agreements and any Wellbeing Project
Financing Document, and, on and after the execution and delivery thereof, any
Permitted Senior Notes Indenture and any Permitted Refinancing Senior Notes
Document) or (iii) will violate any provision of the certificate of
incorporation, by-laws, certificate of partnership, partnership

                                      -71-

<PAGE>

agreement, certificate of limited liability company, limited liability company
agreement or equivalent organizational document, as the case may be, of Holdings
or any of its Subsidiaries.

          (b) Without limiting the generality of the foregoing in Section
7.03(a):

          (i) this Agreement, together with the ABL Credit Agreement, constitute
(individually and collectively) the "Credit Agreement" under, and as defined in,
each Existing Senior Notes Indenture;

          (ii) the incurrence by the relevant Borrowers of the Loans and other
Indebtedness hereunder under on the Restatement Effective Date and on the date
of each subsequent Credit Event will not violate any of (I) Section 1014 of the
Existing 2009 Senior Notes Indenture or any other provision thereof, (II)
Section 4.9 of the Existing 2010 Senior Notes Indenture or any other provision
thereof, (III) Section 4.9 of the Existing 2011 Senior Notes Indenture or any
other provision thereof, or (IV) Section 1014 of the Existing 2013 Senior Notes
Indenture or any other provision thereof and, without limiting the foregoing, on
the Restatement Effective Date, neither the incurrence of any Loans to be
incurred on such date, nor the incurrence of Indebtedness in the full amount of
the commitments available under the ABL Credit Agreement and pursuant to the
Total Credit-Linked Commitment (as if, in each case, such commitments were fully
utilized on such date), would violate any of the sections specifically set forth
above (or any other provision) of the Existing Senior Notes Indentures;

          (iii) on the Restatement Effective Date, all Subsidiary Guarantors
which are Domestic Subsidiaries of the U.S. Borrower are "Restricted
Subsidiaries" under, and as defined in, each Existing Senior Notes Indenture and
have executed and delivered guaranties in accordance with the requirements of
the respective Existing Senior Notes Indentures; and

          (iv) for the purpose of the definition of "Permitted Indebtedness"
under, and as defined in, each Existing Senior Notes Indenture, on the
Restatement Effective Date no repayment of term loans and/or permanent
commitment reductions in the revolving credit portion of the Credit Agreement
(as defined therein) has theretofore occurred (whether prior to, or on, the
Restatement Effective Date) which has resulted in any reduction to the maximum
aggregate amount of Indebtedness permitted to be incurred pursuant to, or under,
the Credit Agreement (as defined therein) in accordance with the applicable
Existing Senior Notes Indenture.

          7.04 Litigation. There are no actions, suits, proceedings or
investigations pending or, to the knowledge of any Senior Officer, threatened
(i) with respect to any Credit Document, (ii) with respect to the Transaction or
any other Document or (iii) that have had, or could reasonably be expected to
have, individually or in the aggregate, a Material Adverse Effect. Additionally,
there does not exist any judgment, order or injunction prohibiting or imposing
material adverse conditions upon the occurrence of any Credit Event.

          7.05 Use of Proceeds; Margin Regulations. (a) The proceeds of the
Tranche B Term Loans and the Tranche C Term Loans shall be utilized by the U.S.
Borrower and the Bermuda Borrower, respectively, on the Restatement Effective
Date solely to finance the Refinancing and to pay fees and expenses incurred in
connection with the Transaction. All proceeds of Incremental Term Loans incurred
by each Incremental Term Loan Borrower shall be

                                      -72-

<PAGE>

used for any purpose permitted under this Agreement, including, without
limitation, (i) to finance Permitted Acquisitions (and to pay the fees and
expenses related thereto) and to refinance any Indebtedness assumed as part of
any such Permitted Acquisitions (and to pay all accrued and unpaid interest
thereon, any prepayment premium associated therewith and the fees and expenses
related thereto), (ii) to prepay outstanding Loans in accordance with the terms
of this Agreement and to prepay outstanding ABL Loans in accordance with the
terms of the ABL Credit Agreement, (iii) for the Incremental Term Loan
Borrowers' and their respective Subsidiaries' ongoing working capital
requirements and general corporate purposes and (iv) in the case of Incremental
Term Loans incurred by the U.S. Borrower, to (x) make intercompany loans to
Intermediate Holdco pursuant to Section 9.05(xxi) to be utilized for the
purposes described in subclause (iv) thereof and/or (y) pay Dividends to
Intermediate Holdco pursuant to Section 9.06(ix) to be utilized for the purposes
described in subclause (v) thereof.

          (b) At the time of each Credit Event occurring on or after the
Restatement Effective Date, the aggregate value of all Margin Stock (other than
treasury stock) owned by Holdings and its Subsidiaries (for such purpose, using
the initial purchase price paid by Holdings or such Subsidiary for the
respective shares of Margin Stock) does not exceed $10,000,000. In addition, at
the time of each Credit Event occurring on or after the Restatement Effective
Date, the value of the Margin Stock at any time owned by Holdings and its
Subsidiaries does not exceed 25% of the value of the assets of Holdings and its
Subsidiaries taken as a whole. Neither the making of any Loan nor the use of the
proceeds thereof nor the occurrence of any other Credit Event will violate or be
inconsistent with the provisions of Regulation T, Regulation U or Regulation X.

          7.06 Governmental Approvals. Except as may have been obtained or made
on or prior to the Restatement Effective Date (and which remain in full force
and effect on the Restatement Effective Date), no order, consent, approval,
license, authorization or validation of, or filing, recording or registration
with, or exemption by, any foreign or domestic governmental or public body or
authority, or any subdivision thereof, is required to authorize or is required
in connection with (i) the execution, delivery and performance of any Document
or (ii) the legality, validity, binding effect or enforceability of any
Document.

          7.07 Investment Company Act. Neither Holdings nor any of its
Subsidiaries is an "investment company" or a company "controlled" by an
"investment company," within the meaning of the Investment Company Act of 1940,
as amended.

          7.08 Public Utility Holding Company Act. Neither Holdings nor any of
its Subsidiaries is a "holding company," or a "subsidiary company" of a "holding
company," or an "affiliate" of a "holding company" or of a "subsidiary company"
of a "holding company," within the meaning of the Public Utility Holding Company
Act of 1935, as amended.

          7.09 True and Complete Disclosure. All factual information (taken as a
whole) heretofore or contemporaneously furnished by or on behalf of Holdings or
any of its Subsidiaries in writing to any Agent or any Lender (including,
without limitation, all information contained in the Documents) for purposes of
or in connection with this Agreement, the other Documents or any transaction
contemplated herein or therein is, and all other such factual information (taken
as a whole) hereafter furnished by or on behalf of any such Persons in writing
to any Agent or any

                                      -73-

<PAGE>

Lender will be, true and accurate in all material respects on the date as of
which such information is dated or certified and not incomplete by omitting to
state any material fact necessary to make such information (taken as a whole)
not misleading in any material respect at such time in light of the
circumstances under which such information was provided, it being understood and
agreed that for purposes of this Section 7.09, such factual information shall
not include the Projections or any projected financial information contained in
any financial projections delivered pursuant to Section 8.01(c).

          7.10 Financial Condition; Financial Statements. (a) On and as of the
Restatement Effective Date, on a pro forma basis after giving effect to the
Transaction and to all Indebtedness (including the Loans) incurred, and to be
incurred, and Liens created, and to be created, by each Credit Party in
connection therewith, with respect to each Borrower (on a stand-alone basis),
Holdings and its Subsidiaries (on a consolidated basis) and each Borrower and
its Subsidiaries (on a consolidated basis) (x) the sum of the assets, at a fair
valuation, of each Borrower (on a stand-alone basis), Holdings and its
Subsidiaries (on a consolidated basis) and each Borrower and its Subsidiaries
(on a consolidated basis) will exceed its or their debts, (y) it has or they
have not incurred nor intended to, nor believes or believe that it or they will,
incur debts beyond its or their ability to pay such debts as such debts mature
and (z) it or they will have sufficient capital with which to conduct its or
their business. For purposes of this Section 7.10(a), "debt" means any liability
on a claim, and "claim" means (i) right to payment, whether or not such a right
is reduced to judgment, liquidated, unliquidated, fixed, contingent, matured,
unmatured, disputed, undisputed, legal, equitable, secured or unsecured or (ii)
right to an equitable remedy for breach of performance if such breach gives rise
to a payment, whether or not such right to an equitable remedy is reduced to
judgment, fixed, contingent, matured, unmatured, disputed, undisputed, secured
or unsecured. The amount of contingent liabilities at any time shall be computed
as the amount that, in the light of all facts and circumstances existing at such
time, represents the amount that can reasonably be expected to become an actual
or matured liability.

          (b) (i) The audited consolidated statements of financial condition of
the U.S. Borrower and its Consolidated Subsidiaries at December 28, 2002,
January 3, 2004 and January 1, 2005 and the related consolidated statements of
income and cash flows and changes in shareholders' equity of the U.S. Borrower
and its Consolidated Subsidiaries for the fiscal years of the U.S. Borrower
ended on such dates, in each case furnished to the Lenders prior to the
Restatement Effective Date, present fairly in all material respects the
consolidated financial position of the U.S. Borrower and its Consolidated
Subsidiaries at the date of said financial statements and the results for the
respective periods covered thereby and (ii) the Pro Forma Financial Statements
present a good faith estimate of the consolidated pro forma financial condition
of the U.S. Borrower and its Consolidated Subsidiaries and the pro forma results
of operations of the U.S. Borrower and its Consolidated Subsidiaries for the
respective periods covered thereby (after giving effect to the Transaction at
the date thereof or for the period covered thereby). All of the financial
statements referred to in clause (i) of the immediately preceding sentence have
been prepared in accordance with U.S. GAAP consistently applied except to the
extent provided in the notes to said financial statements.

                                      -74-
<PAGE>

          (c) Since December 31, 2005 (but after giving effect to the
Transaction as if same had occurred immediately prior thereto), nothing has
occurred that has had, or could reasonably be expected to have, individually or
in the aggregate, a Material Adverse Effect.

          (d) Except as fully reflected in the financial statements described in
Section 7.10(b) and as otherwise permitted by Section 9.04, (i) there were as of
the Restatement Effective Date (and after giving effect to any Loans made on
such date), no liabilities or obligations with respect to Holdings or any of its
Subsidiaries of any nature whatsoever (whether absolute, accrued, contingent or
otherwise and whether or not due) which, either individually or in the
aggregate, could reasonably be expected to be material to Holdings and its
Subsidiaries taken as a whole and (ii) no Credit Agreement Party knows of any
basis for the assertion against Holdings or any of its Subsidiaries of any such
liability or obligation which, either individually or in the aggregate, has had,
or could reasonably be expected to have, a Material Adverse Effect.

          (e) The Projections have been prepared on a basis consistent with the
financial statements referred to in Section 7.10(b) and are based on good faith
estimates and assumptions made by the management of Holdings, and on the
Restatement Effective Date, the Borrowers believe that the Projections are
reasonable and attainable, it being recognized by the Lenders that such
projections of future events are not to be viewed as facts and that actual
results during the period or periods covered by any such Projections may differ
from the projected results contained therein. There is no fact known to any
Credit Agreement Party or any of its Subsidiaries which has had, or could
reasonably be expected to have, a Material Adverse Effect, which has not been
disclosed herein or in such other documents, certificates and statements
furnished to the Lenders for use in connection with the transactions
contemplated hereby.

          7.11 Security Interests. On and after the Restatement Effective Date,
each of the Security Documents creates (or after the execution and delivery
thereof will create), as security for the Obligations covered thereby, a valid
and enforceable perfected security interest in and Lien on all of the Collateral
subject thereto, superior to and prior to the rights of all third Persons, and
subject to no other Liens (except that, subject to the provisions of the
Intercreditor Agreement, (i) the Security Agreement Collateral may be subject to
Permitted Liens, (ii) the Pledge Agreement Collateral may be subject to the
Liens described in clauses (i) and (v) of Section 9.03 and clause (y) of Section
9.03(iii) and (iii) the security interest and mortgage lien created on any
Mortgaged Property may be subject to the Permitted Encumbrances related
thereto), in favor of the Collateral Agent (or such other trustee or sub-agent
as may be required or desired under local law). No filings or recordings are
required in order to perfect and/or render enforceable as against third parties
the security interests created under any Security Document except for filings or
recordings required in connection with any such Security Document which shall
have been made on or prior to the Restatement Effective Date or on or prior to
the execution and delivery thereof as contemplated by Sections 8.11, 8.12, 8.15
and 9.11.

          7.12 Compliance with ERISA. (a) Schedule V sets forth, as of the
Restatement Effective Date, each Plan and each Multiemployer Plan. Each Plan
(and each related trust, insurance contract or fund) is in compliance in all
respects with its terms and in all respects with all applicable laws, including,
without limitation, ERISA and the Code and in compliance with the following,
except to the extent that any such noncompliances, individually or in the
aggregate, would not result in a Material Adverse Effect; each Plan (and each
related

                                      -75-

<PAGE>

trust, if any) which is intended to be qualified under Section 401(a) of the
Code has received a determination letter from the Internal Revenue Service to
the effect that it meets the requirements of Sections 401(a) and 501(a) of the
Code (or the sponsor has applied for such determination letter within the
remedial amendment period); (1) no Reportable Event has occurred; (2) to the
knowledge of any Senior Officer, no Multiemployer Plan is insolvent or in
reorganization; (3) no Plan has an Unfunded Current Liability; (4) no Plan which
is subject to Section 412 of the Code or Section 302 of ERISA has an accumulated
funding deficiency, within the meaning of such sections of the Code or ERISA, or
has applied for or received a waiver of an accumulated funding deficiency or an
extension of any amortization period, within the meaning of Section 412 of the
Code or Section 303 or 304 of ERISA; (5) all required contributions with respect
to a Plan and a Multiemployer Plan have been made; (6) neither Holdings nor any
Subsidiary of Holdings nor any ERISA Affiliate has incurred any outstanding
material liability (including any indirect, contingent or secondary liability)
to or on account of a Plan or a Multiemployer Plan pursuant to Section 409,
502(i), 502(l), 515, 4062, 4063, 4064, 4069, 4201, 4204 or 4212 of ERISA or
Section 401(a)(29), 4971 or 4975 of the Code or expects to incur any such
material liability under any of the foregoing sections with respect to any Plan
or a Multiemployer Plan; (7) no condition exists which presents a material risk
to Holdings or any Subsidiary of Holdings or any ERISA Affiliate of incurring a
material liability to or on account of a Plan or a Multiemployer Plan pursuant
to the foregoing provisions of ERISA and the Code; (8) no involuntary
proceedings have been instituted to terminate or appoint a trustee to administer
any Plan which is subject to Title IV of ERISA; (9) no action, suit, proceeding,
hearing, audit or investigation with respect to the administration, operation or
the investment of assets of any Plan (other than routine claims for benefits) is
pending, expected or threatened; (10) using actuarial assumptions and
computation methods consistent with Part 1 of subtitle E of Title IV of ERISA,
the aggregate liabilities of Holdings and its Subsidiaries and ERISA Affiliates
to any Multiemployer Plans in the event of a withdrawal therefrom, as of the
close of the most recent fiscal year of each such Multiemployer Plan ended prior
to the date of the most recent Credit Event would not exceed $10,000,000; (11)
each group health plan (as defined in Section 607(1) of ERISA or Section
4980B(g)(2) of the Code) which covers or has covered employees or former
employees of Holdings, any Subsidiary of Holdings, or any ERISA Affiliate has at
all times been operated in compliance with the provisions of Part 6 of subtitle
B of Title I of ERISA and Section 4980B of the Code other than any
non-compliance which would not result in a material liability to Holdings or any
Subsidiary of Holdings; (12) no lien imposed under the Code or ERISA on the
assets of Holdings or any Subsidiary of Holdings or any ERISA Affiliate exists,
is likely to arise on account of any Plan or any Multiemployer Plan; and (13)
and neither Holdings nor any Subsidiary of Holdings maintains or contributes to
(a) any employee welfare benefit plan (as defined in Section 3(1) of ERISA)
which provides benefits to retired employees and/or other former employees
(other than as required by Section 601 of ERISA) or (b) any Plan, the
obligations with respect to which could reasonably be expected to have a
Material Adverse Effect.

          (b) Each Foreign Pension Plan has been maintained in substantial
compliance with its terms and with the requirements of any and all applicable
laws, statutes, rules, regulations and orders and has been maintained, where
required, in good standing with applicable regulatory authorities, except to the
extent that such noncompliances, individually or in the aggregate, would not
result in a Material Adverse Effect. All required contributions with respect to
a Foreign Pension Plan have been made. Neither Holdings nor any of its
Subsidiaries

                                      -76-

<PAGE>

has incurred any material outstanding obligation in connection with the
termination of or withdrawal from any Foreign Pension Plan. The present value of
the accrued benefit liabilities (whether or not vested) under each Foreign
Pension Plan, determined as of the end of Holdings' most recently ended fiscal
year on the basis of actuarial assumptions, each of which is reasonable, did not
exceed the current value of the assets of such Foreign Pension Plan allocable to
such benefit liabilities or alternatively, the Foreign Pension Plan is funded in
compliance with applicable law in all material respects and Holdings and its
Subsidiaries have established adequate reserves for the present value of such
accrued benefit liabilities under such Foreign Pension Plan in the financial
statements delivered pursuant to Section 8.01(a) and (b).

          7.13 Capitalization. (a) On the Restatement Effective Date and after
giving effect to the Transaction, the authorized capital stock of Holdings shall
consist of 1,000 shares of common stock, $.001 par value per share (such
authorized shares of common stock, together with any subsequently authorized
shares of common stock of Holdings, the "Holdings Common Stock"), of which 1000
shares are issued and outstanding. All such outstanding shares have been duly
and validly issued, are fully paid and nonassessable and free of preemptive
rights. As of the Restatement Effective Date, except as set forth on Part A of
Schedule X hereto, Holdings does not have outstanding any securities convertible
into or exchangeable for its capital stock or outstanding any rights to
subscribe for or to purchase, or any options for the purchase of, or any
agreement providing for the issuance (contingent or otherwise) of, or any calls,
commitments or claims of any character relating to, its capital stock or any
stock appreciation or similar rights.

          (b) On the Restatement Effective Date and after giving effect to the
Transaction, all of the Equity Interests of Intermediate Holdco are owned by
Holdings and pledged pursuant to the U.S. Pledge Agreement. Intermediate Holdco
does not have outstanding any securities convertible into or exchangeable for
its Equity Interests or outstanding any rights to subscribe for or to purchase,
or any options for the purchase of, or any agreement providing for the issuance
(contingent or otherwise) of, or any calls, commitments or claims of any
character relating to, its Equity Interests or any equity appreciation or
similar rights.

          (c) On the Restatement Effective Date and after giving effect to the
Transaction, the authorized capital stock of the U.S. Borrower shall consist of
1000 shares of common stock, $.001 par value per share, of which 1000 shares
were issued and outstanding, owned by Intermediate Holdco and delivered for
pledge pursuant to the U.S. Pledge Agreement. All such outstanding shares have
been duly and validly issued, are fully paid and nonassessable and free of
preemptive rights. The U.S. Borrower does not have outstanding any securities
convertible into or exchangeable for its capital stock or outstanding any rights
to subscribe for or to purchase, or any options for the purchase of, or any
agreement providing for the issuance (contingent or otherwise) of, or any calls,
commitments or claims of any character relating to, its capital stock or any
stock appreciation or similar rights.

          (d) On the Restatement Effective Date and after giving effect to the
Transaction, the authorized capital stock of the Bermuda Borrower shall consist
of 2,319,640,170 shares of common stock, $.10 par value per share, of which
2,319,640,170 shares are issued and outstanding and owned indirectly by the
Bermuda Partnership. All such outstanding shares have been duly and validly
issued, are fully paid and nonassessable and free of preemptive rights. The
Bermuda Borrower does not have outstanding any securities convertible into or
exchangeable for

                                      -77-

<PAGE>

its capital stock or outstanding any rights to subscribe for or to purchase, or
any options for the purchase of, or any agreement providing for the issuance
(contingent or otherwise) of, or any calls, commitments or claims of any
character relating to, its capital stock or any stock appreciation or similar
rights.

          7.14 Subsidiaries. On and as of the Restatement Effective Date and
after giving effect to the Transaction, Holdings has no Subsidiaries other than
Westlake Wellbeing Company LLC, The California Wellbeing Institute, LLC and
Intermediate Holdco and its Subsidiaries, and Intermediate Holdco has no
Subsidiaries other than those Subsidiaries listed on Schedule VII. Schedule VII
correctly sets forth, as of the Restatement Effective Date and after giving
effect to the Transaction, (i) the percentage ownership (direct and indirect) of
Intermediate Holdco in each class of capital stock or other Equity Interests of
each of its Subsidiaries and also identifies the direct owner thereof and (ii)
the jurisdiction of organization of each such Subsidiary. All outstanding shares
of capital stock or other Equity Interests of each Subsidiary of Intermediate
Holdco have been duly and validly issued, are fully paid and non-assessable and,
in the case of Non-Wholly Owned Subsidiaries of the U.S. Borrower, have been
issued free of preemptive rights. Except as set forth on Part B of Schedule X
attached hereto, no Subsidiary of Intermediate Holdco has outstanding any
securities convertible into or exchangeable for its capital stock or other
Equity Interests or outstanding any right to subscribe for or to purchase, or
any options or warrants for the purchase of, or any agreement providing for the
issuance (contingent or otherwise) of or any calls, commitments or claims of any
character relating to, its capital stock or other Equity Interests or any stock
appreciation or similar rights. Except for the existing investments described on
Schedule VI, as of the Restatement Effective Date, neither Holdings nor any of
its Subsidiaries owns or holds, directly or indirectly, any capital stock or
equity security of, or any other Equity Interests in, any Person other than its
Subsidiaries indicated on Schedule VII.

          7.15 Intellectual Property, etc. Each of Holdings and each of its
Subsidiaries owns or has the right to use all domestic and foreign patents,
trademarks, permits, domain names, service marks, trade names, copyrights,
licenses, franchises, inventions, trade secrets, proprietary information and
know-how of any type, whether or not written (including, but not limited to,
rights in computer programs and databases) and formulas, or other rights with
respect to the foregoing, and has obtained assignments of all leases, licenses
and other rights of whatever nature, in each case necessary for the conduct of
its business, without any known conflict with the rights of others which, or the
failure to obtain which, as the case may be, individually or in the aggregate,
has had, or could reasonably be expected to have, a Material Adverse Effect.

          7.16 Compliance with Statutes; Agreements, etc. Each of Holdings and
each of its Subsidiaries is in compliance with (i) all applicable statutes,
regulations, rules and orders of, and all applicable restrictions imposed by,
all governmental bodies, domestic or foreign, in respect of the conduct of its
business and the ownership of its property and (ii) all contracts and agreements
to which it is a party, except such non-compliances as have not had, and could
not reasonably be expected to have, individually or in the aggregate, a Material
Adverse Effect.

          7.17 Environmental Matters. (a) Each of Holdings and each of its
Subsidiaries has complied with, and on the date of each Credit Event is in
compliance with, all applicable Environmental Laws and the requirements of any
permits issued under such Environmental Laws

                                      -78-

<PAGE>

and neither Holdings nor any of its Subsidiaries is liable for any material
penalties, fines or forfeitures for failure to comply with any of the foregoing.
There are no pending or past or, to the knowledge of any Senior Officer,
threatened Environmental Claims against Holdings or any of its Subsidiaries or
any Real Property owned, leased or operated by Holdings or any of its
Subsidiaries (including any such claim arising out of the ownership, lease or
operation by Holdings or any of its Subsidiaries of any Real Property formerly
owned, leased or operated by Holdings or any of its Subsidiaries but no longer
owned, leased or operated by Holdings or any of its Subsidiaries). There are no
facts, circumstances, conditions or occurrences on any Real Property owned,
leased or operated by Holdings or any of its Subsidiaries (including, to the
knowledge of a Senior Officer, any Real Property formerly owned, leased or
operated by Holdings or any of its Subsidiaries but no longer owned, leased or
operated by Holdings or any of its Subsidiaries) or on any property adjoining or
in the vicinity of any such Real Property that would reasonably be expected (i)
to form the basis of an Environmental Claim against Holdings or any of its
Subsidiaries or any such Real Property or (ii) to cause any such Real Property
to be subject to any restrictions on the ownership, occupancy, use or
transferability of such Real Property by Holdings or any of its Subsidiaries
under any applicable Environmental Law.

          (b) Hazardous Materials have not at any time been generated, used,
treated or stored on, or transported to or from, any Real Property owned, leased
or operated by Holdings or any of its Subsidiaries except in compliance with all
applicable Environmental Laws and in connection with the operation, use and
maintenance of such Real Property by Holdings' or such Subsidiary's business.
Hazardous Materials have not at any time been Released on or from any Real
Property owned, leased or operated by Holdings or any of its Subsidiaries or by
any person acting for or under contract to Holdings or any of its Subsidiaries,
or to the knowledge of any Credit Agreement Party, by any other Person in
respect of Real Property owned, leased or operated by Holdings or any of its
Subsidiaries (including, to the knowledge of any Credit Agreement Party, any
Real Property owned, leased or operated by Holdings or any of its Subsidiaries
but no longer owned, leased or operated by Holdings or any of its Subsidiaries),
except in compliance with all applicable Environmental Laws in all material
respects.

          (c) Notwithstanding anything to the contrary in this Section 7.17, the
representations made in this Section 7.17 shall only be untrue if the aggregate
effect of all conditions, failures, noncompliances, Environmental Claims,
Hazardous Materials, Releases and presence of underground storage tanks, in each
case of the types described above, has had, or could reasonably be expected to
have, individually or in the aggregate, a Material Adverse Effect.

          7.18 Properties. All Real Property (other than Real Property with an
individual Fair Market Value less than $1,000,000 as of the Restatement
Effective Date) and vessels owned by Holdings or any of its Subsidiaries, and
all material leaseholds leased by Holdings or any of its Subsidiaries, in each
case as of the Restatement Effective Date and after giving effect to the
Transaction, and the nature of the interest therein, is correctly set forth in
Schedule III (and, to the extent that any such Real Property (or any portion
thereof) constitutes "Principal Property" (as defined in any of the Existing
Senior Note Indentures), Schedule III correctly identifies such Real Property
(or the applicable portion thereof) as "Principal Property"). Each of Holdings
and each of its Subsidiaries has good and marketable title to, or a validly
subsisting leasehold interest in, all material properties owned or leased by it,
including all Real Property and vessels reflected

                                      -79-

<PAGE>

in Schedule III and in the financial statements (including the Pro Forma
Financial Statements) referred to in Section 7.10(b) (except (x) such properties
sold in the ordinary course of business since the dates of the respective
financial statements referred to therein, (y) such properties otherwise sold as
permitted by the terms of this Agreement and (z) such Real Properties owned by
the U.S. Borrower or any of its Subsidiaries which may be subject to immaterial
defects of title which do not impair the use of such Real Property or the
business conducted by the U.S. Borrower or such Subsidiary thereon), free and
clear of all Liens, other than Permitted Liens.

          7.19 Labor Relations. Neither Holdings nor any of its Subsidiaries is
engaged in any unfair labor practice that has had, or could reasonably be
expected to have, either individually or in the aggregate, a Material Adverse
Effect. There is (i) no unfair labor practice complaint pending against Holdings
or any of its Subsidiaries or, to the knowledge of any Senior Officer,
threatened against any of them, before the National Labor Relations Board or any
similar foreign tribunal or agency, and no grievance or arbitration proceeding
arising out of or under any collective bargaining agreement is so pending
against Holdings or any of its Subsidiaries or, to the knowledge of any Senior
Officer, threatened against any of them, (ii) no strike, labor dispute, slowdown
or stoppage pending against Holdings or any of its Subsidiaries or, to the
knowledge of any Senior Officer, threatened against Holdings or any of its
Subsidiaries and (iii) no union representation question existing with respect to
the employees of Holdings or any of its Subsidiaries and no union organizing
activities are taking place, except (with respect to any matter specified in
clause (i), (ii) or (iii) above, either individually or in the aggregate) such
as has not had, or could reasonably be expected to have, a Material Adverse
Effect.

          7.20 Tax Returns and Payments. Holdings and each of its Subsidiaries
has timely filed (including applicable extensions) with the appropriate taxing
authority, all material returns, statements, forms and reports for taxes (the
"Returns") required to be filed by or with respect to the income, properties or
operations of Holdings and each of its Subsidiaries. The Returns accurately
reflect in all material respects all liability for taxes of Holdings and each of
its Subsidiaries as a whole for the periods covered thereby. Holdings and each
of its Subsidiaries have paid all material taxes payable by them other than
those contested in good faith and adequately disclosed and for which adequate
reserves have been established in accordance with U.S. GAAP. Except as set forth
on Schedule XVI hereto, there is no action, suit, proceeding, investigation,
audit, or claim now pending or, to the knowledge of any Senior Officer,
threatened by any authority regarding any taxes relating to Holdings and each of
its Subsidiaries. Except as set forth on Schedule XVI hereto, neither Holdings
nor any of its Subsidiaries has entered into an agreement or waiver or been
requested to enter into an agreement or waiver extending any statute of
limitations relating to the payment or collection of taxes of Holdings or any of
its Subsidiaries, or is aware of any circumstances that would cause the taxable
years or other taxable periods of Holdings or any of its Subsidiaries not to be
subject to the normally applicable statute of limitations.

          7.21 Scheduled Existing Indebtedness. Schedule IV sets forth a true
and complete list of all Indebtedness of Holdings and its Subsidiaries as of the
Restatement Effective Date and which is to remain outstanding after giving
effect to the Transaction and the incurrence of Loans and ABL Loans on such date
(exclusive of (i) Indebtedness pursuant to this Agreement and the other Credit
Documents, (ii) Indebtedness pursuant to the ABL Credit Agreement and the other
ABL Credit Documents, (iii) Indebtedness pursuant to the Existing Senior Notes

                                      -80-

<PAGE>

Documents and the Intermediate Holdco Credit Documents, (iv) intercompany
Indebtedness pursuant to the Intercompany Distribution Transactions, (v)
Indebtedness of Holdings and/or any of its Subsidiaries of the types described
in clauses (viii), (xiii) and (xviii) of Section 9.04(b), (vi) Synthetic Lease
obligations arising under the lease entered into in connection with the
Sale-Leaseback Transaction, and (vii) immaterial Contingent Obligations of
Subsidiaries of the U.S. Borrower that represent guaranties of obligations other
than Indebtedness), in each case showing the aggregate principal amount thereof
(and the aggregate amount of any undrawn commitments with respect thereto) and
the name of the respective borrower and any other entity which directly or
indirectly guarantees such debt. Part A of Schedule IV lists all Indebtedness as
described in the immediately preceding sentence which is owed to Persons other
than Holdings or any of its Subsidiaries (after giving effect to the
consummation of the Transaction) (with all such Indebtedness being herein called
"Third Party Scheduled Existing Indebtedness") and Part B of Schedule IV lists
all Indebtedness as described in the immediately preceding sentence which is
owed to Holdings and its Subsidiaries as of February 25, 2006 (with all of such
Indebtedness being herein called "Intercompany Scheduled Existing
Indebtedness").

          7.22 Insurance. Set forth on Schedule VIII hereto is a true, correct
and complete summary of all insurance maintained by Holdings and its
Subsidiaries on and as of the Restatement Effective Date, with the amounts
insured (and any deductibles) set forth therein.

          7.23 Transaction. At the time of consummation thereof, each element of
the Transaction shall have been consummated in all material respects in
accordance with the terms of the relevant Documents therefor and all applicable
laws. At the time of consummation thereof, all consents and approvals of, and
filings and registrations with, and all other actions in respect of, all
governmental agencies, authorities or instrumentalities required in order to
make or consummate each element of the Transaction in accordance with the terms
of the relevant Documents therefor and all applicable laws have been obtained,
given, filed or taken and are or will be in full force and effect (or effective
judicial relief with respect thereto has been obtained). Additionally, there
does not exist any judgment, order or injunction prohibiting or imposing
material adverse conditions upon any element of the Transaction, the occurrence
of any Credit Event, or the performance by Holdings or any of its Subsidiaries
of their respective obligations under the Documents and in accordance with all
applicable laws.

          7.24 Special Purpose Corporations. (a) Holdings has no significant
assets (other than (v) cash and Cash Equivalents held by Holdings representing
proceeds from the Wellbeing Project Financing, (w) the Equity Interests of
Intermediate Holdco, Westlake Wellbeing Company LLC and The California Wellbeing
Institute, LLC, (x) after the issuance thereof, the Equity Interests of each of
the Unrestricted Wellbeing Joint Ventures, (y) Intercompany Notes evidencing
intercompany loans permitted to be made by Holdings pursuant to Section 9.05 and
(z) immaterial assets used for the performance of those activities permitted to
be performed by Holdings pursuant to Section 9.01(b)) or liabilities (other than
under this Agreement and the other Documents (including the ABL Credit
Documents) to which it is a party (including the Wellbeing Project Financing
Documents), those liabilities permitted to be incurred by Holdings pursuant to
Section 9.01(b) and, as and when issued from time to time in accordance with the
terms of this Agreement, under Shareholder Subordinated Notes).

                                      -81-

<PAGE>

          (b) The Bermuda Partnership has no significant assets (other than
Equity Interests of its Subsidiaries and the immaterial assets used for the
performance of those activities permitted to be performed by it pursuant to
Section 9.01(c)) or liabilities (other than under this Agreement and the other
Credit Documents to which it is a party and those liabilities permitted to be
incurred by it pursuant to Section 9.01(c)); provided that notwithstanding the
foregoing, the Bermuda Partnership shall be permitted to (i) provide treasury,
accounting, logistic and other administrative support services to its Affiliates
on an arm's length basis and hold and retain cash earned in connection with the
provision of such services and (ii) receive and hold additional cash and Cash
Equivalents from its Subsidiaries and/or Affiliates, so long as, in the case of
this clause (ii), same are promptly (and in any event within one Business Day of
receipt thereof) loaned, distributed and/or contributed, subject to Section
9.01(d), to its Subsidiaries and/or Affiliates in accordance with the
requirements of Section 9.05 of this Agreement.

          (c) Intermediate Holdco has no significant assets (other than the
Equity Interests of the U.S. Borrower and Corporate Holdco, Intercompany Notes
evidencing intercompany loans permitted to be made by Intermediate Holdco
pursuant to Section 9.05 and immaterial assets used for the performance of those
activities permitted to be performed by Intermediate Holdco pursuant to Section
9.01(j)) or liabilities (other than under this Agreement and the other Documents
to which it is a party (including the Intermediate Holdco Credit Documents and
the ABL Credit Documents) and those liabilities permitted to be incurred by
Intermediate Holdco pursuant to Section 9.01(j)).

          (d) Corporate Holdco has no significant assets (other than immaterial
assets used for the performance of those activities permitted to be performed by
Corporate Holdco pursuant to Section 9.01(k)) or liabilities (other than under
this Agreement and the other Documents to which it is a party (including the
Intermediate Holdco Credit Documents and the ABL Credit Documents) and those
liabilities permitted to be incurred by Corporate Holdco pursuant to Section
9.01(k)).

          7.25 Subordination. (a) The subordination provisions contained in the
Existing Senior Notes Documents and, on and after the execution and delivery
thereof, the Permitted Senior Notes Documents and the Permitted Refinancing
Senior Notes Documents are enforceable against (i) the U.S. Subsidiary
Guarantors party thereto, (ii) in the case of any Permitted Senior Notes
Document or Permitted Refinancing Senior Notes Document providing for
subordination of the U.S. Borrower's obligations thereunder, the U.S. Borrower
and (iii) the holders of the Existing Senior Notes, the Permitted Senior Notes
or the Permitted Refinancing Senior Notes, as the case may be. All Guaranteed
Obligations (as defined in the U.S. Subsidiaries Guaranty) of the U.S.
Subsidiary Guarantors and, in the case of any Permitted Senior Notes Document or
Permitted Refinancing Senior Notes Document providing for subordination of the
U.S. Borrower's obligations thereunder, all Obligations of the Borrower under
the Credit Documents to which it is a party, are within the definitions of
"Guarantor Senior Debt" and "Designated Guarantor Senior Debt" or "Senior Debt"
and "Designated Senior Debt", as applicable, included in such subordination
provisions.

          (b) On and after the execution and delivery of the Shareholder
Subordinated Notes, the subordination provisions contained therein will be
enforceable against Holdings and the holders of the Shareholder Subordinated
Notes, and all Obligations of Holdings hereunder

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<PAGE>

and under the other Credit Documents to which it is a party are within the
definitions of "Senior Debt" included in such subordination provisions.

          Section 8. Affirmative Covenants. Each Credit Agreement Party hereby
covenants and agrees that as of the Restatement Effective Date and thereafter
for so long as this Agreement is in effect and until the Total Commitment and
all Letters of Credit and Bank Guaranties have been terminated, and the Loans,
Notes and Unpaid Drawings and Unreimbursed Payments, together with interest,
Fees and all other Obligations (other than any indemnities described in Section
13.13 which are not then due and payable) incurred hereunder, are paid in full:

          8.01 Information Covenants. Holdings or the U.S. Borrower will
furnish, or will cause to be furnished, to the Administrative Agent (who shall
furnish to each Lender):

          (a) Quarterly Financial Statements. Within 3 Business Days following
     the 45th day after the close of the first three quarterly accounting
     periods in each Fiscal Year of the U.S. Borrower, (i) (x) the consolidated
     balance sheet of the U.S. Borrower and its Consolidated Subsidiaries as at
     the end of such quarterly accounting period and the related consolidated
     statements of income and of cash flows for such quarterly accounting period
     and for the elapsed portion of the Fiscal Year ended with the last day of
     such quarterly accounting period, in each case setting forth comparative
     figures for the corresponding quarterly accounting period in the prior
     Fiscal Year and the budgeted figures for such quarterly period as set forth
     in the respective financial projections theretofore delivered pursuant to
     Section 8.01(c), (y) the consolidated balance sheet of each Business
     Segment as at the end of such quarterly accounting period and the related
     consolidated statement of income of such Business Segment for such
     quarterly accounting period and for the elapsed portion of the Fiscal Year
     ended with the last day of such quarterly accounting period, in each case
     setting forth comparative figures for the corresponding quarterly
     accounting period in the prior Fiscal Year, and (z) the consolidated
     balance sheets of the U.S. Dole Group and the Non-U.S. Dole Group as at the
     end of such quarterly accounting period and the related consolidated
     statements of income of each such group for such quarterly accounting
     period and for the elapsed portion of the Fiscal Year ended with the last
     day of such quarterly accounting period, all of the foregoing of which
     shall be in reasonable detail and, in the case of the financial statements
     described in subclause (x) above, be certified by the senior financial
     officer or other Authorized Officer of Holdings or the U.S. Borrower that
     they fairly present in all material respects in accordance with U.S. GAAP
     the financial condition of the U.S. Borrower and its Consolidated
     Subsidiaries as of the dates indicated and the results of their operations
     and/or changes in their cash flows for the periods indicated, subject to
     normal year-end audit adjustments and the absence of footnotes and (ii)
     management's discussion and analysis of the important operational and
     financial developments during such quarterly accounting period; provided,
     however, that for any quarterly accounting period for which the U.S.
     Borrower has filed a Form 10-Q Report with the SEC and the Chief Financial
     Officer or other Authorized Officer of Holdings has delivered to the
     Administrative Agent a certificate certifying that the Parent Business
     Condition has been satisfied for such quarterly accounting period, the
     furnishing of (I) the U.S. Borrower's Form 10-Q Report filed with the SEC
     for such quarterly accounting period and (II) the

                                      -83-

<PAGE>

     consolidated balance sheet of each Business Segment as at the end of such
     quarterly accounting period and the related consolidated statement of
     income of such Business Segment for such quarterly accounting period, shall
     satisfy the requirements of subclause (i) and (ii) of this Section 8.01(a).

          (b) Annual Financial Statements. Within 3 Business Days following the
     90th day after the close of each Fiscal Year of the U.S. Borrower (or, in
     the case of the Fiscal Year of the U.S. Borrower ended December 31, 2005,
     on the date on which the Credit Agreement Parties shall have filed a Form
     10-K Report with the SEC for such Fiscal Year (and, in any event, no later
     than April 28, 2006)), (i) (x) the consolidated balance sheet of the U.S.
     Borrower and its Consolidated Subsidiaries as at the end of such Fiscal
     Year and the related consolidated statements of income and stockholders'
     equity and of cash flows for such Fiscal Year and setting forth comparative
     consolidated figures for the preceding Fiscal Year and comparable budgeted
     figures for such Fiscal Year as set forth in the respective financial
     projections delivered pursuant to Section 8.01(c), (y) the consolidated
     balance sheet of each Business Segment as at the end of such Fiscal Year
     and the related consolidated statements of income of each Business Segment
     for such Fiscal Year and setting forth comparative consolidated figures for
     the preceding Fiscal Year and (z) the consolidated balance sheet of each of
     the U.S. Dole Group and the Non-U.S. Dole Group as at the end of such
     Fiscal Year and the related consolidated statements of income of each such
     group for such Fiscal Year and setting forth comparative consolidated
     figures for the preceding Fiscal Year, (ii) in the case of the financial
     statements referred to in subclause (i)(x) above (except for such
     comparable budgeted figures), together with a certification by Deloitte &
     Touche LLP or such other independent certified public accountants of
     recognized national standing as shall be acceptable to the Administrative
     Agent, in each case to the effect that (I) such statements fairly present
     in all material respects the financial condition of the U.S. Borrower and
     its Consolidated Subsidiaries as of the dates indicated and the results of
     their operations and changes in financial position for the periods
     indicated in conformity with U.S. GAAP applied on a basis consistent with
     prior years and (II) in the course of its regular audit of the business of
     the U.S. Borrower and its Consolidated Subsidiaries, which audit was
     conducted in accordance with U.S. GAAP (and made without qualification or
     expression of uncertainty, in each case as to going concern), no Default or
     Event of Default which has occurred and is continuing has come to their
     attention or, if such a Default or an Event of Default has come to their
     attention, a statement as to the nature thereof and (iii) management's
     discussion and analysis of the important operational and financial
     developments during such Fiscal Year; provided, however, that for any
     Fiscal Year for which the U.S. Borrower has filed a Form 10-K Report with
     the SEC and the Chief Financial Officer or other Authorized Officer of
     Holdings has delivered to the Administrative Agent a certificate (x)
     certifying that the Parent Business Condition has been satisfied during
     such Fiscal Year and (y) setting forth the aggregate amount of Dividends
     paid to Intermediate Holdco by the U.S. Borrower during such Fiscal Year
     pursuant to Sections 9.06(iii), (iv), (v) and (ix), the furnishing of (I)
     the U.S. Borrower's Form 10-K Report filed with the SEC for such Fiscal
     Year and (II) the consolidated balance sheet of each Business Segment as at
     the end of such Fiscal Year and the related consolidated statement of
     income of such Business Segment for such Fiscal Year, shall satisfy the
     requirements of subclause (i) and (iii) of this Section 8.01(b).

                                      -84-

<PAGE>

          (c) Financial Projections, etc. Not more than 60 days after the
     commencement of each Fiscal Year of the U.S. Borrower, financial
     projections in form reasonably satisfactory to the Administrative Agent
     (including projected statements of income, sources and uses of cash and
     balance sheets, taking into account any Significant Asset Sales intended to
     be consummated during such Fiscal Year) prepared by the U.S. Borrower (i)
     for each of the four Fiscal Quarters of such Fiscal Year prepared in detail
     and (ii) for each of the immediately succeeding two Fiscal Years prepared
     in summary form, in each case, on a consolidated basis, for the U.S.
     Borrower and its Consolidated Subsidiaries and setting forth, with
     appropriate discussion, the principal assumptions upon which such financial
     projections are based.

          (d) Officer's Certificates. At the time of the delivery of the
     financial statements provided for in Sections 8.01(a) and (b) for each
     Fiscal Year ended on or after the Restatement Effective Date, a certificate
     of the Chief Financial Officer or other Authorized Officer of the U.S.
     Borrower to the effect that no Default or Event of Default exists or, if
     any Default or Event of Default does exist, specifying the nature and
     extent thereof, which certificate shall (i) if delivered in connection with
     the financial statements required by Section 8.01(a) or (b), set forth in
     reasonable detail (x) the calculations required to establish whether
     Holdings and its Subsidiaries were in compliance with the provisions of
     Sections 3.03(e) and (f), 4.02, 9.02, 9.04, 9.05 and 9.06 and (y) the
     calculation of the Senior Secured Leverage Ratio as at the last day of the
     respective Fiscal Quarter or Fiscal Year of the U.S. Borrower, as the case
     may be, (ii) if delivered with the financial statements required by Section
     8.01(b), set forth in reasonable detail (x) the amount of (and the
     calculations required to establish the amount of) Excess Cash Flow and
     Adjusted Excess Cash Flow for the respective Excess Cash Flow Payment
     Period, (y) the amount required to be paid pursuant to Section 4.02(f) on
     the relevant Excess Cash Payment Date and (z) the calculation of the Total
     Leverage Ratio as at the last day of the respective Fiscal Year of the U.S.
     Borrower, and (iii) certify that there have been no changes to Annexes A
     through G of the U.S. Security Agreement, Annexes A through G of the U.S.
     Pledge Agreement and the annexes or schedules to any other Security
     Document, in each case since the Restatement Effective Date or, if later,
     since the date of the most recent certificate delivered pursuant to this
     Section 8.01(d), or if there have been any such changes, a list in
     reasonable detail of such changes (but, in each case with respect to this
     clause (iii), only to the extent that such changes are required to be
     reported to the Collateral Agent pursuant to the terms of such Security
     Documents) and whether the Credit Agreement Parties and the other Credit
     Parties have otherwise taken all actions required to be taken by them
     pursuant to such Security Documents in connection with any such changes.

          (e) Notice of Default or Litigation. Promptly, and in any event within
     five Business Days after a Senior Officer obtains knowledge thereof, notice
     of (i) the occurrence of any event which constitutes a Default or an Event
     of Default, which notice shall specify the nature and period of existence
     thereof and what action Holdings or such Subsidiary proposes to take with
     respect thereto, (ii) any litigation or proceeding pending or threatened
     (x) against Holdings or any of its Subsidiaries which has had, or could
     reasonably be expected to have, a Material Adverse Effect or (y) with
     respect to any ABL Credit Document, any Existing Senior Notes Document, any
     Intermediate Holdco Credit

                                      -85-

<PAGE>

     Document, any Wellbeing Project Financing Document or, on and after the
     execution and delivery thereof, any Permitted Senior Notes Document or any
     Permitted Refinancing Senior Notes Document, (iii) any Material
     Governmental Investigation pending or threatened against Holdings or any of
     its Subsidiaries and (iv) any other event, change or circumstance which has
     had, or could reasonably be expected to have, a Material Adverse Effect.

          (f) Management Letters. Promptly upon receipt thereof, a copy of any
     "management letter" submitted to Holdings or any of its Subsidiaries by its
     independent accountants in connection with any annual, interim or special
     audit made by them of the financial statements of Holdings or any of its
     Subsidiaries and management's responses thereto.

          (g) Environmental Matters. Within five Business Days after a Senior
     Officer obtains knowledge of any of the following (but only to the extent
     that any of the following, either individually or in the aggregate, has
     had, or could reasonably be expected to have, (a) a Material Adverse Effect
     or (b) a remedial cost to Holdings or any of its Subsidiaries in excess of
     $15,000,000), written notice of:

               (i) any pending or threatened Environmental Claim against
          Holdings or any of its Subsidiaries or any Real Property owned, leased
          or operated by Holdings or any of its Subsidiaries;

               (ii) any condition or occurrence on any Real Property owned,
          leased or operated by Holdings or any of its Subsidiaries that (x)
          results in noncompliance by Holdings or any of its Subsidiaries with
          any applicable Environmental Law or (y) could reasonably be
          anticipated to form the basis of an Environmental Claim against
          Holdings or any of its Subsidiaries or any such Real Property;

               (iii) any condition or occurrence on any Real Property owned,
          leased or operated by Holdings or any of its Subsidiaries that could
          reasonably be anticipated to cause such Real Property to be subject to
          any restrictions on the ownership, lease, occupancy, use or
          transferability by Holdings or such Subsidiary, as the case may be, of
          its interest in such Real Property under any Environmental Law; and

               (iv) the taking of any removal or remedial action in response to
          the actual or alleged presence of any Hazardous Material on any Real
          Property owned, leased or operated by Holdings or any of its
          Subsidiaries.

     All such notices shall describe in reasonable detail the nature of the
     claim, investigation, condition, occurrence or removal or remedial action
     and Holdings' response or proposed response thereto. In addition, the U.S
     Borrower agrees to provide the Lenders (by delivery to the Administrative
     Agent) with copies of such detailed reports relating to any of the matters
     set forth in clauses (i)-(iv) above as may reasonably be requested by the
     Administrative Agent or any Lender.

                                      -86-

<PAGE>

          (h) Reports. Within 3 Business Days following transmission thereof,
     copies of any filings and registrations with, and reports to, the SEC by
     Holdings or any of its Subsidiaries and copies of all financial statements,
     proxy statements, notices and reports as Holdings or any of its
     Subsidiaries shall send generally to the holders of Indebtedness or
     (following the public issuance of Equity Interests of Holdings or any of
     its Subsidiaries) their Equity Interests in their capacity as such holders
     (to the extent not theretofore delivered to the Lenders pursuant to this
     Agreement).

          (i) New Subsidiaries; etc. Within 3 Business Days after the 45th day
     following the close of each of the first three Fiscal Quarters of each
     Fiscal Year of Holdings and within 3 Business Days after the 45th day
     following the close of each Fiscal Year of Holdings, (w) a list showing
     each Material Foreign Subsidiary of Holdings which has not theretofore
     become party to the Foreign Subsidiaries Guaranty or any Security Document,
     (x) a list showing each Subsidiary of Holdings established, created or
     acquired during the respective Fiscal Quarter or Fiscal Year (and
     specifying whether such Subsidiary is a Material Foreign Subsidiary), and
     each Subsidiary which has had any Equity Interests transferred during the
     respective Fiscal Quarter or Fiscal Year (in each case describing in
     reasonable detail the respective transfer of Equity Interests), in each
     case naming the direct owner of all Equity Interests in such Subsidiary and
     describing such Equity Interests in reasonable detail, and certifying that
     each such Subsidiary, and each Credit Party which owns any Equity Interests
     therein, has taken all actions, if any, required pursuant to Sections 8.11
     and 9.11 and the relevant Security Documents and certifying Holdings'
     compliance with the provisions of Section 8.18, (y) a list of each Domestic
     Subsidiary of Holdings, if any, which has not been transferred to Holdings
     or one or more Qualified U.S. Obligors pursuant to the requirements of
     Section 8.18(a) (by virtue of the first proviso to the second sentence of
     said Section 8.18(a)), and specifically stating the reasons therefor and
     (z) a list of each Foreign Subsidiary organized under any Qualified
     Non-U.S. Jurisdiction, if any, which has not been transferred to one or
     more Qualified Non-U.S. Obligors pursuant to the requirements of Section
     8.18(b) (by reason of the first proviso to the first sentence of said
     Section 8.18(b)), and specifically stating the reasons therefor.

          (j) Annual Meetings with Lenders. At the request of the Administrative
     Agent, Holdings shall, within 120 days after the close of each Fiscal Year
     of the U.S. Borrower, hold a meeting (which may be by conference call or
     teleconference), at a time and place selected by Holdings and reasonably
     acceptable to the Administrative Agent, with all of the Lenders that choose
     to participate, to review the financial results of the previous Fiscal Year
     and the financial condition of the U.S. Borrower and its Subsidiaries and
     the budgets presented for the current Fiscal Year of the U.S. Borrower and
     its Subsidiaries.

          (k) Notice of Commitment Reductions and Mandatory Repayments. On or
     prior to the date of any reduction to Commitments or any mandatory
     repayment of outstanding Term Loans pursuant to Sections 4.02(c) through
     (f), inclusive, Holdings or the U.S. Borrower shall provide written notice
     of the amount of the respective reduction or repayment, as the case may be,
     to the Commitments or the outstanding Term Loans, as applicable, and the
     calculations therefor (in reasonable detail).

                                      -87-
<PAGE>

          (l) Hedging Agreements. At the time of the delivery of the financial
     statements provided for in Section 8.01(b), a schedule of all Interest Rate
     Protection Agreements and Other Hedging Agreements entered into by Holdings
     or any of its Subsidiaries with any Lender and/or any of its affiliates.

          (m) Other Information. From time to time, such other information or
     documents (financial or otherwise) with respect to Holdings or its
     Subsidiaries as the Administrative Agent or any Lender may reasonably
     request; provided that the tax opinion delivered by Deloitte & Touche LLP
     referenced in Section 8.01(n) of the Original Credit Agreement shall only
     be made available for review by any Lender requesting same at the
     headquarters of Holdings.

          (n) Compliance with Section 13.27. On or prior to the 90th day after
     the Restatement Effective Date (or such later date as the Administrative
     Agent shall determine), an appropriate officer in the legal department of
     Holdings or the U.S. Borrower shall provide a written certification of
     compliance with all post-closing requirements set forth in Section 13.27
     (including those actions required pursuant to Schedule XVIII), specifically
     listing any items where such compliance has not yet occurred (and, with
     respect to any such items where compliance has not yet occurred, stating
     the time frame in which it is expected that such actions shall be taken and
     the reasons such actions have not been completed). Without excusing any
     failure to comply with Section 13.27, if the certification provided above
     does not establish complete compliance with all requirements of Section
     13.27 (and Schedule XVIII), Holdings or the U.S. Borrower shall cause an
     appropriate officer in its legal department to furnish monthly updates
     thereafter, in each case showing in reasonable detail all compliances (and
     any non-compliances) with the requirements of Section 13.27. Such
     certifications shall no longer be required after the date upon which
     Holdings or the U.S. Borrower certifies that all actions required be taken
     pursuant to Section 13.27 (and Schedule XVIII) have been completed.

          8.02 Books, Records and Inspections. Each Credit Agreement Party will,
and will cause each of its Subsidiaries to, keep proper books of record and
accounts in which full, true and correct entries which permit the preparation of
financial statements in accordance with U.S. GAAP and which conform to all
requirements of law, shall be made of all dealings and transactions in relation
to its business and activities. Each Credit Agreement Party will, and will cause
each of its Subsidiaries to, permit officers and designated representatives of
any Agent or, if any Specified Default or any Event of Default then exists, any
Lender, to visit and inspect, under guidance of officers of such Credit
Agreement Party or such Subsidiary, any of the properties of such Credit
Agreement Party or such Subsidiary, and to examine the books of account of such
Credit Agreement Party or such Subsidiary and discuss the affairs, finances and
accounts of such Credit Agreement Party or such Subsidiary with, and be advised
as to the same by, its and their officers and independent accountants, all upon
reasonable prior notice and at such reasonable times and intervals and to such
reasonable extent as such Agent or such Lender may reasonably request.

          8.03 Insurance. (a) Each Credit Agreement Party will, and will cause
each of its Subsidiaries to, (i) maintain, with financially sound and reputable
insurance companies,

                                      -88-

<PAGE>

insurance on all its property in at least such amounts and against at least such
risks as is consistent and in accordance with industry practice and (ii) furnish
to the Administrative Agent, upon request by the Administrative Agent or any
Lender, full information as to the insurance carried. Such insurance shall in
any event include physical damage insurance on all real and personal property
(whether now owned or hereafter acquired) on an all risk basis and business
interruption insurance.

          (b) Each Credit Agreement Party will, and will cause each of its
Subsidiaries to, at all times keep the respective property of such Credit
Agreement Party and its Subsidiaries insured in favor of the Collateral Agent,
and all policies or certificates with respect to such insurance (and any other
insurance maintained by, or on behalf of, any Credit Agreement Party or any of
its Subsidiaries) (i) shall be endorsed to the Collateral Agent's satisfaction
for the benefit of the Collateral Agent (including, without limitation, by
naming the Collateral Agent as certificate holder, mortgagee and loss payee with
respect to real property, certificate holder and loss payee with respect to
personal property, additional insured with respect to general liability and
umbrella liability coverage and certificate holder with respect to workers'
compensation insurance), (ii) shall state that such insurance policies shall not
be canceled or materially changed without at least 30 days' prior written notice
thereof by the respective insurer to the Collateral Agent and (iii) shall be
deposited with the Collateral Agent.

          (c) If any Credit Agreement Party or any of its Subsidiaries shall
fail to maintain all insurance in accordance with this Section 8.03, or if any
Credit Agreement Party or any of its Subsidiaries shall fail to so name the
Collateral Agent as an additional insured, mortgagee or loss payee, as the case
may be, or so deposit all certificates with respect thereto, the Administrative
Agent and/or the Collateral Agent shall have the right (but shall be under no
obligation), upon ten Business Days' notice to Holdings or the U.S. Borrower, to
procure such insurance, and the Credit Agreement Parties agree jointly and
severally to reimburse the Administrative Agent or the Collateral Agent, as the
case may be, for all costs and expenses of procuring such insurance.

          8.04 Payment of Taxes. Each Credit Agreement Party will pay and
discharge, and will cause each of its Subsidiaries to pay and discharge, all
taxes, assessments and governmental charges or levies imposed upon it or upon
its income or profits, or upon any properties belonging to it, in each case on a
timely basis, and all lawful claims which, if unpaid, might become a lien or
charge upon any properties of the Credit Agreement Parties or any of their
Subsidiaries not otherwise permitted under Section 9.03(i); provided that no
Credit Agreement Party or any of its Subsidiaries shall be required to pay any
such tax, assessment, charge, levy or claim which is being contested in good
faith and by proper proceedings if it has maintained adequate reserves with
respect thereto in accordance with U.S. GAAP.

          8.05 Existence; Franchises. Each Credit Agreement Party will do, and
will cause each of its Subsidiaries to do, or cause to be done, all things
necessary to preserve and keep in full force and effect its existence and its
material rights, franchises, authorities to do business, licenses,
certifications, accreditations and patents; provided, however, that nothing in
this Section 8.05 shall prevent (i) sales of assets and other transactions by
Holdings or any of its Subsidiaries in accordance with Section 9.02, (ii) the
withdrawal by Holdings or any of its Subsidiaries of its qualification as a
foreign corporation, partnership or limited liability company,

                                      -89-

<PAGE>

as the case may be, in any jurisdiction where such withdrawal could not, either
individually or in the aggregate, reasonably be expected to have a Material
Adverse Effect or (iii) the dissolution of the Excluded Domestic Subsidiary or
any Excluded Foreign Subsidiary.

          8.06 Compliance with Statutes; etc. (a) Each Credit Agreement Party
will, and will cause each of its Subsidiaries to, comply with all applicable
statutes, regulations and orders of, and all applicable restrictions imposed by,
all governmental bodies, domestic or foreign, in respect of the conduct of its
business and the ownership of its property, except for such noncompliances as,
individually or in the aggregate, have not had, and could not reasonably be
expected to have, individually or in the aggregate, a Material Adverse Effect.

          (b) Within 5 Business Days after each Credit Agreement Party is
required by applicable law, statute, rule or regulation, such Credit Agreement
Party shall file (or cause to be filed) with the SEC all reports, financial
information and certifications required by applicable law, statute, rule or
regulation.

          8.07 Compliance with Environmental Laws. (a) (i) Each Credit Agreement
Party will comply, and will cause each of its Subsidiaries to comply, in all
material respects with all Environmental Laws applicable to the ownership or use
of its Real Property and vessels now or hereafter owned, leased or operated by
such Credit Agreement Party or any of its Subsidiaries, will promptly pay or
cause to be paid all costs and expenses incurred in connection with such
compliance, and will keep or cause to be kept all such Real Property and vessels
free and clear of any Liens imposed pursuant to such Environmental Laws and (ii)
neither any Credit Agreement Party nor any of its Subsidiaries will generate,
use, treat, store, Release or dispose of, or permit the generation, use,
treatment, storage, Release or disposal of, Hazardous Materials on any Real
Property or vessels owned, leased or operated by such Credit Agreement Party or
any of its Subsidiaries, or transport or permit the transportation of Hazardous
Materials to or from any such Real Property, except as required in the ordinary
course of business of Holdings and its Subsidiaries as conducted on the Original
Effective Date and as allowed by (and in compliance with) applicable law or
regulation and except for any failures to comply with the requirements specified
in clause (i) or (ii) above, which, either individually or in the aggregate,
have not had, and could not reasonably be expected to have, a Material Adverse
Effect. If Holdings or any of its Subsidiaries, or any tenant or occupant of any
Real Property or vessel owned, leased or operated by Holdings or any of its
Subsidiaries, causes or permits any intentional or unintentional act or omission
resulting in the presence or Release of any Hazardous Material (except in
compliance with applicable Environmental Laws), each Credit Agreement Party
agrees to undertake, and/or to cause any of its Subsidiaries, tenants or
occupants to undertake, at their sole expense, any clean up, removal, remedial
or other action required pursuant to Environmental Laws to remove and clean up
any Hazardous Materials from any Real Property or vessel except where the
failure to do so has not had, and could not reasonably be expected to have, a
Material Adverse Effect.

          (b) At the written request of the Administrative Agent or the Required
Lenders, which request shall specify in reasonable detail the basis therefor
(which may not simply be a desire for periodic review), at any time and from
time to time, the Credit Agreement Parties will provide, at their sole cost and
expense, an environmental site assessment report concerning any Real Property
now or hereafter owned, leased or operated by Holdings or any of

                                      -90-

<PAGE>

its Subsidiaries, prepared by an environmental consulting firm reasonably
approved by the Administrative Agent, addressing the matters which gave rise to
such request and estimating the potential costs of any removal, remedial or
other corrective action in connection with any such matter. If a Credit
Agreement Party fails to provide the same within 45 days after such request was
made, the Administrative Agent may order the same, and the Credit Agreement
Parties shall grant and hereby do grant, to the Administrative Agent and the
Lenders and their agents, access to such Real Property and specifically grant
the Administrative Agent and the Lenders and their agents an irrevocable
non-exclusive license, subject to the right of tenants, to undertake such an
assessment, all at the Credit Agreement Parties' joint and several expense.

          8.08 ERISA. As soon as possible and, in any event, within twenty (20)
Business Days after Holdings, any Subsidiary of Holdings or any ERISA Affiliate
knows or has reason to know of the occurrence of any of the following, Holdings
will deliver to the Administrative Agent written notice of the chief financial
officer, vice president of human resources or other Authorized Officer of the
U.S. Borrower setting forth, to the extent known, and in reasonable detail, such
occurrence and the action, if any, that Holdings, such Subsidiary or such ERISA
Affiliate is required or proposes to take, together with any notices required or
proposed to be given to or filed by Holdings, such Subsidiary, the Plan
administrator or such ERISA Affiliate to or with, the PBGC or any other
governmental agency, or a Plan or Multiemployer Plan participant, and any
notices received by Holdings, such Subsidiary or ERISA Affiliate from the PBGC
or other governmental agency or a Plan or Multiemployer Plan participant or the
Plan administrator with respect thereto: that a Reportable Event has occurred
(except to the extent that Holdings has previously delivered to the
Administrative Agent a notice (if any) concerning such event pursuant to the
next clause hereof); that a contributing sponsor (as defined in Section
4001(a)(13) of ERISA) of a Plan subject to Title IV of ERISA is subject to the
advance reporting requirement of PBGC Regulation Section 4043.61 (without regard
to subparagraph (b)(1) thereof), and an event described in subsection .62, .63,
..64, .65, .66, .67 or .68 of PBGC Regulation Section 4043 is reasonably expected
to occur with respect to such Plan within the following 30 days; that an
accumulated funding deficiency, within the meaning of Section 412 of the Code or
Section 302 of ERISA, has been incurred or an application may be or has been
made for a waiver or modification of the minimum funding standard (including any
required installment payments) or an extension of any amortization period under
Section 412 of the Code or Section 303 or 304 of ERISA with respect to a Plan;
that any contribution required to be made with respect to a Plan or
Multiemployer Plan or Foreign Pension Plan has been made more than sixty (60)
days late; that a Plan or Multiemployer Plan has been or may be involuntarily
terminated, reorganized, partitioned or declared insolvent under Title IV of
ERISA; that a Plan or Multiemployer Plan has a material Unfunded Current
Liability; that involuntary proceedings may be or have been instituted to
terminate or appoint a trustee to administer a Plan which is subject to Title IV
of ERISA; that an involuntary proceeding has been instituted pursuant to Section
515 of ERISA to collect a delinquent contribution to a Plan or Multiemployer
Plan; that Holdings, any Subsidiary of Holdings or any ERISA Affiliate will or
may incur any material liability (including any indirect, contingent, or
secondary liability) to or on account of the termination of or withdrawal from a
Plan or Multiemployer Plan under Section 4062, 4063, 4064, 4069, 4201, 4204 or
4212 of ERISA or with respect to a Plan or Multiemployer Plan under Section
401(a)(29), 4971, 4975 or 4980 of the Code or Section 409 or 502(i) or 502(l) of
ERISA or with respect to a group health plan (as defined in Section 607(1) of
ERISA or Section 4980B(g)(2) of the Code) under Section 4980B of the Code; or
that Holdings

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or any Subsidiary of Holdings may incur any liability pursuant to any employee
welfare benefit plan (as defined in Section 3(1) of ERISA) that provides
benefits to retired employees or other former employees (other than as required
by Section 601 of ERISA) or any Plan or any Foreign Pension Plan in addition to
the liability that existed on the Restatement Effective Date pursuant to any
such plan or plans by an amount that would be material to Holdings or any
Subsidiary of Holdings. To the extent that the financial statements set forth
with particularity a liability for which notice would otherwise be required to
be given hereunder, a separate notice thereof shall not be required hereunder.
At the request of the Administrative Agent, Holdings and the U.S. Borrower will
deliver to the Administrative Agent copies of any records, documents or other
information that must be furnished to the PBGC with respect to any Plan pursuant
to Section 4010 of ERISA. Holdings and the U.S. Borrower will also deliver upon
written request to the Administrative Agent a complete copy of the annual report
(on Internal Revenue Service Form 5500-series) of each Plan (including, to the
extent required, the related financial and actuarial statements and opinions and
other supporting statements, certifications, schedules and information) required
to be filed with the Internal Revenue Service. In addition to any notices
delivered to the Administrative Agent pursuant to the first sentence hereof,
copies of annual reports and any records, documents or other information
required to be furnished to the PBGC or any other government agency, and any
material notices received by Holdings, any Subsidiary of Holdings or any ERISA
Affiliate with respect to any Plan or Foreign Pension Plan or received from any
government agency or plan administrator or sponsor or trustee with respect to
any Multiemployer Plan, shall, upon request of the Administrative Agent, be
delivered to the Administrative Agent no later than twenty (20) Business Days
after the date of such request. Holdings and each of its applicable Subsidiaries
shall ensure that all Foreign Pension Plans administered by it or into which it
makes payments obtain or retain (as applicable) registered status under and as
required by applicable law and is administered in a timely manner in all
respects in compliance with all applicable laws except where the failure to do
any of the foregoing has not had, and could not reasonably be expected to have,
a Material Adverse Effect.

          8.09 Good Repair. Each Credit Agreement Party will, and will cause
each of its Subsidiaries to, ensure that its material properties and equipment
required to be used in its business are kept in reasonably good repair, working
order and condition, ordinary wear and tear excepted, and that from time to time
there are made in such properties and equipment all needful and proper repairs,
renewals, replacements, extensions, additions, betterments and improvements
thereto, to the extent and in the manner useful or customary for companies in
similar businesses.

          8.10 End of Fiscal Years; Fiscal Quarters. Each Credit Agreement Party
will cause (i) each of its, and each of its Subsidiaries', fiscal years to end
on the Saturday closest to December 31 of each calendar year and (ii) each of
its, and each of its Subsidiaries', fiscal quarters to end on the last day of
each period described in the definition of "Fiscal Quarter"; provided that
Foreign Subsidiaries of Holdings (other than the Bermuda Borrower and the
Bermuda Partnership) shall not be required to maintain the fiscal year and
fiscal quarter ends described above if it is not practicable for such Foreign
Subsidiary to maintain same as a result of foreign statutes, rules or law
applicable to such Foreign Subsidiary.

          8.11 Additional Security; Additional Guaranties; Actions with Respect
to Non-Guarantor Subsidiaries; Further Assurances. (a) Each Credit Agreement
Party will, and will cause its Subsidiaries which are Credit Agreement Parties
or Subsidiary Guarantors to, grant

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to the Collateral Agent security interests and mortgages (each, an "Additional
Mortgage") in: (i) each vessel acquired by such Person after the Initial
Borrowing Date and having a value (for such purpose, using the initial purchase
price paid by such Person for such vessel) in excess of $5,000,000, (ii) such
fee-owned (or the equivalent) Real Property acquired by such Person after the
Initial Borrowing Date and having a value (for such purpose, using the initial
purchase price paid by such Person for such Real Property) in excess of
$10,000,000 which is not covered by the original Mortgages or Foreign Security
Agreements, as appropriate and (iii) such Leasehold Properties to which a
respective landlord has granted its consent to the delivery of a Mortgage over
such Leasehold Properties (each such Real Property referred to in preceding
clause (ii) and this clause (iii), an "Additional Mortgaged Property");
provided, however that if the aggregate value of all Second-Tier Material Real
Properties (for such purpose, using the initial purchase price paid by such
Person for the respective Second-Tier Material Real Property) acquired by such
Persons after the Initial Borrowing Date which are not then covered by Mortgages
or Foreign Security Agreements, as appropriate, equals or exceeds $20,000,000,
each Credit Agreement Party and each Subsidiary Guarantor shall grant to the
Collateral Agent security interests and mortgages in all such Second-Tier
Material Real Properties owned by any such Person which are not then covered by
Mortgages or Foreign Security Agreements, as appropriate (and not just those
required to reduce the aggregate value of all Second-Tier Material Real
Properties (determined as provided above) at such time below $20,000,000). All
such Additional Mortgages shall be granted pursuant to documentation
substantially in the form of a relevant existing Mortgage (or, in the case of
Additional Mortgaged Properties located in a jurisdiction outside the United
States, the relevant Foreign Security Agreement covering Real Property located
in such jurisdiction (if any) delivered to the Administrative Agent on the
Initial Borrowing Date) or in such other form as is reasonably satisfactory to
the Administrative Agent. All such Additional Mortgages shall constitute valid
and enforceable first priority perfected Liens, superior to and prior to the
rights of all third Persons and subject to no other Liens (except as are
permitted by Section 9.03), in favor of the Collateral Agent (or such other
trustee or sub-agent as may be required or desired under local law). The
Additional Mortgages or instruments related thereto shall be duly recorded or
filed in such manner and in such places as are required by law to create,
maintain, effect, perfect, preserve, maintain and protect the Liens in favor of
the Collateral Agent required to be granted pursuant to the Additional Mortgages
and all taxes, fees and other charges payable in connection therewith shall be
paid in full. Notwithstanding any "after-acquired property" covenant contained
in any Foreign Security Document requiring the grant of a mortgage in
"after-acquired" Real Property of any Foreign Credit Party in favor of the
Collateral Agent, no Foreign Credit Party shall be required to grant to the
Collateral Agent an Additional Mortgage in any Real Property of such Foreign
Credit Party acquired after the Initial Borrowing Date as otherwise required by
the respective Foreign Security Document unless and until the grant of such
Additional Mortgage would otherwise be required pursuant to the terms of this
Section 8.11(a).

          (b) Each Credit Agreement Party will, and will cause each of its
Subsidiaries to, at its own expense, make, execute, endorse, acknowledge, file
and/or deliver to the Collateral Agent from time to time such vouchers,
invoices, schedules, confirmatory assignments, confirmatory conveyances,
financing statements, transfer endorsements, confirmatory powers of attorney,
certificates, reports and other assurances or confirmatory instruments and take
such further steps relating to the Collateral covered by any of the Security
Documents as the Collateral Agent may reasonably require pursuant to this
Section 8.11. Furthermore, each Credit

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Agreement Party will cause to be delivered to the Collateral Agent such opinions
of counsel and other related documents as may be reasonably requested by the
Collateral Agent to assure itself that this Section 8.11 has been complied with.

          (c) Subject to the provisions of following clauses (g) and (h), if (w)
at any time any Domestic Subsidiary of Holdings is created, established or
acquired, such Subsidiary shall be required to execute and deliver counterparts
of the U.S. Subsidiaries Guaranty, the Intercompany Subordination Agreement, the
Intercreditor Agreement and such Security Documents as would have been entered
into by the respective Subsidiary if same had been a U.S. Subsidiary Guarantor
under the Original Credit Agreement on the Initial Borrowing Date (with
appropriate changes to reflect the amendment and restatement of this Agreement
on the Restatement Effective Date and any subsequent modification hereto), and
in each case shall take all action in connection therewith as would otherwise
have been required to be taken pursuant to Section 5 of the Original Credit
Agreement if such Subsidiary had been a U.S. Subsidiary Guarantor under the
Original Credit Agreement on the Initial Borrowing Date, (x) at any time any
Subsidiary of Holdings organized under the laws of any Qualified Non-U.S.
Jurisdiction is created, established or acquired, such Subsidiary shall be
required to execute and deliver counterparts of the Foreign Subsidiaries
Guaranty, the Intercompany Subordination Agreement and such Security Documents
as would have been entered into by the respective Subsidiary if same had been a
Foreign Subsidiary Guarantor under the Original Credit Agreement on the Initial
Borrowing Date (with appropriate changes to reflect the amendment and
restatement of this Agreement on the Restatement Effective Date and any
subsequent modification hereto) (determined in accordance with the criteria
described in Sections 5.15, 5.17 and 5.18(b) of the Original Credit Agreement),
and in each case shall take all action in connection therewith as would
otherwise have been required to be taken pursuant to Section 5 of the Original
Credit Agreement if such Subsidiary had been a Foreign Subsidiary Guarantor
under the Original Credit Agreement on the Initial Borrowing Date (with
appropriate changes to reflect the amendment and restatement of this Agreement
on the Restatement Effective Date and any subsequent modification hereto), (y)
at any time any Subsidiary of Holdings organized under the laws of any
Non-Qualified Jurisdiction in which a Foreign Subsidiary Guarantor under the
Original Credit Agreement was organized on the Initial Borrowing Date is
created, established or acquired, such Subsidiary shall be required to execute
and deliver counterparts of the Foreign Subsidiaries Guaranty and, in each case,
unless the Administrative Agent otherwise agrees based on advice of local
counsel, the Intercompany Subordination Agreement and such Security Documents as
would have been entered into by the respective Subsidiary if same had been a
Foreign Subsidiary Guarantor under the Original Credit Agreement organized under
the laws of such Non-Qualified Jurisdiction on the Initial Borrowing Date (with
appropriate changes to reflect the amendment and restatement of this Agreement
on the Restatement Effective Date and any subsequent modification hereto)
(determined in accordance with the criteria described in Sections 5.15, 5.17 and
5.18(b) of the Original Credit Agreement), and in each case shall take all
action in connection therewith as would otherwise have been required to be taken
pursuant to Section 5 of the Original Credit Agreement if such Subsidiary had
been a Foreign Subsidiary Guarantor under the Original Credit Agreement
organized under the laws of such Non-Qualified Jurisdiction on the Initial
Borrowing Date (with appropriate changes to reflect the amendment and
restatement of this Agreement on the Restatement Effective Date and any
subsequent modification hereto) and (z) if at any time after the Initial
Borrowing Date any jurisdiction is added to the list of Qualified Jurisdictions
in accordance with the definition thereof contained herein, then at the

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<PAGE>

time of such designation each Foreign Subsidiary of Holdings organized under the
laws of such Qualified Jurisdiction (with such exceptions as may be satisfactory
to the Administrative Agent or the Required Lenders) shall be required to become
a Foreign Subsidiary Guarantor and take all actions specified in preceding
clause (x). Furthermore, subject to the provisions of Section 8.11(h), the
Administrative Agent or the Required Lenders may at any time request that one or
more Subsidiaries of Holdings organized under the laws of one or more
jurisdictions which are not Qualified Jurisdictions become Foreign Subsidiary
Guarantors, in which case the Credit Agreement Parties shall cause each such
Subsidiary which has been specifically requested to become a Foreign Subsidiary
Guarantor to take all actions as are specified in clause (x) of the immediately
preceding sentence, provided that no Subsidiary of Holdings shall be required to
take such actions if, and to the extent that, based upon written advice of local
counsel reasonably satisfactory to the Administrative Agent, Holdings and/or
such Subsidiary concludes that the taking of such actions would violate the laws
of the jurisdiction in which the respective Subsidiary is organized, provided,
further, that if steps (such as limiting the amount guaranteed) can be taken so
that such violation would not exist, then if requested by the Administrative
Agent or the Required Lenders, the respective Subsidiary shall enter into a
modified Foreign Subsidiaries Guaranty which provides, to the maximum extent
permissible under applicable law, as many of the benefits as are provided
pursuant to the Foreign Subsidiaries Guaranty executed and delivered on the
Initial Borrowing Date as is possible.

          (d) In addition to the requirements contained in the Pledge
Agreements, each Credit Agreement Party agrees to pledge and deliver, or cause
to be pledged and delivered, all of the Equity Interests owned by any Credit
Party of each new Unrestricted Subsidiary of Holdings established or created
(and each Subsidiary of Holdings which becomes an Unrestricted Subsidiary) after
the Initial Borrowing Date to the Collateral Agent for the benefit of the
Secured Creditors pursuant to the Pledge Agreements, provided that, subject to
the provisions of Section 8.12, in the case of any Foreign Unrestricted
Subsidiary that is a corporation (or treated as such for U.S. tax purposes)
which is owned by a U.S. Credit Party, not more than 65% of the total
outstanding voting Equity Interests of such Person shall be required to be
pledged in support of such U.S. Credit Party's obligations (x) as a Borrower
under the Credit Agreement (in the case of the U.S. Borrower) or (y) under its
Guaranty in respect of the Obligations of the U.S. Borrower (in the case of the
other U.S. Credit Parties).

          (e) Following any request by the Administrative Agent or the Required
Lenders, Holdings or any of its Subsidiaries, shall, to the maximum extent
permitted by applicable law (but subject to the proviso to preceding Section
8.11(d), to the extent applicable), (x) grant security interests in such of
their Property (other than Excluded Collateral) as may be requested by the
Administrative Agent or the Required Lenders, as the case may be, in which
perfected security interests do not already exist pursuant to the Security
Documents theretofore executed and delivered and, in connection therewith, the
Credit Agreement Parties shall, or shall cause the relevant Subsidiaries of
Holdings to, execute and deliver counterparts of (and thereby become parties to)
the Intercreditor Agreement (in the case of any U.S. Credit Party), the
applicable Security Documents and/or Additional Security Documents, in each case
in form and substance reasonably satisfactory to the Administrative Agent, (y)
with respect to pledges of Equity Interests of, or promissory notes issued by,
Persons described in Section 13.19(a), take such action (including, without
limitation, the execution of Additional Security Documents, the making of
filings, etc.) under the local law of the Person whose Equity Interests or
promissory

                                      -95-

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notes are pledged as may be requested in order to create, preserve, protect or
perfect security interests in such Equity Interests and/or promissory notes
and/or (z) with respect to each Foreign Security Document described in Section
13.19(b), take such action (including, without limitation, amending, modifying
or supplementing such Foreign Security Document, etc.) under the local law of
each Credit Party party to such Foreign Security Document as may be requested to
effect the amendments, modifications and supplements contemplated in Section
13.19(b).

          (f) The security interests required to be granted pursuant to Sections
8.11(c), (d) and (e) shall be granted pursuant to the respective Security
Documents already executed and delivered by the Credit Parties (or other
security documentation substantially similar to such Security Documents or
otherwise reasonably satisfactory in form and substance to the Collateral Agent)
and shall constitute valid and enforceable first priority perfected security
interests (subject to the applicable provisions of the Intercreditor Agreement
in the case of security interests granted by any U.S. Credit Party) prior to the
rights of all third Persons and subject to no other Liens (other than Permitted
Liens). The Credit Agreement Parties shall (or shall cause their respective
Subsidiaries), (i) at their own expense, to (x) execute, acknowledge and
deliver, or cause the execution, acknowledgment and delivery of, and thereafter
register, file or record in any appropriate governmental office, any document or
instrument reasonably deemed by the Collateral Agent to be necessary or
desirable for the creation, perfection, maintenance, preservation and protection
of the Liens on its assets intended to be created pursuant to the relevant
Security Documents and (y) take all other actions reasonably requested by the
Collateral Agent (including, without limitation, the furnishing of legal
opinions) in connection with the granting of the security interests required
pursuant to Sections 8.11(c), (d) and (e) and (ii) pay in full all taxes, fees
and other charges payable in connection with the granting of the security
interests required pursuant to Sections 8.11(c), (d) and (e).

          (g) Each Credit Agreement Party agrees that each action required above
by Section 8.11(a) or (b) shall be completed as soon as possible, but in no
event later than 90 days (or, in the case of actions relating to assets located
outside the United States, such greater number of days as the Administrative
Agent shall agree to in its sole and absolute discretion in any given case)
after such action is requested to be taken by the Administrative Agent or the
Required Lenders. Each Credit Agreement Party further agrees that (x) each
action required above by Section 8.11(c), (d) and (f) with respect to a newly
formed, created or acquired Subsidiary, or with respect to any Subsidiary which
is located in a jurisdiction newly-designated as a Qualified Jurisdiction or
which becomes an Unrestricted Subsidiary, shall be completed contemporaneously
with the formation, creation or acquisition of such Subsidiary, the date of the
addition of the respective jurisdiction to the list of Qualified Jurisdictions
or the date such Subsidiary becomes an Unrestricted Subsidiary, as the case may
be, (provided that (x) the Credit Documents required to be executed and
delivered pursuant to Section 8.11(c) by such newly formed, created or acquired
Subsidiary shall not be required to be so executed and delivered until 45 days
after the formation, creation or acquisition of such Subsidiary, (y) in the case
of a Shell Corporation formed, created or established by the U.S. Borrower or
any of its Subsidiaries, such actions shall not be required to be taken (so long
as same remains a Shell Corporation) until 60 days after the formation, creation
or establishment of such Shell Corporation and (z) in the case of a newly-formed
Subsidiary organized in (i) a Qualified Non-U.S. Jurisdiction or (ii) a
Non-Qualified Jurisdiction in which an existing Foreign Subsidiary Guarantor is
organized, to defer the execution and delivery of Security Documents (but not
counterparts of the Foreign

                                      -96-

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Subsidiaries Guaranty or the Intercompany Subordination Agreement) if the gross
book value of its assets (determined as of the last day of the calendar month
then last ended) is less than $10,000,000, until (and only until) the aggregate
gross book value of all newly-formed Subsidiaries which have not executed
Security Documents in reliance on this proviso (determined as of the last day of
the calendar month then last ended) exceeds $20,000,000, at which time all such
excluded Subsidiaries (and not just those Subsidiaries required to reduce the
aggregate gross book value of such excluded Subsidiaries to below $20,000,000)
shall execute the required Security Documents) and (y) all actions required to
be taken pursuant to the last sentence of Section 8.11(c) and Section 8.11(e)
shall be taken as promptly as practicable, and in any event within 45 days,
after Holdings or the U.S. Borrower receives the respective request from the
Administrative Agent or the Required Lenders.

          (h) Notwithstanding anything to the contrary contained in clauses (c)
through (g) above, to the extent the taking of any action as described above by
a new Subsidiary acquired pursuant to a Permitted Acquisition, which is subject
to Permitted Acquired Debt which at such time remains in existence as permitted
by Section 9.04(b)(vi), then to the extent that the terms of the respective
Permitted Acquired Debt prohibit the taking of any actions which would otherwise
be required of such Subsidiary by this Section 8.11, then the time for taking
the respective actions (to the extent prohibited by the terms of the respective
Permitted Acquired Debt) shall be extended until 10 Business Days after the
earlier of (i) the date of repayment of such Permitted Acquired Debt and (ii)
the first date on which the taking of such actions would not violate the terms
of the respective issue of Permitted Acquired Debt. To the extent the terms of
any Permitted Acquired Debt prohibits the taking of actions otherwise required
by this Section 8.11, upon the request of the Administrative Agent or the
Required Lenders, each Credit Agreement Party shall, or shall cause the
respective Subsidiaries of Holdings to, (x) prepay any such Permitted Acquired
Debt which is permitted to be prepaid and/or (y) use reasonable efforts to
obtain such consents or approvals as are needed so that the taking of the
actions otherwise specified in this Section 8.11 would not violate the terms of
the respective issue of Permitted Acquired Debt. Furthermore, to the extent any
Subsidiary which is not a Wholly-Owned Subsidiary is acquired pursuant to a
Permitted Acquisition (in accordance with the limitations contained in the
definition thereof), then for so long as such Subsidiary is not a Wholly-Owned
Subsidiary, to the extent Holdings in good faith determines that the respective
Subsidiary is not able, under applicable requirements of law (whether because of
fiduciary duties under applicable law or other requirements of applicable law)
to execute and deliver a Subsidiaries Guaranty or one or more Security
Documents, the respective such Subsidiary shall not be required to become a
Subsidiary Guarantor or execute and deliver such Security Documents as otherwise
required above.

          (i) Within 30 days following the request of the Administrative Agent,
the Collateral Agent or the Required Lenders, the Credit Agreement Parties shall
cause each Fee Capped Foreign Subsidiary Guarantor (to the maximum extent
permitted by applicable law) to (x) enter into such amendments and/or
modifications to the relevant Credit Documents to which such Fee Capped Foreign
Subsidiary Guarantor is a party to cause the guaranty amount or the secured
obligations thereunder, as applicable, to equal 110% of the fair market value of
the Property owned or held by such Fee Capped Foreign Subsidiary Guarantor and
(y) pay all registration, notorial and other fees, all taxes and all other
amounts as may be required in

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connection with the increase in amount of the guaranty and/or the secured
obligations under such Credit Documents.

          (j) In the event that the Administrative Agent or the Required Lenders
at any time after the Initial Borrowing Date determine in their reasonable
discretion (whether as a result of a position taken by an applicable bank
regulatory agency or official, or otherwise) that real estate appraisals
satisfying the requirements set forth in 12 C.F.R., Part 34-Subpart C, or any
successor or similar statute, role, regulation, guideline or order (any such
appraisal, a "Required Appraisal") are or were required to be obtained, or
should be obtained, in connection with any U.S. Mortgaged Property or U.S.
Mortgaged Properties, then, within 90 days after receiving written notice
thereof from the Administrative Agent or the Required Lenders, as the case may
be, Holdings shall cause such Required Appraisal to be delivered, at the expense
of Holdings, to the Administrative Agent, which Required Appraisal, and the
respective appraiser, shall be satisfactory to the Administrative Agent.

          (k) Notwithstanding any "after-acquired property" covenant contained
in any Foreign Security Document requiring the grant of security interests in
Property of any Foreign Credit Party in favor of the Collateral Agent (but
subject to Sections 8.11(a) and (e)), no Foreign Credit Party shall be required
to grant the Collateral Agent security interests in Property of such Foreign
Credit Party acquired after the Initial Borrowing Date which is not a vessel and
does not constitute Real Property (all such Property, "After-Acquired Foreign
Personal Property") and which is not covered already expressly by the respective
Foreign Security Document as otherwise required by such Foreign Security
Document if the gross book value of all After-Acquired Foreign Personal Property
of such Foreign Credit Party (determined as of the last day of the calendar
month then last ended) excluded from the pledge requirements pursuant to this
clause (k) is less than $10,000,000, unless (and until) the aggregate gross book
value of all After-Acquired Foreign Personal Property of all Foreign Credit
Parties excluded from the pledge requirements pursuant to this clause (k)
(determined as of the last day of the calendar month then last ended) exceeds
$20,000,000, at which time the Foreign Credit Parties shall take all actions
required to be taken pursuant to the respective Foreign Security Documents to
grant the Collateral Agent a security interest in such theretofore excluded
After-Acquired Foreign Personal Property as is required to cause the aggregate
gross book value (determined as described above) of all After-Acquired Foreign
Personal Property of all Foreign Credit Parties not then subject to a security
interest in favor of the Collateral Agent pursuant to the relevant Foreign
Security Documents not to exceed $5,000,000.

          (l) Notwithstanding anything to the contrary contained above in this
Section 8.11 or elsewhere in this Agreement or the other Credit Documents, no
Credit Party shall be required to grant a security interest in, or Lien on, any
Excluded Collateral (so long as the respective Property constitutes Excluded
Collateral), and the value of any Excluded Collateral shall not be taken into
account in making determinations pursuant to the foregoing clauses of this
Section 8.11.

          8.12 Foreign Subsidiaries Security. If following a change in the
relevant sections of the Code or the regulations, rules, rulings, notices or
other official pronouncements issued or promulgated thereunder, counsel for
Holdings reasonably acceptable to the Administrative Agent and the Required
Lenders does not within 30 days after a request from the

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Administrative Agent or the Required Lenders deliver evidence, in form and
substance reasonably satisfactory to the Administrative Agent and the Required
Lenders, that (i) a pledge of 66-2/3% or more of the total combined voting power
of all classes of Equity Interests entitled to vote of any Foreign Unrestricted
Subsidiary owned by a U.S. Credit Party which has not already had all of its
Equity Interests pledged pursuant to the U.S. Pledge Agreement or a Local Law
Pledge Agreement, as applicable, to secure all of the Obligations (as defined in
the respective such Security Document), (ii) the entering into by a Foreign
Subsidiary Guarantor of a pledge agreement in substantially the form of the U.S.
Pledge Agreement, (iii) the entering into by a Foreign Subsidiary Guarantor of a
security agreement in substantially the form of the U.S. Security Agreement and
(iv) the entering into by a Foreign Subsidiary Guarantor of a guaranty in
substantially the form of the U.S. Subsidiaries Guaranty, in any such case would
cause the undistributed earnings of such Foreign Subsidiary as determined for
Federal income tax purposes to be treated as a deemed dividend to such Foreign
Subsidiary's United States parent or a deemed disposition of the shares of stock
of such Foreign Subsidiary for Federal income tax purposes, then (I) in the case
of a failure to deliver the evidence described in clause (i) above, that portion
of such Foreign Unrestricted Subsidiary's outstanding Equity Interests owned or
held by a U.S. Credit Party and not theretofore pledged pursuant to the U.S.
Pledge Agreement or a Local Law Pledge Agreement, as applicable, to secure all
of the Obligations (as defined in the respective such Security Document) shall
be pledged to the Collateral Agent for the benefit of the Secured Creditors
pursuant to the U.S. Pledge Agreement or the relevant Local Law Pledge Agreement
(or another pledge agreement in substantially similar form, if needed), (II) in
the case of a failure to deliver the evidence described in clause (ii) above,
such Foreign Subsidiary Guarantor shall execute and deliver the U.S. Pledge
Agreement (or another pledge agreement in substantially similar form, if
needed), granting to the Collateral Agent for the benefit of the Secured
Creditors a security interest in all of the capital stock, other Equity
Interests and promissory notes owned by such Foreign Subsidiary (other than
Excluded Collateral) and securing the Obligations of the U.S. Borrower under the
Credit Documents and under any Interest Rate Protection Agreement or Other
Hedging Agreement and, in the event the U.S. Subsidiaries Guaranty shall have
been executed by such Foreign Subsidiary Guarantor, the obligations of such
Foreign Subsidiary Guarantor thereunder, (III) in the case of a failure to
deliver the evidence described in clause (iii) above, such Foreign Subsidiary
Guarantor shall execute and deliver the U.S. Security Agreement (or another
security agreement in substantially similar form, if needed) granting to the
Collateral Agent for the benefit of the Secured Creditors a security interest in
all of such Foreign Subsidiary Guarantor's assets (other than the capital stock,
other Equity Interests and promissory notes owned by such Foreign Subsidiary and
such assets which constitute Excluded Collateral) and securing the obligations
of the U.S. Borrower under the Credit Documents and under any Interest Rate
Protection Agreement or Other Hedging Agreement and, in the event the U.S.
Subsidiaries Guaranty shall have been executed by such Foreign Subsidiary
Guarantor, the obligations of such Foreign Subsidiary Guarantor thereunder and
(IV) in the case of a failure to deliver the evidence described in clause (iv)
above, such Foreign Subsidiary Guarantor shall execute and deliver the U.S.
Subsidiaries Guaranty (or another guaranty in substantially similar form, if
needed), guaranteeing the Obligations of the U.S. Borrower under the Credit
Documents and under any Interest Rate Protection Agreement or Other Hedging
Agreement, in each case to the extent that the entering into of the U.S. Pledge
Agreement, the U.S. Security Agreement or the U.S. Subsidiaries Guaranty (or
similar such agreement or guaranty) is permitted by the laws of the respective
foreign jurisdiction and with all

                                      -99-

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documents delivered pursuant to this Section 8.12 to be in form and substance
reasonably satisfactory to the Administrative Agent and/or the Required Lenders.
Notwithstanding anything to the contrary contained in this Section 8.12, no
Foreign Subsidiary shall be required to comply with the provisions of this
Section 8.12 if the tax advisors for Holdings or such Subsidiary determine that
there is a reasonable likelihood that such Foreign Subsidiary is, or has ever
been, a passive foreign investment company within the meaning of Section 1297 of
the Code.

          8.13 Use of Proceeds. Holdings will, and will cause each of its
Subsidiaries to, use the proceeds of the Loans for the purposes specified in
Section 7.05. No Credit Agreement Party will, nor will it permit any of its
Subsidiaries to, use any of the proceeds of the Loans, any Letter of Credit or
any Bank Guaranty to finance the acquisition of any Person that has not been
approved and recommended by the board of directors (or functional equivalent
thereof) or the requisite shareholders of such Person.

          8.14 Ownership of Subsidiaries. (a) Notwithstanding anything to the
contrary contained in this Agreement, (w) Holdings shall at all times own
directly 100% of the Equity Interests of Intermediate Holdco, (x) Intermediate
Holdco shall at all times own directly 100% of the capital stock of Corporate
Holdco and the U.S. Borrower, (y) the U.S. Borrower shall at all times own
directly or indirectly 100% of the capital stock of the Bermuda Borrower and (z)
subject to the proviso to the first sentence of Section 8.18(a), Holdings shall
at all times own directly or indirectly (through one or more Wholly-Owned
Domestic Subsidiaries (as opposed to through Foreign Subsidiaries)) all of the
capital stock or other Equity Interests (to the extent owned by Holdings or any
of its Subsidiaries) of each Domestic Subsidiary of Holdings.

          (b) Holdings shall at all times own, directly or indirectly, 100% of
the capital stock or other Equity Interests of its Subsidiaries (except to the
extent (v) with respect to Foreign Subsidiaries, directors' qualifying shares
and other nominal amounts of shares required by applicable law to be held by
Persons (other than directors) are issued from time to time (so long as the
respective Subsidiary continues to constitute a Wholly-Owned Subsidiary of
Holdings), (w) 100% of the capital stock or other Equity Interests of any such
Subsidiary are sold, transferred or otherwise disposed of pursuant to a
transaction permitted by Section 9.02, (x) less than 100% of the capital stock
or other Equity Interests are acquired in the respective Subsidiary pursuant to
a Permitted Acquisition which meets the criteria specified in the definition of
Permitted Acquisition contained herein, (y) such capital stock or other Equity
Interests are acquired pursuant to an Investment permitted by Sections 9.05(xv)
and (xix) or (z) set forth on Schedule VII).

          8.15 Permitted Acquisitions. (a) Subject to the provisions of this
Section 8.15 and the requirements contained in the definition of Permitted
Acquisition, the U.S. Borrower and any of its Wholly-Owned Subsidiaries may from
time to time effect Permitted Acquisitions, so long as (in each case except to
the extent the Required Lenders otherwise specifically agree in writing in the
case of a specific Permitted Acquisition): (i) no Default or Event of Default
shall be in existence at the time of the consummation of the proposed Permitted
Acquisition or immediately after giving effect thereto; (ii) the U.S. Borrower
shall have given the Administrative Agent (on behalf of the Lenders) at least 10
Business Days' prior written notice of the proposed Permitted Acquisition; (iii)
all representations and warranties contained herein and in the other Credit
Documents shall be true and correct in all material respects with the same

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<PAGE>

effect as though such representations and warranties had been made on and as of
the date of such Permitted Acquisition (both before and after giving effect
thereto), unless stated to relate to a specific earlier date, in which case such
representations and warranties shall be true and correct in all material
respects as of such earlier date; (iv) the U.S. Borrower provides to the
Administrative Agent (on behalf of the Lenders) as soon as available but not
later than 5 Business Days after the execution thereof, a copy of any executed
purchase agreement or similar agreement with respect to such Permitted
Acquisition; (v) after giving effect to such Permitted Acquisition and the
payment of all post closing purchase price adjustments required (in the good
faith determination of Holdings) in connection with such Permitted Acquisition
(and all other Permitted Acquisitions for which such purchase price adjustments
may be required to be made) and all capital expenditures (and the financing
thereof) reasonably anticipated by Holdings to be made in the business acquired
pursuant to such Permitted Acquisition within the 180 day period (such period
for any Permitted Acquisition, a "Post-Closing Period" following such Permitted
Acquisition (and in the businesses acquired pursuant to all other Permitted
Acquisitions with Post Closing Periods ended during the Post Closing Period of
such Permitted Acquisition), the (x) Total Unutilized Revolving Loan Commitment
(as defined in the ABL Credit Agreement) or, if less, the amount which could
then be borrowed thereunder giving effect to the "borrowing base" or similar
limitations on amounts permitted to be borrowed thereunder or (y) in the event
that the ABL Credit Agreement shall have been replaced or refinanced, undrawn
available amounts under other working capital revolving credit facilities of the
U.S. Borrower (determined based on the relevant total commitments and borrowing
base or other similar limitations as applicable), shall equal or exceed
$30,000,000; (vi) such proposed Permitted Acquisition shall be effected in
accordance with the relevant requirements of Section 8.18; (vii) the U.S.
Borrower determines in good faith that Holdings and its Subsidiaries taken as a
whole are not likely to assume or become liable for material increased
contingent liabilities as a result of such proposed Permitted Acquisition
(excluding, however, Indebtedness permitted to be incurred pursuant to Section
9.04 in connection therewith); (viii) substantially all of the Acquired Entity
or Business acquired pursuant to the respective Permitted Acquisition is in a
Qualified Jurisdiction (for such purpose, treating as "Qualified Jurisdictions"
the jurisdictions of organization of Fee Capped Foreign Subsidiary Guarantors
deemed to be "Qualified Non-U.S. Obligors" pursuant to clause (i) of the proviso
appearing in the definition of "Qualified Non-U.S. Obligors"), provided,
however, the respective proposed Permitted Acquisition shall not be required to
meet the requirements set forth above in this clause (viii) if the Maximum
Permitted Consideration payable in connection with such Permitted Acquisition,
when aggregated with the Maximum Permitted Consideration payable in connection
with all other Permitted Acquisitions consummated after the Restatement
Effective Date in which all or substantially all of the Acquired Entity or
Business so acquired were not in Qualified Jurisdictions, does not exceed
$300,000,000; and (ix) the U.S. Borrower shall have delivered to the
Administrative Agent on the date of the consummation of such proposed Permitted
Acquisition, an officer's certificate executed by an Authorized Officer of the
U.S. Borrower, certifying to the best of his knowledge, compliance with the
requirements of preceding clauses (i) through (iii), inclusive, and clauses (v)
through (viii), inclusive, and containing the calculations required by the
preceding clauses (v) and (viii);

          (b) At the time of each Permitted Acquisition involving the creation
or acquisition of an Unrestricted Subsidiary, or the acquisition of capital
stock or other Equity Interests of any Person (other than a Restricted
Subsidiary of the U.S. Borrower), all capital

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<PAGE>

stock or other Equity Interests thereof created or acquired in connection with
such Permitted Acquisition shall be pledged for the benefit of the Secured
Creditors as, and to the extent required by, Section 8.11 and the relevant
Security Documents.

          (c) Each Credit Agreement Party shall cause each Subsidiary that is
formed to effect, or is acquired pursuant to, a Permitted Acquisition to comply
with, and to execute and deliver, all of the documentation required by, Sections
8.11 and 9.11, to the satisfaction of the Administrative Agent.

          (d) The consummation of each Permitted Acquisition shall be deemed to
be a representation and warranty by each Credit Agreement Party that the
certifications by each Credit Agreement Party (or by one or more of its
respective Authorized Officers) pursuant to Section 8.15 are true and correct
and that all conditions thereto have been satisfied and that same is permitted
in accordance with the terms of this Agreement, which representation and
warranty shall be deemed to be a representation and warranty for all purposes
hereunder, including, without limitation, Sections 6 and 10.

          8.16 Maintenance of Company Separateness. Each Credit Agreement Party
will, and will cause each of its Subsidiaries to, satisfy customary Company
formalities, including the holding of regular board of directors' and
shareholders' meetings or action by directors or shareholders without a meeting
and the maintenance of Company records. Neither Holdings nor any other Credit
Party shall make any payment to a creditor of any Non-Guarantor Subsidiary in
respect of any liability of any Non-Guarantor Subsidiary, and no bank account of
any Non-Guarantor Subsidiary shall be commingled with any bank account of
Holdings or any other Credit Party. Any financial statements distributed to any
creditors of any Non-Guarantor Subsidiary shall clearly establish or indicate
the corporate separateness of such Non-Guarantor Subsidiary from Holdings and
its other Subsidiaries. Finally, neither Holdings nor any of its Subsidiaries
shall take any action, or conduct its affairs in a manner, which is likely to
result in the Company existence of any Credit Agreement Party, any other Credit
Party or any Non-Guarantor Subsidiaries being ignored, or in the assets and
liabilities of Holdings or any other Credit Party being substantively
consolidated with those of any other such Person or any Non-Guarantor Subsidiary
in a bankruptcy, reorganization or other insolvency proceeding.

          8.17 Performance of Obligations. Each Credit Agreement Party will, and
will cause each of its Subsidiaries to, perform all of its obligations under the
terms of each mortgage, deed of trust, indenture, loan agreement or credit
agreement and each other material agreement, contract or instrument by which it
is bound, except such non-performances as, individually or in the aggregate,
have not caused, and could not reasonably be expected to cause, a Default or
Event of Default hereunder or a Material Adverse Effect.

          8.18 Conduct of Business. (a) The Credit Agreement Parties shall take
all actions so that, at all times from and after the Initial Borrowing Date, all
the assets of Holdings and its Subsidiaries located within the United States,
all Equity Interests in all Domestic Subsidiaries or other U.S. Persons and all
or substantially all of the business of Holdings and its Subsidiaries conducted
in the United States, are, in each case, owned or conducted, as the case may be,
by Holdings and one or more Qualified U.S. Obligors which are not direct or
indirect Subsidiaries of any Subsidiary of Holdings which is a Foreign
Subsidiary, provided that if a

                                      -102-

<PAGE>

Foreign Subsidiary (not itself created or established in contemplation of a
Permitted Acquisition) is acquired pursuant to a Permitted Acquisition which
Foreign Subsidiary has (either directly or through one or more Domestic
Subsidiaries) assets or operations in the United States, Holdings shall have a
reasonable period of time (not to exceed 60 days) to effect the transfer of U.S.
assets and operations (including all Equity Interests in any Domestic
Subsidiaries or other U.S. Persons held by it) of the respective Foreign
Subsidiary to one or more Qualified U.S. Obligors, provided, further, that the
respective transfer shall not be required to be made if Holdings in good faith
determines that such transfer would give rise to adverse tax consequences to
Holdings and its Subsidiaries or would give rise to any material breach or
violation of law or contract (in which case, Holdings and its Subsidiaries shall
transfer such assets and operations at such time, if any, as such adverse tax
consequences or breach or violation would not exist and, until such time, shall
use good faith efforts so that any growth in the assets or operations of the
entity so acquired, to the extent located in the United States, are made within
one or more Qualified U.S. Obligors).

          (b) In addition to the foregoing requirements, the Credit Agreement
Parties shall take all actions so that, at all times from and after the Initial
Borrowing Date, all the assets of Holdings' Subsidiaries located within all
Qualified Non-U.S. Jurisdictions, all Equity Interests in all Persons organized
under any Qualified Non-U.S. Jurisdiction and all or substantially all of the
business of Holdings' Subsidiaries conducted in all Qualified Non-U.S.
Jurisdictions, are, in each case, owned or conducted, as the case may be, by one
or more Qualified Non-U.S. Obligors which are not direct or indirect
Subsidiaries of any Subsidiary of Holdings other than Qualified Obligors,
provided that if a Subsidiary of Holdings organized under the laws of a
jurisdiction other than any Qualified Non-U.S. Jurisdiction (not itself created
or established in contemplation of the respective Permitted Acquisition) is
acquired pursuant to a Permitted Acquisition which Subsidiary has (either
directly or through one or more Subsidiaries) assets or operations outside
Qualified Non-U.S. Jurisdictions, Holdings shall have a reasonable period of
time (not to exceed 60 days) to effect the transfer of all assets and operations
outside Qualified Non-U.S. Jurisdictions (including all Equity Interests in any
Persons held by it which are organized under the laws of one or more Qualified
Non-U.S. Jurisdiction) of the respective Subsidiary to one or more Qualified
Non-U.S. Obligors which are not themselves direct or indirect Subsidiaries of
any Subsidiary of Holdings other than Qualified Obligors, provided, further,
that the respective transfer shall not be required to be made if Holdings in
good faith determines that such transfer would give rise to adverse tax
consequences to Holdings and its Subsidiaries or would give rise to any material
breach or violation of law or contract (in which case, Holdings and its
Subsidiaries shall transfer such assets and operations at such time, if any, as
such adverse tax consequences or breach or violation would not exist, and until
such time shall use good faith efforts so that any growth in the assets or
operations of the entity so acquired, to the extent located in the Qualified
Non-U.S. Jurisdictions, are made within one or more Qualified Non-U.S. Obligors
which are not themselves direct or indirect Subsidiaries of any Subsidiary of
Holdings other than Qualified Obligors). Notwithstanding the foregoing
provisions of this Section 8.18(b), the ownership of the Bermuda Partnership (a
Subsidiary which is not a Qualified Non-U.S. Obligor) of Equity Interests of
Qualified Non-U.S. Obligors shall not be taken account of for purposes of
determining compliance with this Section 8.18(b), so long as the Credit
Agreement Parties and their respective Foreign Subsidiaries are at all times in
compliance with Section 8.18(c) below.

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<PAGE>

          (c) The Credit Agreement Parties shall take all actions so that all
Foreign Subsidiaries that are not Qualified Non-U.S. Obligors are directly or
indirectly owned by one or more Qualified Non-U.S. Obligors (or, in the case of
the Bermuda Partnership, is owned by the Bermuda Partnership Partners).

          (d) For the avoidance of doubt, it is understood and agreed that the
foregoing provisions of this Section 8.18 shall not prohibit the acquisition of,
or Investments in, Non-Wholly-Owned Subsidiaries as contemplated by Section
9.11(b), provided that the Equity Interest owned by Holdings or any of its
Subsidiaries in such Non-Wholly-Owned Subsidiaries, to the extent organized
under the laws of any Qualified Jurisdiction, shall be subject to the
requirements of preceding clauses (a), (b) and (c) of this Section 8.18.

          8.19 Margin Stock. Each Credit Agreement Party shall take all actions
so that at all times the aggregate value of all Margin Stock (other than
treasury stock) owned by Holdings and its Subsidiaries (for such purpose, using
the initial purchase price paid by Holdings or such Subsidiary for the
respective shares of Margin Stock) shall not exceed $10,000,000. So long as the
aggregate value of Margin Stock (other than treasury stock) owned by Holdings
and its Subsidiaries (determined as provided in the preceding sentence) does not
exceed $10,000,000, all Margin Stock at any time owned by Holdings and its
Subsidiaries shall not constitute Collateral and no security interest shall be
granted therein pursuant to any Credit Document. Without excusing any violation
of the first sentence of this Section 8.19, if at any time the aggregate value
of all Margin Stock (other than treasury stock) owned by Holdings and its
Subsidiaries (determined as provided in the first sentence of this Section 8.19)
exceeds $10,000,000, then (x) all Margin Stock owned by the Credit Parties
(except to the extent constituting Excluded Collateral) shall be pledged, and
delivered for pledge, pursuant to the relevant Security Documents and (y) the
U.S. Borrower shall execute and deliver to the Lenders appropriate completed
forms (including, without limitation, Forms G-3 and U-1, as appropriate)
establishing compliance with the Margin Regulations. If at any time any Margin
Stock is required to be pledged as a result of the provisions of the immediately
preceding sentence, repayments of outstanding Obligations shall be required to
be made, and subsequent Credit Events shall only be permitted, in compliance
with the applicable provisions of the Margin Regulations.

          8.20 Foreign Security Document Amendments. (x) If any additional
Foreign Security Document is entered into by Holdings or any of its Subsidiaries
after the Restatement Effective Date or (y) any change in applicable law
governing any Foreign Security Document relevant to the scope of the Obligations
covered by such Foreign Security Document or the Secured Creditors entitled to
the benefits of such Foreign Security Document occurs after the Restatement
Effective Date and, in any such case, the Collateral Agent (based on the advice
of local counsel) has determined that amendments to the respective Foreign
Security Document are required to maintain a valid and enforceable first
priority lien on the Collateral covered by such Foreign Security Document in
favor of the Collateral Agent for the benefit of all of the Secured Creditors
securing all of the relevant Obligations (i.e., all Tranche C Term Loans, all
Bermuda Borrower Letters of Credit and Unpaid Drawings thereunder, all Bermuda
Borrower Bank Guaranties and Unreimbursed Payments thereunder, and, after a
given Incremental Term Loan Commitment Date, all related incremental Obligations
resulting from the provision of the respective Incremental Term Loan Commitments
to the Bermuda Borrower), then, within 90

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days following the request of the Collateral Agent or the Administrative Agent,
the U.S. Borrower shall duly authorize, execute and deliver to the Collateral
Agent, or cause to be duly authorized, executed and delivered to the Collateral
Agent, a fully executed counterpart of an amendment to such Foreign Security
Document, which amendment shall (i) be in full force and effect (and, if
applicable, properly recorded) no later than the date of required execution and
delivery of such amendment as provided above and (ii) otherwise be in form and
substance satisfactory to the Administrative Agent.

          8.21 Refinancing. To the extent that the condition set forth in
Section 5.08(a)(i) was not satisfied in accordance with its terms on the
Restatement Effective Date, on the Intermediate Holdco Prepayment Date,
Intermediate Holdco and Corporate Holdco shall, or shall cause the Intermediate
Holdco Paying Agent (for and on behalf of Intermediate Holdco and Corporate
Holdco) to, prepay all of the outstanding Intermediate Holdco Indebtedness
(other than indemnities not then due and payable) (including, without
limitation, the call or other premiums payable in connection therewith and all
accrued and unpaid interest thereon up to and including the Intermediate Holdco
Prepayment Date) in accordance with, and pursuant to, the terms of the
Intermediate Holdco Credit Agreement and the other Intermediate Holdco Credit
Documents (the "Intermediate Holdco Prepayment Consummation"). In connection
therewith and the satisfaction of Section 5.08(a)(i), on the Restatement
Effective Date (with respect to the satisfaction of Section 5.08(a)(i)) or the
Intermediate Holdco Prepayment Date (in connection with the Intermediate Holdco
Prepayment Consummation) and at any time, respectively, thereafter (at the
request of the Administrative Agent or the Intermediate Holdco Paying Agent, as
the case may be, from time to time), the Credit Parties shall take (and use
commercially reasonable efforts to cause the respective lenders to take) such
actions (including, without limitation, executing or obtaining appropriate lien
releases and other documents) as the Administrative Agent or the Intermediate
Holdco Paying Agent, as the case may be, may deem reasonably necessary or
desirable to (x) release any Lien granted to or held by any Person under, and
pursuant to the terms of, the Intermediate Holdco Credit Documents and (y)
terminate and satisfy in full all of the liabilities and obligations at any time
arising under or in respect of the Intermediate Holdco Credit Documents
(including, without limitation, the Intermediate Holdco Indebtedness).

          Section 9. Negative Covenants. Each Credit Agreement Party hereby
covenants and agrees that as of the Restatement Effective Date and thereafter
for so long as this Agreement is in effect and until the Total Commitment has
terminated, no Letters of Credit, Bank Guaranties or Notes are outstanding and
the Loans, together with interest, Fees and all other Obligations (other than
any indemnities described in Section 13.13 which are not then due and payable)
incurred hereunder, are paid in full:

          9.01 Changes in Business; etc. (a) Holdings and its Subsidiaries will
not engage in any business other than a Permitted Business.

          (b) Notwithstanding the foregoing, Holdings will not engage in any
business and will not own any significant assets (other than its ownership of
(w) cash and Cash Equivalents held by Holdings representing proceeds from the
Wellbeing Project Financing, (x) the Equity Interests of Intermediate Holdco,
(y) Intercompany Notes evidencing intercompany loans permitted to be made by it
pursuant to Section 9.05 and (z) after the issuance

                                      -105-

<PAGE>

thereof, the Equity Interests of each of the Unrestricted Wellbeing Joint
Ventures) or have any liabilities (other than those liabilities for which it is
responsible under this Agreement, the Documents to which it is a party
(including, without limitation, the ABL Credit Documents), any Shareholder
Subordinated Note, any Interest Rate Protection Agreement permitted to be
entered into pursuant to Section to Section 9.04(b)(iii) and any Intercompany
Note evidencing an intercompany loan permitted to be incurred by Holdings
pursuant to Section 9.05); provided that Holdings may (i) issue Shareholder
Subordinated Notes, shares of Holdings Common Stock and options and warrants to
purchase Holdings Common Stock, (ii) engage in those activities associated with
expenses indirectly paid with Dividends made to it by Intermediate Holdco
pursuant to Section 9.06(iv), (iii) engage in those activities associated with
the purchase and ownership of the Equity Interests of the Unrestricted Wellbeing
Joint Ventures permitted pursuant to Section 9.05(xx) and (iv) engage in those
activities that are incidental to (x) the maintenance of its corporate existence
in compliance with applicable law, (y) legal, tax and accounting matters in
connection with any of the foregoing activities and (z) the entering into, and
performing its obligations under, this Agreement and the other Documents
(including, without limitation, the ABL Credit Documents) to which it is a
party.

          (c) Notwithstanding the foregoing, the Bermuda Partnership will not
engage in any business and will not own any significant assets or any cash or
Cash Equivalents (other than its ownership of Equity Interests of Qualified
Non-U.S. Obligors) or have any material liabilities (other than those
liabilities for which it is responsible under the Credit Documents to which it
is a party), provided that the Bermuda Partnership may (I) provide treasury,
accounting, logistic and other administrative support services to its Affiliates
on an arms' length basis and hold and retain cash earned in connection with the
provision of such services, (II) receive and hold additional cash and Cash
Equivalents from its Subsidiaries and/or its Affiliates, so long as same are
promptly (and in any event within one Business Day of receipt thereof) loaned,
distributed and/or contributed, subject to Section 9.01(d), to its Subsidiaries
and/or Affiliates in accordance with the requirements of Section 9.05 of this
Agreement and (III) engage in those activities that (i) are incidental to (x)
the maintenance of its Company existence in compliance with applicable law, (y)
legal, tax and accounting matters in connection with any of the foregoing
activities and (z) the entering into, and performing its obligations under, the
Credit Documents to which it is a party and (ii) are otherwise expressly
permitted by this Agreement (other than pursuant to preceding Section 9.01(a))
and the other Credit Documents.

          (d) Notwithstanding anything to the contrary contained above or
elsewhere in this Agreement (including, without limitation, Sections 9.02 and
9.05):

          (i) the Bermuda Partnership Partners shall not collectively own or
     hold (x) Property (exclusive of Property leased or operated but not owned)
     with a Fair Market Value in excess of $30,000,000 at any time or (y) cash
     or Cash Equivalents in an aggregate in excess of $10,000,000; provided that
     (v) all assets owned by the Bermuda Partnership Partners on the Restatement
     Effective Date (which assets shall have a net book value on the Restatement
     Effective Date not to exceed $25,000,000) shall be excluded for purposes of
     such determination, (w) any cash and Cash Equivalents loaned and/or
     contributed to such Persons by Affiliates of such Persons shall be excluded
     for purposes of such determination, so long as same are promptly (and in
     any event within one Business Day) loaned and/or distributed to other
     Affiliates of such Persons (other

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     than another Bermuda Partnership Partner) in accordance with the
     requirements of this Agreement, (x) any inventory owned by the Bermuda
     Partnership Partners shall be excluded for purposes of such determination,
     (y) any Equity Interests in the Bermuda Partnership which are held by the
     Bermuda Partnership Partners shall be excluded for purposes of such
     determination and (z) any intercompany receivable owed to a Bermuda
     Partnership Partner by Dole Settlement Company shall be excluded for
     purposes of such determination, so long as (I) both Dole Settlement Company
     (as obligor) and the respective Bermuda Partnership Partner (as obligee)
     are parties to the Intercompany Subordination Agreement and (II) such
     intercompany receivable is at all times subject to the subordination
     provisions contained in the Intercompany Subordination Agreement;

          (ii) no Bermuda Partnership Partner shall merge, consolidate with or
     be liquidated or dissolved into any other Person, provided, however, that
     any Bermuda Partnership Partner may merge or consolidate with or into any
     other Wholly-Owned Domestic Subsidiary of the U.S. Borrower formed for the
     sole purpose of reincorporating such Bermuda Partnership Partner in a
     different jurisdiction, so long as the surviving entity of such merger or
     consolidation remains a "Bermuda Partnership Partner" for all purposes of
     this Agreement and the other Credit Documents (subject to and bound by all
     terms and covenants herein and therein applicable to a "Bermuda Partnership
     Partner");

          (iii) no Bermuda Partnership Partner shall engage in any business
     other than a business which is the same or reasonably related to the
     business in which such Bermuda Partnership Partner is engaged on the
     Original Effective Date;

          (iv) no later than one Business Day following the date upon which any
     Bermuda Partnership Partner receives or generates an Account (as defined in
     the U.S. Security Agreement), such Account shall be sold on a non-recourse
     basis to Dole Settlement Company (at a discount of 2%) in exchange for a
     note payable (which shall at all times be subject to the subordination
     provisions contained in the Intercompany Subordination Agreement) and/or
     the assumption of a payable or payables owing by such Bermuda Partnership
     Partner to its relevant Subsidiary which sells fruit, inventory or other
     Property, or provides shipping services, to such Bermuda Partnership
     Partner (which assumed liabilities shall also be subject to the
     subordination provisions contained in the Intercompany Subordination
     Agreement); and

          (v) upon the occurrence and during the continuance of any Specified
     Default or any Event of Default under Section 10.01 or 10.05, unless
     otherwise directed by the Administrative Agent or the Required Lenders, (x)
     neither the U.S. Borrower nor any of its Subsidiaries shall sell fruit,
     inventory or other Property to, or contract to perform shipping services
     for, any Bermuda Partnership Partner, (y) the U.S. Borrower and its
     Subsidiaries shall sell to Dole Settlement Company fruit, inventory and
     other Property formerly sold to, and shall contract with Dole Settlement
     Company to sell shipping services formerly contracted with, any Bermuda
     Partnership Partner and (z) no Bermuda Partnership Partner shall be
     permitted to receive any Dividends or the proceeds of any intercompany
     loans or advances from any of its Affiliates.

                                      -107-
<PAGE>

          (e) Notwithstanding the foregoing, the Excluded Domestic Subsidiary
will not engage in any business and will not own any assets or have any
liabilities; provided that the Excluded Domestic Subsidiary may engage in those
activities that are incidental to (x) the maintenance or termination of its
corporate existence in compliance with applicable law, and (y) legal, tax and
accounting matters in connection with any of the foregoing activities.

          (f) Notwithstanding the foregoing, no Excluded Bermuda Insurance
Company will engage in any business (other than the insurance related business
conducted by it on the Original Effective Date (including, without limitation,
its business as a captive insurer for Holdings and its Affiliates with respect
to property, casualty and liability insurance (including workers compensation
insurance))) and will not own any Equity Interests or any other significant
assets (other than assets used in the conduct of its business as described
above) or have any liabilities (other than those liabilities under the Documents
to which it is a party and those liabilities incurred in the ordinary course of
its business as described above); provided, that an Excluded Bermuda Insurance
Company may engage in those activities that are incidental to (x) the
maintenance of its Company existence in compliance with applicable law, (y)
legal, tax and accounting matters in connection with any of the foregoing
activities and (z) the entering into, and performing its obligations under, this
Agreement and the other Documents to which it is a party.

          (g) Notwithstanding anything to the contrary contained above in this
Section 9.01 or elsewhere in this Agreement, at no time shall Holdings or any
Subsidiary of Holdings be an obligor or an obligee with respect to any
Intercompany Debt, unless each obligor (including each Person which is a
guarantor thereof) and each obligee with respect thereto are party to the
Intercompany Subordination Agreement; provided, however, that the provisions
hereof shall not apply to those Non-Wholly Owned Subsidiaries listed on Part D
of Schedule XII.

          (h) Notwithstanding the foregoing, no Excluded Foreign Subsidiary will
engage in any business or own any assets (other than (x) Equity Interests of
another Excluded Foreign Subsidiary and (y) immaterial assets with a Fair Market
Value not exceeding $25,000) or have any liabilities; provided, that any
Excluded Foreign Subsidiary may engage in those activities that are incidental
to (x) the maintenance or termination of its corporate existence in compliance
with applicable law and (y) legal, tax and accounting matters in connection with
any of the foregoing activities.

          (i) Holdings shall not permit any Unrestricted Wellbeing Joint Venture
to engage in any business other than the development, construction and operation
of a well being center/hotel/spa/conference center/studio and reasonably related
extensions thereof (including the promotion of nutritional education, production
and distribution of nutrition- or health-oriented programming on cable
television and the sale of educational videos).

          (j) Notwithstanding the foregoing, Intermediate Holdco will not engage
in any business and will not own any significant assets (other than its
ownership of the capital stock of the U.S. Borrower and Corporate Holdco and
Intercompany Notes evidencing intercompany loans permitted to be made by it
pursuant to Section 9.05) or have any liabilities (other than those liabilities
for which it is responsible under this Agreement, the Documents (including,
without limitation, the ABL Credit Documents) to which it is a party and any
Intercompany Note

                                     -108-

<PAGE>

evidencing an intercompany loan permitted to be incurred by it pursuant to
Section 9.05); provided that Intermediate Holdco may (i) engage in those
activities associated with expenses paid with Dividends made by the U.S.
Borrower pursuant to Section 9.06(iv) and (ii) engage in those activities that
are incidental to (x) the maintenance of its corporate existence in compliance
with applicable law, (y) legal, tax and accounting matters in connection with
any of the foregoing activities and (z) the entering into, and performing its
obligations under, this Agreement and the other Documents to which it is a
party.

          (k) Notwithstanding the foregoing, Corporate Holdco will not engage in
any business and will not own any significant assets or have any liabilities
(other than those liabilities for which it is responsible under this Agreement
and the Documents (including, without limitation, the ABL Credit Documents) to
which it is a party); provided that Corporate Holdco may (i) engage in those
activities associated with expenses indirectly paid with Dividends made by the
U.S. Borrower pursuant to Section 9.06(iv) and (ii) engage in those activities
that are incidental to (x) the maintenance of its corporate existence in
compliance with applicable law, (y) legal, tax and accounting matters in
connection with any of the foregoing activities and (z) the entering into, and
performing its obligations under, this Agreement and the other Documents to
which it is a party.

          9.02 Consolidation; Merger; Sale or Purchase of Assets; etc. No Credit
Agreement Party will, nor will permit any of its respective Subsidiaries to,
wind up, liquidate or dissolve its affairs or enter into any transaction of
merger or consolidation, or convey, sell, lease or otherwise dispose of all or
any part of its property or assets, or enter into any sale-leaseback
transactions, or purchase or otherwise acquire (in one or a series of related
transactions) any part of the property or assets (other than purchases or other
acquisitions of inventory, materials and equipment in the ordinary course of
business) of any Person or agree to do any of the foregoing at any future time,
except that the following shall be permitted:

          (i) the U.S. Borrower and its Subsidiaries may lease (as lessee) or
     license (as licensee) real or personal property (including intellectual
     property) in the ordinary course of business (so long as any such lease or
     license does not create a Capitalized Lease Obligation);

          (ii) Capital Expenditures by the U.S. Borrower and its Subsidiaries;

          (iii) any Investments permitted pursuant to Section 9.05;

          (iv) the U.S. Borrower and its Subsidiaries may, in the ordinary
     course of business, sell or otherwise dispose of assets (excluding capital
     stock of, or other Equity Interests in, Subsidiaries and joint ventures)
     which, in the reasonable opinion of such Person, are obsolete, uneconomic
     or worn-out;

          (v) the U.S. Borrower and its Subsidiaries may sell assets (other than
     (I) the capital stock or other Equity Interests of any Wholly-Owned
     Subsidiary unless all of the capital stock or other Equity Interests of
     such Wholly-Owned Subsidiary are sold in accordance with this clause (v)
     and (II) assets subject to a Contemplated Asset Sale (which shall be
     governed by Section 9.02(xviii)), so long as (v) no Default or Event of

                                     -109-

<PAGE>

     Default then exists or would result therefrom, (w) each such sale is in an
     arm's-length transaction and the U.S. Borrower or the respective Subsidiary
     receives at least Fair Market Value, (x) except for customary post-closing
     adjustments (to be paid in cash within 180 days following the closing of
     the respective sale or disposition), at least 75% of the total
     consideration received by the U.S. Borrower or such Subsidiary is paid in
     cash at the time of the closing of such sale or disposition (provided that
     sales of assets for aggregate consideration of $20,000,000 (taking the Fair
     Market Value of any non-cash consideration) in any Fiscal Year of Holdings
     shall not be subject to the minimum cash requirement set forth above in
     this subclause (x)), (y) the Net Sale Proceeds therefrom are applied and/or
     reinvested as (and to the extent) required by Section 4.02(c) and (z) the
     aggregate amount of the proceeds received from all assets sold pursuant to
     this clause (v) shall not exceed $100,000,000 in any Fiscal Year of
     Holdings;

          (vi) each of the U.S. Borrower and its Subsidiaries may sell or
     discount, in each case without recourse and in the ordinary course of
     business, overdue accounts receivable arising in the ordinary course of
     business, but only in connection with the compromise or collection thereof
     and not as part of any financing transaction;

          (vii) each of the U.S. Borrower and its Subsidiaries may grant
     licenses, sublicenses, leases or subleases to other Persons not materially
     interfering with the conduct of the business of the U.S. Borrower or any of
     its Subsidiaries, in each case so long as no such grant otherwise affects
     the Collateral Agent's security interest in the asset or property subject
     thereto;

          (viii) subject to Sections 9.01(c) and (d), transfers of assets (u)
     pursuant to the Foreign Asset Transfer, (v) among the Qualified U.S.
     Obligors (other than Holdings, Intermediate Holdco and Corporate Holdco),
     (w) among the Qualified Non-U.S. Obligors, (x) by any Subsidiary of the
     U.S. Borrower to any Qualified U.S. Obligor (other than Holdings,
     Intermediate Holdco and Corporate Holdco), (y) by any Foreign Subsidiary of
     the U.S. Borrower to any Qualified Non-U.S. Obligor and (z) by any Foreign
     Subsidiary of the U.S. Borrower (other than a Qualified Non-U.S. Obligor)
     to any Wholly-Owned Foreign Subsidiary of the U.S. Borrower, in the case of
     any such transfer, so long as (I) no Specified Default and no Event of
     Default then exists or would exist immediately after giving effect to the
     respective transfer, (II) any security interests granted to the Collateral
     Agent for the benefit of the Secured Creditors pursuant to the relevant
     Security Documents in the assets so transferred shall remain in full force
     and effect and perfected and enforceable (to at least the same extent as in
     effect immediately prior to such transfer) and (III) if the respective
     transferor is party to a Guaranty, the nature and scope of the obligations
     of such transferor under its Guaranty are substantially identical to the
     nature and scope of the obligations of the respective transferee under its
     Guaranty;

          (ix) subject to Sections 9.01(c) and (d), (x) any Domestic Subsidiary
     of the U.S. Borrower may be merged, consolidated or liquidated with or into
     the U.S. Borrower (so long as the U.S. Borrower is the surviving
     corporation of such merger, consolidation or liquidation) or any U.S.
     Subsidiary Guarantor (so long as a U.S. Subsidiary Guarantor is the
     surviving corporation of such merger, consolidation or liquidation), (y)
     any

                                     -110-

<PAGE>

     Qualified Non-U.S. Obligor may be merged, consolidated or liquidated with
     or into any other Qualified Non-U.S. Obligor and (z) any Foreign Subsidiary
     of the U.S. Borrower (other than a Qualified Non-U.S. Obligor) may be
     merged, consolidated or liquidated with or into any Wholly-Owned Foreign
     Subsidiary of the U.S. Borrower, so long as such Wholly-Owned Foreign
     Subsidiary is the surviving corporation of such merger, consolidation or
     liquidation; provided that any such merger, consolidation or liquidation
     shall only be permitted pursuant to this Section 9.02(ix), so long as (I)
     no Specified Default and no Event of Default then exists or would exist
     immediately after giving effect thereto, (II) any security interests
     granted to the Collateral Agent for the benefit of the Secured Creditors in
     the assets (and Equity Interests) of any such Person subject to any such
     transaction shall remain in full force and effect and perfected and
     enforceable (to at least the same extent as in effect immediately prior to
     such merger, consolidation or liquidation) and (III) if the Person to be
     merged, consolidated or liquidated into another Person as contemplated
     above is party to a Guaranty, the nature and scope of the obligations of
     such Person under its Guaranty are substantially identical to the nature
     and scope of the obligations of such other Person under its Guaranty;

          (x) subject to Sections 9.01(c) and (d), the U.S. Borrower and its
     Subsidiaries may transfer inventory in a non-cash or cash transfer to
     Wholly-Owned Subsidiaries of the U.S. Borrower that are not Qualified
     Obligors, in each case so long as (I) any such transfer is made in the
     ordinary course of its business and consistent with past practice of the
     U.S. Borrower and its Subsidiaries as in effect on the Effective Date, (II)
     if the respective transfer is being made to any Credit Party, all actions
     needed to maintain the perfection, priority and enforceability of the
     security interests, if any, of the Collateral Agent in the assets so
     transferred are taken at the time of the respective transfer, (III) the
     U.S. Borrower reasonably determines that the transfer is not reasonably
     likely to be adverse to the interests of the Lenders in any material
     respect and (IV) no Specified Default and no Event of Default then exists
     or would exist immediately after giving effect to the respective transfer;

          (xi) subject to Sections 9.01(c) and (d), so long as no Specified
     Default and no Event of Default exists at the time of the respective
     transfer or immediately after giving effect thereto, Qualified Obligors
     shall be permitted to transfer additional assets (other than inventory,
     cash, Cash Equivalents and Equity Interests in any Credit Party) to other
     Subsidiaries of the U.S. Borrower, so long as cash in an amount at least
     equal to the Fair Market Value of the assets so transferred is received by
     the respective transferor;

          (xii) the U.S. Borrower and its Subsidiaries may sell or exchange
     specific items of equipment, so long as the purpose of each such sale or
     exchange is to acquire (and results within 90 days of such sale or exchange
     in the acquisition of) replacement items of equipment which are useful in a
     Permitted Business;

          (xiii) each of the Borrowers and the Subsidiary Guarantors shall be
     permitted to make Permitted Acquisitions, so long as such Permitted
     Acquisitions are effected in accordance with the requirements of Section
     8.15;

                                     -111-

<PAGE>

          (xiv) one or more Subsidiaries identified to the Agents may sell all
     of the Equity Interests of a certain Subsidiary of the U.S. Borrower owned
     by such Subsidiaries and identified to the Agents, so long as (v) no
     Default or Event of Default then exists or would result therefrom, (w) each
     such sale is in an arm's-length transaction and the respective Subsidiary
     receives at least Fair Market Value, (x) except for customary post-closing
     adjustments, at least 20% of the total consideration received by such
     Subsidiaries (in the aggregate) is paid in cash at the time of the closing
     of such sale, (y) the Net Sale Proceeds therefrom are applied and/or
     reinvested as (and to the extent) required by Section 4.02(c) and (z) the
     aggregate amount of the consideration (taking the Fair Market Value of any
     non-cash consideration) received from all such sales pursuant to this
     Section 9.02(xiv), together with the sale or sales made pursuant to Section
     9.02(xx), shall not exceed $50,000,000;

          (xv) the Sale-Lease Back Transaction;

          (xvi) each of the U.S. Borrower and its Subsidiaries may sell or
     liquidate Cash Equivalents, in each case for cash at fair market value (as
     reasonably determined by the U.S. Borrower or the respective Subsidiary);

          (xvii) the U.S. Borrower and its Subsidiaries may sell inventory to
     their respective customers in the ordinary course of business;

          (xviii) each of the U.S. Borrower and its Subsidiaries may effect
     Contemplated Asset Sales, so long as (i) no Event of Default then exists or
     would exist immediately after giving effect thereto, (ii) each such sale is
     an arms'-length transaction and the U.S. Borrower or the respective
     Subsidiary receives at least Fair Market Value, (iii) the consideration
     therefor consists solely of cash and/or Permitted Installment Notes (to the
     extent same may be issued in accordance with the definition thereof), (iv)
     at least 50% of the total consideration received by the U.S. Borrower or
     such Subsidiary is paid in cash at the time of the closing of such sale,
     and (v) the Net Sale Proceeds therefrom are applied as, and to the extent,
     required by Section 4.02(c);

          (xix) the U.S. Borrower and its Domestic Subsidiaries may sell and
     leaseback (i) Real Property located in Gaston County, North Carolina (the
     "Gaston Property"), to the extent same is not a Principal Property and (ii)
     Principal Properties, so long as (v) no Default or Event of Default then
     exists or would result therefrom, (w) each
     such sale is made pursuant to an arm's-length transaction, (x) 100% of the
     total consideration received by the U.S. Borrower or such Subsidiary is
     paid in cash at the time of the closing of such sale, (y) the Net Sale
     Proceeds therefrom equal at least 90% of the Fair Market Value of the
     Property subject to such sale-leaseback transaction and (z) the Net Sale
     Proceeds therefrom are applied as a mandatory repayment and/or commitment
     reduction and/or reinvested, in any case, in accordance with the
     requirements of Section 4.02(c); and

          (xx) certain Domestic Subsidiaries identified to the Agents which own
     Real Property located in California may sell Real Property and other
     assets, in each case, so long as (v) no Default or Event of Default then
     exists or would result therefrom, (w) each

                                     -112-

<PAGE>

     such sale is in an arm's-length transaction and the respective Subsidiary
     receives at least Fair Market Value, (x) except for customary post-closing
     adjustments, at least 75% of the total consideration received by such
     Subsidiaries (in the aggregate) is paid in cash at the time of the closing
     of such sale, (y) unless on-loaned to an Affiliate of the U.S. Borrower in
     accordance with the requirements of Section 9.05 and 9.07 promptly
     following the consummation of such sale, any Net Sale Proceeds therefrom
     received by a Subsidiary of the U.S. Borrower (exclusive of any portion
     thereof which is distributed to a minority shareholder of such Subsidiary
     in accordance with the requirements of Section 9.06) are applied and/or
     reinvested as (and to the extent) required by Section 4.02(c) and (z) the
     aggregate amount of the consideration (taking the Fair Market Value of any
     non-cash consideration) received from such sale or sales pursuant to this
     Section 9.02(xx), together with the sale or sales made pursuant to Section
     9.02(xiv), shall not exceed $50,000,000 (the "California Disposition").

Notwithstanding anything to the contrary contained above in this Section 9.02,
in no event shall Holdings or any of its Subsidiaries enter into any
sale-leaseback transactions, except in accordance with Sections 9.02(xv) and
(xix) above. The foregoing provisions of this Section 9.02 are subject to
continued compliance by the Credit Agreement Parties and their Subsidiaries with
the requirements of Sections 8.18, 9.01 and 9.11. To the extent the Required
Lenders waive the provisions of this Section 9.02 with respect to the sale or
other disposition of any Collateral, or any Collateral is sold or otherwise
disposed of as permitted by this Section 9.02, such Collateral (unless
transferred to Holdings or a Subsidiary thereof) shall be sold or otherwise
disposed of free and clear of the Liens created by the Security Documents and
the Administrative Agent shall take such actions (including, without limitation,
directing the Collateral Agent to take such actions) as are appropriate in
connection therewith.

          9.03 Liens. No Credit Agreement Party will, nor will permit any of its
Subsidiaries to, create, incur, assume or suffer to exist any Lien upon or with
respect to any property or assets of any kind (real or personal, tangible or
intangible) of Holdings or any of its Subsidiaries, whether now owned or
hereafter acquired, or sell any such property or assets subject to an
understanding or agreement, contingent or otherwise, to repurchase such property
or assets (including sales of accounts receivable or notes with recourse to
Holdings or any of its Subsidiaries) or assign any right to receive income or
permit the filing of any financing statement under the UCC or any other similar
notice of Lien under any similar recording or notice statute; provided that the
provisions of this Section 9.03 shall not prevent the creation, incurrence,
assumption or existence of the following (Liens described below are herein
referred to as "Permitted Liens"):

          (i) inchoate Liens for taxes, assessments or governmental charges or
     levies not yet due and payable or Liens for taxes, assessments or
     governmental charges or levies being contested in good faith and by
     appropriate proceedings for which adequate reserves have been established
     in accordance with U.S. GAAP;

          (ii) Liens in respect of property or assets of the U.S. Borrower or
     any of its Subsidiaries imposed by law which were incurred in the ordinary
     course of business and which have not arisen to secure Indebtedness for
     borrowed money, such as carriers', warehousemen's and mechanics' Liens,
     statutory landlord's Liens, maritime Liens and

                                     -113-

<PAGE>

     other similar Liens arising in the ordinary course of business, and which
     either (x) do not in the aggregate materially detract from the value of
     such property or assets or materially impair the use thereof in the
     operation of the business of the U.S. Borrower or any of its Subsidiaries
     or (y) are being contested in good faith by appropriate proceedings, which
     proceedings have the effect of preventing the forfeiture or sale of the
     property or asset subject to such Lien;

          (iii) (x) Liens created by or pursuant to this Agreement and the
     Security Documents (it being understood and agreed that the obligations
     under or relating to the Intermediate Holdco Credit Documents may be
     secured by the Intermediate Holdco Collateral pursuant to the U.S. Pledge
     Agreement, on a "second-priority" basis to the TL Obligations (as defined
     in the U.S. Pledge Agreement), all in accordance with the terms of the U.S.
     Pledge Agreement) and (y) Liens (but only on Collateral of the U.S. Credit
     Parties) created by or pursuant to the ABL Credit Agreement and the ABL
     Security Documents, securing Indebtedness incurred pursuant to clause
     (xvii) of Section 9.04(b), in favor of the ABL Collateral Agent for the
     benefit of the ABL Secured Creditors, as in effect on the date hereof and
     as amended, supplemented or modified from time to time in accordance with
     the terms of the Intercreditor Agreement;

          (iv) Liens in existence on the Restatement Effective Date which are
     listed, and the property subject thereto described, in Schedule IX, but
     only to the respective date, if any, set forth in such Schedule IX for the
     removal, replacement and termination of any such Liens, plus renewals,
     replacements and extensions of such Liens, provided that (x) the aggregate
     principal amount of the Indebtedness, if any, secured by such Liens does
     not increase from that amount outstanding at the time of any such renewal,
     replacement or extension and (y) any such renewal, replacement or extension
     does not encumber any additional assets or properties of the U.S. Borrower
     or any of its Subsidiaries;

          (v) Liens (x) arising from judgments, decrees or attachments in
     circumstances not constituting an Event of Default under Section 10.09, (y)
     arising in connection with the deposit or payment of cash or other Property
     with or to any court or other governmental authority in connection with any
     pending claim or litigation and (z) arising in connection with the deposit
     of cash or other Property in connection with the issuance of stay and
     appeal bonds, provided that the Fair Market Value of all Property
     (including cash) subject to Liens pursuant to this clause (v) (whether
     pledged, paid, deposited or otherwise) shall not exceed at any time the sum
     of (1) $75,000,000 (net of any insurance proceeds actually received (and
     not returned) by the U.S. Borrower and its Subsidiaries in connection
     therewith) plus (2) in the case of Properties of Subsidiaries of the U.S.
     Borrower located outside the United States and subject to a Lien pursuant
     to this clause (v), an additional $50,000,000 (net of any insurance
     proceeds actually received (and not returned) by the U.S. Borrower and its
     Subsidiaries in connection therewith), if (and only if), in the case of
     this sub-clause (2), the U.S. Borrower shall have caused to be delivered to
     the Administrative Agent an opinion of counsel in form and substance, and
     from counsel, reasonably satisfactory to the Administrative Agent to the
     effect that such counsel expects a favorable judicial outcome with respect
     to the judgment, decree, attachment, claim or litigation that gave rise to
     the Lien on the respective Property, provided, further, however, that (I)
     in no event shall the Fair Market Value of all Property

                                     -114-

<PAGE>

     (including cash) of Holdings and its Subsidiaries located in the United
     States and subject to Liens pursuant to this clause (v) (whether pledged,
     paid, deposited or otherwise) exceed $25,000,000 at any time and (II) in
     the case of any non-consensual attachment on the Property of any Subsidiary
     of the U.S. Borrower located outside the United States, the Fair Market
     Value of such Property shall not be included for purposes of calculating
     compliance with the immediately preceding proviso;

          (vi) Liens (other than any Lien imposed by ERISA) (x) incurred or
     deposits made in the ordinary course of business of the U.S. Borrower and
     its Subsidiaries in connection with workers' compensation, unemployment
     insurance and other types of social security, (y) to secure the performance
     by the U.S. Borrower and its Subsidiaries of tenders, statutory obligations
     (other than excise taxes not described in Section 9.03(i)), surety and
     customs bonds, statutory bonds, bids, leases, government contracts, trade
     contracts, performance and return of money bonds and other similar
     obligations (exclusive of (I) obligations for the payment of borrowed money
     and (II) stay and appeal bonds and other obligations described in Section
     9.03(v) above) or (z) to secure the performance by the U.S. Borrower and
     its Subsidiaries of leases of Real Property, to the extent incurred or made
     in the ordinary course of business consistent with past practices, provided
     that the aggregate Fair Market Value of all Property pledged or deposited
     at any time pursuant to preceding sub-clauses (y) and (z) shall not exceed
     $25,000,000 in the aggregate (it being understood that letters of credit
     and bank guaranties issued in support of customs bonds, licensing
     arrangements and similar obligations do not constitute Property pledged or
     deposited to support such obligations);

          (vii) licenses, sublicenses, leases or subleases granted to third
     Persons in the ordinary course of business not interfering in any material
     respect with the business of the U.S. Borrower or any of its Subsidiaries;

          (viii) (x) Permitted Encumbrances and (y) easements, rights-of-way,
     restrictions, encroachments, municipal and zoning ordinances and other
     similar charges or encumbrances, and minor title deficiencies, in each case
     not securing Indebtedness and not materially interfering with the conduct
     of the business of Holdings or any of its Subsidiaries;

          (ix) Liens arising from or related to precautionary UCC financing
     statements regarding operating leases entered into by the U.S. Borrower and
     its Subsidiaries in the ordinary course of business;

          (x) Liens upon assets of the U.S. Borrower or any of its Subsidiaries
     subject to Capitalized Lease Obligations permitted pursuant to Section
     9.04(b)(iv), provided that (x) such Liens only serve to secure the payment
     of Indebtedness arising under such Capitalized Lease Obligation and (y) the
     Lien encumbering the asset giving rise to the Capitalized Lease Obligation
     does not encumber any other asset of the U.S. Borrower or any of its
     Subsidiaries;

          (xi) Liens arising pursuant to purchase money mortgages or security
     interests securing Indebtedness representing the purchase price (or
     financing of the purchase price

                                     -115-

<PAGE>

     within 30 days after the respective purchase) of assets acquired after the
     Restatement Effective Date by the U.S. Borrower and its Subsidiaries,
     provided that (x) any such Liens attach only to the assets so purchased,
     (y) the Indebtedness secured by any such Lien does not exceed 100% of the
     Fair Market Value or the purchase price of the property being purchased at
     the time of the incurrence of such Indebtedness and (z) the Indebtedness
     secured thereby is permitted to be incurred pursuant to Section
     9.04(b)(iv);

          (xii) Liens on property or assets acquired pursuant to a Permitted
     Acquisition, or on property or assets of a Subsidiary of the U.S. Borrower
     in existence at the time such Subsidiary is acquired pursuant to a
     Permitted Acquisition, provided that (i) any Indebtedness that is secured
     by such Liens is permitted to exist under Section 9.04(b)(vi) and (ii) such
     Liens are not incurred in connection with, or in contemplation or
     anticipation of, such Permitted Acquisition and do not attach to any other
     asset of the U.S. Borrower or any of its Subsidiaries;

          (xiii) restrictions imposed in the ordinary course of business and
     consistent with past practices on the sale or distribution of designated
     inventory pursuant to agreements with customers under which such inventory
     is consigned by the customer or such inventory is designated for sale to
     one or more customers;

          (xiv) Liens in favor of customs or revenue authorities arising as a
     matter of law to secure payment of customs duties in connection with the
     importation of goods;

          (xv) bankers' liens, rights of setoff and other similar liens existing
     solely with respect to cash and Cash Equivalents on deposit in one or more
     of the accounts described below, in each case granted in the ordinary
     course of business in favor of the bank or banks with which the accounts
     are maintained, securing amounts owing to such bank with respect to cash
     management and operating account arrangements, including those involving
     pooled accounts and netting arrangements, provided that in no case shall
     any such Liens secure (either directly or indirectly) the repayment of any
     Indebtedness;

          (xvi) Liens securing Permitted Refinancing Indebtedness permitted
     pursuant to Section 9.04(b)(vii) to the extent such Liens comply with
     clause (b)(ii) of the definition of Permitted Refinancing Indebtedness;

          (xvii) Liens on the assets of a Foreign Subsidiary (other than the
     Bermuda Partnership) which is not a Foreign Credit Party securing
     Indebtedness incurred by such Foreign Subsidiary in accordance with the
     terms of Section 9.04(b)(viii);

          (xviii) Liens over promissory notes evidencing grower loans pledged in
     favor of financial institutions securing Indebtedness permitted to be
     incurred pursuant to clause (x) of Section 9.04(b)(xix);

          (xix) other Liens of the U.S. Borrower or any Subsidiary of the U.S.
     Borrower that (x) were not incurred in connection with borrowed money, (y)
     do not encumber any Property of the U.S. Borrower or any of its
     Subsidiaries the Fair Market Value of which exceeds the amount of the
     Indebtedness or other obligations secured by such Property or materially
     impair the use of such Property in the operation of the business of the
     U.S.

                                     -116-

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     Borrower or such Subsidiary and (z) do not secure obligations in excess of
     $100,000,000 in the aggregate for all such Liens; and

          (xx) until the Intermediate Holdco Prepayment Consummation, Liens may
     be created (and exist) on the Intermediate Holdco Prepayment Funds (and
     proceeds thereof) in favor of the Intermediate Holdco Paying Agent to
     secure the repayment of the Intermediate Holdco Indebtedness as required
     pursuant to Sections 5.08 and 8.21 hereof.

In connection with the granting of Liens of the type described in clauses (iv),
(x), (xi), (xii), (xvi), (xvii), (xix) and (xx) of this Section 9.03 by the U.S.
Borrower or any of its Subsidiaries, the Administrative Agent and the Collateral
Agent shall be authorized, at the request of any Credit Agreement Party, to take
any actions deemed appropriate by it in connection therewith (including, without
limitation, by executing appropriate lien releases or lien subordination
agreements in favor of the holder or holders of such Liens, in either case
solely with respect to the assets subject to such Liens).

          9.04 Indebtedness. (a) No Credit Agreement Party will, nor will permit
any of its Subsidiaries to, contract, create, incur, assume or suffer to exist
(collectively, "incur") any Indebtedness; provided, however, that the U.S.
Borrower and each Domestic Subsidiary of the U.S. Borrower which is a U.S.
Credit Party may incur Indebtedness (which may be guaranteed by any U.S. Credit
Party) so long as: (i) the Total Leverage Ratio at such time does not exceed
5.50:1.00; (ii) the Senior Secured Leverage Ratio at such time does not exceed
3.00:1.00 (in each case, both immediately prior to the incurrence of such
Indebtedness and immediately after giving effect thereto); and (iii) no Default
or Event of Default then exists or would exist immediately after the respective
incurrence.

          (b) The foregoing limitations in Section 9.04(a) will not apply to the
following (each, a "Permitted Indebtedness"):

          (i) Indebtedness incurred pursuant to this Agreement and the other
     Credit Documents;

          (ii) Scheduled Existing Indebtedness outstanding on the Restatement
     Effective Date and listed on Schedule IV, without giving effect to any
     subsequent extension, renewal or refinancing thereof, except that Scheduled
     Existing Indebtedness may be refinanced through one or more issuances of
     Permitted Refinancing Indebtedness in accordance with Section 9.04(b)(vii)
     below;

          (iii) Indebtedness of (x) the Borrowers under Interest Rate Protection
     Agreements entered into to protect them against fluctuations in interest
     rates in respect of Indebtedness otherwise permitted under this Agreement
     and (y) Holdings under an Interest Rate Protection Agreement entered into
     to protect it against fluctuations in interest rates in respect of the
     Wellbeing Project Financing, in each case, so long as the entering into of
     such Interest Rate Protection Agreements are bona fide hedging activities
     and are not for speculative purposes;

          (iv) Capitalized Lease Obligations and Indebtedness of the U.S.
     Borrower and its Subsidiaries representing purchase money Indebtedness
     secured by Liens permitted

                                     -117-

<PAGE>

     pursuant to Section 9.03(xi), provided that the sum of (x) the aggregate
     Capitalized Lease Obligations outstanding at any time plus (y) the
     aggregate principal amount of such purchase money Indebtedness outstanding
     at any time shall not exceed $25,000,000;

          (v) intercompany Indebtedness of (w) the U.S. Borrower and its
     Subsidiaries to the extent permitted by Sections 9.05(vi) and (xvii), (x)
     the U.S. Borrower owed to Intermediate Holdco to the extent permitted by
     Section 9.05(xxii), (y) Intermediate Holdco owed to the U.S. Borrower or
     Holdings to the extent permitted by Section 9.05(xxi) or (xxii), as the
     case may be, and (z) Holdings owed to Intermediate Holdco to the extent
     permitted by Section 9.05(xxi);

          (vi) Indebtedness of a Subsidiary of the U.S. Borrower acquired
     pursuant to a Permitted Acquisition (or Indebtedness assumed at the time of
     a Permitted Acquisition of an asset securing such Indebtedness) (such
     Indebtedness, "Permitted Acquired Debt"), provided that (x) such
     Indebtedness was not incurred in connection with, or in anticipation or
     contemplation of, such Permitted Acquisition and (y) the aggregate
     principal amount of all Indebtedness outstanding pursuant to this Section
     9.04(b) (vi) at any time (exclusive of any such Indebtedness held by a
     Qualified Obligor which is not guaranteed by Holdings or any of its other
     Subsidiaries and is not secured by a Lien on any Property of Holdings or
     any of its Subsidiaries), when added to the aggregate principal amount of
     Permitted Refinancing Indebtedness outstanding pursuant to Section
     9.04(b)(vii) at any time (except to the extent incurred to refinance
     Scheduled Existing Indebtedness or Permitted Acquired Debt held by a
     Qualified Obligor which is not guaranteed by Holdings or any of its other
     Subsidiaries and is not secured by a Lien on any Property of Holdings or
     any of its Subsidiaries and successive refinancings of the foregoing),
     shall not exceed $50,000,000;

          (vii) Permitted Refinancing Indebtedness, so long as (x) no Specified
     Default or Event of Default is in existence at the time of the incurrence
     of such Permitted Refinancing Indebtedness and immediately after giving
     effect thereto and (y) the aggregate principal amount of Permitted
     Refinancing Indebtedness outstanding pursuant to this Section 9.04(b)(vii)
     at any time (except to the extent incurred to refinance Scheduled Existing
     Indebtedness or Permitted Acquired Debt held by a Qualified Obligor which
     is not guaranteed by Holdings or any of its other Subsidiaries and is not
     secured by a Lien on any Property of Holdings or any of its Subsidiaries
     and successive refinancings of the foregoing), when added to the aggregate
     principal amount of Permitted Acquired Debt outstanding pursuant to Section
     9.04(b)(vi) at any time (exclusive of any such Indebtedness held by a
     Qualified Obligor which is not guaranteed by Holdings or any of its other
     Subsidiaries and is not secured by a Lien on any Property of Holdings or
     any of its Subsidiaries), shall not exceed $50,000,000;

          (viii) Indebtedness of Foreign Subsidiaries of the U.S. Borrower
     (other than the Bermuda Partnership) under lines of credit to any such
     Foreign Subsidiary from Persons other than Holdings or any of its
     Subsidiaries, the proceeds of which Indebtedness are used for such Foreign
     Subsidiary's working capital and other general corporate purposes, provided
     that the aggregate principal amount of all such Indebtedness outstanding at
     any time for all such Foreign Subsidiaries shall not exceed $50,000,000;

                                     -118-

<PAGE>

          (ix) Indebtedness of Holdings under Shareholder Subordinated Notes
     issued pursuant to Section 9.06(ii), so long as the aggregate outstanding
     principal amount of Shareholder Subordinated Notes does not at any time
     exceed $5,000,000;

          (x) additional unsecured Indebtedness of the U.S. Borrower consisting
     of unsecured guarantees by such Borrower of (x) obligations (which
     guaranteed obligations do not themselves constitute Indebtedness) of one or
     more Wholly-Owned Subsidiaries of the U.S. Borrower, (y) leases pursuant to
     which one or more Wholly-Owned Subsidiaries of the U.S. Borrower are the
     respective lessees and (z) Indebtedness of Wholly-Owned Subsidiaries of the
     U.S. Borrower of the type permitted pursuant to Section 9.04(b)(xiv);

          (xi) Indebtedness arising from the honoring by a bank or other
     financial institution of a check, draft or similar instrument inadvertently
     (except in the case of daylight overdrafts) drawn against insufficient
     funds in the ordinary course of business, so long as such Indebtedness is
     extinguished within five Business Days of the incurrence thereof;

          (xii) Indebtedness in respect of (x) Other Hedging Agreements to the
     extent permitted by clause (x) of Section 9.05(xii) and (y) Commodity
     Agreements to the extent permitted by clause (y) of Section 9.05(xii);

          (xiii) (x) Indebtedness of the U.S. Borrower or any of its
     Subsidiaries evidenced by completion guarantees and performance and surety
     bonds (but excluding appeal, performance and other bonds and/or guaranties
     issued in respect of obligations arising in connection with litigation)
     incurred in the ordinary course of business for purposes of insuring the
     performance of the U.S. Borrower or such Subsidiary in an aggregate amount
     not to exceed $50,000,000 at any time outstanding and (y) Indebtedness of
     the U.S. Borrower or any of its Subsidiaries evidenced by appeal,
     performance and other bonds and/or guaranties issued in respect of
     obligations arising in connection with litigation for purposes of insuring
     the performance of the U.S. Borrower or such Subsidiary in an aggregate
     amount not to exceed $50,000,000 at any time outstanding;

          (xiv) Indebtedness of the U.S. Borrower or any Subsidiary of the U.S.
     Borrower arising from agreements of the U.S. Borrower or a Subsidiary of
     the U.S. Borrower providing for indemnification, adjustment of purchase
     price or other similar obligations, in each case, incurred or assumed in
     connection with the disposition of any business, assets or a Subsidiary of
     the U.S. Borrower permitted under this Agreement (other than guarantees of
     Indebtedness incurred by any Person acquiring all or any portion of such
     business, assets or Subsidiary for the purpose of financing such
     acquisition), provided that the maximum assumable liability (as measured by
     the reserves reasonably established on such Person's financial statements)
     in respect of all such Indebtedness shall at no time exceed the gross
     proceeds actually received by the U.S. Borrower and its Subsidiaries in
     connection with such dispositions;

          (xv) unsecured Indebtedness of the U.S. Borrower evidenced by a
     guaranty of the Indebtedness or other obligations of any other Person
     (including Indebtedness of

                                     -119-

<PAGE>

     Foreign Subsidiaries permitted pursuant to Section 9.04(b)(viii) above), so
     long as the aggregate amount of the Contingent Obligations of the U.S.
     Borrower pursuant to this Section 9.04(b)(xv) does not exceed $25,000,000
     at any time;

          (xvi) (I) unsecured Indebtedness of the U.S Borrower incurred under
     the Existing 2011 Senior Notes and the Existing 2011 Senior Notes Indenture
     and of the U.S. Subsidiary Guarantors (and so long as same remain U.S.
     Subsidiary Guarantors) under senior subordinated guarantees of the
     obligations of the U.S. Borrower provided under the Existing 2011 Senior
     Notes Documents to which they are a party, in an aggregate principal amount
     not to exceed $200,000,000 (less the amount of any repayments of principal
     thereof after the Restatement Effective Date), (II) unsecured Indebtedness
     of the U.S Borrower incurred under the Existing 2009 Senior Notes and the
     Existing 2009 Notes Indenture and of the U.S. Subsidiary Guarantors (and so
     long as same remain U.S. Subsidiary Guarantors) under senior subordinated
     guarantees of the obligations of the U.S. Borrower provided under the
     Existing 2009 Senior Notes Documents to which they are a party, in an
     aggregate principal amount not to exceed $350,000,000 (less the amount of
     any repayments of principal thereof after the Restatement Effective Date),
     (III) unsecured Indebtedness of the U.S Borrower incurred under the
     Existing 2013 Senior Notes and the Existing 2013 Notes Indenture and of the
     U.S. Subsidiary Guarantors (and so long as same remain U.S. Subsidiary
     Guarantors) under senior subordinated guarantees of the obligations of the
     U.S. Borrower provided under the Existing 2013 Senior Notes Documents to
     which they are a party, in an aggregate principal amount not to exceed
     $155,000,000 (less the amount of any repayments of principal thereof after
     the Restatement Effective Date), (IV) unsecured Indebtedness of the U.S
     Borrower incurred under Permitted Senior Notes and the other Permitted
     Senior Notes Documents and of the U.S. Subsidiary Guarantors (and so long
     as same remain U.S. Subsidiary Guarantors) under senior subordinated
     guarantees of the obligations of the U.S. Borrower provided under the
     Permitted Senior Notes Documents to which they are a party, so long as such
     Indebtedness is incurred in accordance with the requirements of the
     definition of Permitted Senior Notes, (V) unsecured Indebtedness of the U.S
     Borrower incurred under the Existing 2010 Senior Notes and the Existing
     2010 Senior Notes Indenture and of the U.S. Subsidiary Guarantors (and so
     long as same remain U.S. Subsidiary Guarantors) under senior subordinated
     guarantees of the obligations of the U.S. Borrower provided under the
     Existing 2010 Senior Notes Documents to which they are a party, in an
     aggregate principal amount not to exceed $400,000,000 (less the amount of
     any repayments of principal thereof after the Restatement Effective Date)
     and (VI) on or prior to the Intermediate Holdco Prepayment Date,
     Indebtedness of Intermediate Holdco and Corporate Holdco under the
     Intermediate Holdco Credit Documents in an aggregate principal amount at
     any time outstanding not to exceed $150,000,000 (as such amount may be
     reduced by any repayments of principal of the Intermediate Holdco
     Indebtedness), and (VII) unsecured Indebtedness of the U.S Borrower
     incurred under the Permitted Refinancing Senior Notes and the other
     Permitted Refinancing Senior Notes Documents and of the U.S. Subsidiary
     Guarantors (and so long as same remain U.S. Subsidiary Guarantors) under
     senior subordinated guarantees of the obligations of the U.S. Borrower
     provided under the Permitted Refinancing Senior Notes Documents to which
     they are a party, so long as such Indebtedness is incurred in accordance
     with the requirements of the definition of Permitted Refinancing Senior
     Notes;

                                     -120-

<PAGE>

          (xvii) Holdings, Intermediate Holdco, the U.S. Borrower and the U.S.
     Subsidiary Guarantors may incur and remain liable with respect to the
     Indebtedness under the ABL Credit Agreement and the other ABL Credit
     Documents; provided, however, that the aggregate principal amount of
     Indebtedness thereunder shall not exceed (as measured on each date of
     incurrence pursuant to this clause (xvii)) the greater of (I) $400,000,000
     and (II) the sum of (x) 80% of the net book value of the accounts
     receivable of the U.S. Borrower and its Domestic Subsidiaries and (y) 60%
     of the net book value of the inventory of the U.S. Borrower and its
     Domestic Subsidiaries, with any determinations pursuant to this clause (II)
     to be made on the date of each incurrence of Indebtedness pursuant to this
     clause (II) based on the most recent financial statements that are
     available to the U.S. Borrower;

          (xviii) Indebtedness of Foreign Subsidiaries of the U.S. Borrower
     under bank guaranties and letters of credit issued by financial
     institutions (on behalf of such Foreign Subsidiaries) in an aggregate
     amount not to exceed $50,000,000 at any time;

          (xix) (x) Indebtedness of Foreign Subsidiaries incurred in connection
     with grower loan programs in an aggregate principal amount not to exceed
     $50,000,000 at any time outstanding and (y) unsecured Indebtedness of the
     U.S. Borrower evidenced by a guaranty of Indebtedness permitted pursuant to
     preceding subclause (x) of this Section 9.04(b)(xix);

          (xx) Indebtedness of the U.S. Borrower or any of its Subsidiaries
     incurred in connection with vehicle inventory loans in an aggregate
     principal amount not to exceed $5,000,000 at one time outstanding;

          (xxi) Indebtedness of the U.S. Borrower which may be deemed to exist
     under its non-qualified excess savings plan for employees;

          (xxii) Indebtedness of Holdings under the Wellbeing Project Financing
     Documents in an aggregate principal amount at any time outstanding not to
     exceed the Wellbeing Project Financing Debt Cap Amount at such time, so
     long as (A) such Indebtedness is incurred in accordance with the
     requirements of the definition of "Wellbeing Project Financing" and (B) no
     Default or Event of Default is in existence at the time of the respective
     incurrence of such Wellbeing Project Financing and immediately after giving
     effect thereto; and

          (xxiii) additional unsecured Indebtedness of the U.S. Borrower and its
     Subsidiaries (other than the Bermuda Partnership Partners and the Bermuda
     Partnership) not otherwise permitted hereunder not exceeding $100,000,000
     in aggregate principal amount at any time outstanding, provided that no
     such additional Indebtedness shall be incurred at any time a Default or
     Event of Default then exists or would result therefrom.

          In addition, notwithstanding anything to the contrary contained above
in clauses (a) and (b) of this Section 9.04, (x) in no event shall any
Subsidiary of Holdings guarantee any Indebtedness of Holdings under any
Wellbeing Project Financing Document or incur any other obligation under, or
with respect to, any Wellbeing Project Financing Document having any

                                     -121-

<PAGE>

element of recourse to such Subsidiary or to such Subsidiary's assets or
properties and (y) Holdings shall not permit any Unrestricted Wellbeing Joint
Venture to incur any Indebtedness or any other obligation having any element of
recourse to any Subsidiary of Holdings or to any assets or properties of any
Subsidiary of Holdings.

          9.05 Advances; Investments; Loans. No Credit Agreement Party will, nor
will permit any of its Subsidiaries to, directly or indirectly, lend money or
extend credit or make advances to any Person, or purchase or acquire any stock,
obligations or securities of, or any other Equity Interest in, or make any
capital contribution to, any Person, or purchase or own a futures contract or
otherwise become liable for the purchase or sale of currency or other
commodities at a future date in the nature of a futures contract, or hold any
cash or Cash Equivalents (each of the foregoing an "Investment" and,
collectively, "Investments"), except:

          (i) (w) the U.S. Borrower and its Subsidiaries may acquire and hold
     cash and Cash Equivalents; (x) Intermediate Holdco may hold cash and Cash
     Equivalents (I) in a de minimis amount representing proceeds from the
     initial capital contribution made in connection with its formation and (II)
     representing the proceeds of any Indebtedness permitted to be incurred, or
     Dividends permitted to be received, by it pursuant to the terms of this
     Agreement, so long as (in the case of preceding subclause (II))
     Intermediate Holdco utilizes such cash and/or Cash Equivalents within the
     time periods required, and for the purposes permitted, by this Agreement,
     (y) Corporate Holdco may hold cash and Cash Equivalents in a de minimis
     amount representing proceeds from the initial capital contribution made in
     connection with its formation and (z) Holdings may hold cash and Cash
     Equivalents (I) in a de minimis amount representing proceeds from the
     initial capital contribution made in connection with its formation and (II)
     representing the proceeds of any Indebtedness permitted to be incurred, or
     Dividends permitted to be received, by it pursuant to the terms of this
     Agreement (including cash and Cash Equivalents held by Holdings
     representing proceeds from the Wellbeing Project Financing), so long as (in
     the case of preceding subclause (II)) Holdings utilizes such cash or Cash
     Equivalents within the time periods required, and for the purposes
     permitted, by this Agreement;

          (ii) the U.S. Borrower and its Subsidiaries may acquire and hold
     receivables owing to it, if created or acquired in the ordinary course of
     business and payable or dischargeable in accordance with customary trade
     terms (including the dating of receivables) of the U.S. Borrower or such
     Subsidiary;

          (iii) the U.S. Borrower and its Subsidiaries may acquire and own
     investments (including debt obligations) received in connection with the
     bankruptcy or reorganization of suppliers, trade creditors, licensees,
     licensors and customers and in good faith settlement of delinquent
     obligations of, and other disputes with, suppliers, trade creditors,
     licensees, licensors and customers arising in the ordinary course of
     business;

          (iv) Interest Rate Protection Agreements entered into in compliance
     with Section 9.04(b)(iii) shall be permitted;

                                     -122-

<PAGE>

          (v) (x) Investments constituting Intercompany Scheduled Existing
     Indebtedness in existence on the Restatement Effective Date (and any
     refinancings thereof permitted pursuant to Section 9.04(b)(vii) and
     consistent with the definition of Permitted Refinancing Indebtedness) and
     (y) such other Investments in existence on the Restatement Effective Date
     and listed on Schedule VI (without giving effect to any additions thereto
     or replacements thereof); provided that any additional Investments made
     with respect to the Investments described in preceding subclause (y) of
     this Section 9.05(v) shall be permitted only if independently justified
     under the other provisions of this Section 9.05;

          (vi) (u) Qualified U.S. Obligors (other than Holdings, Intermediate
     Holdco and Corporate Holdco) may make intercompany loans to each other, (v)
     Qualified Non-U.S. Obligors may make intercompany loans to each other, (w)
     Qualified U.S. Obligors (other than Holdings, Intermediate Holdco and
     Corporate Holdco) may make intercompany loans to any Qualified Non-U.S.
     Obligor, (x) Qualified Obligors and Foreign Subsidiary Guarantors that are
     not Qualified Obligors may make intercompany loans to any Foreign
     Subsidiary of the U.S. Borrower that is not a Qualified Obligor, (y) any
     Wholly-Owned Foreign Subsidiary of the U.S. Borrower may make intercompany
     loans to any Qualified Obligor and (z) Non-Guarantor Subsidiaries may make
     intercompany loans to each other and to any Foreign Credit Party, provided
     that (I) unless the respective obligor under such intercompany loan
     reasonably determines that the execution, delivery and performance of an
     Intercompany Note is prohibited by, or that such Intercompany Note would
     not be enforceable against such obligor under, applicable local law, any
     such intercompany loan made pursuant to this Section 9.05(vi) (other than
     any such loan made to a Non-Wholly Owned Subsidiary) shall be evidenced by
     an Intercompany Note, (II) at no time shall the aggregate outstanding
     principal amount of all such intercompany loans made pursuant to subclause
     (w) of this Section 9.05(vi) above (exclusive of loans made to Qualified
     Non-U.S. Obligors which are promptly on-lent by such Qualified Non-U.S.
     Obligors to Foreign Subsidiaries that are not Qualified Obligors in
     reliance on subclause (x) above), when added to the aggregate amount of
     capital contributions made pursuant to (and in reliance on) Section
     9.05(viii)(y) (for this purpose, taking the Fair Market Value of any
     Property (other than cash) so contributed at the time of such
     contribution), exceed $200,000,000 (determined without regard to
     write-downs or write-offs thereof), (III) at no time shall the aggregate
     outstanding principal amount of all such intercompany loans made pursuant
     to subclause (x) of this Section 9.05(vi) above (determined without regard
     to write-downs or write-offs thereof), when added to the aggregate amount
     of capital contributions made pursuant to (and in reliance on) Section
     9.05(viii)(z) (for this purpose, taking the Fair Market Value of any
     Property (other than cash) so contributed at the time of such
     contribution), exceed $150,000,000, (IV) no intercompany loans may be made
     pursuant to subclause (w) or (x) of this Section 9.05(vi) at any time any
     Specified Default or any Event of Default is in existence (or would be in
     existence after giving effect thereto), (V) subject to the exception
     specified in the proviso to Section 9.01(g), each intercompany loan made
     pursuant to this Section 9.05(vi) shall be subject to subordination as, and
     to the extent required by, the Intercompany Subordination Agreement and
     (VI) any intercompany loans made pursuant to this Section 9.05(vi) shall
     cease to be permitted hereunder if the obligor or obligee thereunder ceases
     to constitute a Qualified Obligor or a Foreign Subsidiary of the U.S.
     Borrower as contemplated above;

                                     -123-

<PAGE>

          (vii) (x) loans by the U.S. Borrower and its Subsidiaries to officers,
     employees and directors of Holdings and its Subsidiaries for bona fide
     business purposes, in each case incurred in the ordinary course of
     business, in an aggregate outstanding principal amount not to exceed
     $5,000,000 at any time outstanding (determined without regard to any
     write-downs or write-offs of such loans and advances) shall be permitted
     and (y) advances of reimbursable expenses by the U.S. Borrower and its
     Subsidiaries to officers, employees and directors of Holdings and its
     Subsidiaries for bona fide purposes, in each case incurred in the ordinary
     course of business;

          (viii) (u) any Wholly-Owned Foreign Subsidiary of the U.S. Borrower
     may make capital contributions to any Qualified Obligor, (v) any Qualified
     U.S. Obligor may make capital contributions to any of its direct
     Wholly-Owned Subsidiaries that is a Qualified U.S. Obligor, (w) any
     Qualified Non-U.S. Obligor may make capital contributions to any of its
     direct Wholly-Owned Subsidiaries that is a Qualified Non-U.S. Obligor, (x)
     any Non-Guarantor Subsidiary may make capital contributions to any of its
     direct Wholly-Owned Subsidiaries that is a Non-Guarantor Subsidiary or a
     Foreign Credit Party, (y) any Qualified U.S. Obligor may make capital
     contributions to any of its direct Wholly-Owned Subsidiaries that is
     Qualified Non-U.S. Obligor and (z) any Qualified Obligor and any Foreign
     Subsidiary Guarantor that is not a Qualified Obligor may make capital
     contributions to any of their respective direct Foreign Subsidiaries that
     is not a Qualified Obligor; provided that (I) at no time shall the
     aggregate amount of the capital contributions made pursuant to subclause
     (y) of this Section 9.05(viii) (for this purpose, (1) taking the Fair
     Market Value of any Property (other than cash) so contributed at the time
     of such contribution and (2) excluding capital contributions made to a
     Qualified Non-U.S. Obligor which are promptly contributed, in turn, to a
     Foreign Subsidiary of such Qualified Non-U.S. Obligor that is not a
     Qualified Obligor in reliance on subclause (z) above), when added to the
     aggregate outstanding principal amount of all intercompany loans made
     pursuant to subclause (w) of Section 9.05(vi) above (determined without
     regard to write-downs or write-offs thereof), exceed $200,000,000, (II) at
     no time shall the aggregate amount of the capital contributions made
     pursuant to subclause (z) of this Section 9.05(viii) (for this purpose,
     taking the Fair Market Value of any Property (other than cash) so
     contributed at the time of such contribution), when added to the aggregate
     outstanding principal amount of all intercompany loans made pursuant to
     subclause (x) of Section 9.05(vi) above (determined without regard to
     write-downs or write-offs thereof), exceed $150,000,000 and (III) no
     contributions may be made pursuant to subclause (y) or (z) of this Section
     9.05(viii) at any time any Specified Default or any Event of Default is in
     existence (or would be in existence after giving effect thereto);

          (ix) the Borrowers and the Subsidiary Guarantors may make Permitted
     Acquisitions in accordance with the relevant requirements of Section 8.15
     and the component definitions therein;

          (x) the U.S. Borrower and its Subsidiaries may own the capital stock
     of, or other Equity Interests in, their respective Subsidiaries created or
     acquired in accordance with the terms of this Agreement;

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          (xi) the U.S. Borrower and its Subsidiaries may acquire and hold
     non-cash consideration issued by the purchaser of assets in connection with
     a sale of such assets to the extent permitted by Sections 9.02(v), (xiv)
     and (xviii);

          (xii) the U.S. Borrower and its Subsidiaries may enter into (x) Other
     Hedging Agreements in the ordinary course of business providing protection
     against fluctuations in currency values in connection with the operations
     of the U.S. Borrower or any of its Subsidiaries and (y) Commodity
     Agreements in the ordinary course of business providing protection against
     fluctuations in prices of commodities used in the operations of the U.S.
     Borrower and its Subsidiaries, in each case, so long as management of the
     U.S. Borrower or such Subsidiary, as the case may be, has determined in
     good faith that the entering into of such Other Hedging Agreements or
     Commodity Agreements, as the case may be, are bona fide hedging activities
     and are not for speculative purposes;

          (xiii) Holdings may acquire and hold obligations of one or more
     officers, directors or other employees of Holdings or any of its
     Subsidiaries in connection with such officers', directors' or employees'
     acquisition of shares of capital stock of Holdings, so long as no cash is
     paid by Holdings or any of its Subsidiaries to such officers, directors or
     employees in connection with the acquisition of any such obligations;

          (xiv) loans or advances by any Subsidiary of Holdings in connection
     with grower loan programs; provided that (I) at no time shall the aggregate
     outstanding principal amount of all such loans and advances made pursuant
     to this Section 9.05(xiv) exceed $75,000,000 (determined without regard to
     write-downs or write-offs thereof), (II) no loans or advances may be made
     pursuant to this Section 9.05(xiv) at any time any Specified Default or any
     Event of Default is in existence (or would be in existence after giving
     effect thereto), and (III) in the event a loan or advance made by a Credit
     Party pursuant to this Section 9.05(xiv) is evidenced by a promissory note,
     such promissory note shall be pledged to the Collateral Agent pursuant to
     the relevant Security Document (except to the extent local law or the
     relevant grower loan documents prohibit such pledge or such note is
     required to be pledged to secure Indebtedness incurred pursuant to clause
     (x) of Section 9.04(b)(xix));

          (xv) so long as no Default or Event of Default then exists or would
     result therefrom, the U.S. Borrower and its Subsidiaries may acquire Equity
     Interests in Persons (who, after giving effect to such acquisition, become
     Non-Wholly Owned Subsidiaries of the U.S. Borrower or such Subsidiary);
     provided that the aggregate amount of the Investments made pursuant to this
     Section 9.05(xv) after the Restatement Effective Date shall not exceed
     $50,000,000 (without regard to any write-downs or write-offs thereof);

          (xvi) any Non-Wholly Owned Subsidiary of the U.S. Borrower may make
     loans to its shareholders generally so long as (x) the U.S. Borrower or its
     respective Subsidiary which owns the Equity Interest in the Subsidiary
     making such loans receives at least its proportionate share of such loans
     (based upon its relative holding of the Equity Interests in the Subsidiary
     making such loans), (y) unless the entering into of the Intercompany
     Subordination Agreement requires the consent of the minority shareholder of
     such Non-Wholly Owned Subsidiary (and such consent is not obtained), such
     Non-Wholly-Owned

                                     -125-

<PAGE>

     Subsidiary (as obligee of such loan) and the U.S. Borrower or such other
     Subsidiary (as obligor of such loan) shall be subject to the provisions of
     the Intercompany Subordination Agreement and (z) the aggregate outstanding
     principal amount of all loans pursuant to this Section 9.05(xvi) which are
     not subject to the subordination provisions of the Intercompany
     Subordination Agreement shall not exceed $50,000,000 at any time;

          (xvii) Investments constituting guaranties permitted by Section 9.04;

          (xviii) the Bermuda Partnership Partners may make additional
     Investments in the Bermuda Partnership not otherwise permitted by this
     Section, so long as (w) the Bermuda Partnership promptly (and in any event
     within one Business Day of receipt thereof) uses 100% of the cash proceeds
     of such Investment to make a prepayment on the intercompany loan owing by
     it to the Bermuda Borrower and incurred pursuant to the Intercompany
     Distribution Transactions, (x) the Bermuda Borrower uses all of the
     proceeds of such prepayment within one Business Day of the date of receipt
     thereof to prepay Term Loans owing by it in accordance with the
     requirements of Section 4.01(vii), (y) if any U.S. Borrower Incremental
     Term Loans are then outstanding, the U.S. Borrower makes a concurrent
     prepayment of U.S. Borrower Incremental Term Loans in accordance with the
     requirements of Section 4.01(vii) and (z) any Investment in the form of an
     intercompany loan or advance pursuant to this Section 9.05(xviii) shall be
     subject to subordination as, and to the extent required by, the
     Intercompany Subordination Agreement;

          (xix) so long as no Default or Event of Default then exists or would
     result therefrom, the U.S. Borrower and its Subsidiaries may make
     Investments not otherwise permitted by Section 9.05(i) through (xviii) and
     succeeding Section 9.05(xxi); provided that the aggregate amount of the
     Investments made pursuant to this Section 9.05(xix) after the Restatement
     Effective Date shall not exceed $100,000,000 (without regard to any
     write-downs or write-offs thereof)

          (xx) so long as no Default or Event of Default then exists or would
     result therefrom, Holdings may from time to time (I) make cash common
     equity contributions, and/or intercompany loans to, Westlake Wellbeing
     Company, and (II) make cash common equity contributions, and/or
     intercompany loans, to Wellbeing IP Holdco and/or Wellbeing Edco; provided
     that (x) Holdings shall at all times own or hold at least 85% of the Equity
     Interests of Westlake Wellbeing Company (on a fully diluted basis) and at
     least 50% of the Equity Interests of each of Wellbeing IP Holdco and
     Wellbeing Edco (on a fully diluted basis), (y) all of the Equity Interests
     of each of the Unrestricted Wellbeing Joint Ventures held by Holdings shall
     have been delivered and pledged by Holdings to the Collateral Agent
     pursuant to the U.S. Pledge Agreement and (z) each Investment made by
     Holdings pursuant to this Section 9.05(xx) in the form of an intercompany
     loan shall be evidenced by an Intercompany Note pledged to the Collateral
     Agent pursuant to the U.S. Pledge Agreement;

          (xxi) the U.S. Borrower may make intercompany loans to Intermediate
     Holdco, and Intermediate Holdco may make intercompany loans to Holdings, at
     the times and for the purposes described below, so long as (i) no Default
     or Event of Default then exists or

                                     -126-

<PAGE>

     would result therefrom, (ii) the (x) Total Unutilized Revolving Loan
     Commitment (as defined in the ABL Credit Agreement) or, if less, the amount
     which could then be borrowed thereunder giving effect to "borrowing base"
     or similar limitations on amounts permitted to be borrowed thereunder or
     (y) in the event that the ABL Credit Agreement shall have been replaced or
     refinancing, undrawn available amounts under other working capital
     revolving credit facilities of the U.S. Borrower (determined based on the
     relevant total commitments and borrowing base or other similar limitations,
     as applicable), shall equal or exceed $30,000,000 immediately after giving
     effect to each such intercompany loan), (iii) each such intercompany loan
     is permitted pursuant to the terms of the ABL Credit Documents, the
     Existing Senior Notes Documents, and, on and after the execution and
     delivery thereof, the Permitted Senior Notes Documents and the Permitted
     Refinancing Senior Notes Documents, (iv) no such intercompany loan by the
     U.S. Borrower to Intermediate Holdco shall be made, unless the proceeds
     thereof are promptly (and in any event within 5 Business Days of the making
     of such intercompany loan or, in the case of following clause (C), by the
     Intermediate Holdco Prepayment Date) (A) on-loaned by Intermediate Holdco
     to Holdings for use within the time periods required by, and for the
     purposes described in, immediately succeeding clause (v), (B) Dividended by
     Intermediate Holdco to Holdings for use within the time periods required
     by, and for the purposes described in, sub-clause (iv) of Section 9.06(ix)
     or (C) utilized by Intermediate Holdco to pay amounts owing pursuant to the
     Intermediate Holdco Indebtedness as contemplated by Section 8.21, (v) the
     proceeds of each such intercompany loan received by Holdings shall be
     utilized by Holdings promptly (and, in any event, within 30 days of the
     receipt of such proceeds) to make an Investment in one or more Unrestricted
     Wellbeing Joint Ventures pursuant to Section 9.05(xx) for the purposes of
     financing the Wellbeing Project and/or the operations of the Unrestricted
     Wellbeing Joint Ventures, and (vi) each such intercompany loan shall be
     evidenced by an Intercompany Note pledged by the U.S. Borrower or
     Intermediate Holdco, as the case may be, to the Collateral Agent pursuant
     to the U.S. Pledge Agreement; and

          (xxii) (x) Intermediate Holdco may make intercompany loans to the U.S.
     Borrower with the proceeds from any Investment made in it by Holdings with
     the proceeds of (I) any Equity Infusion or (II) Wellbeing Project
     Financing, so long as each such intercompany loan shall be evidenced by an
     Intercompany Note pledged by Intermediate Holdco to the Collateral Agent
     pursuant to the U.S. Pledge Agreement and (y) Holdings may make
     intercompany loans to Intermediate Holdco with the proceeds from (I) any
     Equity Infusion or (II) the incurrence of any Wellbeing Project Financing,
     so long as each such intercompany loan shall be evidenced by an
     Intercompany Note pledged by Holdings to the Collateral Agent pursuant to
     the U.S. Pledge Agreement.

          9.06 Restricted Payments; etc. No Credit Agreement Party will, nor
will permit any of its Subsidiaries to, declare or pay any dividends (other than
dividends payable solely in non-redeemable common stock or comparable common
equity interests of Holdings or any such Subsidiary, as the case may be) or
return any equity capital to, its stockholders, partners, members or other
equity holders or authorize or make any other distribution, payment or delivery
of property or cash to its stockholders, partners, members or other equity
holders as such, or redeem, retire, purchase or otherwise acquire, directly or
indirectly, for a consideration, any shares of any class of its capital stock or
other Equity Interests, now or hereafter outstanding (or

                                     -127-

<PAGE>

any warrants for or options or stock appreciation rights in respect of any of
such shares or other Equity Interests), or set aside any funds for any of the
foregoing purposes, and no Credit Agreement Party will permit any of its
Subsidiaries to purchase or otherwise acquire for a consideration any shares of
any class of the capital stock or other Equity Interests of any direct or
indirect parent of such Subsidiary now or hereafter outstanding (or any options
or warrants or stock appreciation rights issued by such Person with respect to
its capital stock or other Equity Interests) (all of the foregoing "Dividends")
or make any payments in respect of any outstanding Shareholder Subordinated
Notes or Intercompany Debt, except that:

          (i) (x) any Subsidiary of the U.S. Borrower may pay Dividends to the
     U.S. Borrower or any Wholly-Owned Subsidiary of the U.S. Borrower and (y)
     any non-Wholly-Owned Subsidiary of the U.S. Borrower may pay cash Dividends
     to its shareholders generally so long as the U.S. Borrower or its
     respective Subsidiary which owns the Equity Interest in the Subsidiary
     paying such Dividends receives at least its proportionate share thereof
     (based upon its relative holding of the Equity Interests in the Subsidiary
     paying such Dividends and taking into account the relative preferences, if
     any, of the various classes of Equity Interests of such Subsidiary);
     provided that any Dividend made pursuant to preceding clause (x) to any
     Wholly-Owned Subsidiary that is not a Credit Party may only be made if (A)
     (I) no Specified Default and no Event of Default then exists or would
     result therefrom and (II) such Wholly-Owned Subsidiary promptly distributes
     and/or transfer any Property received pursuant to such Dividend (directly
     or indirectly through other Wholly-Owned Subsidiaries) to a Credit Party or
     (B) the Subsidiary making such Dividend is not a Credit Party; provided,
     however, that, subject to Section 9.01(d)(v), any such Dividend may be made
     to the Bermuda Partnership notwithstanding the existence of an Event of
     Default (other than an Event of Default under Section 10.01 or 10.05) so
     long as (a) the Bermuda Partnership complies with clause (II) of the
     preceding proviso and (b) the Bermuda Partnership Partners are (after
     giving effect to the receipt of any Dividend from Bermuda Partnership) in
     compliance with the requirements of Section 9.01(d);

          (ii) Holdings may redeem or purchase shares of Holdings Common Stock
     or options to purchase Holdings Common Stock, as the case may be, held by
     former officers or employees of Holdings or any of its Subsidiaries
     following the death, disability, retirement or termination of employment of
     such officers or employees, provided that (w) the only consideration paid
     by Holdings in respect of such redemptions and/or purchases shall be cash
     and Shareholder Subordinated Notes, (x) the sum of (A) the aggregate amount
     paid by Holdings in cash in respect of all such redemptions and/or
     purchases plus (B) the aggregate amount of all principal and interest
     payments made on Shareholder Subordinated Notes, shall not exceed
     $2,000,000 in any Fiscal Year of Holdings, and (z) at the time of any
     redemption or purchase pursuant to this Section 9.06(ii), no Specified
     Default or Event of Default shall then exist or result therefrom;

          (iii) (A) the U.S. Borrower may pay cash Dividends to Intermediate
     Holdco, so long as (x) no Specified Default or Event of Default then exists
     or would result therefrom and (y) the cash proceeds thereof are promptly
     used by Intermediate Holdco to pay the cash Dividend described in
     succeeding clause (B) and (B) Intermediate Holdco may pay cash Dividends to
     Holdings, so long as (x) no Specified Default or Event of

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<PAGE>

     Default then exists or would result therefrom and (y) the cash proceeds
     thereof are promptly used by Holdings for the purposes described in Section
     9.06(ii);

          (iv) (A) the U.S. Borrower may pay cash Dividends to Intermediate
     Holdco, so long as the proceeds thereof are promptly used by Intermediate
     Holdco to pay its operating expenses in the ordinary course of business
     (including, without limitation, professional fees and expenses) and other
     similar corporate overhead costs and expenses, (B) the U.S. Borrower may
     pay cash Dividends to Intermediate Holdco, so long as Intermediate Holdco
     promptly contributes such proceeds to Corporate Holdco and the proceeds of
     such contribution are promptly used by Corporate Holdco to pay its
     operating expenses in the ordinary course of business (including, without
     limitation, professional fees and expenses) and other similar corporate
     overhead costs and expenses and (C) the U.S. Borrower may pay cash
     Dividends to Intermediate Holdco, which, in turn, may pay cash Dividends to
     Holdings, so long as the proceeds thereof are promptly used by Holdings to
     pay operating expenses in the ordinary course of its business (including,
     without limitation, professional fees and expenses) and other similar
     corporate overhead costs and expenses;

          (v) the U.S. Borrower may pay cash Dividends to Intermediate Holdco,
     and Intermediate Holdco may in turn pay cash Dividends to Holdings, in the
     amounts and at the times of any payment by Holdings in respect of its taxes
     (or taxes of its consolidated group), provided that (x) the amount of cash
     Dividends paid pursuant to this clause (v) to enable Holdings to pay taxes
     at any time shall not exceed the amount of such taxes owing by Holdings at
     such time and (y) any refunds received by Holdings attributable to the U.S.
     Borrower or any of its Subsidiaries shall be promptly returned by Holdings
     to Intermediate Holdco, and, in turn, by Intermediate Holdco to the U.S.
     Borrower, provided, further, that (A) in no event shall the amount of
     Dividends paid by the U.S. Borrower and its Subsidiaries pursuant to this
     Section 9.06(v) in respect of any taxable year for which the U.S. Borrower
     and any of its Subsidiaries are included in a consolidated federal income
     tax return, or a consolidated, combined or unitary state or local tax
     return with any Person other than the U.S. Borrower and its Subsidiaries
     (such other Person or Persons included in such returns, together with the
     U.S. Borrower and its Subsidiaries, the "Affiliated Group") exceed, in the
     aggregate, the lesser of (I) the amount of such federal income tax or state
     or local tax, as the case may be (the "Relevant Separate Tax Liability"),
     that the U.S. Borrower and its Subsidiaries would have been obligated to
     pay if the U.S. Borrower and its Subsidiaries had filed a separate
     consolidated federal income tax return or a separate consolidated, combined
     or unitary state or local tax return, as the case may be, for such year and
     all prior taxable years (with the U.S. Borrower as the common parent of
     such affiliated group) and (II) the product of (a) the federal income or
     state or local tax liability, as the case may be, of the Affiliated Group
     for such year and (b) a fraction, (x) the numerator of which is an amount
     equal to the Relevant Separate Tax Liability of the U.S. Borrower and its
     Subsidiaries for such year and (y) the denominator of which is the
     aggregate of the total separate federal income, state or local tax
     liability, as the case may be, that each member of the Affiliated Group
     (treating the U.S. Borrower and its Subsidiaries as a single member and all
     other members of the Affiliated Group as one separate member) would have
     incurred for such year if such members had filed separate federal income
     tax returns or separate

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<PAGE>

     consolidated, combined or unitary state or local tax returns, as the case
     may be, for such year and all prior taxable years and (B) each Unrestricted
     Wellbeing Joint Venture shall be required to contribute to Holdings (and
     shall concurrently or prior to any payment of any Dividend by the U.S.
     Borrower pursuant to this Section 9.06(v) have contributed to Holdings) its
     allocable share (as reasonably determined by Holdings in good faith) of all
     tax liabilities of Holdings and its consolidated Subsidiaries;

          (vi) Holdings and its Subsidiaries may make payments with respect to
     Intercompany Debt, so long as the respective payment is permitted to be
     made in accordance with the terms of the Intercompany Subordination
     Agreement; provided that, in no event shall the U.S. Borrower be permitted
     to repay any Intercompany Debt incurred by it from Intermediate Holdco
     pursuant to Section 9.05(xxii), unless the conditions set forth in
     subclauses (i), (ii), (iii) and (iv) of Section 9.06(ix) shall have been
     satisfied at such time (for such purposes, treating each reference to the
     making of a Dividend in said subclauses as if it were a reference to the
     repayment of such Intercompany Debt);

          (vii) Holdings may make payments of interest and principal on the
     Shareholder Subordinated Notes in accordance with the terms thereof, so
     long as the sum of (A) the aggregate amount paid by Holdings in cash in
     respect of all redemptions and/or purchases of Holdings Common Stock
     pursuant to Section 9.06(ii) plus (B) the aggregate amount of all principal
     and interest payments made on Shareholder Subordinated Notes, does not
     exceed $2,000,000 in any Fiscal Year of Holdings;

          (viii) Holdings may pay regularly scheduled Dividends on Qualified
     Preferred Stock issued by it pursuant to the terms thereof solely through
     the issuance of additional shares of such Qualified Preferred Stock rather
     than in cash;

          (ix) the U.S. Borrower may pay cash Dividends to Intermediate Holdco,
     and Intermediate Holdco may pay cash Dividends to Holdings, at the times
     and for the purposes described below, so long as (i) no Default or Event of
     Default then exists or would result therefrom, (ii) the aggregate amount of
     such cash Dividends shall not exceed the aggregate amount of cash common
     equity contributions received by the U.S. Borrower from Intermediate Holdco
     (including not more than $28,500,000 received prior to the Restatement
     Effective Date), to and including the date of such cash Dividend, pursuant
     to clause (v) of Section 9.05(viii), in each case only to the extent such
     cash common equity contributions were funded by Intermediate Holdco with
     proceeds from the incurrence of any Wellbeing Project Financing, (iii) each
     such Dividend is permitted pursuant to the terms of the Existing Senior
     Notes Documents and, on and after the execution and delivery thereof, the
     Permitted Senior Notes Documents and the Permitted Refinancing Senior Notes
     Documents, (iv) no such Dividend by the U.S. Borrower to Intermediate
     Holdco shall be paid, unless the proceeds thereof are promptly (and in any
     event within 5 Business Days of the payment of such Dividend) (A)
     Dividended by Intermediate Holdco to Holdings for use within the time
     periods required by, and for the purposes described in, immediately
     succeeding clause (v) and/or (B) on-loaned by Intermediate Holdco to
     Holdings for use within the time periods required by, and for the purposes
     described in, sub-clause (v) of preceding Section 9.05(xxi) and (v) the
     proceeds

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<PAGE>

     of each such Dividend received by Holdings shall be utilized by Holdings
     promptly (and, in any event, within 30 days of the payment of such
     Dividend) to make an Investment in one or more Unrestricted Wellbeing Joint
     Ventures pursuant to Section 9.05(xx) for the purposes of financing the
     Wellbeing Project and/or the operations of the Unrestricted Wellbeing Joint
     Ventures;

          (x) the Refinancing may be consummated in accordance with the
     requirements of this Agreement;

          (xi) so long as no Default and no Event of Default then exists or
     would result therefrom, any Existing Senior Notes, any Permitted Senior
     Notes and any Permitted Refinancing Senior Notes may be refinanced with any
     Permitted Refinancing Senior Notes in accordance with the requirements of
     this Agreement;

          (xii) so long as no Specified Default and no Event of Default then
     exists or would result therefrom, any Scheduled Existing Indebtedness, any
     Permitted Acquired Debt and any Permitted Refinancing Indebtedness incurred
     to refinance same may be refinanced with Permitted Refinancing Indebtedness
     in accordance with the requirements of this Agreement; and

          (xiii) in addition to the actions permitted above, the U.S. Borrower
     and its Subsidiaries may make Investments (and, without duplication, may
     repurchase or redeem (so long as any repurchased Indebtedness is promptly
     cancelled) any Indebtedness otherwise described in Section 9.08(a)(i)) so
     long as (I) no Default or Event of Default then exists or would result
     therefrom, (II) the aggregate amount of cash expended pursuant to this
     Section 9.06(xiii) to effect such Investments after the Restatement
     Effective Date does not exceed the sum of (x) $50,000,000 and (y) the
     aggregate amount of Retained Excess Cash Flow Amount at the time such
     Investment is made and (III) to the extent any such Investment (or any part
     thereof) is made in reliance on preceding clause (II)(y), calculations are
     made by the U.S. Borrower of compliance with Section 9.04(a) (regardless of
     whether any Indebtedness is then being incurred pursuant to said Section
     9.04(a)) for the Calculation Period most recently ended prior to the date
     of the respective repurchase or redemption (determined on a Pro Forma Basis
     after giving effect to such Investment and the incurrence of any
     Indebtedness to finance same), as set forth in a certificate by an
     Authorized Officer of the U.S. Borrower furnished to the Administrative
     Agent on the date of such Investment, and such calculations shall show
     that, after giving effect to the respective Investment (and any other
     contemporaneous Investments) and any Indebtedness being incurred in
     connection therewith, the U.S. Borrower would be permitted to incur at
     least $1 of additional Indebtedness pursuant to Section 9.04(a) at such
     time; provided that, to the extent that such Investments constitute
     redemptions and/or repurchases of Existing Senior Notes, Permitted Senior
     Notes and/or Permitted Refinancing Senior Notes from time to time (whether
     redeemed in accordance with the terms of the indenture therefor and/or
     repurchased on the open market), all such Existing Senior Notes, Permitted
     Senior Notes or Permitted Refinancing Senior Notes, as the case may be, so
     repurchased or redeemed are promptly cancelled by the U.S. Borrower.

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<PAGE>

          9.07 Transactions with Affiliates. No Credit Agreement Party will, nor
will permit any of its Subsidiaries to, enter into any transaction or series of
transactions with any Affiliate of Holdings or any of its Subsidiaries other
than in the ordinary course of business and on terms and conditions
substantially as favorable to such Credit Agreement Party or such Subsidiary as
would be reasonably expected to be obtainable by such Credit Agreement Party or
such Subsidiary at the time in a comparable arm's-length transaction with a
Person other than an Affiliate; provided that the following shall in any event
be permitted: (i) the Transaction; (ii) intercompany transactions among the U.S.
Borrower and its Subsidiaries to the extent expressly permitted by Sections
9.02, 9.04, 9.05 and 9.06; (iii) the payment of consulting or other fees to the
U.S. Borrower by any of its Subsidiaries in the ordinary course of business;
(iv) customary fees to non-officer directors of the U.S. Borrower and its
Subsidiaries; (v) the U.S. Borrower and its Subsidiaries may enter into the
employment arrangements with respect to the procurement of services with their
respective officers and employees in the ordinary course of business; (vi)
Dividends may be paid by Holdings to the extent permitted by Section 9.06; (vii)
the payment of customary fees (excluding management fees) to the Agents and
their Affiliates for services rendered (including, without limitation, any
underwriting discounts and commissions); (viii) transactions between the U.S.
Borrower and/or any of its Subsidiaries and their respective Affiliates listed
on Schedule XIV hereto; and (ix) the California Disposition and any loan of all
or a portion of the Net Sale Proceeds therefrom to an Affiliate of the U.S.
Borrower, so long as (and only so long as) such transactions would not (in the
absence of this clause (ix) and, for such purpose, assuming same were in the
"ordinary course of business") give rise to a violation of this Section 9.07. In
no event shall any management, consulting or similar fee be paid or payable by
Holdings or any of its Subsidiaries to any Affiliate (other than the U.S.
Borrower or any other Credit Party), except as specifically provided in this
Section 9.07.

          9.08 Limitation on Voluntary Payments and Modifications of
Indebtedness; Modifications of Certificate of Incorporation, By-Laws and Certain
Other Agreements; Issuances of Capital Stock; etc. (a) No Credit Agreement Party
will, and no Credit Agreement Party will permit any of its Subsidiaries to:

          (i) make (or give any notice in respect of) any voluntary or optional
     payment or prepayment on or redemption, repurchase or acquisition for value
     of (including, without limitation, by way of depositing with the trustee
     with respect thereto or any other Person money or securities before due for
     the purpose of paying when due), or any prepayment, repurchase, redemption
     or acquisition for value as a result of any asset sale, change of control
     or similar event of any Existing Indebtedness or, after the incurrence or
     issuance thereof, any Permitted Refinancing Indebtedness, any Shareholder
     Subordinated Note, any Qualified Preferred Stock, any Permitted Acquired
     Debt, any Permitted Senior Note or any Permitted Refinancing Senior Note,
     except to the extent expressly permitted under Section 9.06(xi), (xii)
     and/or (xiii) or, in the case of Permitted Acquired Debt, required by
     Section 8.11(h);

          (ii) amend or modify, or permit the amendment or modification of, any
     provision of any Existing Senior Notes Document or, on and after the
     execution and delivery thereof, any Wellbeing Project Financing Document,
     any Permitted Senior Notes Document and any Permitted Refinancing Senior
     Notes Document, in any such case other than any technical or clarifying
     amendments, modifications or changes to any such

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     Documents that are not in any way adverse to the interests of the Lenders
     and do not relate to the subordination provisions contained therein or, in
     the case of any Wellbeing Project Financing Document, amendments,
     modifications or changes which do not result in the Wellbeing Project
     Financing ceasing to meet the requirements of "Wellbeing Project Financing"
     as set forth in the definition thereof; or

          (iii) amend, modify or change any Permitted Acquired Debt, any
     Permitted Refinancing Indebtedness, any Tax Allocation Agreement, any
     Management Agreement, any Qualified Preferred Stock, its certificate of
     incorporation (including, without limitation, by the filing or modification
     of any certificate of designation), by-laws, certificate of partnership,
     partnership agreement, certificate of limited liability company, limited
     liability company agreement (or equivalent organizational documents) or any
     agreement entered into by it, with respect to its capital stock or other
     Equity Interests (including any Shareholders' Agreement), or enter into any
     new Tax Allocation Agreement, Management Agreement or agreement with
     respect to its capital stock or other Equity Interests, other than (A) any
     change to Permitted Acquired Debt or Permitted Refinancing Indebtedness as
     a result of the refinancing thereof as permitted by Section 9.08(a), (B)
     any amendments or modifications to Permitted Refinancing Debt or Qualified
     Preferred Stock consistent with the definitions thereof provided herein and
     (C) any amendments, modifications or changes pursuant to this Section
     9.08(a) and any such new agreements pursuant to this Section 9.08(a), (x)
     which do not adversely affect the interests of the Lenders in any material
     respect, (y), in the case of any Management Agreement, which does not
     involve the payment by Holdings or any of its Subsidiaries of any amount
     which could give rise to a violation of this Agreement and (z) any
     amendment to such Person's respective certificates of incorporation or
     other organizational documents to authorize the issuance of capital stock
     or other Equity Interests otherwise permitted to be issued pursuant to the
     terms of this Agreement.

          (b) Neither Holdings nor any of its Subsidiaries shall designate any
Indebtedness (other than the Obligations) as "Designated Guarantor Senior Debt"
or "Designated Senior Debt" for purposes of the Existing Senior Notes Documents
or, on and after the execution and delivery thereof, the Permitted Senior Notes
Documents and the Permitted Refinancing Senior Notes Documents.

          9.09 Limitation on Issuance of Equity Interests. (a) Holdings will not
issue (i) any Preferred Equity (or any options, warrants or rights to purchase
Preferred Equity) (other than Qualified Preferred Stock issued pursuant to
clause (c) below) or (ii) any redeemable common stock or equivalent common
Equity Interests.

          (b) Neither Intermediate Holdco nor any Borrower shall, nor shall
permit any of its Subsidiaries to, issue any capital stock or other Equity
Interests (including by way of sales of treasury stock), except (i) for
transfers and replacements of then outstanding shares of capital stock or other
Equity Interests, (ii) for stock splits, stock dividends and additional
issuances which do not decrease the aggregate percentage ownership of Holdings
and its Subsidiaries in any class of the capital stock or other Equity Interests
of such Subsidiaries, (iii) in the case of Foreign Subsidiaries of the U.S.
Borrower, to qualify directors to the extent required by applicable law, (iv)
Subsidiaries formed after the Initial Borrowing Date pursuant to Section 9.11

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<PAGE>

(or Section 9.14 of the Original Credit Agreement) may issue capital stock or
other Equity Interests in accordance with the requirements of Section 9.11 (or,
for periods prior to the Restatement Effective Date, Section 9.14 of the
Original Credit Agreement) and (v) issuances of Equity Interests (including
Preferred Equity) by any Wholly-Owned Subsidiary of the U.S. Borrower to one or
more other Wholly-Owned Subsidiaries of the U.S. Borrower. All capital stock or
other Equity Interests issued in accordance with this Section 9.09(b) shall, to
the extent required by the relevant Security Document, be delivered to the
Collateral Agent for pledge pursuant to such Security Document.

          (c) Holdings may from time to time (i) issue Qualified Preferred
Stock, so long as (x) no Default or Event of Default shall exist at the time of
any such issuance or immediately after giving effect thereto, and (y) with
respect to each issuance of Qualified Preferred Stock, the gross cash proceeds
therefrom (or in the case of Qualified Preferred Stock directly issued as
consideration for a Permitted Acquisition, the Fair Market Value thereof of the
assets received therefor) shall be at least equal to 100% of the liquidation
preference thereof at the time of issuance and (ii) issue additional shares of
Qualified Preferred Stock to pay in kind regularly scheduled Dividends on
Qualified Preferred Stock theretofore issued in compliance with this Section
9.09(c).

          9.10 Limitation on Certain Restrictions on Subsidiaries. No Credit
Agreement Party will, nor will permit any of its Subsidiaries to, directly or
indirectly, create or otherwise cause or suffer to exist or become effective,
any encumbrance or restriction on the ability of any such Subsidiary to (x) pay
dividends or make any other distributions on its capital stock or any other
Equity Interests or participation in its profits owned by Holdings or any
Subsidiary of Holdings, or pay any Indebtedness owed to Holdings or a Subsidiary
of Holdings, (y) make loans or advances to Holdings or any Subsidiary of
Holdings or (z) transfer any of its properties or assets to Holdings or any of
its Subsidiaries, except for such encumbrances or restrictions existing under or
by reason of (i) applicable law, (ii) this Agreement and the other Credit
Documents, (iii) customary provisions restricting subletting or assignment of
any lease governing a leasehold interest of the U.S. Borrower or a Subsidiary of
the U.S. Borrower, (iv) customary provisions restricting assignment of any
licensing agreement (in which the U.S. Borrower or any of its Subsidiaries is
the licensee) or any other contract entered into by the U.S. Borrower or any
Subsidiary of the U.S. Borrower in the ordinary course of business, (v) any
agreement or instrument governing Permitted Acquired Debt, which encumbrance or
restriction is not applicable to any Person or the properties or assets of any
Person, other than the Person or the properties or assets of the Person acquired
pursuant to the respective Permitted Acquisition and so long as the respective
encumbrances or restrictions were not created (or made more restrictive) in
connection with or in anticipation of the respective Permitted Acquisition, (vi)
restrictions applicable to any Non-Wholly Owned Subsidiary existing at the time
of the acquisition thereof as a result of an Investment pursuant to Section 9.05
or a Permitted Acquisition effected in accordance with Section 8.15; provided
that the restrictions applicable to such joint venture are not made more
burdensome, from the perspective of the U.S. Borrower and its Subsidiaries, than
those as in effect immediately before giving effect to the consummation of the
respective Investment or Permitted Acquisition; (vii) any restriction or
encumbrance with respect to assets subject to Liens permitted by Sections
9.03(iv), (x), (xi), (xii) and (xvi); (viii) the Existing 2011 Senior Notes
Documents; (ix) the Existing 2010 Senior Notes Documents; (x) the Existing 2009
Senior Notes Documents; (xi) the Existing 2013 Senior Notes

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<PAGE>

Documents; (xii) the Intermediate Holdco Credit Documents; (xiii) the ABL Credit
Documents; (xiv) the Wellbeing Project Financing Documents; (xv) on and after
the execution and delivery thereof, the Permitted Senior Notes Documents; and
(xvi) on and after the execution and delivery thereof, the Permitted Senior
Refinancing Notes Documents.

          9.11 Limitation on the Creation of Subsidiaries and Joint Ventures.
(a) Except as otherwise specifically provided in immediately succeeding clause
(b), Holdings will not, and will not permit any of its Subsidiaries to,
establish, create or acquire after the Initial Borrowing Date any Subsidiary,
provided that the U.S. Borrower and its Wholly-Owned Subsidiaries shall be
permitted to establish or create Wholly-Owned Subsidiaries so long as (A) within
15 Business Days (or such longer period as is acceptable to the Administrative
Agent in any given case) of such establishment, creation or acquisition, as the
case may be, written notice thereof is given to the Administrative Agent
(provided that no such notice shall be required to be given (x) in the case of a
Shell Corporation or (y) in the case of a Foreign Subsidiary entitled to defer
the taking of actions otherwise required by this Section 9.11(a) as a result of
the application of clause (z) of the immediately succeeding proviso), (B)
subject to Sections 8.11(d) and 8.12, the Equity Interests of each such new
Wholly-Owned Subsidiary (if same is an Unrestricted Subsidiary) are pledged
pursuant to, and to the extent required by, the applicable Pledge Agreements
and/or Foreign Security Agreements and, if such Equity Interests constitute
certificated Equity Interests, the certificates representing such Equity
Interests, together with stock or other powers duly executed in blank, are
delivered to the Collateral Agent for the benefit of the Secured Creditors, (C)
to the extent such new Wholly-Owned Subsidiary is required, in accordance with
the applicable provisions of Section 8.11, to become a U.S. Subsidiary
Guarantor, (i) such new Wholly-Owned Subsidiary executes and delivers
counterparts of the U.S. Subsidiaries Guaranty, the Intercompany Subordination
Agreement, the Intercreditor Agreement and such Security Documents as would have
been entered into by the respective Subsidiary if same had been a U.S.
Subsidiary Guarantor under the Original Credit Agreement on the Initial
Borrowing Date, and takes all action in connection therewith as would otherwise
have been required to be taken pursuant to Section 5 of the Original Credit
Agreement if such new Wholly-Owned Subsidiary had been a U.S. Credit Party under
the Original Credit Agreement on the Initial Borrowing Date, (D) to the extent
such new Wholly-Owned Subsidiary is organized in a Qualified Non-U.S.
Jurisdiction and is required, in accordance with the applicable provisions of
Section 8.11, to become a Foreign Subsidiary Guarantor, (i) such new
Wholly-Owned Subsidiary executes and delivers counterparts of the Foreign
Subsidiaries Guaranty, the Intercompany Subordination Agreement and such
Security Documents as would have been entered into by the respective Subsidiary
if same had

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<PAGE>

been a Foreign Subsidiary Guarantor under the Original Credit Agreement on the
Initial Borrowing Date (determined in accordance with the criteria described in
Sections 5.15, 5.17 and 5.18(b) of the Original Credit Agreement), and takes all
action in connection therewith as would otherwise have been required to be taken
pursuant to Section 5 of the Original Credit Agreement if such new Wholly-Owned
Subsidiary had been a Foreign Credit Party under the Original Credit Agreement
on the Initial Borrowing Date, (E) to the extent such new Wholly-Owned
Subsidiary is organized in a Non-Qualified Jurisdiction and is required, in
accordance with the applicable provisions of Section 8.11, to become a Foreign
Subsidiary Guarantor, (i) such new Wholly-Owned Subsidiary executes and delivers
counterparts of the Foreign Subsidiaries Guaranty and, in each case unless the
Administrative Agent otherwise agrees based on advice of local counsel, the
Intercompany Subordination Agreement and such Security Documents as would have
been entered into by the respective Subsidiary if same had been a Foreign
Subsidiary Guarantor under the Original Credit Agreement organized in such
Non-Qualified Jurisdiction on the Initial Borrowing Date (determined in
accordance with the criteria described in Sections 5.15, 5.17 and 5.18(b) of the
Original Credit Agreement), and takes all action in connection therewith as
would otherwise have been required to be taken pursuant to Section 5 of the
Original Credit Agreement if such new Wholly-Owned Subsidiary had been a Foreign
Credit Party under the Original Credit Agreement organized in such Non-Qualified
Jurisdiction on the Initial Borrowing Date and (F) such new Wholly-Owned
Subsidiary, to the extent requested by any Agent or the Required Lenders, takes
all other actions required pursuant to Section 8.11 (including, without
limitation, to, at its own expense, execute, acknowledge and deliver, or cause
the execution, acknowledgment and delivery of, and thereafter register, file or
record in any appropriate governmental office, any document or instrument
reasonably deemed by the Collateral Agent to be necessary or desirable for the
creation and perfection of the Liens on its assets intended to be created
pursuant to the applicable Security Documents); provided that (x) the Credit
Documents required to be executed and delivered pursuant to clauses (C), (D) and
(E) by such newly formed, created or acquired Subsidiary shall not be required
to be so executed and delivered until 45 days after the formation, creation or
acquisition of such Subsidiary, (y) in the case of a Shell Corporation created
or established by the U.S. Borrower or any of its Wholly-Owned Subsidiaries, the
actions described in clauses (B), (C), (D) and (E) and applicable to such Shell
Corporation shall not be required to be taken (so long as same remains a Shell
Corporation) until 60 days after the creation or establishment of such Shell
Corporation and (z) in the case of a newly-formed Wholly-Owned Subsidiary of the
U.S. Borrower organized in (i) a Qualified Non-U.S. Jurisdiction or (ii) a
Non-Qualified Jurisdiction in which an existing Foreign Subsidiary Guarantor is
organized, the actions described in clauses (D), (E) and (F) and applicable to
such Wholly-Owned Subsidiary, shall not be required to be taken by such
Wholly-Owned Subsidiary if the gross book value of its assets (determined as of
the last day of the calendar month then last ended) is less than $10,000,000,
until (and only until) the aggregate gross book value of all Wholly-Owned
Subsidiaries which have not taken the actions described in clauses (D), (E) and
(F) and applicable to such Wholly-Owned Subsidiaries in reliance on this proviso
(determined as of the last day of the calendar month then last ended) exceeds
$20,000,000, at which time all such excluded Wholly-Owned Subsidiaries (and not
just those Wholly-Owned Subsidiaries required to reduce the aggregate gross book
value of such excluded Wholly-Owned Subsidiaries to below $20,000,000) shall
take the actions described in clauses (D), (E) and (F) and applicable to such
Wholly-Owned Subsidiaries.

          (b) In addition to Subsidiaries of the U.S. Borrower created pursuant
to preceding clause (a), the U.S. Borrower and its Subsidiaries may establish,
acquire or create, and make Investments in, Non-Wholly Owned Subsidiaries after
the Initial Borrowing Date as a result of Permitted Acquisitions (subject to the
limitations contained in the definition thereof) and Investments expressly
permitted to be made pursuant to Section 9.05, provided that (x) all Equity
Interests of each such Non-Wholly Owned Subsidiary which is an Unrestricted
Subsidiary shall be pledged by any Credit Party which owns same to the extent
required by the Pledge Agreements or relevant Foreign Security Agreements, and
(y) any actions required to be taken pursuant to Section 8.11 in connection with
the establishment of, or Investments in, the respective Subsidiaries are taken
in accordance with the requirements of said Section 8.11.

          9.12 Special Restrictions Relating to Principal Property. No Credit
Agreement Party will, nor will permit any of its Subsidiaries to, (i) own or
acquire any Principal Property

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<PAGE>

(other than the Principal Properties designated on Schedule XV hereto) or (ii)
directly or indirectly, create, incur, issue, assume, guarantee or otherwise
become liable for or suffer to exist any Indebtedness secured by a Lien on any
Principal Property; provided, however, that, notwithstanding the foregoing, (x)
the U.S. Borrower and its Subsidiaries may acquire (by way of third-party
purchase) up to (but not more than) two Principal Properties after the
Restatement Effective Date and, thereafter, own such Principal Properties and
(y) the U.S. Borrower and its Subsidiaries may own additional Principal
Properties which are not Principal Properties on the Restatement Effective Date
(or, if acquired after the Restatement Effective Date, on such date of
acquisition) if (x) the respective Principal Property becomes a Principal
Property after the Restatement Effective Date (or such date of acquisition) as a
result of the making of capital expenditures or other investments in such
Property by the U.S. Borrower or the respective Subsidiary or (y) the respective
Principal Property is constructed by the U.S. Borrower or the respective
Subsidiary.

          Section 10. Events of Default. Upon the occurrence of any of the
following specified events (each, an "Event of Default"):

          10.01 Payments. Either Borrower shall (i) default in the payment when
due of any principal of any Loan or Note, (ii) default, and such default shall
continue for three or more Business Days, in the payment when due of any Unpaid
Drawing, any Unreimbursed Payment, any interest on any Loan or Note or any Fees
or (iii) default, and such default shall continue for 10 or more Business Days
after notice to either Borrower by the Administrative Agent or any Lender, in
the payment when due of any other amounts owing hereunder or under any other
Credit Document; or

          10.02 Representations, etc. (a) Any representation, warranty or
statement made or deemed made by any Credit Party herein or in any other Credit
Document (other than a Foreign Security Document) or in any statement or
certificate delivered pursuant hereto or thereto shall prove to be untrue in any
material respect on the date as of which made or deemed made, (b) any
representation, warranty or statement which is qualified by a materiality
standard of any kind and is made or deemed made by any Foreign Credit Party in
any Foreign Security Document or in any statement or certificate delivered
pursuant to any Foreign Security Document shall prove to be untrue in any
material respect on the date as of which made or deemed made and (c) any
material representation, warranty or statement which is not qualified by a
materiality standard of any kind and is made or deemed made by any Foreign
Credit Party in any Foreign Security Document or in any statement or certificate
delivered pursuant to any Foreign Security Document shall prove to be untrue in
any material respect on the date as of which made or deemed made; or

          10.03 Covenants. Holdings or any of its Subsidiaries shall (a) default
in the due performance or observance by it of any term, covenant or agreement
contained in Sections 2B.07, 8.01(e)(i), 8.10, 8.11, 8.13, 8.15, 8.18, 8.19,
8.20, 8.21 or 9, or (b) default in the due performance or observance by it of
any term, covenant or agreement contained in this Agreement (other than those
referred to in Sections 10.01, 10.02 or clause (a) of this Section 10.03) and
such default shall continue unremedied for a period of at least 30 days after
notice to the defaulting party by the Administrative Agent or the Required
Lenders; or

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<PAGE>

          10.04 Default Under Other Agreements. (a) Holdings or any of its
Subsidiaries shall (i) default in any payment with respect to any Indebtedness
(other than the Obligations) beyond the period of grace, if any, provided in the
instrument or agreement under which Indebtedness was created or (ii) default in
the observance or performance of any agreement or condition relating to any such
Indebtedness or contained in any instrument or agreement evidencing, securing or
relating thereto, or any other event shall occur or condition exist, the effect
of which default or other event or condition is to cause, or to permit the
holder or holders of such Indebtedness (or a trustee or agent on behalf of such
holder or holders) to cause (determined without regard to whether any notice is
required), any such Indebtedness to become due prior to its stated maturity; or
(b) any Indebtedness (other than the Obligations) of Holdings or any of its
Subsidiaries shall be declared to be (or shall become) due and payable, or shall
be required to be prepaid other than by a regularly scheduled required
prepayment, prior to the stated maturity thereof; provided that it shall not
constitute an Event of Default pursuant to clause (a) or (b) of this Section
10.04 unless the principal amount of any one issue of such Indebtedness, or the
aggregate amount of all such Indebtedness referred to in clauses (a) and (b)
above, equals or exceeds $25,000,000; or

          10.05 Bankruptcy, etc. Holdings or any of its Subsidiaries shall
commence a voluntary case concerning itself under Title 11 of the United States
Code entitled "Bankruptcy," as now or hereafter in effect, or any successor
thereto (the "Bankruptcy Code"); or an involuntary case is commenced against
Holdings or any of its Subsidiaries and the petition is not controverted within
10 days, or is not dismissed within 60 days, after commencement of the case; or
a custodian (as defined in the Bankruptcy Code) is appointed for, or takes
charge of, all or substantially all of the property of Holdings or any of its
Subsidiaries; or Holdings or any of its Subsidiaries commences any other
proceeding under any reorganization, arrangement, adjustment of debt, relief of
debtors, dissolution, insolvency or liquidation or similar law of any
jurisdiction whether now or hereafter in effect relating to Holdings or any of
its Subsidiaries; or there is commenced against Holdings or any of its
Subsidiaries any such proceeding which remains undismissed for a period of 60
days; or Holdings or any of its Subsidiaries is adjudicated insolvent or
bankrupt; or any order of relief or other order approving any such case or
proceeding is entered; or Holdings or any of its Subsidiaries suffers any
appointment of any custodian or the like for it or any substantial part of its
property to continue undischarged or unstayed for a period of 60 days; or
Holdings or any of its Subsidiaries makes a general assignment for the benefit
of creditors; or any Company action is taken by Holdings or any of its
Subsidiaries for the purpose of effecting any of the foregoing; or

          10.06 ERISA. (a) Any Plan shall fail to satisfy the minimum funding
standard required for any plan year or part thereof under Section 412 of the
Code or Section 302 of ERISA or a waiver of such standard or extension of any
amortization period is sought or granted under Section 412 of the Code or
Section 303 or 304 of ERISA, a Reportable Event shall have occurred, a
contributing sponsor (as defined in Section 4001(a)(13) of ERISA) of a Plan
subject to Title IV of ERISA shall be subject to the advance reporting
requirement of PBGC Regulation Section 4043.61 (without regard to subparagraph
(b)(1) thereof) and an event described in subsection .62, .63, .64, .65, .66,
..67 or .68 of PBGC Regulation Section 4043 shall be reasonably expected to occur
with respect to such Plan within the following 30 days which will result in a
Material Adverse Effect, any Plan which is subject to Title IV of ERISA shall
have had or is likely to have a trustee appointed to administer such Plan
pursuant to Section 4042(b)

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<PAGE>

of ERISA, any Plan or Multiemployer Plan which is subject to Title IV of ERISA
is, shall have been or is likely to be involuntarily terminated or to be the
subject of termination proceedings under ERISA, any Plan subject to Title IV of
ERISA shall have an Unfunded Current Liability, a contribution required to be
made with respect to a Plan subject to Title IV of ERISA or Multiemployer Plan
or a Foreign Pension Plan has not been made within 60 days of when due, Holdings
or any Subsidiary of Holdings or any ERISA Affiliate has incurred or is likely
to incur any liability to or on account of a Plan subject to Title IV of ERISA
or Multiemployer Plan under Section 409, 502(i), 502(l), 515, 4062, 4063, 4064,
4069, 4201, 4204 or 4212 of ERISA or Section 401(a)(29), 4971 or 4975 of the
Code or on account of a group health plan (as defined in Section 607(1) of ERISA
or Section 4980B(g)(2) of the Code) under Section 4980B of the Code, or Holdings
or any Subsidiary of Holdings has incurred or is likely to incur liabilities
pursuant to one or more employee welfare benefit plans (as defined in Section
3(1) of ERISA) that provide benefits to retired employees or other former
employees (other than as required by Section 601 of ERISA) or Plans or Foreign
Pension Plans, a "default" within the meaning of Section 4219(c)(5) of ERISA,
shall occur with respect to any Plan or Multiemployer Plan; (b) there shall
result from any such event or events described above in this Section 10.06 the
imposition of a lien, the granting of a security interest, or a liability or a
material risk of incurring a liability resulting from any event described in
clause (a) above; and (c) such lien, security interest or liability,
individually and/or in the aggregate, in the reasonable opinion of the Required
Lenders, has had, or could reasonably be expected to have, a Material Adverse
Effect; or

          10.07 Security Documents. (a) Any Security Document shall cease to be
in full force and effect (except in accordance with the terms thereof), or
shall, subject to the Intercreditor Agreement, cease to give the Collateral
Agent for the benefit of the Secured Creditors the Liens, rights, powers and
privileges purported to be created thereby (including, without limitation, a
perfected security interest in, and Lien on, all of the Collateral), in favor of
the Collateral Agent, superior to and prior to the rights of all third Persons
(except as permitted by Section 9.03), and subject to no other Liens (except as
permitted by Section 9.03), or (b) any Credit Party shall default in the due
performance or observance of any term, covenant or agreement on its part to be
performed or observed pursuant to any such Security Document and such default
shall continue beyond any cure or grace period specifically applicable thereto
pursuant to the terms of any such Security Document; provided that (i) the
occurrence of an Excluded Event shall not give rise to an Event of Default under
this Section 10.07, (ii) the failure to have a perfected and enforceable Lien on
Collateral in favor of the Collateral Agent shall not give rise to an Event of
Default under this Section 10.07, unless the aggregate fair market value of all
Collateral over which the Collateral Agent fails to have a perfected and
enforceable Lien (exclusive of Collateral that is the subject of an Excluded
Event) equals or exceeds $10,000,000 and (iii) in the case of any default
described in clause (b) above in the due performance or observance of any
covenant or agreement contained in any Foreign Security Document that is not
(directly or indirectly) related to the perfection or enforceability of a Lien
on Collateral, such default shall not give rise to an Event of Default until
such default shall continue unremedied for a period of at least 15 days after
notice to the defaulting party by the Administrative Agent, the Collateral Agent
or the Required Lenders; or

          10.08 Guaranties. Any Guaranty or any provision thereof shall cease to
be in full force or effect as to the relevant Guarantor, or any Guarantor or
Person acting by or on behalf of such Guarantor shall deny or disaffirm such
Guarantor's obligations under the relevant

                                     -139-

<PAGE>

Guaranty, or any Guarantor shall default in the due performance or observance of
any term, covenant or agreement on its part to be performed or observed pursuant
to its Guaranty; provided that the occurrence of an Excluded Event shall not
give rise to an Event of Default under this Section 10.08; or

          10.09 Judgments. One or more judgments or decrees shall be entered
against Holdings or any of its Subsidiaries involving a liability (to the extent
not paid or covered by a reputable and solvent insurance company (with any
portion of any judgment or decree not so covered to be included in any
determination hereunder)) equal to or in excess of $25,000,000 for all such
judgments and decrees and all such judgments or decrees shall either be final
and non-appealable or shall not have been vacated, discharged or stayed or
bonded pending appeal for any period of 60 consecutive days; provided, however,
that the rendering of any such judgment(s) or decree(s) by courts outside of the
United States and Bermuda shall not be an Event of Default under this Section
10.09 unless (i) Holdings and its Subsidiaries which are subject to the
judgment(s) or decree(s), as of the date of the issuance of such judgment(s) or
decree(s) (or any later date while such judgment(s) or decree(s) are still in
effect) have at least $25,000,000 in net assets (determined on a book basis
without regard to any write-down or write-off of such assets as a result of such
judgment(s) or decree(s)) located in the jurisdictions (i.e., the relevant
country or countries or any larger jurisdiction of the respective court(s)) of
the courts rendering such judgment(s) or decree(s) (which is (or are) final and
non-appealable or has (or have) not been vacated, discharged, stayed or bonded
pending appeal for any period of 60 consecutive days) or (ii) an order or orders
enforcing such judgment(s) or decree(s) (which is (or are) final and
non-appealable or has (or have) not been vacated, discharged, stayed or bonded
pending appeal for any period of 60 consecutive days) is entered by a court or
courts of competent jurisdiction in a jurisdiction or jurisdictions where
Holdings and/or its Subsidiaries subject to the order, as of the date of the
entry of such order of enforcement (or any later date while any such order is
still in effect), have at least $25,000,000 in net assets located in such
jurisdiction or jurisdictions (determined on a book basis without regard to any
write-down or write-off of such assets as a result of such judgment(s) or
decree(s)); or

          10.10 Ownership. A Change of Control shall have occurred; or

          10.11 Denial of Liability. (a) Any Credit Agreement Party shall deny
its obligations under this Agreement, any Note or any other Credit Document, (b)
any law, rule or regulation shall purport to render invalid, or preclude
enforcement of, any provision of this Agreement or any other Credit Document or
impair performance of any Foreign Credit Party's obligations hereunder or under
any other Credit Document or (c) any dominant authority asserting or exercising
de jure or de facto governmental or police powers shall, by moratorium laws or
otherwise, cancel, suspend or defer the obligation of any Foreign Credit Party
to pay any amount required to be paid hereunder or under any other Credit
Document; provided that the occurrence of an Excluded Event shall not give rise
to an Event of Default under this Section 10.11; or

          10.12 Governmental Action. Any governmental authority shall have
condemned, nationalized, seized, or otherwise expropriated all or any
substantial part of the property, shares of capital stock or other assets of any
Foreign Credit Party or any of its Subsidiaries, or shall have assumed custody
or control of such property or other assets or of the

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business or operations of any Foreign Credit Party or any of its Subsidiaries,
or shall have taken any action for the dissolution or disestablishment of any
Foreign Credit Party or any of its Subsidiaries or any action that would prevent
any Foreign Credit Party, any of its Subsidiaries or any of their respective
officers from carrying on the business of such Foreign Credit Party or such
Subsidiary or a substantial part thereof; provided that the occurrence of an
Excluded Event shall not give rise to an Event of Default under this Section
10.12; or

          10.13 Special Defaults Relating to Bermuda Entities. (i) The Bermuda
Borrower shall fail to maintain its corporate existence in full force and effect
or (ii) any Foreign Credit Party organized under the laws of Bermuda shall (x)
fail to take any of the actions described in Section 8.05 (determined without
regard to the second proviso appearing in said Section) or (y) take any action
described in the last sentence of Section 8.16 (determined without regard to the
proviso appearing at the end of said sentence), and such failure to take or the
taking of such action, as the case may be, described in this clause (ii) shall
continue for a period of at least 30 days after notice to such Foreign Credit
Party by the Administrative Agent or the Required Lenders;

then, and in any such event, and at any time thereafter, if any Event of Default
shall then be continuing, the Administrative Agent shall, upon the written
request of the Required Lenders, by written notice to Holdings or the U.S.
Borrower, take any or all of the following actions, without prejudice to the
rights of any Agent or any Lender to enforce its claims against any Credit Party
(provided that if an Event of Default specified in Section 10.05 shall occur
with respect to either Borrower, the result which would occur upon the giving of
written notice by the Administrative Agent as specified in clauses (i) and (ii)
below shall occur automatically without the giving of any such notice): (i)
declare the Total Commitment terminated, whereupon the Commitment of each Lender
shall forthwith terminate immediately and any Fees shall forthwith become due
and payable without any other notice of any kind; (ii) declare the principal of
and any accrued interest in respect of all Loans and all Obligations owing
hereunder (including Unpaid Drawings and Unreimbursed Payments) to be, whereupon
the same shall become, forthwith due and payable without presentment, demand,
protest or other notice of any kind, all of which are hereby waived by the
Borrowers; (iii) enforce, as Collateral Agent (or direct the Collateral Agent to
enforce), subject to the Intercreditor Agreement, any or all of the Liens and
security interests created pursuant to the Security Documents; (iv) terminate
any Letter of Credit or Bank Guaranty which may be terminated in accordance with
its terms; (v) direct the Bermuda Borrower to pay (and the Bermuda Borrower
agrees that upon receipt of such notice, or upon the occurrence of an Event of
Default specified in Section 10.05 with respect to either Borrower, it will pay)
to the Administrative Agent at the Payment Office such additional amount of cash
(in the respective currencies in which such Letters of Credit or Bank Guaranties
are denominated), to be held as security by the Administrative Agent, as is
equal to the sum of (x) the aggregate Stated Amount of all Bermuda Borrower
Letters of Credit issued for the account of the Bermuda Borrower and then
outstanding and (y) the aggregate Face Amount of all Bank Guaranties issued for
the account of the Bermuda Borrower and then outstanding; (vi) direct the U.S.
Borrower to pay (and the U.S. Borrower agrees that upon receipt of such notice,
or upon the occurrence of an Event of Default specified in Section 10.05 with
respect to either Borrower, it will pay) to the Administrative Agent at the
Payment Office such additional amount of cash (in the respective currencies in
which such Letters of Credit or Bank Guaranties are denominated), to be held as
security by the Administrative Agent, as is equal to the sum of (x) the
aggregate Stated Amount

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of all Letters of Credit then outstanding and (y) the aggregate Face Amount of
all Bank Guaranties issued for the account of the U.S. Borrower and then
outstanding; and (vii) apply any cash collateral held by the Administrative
Agent as provided in Section 4.02 to the repayment of the Obligations.

          Section 11. Definitions. As used herein, the following terms shall
have the meanings herein specified unless the context otherwise requires.
Defined terms in this Agreement shall include in the singular number the plural
and in the plural the singular:

          "ABL Borrower" shall mean the "Borrower" as defined in the ABL Credit
Agreement.

          "ABL Collateral Agent" shall mean the "Collateral Agent" as defined in
the ABL Credit Agreement.

          "ABL Commitment" shall mean the commitment under the ABL Credit
Agreement.

          "ABL Credit Agreement" shall mean the Credit Agreement, dated as of
April 12, 2006, among Holdings, Intermediate Holdco, the U.S. Borrower, as ABL
Borrower, Deutsche Bank Trust Company Americas, as Administrative Agent, Banc of
America Securities LLC, as syndication agent, The Bank of Nova Scotia, as
documentation agent, Deutsche Bank Securities Inc. and Banc of America
Securities LLC, as joint book runners, and Deutsche Bank Securities Inc., as
sole lead arranger, as the same may be amended, restated, modified,
supplemented, renewed, refunded, replaced or refinanced from time to time in one
or more agreements or indentures (in each case with the same or new lenders,
institutional investors or agents), including any agreement or indenture
extending the maturity thereof or otherwise restructuring all or any portion of
the Indebtedness thereunder or increasing the amount loaned or issued thereunder
or altering the maturity thereof (so long as, in the case of any replacement or
refinancing, all commitments under the agreements or indentures so replaced or
refinanced shall have been terminated, all unpaid amounts thereunder (other than
indemnities) shall have been paid in full and all parties to any replacement or
refinancing agreements or indentures, or a trustee or agent on their behalf,
shall have become party to the Intercreditor Agreement as of the applicable date
of replacement or refinancing, as the case may be).

          "ABL Credit Documents" shall mean the ABL Credit Agreement and the
related guaranties, pledge agreements, security agreements, mortgages, notes and
other agreements and instruments entered into in connection with the ABL Credit
Agreement, in each case as the same may be amended, modified and/or supplemented
from time to time in accordance with the terms hereof and thereof.

          "ABL Credit Party" shall mean a "Credit Party" as defined in the ABL
Credit Agreement.

          "ABL Lender" shall mean a "Lender" as defined in the ABL Credit
Agreement.

          "ABL Loans" shall mean the "Loans" as defined in the ABL Credit
Agreement.

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<PAGE>

          "ABL Priority Collateral" means, collectively, all "ABL Priority
Collateral" as defined in the Intercreditor Agreement.

          "ABL Secured Creditors" shall mean the "Secured Creditors" as defined
the ABL Security Documents.

          "ABL Security Agreement" shall mean the "Security Agreement" as
defined in the ABL Credit Agreement.

          "ABL Security Documents" shall mean the "Security Documents" as
defined in the ABL Credit Agreement.

          "Account Party" shall mean, with respect to Letters of Credit or Bank
Guaranties, the U.S. Borrower or the Bermuda Borrower, as specified in the
respective Letter of Credit Request (or, in the case of Existing Letters of
Credit, as specified pursuant to the Original Credit Agreement) or Bank Guaranty
Request (or, in the case of Existing Bank Guaranties, as specified pursuant to
the Original Credit Agreement).

          "Acquired Entity or Business" shall mean either (x) the assets
constituting a business, division or product line of any Person not already a
Subsidiary of Holdings or (y) 100% of the Equity Interests of any such Person,
which Person shall, as a result of such acquisition of Equity Interests, become
a Wholly-Owned Subsidiary of Holdings (or shall be merged with and into the U.S.
Borrower, the Bermuda Borrower or a another Wholly-Owned Subsidiary of the U.S.
Borrower, with the U.S. Borrower, the Bermuda Borrower or such other
Wholly-Owned Subsidiary being the surviving Person).

          "Additional Tranche C Term Loans" shall have the meaning provided in
Section 1.01(b).

          "Additional Collateral" shall mean all property (whether real or
personal) in which security interests are granted (or have been purported to be
granted) (and continue to be in effect at the time of determination) pursuant to
Sections 8.11, 8.12 and/or 9.11.

          "Additional Mortgage" shall have the meaning provided in Section
8.11(a).

          "Additional Mortgaged Property" shall have the meaning provided in
Section 8.11(a).

          "Additional Security Documents" shall mean all mortgages, pledge
agreements, security agreements and other security documents entered into from
time to time pursuant to Sections 8.11, 8.12, 8.15, 9.11 and/or 13.19, as each
such document may be modified, supplemented or amended from time to time in
accordance with the terms hereof and thereof.

          "Adjusted Consolidated Net Income" shall mean, for any period,
Consolidated Net Income for such period plus, without duplication, the sum of
the amount of all net non-cash charges (including, without limitation,
depreciation, amortization, deferred tax expense and non-cash interest expense)
and net non-cash losses which were included in arriving at Consolidated

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Net Income for such period, less the amount of all net non-cash gains which were
included in arriving at Consolidated Net Income for such period.

          "Adjusted Consolidated Working Capital" shall mean, at any time,
Consolidated Current Assets at such time (but excluding therefrom all cash and
Cash Equivalents) less Consolidated Current Liabilities at such time.

          "Adjusted Excess Cash Flow" shall mean, for any period, the remainder
of (i) Excess Cash Flow for such period minus (ii) the aggregate amount of
principal repayments of Loans to the extent (and only to the extent) that such
repayments were made as a voluntary prepayment pursuant to, Section 4.01 hereof.

          "Administrative Agent" shall have the meaning provided in the first
paragraph of this Agreement and shall include any successor to the
Administrative Agent appointed pursuant to Section 12.10.

          "Affiliate" shall mean, with respect to any Person, any other Person
directly or indirectly controlling (including but not limited to all directors
and officers of such Person), controlled by, or under direct or indirect common
control with such Person. A Person shall be deemed to control another Person if
such Person possesses, directly or indirectly, the power (i) to vote 10% or more
of the securities having ordinary voting power for the election of directors (or
equivalent governing body) of such Person or (ii) to direct or cause the
direction of the management and policies of such other Person, whether through
the ownership of voting securities, by contract or otherwise; provided, however,
that neither any Agent nor any Lender (nor any Affiliate thereof) shall be
considered an Affiliate of Holdings or any Subsidiary thereof.

          "Affiliated Group" shall have the meaning provided in Section 9.06(v).

          "After-Acquired Foreign Personal Property" shall have the meaning
provided in Section 8.11(k).

          "Agent" shall mean the Administrative Agent, the Syndication Agent and
each Co-Documentation Agent and shall include any successor to any such Person
appointed pursuant to Section 12.10.

          "Aggregate CL Exposure" shall mean, at any time, the sum of (i) the
aggregate amount of all Letter of Credit Outstandings at such time plus (ii) the
aggregate amount of all Bank Guaranty Outstandings at such time (for this
purpose, giving effect to the provisos to the definitions of Stated Amount and
Face Amount in determining the Letter of Credit Outstandings and Bank Guarantee
Outstandings at such time).

          "Agreement" shall mean this Credit Agreement, as amended and restated
and as the same may be further modified, supplemented, amended, restated,
extended, renewed, refinanced and/or replaced from time to time.

          "Alternative Currency" shall mean Sterling and Euros.

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<PAGE>

          "Applicable Currency" shall mean (i) with respect to any Loan, Dollars
and (ii) with respect to any Letter of Credit or Bank Guaranty, Dollars or the
Alternative Currency in which such Letter of Credit or Bank Guaranty is
denominated.

          "Applicable Increased Term Loan Rate" shall mean, at any time, with
respect to any newly-created Tranche of Incremental Term Loans, the rate per
annum (expressed as a percentage) applicable to Tranche B Term Loans, Tranche C
Term Loans and each other then existing Tranche of Incremental Term Loans after
giving effect to the provisos in subclause (II) of clause (vii) of Section
1.15(a) and shall be conclusive and binding on all Lenders absent manifest
error.

          "Applicable Margin" shall mean initially, commencing on the
Restatement Effective Date, a percentage per annum equal to: (i) in the case of
Tranche B Term Loans and Tranche C Term Loans maintained as (A) Base Rate Loans,
0.75% and (B) Eurodollar Loans, 1.75% (or, on and after the date of the most
recent incurrence of any Tranche of Incremental Term Loans bearing interest at
the Applicable Increased Term Loan Rate, the Applicable Increased Term Loan Rate
for such Tranche of Incremental Term Loans); and (ii) in the case of any Type of
Incremental Term Loan of a given Tranche, that percentage per annum set forth
in, or calculated in accordance with, Section 1.15 and the relevant Incremental
Term Loan Commitment Agreement (or in the case of Incremental Term Loans of a
given Tranche, on and after the date of the most recent incurrence of any
Tranche of Incremental Term Loans bearing interest at the Applicable Increased
Term Loan Rate, the Applicable Increased Term Loan Rate for such Tranche of
Incremental Term Loans); provided, that from and after each date of delivery, on
or after the Restatement Effective Date, of any certificate delivered in
accordance with Section 8.01(d), all Applicable Margins for Tranche B Term Loans
and Tranche C Term Loans shall be increased by 0.25% unless the respective
certificate delivered in accordance with Section 8.01(d) sets forth a
calculation of the Senior Secured Leverage Ratio as at the last day of the
respective Fiscal Quarter or Fiscal Year for which the respective certificate is
being delivered which is equal to or less than 3.25:1.00; provided, further,
that if any certificate required to be delivered pursuant to Section 8.01(d) is
not delivered by the date required pursuant to said Section 8.01(d), the
increased Applicable Margins (i.e., 0.25%) shall apply from the date the
respective certificate was required to be delivered pursuant to Section 8.01(d)
to and including the date on which a certificate is thereafter subsequently
delivered to the Administrative Agent in accordance with Section 8.01(d) (except
for the late delivery thereof) (which shall then constitute a new Start Date (if
applicable)). Notwithstanding the foregoing, the relevant Applicable Margins
shall be subject to increases pursuant to, and to the extent expressly provided
in, Section 1.15.

          "Applicable Prepayment Percentage" shall mean, at any time, (i) for
purposes of Section 4.02(f) and the definitions of "Retained Excess Cash Flow
Amount", 50%; provided that, so long as no Default or Event of Default is then
in existence, if the Total Leverage Ratio is less than 3.50:1.00 as at the last
day of the most recently ended Fiscal Year of the U.S. Borrower (as set forth in
an officer's certificate delivered pursuant to Section 8.01(d) for the Fiscal
Year of the U.S. Borrower then last ended), the Applicable Prepayment Percentage
shall instead be 0%.

          "Asset Sale" shall mean any sale, transfer or other disposition by
Holdings or any of its Subsidiaries to any Person other than the U.S. Borrower
or any Wholly-Owned Subsidiary

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<PAGE>

of the U.S. Borrower of any asset or Property (including, without limitation,
any capital stock or other securities of, or other Equity Interests in, another
Person, but excluding the sale by Holdings of its own capital stock) of Holdings
or such Subsidiary other than (i) sales, transfers or other dispositions of
inventory made in the ordinary course of business, (ii) other sales and
dispositions that generate Net Sale Proceeds of less than $15,000,000 in the
aggregate in any Fiscal Year of Holdings or (iii) sales or liquidations of Cash
Equivalents, it being understood and agreed that the grant of a Lien by Holdings
or any of its Subsidiaries in favor of another Person shall not in and of itself
constitute an "Asset Sale" for purposes of this definition.

          "Assignment and Assumption Agreement" shall mean the Assignment and
Assumption Agreement substantially in the form of Exhibit J (appropriately
completed).

          "Authorized Officer" shall mean, with respect to (i) delivering
Notices of Borrowing, Notices of Conversion, Letter of Credit Requests, Bank
Guaranty Requests and similar notices, any person or persons that has or have
been authorized by the board of directors of either Borrower to deliver such
notices pursuant to this Agreement and that has or have appropriate signature
cards on file with the Administrative Agent, the respective Issuing Lender or
the respective Bank Guaranty Issuer, (ii) delivering financial information and
officer's certificates pursuant to this Agreement, the chief financial officer,
any treasurer or other financial officer of Holdings or the U.S. Borrower and
(iii) any other matter in connection with this Agreement or any other Credit
Document, any officer (or a person or persons so designated by any two officers)
of Holdings or the U.S. Borrower.

          "Bank Guaranty" shall have the meaning provided in Section 2B.01(a).

          "Bank Guaranty Issuer" shall mean (i) if and to the extent it agrees
to act as such, any Agent (and any of such Agent's affiliates and/or branches),
(ii) any ABL Lender (and any of such ABL Lender's affiliates and/or branches) or
any CL Lender (and any of such CL Lender's affiliates and/or branches) which at
the request of the U.S. Borrower or the Bermuda Borrower and with the consent of
the Administrative Agent agrees, in such ABL Lender's or CL Lender's (or their
respective affiliate's or branch's) sole discretion, to become a Bank Guaranty
Issuer for the purpose of issuing Bank Guaranties pursuant to Section 2B and
(iii) with respect to the Existing Bank Guaranties, the Lender or Original
Lender (and any of such Lender's or Original Lender's affiliates and/or
branches) designated as the issuer thereof on Part B of Schedule XI shall be the
Bank Guaranty Issuer thereof.

          "Bank Guaranty Outstandings" shall mean, at any time, the sum of (i)
the aggregate Face Amount of all outstanding Bank Guaranties which have not
terminated at such time plus (ii) the aggregate amount of all Unreimbursed
Payments in respect of all Bank Guaranties at such time.

          "Bank Guaranty Payment" shall have the meaning provided in Section
2B.05(b).

          "Bank Guaranty Request" shall have the meaning provided in Section
2B.03(a).

          "Bankruptcy Code" shall have the meaning provided in Section 10.05.

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<PAGE>

          "BAS" shall mean Banc of America Securities LLC, in its individual
capacity, and any successor corporation thereto by merger, consolidation or
otherwise.

          "Base Rate" at any time shall mean the higher of (x) the rate which is
1/2 of 1% in excess of the Federal Funds Rate at such time and (y) the Prime
Lending Rate at such time.

          "Base Rate Loan" shall mean each Loan which is designated or deemed
designated as a Base Rate Loan by the respective Borrower at the time of the
incurrence thereof or conversion thereto.

          "Bermuda Borrower" shall have the meaning provided in the first
paragraph of this Agreement.

          "Bermuda Borrower Bank Guaranty" shall mean each Bank Guaranty (which
may be denominated in Dollars or an Alternative Currency) issued for the account
of the Bermuda Borrower pursuant to Section 2B.01 and designated as such by the
Bermuda Borrower in the respective Bank Guaranty Request (or, in the case of an
Existing Bank Guaranty, to the extent provided in Section 2B.01(d)).

          "Bermuda Borrower Incremental Term Loans" shall mean Incremental Term
Loans incurred by the Bermuda Borrower.

          "Bermuda Borrower Letter of Credit" shall mean each Letter of Credit
(which must be denominated in Dollars or an Alternative Currency) issued for the
account of the Bermuda Borrower pursuant to Section 2A.01.

          "Bermuda Borrower Term Loans" shall mean and include all Tranche C
Term Loans and all Bermuda Borrower Incremental Term Loans.

          "Bermuda Borrower's Guaranty" shall mean the guaranty of the Bermuda
Borrower pursuant to Section 14.

          "Bermuda Partnership" shall mean Dole Foreign Holdings, Ltd., a
limited liability company organized under the laws of Bermuda.

          "Bermuda Partnership Partner #1" shall mean Dole Fresh Fruit Company,
Inc., a corporation organized under the laws of Nevada and a Wholly-Owned
Subsidiary of the U.S. Borrower, and any successor thereto by way of a merger or
consolidation permitted by Section 9.01(d).

          "Bermuda Partnership Partner #2" shall mean Dole Ocean Cargo Express,
Inc., a corporation organized under the laws of Nevada and a Wholly-Owned
Subsidiary of the U.S. Borrower, and any successor thereto by way of a merger or
consolidation permitted by Section 9.01(d).

          "Bermuda Partnership Partners" shall mean and include Bermuda
Partnership Partner #1 and Bermuda Partnership Partner #2.

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          "B/G Participant" shall have the meaning provided in Section 2B.04(a).

          "B/G Participation" shall have the meaning provided in Section
2B.04(a).

          "B/G Supportable Indebtedness" shall mean (i) obligations of the U.S.
Borrower or its Wholly-Owned Subsidiaries (or, in the case of any Existing Bank
Guaranty, any Foreign Subsidiary of the U.S. Borrower) incurred in the ordinary
course of business owing to taxing authorities, custom authorities or with
respect to import and/or export licenses and (ii) such other obligations of the
U.S. Borrower or its Wholly-Owned Subsidiaries as are reasonably acceptable to
the Administrative Agent and the respective Bank Guaranty Issuer and otherwise
permitted to exist pursuant to the terms of this Agreement.

          "Borrowers" shall have the meaning provided in the first paragraph of
this Agreement.

          "Borrowing" shall mean the borrowing of one Type of Loan pursuant to a
single Tranche by the Bermuda Borrower or by the U.S. Borrower from all the
Lenders having Commitments with respect to such Tranche on a given date (or
resulting from a conversion or conversions on such date), having in the case of
Eurodollar Loans the same Interest Period; provided (x) that Base Rate Loans
incurred pursuant to Section 1.10(b) shall be considered part of the related
Borrowing of Eurodollar Loans, (y) the term "Borrowing" shall include the
consolidated "borrowing" of Tranche C Term Loans pursuant to the simultaneous
conversion of Original Tranche B Term Loans and the incurrence of Additional
Tranche C Term Loans on the Restatement Effective Date on the terms provided in
Section 1.01(b), and (z) any Incremental Term Loans incurred pursuant to Section
1.01(c) shall be considered part of the related Borrowing of the then
outstanding Tranche of Term Loans (if any) to which such Incremental Term Loans
are added pursuant to Section 1.15(c).

          "Business Day" shall mean (i) for all purposes other than as covered
by clause (ii) below, any day excluding Saturday, Sunday and any day which shall
be in the City of New York (or, with respect to an Issuing Lender not located in
the City of New York, the location of such Issuing Lender) a legal holiday or a
day on which banking institutions are authorized by law or other governmental
actions to close and (ii) with respect to all notices and determinations in
connection with, determinations of the LIBOR Rate and Interest Periods to be
determined in accordance with clause (ii) of the definition thereof contained
herein, any day which is a Business Day described in clause (i) and which is
also a day for trading by and between banks in the London interbank market and
which shall not be a legal holiday or a day on which banking institutions are
authorized or required by law or other government action to close in London or
New York City.

          "Business Segment" shall mean a reportable segment as discussed in
Statement of Financial Accounting Standards No. 131 "Disclosure about Segments
of an Enterprise and Related Information."

          "Calculation Period" shall mean, with respect to any Permitted
Acquisition, any Significant Asset Sale or any other event expressly required to
be calculated on a Pro Forma Basis pursuant to the terms of this Agreement, the
Test Period most recently ended prior to the

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<PAGE>

date of such Permitted Acquisition, Significant Asset Sale or other event for
which financial statements pursuant to Sections 8.01(a) or (b) are then
available.

          "California Disposition" shall have the meaning provided in Section
9.02(xx).

          "Canadian Security Agreement" shall have the meaning provided in
Section 12.14(a).

          "Capital Expenditures" shall mean, with respect to any Person, for any
period, all expenditures by such Person which should be capitalized in
accordance with U.S. GAAP during such period, including, without duplication,
all such expenditures with respect to fixed or capital assets (including,
without limitation, expenditures for maintenance and repairs which should be
capitalized in accordance with U.S. GAAP) and the amount of all Capitalized
Lease Obligations incurred by such Person during such period.

          "Capital Lease," as applied to any Person, shall mean any lease of any
Property by that Person as lessee which, in conformity with U.S. GAAP, is
accounted for as a capital lease on the balance sheet of that Person.

          "Capitalized Lease Obligations" of any Person shall mean all
obligations under Capital Leases of such Person, in each case taken at the
amount thereof accounted for as indebtedness in accordance with U.S. GAAP.

                  "Cash Equivalents" means (i) Dollars, Euros, Sterling and, in
the case of any of Foreign Subsidiaries of the U.S. Borrower, such local
currencies held by them from time to time in the ordinary course of their
businesses, (ii) securities issued or directly fully guaranteed or insured by
the governments of the United States, the United Kingdom, Sweden, Switzerland,
Japan, Canada and members of the European Union or any agency or instrumentality
thereof (provided that the full faith and credit of the respective such
government is pledged in support thereof) having maturities of not more than six
months from the date of acquisition, (iii) securities issued by any state of the
United States or any political subdivision of any such state or any public
instrumentality thereof maturing within six months from the date of acquisition
thereof and, at the time of acquisition, having one of the two highest ratings
obtainable from either S&P or Moody's, (iv) certificates of deposit and
eurodollar time deposits with maturities of six months or less from the date of
acquisition, bankers' acceptances with maturities not exceeding six months and
overnight bank deposits, in each case with any domestic commercial bank or
commercial bank of a foreign country recognized by the United States, (x) in the
case of a domestic commercial bank, having capital and surplus in excess of
$500,000,000 and outstanding debt which is rated "A" (or similar equivalent
thereof) or higher by at least one nationally recognized statistical rating
organization (as defined under Rule 436 under the Securities Act) and (y) in the
case of a foreign commercial bank, having capital and surplus in excess of
$250,000,000 (or the foreign currency equivalent thereof), (v) repurchase
obligations with a term of not more than seven days for underlying securities of
the types described in clauses (ii) and (iv) above entered into with any
financial institution meeting the qualifications specified in clause (iv) above,
(vi) commercial paper having a rating of at least A-1 from S&P or at least P-1
from Moody's and in each case maturing within six months after the date of
acquisition and (vii) investments in money market funds which invest
substantially all

                                     -149-

<PAGE>

their assets in securities of the types described in clauses (i) through (vi)
above. Furthermore, with respect to Foreign Subsidiaries of the U.S. Borrower
that are not organized in one or more Qualified Jurisdictions, Cash Equivalents
shall include bank deposits (and investments pursuant to operating account
agreements) maintained with various local banks in the ordinary course of
business consistent with past practice of the U.S. Borrower's Foreign
Subsidiaries.

          "Change of Control" shall mean (i) Holdings shall at any time cease to
own directly 100% of the Equity Interests of Intermediate Holdco, (ii)
Intermediate Holdco shall at any time cease to own directly 100% of the Equity
Interests of (x) the U.S. Borrower and (y) Corporate Holdco, (iii) the U.S.
Borrower shall at any time cease to own directly or indirectly 100% of the
Equity Interests of the Bermuda Borrower, (iv) the Permitted Holders shall at
any time and for any reason fail to own at least 75% of both the economic and
voting interest in Holdings' capital stock, (v) the Board of Directors of
Holdings shall cease to consist of a majority of Continuing Directors, or (vi) a
"change of control" or similar event shall occur as provided in any ABL Credit
Document, Existing Senior Notes Document, any Qualified Preferred Stock (or
certificate of designation governing the same), any Wellbeing Project Financing
Document or, on and after the execution and delivery thereof, any Permitted
Senior Notes Documents or any Permitted Refinancing Senior Notes Document.

          "CL Credit Event" shall mean and include the issuance of a Letter of
Credit and/or a Bank Guaranty.

          "CL Facility Fee" shall have the meaning provided in Section 3.01(a).

          "CL Interest Payment Date" shall mean (i) in the case of the first CL
Interest Payment Date, the last day of the third Interest Period applicable to
Credit-Linked Deposits occurring after the Restatement Effective Date and (ii)
the last day of every third Interest Period applicable to Credit-Linked Deposits
to occur thereafter.

          "CL Lender" shall mean each Lender having a Credit-Linked Commitment
(without giving effect to any termination of the Total Credit-Linked Commitment
if any Letter of Credit Outstandings or any Bank Guaranty Obligations remain
outstanding).

          "CL Maturity Date" shall mean April 12, 2013.

          "CL Percentage" of any CL Lender at any time shall be that percentage
which is equal to a fraction (expressed as a percentage) the numerator of which
is the Credit-Linked Commitment of such CL Lender at such time and the
denominator of which is the Total Credit-Linked Commitment at such time,
provided that if any such determination is to be made after the Total
Credit-Linked Commitment (and the related Credit-Linked Commitments of the CL
Lenders) has (or have) terminated, the determination of such percentages shall
be made immediately before giving effect to such termination (but giving effect
to any subsequent assignments in accordance with the terms of this Agreement).

          "CL Tranche" shall mean a collective reference to the Credit-Linked
Commitments of the various CL Lenders, the Credit-Linked Deposits of the various
CL Lenders and their L/C Participations in Letters of Credit and B/G
Participations in Bank Guaranties hereunder.

                                     -150-

<PAGE>

          "Code" shall mean the Internal Revenue Code of 1986, as amended from
time to time, and the regulations promulgated and rulings issued thereunder.
Section references to the Code are to the Code, as in effect at the Original
Effective Date and any subsequent provisions of the Code, amendatory thereof,
supplemental thereto or substituted therefor.

          "Co-Documentation Agent" shall have the meaning provided in the first
paragraph of this Agreement and shall include any successor to a
Co-Documentation Agent appointed pursuant to Section 12.10.

          "Collateral" shall mean all property (whether real or personal,
movable or immovable) with respect to which any security interests have been
granted (or purported to be granted) pursuant to any Security Document
(including any Additional Security Document), including, without limitation, all
Pledge Agreement Collateral, all Security Agreement Collateral, all Mortgaged
Properties and all cash and Cash Equivalents delivered as collateral pursuant to
Section 4.02 or 10 or any Credit Document and all Additional Collateral, if any.
It is understood and agreed that the term "Collateral" shall not include any
Property which constitutes Excluded Collateral, for so long as same constitutes
Excluded Collateral.

          "Collateral Agent" shall mean DBAG, acting as collateral agent for the
Secured Creditors.

          "Commitment" shall mean any of the commitments of any Lender, i.e.,
whether the Tranche B Term Loan Commitment, the Tranche C Term Loan Commitment,
the Credit-Linked Commitment or the Incremental Term Loan Commitment of any
Tranche of such Lender.

          "Commodity Agreements" shall mean commodity agreements, hedging
agreements and other similar agreements or arrangements designed to protect
against price fluctuations of commodities (e.g., fuel) used in the business of
the U.S. Borrower and its Subsidiaries.

          "Company" shall mean any corporation, limited liability company,
partnership or other business entity (or the adjectival form thereof, where
appropriate).

          "Consenting Tranche C Term Loan Lender" shall mean each Lender under,
and as defined in, the Original Credit Agreement with an outstanding Original
Tranche B Term Loan on the Restatement Effective Date (immediately prior to
giving effect thereto) that has executed and delivered a counterpart of this
Agreement to the Administrative Agent on or prior to the Restatement Effective
Date and has an amount set forth opposite its name on Schedule I hereto under
the heading "Converted Tranche C Term Loans".

          "Consolidated Current Assets" shall mean, at any time, the current
assets of the U.S. Borrower and its Consolidated Subsidiaries at such time
determined on a consolidated basis.

          "Consolidated Current Liabilities" shall mean, at any time, the
current liabilities of the U.S. Borrower and its Consolidated Subsidiaries
determined on a consolidated basis, but excluding the current portion of, and
accrued but unpaid interest on, any Indebtedness under this Agreement and any
other long-term Indebtedness which would otherwise be included therein.

                                     -151-
<PAGE>

          "Consolidated EBIT" shall mean, for any period, the Consolidated Net
Income (without giving effect to (x) any extraordinary gains or losses and (y)
any gains or losses from sales of assets other than inventory sold in the
ordinary course of business) before (i) total interest expense (inclusive of
amortization of deferred financing fees and any other original issue discount)
of the U.S. Borrower and its Consolidated Subsidiaries determined on a
consolidated basis for such period, and (ii) provision for taxes based on income
and foreign withholding taxes, in each case to the extent deducted in
determining Consolidated Net Income for such period.

          "Consolidated EBITDA" shall mean for any period, Consolidated EBIT,
adjusted by (x) adding thereto (in each case to the extent deducted in
determining Consolidated Net Income for such period and not already added back
in determining Consolidated EBIT) the amount of (i) all depreciation and
amortization expense that were deducted in determining Consolidated EBIT for
such period, (ii) any other non-cash charges incurred in such period, to the
extent that same were deducted in arriving at Consolidated EBIT for such period,
and (iii) the amount of all fees and expenses incurred in connection with the
Transaction for such period, to the extent same were deducted in arriving at
Consolidated EBIT for such period and (y) subtracting therefrom, (i) to the
extent included in arriving at Consolidated EBIT for such period, the amount of
non-cash gains during such period, (ii) the aggregate amount of all cash
payments made during such period in connection with non-cash charges incurred in
a prior period, to the extent such non-cash charges were added back pursuant to
clause (x)(ii) above in a prior period and (iii) the amount of all "interest
expense" paid during such period under the Specified Existing Ship Leases
(calculated on a basis consistent with the past practices of the U.S. Borrower
under the Original Credit Agreement, as if FASB Interpretation No. 46
("Consolidation of Variable Interest Entities") had not been implemented).

          "Consolidated Net Debt" shall mean, at any time, the remainder of (I)
the sum of (without duplication) (i) all Indebtedness of the U.S. Borrower and
its Consolidated Subsidiaries (on a consolidated basis) as would be required to
be reflected as debt or Capital Leases on the liability side of a consolidated
balance sheet of the U.S. Borrower and its Consolidated Subsidiaries in
accordance with U.S. GAAP, (ii) all Indebtedness of the U.S. Borrower and its
Consolidated Subsidiaries of the type described in clauses (ii) and (vii) of the
definition of Indebtedness and (iii) all Contingent Obligations of the U.S.
Borrower and its Consolidated Subsidiaries in respect of Indebtedness of any
third Person of the type referred to in preceding clauses (i) and (ii) minus
(II) the aggregate amount of Unrestricted Cash Equivalents of Holdings and its
Subsidiaries at such time to the extent same would be reflected on a
consolidated balance sheet of the U.S. Borrower if same were prepared at such
time; provided that (v) Indebtedness of the U.S. Borrower and its Subsidiaries
representing operating lease obligations under the Specified Existing Ship
Leases that became Indebtedness after the Initial Borrowing Date as a result of
the implementation of FASB Interpretation No. 46 ("Consolidation of Variable
Interest Entities") as in effect on the Initial Borrowing Date shall not be
included in any determination of "Consolidated Net Debt", (w) the amount
available to be drawn under all letters of credit, bankers' acceptances, bank
guaranties and similar obligations issued for the account of the U.S. Borrower
or any of its Consolidated Subsidiaries (but excluding, for avoidance of doubt,
all unpaid drawings or other monetary obligations owing in respect of such
letters of credit, bankers' acceptances, bank guaranties and similar
obligations) shall not be included in any determination of "Consolidated Net
Debt", (x) for purposes of this definition, the amount of Indebtedness in
respect of the Interest Rate Protection Agreements, Other Hedging Agreements

                                      -152-

<PAGE>

and Commodities Agreements shall be at any time the unrealized net loss
position, if any, of the U.S. Borrower and/or its Consolidated Subsidiaries
thereunder on a marked-to-market basis determined no more than one month prior
to such time, (y) obligations arising under Synthetic Leases shall be included
in determining Consolidated Net Debt and (z) any Preferred Equity of the U.S.
Borrower or any of its Consolidated Subsidiaries shall be treated as
Indebtedness, with an amount equal to the greater of the liquidation preference
or the maximum fixed repurchase price of any such outstanding Preferred Equity
deemed to be a component of Consolidated Net Debt.

          "Consolidated Net Income" shall mean, for any period, the net income
(or loss) of the U.S. Borrower and its Consolidated Subsidiaries determined on a
consolidated basis for such period (taken as a single accounting period) in
accordance with U.S. GAAP, provided that the following items shall be excluded
in computing Consolidated Net Income (without duplication): (i) except for
determinations expressly required to be made on a Pro Forma Basis, the net
income (or loss) of any Person accrued prior to the date it becomes a
Consolidated Subsidiary or all or substantially all of the property or assets of
such Person are acquired by a Consolidated Subsidiary and (ii) the net income of
any Consolidated Subsidiary to the extent that the declaration or payment of
dividends or similar distributions by such Consolidated Subsidiary of such net
income is not at the time permitted by the operation of the terms of its charter
or any agreement, instrument, judgment, decree, order, statute, rule or
governmental regulation applicable to such Consolidated Subsidiary.

          "Consolidated Senior Secured Net Debt" shall mean, at any time (x) the
amount of Consolidated Net Debt at such time less (y) all amounts reflected
therein attributable to Indebtedness which is totally unsecured.

          "Consolidated Subsidiary" shall mean, with respect to any Person, at
any date, any other Person the Equity Interests of which are owned by such
Person and whose financial results are consolidated in the financial statements
of such Person in accordance with U.S. GAAP (and consistent with the
consolidation practices of the U.S. Borrower as in effect on the Original
Effective Date), if such statements were prepared as of such date.

          "Contemplated Asset Sale" shall mean any sale of assets by the U.S.
Borrower and/or one or more of its Subsidiaries (including Real Property and
Equity Interests held by such Persons but excluding Equity Interests in the
Bermuda Borrower and the Bermuda Partnership and any Person which owns, directly
or indirectly, Equity Interests therein); provided, however, that any such
assets so sold shall be comprised of "non-core" assets which (i) are not
material to the operations of the U.S. Borrower and its Subsidiaries and (ii)
generated an insignificant portion of Consolidated EBITDA during the twelve
month period prior to the date of such sale.

          "Contingent Obligation" shall mean, as to any Person, any obligation
of such Person as a result of such Person being a general partner of any other
Person, unless the underlying obligation is expressly made non-recourse as to
such general partner, and any obligation of such Person guaranteeing or intended
to guarantee any Indebtedness, leases, dividends or other obligations ("primary
obligations") of any other Person (the "primary obligor") in any manner, whether
directly or indirectly, including, without limitation, any obligation of such
Person, whether or not contingent, (i) to purchase any such primary obligation

                                      -153-

<PAGE>

or any property constituting direct or indirect security therefor, (ii) to
advance or supply funds (x) for the purchase or payment of any such primary
obligation or (y) to maintain working capital or equity capital of the primary
obligor or otherwise to maintain the net worth or solvency of the primary
obligor, (iii) to purchase property, securities or services primarily for the
purpose of assuring the owner of any such primary obligation of the ability of
the primary obligor to make payment of such primary obligation or (iv) otherwise
to assure or hold harmless the holder of such primary obligation against loss in
respect thereof; provided, however, that the term Contingent Obligation shall
not include endorsements of instruments for deposit or collection in the
ordinary course of business. The amount of any Contingent Obligation shall be
deemed to be an amount equal to the lesser of (x) the stated or determinable
amount of the primary obligation in respect of which such Contingent Obligation
is made or, if not stated or determinable, the maximum reasonably anticipated
liability in respect thereof (assuming such Person is required to perform
thereunder) as determined by such Person in good faith and (y) the stated amount
of such Contingent Obligation.

          "Continuing Directors" shall mean the directors of Holdings on the
Restatement Borrowing Date and each other director if such director's election
to, or nomination for the election to, the Board of Directors of Holdings is
recommended or approved by a majority of then Continuing Directors.

          "Converted Tranche C Term Loans" shall have the meaning provided in
Section 1.01(b).

          "Corporate Holdco" shall mean Dole Holding Company, Inc., a Delaware
corporation and a Wholly-Owned Subsidiary of Intermediate Holdco.

          "Credit Agreement Party" shall mean Holdings, Intermediate Holdco and
each Borrower.

          "Credit Agreement Party Guaranty" shall mean the guaranty of each
Credit Agreement Party pursuant to Section 14.

          "Credit Documents" shall mean this Agreement, the Notes, each
Subsidiaries Guaranty, the Intercompany Subordination Agreement, each Special
Colombian Put Note, each Special Colombian Put Note Agreement, each Security
Document, each Incremental Term Loan Commitment Agreement, the U.S. Subsidiaries
Guaranty, the Foreign Subsidiaries Guaranty Acknowledgement, the Intercompany
Subordination Agreement Acknowledgement, each Foreign Security Document
Acknowledgement and/or Amendment, the Intercreditor Agreement and any other
guarantees or security documents executed and delivered for the benefit of the
Lenders in accordance with the requirements of this Agreement and any other
guaranties, pledge agreements or security documents executed and delivered in
accordance with the requirements of Sections 8.11, 8.12 and/or 9.10.

          "Credit Event" shall mean the making of a Loan, the issuance of a
Letter of Credit, the issuance of a Bank Guaranty or the making of any
Credit-Linked Deposit.

          "Credit-Linked Commitment" shall mean, for each Lender, the amount set
forth opposite such Lender's name in Schedule I directly below the column
entitled "Credit-Linked

                                      -154-

<PAGE>

Commitment," as the same may be (x) reduced from time to time or terminated
pursuant to Sections 3.02, 3.03 and/or 10, as applicable, or (y) adjusted from
time to time as a result of assignments to or from such Lender pursuant to
Section 1.13 or 13.04(b).

          "Credit-Linked Deposit" shall mean, as to each CL Lender, the cash
deposit made by such CL Lender pursuant to Section 2C.01(a) or Section 1.13 or
13.04(b), as the case may be, as such deposit may be (x) reduced from time to
time pursuant to the terms of this Agreement and (y) reduced or increased from
time to time pursuant to assignments to or by such CL Lender pursuant to Section
1.13 or 13.04(b). The initial amount of each CL Lender's Credit-Linked Deposit
shall be equal to the amount of its Credit-Linked Commitment on the Restatement
Effective Date or on the date that such Person becomes a CL Lender pursuant to
Section 1.13 or 13.04(b).

          "Credit-Linked Deposit Account" shall mean the accounts of, and
established by, the Deposit Bank under its sole and exclusive control and
maintained at the office of the Deposit Bank, and designated as the "Dole Foods
Credit-Linked Deposit Account" that shall be used solely for the purposes set
forth in Sections 1.04, 2A.04(c) and 2B.04(c).

          "Credit-Linked Deposit Cost Amount" shall mean, at any time, a
percentage per annum equal to 0.13%.

          "Credit Party" shall mean each U.S. Credit Party and each Foreign
Credit Party.

          "DBAG" shall mean Deutsche Bank AG New York Branch, in its individual
capacity, and any successor corporation thereto by merger, consolidation or
otherwise.

          "DBSI" shall mean Deutsche Bank Securities Inc., in its individual
capacity, and any successor corporation thereto by merger, consolidation or
otherwise.

          "Default" shall mean any event, act or condition, which with notice or
lapse of time, or both, would constitute an Event of Default.

          "Defaulting Lender" shall mean any Lender with respect to which a
Lender Default is in effect.

          "Deposit Bank" shall mean DBAG and shall include any successor thereto
appointed pursuant to Section 12.10.

          "Disqualified Voting Participant" shall mean any participant meeting
the requirements of sub-clauses (x), (y)(A) and (y)(B) of clause (II) of the
second proviso appearing in Section 13.04(a) which (i) has refused to consent to
certain proposed changes, waivers, discharges or terminations with respect to
this Agreement of the type described in Section 13.12(a) and which have been
approved by the Required Lenders and (ii) has been designated as a "Disqualified
Voting Participant" by the U.S. Borrower in a written notice to the
Administrative Agent.

          "Dividend" shall have the meaning provided in Section 9.06.

                                      -155-

<PAGE>

          "Documents" shall mean and include (i) the Credit Documents, (ii) the
ABL Credit Documents, (iii) the Refinancing Documents, (iv) the Intercompany
Distribution Transaction Documents, (v) the Sale-Leaseback Transaction
Documents, (vi) the Existing Senior Notes Documents, (vii) the Intermediate
Holdco Credit Documents, (viii) the Wellbeing Project Financing Documents, (ix)
on and after the execution and delivery thereof, any Permitted Senior Notes
Document and (x) on and after the execution and delivery thereof, any Permitted
Refinancing Senior Notes Document.

          "Dole Canada" shall have the meaning provided in Section 12.14(a).

          "Dole Settlement Company" shall mean the U.S. Borrower or a Qualified
U.S. Obligor that is not subject to the guaranty limitation applicable to the
Bermuda Partnership Partners contained in the U.S. Subsidiaries Guaranty.

          "Dollars" shall mean U.S. Dollars.

          "Dollar Denominated Bank Guaranty" shall mean each Bank Guaranty
denominated in Dollars.

          "Dollar Denominated Bank Guaranty Outstandings" shall mean, at any
time, the sum of (i) the aggregate Face Amount of all outstanding Dollar
Denominated Bank Guaranties at such time plus (ii) the aggregate amount of all
Unreimbursed Payments with respect to Dollar Denominated Bank Guaranties at such
time.

          "Dollar Denominated Letter of Credit" shall mean each Letter of Credit
denominated in Dollars.

          "Dollar Denominated Letter of Credit Outstandings" shall mean, at any
time, the sum of (i) the aggregate Stated Amount of all outstanding Dollar
Denominated Letters of Credit at such time plus (ii) the aggregate amount of all
Unpaid Drawings with respect to Dollar Denominated Letters of Credit at such
time.

          "Dollar Equivalent" of an amount denominated in a currency other than
Dollars shall mean, at any time for the determination thereof, the amount of
Dollars which could be purchased with the amount of such currency involved in
such computation at the spot exchange rate therefor as quoted by the
Administrative Agent as of 11:00 A.M. (New York time) on the date two Business
Days prior to the date of any determination thereof for purchase on such date
(or, in the case of any determination pursuant to Section 1.14 or 13.22 hereof
or Section 26 (or any analogous provision) of any Subsidiaries Guaranty, on the
date of determination); provided that (x) the Dollar Equivalent of any Unpaid
Drawing under a Non-Dollar Denominated Letter of Credit shall be determined at
the time the drawing under the related Letter of Credit was paid or disbursed by
the respective Issuing Lender, and (y) the Dollar Equivalent of any Unreimbursed
Payment under a Non-Dollar Denominated Bank Guaranty shall be determined at the
time the payment under the related Bank Guaranty was made or disbursed by the
respective Bank Guaranty Issuer; provided, further, that for purposes of (x)
determining compliance with Sections 1.01(a), (b) and (c), 2A.01(c), 2B.01(c)
and 4.02(a) and (y) calculating Fees pursuant to Section 3.01, the Dollar
Equivalent of any amounts denominated in a currency other than Dollars shall be
revalued on a monthly basis using the spot exchange rates therefor as quoted in
the Wall Street

                                      -156-

<PAGE>

Journal (or, if same does not provide such exchange rates, on such other basis
as is reasonably satisfactory to the Administrative Agent) on the first Business
Day of each calendar month, provided, however, that at any time during a
calendar month, if the Aggregate CL Exposure (for the purposes of the
determination thereof, using the Dollar Equivalent as recalculated based on the
spot exchange rate therefor as quoted in the Wall Street Journal (or, if same
does not provide such exchange rates, on such other basis as is reasonably
satisfactory to the Administrative Agent) on the respective date of
determination pursuant to this exception) would exceed 85% of the Total
Credit-Linked Commitment, then in the sole discretion of the Administrative
Agent or at the request of the Required Lenders, the Dollar Equivalent shall be
reset based upon the spot exchange rates on such date as quoted in the Wall
Street Journal (or, if same does not provide such exchange rates, on such other
basis as is reasonably satisfactory to the Administrative Agent), which rates
shall remain in effect until the first Business Day of the next succeeding
calendar month or such earlier date, if any, as the rate is reset pursuant to
this proviso. Notwithstanding anything to the contrary contained in this
definition, at any time that a Default or an Event of Default then exists, the
Administrative Agent may revalue the Dollar Equivalent of any amounts
outstanding under the Credit Documents in a currency other than Dollars in its
sole discretion using the spot exchange rates therefor as quoted in the Wall
Street Journal (or, if the same does not provide such exchange rates, on such
other basis as is reasonably satisfactory to the Administrative Agent).

          "Domestic Subsidiary" shall mean, as to any Person, any Subsidiary of
such Person incorporated or organized in the United States or any State or
territory thereof.

          "Drawing" shall have the meaning provided in Section 2A.05(b).

          "Eligible Transferee" shall mean and include a commercial bank, a
mutual fund, an insurance company, a financial institution, a "qualified
institutional buyer" (as defined in Rule 144A of the Securities Act), any fund
that regularly invests in bank loans or any other "accredited investor" (as
defined in Regulation D of the Securities Act), but in any event excluding any
individual and Holdings and its Subsidiaries and Affiliates.

          "EMU Legislation" shall mean the legislative measures of the European
Union for the introduction of, changeover to or operation of the Euro in one or
more member states, being in part legislative measures to implement the third
stage of the European Monetary Union.

          "Environmental Claims" shall mean any and all administrative,
regulatory or judicial actions, suits, demands, demand letters, claims, liens,
notices of non-compliance or violation, investigations or proceedings relating
in any way to any violation (or alleged violation) by Holdings or any of its
Subsidiaries under any Environmental Law or any permit issued to Holdings or any
of its Subsidiaries under any such law (hereafter "Claims"), including, without
limitation, (a) any and all Claims by governmental or regulatory authorities for
enforcement, cleanup, removal, response, remedial or other actions or damages
pursuant to any applicable Environmental Law, and (b) any and all Claims by any
third party seeking damages, contribution, indemnification, cost recovery,
compensation or injunctive relief resulting from Hazardous Materials or arising
from alleged injury or threat of injury to health, safety or the environment.

                                      -157-

<PAGE>

          "Environmental Law" shall mean any federal, state or local policy
having the force and effect of law, statute, law, rule, regulation, ordinance,
code or rule of common law now or hereafter in effect and in each case as
amended, and any judicial or administrative interpretation thereof, including
any judicial or administrative order, consent, decree or judgment (for purposes
of this definition (collectively, "Laws")), relating to the indoor or outdoor
environment, or Hazardous Materials or health and safety to the extent such
health and safety issues arise under the Occupational Safety and Health Act of
1970, as amended, or any such similar Laws.

          "Equity Infusion" shall mean (i) in the case of Holdings, the sale or
issuance of Equity Interests of Holdings to, or a capital contribution to
Holdings by, David H. Murdock or any of his affiliates and (ii) in the case of
Intermediate Holdco, the sale or issuance of Equity Interests of Intermediate
Holdco to, or a capital contribution to Intermediate Holdco by, Holdings which
is financed by Holdings solely with the proceeds of the sale or issuance of
Equity Interests and/or capital contributions described in preceding clause (i).

          "Equity Interests" of any Person shall mean any and all shares,
interests, rights to purchase, warrants, options, participation or other
equivalents of or interest in (however designated) equity of such Person,
including any preferred stock, any limited or general partnership interest and
any limited liability company membership interest.

          "Equity Investors" shall mean, collectively, David H. Murdock, the
David H. Murdock Living Trust and Castle & Cooke Holdings, Inc.

          "ERISA" shall mean the Employee Retirement Income Security Act of
1974, as amended from time to time, and the regulations promulgated and rulings
issued thereunder. Section references to ERISA are to ERISA, as in effect on the
Original Effective Date and any subsequent provisions of ERISA, amendatory
thereof, supplemental thereto or substituted therefor.

          "ERISA Affiliate" shall mean each person (as defined in Section 3(9)
of ERISA) which together with Holdings or a Subsidiary of Holdings would be
deemed to be a "single employer" (i) within the meaning of Section 414(b), (c),
(m) or (o) of the Code or (ii) as a result of Holdings or a Subsidiary of
Holdings being or having been a general partner of such Person.

          "Euro Denominated Bank Guaranty" shall mean each Bank Guaranty
denominated in Euros.

          "Euro Denominated Letter of Credit" shall mean each Letter of Credit
denominated in Euros.

          "Eurodollar Loans" shall mean each Loan designated as such by the
respective Borrower or Borrowers at the time of the incurrence thereof or
conversion thereto.

          "Eurodollar Rate" shall mean, for any Interest Period, in the case of
any Loan, (i) the arithmetic average (rounded upwards to the nearest 1/16 of 1%)
of the offered quotation to first class banks in the interbank Eurodollar market
by DBAG for U.S. dollar deposits of amounts in immediately available funds
comparable to the principal amount of the applicable

                                      -158-

<PAGE>

Eurodollar Loan for which the Eurodollar Rate is being determined with
maturities comparable to the Interest Period for which such Eurodollar Rate will
apply, as of approximately 10:00 A.M. (New York time) on the Interest
Determination Date divided by (ii) a percentage equal to 100% minus the then
stated maximum rate of all reserve requirements (including, without limitation,
any marginal, emergency, supplemental, special or other reserves) applicable to
any member bank of the Federal Reserve System in respect of Eurocurrency
liabilities as defined in Regulation D (or any successor category of liabilities
under Regulation D). The determination of the Eurodollar Rate by the
Administrative Agent shall be conclusive and binding on the Borrowers absent
manifest error.

          "Euros" and the designation "E" shall mean the currency introduced on
January 1, 1999 at the start of the third stage of European economic and
monetary union pursuant to the Treaty (expressed in euros).

          "Event of Default" shall have the meaning provided in Section 10.

          "Excess Cash Flow" shall mean, for any period, the remainder of (a)
the sum of, without duplication, (i) Adjusted Consolidated Net Income for such
period and (ii) the decrease, if any, in Adjusted Consolidated Working Capital
from the first day to the last day of such period, minus (b) the sum of, without
duplication, (i) the aggregate amount of all Capital Expenditures made by the
U.S. Borrower and its Subsidiaries during such period (other than Capital
Expenditures to the extent financed with equity proceeds, Equity Interests,
asset sale proceeds, insurance proceeds or Indebtedness (other than with
proceeds of ABL Loans, Original Revolving Loans, or Original Swingline Loans,
(ii) the aggregate amount of permanent principal payments of Indebtedness for
borrowed money of the U.S. Borrower and its Subsidiaries and the permanent
repayment of the principal component of Capitalized Lease Obligations of the
U.S. Borrower and its Subsidiaries during such period (other than (A)
repayments, to the extent made with asset sale proceeds, equity proceeds,
insurance proceeds or Indebtedness, (B) repayments of Original Loans, unless
same were required as a result of a Scheduled Repayment (as defined in the
Original Credit Agreement) under Section 4.02(b) of the Original Credit
Agreement, (C) repayments of ABL Loans or (D) a Scheduled Repayment under
Section 4.02(b), as the case may be) and (iii) the increase, if any, in Adjusted
Consolidated Working Capital from the first day to the last day of such period.

          "Excess Cash Flow Payment Period" shall mean, with respect to any
Excess Cash Payment Date, the immediately preceding Fiscal Year of Holdings.

          "Excess Cash Payment Date" shall mean the date occurring 3 Business
Days after the 90th day following the last day of a Fiscal Year of Holdings.

          "Exchange Percentage" shall mean, as to each Lender, a fraction,
expressed as a decimal, in each case determined on the date of occurrence of a
Sharing Event (after giving effect to any actions to occur on, or promptly
after, such date pursuant to Section 1.14(a), but before giving effect to any
actions to occur on such date pursuant to Section 1.14(b)) of which: (a) the
numerator shall be the sum of (i) the CL Percentage of such Lender (if a CL
Lender) of (x) the aggregate amount of Letter of Credit Outstandings (calculated
by giving full effect to the proviso to the definition of Stated Amount
contained herein) and (y) the aggregate amount of

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Bank Guaranty Outstandings (calculated by giving full effect to the proviso to
the definition of Face Amount contained herein) and (ii) the aggregate principal
amount of the outstanding Term Loans of such Lender; and (b) the denominator of
which shall be the sum of (i) the sum of (x) the aggregate amount of Letter of
Credit Outstandings (calculated by giving full effect to the proviso to the
definition of Stated Amount contained herein) and (y) the aggregate amount of
Bank Guaranty Outstandings (calculated by giving full effect to the proviso to
the definition of Face Amount contained herein) and (ii) the aggregate principal
amount of all outstanding Term Loans of all Lenders.

          "Excluded Bermuda Insurance Companies" shall mean and include (i)
Ashford Company Limited, a limited liability corporation organized under laws of
Bermuda, and (ii) Mendocino Limited, a limited liability corporation organized
under laws of Bermuda.

          "Excluded Collateral" shall mean and include (i) each Principal
Property of the U.S. Borrower and any of its Restricted Subsidiaries, (ii) all
shares of capital stock or Indebtedness (as defined in the Existing 2013 Senior
Notes Indenture as in effect on the Initial Borrowing Date) of any Restricted
Subsidiary of the U.S. Borrower (which Indebtedness (as so defined) is then held
by the U.S. Borrower or any Restricted Subsidiary) and (iii) Margin Stock owned
or held by Holdings or any of its Subsidiaries, except to the extent required to
be pledged pursuant to Section 8.19; provided that (x) the collateral described
in preceding clauses (i) and (ii) shall cease to constitute "Excluded
Collateral" upon the repayment in full of all Existing 2009 Senior Notes and all
Existing 2013 Senior Notes and (y) as the term "Excluded Collateral" is used in
any Foreign Security Document, such term shall not include any Principal
Property referred to in clause (i) above.

          "Excluded Domestic Subsidiary" shall mean County Line Mutual Water
Company, a Wholly-Owned Domestic Subsidiary of the U.S. Borrower.

          "Excluded Event" shall mean the taking of any action, or the adoption
of any law, rule or regulation, by any governmental authority which results in a
deficiency that would otherwise give rise to a Default or Event of Default under
any of Sections 10.07, 10.08, 10.11(b), 10.11(c) and/or 10.12; provided that (i)
any such deficiency or default shall relate solely to a Foreign Subsidiary of
Holdings (other than a Foreign Subsidiary organized under the laws of Bermuda),
its business or properties and the Credit Documents to which such Foreign
Subsidiary is a party and (ii) the aggregate fair market value of all Property
of all Foreign Subsidiaries subject to any such deficiencies or defaults
(including all Property which would have been Property of the respective Foreign
Subsidiaries if the actions described in Section 10.12 had not been taken) shall
not exceed $15,000,000.

          "Excluded Foreign Subsidiaries" shall mean Foreign Subsidiaries of the
U.S. Borrower organized in Qualified Non-U.S. Jurisdictions and listed on Part B
of Schedule XIII; provided that any Foreign Subsidiary listed on Part B of
Schedule XIII which merges or consolidates with or into any other Foreign
Subsidiary of the U.S. Borrower that is a Qualified Obligor organized in the
jurisdiction of organization of such listed Foreign Subsidiary shall cease to be
an "Excluded Foreign Subsidiary" for purposes of this Agreement.

          "Existing Bank Guaranties" shall have the meaning provided in Section
2B.01(d).

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<PAGE>

          "Existing Indebtedness" shall mean and include Scheduled Existing
Indebtedness, and the Existing Senior Notes Documents and the Wellbeing Project
Financing.

          "Existing Indebtedness Agreements" shall have the meaning provided in
Section 5.13(iii).

          "Existing Letters of Credit" shall have the meaning provided in
Section 2A.01(d).

          "Existing Senior Notes" shall mean and include the Existing 2009
Senior Notes, the Existing 2013 Senior Notes, the Existing 2011 Senior Notes and
the Existing 2010 Senior Notes.

          "Existing Senior Notes Documents" shall mean and include (i) the
Existing 2009 Senior Notes Documents, (ii) the Existing 2013 Senior Notes
Documents, (iii) the Existing 2011 Senior Notes Documents and (iv) the Existing
2010 Senior Notes Documents.

          "Existing Senior Notes Indentures" shall mean and include (i) the
Existing 2009 Senior Notes Indenture, (ii) the Existing 2013 Senior Notes
Indenture, (iii) the Existing 2011 Senior Notes Indenture and (iv) the Existing
2010 Senior Notes Indenture.

          "Existing 2011 Senior Notes" shall mean the U.S. Borrower's 8-7/8%
Senior Notes due 2011, issued pursuant to the Existing 2011 Senior Notes
Indenture, as in effect on the Restatement Effective Date and as the same may be
amended, modified or supplemented from time to time in accordance with the terms
hereof and thereof.

          "Existing 2011 Senior Notes Documents" shall mean the Existing 2011
Senior Notes, the Existing 2011 Senior Notes Indenture and all other documents
executed and delivered with respect to the Existing 2011 Senior Notes or
Existing 2011 Senior Notes Indenture, as in effect on the Restatement Effective
Date and as the same may be amended, modified or supplemented from time to time
in accordance with the terms hereof and thereof.

          "Existing 2011 Senior Notes Indenture" shall mean the Indenture, dated
as of March 28, 2003, among the U.S. Borrower, any U.S. Subsidiary Guarantors
from time to time party thereto and the trustee therefor, as in effect on the
Restatement Effective Date and as the same may be amended, modified or
supplemented from time to time in accordance with the terms hereof and thereof.

          "Existing 2009 Senior Notes" shall mean the U.S. Borrower's 8-5/8%
Senior Notes due 2009, issued pursuant to the Existing 2009 Senior Notes
Indenture, as in effect on the Restatement Effective Date and as the same may be
amended, modified or supplemented from time to time in accordance with the terms
hereof and thereof.

          "Existing 2009 Senior Notes Documents" shall mean the Existing 2009
Senior Notes, the Existing 2009 Senior Notes Indenture and all other documents
executed and delivered with respect to the Existing 2009 Senior Notes or
Existing 2009 Senior Notes Indenture, as in effect on the Restatement Effective
Date and as the same may be amended, modified or supplemented from time to time
in accordance with the terms hereof and thereof.

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<PAGE>

          "Existing 2009 Senior Notes Indenture" shall mean the Indenture, dated
as of July 15, 1993, among the U.S. Borrower, any U.S. Subsidiary Guarantors
from time to time party thereto and the trustee therefor, as in effect on the
Restatement Effective Date and as the same may be amended, modified or
supplemented from time to time in accordance with the terms hereof and thereof.

          "Existing 2010 Senior Notes" shall mean the U.S. Borrower's 7-1/4%
Senior Notes due 2010, issued pursuant to the Existing 2010 Senior Notes
Indenture, as in effect on the Restatement Effective Date and as the same may be
amended, modified or supplemented from time to time in accordance with the terms
hereof and thereof.

          "Existing 2010 Senior Notes Documents" shall mean the Existing 2010
Senior Notes, the Existing 2010 Senior Notes Indenture and all other documents
executed and delivered with respect to the Existing 2010 Senior Notes or
Existing 2010 Senior Notes Indenture, as in effect on the Restatement Effective
Date and as the same may be amended, modified or supplemented from time to time
in accordance with the terms hereof and thereof.

          "Existing 2010 Senior Notes Indenture" shall mean the Indenture, dated
as of May 29, 2003, among the U.S. Borrower, any U.S. Subsidiary Guarantors from
time to time party thereto and the trustee therefor, as in effect on the
Restatement Effective Date and as the same may be amended, modified or
supplemented from time to time in accordance with the terms hereof and thereof.

          "Existing 2013 Senior Notes" shall mean the U.S. Borrower's 7-7/8%
Senior Notes due 2013, issued pursuant to the Existing 2013 Senior Notes
Indenture, as in effect on the Restatement Effective Date and as the same may be
amended, modified or supplemented from time to time in accordance with the terms
hereof and thereof.

          "Existing 2013 Senior Notes Documents" shall mean the Existing 2013
Senior Notes, the Existing 2013 Senior Notes Indenture and all other documents
executed and delivered with respect to the Existing 2013 Senior Notes or
Existing 2013 Senior Notes Indenture, as in effect on the Restatement Effective
Date and as the same may be amended, modified or supplemented from time to time
in accordance with the terms hereof and thereof.

          "Existing 2013 Senior Notes Indenture" shall mean the Indenture, dated
as of July 15, 1993, among the U.S. Borrower, any U.S. Subsidiary Guarantors
from time to time party thereto and the trustee therefor, as in effect on the
Restatement Effective Date and as the same may be amended, modified or
supplemented from time to time in accordance with the terms hereof and thereof.

          "Face Amount" of each Bank Guaranty shall, at any time, mean the
maximum amount payable thereunder (in each case determined without regard to
whether any conditions to payment could then be met, but after giving effect to
all previous payments made thereunder), provided that (x) except as such term is
used in Section 2B.02, the "Face Amount" of each Non-Dollar Denominated Bank
Guaranty shall be, on any date of calculation, the Dollar Equivalent of the
maximum amount payable in the applicable Alternative Currency thereunder
(determined without regard to whether any conditions to payment could then be
met but after giving effect to

                                      -162-

<PAGE>

all previous payments made thereunder) and (y) except for purposes of Sections
2B.02 and 3.01(d), the definition of Non-Dollar Denominated B/G Cushion Amount
and in determining the respective proportional indemnification liabilities of
the Secured Creditors to the Collateral Agent and/or the Pledgee under the
applicable Security Documents, the Face Amount of any Non-Dollar Denominated
Bank Guaranty (as otherwise determined above) shall be increased (at each time
the Face Amount thereof is determined) by the Non-Dollar Denominated B/G Cushion
Amount for such Non-Dollar Denominated Bank Guaranty.

          "Facing Fee" shall have the meaning provided in Section 3.01(b).

          "Fair Market Value" shall mean, with respect to any asset, the price
at which a willing buyer, not an Affiliate of the seller, and a willing seller
who does not have to sell, would agree to purchase and sell such asset, as
determined in good faith by the board of directors or other governing body or,
pursuant to a specific delegation of authority by such board of directors or
governing body, a designated senior executive officer, of Holdings, or the
Subsidiary of Holdings selling such asset.

          "Federal Funds Rate" shall mean, for any period, a fluctuating
interest rate equal for each day during such period to the weighted average of
the rates on overnight Federal Funds transactions with members of the Federal
Reserve System arranged by Federal Funds brokers, as published for such day (or,
if such day is not a Business Day, for the next preceding Business Day) by the
Federal Reserve Lender of New York, or, if such rate is not so published for any
day which is a Business Day, the average of the quotations for such day on such
transactions received by the Administrative Agent from three Federal Funds
brokers of recognized standing selected by the Administrative Agent.

          "Fee Capped Foreign Subsidiary Guarantor" shall mean any Foreign
Credit Party organized under the laws of a jurisdiction in which (x) the
guaranties and/or secured obligations under the respective Credit Documents are
not required by the laws of such jurisdiction to be limited in any way and (y)
the guaranties and/or secured obligations under the respective Credit Documents
have been voluntarily limited (at the request of such Foreign Credit Party) to
reduce the amount of registration, notorial or other fees, taxes or amounts
payable in connection with the recordation or perfection of the security
interests purported to be created pursuant to the relevant Security Documents.

          "Fees" shall mean all amounts payable pursuant to, or referred to in,
Section 3.01.

          "First Priority" means, with respect to any Lien purported to be
created on any Collateral pursuant to any Security Document, that such Lien is
prior in right to any other Lien thereon, other than any Permitted Liens
(excluding Permitted Liens as described in clause (iii) of Section 9.03)
applicable to such Collateral which as a matter of law (and giving effect to any
actions taken pursuant to the last paragraph of Section 9.03) have priority over
the respective Liens on such Collateral created pursuant to the relevant
Security Document.

          "Fiscal Quarter" means, for any Fiscal Year, each of (i) the first
twelve weeks of such Fiscal Year, (ii) the thirteenth week of such Fiscal Year
through the twenty-fourth week of such Fiscal Year, (iii) the twenty-fifth week
of such Fiscal Year through the forty-first week of

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such Fiscal Year and (iv) forty-second week of such Fiscal Year through the last
day of such Fiscal Year, as the case may be. For purposes of this Agreement, a
reference to the 1st Fiscal Quarter of any Fiscal Year shall be a reference to
the period referred to in clause (i) above; a reference to the 2nd Fiscal
Quarter of any Fiscal Year shall be a reference to the period referred to in
clause (ii) above; a reference to the 3rd Fiscal Quarter of any Fiscal Year
shall be a reference to the period referred to in clause (iii) above; and a
reference to the 4th Fiscal Quarter of any Fiscal Year shall be a reference to
the period referred to in clause (iv) above.

          "Fiscal Year" means the fiscal year of Holdings and its Subsidiaries
ending on the Saturday nearest to December 31 of each calendar year. For
purposes of this Agreement, any particular Fiscal Year shall be designated by
reference to the calendar year in which the majority of such Fiscal Year falls.

          "Foreign Asset Transfer" shall mean, collectively, (i) the transfer by
Bermuda Partnership Partner #1 or the Bermuda Partnership of shares of
Transtrading Overseas Limited, (ii) the transfer by the U.S. Borrower of shares
of Dole Pacific General Services Ltd. and (iii) the transfer by the U.S.
Borrower of shares of Castle & Cooke Worldwide Limited, in each case to Dole
Foreign Holdings II Ltd. (or such other Foreign Subsidiary as is acceptable to
the Administrative Agent).

          "Foreign Credit Party" shall mean the Bermuda Borrower and each
Foreign Subsidiary Guarantor.

          "Foreign Credit Party Pledge Agreements" shall mean each Foreign
Credit Party Pledge Agreement (as defined in the Original Credit Agreement)
entered into by a Foreign Credit Party pursuant to the terms of the Original
Credit Agreement and each other pledge agreement entered into by a Foreign
Credit Party pursuant to the terms hereof covering promissory notes and Equity
Interests and governed by the laws of the jurisdiction in which such Foreign
Credit Party is organized, in each case as the same may be amended, restated,
modified and/or supplemented from time to time in accordance with the terms
thereof. Part A of Schedule XII sets forth a list of all Foreign Credit Party
Pledge Agreements in effect on the Restatement Effective Date (prior to giving
effect to the Foreign Security Document Acknowledgments and/or Amendments).

          "Foreign Pension Plan" means any plan, fund (including, without
limitation, any superannuation fund) or other similar program established or
maintained outside the United States of America by Holdings or any one or more
of its Subsidiaries primarily for the benefit of employees of Holdings or any of
its Subsidiaries residing outside the United States of America, which plan, fund
or other similar program provides, or results in, retirement income, a deferral
of income in contemplation of retirement or payments to be made upon termination
of employment, and which plan is not subject to ERISA or the Code.

          "Foreign Pledge Agreement" shall mean and include the Local Law Pledge
Agreements and the Foreign Credit Party Pledge Agreements.

          "Foreign Security Agreements" shall mean each Foreign Security
Agreement (as defined in the Original Credit Agreement) entered into by a
Foreign Credit Party pursuant to the

                                      -164-

<PAGE>

terms of the Original Credit Agreement, each Replacement Foreign Security
Agreement and each other security agreement, pledge agreement, mortgage,
debenture, deed of charge, document and/or instrument entered into by a Foreign
Credit Party pursuant to the terms hereof covering tangible and intangible
assets (including receivables, contract rights, securities, inventory,
equipment, real estate, leasehold interests, vessels, insurances, and material
patents, trademarks and other intellectual property but excluding Excluded
Collateral) owned by such Foreign Credit Party and governed by the laws of the
jurisdiction in which such Foreign Credit Party is organized, in each case as
the same may be amended, restated, modified and/or supplemented from time to
time in accordance with the terms thereof. Part C of Schedule XII sets forth a
list of all Replacement Foreign Security Agreements and all other Foreign
Security Agreements in effect on the Restatement Effective Date (prior to giving
effect to the Foreign Security Document Acknowledgment and/or Amendments).

          "Foreign Security Document" shall mean each Security Document other
than a U.S. Security Document (including, without limitation, each Foreign
Pledge Agreement and each Foreign Security Agreement).

          "Foreign Security Document Acknowledgement and/or Amendment" shall
have the meaning provided in Section 5.12.

          "Foreign Subsidiaries Guaranty" shall mean the Foreign Subsidiaries
Guaranty, dated as of March 28, 2003, made by the Foreign Subsidiaries of
Holdings party thereto in favor of the Administrative Agent and shall include
any counterpart thereof and any other similar guaranty executed and delivered by
any Foreign Subsidiary of Holdings pursuant to Sections 8.11 or 9.11, in each
case, as the same may be amended, restated, modified and/or supplemented from
time to time in accordance with the terms thereof. A copy of the Foreign
Subsidiaries Guaranty as in effect on the Restatement Effective Date is attached
hereto as Exhibit G-3.

          "Foreign Subsidiaries Guaranty Acknowledgement" shall have the meaning
provided in Section 5.10(b).

          "Foreign Subsidiary" shall mean, as to any Person, any Subsidiary of
such Person that is not a Domestic Subsidiary of such Person.

          "Foreign Subsidiary Guarantor" shall mean each Foreign Subsidiary of
Holdings (other than the Bermuda Borrower and any Non-Guarantor Subsidiary)
which executes and delivers a Foreign Subsidiaries Guaranty, unless and until
such time as the respective Foreign Subsidiary ceases to constitute a Foreign
Subsidiary or is released from all of its obligations under its Foreign
Subsidiaries Guaranty in accordance with the terms and provisions thereof;
provided that each Subsidiary of the U.S. Borrower organized under the laws of
Colombia which is a party to the Special Colombian Put Note Agreement shall be
treated as a "Foreign Subsidiary Guarantor" for all purposes of this Agreement,
unless and until such time as the respective Subsidiary ceases to constitute a
Subsidiary or is released from all of its obligations under the Special
Colombian Put Note Agreement.

          "Foreign Unrestricted Subsidiary" of any Person shall mean any Foreign
Subsidiary of such Person that is an Unrestricted Subsidiary.

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          "Fronting Fee" shall have the meaning provided in Section 3.01(d).

          "Gaston Property" shall have the meaning provided in Section
9.02(xix).

          "Guaranteed Creditors" shall mean and include each of the Agents, the
Collateral Agent, the Lenders, the Issuing Lenders, the Bank Guaranty Issuers
and each Person (other than any Credit Party or any of its Subsidiaries) party
to an Interest Rate Protection Agreement or Other Hedging Agreement with a
Borrower and/or one or more of each Borrower's Subsidiaries, to the extent that
such Person constitutes a Secured Creditor under the Security Documents.

          "Guarantors" shall mean and include each Credit Agreement Party and
each Subsidiary Guarantor.

          "Guaranty" shall mean and include each Credit Agreement Party Guaranty
and each Subsidiaries Guaranty.

          "Hazardous Materials" shall mean (a) any petrochemical or petroleum
products, radioactive materials, asbestos in any form that is or could become
friable, urea formaldehyde foam insulation, transformers or other equipment that
contain dielectric fluid containing levels of polychlorinated biphenyls, and
radon gas; and (b) any chemicals, materials or substances defined as or included
in the definition of "hazardous substances," "hazardous wastes," "hazardous
materials," "restricted hazardous materials," "extremely hazardous wastes,"
"restrictive hazardous wastes," "toxic substances," "toxic pollutants,"
"contaminants" or "pollutants," or words of similar meaning and regulatory
effect.

          "Holdings" shall have the meaning provided in the first paragraph of
this Agreement.

          "Holdings Common Stock" shall have the meaning provided in Section
7.13(a).

          "Holdings Guaranty" shall mean the guaranty of Holdings pursuant to
Section 14.

          "Incremental Term Loan" shall have the meaning provided in Section
1.01(c).

          "Incremental Term Loan Borrower" shall mean (x) the U.S. Borrower,
with respect to U.S. Borrower Incremental Term Loans and (y) the Bermuda
Borrower, with respect to Bermuda Borrower Incremental Term Loans.

          "Incremental Term Loan Borrowing Date" shall mean, with respect to
each Tranche of Incremental Term Loans, each date on which Incremental Term
Loans of such Tranche are incurred pursuant to Section 1.01(c) and as otherwise
permitted by Section 1.15.

          "Incremental Term Loan Commitment" shall mean, for each Lender, any
commitment to make Incremental Term Loans provided by such Lender pursuant to
Section 1.15, in such amount as agreed to by such Lender in the respective
Incremental Term Loan Commitment Agreement and as set forth opposite such
Lender's name in Schedule I (as modified in accordance with Section 1.15)
directly below the column entitled "Incremental Term Loan Commitment", as the
same may be (x) reduced from time to time or terminated pursuant to

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<PAGE>

Sections 3.02, 3.03, 4.02 and/or 10 or (y) adjusted from time to time as a
result of assignments to and from such Lender pursuant to Sections 1.13 and/or
13.04(b).

          "Incremental Term Loan Commitment Agreement" shall mean each
Incremental Term Loan Commitment Agreement in the form of Exhibit P
(appropriately completed) executed in accordance with Section 1.15.

          "Incremental Term Loan Commitment Request Requirements" shall mean,
with respect to any request for an Incremental Term Loan Commitment made
pursuant to Section 1.15, the satisfaction of each of the following conditions
on the date of such request: (x) no Default or Event of Default then exists or
would result therefrom (for purposes of such determination, assuming the
relevant Loans in an aggregate principal amount equal to the full amount of
Incremental Term Loan Commitments then requested had been incurred, and the
proposed Permitted Acquisition (if any) to be financed with the proceeds of such
Loans had been consummated, on such date of request) and all of the
representations and warranties contained herein and in the other Credit
Documents are true and correct in all material respects at such time (unless
stated to relate to a specific earlier date, in which case such representations
and warranties shall be true and correct in all material respects as of such
earlier date); (y) calculations are made by the U.S. Borrower of compliance with
the Total Leverage Ratio and the Senior Secured Leverage Ratio set forth Section
9.04(a) (assuming (and immediately after) the full utilization of the requested
Incremental Term Loan Commitments and the consummation of the proposed Permitted
Acquisition (if any) to be financed with the proceeds of the Loans pursuant
thereto (as well as all other Permitted Acquisitions and Significant Asset Sales
theretofore consummated after the first day of the respective Calculation
Period) regardless of whether any Indebtedness is then being incurred pursuant
to said Section 9.04(a)) for the Calculation Period most recently ended prior to
the date of the requested Incremental Term Loan Commitments, as set forth in a
certificate by an Authorized Officer of the U.S. Borrower furnished to the
Administrative Agent on the date of such request, and such calculations shall
show that, after giving effect to the foregoing assumptions in this clause (y)
and any additional Indebtedness being incurred in connection therewith, the U.S.
Borrower would be in compliance with each of the Total Leverage Ratio and the
Senior Secured Leverage Ratio as set forth in Section 9.04(a) as at the last day
of such Calculation Period on a Pro Forma Basis; and (z) no Incremental Term
Loan Commitments are then outstanding, unless the full amount such Incremental
Term Loan Commitments will be utilized on the date of the effectiveness of the
Incremental Term Loan Commitment Agreement to be entered into in connection with
the Incremental Term Loan Commitments of the new Tranche then being requested.

          "Incremental Term Loan Commitment Requirements" shall mean, with
respect to any provision of an Incremental Term Loan Commitment on a given
Incremental Term Loan Commitment Date, the satisfaction of each of the following
conditions on or prior to the effective date of the respective Incremental Term
Loan Commitment Agreement: (r) no Default or Event of Default then exists or
would result therefrom (for purposes of such determination, assuming the
relevant Loans in an aggregate principal amount equal to the full amount of
Incremental Term Loan Commitments then provided had been incurred, and the
proposed Permitted Acquisition (if any) to be financed with the proceeds of such
Loans had been consummated, on such date of effectiveness) and all of the
representations and warranties contained herein and in the other Credit
Documents are true and correct in all material respects at such time (unless

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<PAGE>

stated to relate to a specific earlier date, in which case such representations
and warranties shall be true and correct in all material respects as of such
earlier date); (s) calculations are made by the U.S. Borrower of compliance with
the Total Leverage Ratio and the Senior Secured Leverage Ratio set forth Section
9.04(a) (assuming (and immediately after) the full utilization of the requested
Incremental Term Loan Commitments and the consummation of the proposed Permitted
Acquisition (if any) to be financed with the proceeds of the Loans pursuant
thereto (as well as all other Permitted Acquisitions and Significant Asset Sales
theretofore consummated after the first day of the respective Calculation
Period) regardless of whether any Indebtedness is then being incurred pursuant
to said Section 9.04(a)) for the Calculation Period most recently ended prior to
the date of the requested Incremental Term Loan Commitments, as set forth in a
certificate by an Authorized Officer of the U.S. Borrower furnished to the
Administrative Agent on the date of such request, and such calculations shall
show that, after giving effect to the foregoing assumptions in this clause (s)
and any additional Indebtedness being incurred in connection therewith, the U.S.
Borrower would be in compliance with each of the Total Leverage Ratio and the
Senior Secured Leverage Ratio as set forth in Section 9.04(a) as at the last day
of such Calculation Period on a Pro Forma Basis; (t) the delivery by Holdings to
the Administrative Agent of an officer's certificate executed by an Authorized
Officer of Holdings and certifying as to compliance with preceding clauses (r)
and (s) and containing the calculations required by clause (s); (u) the delivery
by Holdings to the Administrative Agent of an officer's certificate executed by
an Authorized Officer of Holdings certifying which provisions of the ABL Credit
Agreement, the Existing 2009 Senior Notes Indenture, the Existing 2013 Senior
Notes Indenture, the Existing 2010 Senior Notes Indenture, the Existing 2011
Senior Notes Indenture, the Intermediate Holdco Credit Agreement, each Wellbeing
Project Financing Document and (after the execution and delivery thereof) each
Permitted Senior Notes Indenture and each Permitted Senior Refinancing Notes
Document that the respective incurrence of Incremental Loans will be justified
under and demonstrating in reasonable detail that the full amount of such
Incremental Term Loans may be incurred in accordance with, and will not violate
the provisions of, the ABL Credit Agreement, the Existing 2009 Senior Notes
Indenture, the Existing 2013 Senior Notes Indenture, the Existing 2010 Senior
Notes Indenture, the Existing 2011 Senior Notes Indenture, the Intermediate
Holdco Credit Agreement, each Wellbeing Project Financing Document and (after
the execution and delivery thereof) each Permitted Senior Notes Indenture and
each Permitted Senior Refinancing Notes Document; (v) the delivery by Holdings
to the Administrative Agent of an acknowledgement in form and substance
reasonably satisfactory to the Administrative Agent and executed by each
Guarantor (in the case of an Incremental Term Loan Commitment requested by the
Bermuda Borrower) or each U.S. Credit Party other than the U.S. Borrower (in the
case of an Incremental Term Loan Commitment requested by the U.S. Borrower), as
the case may be, acknowledging that such Incremental Term Loan Commitment and
all Loans subsequently incurred pursuant to such Incremental Term Loan
Commitment shall constitute (and be included in the definition of) "Guaranteed
Obligations" under each Guaranty of such Guarantor; (w) the delivery by Holdings
and its Subsidiaries of such technical amendments, modifications and/or
supplements to the respective Security Documents as are reasonably requested by
the Administrative Agent to ensure that the additional Obligations to be
incurred pursuant to the Incremental Term Loan Commitments are secured by, and
entitled to the benefits of, the relevant Security Documents, and each of the
Lenders hereby agrees to, and authorizes the Collateral Agent to enter into, any
such technical amendments, modifications and/or supplements; (x) the delivery by
Holdings to the Administrative Agent of

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an opinion or opinions, in form and substance reasonably satisfactory to the
Administrative Agent, from counsel to the Credit Parties reasonably satisfactory
to the Administrative Agent and dated such date, covering such of the matters
set forth in the opinions of counsel delivered to the Administrative Agent on
the Initial Borrowing Date pursuant to Section 5.03 of the Original Credit
Agreement as may be reasonably requested by the Administrative Agent, and such
other matters incident to the transactions contemplated thereby as the
Administrative Agent may reasonably request; (y) the delivery by Holdings and
the other Credit Parties to the Administrative Agent of such other officers'
certificates, resolutions and evidence of good standing as the Administrative
Agent shall reasonably request; and (z) the completion by Holdings and the other
Credit Parties of such other actions as the Administrative Agent may reasonably
request in connection with such Incremental Term Loan Commitment, it being
understood and agreed that the Administrative Agent may (in its sole discretion)
agree that the delivery of technical amendments, modifications and/or
supplements to the respective Security Documents pursuant to sub-clause (w) of
the preceding sentence may occur after the incurrence of Loans to be made
pursuant to the respective Incremental Term Loan Commitments (subject to a time
frame to be agreed by the Administrative Agent), in which case said sub-clause
(w) will be deemed satisfied at the time of the incurrence of such Loans, so
long as such technical amendments, modifications and/or supplements to the
respective Security Documents are subsequently delivered within the time frame
stipulated by the Administrative Agent.

          "Incremental Term Loan Commitment Termination Date" shall mean, with
respect to any Tranche of Incremental Term Loans, the last date by which
Incremental Term Loans under such Tranche may be incurred under this Agreement,
which date shall be set forth in the respective Incremental Term Loan Commitment
Agreement but may be no later than the date which is 12 months prior to the then
latest Maturity Date.

          "Incremental Term Loan Lender" shall have the meaning provided in
Section 1.15(b).

          "Incremental Term Loan Maturity Date" shall mean, for any Tranche of
Incremental Term Loans, the final maturity date set forth for such Tranche of
Incremental Term Loans in the respective Incremental Term Loan Commitment
Agreement relating thereto, provided that the final maturity date for all
Incremental Term Loans of a given Tranche shall be the same date.

          "Incremental Term Loan Scheduled Repayment" shall have the meaning
provided in Section 4.02(b)(iii).

          "Incremental Term Note" shall have the meaning provided in Section
1.05(a).

          "Indebtedness" shall mean, as to any Person, without duplication, (i)
all indebtedness (including principal, interest, fees and charges) of such
Person for borrowed money or for the deferred purchase price of property or
services, (ii) the maximum amount available to be drawn or paid under all
letters of credit, bankers' acceptances, bank guaranties and similar obligations
issued for the account of such Person and all unpaid drawings and unreimbursed
payments in respect of such letters of credit, bankers' acceptances, bank
guaranties and similar obligations, (iii) all indebtedness of the types
described in clause (i), (ii), (iv), (v), (vi) or (vii) of

                                      -169-

<PAGE>

this definition secured by any Lien on any property owned by such Person,
whether or not such indebtedness has been assumed by such Person (provided that,
if the Person has not assumed or otherwise become liable in respect of such
indebtedness, such indebtedness shall be deemed to be in an amount equal to the
fair market value of the property to which such Lien relates as determined in
good faith by such Person), (iv) the aggregate amount of all Capitalized Lease
Obligations of such Person, (v) all obligations of such Person to pay a
specified purchase price for goods or services, whether or not delivered or
accepted, i.e., take-or-pay and similar obligations, (vi) all Contingent
Obligations of such Person, and (vii) all obligations under any Interest Rate
Protection Agreement, any Other Hedging Agreement, Commodity Agreements or under
any similar type of agreement and (viii) obligations arising under Synthetic
Leases. Notwithstanding the foregoing, Indebtedness shall not include trade
payables, accrued expenses and deferred tax and other credits incurred by any
Person in accordance with customary practices and in the ordinary course of
business of such Person.

          "Indemnified Person" shall have the meaning provided in Section 13.01.

          "Individual CL Exposure" of any CL Lender shall mean, at any time,
such CL Lender's applicable CL Percentage of the Aggregate CL Exposure.

          "Initial Borrowing Date" shall have the meaning provided in the
Original Credit Agreement.

          "Intercompany Debt" shall mean any Indebtedness, payables or other
obligations, whether now existing or hereafter incurred, owed by Holdings or any
Subsidiary of Holdings to Holdings or any other Subsidiary of Holdings.

          "Intercompany Distribution Transaction Documents" shall mean all of
the documents and instruments entered into in connection with the Intercompany
Distribution Transactions, in each case as the same may be amended, modified or
supplemented from time to time in accordance with the terms hereof and thereof.

          "Intercompany Distribution Transactions" shall have the meaning
provided in Section 5.09(b) of the Original Credit Agreement.

          "Intercompany Note" shall mean a promissory note evidencing
intercompany loans made pursuant to Sections 9.05(vi), (xxi) and (xxii), in each
case duly executed and delivered substantially in the form of Exhibit K, with
blanks completed in conformity herewith (or such other form as may be approved
by the Administrative Agent or the Required Lenders).

          "Intercompany Receivables Documents" shall mean those certain
intercompany purchase agreements, dated as of March 28, 2003, entered into by
the U.S. Borrower and the Bermuda Partnership Partners, providing for the sale
of accounts receivable by the Bermuda Partnership Partners to, and the purchase
of accounts receivable by, the U.S. Borrower, which sale arrangements shall be
on a non-recourse basis and for reasonably equivalent value and otherwise on
terms satisfactory to the Agents, as the same may be amended, modified and/or
supplemented from time to time.

                                      -170-

<PAGE>

          "Intercompany Scheduled Existing Indebtedness" shall have the meaning
provided in Section 7.21.

          "Intercompany Subordination Agreement" shall mean the Intercompany
Subordination Agreement, dated as of March 28, 2003, made by Holdings and
various of its Subsidiaries party thereto in favor of the Administrative Agent,
as the same may be amended, restated, modified and/or supplemented from time to
time in accordance with the terms thereof (including, without limitation, as
modified by the Intercompany Subordination Agreement Acknowledgement). A copy of
the Intercompany Subordination Agreement as in effect on the Restatement
Effective Date is attached hereto as Exhibit O-2.

          "Intercompany Subordination Agreement Acknowledgement" shall have the
meaning provided in Section 5.10(c).

          "Intercreditor Agreement" shall have the meaning provided in Section
5.18.

          "Interest Determination Date" shall mean, with respect to any
Eurodollar Loan, the second Business Day prior to the commencement of any
Interest Period relating to such Eurodollar Loan.

          "Interest Period" shall mean (i) with respect to any Eurodollar Loan,
the interest period applicable thereto, as determined pursuant to Section 1.09
and (ii) as to any investment of the Credit-Linked Deposits, the period
commencing on the Restatement Effective Date and ending on the date that is one
month thereafter and each successive one month period thereafter, provided that
(x) if any Interest Period for the Credit-Linked Deposits begins on a day for
which there is no numerically corresponding day in the calendar month at the end
of such Interest Period, such Interest Period shall end on the last Business Day
of such calendar month, and (y) if any Interest Period for the Credit-Linked
Deposits would otherwise expire on a day which is not a Business Day, such
Interest Period shall expire on the next succeeding Business Day, although if
any Interest Period for the Credit-Linked Deposits would otherwise expire on a
day which is not a Business Day but is a day of the month after which no further
Business Day occurs in such month, such Interest Period shall expire on the next
preceding Business Day.

          "Interest Rate Protection Agreement" shall mean any interest rate swap
agreement, interest rate cap agreement, interest rate collar agreement, interest
rate hedging agreement, interest rate floor agreement or other similar agreement
or arrangement.

          "Intermediate Holdco" shall have the meaning provided in the first
paragraph of this Agreement.

          "Intermediate Holdco Collateral" shall have the meaning provided in
the U.S. Pledge Agreement.

          "Intermediate Holdco Credit Agreement" shall mean that certain Second
Lien Senior Credit Agreement, dated as of July 22, 2004, among Intermediate
Holdco, Corporate Holdco, the Lenders from time to time party thereto, Deutsche
Bank AG New York branch, as Agent (as defined therein) and Deutsche Bank
Securities Inc., as Arranger (as defined therein),

                                      -171-

<PAGE>

as the same may be amended, modified or supplemented from time to time in
accordance with the terms hereof and thereof.

          "Intermediate Holdco Credit Documents" shall mean the "Credit
Documents" as defined in the Intermediate Holdco Credit Agreement, as the same
may be amended, modified or supplemented from time to time in accordance with
the terms hereof and thereof.

          "Intermediate Holdco Indebtedness" shall mean the Indebtedness of
Intermediate Holdco and Corporate Holdco (as co-issuers) pursuant to the
Intermediate Holdco Credit Documents.

          "Intermediate Holdco Irrevocable Prepayment Notice" shall have the
meaning provided in Section 5.08(a).

          "Intermediate Holdco Paying Agent" shall have the meaning provided in
Section 5.08(a).

          "Intermediate Holdco Prepayment Consummation" shall have the meaning
provided in Section 8.21.

          "Intermediate Holdco Prepayment Date" shall have the meaning provided
in Section 5.08(a).

          "Intermediate Holdco Prepayment Funds" shall have the meaning provided
in Section 5.08(a).

          "Intermediate Holdco Refinancing" shall have the meaning provided in
Section 5.08.

          "Investment" shall have the meaning provided in the preamble to
Section 9.05.

          "Issuing Lender" shall mean (i) if and to the extent it agrees to act
as such, any Agent (and any of such Agent's affiliates and/or branches), (ii)
any ABL Lender (and any of such ABL Lender's affiliates and/or branches) or any
CL Lender (and any of such CL Lender's affiliates and/or branches) which at the
request of the U.S. Borrower or the Bermuda Borrower and with the consent of the
Administrative Agent agrees, in such ABL Lender's or CL Lender's (or their
respective affiliate's or branch's) sole discretion, to become an Issuer Lender
for the purpose of issuing Letters of Credit pursuant to Section 2A and (iii)
with respect to the Existing Letters of Credit, the Lender or Original Lender
(and any of such Lender's or Original Lender's affiliates and/or branches)
designated as the issuer thereof on Part A of Schedule XI shall be the Issuing
Lender thereof.

          "Italian Collateral Documents" shall have the meaning provided in
Section 12.15(i).

          "Judgment Currency" shall have the meaning provided in Section
13.22(a).

                                      -172-
<PAGE>

          "Judgment Currency Conversion Date" shall have the meaning provided in
Section 13.22(a).

          "Landlord-Lender Agreement" shall mean each agreement between a
landlord of each U.S. Leasehold Property and the Collateral Agent entered into
pursuant to the terms of this Agreement.

          "L/C Participant" shall have the meaning provided in Section 2A.04(a).

          "L/C Participation" shall have the meaning provided in Section
2A.04(a).

          "L/C Supportable Indebtedness" shall mean (i) obligations of the U.S.
Borrower or its Wholly-Owned Subsidiaries incurred in the ordinary course of
business with respect to insurance obligations and workers' compensation, surety
bonds and other similar statutory obligations, (ii) obligations of the U.S.
Borrower and its Wholly-Owned Subsidiaries under bank guaranties issued by
financial institutions in support of obligations of the U.S. Borrower and its
Wholly-Owned Subsidiaries otherwise permitted to exist pursuant to the terms of
this Agreement and (iii) such other obligations of the U.S. Borrower or any of
its Wholly-Owned Subsidiaries as are reasonably acceptable to the Administrative
Agent and the respective Issuing Lender and otherwise permitted to exist
pursuant to the terms of this Agreement.

          "Lead Arranger" shall mean DBSI, each in its capacity as Lead Arranger
and Sole Book Runner.

          "Leasehold" of any Person shall mean all of the right, title and
interest of such Person as lessee or licensee in, to and under leases or
licenses of land, improvements and/or fixtures.

          "Leasehold Property" shall mean each Real Property leased by the U.S.
Borrower or any of its Subsidiaries and for which Landlord-Lender Agreements
shall be required pursuant to this Agreement.

          "Lender" shall mean and include each financial institution with a
Commitment (or Original Tranche B Term Loans to be converted into Tranche C Term
Loans on the Restatement Effective Date) listed on Schedule I (as amended from
time to time), as well as any Person that becomes a "Lender" hereunder pursuant
to Sections 1.13, 1.15, and/or 13.04(b). Unless the context otherwise requires,
each reference in this Agreement to a Lender includes each lending office
(including any Affiliate of the respective Lender) of the respective Lender
designated from time to time pursuant to Section 1.12.

          "Lender Default" shall mean (i) the wrongful refusal (which has not
been retracted) of a Lender to make available its portion of any Borrowing, to
fund its portion of any unreimbursed payment under Sections 2A.04 or 2B.04 or
(ii) a Lender having notified the Administrative Agent and/or any Credit
Agreement Party that it does not intend to comply with its obligations under
Sections 1.01, 2A.03 or 2B.03 in circumstances where such non-compliance would
constitute a breach of such Lender's obligations under the respective Section.

          "Letter of Credit" shall have the meaning provided in Section
2A.01(a).

                                      -173-

<PAGE>

          "Letter of Credit Outstandings" shall mean, at any time, the sum of
(i) the aggregate Stated Amount of all outstanding Letters of Credit which have
not terminated at such time and (ii) the aggregate amount of all Unpaid Drawings
in respect of all Letters of Credit at such time.

          "Letter of Credit Request" shall have the meaning provided in Section
2A.03(a).

          "LIBOR Rate" shall mean, for any Interest Period with respect to the
investment of the Credit-Linked Deposits, the rate for deposits in Dollars for a
period of one month which appears on Telerate Page 3750 (or any successor page)
as of 11:00 A.M. (London time) on the day that is two Business Days preceding
the beginning of such Interest Period. If such rate does not appear on Telerate
Page 3750 (or any successor page), the rate for that Interest Period will be the
rate determined in good faith by the Administrative Agent on the basis of the
rates at which deposits in Dollars are offered by four major banks in the London
interbank market at approximately 11:00 A.M. (London time), on the day that is
two Business Days preceding the beginning of the new Interest Period to prime
banks in the London interbank market for a period of one month commencing on the
beginning of the new Interest Period and in the then outstanding amount of the
Credit-Linked Deposits. The Administrative Agent will request the principal
London office of each of such four major banks in the London interbank market to
provide a quotation of its rate. If at least two such quotations are provided,
the rate for that new Interest Period will be the arithmetic mean of the
quotations. If fewer than two quotations are provided as requested, the rate for
that Interest Period will be the arithmetic mean of the rates quoted by major
banks in New York City, selected by the Administrative Agent, at approximately
11:00 A.M. (New York City time), on the beginning of the new Interest Period for
loans in Dollars to leading European banks for a period of one month commencing
on the beginning of the new Interest Period and in the amount of the
Credit-Linked Deposits.

          "Lien" shall mean any mortgage, pledge, hypothecation, assignment,
deposit arrangement, security interest, encumbrance, lien (statutory or other),
charge, preference, priority or other security agreement of any kind or nature
whatsoever (including any agreement to give any of the foregoing, any
conditional sale or other title retention agreement, any financing or similar
statement or notice filed under the UCC or any similar recording or notice
statute, and any lease having substantially the same effect as the foregoing).

          "Loan" shall mean each Tranche B Term Loan, each Tranche C Term Loan
and each Incremental Term Loan.

          "Local Law Pledge Agreements" shall mean the Local Law Pledge
Agreements (as defined in the Original Credit Agreement) entered into pursuant
to the Original Credit Agreement and any other pledge agreement entered into by
a Credit Party pursuant to this Agreement (x) covering promissory notes of,
and/or Equity Interests in, one or more Persons organized under the laws of a
different jurisdiction from the jurisdiction of organization of such Credit
Party and (y) governed by the laws of the jurisdiction or jurisdictions in which
the Person or Persons whose promissory notes or Equity Interests are being
pledged is (or are) organized, in each case as the same may be amended,
restated, modified and/or supplemented from time to time in accordance with the
terms thereof. Part B of Schedule XII sets forth a list of all Local Law Pledge
Agreements in effect on the Restatement Effective Date.

                                     -174-

<PAGE>

          "Majority Lenders" of any Tranche shall mean those Non-Defaulting
Lenders which would constitute the Required Lenders under, and as defined in,
this Agreement if all outstanding Obligations of the other Tranches under this
Agreement were repaid in full and all Commitments with respect thereto were
terminated.

          "Management Agreements" shall have the meaning provided in Section
5.13(ii).

          "Margin Regulations" shall mean, collectively, Regulation T,
Regulation U and Regulation X.

          "Margin Stock" shall have the meaning provided in Regulation U.

          "Material Adverse Effect" shall mean (i) a material adverse effect on
the business, properties, assets, nature of assets, operations, liabilities,
condition (financial or otherwise) or prospects of (A) Holdings and its
Subsidiaries taken as a whole or (B) the U.S. Borrower and its Subsidiaries
taken as a whole, or (ii) a material adverse effect (x) on the rights or
remedies of the Lenders or any Agent hereunder or under any other Credit
Document or (y) on the ability of any Credit Party to perform its obligations to
the Lenders or any Agent hereunder or under any other Credit Document; provided
that the occurrence of an Excluded Event shall not constitute a "Material
Adverse Effect" for purposes of this definition.

          "Material Foreign Subsidiary" shall mean, at any time, any Foreign
Subsidiary of Holdings the net book value of the assets of which equals or
exceeds $5,000,000 at such time; provided that for purposes of (and only of)
Section 8.01(i), the term "Material Foreign Subsidiary" shall mean, at any time,
any Foreign Subsidiary of Holdings the net book value of the assets of which
equals or exceeds $10,000,000 at such time.

          "Material Governmental Investigation" shall mean, at any time, any
material governmental investigation in a country in which the aggregate net book
value of the assets owned by Holdings and its Subsidiaries in such country
(determined as of the last day of the Fiscal Quarter then last ended) exceeds
$25,000,000.

          "Maturity Date" shall mean (i) with respect to Tranche B Term Loans,
the Tranche B/C Term Loan Maturity Date, (ii) with respect to Tranche C Term
Loans, the Tranche B/C Term Loan Maturity Date, (iii) with respect to
Incremental Term Loans of a given Tranche, the respective Incremental Term Loan
Maturity Date therefor, and (iv) with respect to the CL Tranche, the CL Maturity
Date.

          "Maximum Incremental Term Loan Commitment Amount" shall mean
$250,000,000.

          "Maximum Permitted Consideration" shall mean, with respect to any
Permitted Acquisition, the sum (without duplication) of (i) the fair market
value of the Holdings Common Stock (based on the average closing trading price
of the Holdings Common Stock for the 20 trading days immediately prior to the
date of such Permitted Acquisition on the stock exchange on which Holdings
Common Stock is listed or, if Holdings Common Stock is not so listed, the good
faith determination of the senior management of Holdings) issued (or to be
issued) as consideration in connection with such Permitted Acquisition
(including, without limitation,

                                     -175-

<PAGE>

Holdings Common Stock which may be required to be issued as earnout
consideration upon the achievement of certain future performance goals of the
respective Acquired Entity or Business), (ii) the aggregate amount of all cash
paid (or to be paid) by Holdings or any of its Subsidiaries in connection with
such Permitted Acquisition (including, without limitation, payments of fees and
costs and expenses in connection therewith) and all contingent cash purchase
price or other earnout obligations of Holdings and its Subsidiaries incurred in
connection therewith (as determined in good faith by Holdings), (iii) the
aggregate principal amount of all Indebtedness assumed, incurred and/or issued
in connection with such Permitted Acquisition to the extent permitted by Section
9.04 and (iv) the fair market value (determined in good faith by senior
management of Holdings) of all other consideration payable in connection with
such Permitted Acquisition.

          "Minimum Applicable Facing Fee" shall mean $500.

          "Minimum Applicable Fronting Fee" shall mean $500.

          "Minimum Borrowing Amount" shall mean, for any Loans, $5,000,000.

          "Moody's" shall mean Moody's Investors Service, Inc.

          "Mortgage" shall mean each mortgage, deed of trust or deed to secure
debt required to be delivered with respect to any Real Property pursuant to the
terms of this Agreement (including, after the execution and delivery thereof,
each Additional Mortgage covering a Mortgaged Property), together with any
assignment of leases and rents to be executed in connection therewith, in each
case as the same may be amended, modified and/or supplemented from time to time
in accordance with the terms hereof and thereof.

          "Mortgage Policy" shall mean each mortgage title insurance policy (and
all endorsements thereto) for each Mortgaged Property required to be delivered
pursuant to this Agreement.

          "Mortgaged Property" shall mean each Real Property owned by Holdings
or any of its Subsidiaries and required to be mortgaged pursuant to this
Agreement (including, after the execution and delivery of any Additional
Mortgage covering Real Property, the respective Additional Mortgaged Property).

          "Multiemployer Plan" shall mean (i) any plan, as defined in Section
4001(a)(3) of ERISA, which is maintained or contributed to (or to which there is
an obligation to contribute to) by Holdings or a Subsidiary of Holdings or an
ERISA Affiliate and that is subject to Title IV of ERISA, and (ii) each such
plan for the five year period immediately following the latest date on which
Holdings, a Subsidiary of Holdings or an ERISA Affiliate maintained, contributed
to or had an obligation to contribute to such plan.

          "Murdock" shall mean (i) David H. Murdock, individually, and as
trustee for the David H. Murdock Living Trust and (ii) the David H. Murdock
Living Trust, dated as of May 28, 1986, as amended.

                                     -176-

<PAGE>

          "Net Cash Proceeds" shall mean for any event requiring a reduction of
the Total Incremental Term Loan Commitment and/or Total Credit-Linked Commitment
and/or repayment of Term Loans pursuant to Section 3.03 or 4.02, as the case may
be, the gross cash proceeds (including any cash received by way of deferred
payment pursuant to a promissory note, receivable or otherwise, but only as and
when received) received from such event, net of reasonable transaction costs
(including, as applicable, any underwriting, brokerage or other customary
commissions and reasonable legal, advisory and other fees and expenses
associated therewith) received from any such event.

          "Net Sale Proceeds" shall mean for any sale or other disposition of
assets, the gross cash proceeds (including any cash received by way of deferred
payment pursuant to a promissory note, receivable or otherwise, but only as and
when received) received from such sale or other disposition of assets, net of
(i) reasonable transaction costs (including, without limitation, any
underwriting, brokerage or other customary selling commissions, reasonable
legal, advisory and other fees and expenses (including title and recording
expenses), associated therewith and sales, VAT and transfer taxes arising
therefrom), (ii) payments of unassumed liabilities relating to the assets sold
or otherwise disposed of at the time of, or within 30 days after, the date of
such sale or other disposition, (iii) the amount of such gross cash proceeds
required to be used to permanently repay any Indebtedness (other than
Indebtedness of the Lenders pursuant to this Agreement and the Indebtedness of
the ABL Lenders under the ABL Credit Documents) which is secured by the
respective assets which were sold or otherwise disposed of, and (iv) the
estimated net marginal increase in income taxes which will be payable by
Holdings' consolidated group or any Subsidiary of Holdings with respect to the
Fiscal Year in which the sale or other disposition occurs as a result of such
sale or other disposition; provided, however, that such gross proceeds shall not
include any portion of such gross cash proceeds which Holdings determines in
good faith should be reserved for post-closing adjustments (to the extent
Holdings delivers to the Lenders a certificate signed by its chief financial
officer or treasurer, controller or chief accounting officer as to such
determination), it being understood and agreed that on the day that all such
post-closing adjustments have been determined (which shall not be later than six
months following the date of the respective asset sale), the amount (if any) by
which the reserved amount in respect of such sale or disposition exceeds the
actual post-closing adjustments payable by Holdings or any of its Subsidiaries
shall constitute Net Sale Proceeds on such date received by Holdings and/or any
of its Subsidiaries from such sale or other disposition.

          "New Credit Party" shall mean and include any Credit Party which was
not a Credit Party under, and as defined in, the Original Credit Agreement on
the Original Effective Date.

          "New Foreign Subsidiary Guarantor" shall mean and include any Foreign
Subsidiary Guarantor which was not a Foreign Subsidiary Guarantor under, and as
defined in, the Original Credit Agreement on the Original Effective Date.

          "New U.S. Credit Party" shall mean and include each New Credit Party
that is a U.S. Credit Party.

                                     -177-

<PAGE>

          "Non-Consenting Tranche C Term Loan Lender" shall mean each Lender
under, and as defined in, the Original Credit Agreement with outstanding
Original Tranche B Term Loans on the Restatement Effective Date (immediately
prior to giving effect thereto) that is not a Consenting Tranche C Term Loan
Lender.

          "Non-Defaulting Lender" shall mean each Lender other than a Defaulting
Lender.

          "Non-Dollar Currencies" shall mean and include each Alternative
Currency.

          "Non-Dollar Denominated Bank Guaranty" shall mean all Bank Guaranties
other than Dollar Denominated Bank Guaranties.

          "Non-Dollar Denominated Bank Guaranty Outstandings" shall mean all
Bank Guaranty Outstandings other than Dollar Denominated Bank Guaranty
Outstandings.

          "Non-Dollar Denominated B/G Cushion Amount" shall mean, at any time
with respect to any Non-Dollar Denominated Bank Guaranty, an amount equal to 5%
of the Face Amount of such Non-Dollar Denominated Bank Guaranty, with such Face
Amount determined for this purpose in accordance with the definition thereof
contained herein without giving effect to clause (y) of the proviso thereto.

          "Non-Dollar Denominated Letters of Credit" shall mean all Letters of
Credit other than Dollar Denominated Letters of Credit.

          "Non-Dollar Denominated Letter of Credit Outstandings" shall mean all
Letter of Credit Outstandings other than Dollar Denominated Letter of Credit
Outstandings.

          "Non-Dollar Denominated L/C Cushion Amount" shall mean, at any time
with respect to any Non-Dollar Denominated Letter of Credit, an amount equal to
5% of the Stated Amount of such Non-Dollar Denominated Letter of Credit, with
such Stated Amount determined for this purpose in accordance with the definition
thereof contained herein without giving effect to clause (y) of the proviso
thereto.

          "Non-Guarantor Subsidiaries" shall mean (i) on the Restatement
Effective Date, each Subsidiary of Holdings listed on Part A of Schedule XIII
and (ii) after the Restatement Effective Date, any Subsidiary of the U.S.
Borrower that is not at such time a Subsidiary Guarantor.

          "Non-Qualified Jurisdiction" at any time shall mean each jurisdiction
that is not at such time a Qualified Jurisdiction.

          "Non-U.S. Dole Group" shall mean the Consolidated Subsidiaries of the
U.S. Borrower which are not members of the U.S. Dole Group.

          "Non-Wholly Owned Subsidiary" shall mean, as to any Person, each
Subsidiary of such Person which is not a Wholly-Owned Subsidiary of such Person.

                                     -178-

<PAGE>

          "Note" shall mean each Tranche B Term Note, each Tranche C Term Note
and each Incremental Term Note.

          "Notice of Borrowing" shall have the meaning provided in Section
1.03(a).

          "Notice of Conversion/Continuation" shall have the meaning provided in
Section 1.06.

          "Notice Office" shall mean the office of the Administrative Agent
located at 60 Wall Street, New York, New York 10005 or such other office as the
Administrative Agent may designate to Holdings and the Lenders from time to
time.

          "Obligation Currency" shall have the meaning provided in Section
13.22(a).

          "Obligations" shall mean all amounts, direct or indirect, contingent
or absolute, of every type or description, and at any time existing, owing to
any Agent, the Collateral Agent, any Issuing-Lender, any Bank Guaranty Issuer or
any Lender pursuant to the terms of this Agreement or any other Credit Document.

          "Original Agent" shall mean each "Agent" under, and as defined in, the
Original Credit Agreement.

          "Original Credit Agreement" shall have the meaning provided in the
first WHEREAS clause of this Agreement.

          "Original Effective Date" shall mean the Restatement Effective Date
under, and as defined in, the Original Credit Agreement.

          "Original Lenders" shall mean the Lenders under, and as defined in,
the Original Credit Agreement with outstanding Original Loans on the Restatement
Effective Date (immediately prior to giving effect thereto).

          "Original Loan" shall mean each "Loan" under, and as defined in, the
Original Credit Agreement.

          "Original Required Lenders" shall mean the "Required Lenders" under,
and as defined in, the Original Credit Agreement.

          "Original Revolving Loan" shall mean a "Revolving Loan" under, and as
defined in, the Original Credit Agreement.

          "Original U.S. Security Agreement" shall mean the "U.S. Security
Agreement" under, and as defined in, the Original Credit Agreement.

          "Original Swingline Loan" shall mean a "Swingline Loan" under, and as
defined in, the Original Credit Agreement.

                                     -179-

<PAGE>

          "Original Tranche B Term Loan" shall mean a "Tranche B Term Loan"
under, and as defined in, the Original Credit Agreement.

          "Other Hedging Agreements" shall mean any foreign exchange contracts,
currency swap agreements or other similar agreements or arrangements designed to
protect against fluctuations in currency values.

          "Parent Business Condition" shall mean, for any quarterly accounting
period or Fiscal Year, (A) Holdings having at all times during such period (i)
owned no significant assets (other than (w) the proceeds of the Wellbeing
Project Financing, (x) the Equity Interests of Intermediate Holdco (y)
Intercompany Notes evidencing intercompany loans permitted to be made by it
pursuant to Section 9.05 and (z) the Equity Interests of the Unrestricted
Wellbeing Joint Ventures, Westlake Wellbeing Company LLC and The California
Wellbeing Institute, LLC), (ii) had no liabilities or Indebtedness (other than
those liabilities and Indebtedness permitted by Section 9.01(b)) and (iii)
otherwise complied with the requirements of Section 9.01(b), (B) Intermediate
Holdco having at all times during such period (i) owned no significant assets
(other than the capital stock of the U.S. Borrower and Corporate Holdco and
Intercompany Notes evidencing intercompany loans permitted to be made by it
pursuant to Section 9.05) and had no liabilities or Indebtedness (other than
those liabilities and Indebtedness permitted by Section 9.01(j)) and (ii)
otherwise complied with the requirements of Section 9.01(j) and (C) Corporate
Holdco having at all times during such period (i) owned no significant assets
and had no liabilities or Indebtedness (other than those liabilities and
Indebtedness permitted by Section 9.01(k)) and (ii) otherwise complied with the
requirements of Section 9.01(k).

          "Participating Member State" shall mean, at any time, any member state
of the European Union which has adopted the Euro as its lawful currency at such
time.

          "Payment Office" shall mean the office of the Administrative Agent
located at 60 Wall Street, New York, New York 10005 or such other office as the
Administrative Agent may hereafter designate in writing to Holdings and the
Lenders from time.

          "PBGC" shall mean the Pension Benefit Guaranty Corporation established
pursuant to Section 4002 of ERISA, or any successor thereto.

          "Permitted Acquired Debt" shall have the meaning set forth in Section
9.04(b)(vi).

          "Permitted Acquisition" shall mean the acquisition by the U.S.
Borrower or any of its Wholly-Owned Subsidiaries of assets constituting a
business, division or product line of any Person, not already a Subsidiary of
the U.S. Borrower or any of its Wholly-Owned Subsidiaries, or of 100% of the
capital stock or other Equity Interests of any such Person, which Person shall,
as a result of such acquisition, become a Wholly-Owned Subsidiary of the U.S.
Borrower or such Wholly-Owned Subsidiary, provided that (A) the consideration
paid by the U.S. Borrower or such Wholly-Owned Subsidiary consists solely of
cash (including proceeds of ABL Loans), the issuance of Holdings Common Stock,
the issuance of Qualified Preferred Stock, the incurrence of Indebtedness
otherwise permitted pursuant to Section 9.04 and the

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assumption/acquisition of any Permitted Acquired Debt relating to such business,
division, product line or Person which is permitted to remain outstanding in
accordance with the requirements of Section 9.04, (B) in the case of the
acquisition of 100% of the capital stock or other Equity Interests of any
Acquired Entity or Business, such Acquired Entity or Business shall own no
capital stock or other Equity Interests of any other Person unless either (x)
the Acquired Entity or Business owns 100% of the capital stock or other Equity
Interests of such other Person or (y) if the Acquired Entity or Business owns
capital stock or Equity Interests in any other Person which is a Non-Wholly
Owned Subsidiary of the Acquired Entity or Business, (1) the Acquired Entity or
Business shall not have been created or established in contemplation of, or for
purposes of, the respective Permitted Acquisition, (2) such Non-Wholly Owned
Subsidiary of the Acquired Entity or Business shall have been a Non-Wholly Owned
Subsidiary of the Acquired Entity or Business prior to the date of the
respective Permitted Acquisition and not created or established in contemplation
thereof and (3) the Acquired Entity or Business and/or its Wholly-Owned
Subsidiaries own at least 80% of the total value of all the assets owned by such
Acquired Entity or Business and its subsidiaries (for purposes of such
determination, excluding the value of the Equity Interests of Non-Wholly Owned
Subsidiaries held by such Acquired Entity or Business and its Wholly-Owned
Subsidiaries), (C) the Acquired Entity or Business shall be a Permitted Business
and (D) all applicable requirements of Sections 8.11, 8.15 and 9.02 applicable
to Permitted Acquisitions are satisfied. Notwithstanding anything to the
contrary contained in the immediately preceding sentence, an acquisition which
does not otherwise meet the requirements set forth above in the definition of
"Permitted Acquisition" shall constitute a Permitted Acquisition if, and to the
extent, the Required Lenders agree in writing that such acquisition shall
constitute a Permitted Acquisition for purposes of this Agreement.

          "Permitted Business" shall mean any business which (i) is the same,
similar, ancillary or reasonably related to the business in which Holdings or
any of its Subsidiaries is engaged on the Original Effective Date or (ii) is
conducted by an Acquired Entity or Business acquired pursuant to a Permitted
Acquisition and which does not qualify as a "Permitted Business" pursuant to
preceding clause (i), so long as (x) such business represents an immaterial
portion of the businesses acquired pursuant to such Permitted Acquisition and
(y) such business is sold or otherwise disposed of as soon as reasonably
practicable following the consummation of such Permitted Acquisition (but, in
any event, within one year following such Permitted Acquisition).

          "Permitted Encumbrances" shall mean, with respect to any Mortgaged
Property, such exceptions to title as are set forth in the Mortgage Policy
delivered with respect thereto, all of which exceptions must be acceptable to
the Administrative Agent in its reasonable discretion.

          "Permitted Holders" shall mean David H. Murdock, a Qualified Trust and
any majority-owned and controlled Affiliate of David H. Murdock or a Qualified
Trust.

          "Permitted Indebtedness" shall have the meaning provided in Section
9.04(b).

          "Permitted Installment Note" shall mean a promissory note issued as
consideration to the U.S. Borrower or any of its Subsidiaries in connection with
a Contemplated Asset Sale, which note (i) shall be secured by the assets subject
to the respective Contemplated Asset Sale and (ii) in the case of a Contemplated
Asset Sale made by a Credit Party, shall be

                                     -181-

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pledged to the Collateral Agent pursuant to the relevant Security Documents;
provided that no such note may be issued in connection with a Contemplated Asset
Sale if the aggregate principal amount of such note, when added to the aggregate
outstanding principal amount of all other Permitted Installment Notes
theretofore issued (without regard to any write-downs or write-offs thereof),
would exceed $35,000,000.

          "Permitted Liens" shall have the meaning provided in Section 9.03.

          "Permitted Refinancing Indebtedness" shall mean any Indebtedness of
the U.S. Borrower and its Subsidiaries issued or given in exchange for, or the
proceeds of which are used to, extend, refinance, renew, replace or refund any
Scheduled Existing Indebtedness, Permitted Acquired Debt or any Indebtedness
issued to so extend, refinance, renew, replace, substitute or refund any such
Indebtedness, so long as (a) such Indebtedness has a weighted average life to
maturity greater than or equal to the weighted average life to maturity of the
Indebtedness being extended, refinanced, renewed, replaced or refunded, (b) such
extension, refinancing, renewal, replacement or refunding does not (i) increase
the amount of such Indebtedness outstanding immediately prior to such extension,
refinancing, renewal, replacement or refunding (except to the extent of
reasonable fees, premiums, commissions and expenses actually paid in connection
with such extension, refinancing, renewal, replacement or refunding) or (ii) add
guarantors, obligors or security from that which applied to such Indebtedness
being extended, refinanced, renewed, replacement or refunding, (c) such
Indebtedness has the same (or, from the perspective of the Lenders, more
favorable) subordination provisions, if any, as applied to the Indebtedness
being extended, renewed, refinanced, replaced or refunded, and (d) all other
terms of such extension, refinancing, renewal, replacement or refunding
(including, without limitation, with respect to the amortization schedules,
redemption provisions, maturities, covenants, defaults and remedies, but
excluding interest rates so long as on market terms at the time of issuance
thereof) are not less favorable in any material respect to the respective
borrower than those previously existing with respect to the Indebtedness being
extended, refinanced, renewed, replaced or refunded, provided, however, that any
Intercompany Scheduled Existing Indebtedness (and subsequent extensions,
refinancings, renewals, replacements and refundings thereof as provided above in
this definition) may only be extended, refinanced, renewed, replaced or refunded
as provided above in this definition if the Indebtedness so extended,
refinanced, renewed, replaced or refunded has the same obligors(s) and
obligee(s) as the Indebtedness being extended, refinanced, renewed, replaced or
refunded.

          "Permitted Refinancing Senior Notes" shall mean any Indebtedness of
the U.S. Borrower evidenced by senior notes issued or given in exchange for, or
the proceeds of which are used to, refinance, renew, replace or refund any
Existing Senior Notes, any Permitted Senior Notes or any Indebtedness issued to
so refinance, renew, replace or refund any such Indebtedness, so long as (a)
such Indebtedness has a final maturity no earlier than the date occurring 180
days following the then latest Maturity Date and no required amortizations prior
to such date, (b) such Indebtedness does not (i) increase the amount of such
Indebtedness outstanding immediately prior to such refinancing or renewal
(except to the extent of reasonable fees, premiums, commissions and expenses
actually paid in connection with such refinancing, renewal, replacement or
refunding) or (ii) add guarantors, obligors or security from that which applies
to the Indebtedness being refinanced, renewed, replaced or refunded, (c) the
guaranties of such senior notes shall be subject to the same (or, from the
perspective of the Lenders, more

                                     -182-

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favorable) subordination provisions as applied to the guaranties of the Existing
2011 Senior Notes, (d) if the U.S. Borrower elects to provide for the
subordination of the obligations of the U.S. Borrower under such senior notes to
the prior payment in full of "senior debt" (or, the Indebtedness being
refinanced, renewed, replaced or refunded includes subordination provisions
applicable to the U.S. Borrower), such senior notes shall be subject to the same
subordination provisions as are applicable to the guaranties of such senior
notes (subject only to appropriate conforming changes), (e) all other terms of
such Indebtedness (including, without limitation, with respect to the
amortization, redemption provisions, maturities, covenants, defaults and
remedies), are not, taken as a whole, less favorable in any material respect to
the U.S. Borrower and its Subsidiaries than those previously existing with
respect to the Indebtedness being refinanced, renewed, replaced or refunded, and
(f) the documentation governing such Indebtedness is in form and substance
reasonably satisfactory to the Administrative Agent, as such Indebtedness is in
effect on the date of incurrence thereof and as the same may be amended,
modified and/or supplemented from time to time in accordance with the terms
hereof and thereof.

          "Permitted Refinancing Senior Notes Documents" shall mean any
indenture entered into in connection with any issuance of Permitted Refinancing
Senior Notes and each other agreement, document or instrument relating to any
issuance of Permitted Refinancing Senior Notes, as the same may be amended,
modified and/or supplemented from time to time in accordance with the terms
hereof and thereof.

          "Permitted Senior Notes" shall mean any Indebtedness of the U.S.
Borrower evidenced by senior notes 100% of the Net Cash Proceeds of which are
promptly applied to finance a Permitted Acquisition effected in accordance with
the requirements of Section 8.15 and the fees and expenses incurred in
connection therewith, so long as (a) such Indebtedness has a final maturity no
earlier than the date occurring 180 days following the then latest Maturity Date
and no required amortizations prior to such date, (b) such Indebtedness does not
add guarantors, obligors or security from that which applies to the Existing
2011 Senior Notes, (c) the guaranties of such senior notes shall be subject to
the same (or, from the perspective of the Lenders, more favorable) subordination
provisions as applied to the guaranties of the Existing 2011 Senior Notes, (d)
if the U.S. Borrower elects to provide for the subordination of the obligations
of the U.S. Borrower under such senior notes to the prior payment in full of
"senior debt," such senior notes shall be subject to the same subordination
provisions as are applicable to the guaranties of such senior notes (subject
only to appropriate conforming changes), (e) all other terms of such
Indebtedness (including, without limitation, with respect to amortization,
redemption provisions, maturities, covenants, defaults and remedies, but
excluding interest rates so long as on market terms at the time of the issuance
thereof), are not, taken as a whole, less favorable in any material respect to
the U.S. Borrower and its Subsidiaries than those previously existing with
respect to the Existing 2011 Senior Notes, (f) on the date of issuance of any
such Indebtedness, the U.S. Borrower and its Subsidiaries shall have complied
with the requirements of Section 8.15 with respect to the Permitted Acquisition
to be financed with the proceeds of such Indebtedness (including the delivery of
the officers' certificate required by Section 8.15(a)(x) and the calculations
required by Section 8.15(a)(iii) (after giving pro forma effect to the issuance
of such Indebtedness) and (g) the documentation governing such Indebtedness is
in form and substance reasonably satisfactory to the Administrative Agent, as
such Indebtedness may be amended,

                                     -183-

<PAGE>

modified and/or supplemented from time to time in accordance with the terms
hereof and thereof.

          "Permitted Senior Notes Documents" shall mean any Permitted Senior
Note, any Permitted Senior Notes Indenture and all other documents executed and
delivered with respect to an issuance of Permitted Senior Notes or a Permitted
Senior Notes Indenture, as the same may be amended, modified and/or supplemented
from time to time in accordance with the terms hereof and thereof.

          "Permitted Senior Notes Indenture" shall mean any indenture entered
into in connection with any issuance of Permitted Senior Notes, as the same may
be amended, modified and/or supplemented from time to time in accordance with
the terms hereof and thereof.

          "Person" shall mean any individual, partnership, joint venture, firm,
corporation, limited liability company, association, trust or other enterprise
or any government or political subdivision or any agency, department or
instrumentality thereof.

          "Plan" shall mean any pension plan as defined in Section 3(2) of ERISA
(other than a Multiemployer Plan), which is maintained or contributed to by (or
to which there is an obligation to contribute of) Holdings or a Subsidiary of
Holdings or an ERISA Affiliate, and each such plan for the five year period
immediately following the latest date on which Holdings, or a Subsidiary of
Holdings or an ERISA Affiliate maintained, contributed to or had an obligation
to contribute to such plan.

          "Pledge Agreement Collateral" shall mean all U.S. Pledge Agreement
Collateral and all other Equity Interests or other property similar to that
pledged pursuant to the U.S. Pledge Agreement which is pledged pursuant to one
or more Foreign Pledge Agreements, Foreign Security Agreements or Additional
Security Documents.

          "Pledge Agreements" shall mean the U.S. Pledge Agreement and each
Foreign Pledge Agreement.

          "Preferred Equity," as applied to the Equity Interests of any Person,
means Equity Interests of such Person (other than common stock of such Person)
of any class or classes (however designed) that ranks prior, as to the payment
of dividends or as to the distribution of assets upon any voluntary or
involuntary liquidation, dissolution or winding up of such Person, to Equity
Interests of any other class of such Person.

          "Prime Lending Rate" shall mean the rate which DBAG (or another bank
of recognized standing reasonably selected by the Administrative Agent)
announces from time to time as its prime lending rate, the Prime Lending Rate to
change when and as such prime lending rate changes. The Prime Lending Rate is a
reference rate and does not necessarily represent the lowest or best rate
actually charged to any customer. DBAG may make commercial loans or other loans
at rates of interest at, above or below the Prime Lending Rate.

          "Principal Property" shall mean "Principal Property", as defined in
the Existing 2011 Senior Notes Indenture (as in effect (and as each component
definition used therein is in effect) on the Original Effective Date, without
giving effect to any termination thereof).

                                     -184-

<PAGE>

          "Pro Forma Basis" shall mean, in connection with any calculation of
the Total Leverage Ratio or Senior Secured Leverage Ratio, the calculation of
Consolidated EBITDA as used therein after giving effect on a pro forma basis to
any Permitted Acquisition or Significant Asset Sale then being consummated as
well as any other Permitted Acquisition or Significant Asset Sale consummated
after the first day of the relevant Test Period or Calculation Period, as the
case may be, and on or prior to the date of the required determination of the
Total Leverage Ratio and/or Senior Secured Leverage Ratio, as the case may be,
as if same had occurred on the first day of the respective Test Period or
Calculation Period, as the case may be, taking into account, in the case of any
Permitted Acquisition, factually supportable and identifiable cost savings and
expenses which would otherwise be accounted for as an adjustment pursuant to
Article 11 of Regulation S-X under the Securities Act, as if such cost savings
or expenses were realized on the first day of the respective period.

          "Pro Forma Financial Statements" shall have the meaning provided in
Section 5.15(a).

          "Projections" shall have the meaning provided in Section 5.15(b).

          "Property" of a Person means any and all property, whether real,
personal, tangible, intangible or mixed, of such Person, or other assets owned,
leased, or operated by such Person.

          "Qualified Jurisdictions" shall mean and include the United States,
Bermuda and each other jurisdiction identified on Schedule XVII hereto, in each
case including any states, provinces or other similar local units therein.
Furthermore, from time to time after the Restatement Effective Date, Holdings
may request (by written notice to, and following consultation with, the
Administrative Agent) that one or more additional jurisdictions be added to the
list of Qualified Jurisdictions. In such event, such jurisdictions shall be
added to (and thereafter form part of) the list of Qualified Jurisdictions so
long as, in each case, the respective jurisdiction to be added is a jurisdiction
in which the U.S. Borrower and/or any of its Subsidiaries conducts business on
the Restatement Effective Date or is otherwise reasonably satisfactory to the
Administrative Agent and so long as Holdings has furnished opinions of counsel,
in each case from counsel, and in form and substance, reasonably satisfactory to
the Administrative Agent, concluding that Subsidiaries of the U.S. Borrower
organized under the laws of such jurisdiction may execute and deliver a Foreign
Subsidiaries Guaranty (unlimited in amount and otherwise containing provisions
reasonably consistent with the provisions of the Foreign Subsidiaries Guaranty
executed and delivered on the Initial Borrowing Date and applicable to a
Qualified Non-U.S. Obligor on such date), the Intercompany Subordination
Agreement and such Security Documents as may be satisfactory to the Collateral
Agent (generally consistent with the Security Documents executed and delivered
by Qualified Non-U.S. Obligors (determined without regard to the proviso to the
definition thereof contained herein) on the Restatement Effective Date) and
that, in accordance with the laws of the respective jurisdiction, such Credit
Documents shall constitute the legal, valid and binding obligations, enforceable
in accordance with their terms, and (in the case of the Security Documents)
create valid and perfected security interests under applicable law (in each case
subject to such customary exceptions (not inconsistent with the requirements set
forth above) as are satisfactory to the Administrative Agent). The parties
hereto further agree that, in the

                                     -185-

<PAGE>

discretion of the Administrative Agent, as a condition to the addition of any
jurisdiction to the list of Qualified Jurisdictions, the Administrative Agent
may (but shall not be required to) request the consent of the Required Lenders
to such addition and, in such event, the Administrative Agent shall be entitled
to wait for such consent before adding the respective jurisdiction to the list
of Qualified Jurisdictions.

          "Qualified Non-U.S. Jurisdictions" shall mean and include each
Qualified Jurisdiction other than the United States (and the States thereof).

          "Qualified Non-U.S. Obligors" shall mean each Foreign Credit Party
which (x) is a Wholly-Owned Subsidiary of Holdings organized under the laws of a
Qualified Non-U.S. Jurisdiction, (y) has provided a full and unconditional
guaranty (unlimited in amount) of all Guaranteed Obligations (as defined in the
Foreign Subsidiaries Guaranty) pursuant to a Foreign Subsidiaries Guaranty and
(z) has executed the relevant Security Documents in accordance with the
requirements of Sections 5, 8.11 and/or 9.14 of the Original Credit Agreement or
Sections 5, 8.11 and/or 9.11 hereof securing all such Guaranteed Obligations,
provided that (i) any Fee Capped Foreign Subsidiary Guarantor shall be deemed to
be a Qualified Non-U.S. Obligor for purposes of Sections 9.02(viii), (ix) and
(xi) and Sections 9.05(vi) and (viii) only (and only said Sections), so long as
such Fee Capped Foreign Subsidiary Guarantor shall at all times be in compliance
with the requirements of Section 8.11(i), (ii) any Fee Capped Foreign Subsidiary
Guarantor shall be deemed to be a Qualified Non-U.S. Obligor for purposes of
Section 8.18(c), so long as (I) governmental approvals are required to be
obtained to transfer the Equity Interests of such Fee Capped Foreign Subsidiary
Guarantor to a Qualified Non-U.S. Obligor (determined without regard clauses
(i), (ii), (iii) and (iv) of this proviso) and the U.S. Borrower or such
Subsidiary Guarantor is using reasonable efforts to obtain such approvals or
(II) the transfer of the Equity Interests of such Fee Capped Foreign Subsidiary
Guarantor to a Qualified Non-U.S. Obligor (determined without regard clauses
(i), (ii), (iii) and (iv) of this proviso) would give rise to material and
adverse tax consequences to the U.S. Borrower or such Subsidiary, (iii) Dole
Korea, Ltd. shall be deemed to be a Qualified Non-U.S. Obligor for purposes of
Sections 8.18(c) and 9.01(c) (and only said Sections), (iv) notwithstanding the
provision of a limited guaranty by the Excluded Bermuda Insurance Companies,
each of the Excluded Bermuda Insurance Companies shall be deemed to be a
"Qualified Non-U.S. Obligor" for all purposes of this Agreement (other than
Sections 8.18(c) and 9.01(c) for which it is understood such Persons shall not
constitute "Qualified Non-U.S. Obligors") and (v) any Qualified Non-U.S. Obligor
(including any deemed as such pursuant to preceding clauses (i), (ii), (iii) and
(iv)) shall cease to constitute same at such time, if any, as such Person ceases
to be a Wholly-Owned Subsidiary of Holdings.

          "Qualified Obligors" shall mean each Qualified U.S. Obligor and each
Qualified Non-U.S. Obligor.

          "Qualified Preferred Stock" shall mean any Preferred Equity of
Holdings, the express terms of which shall provide that dividends thereon shall
not be required to be paid at any time (and to the extent) that such payment
would be prohibited by the terms of this Agreement or any other agreement of
Holdings or any of its Subsidiaries relating to outstanding indebtedness and
which, by its terms (or by the terms of any security into which it is
convertible or for which it is exchangeable), or upon the happening of any event
(including any change of

                                     -186-

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control event), cannot mature (excluding any maturity as the result of an
optional redemption by the issuer thereof) and is not mandatorily redeemable,
pursuant to a sinking fund obligation or otherwise, and is not redeemable, or
required to be repurchased, at the sole option of the holder thereof (including,
without limitation, upon the occurrence of an change of control event), in whole
or in part, on or prior to 3 months following the maturity date of the Existing
2013 Senior Notes.

          "Qualified Trust" shall mean the David H. Murdock Living Trust, dated
May 28, 1986, as amended, or another trust established by Mr. Murdock to hold
and control the capital stock of Holdings and the remainder of his estate in the
event of his death, so long as any such trust described above (i) is at all
times controlled by David H. Murdock or by a majority of experienced business
persons and is not controlled by members of Mr. Murdock's family and (ii) holds
all or substantially all of the assets of Mr. Murdock.

          "Qualified U.S. Obligors" shall mean and include Holdings and each
other U.S. Credit Party which is a Wholly-Owned Subsidiary of Holdings, provided
that any Qualified U.S. Obligor that is (or was) a Subsidiary of Holdings shall
cease to constitute a Qualified U.S. Obligor at such time, if any, as such
Subsidiary ceases to be a Wholly-Owned Subsidiary of Holdings.

          "Quarterly Payment Date" shall mean the last Business Day of each
March, June, September and December.

          "Rabobank" shall mean the Rabobank International in its individual
capacity, and any successor corporation thereto by merger, consolidation or
otherwise.

          "Real Property" of any Person shall mean all of the right, title and
interest of such Person in and to land, improvements and fixtures, including
Leaseholds.

          "Recovery Event" shall mean the receipt by Holdings or any of its
Subsidiaries of any insurance or condemnation proceeds payable (i) by reason of
theft, physical destruction or damage or any other similar event with respect to
any properties or assets of Holdings or any of its Subsidiaries, (ii) by reason
of any condemnation, taking, seizing or similar event with respect to any
properties or assets of Holdings or any of its Subsidiaries and (iii) under any
policy of insurance required to be maintained under Section 8.03.

          "Refinancing" shall mean the Intermediate Holdco Refinancing and the
other refinancing transactions contemplated by Section 5.08.

          "Refinancing Documents" shall mean shall mean the documents,
instruments and agreements entered into connection with the Refinancing.

          "Register" shall have the meaning provided in Section 13.17.

          "Regulation D" shall mean Regulation D of the Board of Governors of
the Federal Reserve System as from time to time in effect and any successor to
all or a portion thereof establishing reserve requirements.

                                     -187-

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          "Regulation T" shall mean Regulation T of the Board of Governors of
the Federal Reserve System as from to time in effect and any successor to all or
any portion thereof.

          "Regulation U" shall mean Regulation U of the Board of Governors of
the Federal Reserve System as from time to time in effect and any successor to
all or a portion thereof.

          "Regulation X" shall mean Regulation X of the Board of Governors of
the Federal Reserve System as from time to time in effect and any successor to
all or any portion thereof.

          "Release" means disposing, discharging, injecting, spilling, pumping,
leaking, leaching, dumping, emitting, escaping, emptying, seeping, placing,
pouring and the like, into or upon any land or water or air, or otherwise
entering into the environment.

          "Relevant Guaranteed Obligations" shall mean (i) in the case of each
Holdings and Intermediate Holdco, (x) the principal and interest on each Note
issued to each Lender, and all Loans made, under this Agreement, all
reimbursement obligations and Unpaid Drawings with respect to Letters of Credit
and all reimbursement obligations and Unreimbursed Payments with respect to Bank
Guaranties, together with all the other obligations (including obligations
which, but for the automatic stay under Section 362(a) of the Bankruptcy Code,
would become due) and liabilities (including, without limitation, indemnities,
fees and interest thereon) of the Borrowers (or either of them) to each Lender,
each Agent, each Issuing Lender, each Bank Guaranty Issuer and the Collateral
Agent now existing or hereafter incurred under, arising out of or in connection
with this Agreement and each other Credit Document and the due performance and
compliance by each Borrower with all the terms, conditions and agreements
contained in this Agreement and each other Credit Document to which it is a
party and (y) all obligations (including obligations which, but for the
automatic stay under Section 362(a) of the Bankruptcy Code, would become due)
and liabilities of the U.S. Borrower or any of its Subsidiaries owing under any
Interest Rate Protection Agreement or Other Hedging Agreement entered into by
the U.S. Borrower or any of its Subsidiaries with any Secured Hedge Counterparty
so long as such Secured Hedge Counterparty participates in such Interest Rate
Protection Agreement or Other Hedging Agreement, and their subsequent assigns,
if any, whether now in existence or hereafter arising, and the due performance
and compliance with all terms, conditions and agreements contained therein, (ii)
in the case of the U.S. Borrower, (x) the principal and interest on each Tranche
C Term Note and each Incremental Term Note (in each case) issued by the Bermuda
Borrower to each Lender, and each Tranche C Term Loan and each Bermuda Borrower
Incremental Term Loan made, under this Agreement, all reimbursement obligations
and Unpaid Drawings with respect to each Letter of Credit issued for the account
of the Bermuda Borrower and all reimbursement obligations and Unreimbursed
Payments with respect to each Bermuda Borrower Bank Guaranty, together with all
the other obligations (including obligations which, but for the automatic stay
under Section 362(a) of the Bankruptcy Code, would become due) and liabilities
(including, without limitation, indemnities, fees and interest thereon) of the
Bermuda Borrower to each Lender, each Agent, each Issuing Lender, each Bank
Guaranty Issuer and the Collateral Agent now existing or hereafter incurred
under, arising out of or in connection with this Agreement or any other Credit
Document and the due performance and compliance by the Bermuda Borrower with all
the terms, conditions and agreements contained in the Credit

                                     -188-

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Documents to which it is a party and (y) all obligations (including obligations
which, but for the automatic stay under Section 362(a) of the Bankruptcy Code,
would become due) and liabilities of the Bermuda Borrower or any other
Subsidiary of the Bermuda Borrower owing under any Interest Rate Protection
Agreement and any Other Hedging Agreement entered into by the Bermuda Borrower
or any other Subsidiary of the U.S. Borrower with any Secured Hedge Counterparty
so long as such Secured Hedge Counterparty participates in such Interest Rate
Protection Agreement or Other Hedging Agreement, and their subsequent assigns,
if any, whether now in existence or hereafter arising, and the due performance
and compliance with all terms, conditions and agreements contained therein and
(iii) in the case of the Bermuda Borrower, all obligations (including
obligations which, but for the automatic stay under Section 362(a) of the
Bankruptcy Code, would become due) and liabilities of any Foreign Subsidiary of
the U.S. Borrower (other than the Bermuda Borrower) owing under any Interest
Rate Protection Agreement and any Other Hedging Agreement entered into by any
such Foreign Subsidiary of the U.S. Borrower with any Secured Hedge Counterparty
so long as such Secured Hedge Counterparty participates in such Interest Rate
Protection Agreement or Other Hedging Agreement, and their subsequent assigns,
if any, whether now in existence or hereafter arising, and the due performance
and compliance with all terms, conditions and agreements contained therein.

          "Relevant Guaranteed Party" shall mean (i) with respect to Holdings,
each Borrower and each Subsidiary of Holdings party to any Interest Rate
Protection Agreement or Other Hedging Agreement with any Secured Creditor, (ii)
with respect to Intermediate Holdco, each Borrower and each Subsidiary of
Intermediate Holdco party to any Interest Rate Protection Agreement or Other
Hedging Agreement with any Secured Creditor, (iii) with respect to the U.S.
Borrower, the Bermuda Borrower and each Subsidiary of Holdings (other than the
U.S. Borrower) party to any Interest Rate Protection Agreement or Other Hedging
Agreement with any Secured Creditor and (iv) with respect to the Bermuda
Borrower, each Foreign Subsidiary of Holdings (other than the Bermuda Borrower)
party to any Interest Rate Protection Agreement or Other Hedging Agreement with
any Secured Creditor.

          "Relevant Separate Tax Liability" shall have the meaning provided in
Section 9.06(v).

          "Replaced Lender" shall have the meaning provided in Section 1.13.

          "Replacement Foreign Security Agreements" shall have the meaning
provided in Section 5.12(b).

          "Replacement Lender" shall have the meaning provided in Section 1.13.

          "Reportable Event" shall mean an event described in Section 4043(c) of
ERISA with respect to a Plan that is subject to Title IV of ERISA other than
those events as to which the 30-day notice period is waived under subsection
..22, .23, .25, .27, or .28 of PBGC Regulation Section 4043.

          "Repricing Transaction" shall mean, as to any Tranche, (1) the
incurrence by the U.S. Borrower or any of its Subsidiaries of any indebtedness
(including, without limitation, any

                                     -189-

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new or additional loans, letters of credit, bank guaranties and/or credit-linked
deposits under this Agreement, whether incurred directly or by way of the
conversion of outstanding Term Loans and/or Credit-Linked Deposits (and related
Letters of Credit and/or Bank Guaranties), as the case may be, of any such
Tranche into a new tranche of replacement term loans, letters of credit, bank
guaranties and/or credit-linked deposits under this Agreement) that is broadly
marketed or syndicated to banks and other institutional investors in financings
similar to the facilities provided for in this Agreement (i) having an
"effective" interest rate margin or weighted average yield for the respective
type of such indebtedness or extension of credit that is less than the
applicable rate for or weighted average yield for (x) Term Loans of the
respective Tranche and Type and/or (y) Credit-Linked Deposits (and related
Letters of Credit and/or Bank Guaranties) of the CL Tranche, as the case may be
(with the comparative determinations to be made by the Administrative Agent
consistent with generally accepted financial practices, after giving effect to,
among other factors, margin, upfront or similar fees or "original issue
discount" shared with all lenders or holders of such indebtedness or other
extensions of credit, as the case may be, but excluding the effect of any
arrangement, structuring, syndication or other fees payable in connection
therewith that are not shared with all lenders or holders of such indebtedness
or other extensions of credit, as the case may be, and without taking into
account any fluctuations in the relevant Eurodollar Rate) and (ii) the proceeds
of which are used to prepay or replace (or, in the case of a conversion, deemed
to prepay or replace), in whole or in part, principal (or its equivalent) of
outstanding Term Loans of such Tranche and/or Credit-Linked Deposits (and
related Letters of Credit and/or Bank Guaranties) and (2) any reduction in the
Applicable Margins for Term Loans and/or the CL Facility Fee for Credit-Linked
Deposits, as the case may be, of such Tranche by way of the amendment, waiver or
other modification of this Agreement. Any such determination by the
Administrative Agent as contemplated by preceding clause (1) shall be conclusive
and binding on all Lenders holding Term Loans and/or Credit-Linked Deposits (and
related Letters of Credit and/or Bank Guaranties).

          "Required Appraisal" shall have the meaning provided in Section
8.11(j).

          "Required Lenders" shall mean Non-Defaulting Lenders, the sum of whose
outstanding principal of Term Loans (or, if prior to the occurrence of the
Credit Events on the Restatement Effective Date, the sum of whose "Converted
Tranche C Term Loans" amounts as shown on Schedule I and Tranche B Term Loan
Commitments and Tranche C Term Loan Commitments) and Credit-Linked Commitments
(or after the termination thereof, outstanding Individual CL Exposures) as of
any date of determination represent greater than 50% of the sum of all
outstanding principal of Term Loans (or if prior to the occurrence of the Credit
Events on the Restatement Effective Date, the sum of all "Converted Tranche C
Term Loans" amounts as shown on Schedule I and Tranche B Term Loan Commitments
and Tranche C Term Loans Commitments) of Non-Defaulting Lenders at such time and
the sum of all Credit-Linked Commitments of all Non-Defaulting Lenders at such
time (or, after the termination thereof, the sum of the then total Individual CL
Exposures of all Non-Defaulting Lenders at such time); provided that, for
purposes of this definition, at any time after the Restatement Effective Date,
(I) a Voting Participant shall be deemed to be a "Lender" holding the portion of
the Credit-Linked Commitment (or, after the termination thereof, outstanding
Individual CL Exposure), the Incremental Term Loan Commitment and the
outstanding Term Loans of any Lender (other than a Defaulting Lender) in which
it purchased a participation from such Lender (and to have the voting rights of
such Lender with respect to each such Tranche) and (II) a Lender (other than a

                                      -190-

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Defaulting Lender) which has sold a participation in a portion of its
Credit-Linked Commitment (and related Obligations), Incremental Term Loan
Commitment or outstanding Term Loans to a Voting Participant shall be deemed to
hold a Credit-Linked Commitment (or, after the termination thereof, outstanding
Individual CL Exposure), Incremental Term Loan Commitment or outstanding Term
Loans, as the case may be, in each case, as reduced by the amount of the
participations therein sold to a Voting Participant.

          "Restatement Effective Date" shall have the meaning provided in
Section 13.10.

          "Restricted Subsidiary" of any Person shall mean any Subsidiary (as
defined in the Existing 2011 Senior Notes Indenture as in effect on the
Restatement Effective Date (without giving effect to any termination thereof))
of such Person other than any Subsidiary (as so defined) of such Person that is
engaged primarily in the management, development and sale or financing of real
property.

          "Retained Excess Cash Flow Amount" shall initially be $0, which amount
shall be (A) increased on each Excess Cash Payment Date so long as any repayment
required pursuant to Section 4.02(f) has been made, by an amount equal to the
Adjusted Excess Cash Flow for the immediately preceding Excess Cash Flow Payment
Period multiplied by a percentage equal to 100% minus the Applicable Prepayment
Percentage, and (B) reduced (i) on each Excess Cash Payment Date where Adjusted
Excess Cash Flow for the immediately preceding Excess Cash Flow Payment Period
is a negative number, by such amount, and (ii) at the time any cash is used to
redeem, repurchase and/or otherwise make payments in respect of Existing Senior
Notes, Permitted Senior Notes and/or Permitted Refinancing Senior Notes in
reliance on Section 9.06(xiii), by the amount of the cash so used (it being
understood that the Retained Excess Cash Flow Amount may be reduced to an amount
below zero after giving effect to the reductions enumerated in clause (B)
above).

          "Returns" shall have the meaning provided in Section 7.20.

          "S&P" shall mean Standard & Poor's Ratings Services, a division of
McGraw Hill, Inc.

          "Sale-Leaseback Transaction" shall have the meaning provided in the
Original Credit Agreement.

          "Sale-Leaseback Transaction Documents" shall mean all documents and
agreements delivered in connection with the Sale-Leaseback Transaction, in each
case as the same may be amended, modified and/or supplemented from time to time
in accordance with the terms hereof and thereof.

          "Scheduled Existing Indebtedness" shall mean Third Party Scheduled
Existing Indebtedness and Intercompany Scheduled Existing Indebtedness.

          "Scheduled Investment Termination Date" shall mean, when referring to
the Credit-Linked Deposits on deposit in the Credit-Linked Deposit Account, the
date agreed to by the Borrowers and the Administrative Agent from time to time,
provided that if no such

                                     -191-

<PAGE>

agreement shall be reached, the Scheduled Investment Termination Date shall be
the last day of the then current Interest Period applicable to the Credit-Linked
Deposits.

          "Scheduled Repayment" shall mean any Tranche B Term Loan Scheduled
Repayment, any Tranche C Term Loan Scheduled Repayment and/or any Incremental
Term Loan Scheduled Repayment of any Tranche, as the context may require.

          "Scotia Capital" shall mean The Bank of Nova Scotia, in its individual
capacity, and any successor corporation thereto by merger, consolidation or
otherwise.

          "SEC" shall mean the Securities and Exchange Commission or any
successor thereto.

          "Second Priority" means, with respect to any Lien purported to be
created on any Collateral pursuant to the U.S. Security Documents, that such
Lien is prior in right to any other Lien thereon, other than (x) Liens permitted
pursuant to clause (y) of Section 9.03(iii) and (y) Permitted Liens permitted to
be prior to the Liens on the Collateral in accordance with the definition "First
Priority" contained herein; provided that in no event shall any such Permitted
Lien be permitted (on a consensual basis) to be junior and subordinate to any
Permitted Liens as described in clause (x) above and senior in priority to the
relevant Liens created pursuant to the U.S. Security Documents.

          "Second-Tier Material Real Property" of any Person, shall mean any
fee-owned (or equivalent) Real Property acquired by such Person after the
Initial Borrowing Date with a value (determined using the initial purchase price
paid by such Person for such Real Property) of greater than $2,500,000 but less
than or equal to $10,000,000.

          "Section 4.04(b)(ii) Certificate" shall have the meaning provided in
Section 4.04(b)(ii).

          "Secured Creditors" shall have the meaning provided in the respective
Security Documents.

          "Secured Hedge Counterparties" shall mean, with respect to any
Interest Rate Protection Agreement or Other Hedging Agreement, (x) any Lender or
any affiliate thereof (even if such Lender subsequently ceases to be a Lender
under this Agreement for any reason), (y) any ABL Lender or any affiliate
thereof (even if such ABL Lender ceases to be a Lender under the ABL Credit
Agreement for any reason) or (z) to the extent any such Interest Rate Protection
Agreement or Other Hedging Agreement was entered into prior to the Restatement
Effective Date, any Original Lender or any affiliate thereof (even if such
Original Lender ceased to be an Original Lender under the Original Credit
Agreement for any reason).

          "Securities Act" shall mean the Securities Act of 1933, as amended,
and the rules and regulations promulgated thereunder.

          "Security Agreement Collateral" shall mean all collateral in which any
security interest is granted pursuant to the Security Agreements.

                                     -192-
<PAGE>

          "Security Agreements" shall mean the U.S. Security Agreement and each
Foreign Security Agreement.

          "Security Documents" shall mean and include each of the U.S. Security
Agreement, the U.S. Pledge Agreement, each Mortgage, each Foreign Security
Agreement, each Foreign Pledge Agreement and, after the execution and delivery
thereof, each Additional Security Document (including each Additional Mortgage).

          "Senior Secured Leverage Ratio" shall mean, on any date of
determination, the ratio of (i) Consolidated Senior Secured Net Debt on such
date to (ii) Consolidated EBITDA for the Test Period most recently ended on or
prior to such date; provided that for all purposes of this Agreement,
Consolidated EBITDA for purposes of the Senior Secured Leverage Ratio shall be
determined on a Pro Forma Basis.

          "Senior Officer" shall mean (i) senior executive management of
Holdings and the U.S. Borrower, (ii) the general counsel of Holdings and the
U.S. Borrower and (iii) the division presidents of Holdings and its
Subsidiaries.

          "Shareholder Subordinated Note" shall mean an unsecured junior
subordinated note issued by Holdings (and not guaranteed or supported in any way
by either Borrower or any of their respective Subsidiaries) in the form of
Exhibit L, as the same may be amended, modified and/or supplemented from time to
time in accordance with the terms hereof and thereof.

          "Shareholders' Agreements" shall have the meaning provided in Section
5.13(i).

          "Sharing Event" shall mean (i) the occurrence of any Event of Default
with respect to any Credit Agreement Party pursuant to Section 10.05, (ii) the
declaration of the termination of any Credit-Linked Commitment or Incremental
Term Loan Commitment, or the acceleration of the maturity of any Loans, in each
case pursuant to the last paragraph of Section 10 or (iii) the failure of either
Borrower to pay any principal of, or interest on, Loans of any Tranche, any
Letter of Credit Outstandings or any Bank Guaranty Outstandings on the relevant
Maturity Date.

          "Shell Corporation" shall mean any Person created or established by
the U.S. Borrower or any of its Wholly-Owned Subsidiaries, so long as (i) the
aggregate amount of assets at any time held by any such Person does not exceed
$10,000 and (ii) the aggregate amount of assets at any time held by all Shell
Corporations at any time in existence does not exceed $100,000, it being
understood that at such time as the assets of any Person which was a "Shell
Corporation" exceed $10,000 or the assets of all Persons which were "Shell
Corporations" exceeds $100,000, all such Persons shall cease to be Shell
Corporations for purposes of this definition.

          "Significant Asset Sale" shall mean each Asset Sale which generates
Net Sale Proceeds of at least $10,000,000.

          "Special Colombian Put Note Agreement" shall mean that certain Put
Agreement, dated as of April 30, 2003, by and among the Bermuda Borrower, the
Administrative Agent, the Collateral Agent and the Colombian Subsidiary
Guarantors, pursuant to which the Collateral

                                     -193-

<PAGE>

Agent and the Administrative Agent have the right to demand that the Colombian
Subsidiary Guarantors purchase (on a joint and several basis) any and all
Special Colombian Put Notes at par (plus accrued interest) and in U.S. Dollars,
as amended, modified and/or supplemented from time to time.

          "Special Colombian Put Notes" shall have mean those certain promissory
notes, dated as of April 30, 2003, issued by the Bermuda Borrower in the form of
Exhibit M hereto, as amended, modified and/or supplemented from time to time.

          "Specified Default" shall mean any Default under either of Sections
10.01 or 10.05.

          "Specified Existing Ship Leases" shall mean the leases with respect to
the vessels named "Dole Chile" and "Dole Colombia," as in effect on the Initial
Borrowing Date.

          "Standby Letter of Credit" shall have the meaning provided in Section
2A.01(a).

          "Stated Amount" of each Letter of Credit shall, at any time, mean the
maximum amount available to be drawn thereunder (in each case determined without
regard to whether any conditions to drawing could then be met, but after giving
effect to all previous drawings made thereunder), provided that, (x) except as
such term is used in Section 2A.02, the "Stated Amount" of each Non-Dollar
Denominated Letter of Credit shall be, on any date of calculation, the Dollar
Equivalent of the maximum amount available to be drawn in such Alternative
Currency thereunder (determined without regard to whether any conditions to
drawing could then be met but after giving effect to all previous drawings made
thereunder) and (y) except for purposes of Sections 2A.02 and 3.01(b), the
definition of Non-Dollar Denominated L/C Cushion Amount and in determining the
respective proportional indemnification liabilities of the Secured Creditors to
the Collateral Agent and/or the Pledgee under the applicable Security Documents,
the Stated Amount of any Non-Dollar Denominated Letter of Credit (as otherwise
determined above) shall be increased (at each time the Stated Amount thereof is
determined) by Non-Dollar Denominated L/C Cushion Amount for such Non-Dollar
Denominated Letter of Credit.

          "Sterling" and "L" shall mean freely transferable lawful money
of the United Kingdom (expressed in pounds sterling).

          "Sterling Denominated Letter of Credit" shall mean each Letter of
Credit denominated in Sterling.

          "Subsidiaries Guaranty" shall mean and include the U.S. Subsidiaries
Guaranty, the Foreign Subsidiaries Guaranty and any other guaranty executed and
delivered by any Subsidiary of the U.S. Borrower pursuant to any of Sections
8.11, 8.12 and/or 9.11.

          "Subsidiary" of any Person shall mean and include (i) any corporation
more than 50% of whose stock of any class or classes having by the terms thereof
ordinary voting power to elect a majority of the directors of such corporation
(irrespective of whether or not at the time stock of any class or classes of
such corporation shall have or might have voting power by reason of the
happening of any contingency) is at the time owned by such Person directly or
indirectly through one or more Subsidiaries of such Person and (ii) any
partnership, association, limited

                                     -194-

<PAGE>

liability company, joint venture or other entity (other than a corporation) in
which such Person directly or indirectly through one or more Subsidiaries of
such Person, has more than a 50% Equity Interest at the time. Notwithstanding
the foregoing (and except for purposes of Sections 7.01, 7.03, 7.04, 7.12, 7.16,
7.17, 7.20, 8.01(e), 8.01(g), 8.04, 8.05, 8.06, 8.07, 8.08, 8.16, 10.03(b),
10.04, 10.05, 10.06, 10.09 and 13.01), an Unrestricted Wellbeing Joint Venture
shall be deemed not to be a Subsidiary of Holdings or any of its other
Subsidiaries for purposes of this Agreement.

          "Subsidiary Guarantor" shall mean each Subsidiary of Intermediate
Holdco that executes and delivers any Subsidiaries Guaranty, unless and until
such time as the respective Subsidiary is released from all of its obligations
under any relevant Subsidiaries Guaranty in accordance with the terms and
provisions thereof.

          "Supermajority Lenders" of any Tranche shall mean those Non-Defaulting
Lenders which would constitute the Required Lenders under, and as defined in,
this Agreement if (x) all outstanding Obligations of the other Tranches under
this Agreement were repaid in full and all Commitments with respect thereto were
terminated and (y) the percentage "50%" contained therein were changed to
"66-2/3%."

          "Syndication Agent" shall have the meaning provided in the first
paragraph of this Agreement and shall include any successor to the Syndication
Agent appointed pursuant to Section 12.10.

          "Syndication Date" shall mean the earlier of (i) the 30th day
following the Restatement Effective Date and (ii) the date upon which the Agents
determine (and notify Holdings and the Lenders) that the primary syndication of
the Tranche B Term Loans, the Tranche C Term Loans and the CL Tranche (and
resultant addition of Persons as Lenders pursuant to Section 13.04(b)) has been
completed.

          "Synthetic Lease" shall mean, as applied to any Person, any lease
(including leases that may be terminated by the lessee at any time) of any
property (whether real, personal or mixed), (i) that is not a capital lease in
accordance with U.S. GAAP and (ii) in respect of which the lessee retains or
obtains ownership of the property so leased for federal income tax purposes,
other than any such lease under which that Person is the lessor; provided that,
for purposes of this Agreement, the term "Synthetic Lease" shall not include the
lease arising pursuant to the Sale-Leaseback Transaction.

          "Tax Allocation Agreements" shall have the meaning provided in Section
5.13(iv).

          "Taxes" shall have the meaning provided in Section 4.04(a).

          "Term Loan Conversion" shall have the meaning provided in Section
1.01(b).

          "Term Loans" shall mean and include Tranche B Term Loans, Tranche C
Term Loans and each Incremental Term Loan.

                                     -195-

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          "Test Period" shall mean each period of four consecutive Fiscal
Quarters then last ended, in each case taken as one accounting period.

          "Third Party Scheduled Existing Indebtedness" shall have the meaning
provided in Section 7.21.

          "TL Priority Collateral" means all "TL Priority Collateral" as defined
in the Intercreditor Agreement.

          "TL Repayment Percentage" of any Tranche of Term Loans at any time
shall be a fraction (expressed as a percentage) (x) the numerator of which is
the aggregate principal amount of outstanding Term Loans of such Tranche and (y)
the denominator of which is the sum of the aggregate principal amount of all
outstanding Term Loans at such time.

          "Total Commitment" shall mean, at any time, the sum of the Total
Tranche B Term Loan Commitment, the Total Tranche C Term Loan Commitment, the
Total Incremental Term Loan Commitment and the Total Credit-Linked Commitment.

          "Total Credit-Linked Commitment" shall mean, at any time, the sum of
the Credit-Linked Commitments of each of the CL Lenders at such time.

          "Total Incremental Term Loan Commitment" shall mean, at any time, the
sum of the Incremental Term Loan Commitments of each of the Lenders with such a
Commitment at such time.

          "Total Leverage Ratio" shall mean, on any date of determination, the
ratio of (i) Consolidated Net Debt on such date to (ii) Consolidated EBITDA for
the Test Period most recently ended on or prior to such date; provided that for
all purposes of this Agreement, Consolidated EBITDA for purposes of the Total
Leverage Ratio shall be determined on a Pro Forma Basis.

          "Total Tranche B Term Loan Commitment" shall mean, at any time, the
sum of the Tranche B Term Loan Commitments of each of the Lenders with such a
Commitment at such time.

          "Total Tranche C Term Loan Commitment" shall mean, at any time, the
sum of the Tranche C Term Loan Commitments of each of the Lenders with such a
Commitment at such time.

          "Total Unutilized Credit-Linked Commitment" shall mean, at any time,
an amount equal to the remainder of (x) the Total Credit-Linked Commitment as in
effect at such time less (y) the Aggregate CL Exposure at such time.

          "Trade Letter of Credit" shall have the meaning set forth in Section
2A.01(a).

          "Tranche" shall mean the respective facilities and commitments
utilized in making Loans and issuing Letters of Credit and Bank Guaranties
hereunder (i.e., whether Tranche B Term Loans, Tranche C Term Loans, the CL
Tranche or Incremental Term Loans

                                     -196-

<PAGE>

made pursuant to one or more tranches designated pursuant to the respective
Incremental Term Loan Commitment Agreements in accordance with the relevant
requirements specified in Section 1.15); provided that in the circumstances
contemplated by Section 1.15(c), Incremental Term Loans may be made part of a
then existing Tranche of Term Loans. On the Restatement Effective Date there
shall be three Tranches hereunder; namely (i) the CL Tranche, (ii) the Tranche B
Term Loans and related commitments and (iii) the Tranche C Term Loans and
related commitments.

          "Tranche B Term Loan Commitment" shall mean, with respect to each
Lender, the amount set forth opposite such Lender's name in Schedule I directly
below the column entitled "Tranche B Term Loan Commitment," as the same may be
terminated pursuant to Sections 3.02, 3.03 and/or 10.

          "Tranche B Term Loan Scheduled Repayment" shall have the meaning
provided in Section 4.02(b)(i).

          "Tranche B Term Loan" shall have the meaning provided in Section
1.01(a).

          "Tranche B Term Note" shall have the meaning provided in Section
1.05(a).

          "Tranche B/C Term Loan Maturity Date" shall mean April 12, 2013.

          "Tranche C Term Loan" shall mean have the meaning provided in Section
1.01(b).

          "Tranche C Term Loan Borrowing Amount" shall mean, with respect to
each Lender, the amount set forth opposite such Lender's name in Schedule I
directly below the column entitled "Tranche C Term Loan Borrowing Amount,"
(i.e., the sum of the Converted Tranche C Term Loans and the Tranche C Term Loan
Commitment) as the same may be (x) reduced from time to time as a result of
prepayments and repayments pursuant to Section 4.01, 4.02 and/or 10 or (y)
adjusted from time to time as a result of assignments of Tranche C Term Loans to
or from such Lender pursuant to Section 1.13 to 13.04(b).

          "Tranche C Term Loan Commitment" shall mean, with respect to each
Lender, the amount set forth opposite such Lender's name in Schedule I directly
below the column entitled "Tranche C Term Loan Commitment," as the same may be
terminated pursuant to Sections 3.02, 3.03 and/or 10.

          "Tranche C Term Loan Scheduled Repayment" shall have the meaning
provided in Section 4.02(b)(ii).

          "Tranche C Term Note" shall have the meaning provided in Section
1.05(a).

          "Transaction" shall mean, collectively, (i) the amendment and
restatement of the Original Credit Agreement in the form of this Agreement as
provided herein, (ii) the entering into of the ABL Credit Documents and the
initial borrowing thereunder, (iii) the occurrence of the Restatement Effective
Date and the Credit Events occurring on such date, (iv) the

                                     -197-

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consummation of the Refinancing, and (v) the payment of fees and expenses in
connection with the foregoing.

          "Treaty" means the Treaty establishing the European Community being
the Treaty of Rome of March 25, 1957, as amended by the Single European Act
1986, the Maastricht Treaty (which was signed at Maastricht on February 7, 1992)
and the Treaty of Amsterdam (which was signed in Amsterdam on October 2, 1997).

          "Type" shall mean the type of Loan determined with regard to the
interest option applicable thereto, i.e., whether a Base Rate Loan or a
Eurodollar Loan.

          "U.S." or "United States" shall mean the United States of America.

          "U.S. Borrower" shall have the meaning provided in the first paragraph
of this Agreement.

          "U.S. Borrower Bank Guaranty" shall mean each Bank Guaranty (which may
be denominated in Dollars or an Alternative Currency) issued for the account of
the U.S. Borrower pursuant to section 2B.01 and designated as such by the U.S.
Borrower in the respective Bank Guaranty Request.

          "U.S. Borrower Incremental Term Loans" shall mean Incremental Term
Loans incurred by the U.S. Borrower.

          "U.S. Borrower Letter of Credit" shall mean each Letter of Credit
(which must be denominated in Dollars or an Alternative Currency) issued for the
account of the U.S. Borrower pursuant to Section 2A.01.

          "U.S. Borrower Term Loans" shall mean and include all Tranche B Term
Loans and all U.S. Borrower Incremental Term Loans.

          "U.S. Credit Agreement Party" shall mean each Credit Agreement Party
other than the Bermuda Borrower.

          "U.S. Credit Party" shall mean each U.S. Credit Agreement Party and
each U.S. Subsidiary Guarantor.

          "U.S. Dole Group" shall mean the U.S. Borrower and the U.S. Subsidiary
Guarantors.

          "U.S. Dollars," "Dollars" and the sign "$" shall each mean freely
transferable lawful money of the United States of America.

          "U.S. GAAP" shall mean generally accepted accounting principles in the
United States of America as in effect from time to time; provided that
determinations in accordance with U.S. GAAP for purposes of the definition of
"Incremental Term Loan Commitment Requirements" and Sections 4.02, 8.15 and 9,
including defined terms as used therein, and for all

                                     -198-

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purposes of determining the Senior Secured Leverage Ratio and the Total Leverage
Ratio are subject (to the extent provided therein) to Section 13.07(a).

          "U.S. Leasehold Property" shall mean each Leasehold Property located
in the United States.

          "U.S. Mortgaged Property" shall mean each Real Property located in the
United States or any State or territory thereof with respect to which a Mortgage
is required to be delivered pursuant to the terms of this Agreement.

          "U.S. Pledge Agreement" shall have the meaning provided in Section
5.11(b).

          "U.S. Pledge Agreement Collateral" shall mean all of the "Collateral"
as defined in the U.S. Pledge Agreement.

          "U.S. Security Agreement" shall have the meaning provided in Section
5.11(c).

          "U.S. Security Agreement Collateral" shall mean all of the
"Collateral" as defined in the U.S. Security Agreement.

          "U.S. Security Documents" shall mean and include the U.S. Security
Agreement, the U.S. Pledge Agreement, each Mortgage covering a U.S. Mortgage
Property and each Additional Security Document covering assets of a U.S. Credit
Party situated in the United States.

          "U.S. Subsidiaries Guaranty" shall have the meaning provided in
Section 5.10(a).

          "U.S. Subsidiary Guarantor" shall mean (i) each Wholly-Owned Domestic
Subsidiary of Intermediate Holdco as of the Restatement Effective Date (other
than (x) the U.S. Borrower and (y) the Excluded Domestic Subsidiary) and (ii)
each other Wholly-Owned Domestic Subsidiary of Intermediate Holdco created,
established or acquired after the Restatement Effective Date which executes and
delivers a U.S. Subsidiaries Guaranty, unless and until such time as the
respective Domestic Subsidiary ceases to constitute a Domestic Subsidiary or is
released from all of its obligations under its U.S. Subsidiaries Guaranty in
accordance with the terms and provisions thereof, provided that for purposes of
Sections 9.02(ix), 9.02(xiii), 9.04(b)(xvi) and 9.05(ix) and the definition of
"U.S. Dole Group," the term "U.S. Subsidiary Guarantor" (and any term
incorporating such term by reference) shall not include Corporate Holdco.

          "UCC" shall mean the Uniform Commercial Code as in effect from time to
time in the relevant jurisdiction.

          "Unfunded Current Liability" shall mean the amount, if any, by which
the actuarial present value of accumulated benefits of any Plan subject to Title
IV of ERISA as of the close of its most recent plan year, determined using
actuarial assumptions at such time consistent with those prescribed by Financial
Account Standards No. 87, exceeds the fair market value of the assets allocable
to such liabilities.

                                     -199-

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          "Unpaid Drawing" shall have the meaning provided in Section 2A.05(a).

          "Unreimbursed Payment" shall have the meaning provided in Section
2B.05(a).

          "Unrestricted Cash" shall mean all cash and Cash Equivalents owned or
held by Holdings and its Subsidiaries other than cash and Cash Equivalents owned
or held by the Excluded Bermuda Insurance Companies.

          "Unrestricted Subsidiary" of any Person shall mean (i) at any time
prior to the repayment in full of both the Existing 2009 Senior Notes and the
Existing 2013 Senior Notes, any Subsidiary of such Person that is not a
Restricted Subsidiary and (ii) thereafter, any Subsidiary of such Person.

          "Unrestricted Wellbeing Joint Venture" shall mean Westlake Wellbeing
Company, Wellbeing IP Holdco and Wellbeing Edco.

          "Voting Participant" shall have the meaning provided in Section
13.04(a).

          "Voting Participant Notice" shall have the meaning provided in Section
13.04(a).

          "Weighted Average Life to Maturity" shall mean, when applied to any
Indebtedness at any date, the number of years obtained by dividing (i) the then
outstanding principal amount of such Indebtedness into (ii) the product obtained
by multiplying (x) the amount of each then remaining installment or other
required scheduled payments of principal, including payment at final maturity,
in respect thereof, by (y) the number of years (calculated to the nearest
one-twelfth) that will elapse between such date and the making of such payment.

          "Wellbeing Edco" shall mean a Delaware corporation or limited
liability company formed (or to be formed) by Holdings to promote nutritional
and wellbeing education.

          "Wellbeing IP Holdco" shall mean a Delaware corporation or limited
liability company formed (or to be formed) by Holdings to hold the intellectual
property rights related to the Wellbeing Project.

          "Wellbeing Project" shall mean the start-up, construction and
operation by Westlake Wellbeing Company of a well-being
center/hotel/spa/conference center/studio on the Westlake Village Property.

          "Wellbeing Project Financing" shall mean Indebtedness incurred by
Holdings, so long as (a) the proceeds thereof are used (or, in the case of
sub-clause (iii) below, deemed used) solely to (i) finance the construction,
start-up and operational deficits of the Wellbeing Project (including any "cost
overruns" on the construction of the Wellbeing Project), (ii) make an Investment
in, and/or repay an intercompany loan owing to, Intermediate Holdco, the
proceeds of which are, in turn, used by Intermediate Holdco to make an
Investment in, and/or repay an intercompany loan owing to, the U.S. Borrower,
(iii) "finance" customary expenses which are (x) incurred by lenders providing
such Indebtedness and treated as "protective advances" under the documentation
governing such Indebtedness (e.g., advances for the payment of real estate
taxes, insurance premiums, ground rent and maintenance and repair costs) and (y)
deemed added

                                     -200-

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as additional Indebtedness of Holdings under such documentation (it being
understood, however, that Indebtedness incurred by Holdings under this clause
(iii) may be in the form of a guarantee by Holdings of additional Indebtedness
incurred by the Unrestricted Wellbeing Joint Venture for the purposes described
above in this clause (iii) rather than in the form of direct incurrence by
Holdings), (iv) pay accrued but unpaid interest on the principal of Indebtedness
described in this definition, together with reasonable transaction fees incurred
in connection with the incurrence thereof and/or (v) extend, renew and/or
refinance any Indebtedness theretofore incurred pursuant to this definition, (b)
such Indebtedness does not require any scheduled principal repayments prior to
the final stated maturity thereof, (c) such Indebtedness does not require any
mandatory repayments prior to the final stated maturity thereof other than in
connection with (x) a "change of control" (which "change of control" shall not
include triggers any tighter than those contained in the definition of "Change
of Control" in this Agreement) or (y) issuances of equity by, or capital
contributions to, Holdings, (d) such Indebtedness does not provide for
guaranties or security from, or require any representation, warranty, event of
default or covenant to be applicable to, any Subsidiary of Holdings, (e) such
Indebtedness provides for an "interest reserve" covering all interest which will
accrue on such Indebtedness over the term thereof, which interest may be in the
form of a committed but initially unfunded portion of such Indebtedness
specifically reserved for the payment of accrued but unpaid interest on such
Indebtedness, (f) such Indebtedness expressly permits the pledge of the Equity
Interests of the Unrestricted Wellbeing Joint Ventures pursuant to the U.S.
Pledge Agreement, (g) in the case of any Indebtedness incurred to extend, renew
and/or refinance any Indebtedness theretofore incurred in reliance on this
definition, the requirements of clauses (b) through (f), inclusive, above and
clause (h) below are satisfied at the time of the incurrence thereof and (h) all
other terms of such Indebtedness (including, without limitation, with respect to
prepayment provisions, covenants and defaults) are reasonably acceptable to the
Administrative Agent, as such Indebtedness may be amended, modified,
supplemented, extended, renewed and/or refinanced from time to time in
accordance with the terms hereof and thereof. The incurrence of the Wellbeing
Project Financing shall be deemed to be a representation and warranty by
Holdings that all conditions thereto have been satisfied in all material
respects and that same is permitted in accordance with the terms of this
Agreement, which representation and warranty shall be deemed to be a
representation and warranty for all purposes hereunder, including, without
limitation, Section 10.

          "Wellbeing Project Financing Debt Cap Amount" shall mean, at any time,
$150,000,000 (as such amount may be reduced by any repayments of principal of
the Wellbeing Project Financing, except to the extent such repayment is made in
connection with a refinancing of such Wellbeing Project Financing consummated in
accordance with the definition of "Wellbeing Project Financing"); provided,
however, that (i) the "Wellbeing Project Financing Debt Cap Amount" may exceed
the amount otherwise set forth above at any time, if (but only if) any excess
over such amount is (I) used by Holdings to finance cost overruns and/or
operational deficits of the Wellbeing Project and/or (II) incurred by Holdings
for the purposes described in clause (a)(iii) of the definition of "Wellbeing
Project Financing", and (ii) any such excess permitted by preceding clause (i)
shall also (but without duplication) be reduced by any repayments of principal
of the Wellbeing Project Financing, except to the extent such repayment is made
in connection with a refinancing of such Wellbeing Project Financing consummated
in accordance with the definition of "Wellbeing Project Financing."

                                     -201-

<PAGE>

          "Wellbeing Project Financing Documents" shall mean the loan agreement,
dated as of March 3, 2006, among Holdings, the lenders party thereto from time
to time, Deutsche Bank Trust Company Americas, as administrative agent, and
Deutsche Bank Securities, Inc., as sole lead arranger and sole book runner, and
each other agreement, document or instrument relating to the incurrence or
issuance of the Wellbeing Project Financing, as the same may be amended,
modified, supplemented, extended, renewed and/or refinanced from time to time in
accordance with the terms hereof and thereof.

          "Westlake Village Property" shall mean that certain property
identified to the Administrative Agent of twenty (20) acres (more or less) that
is adjacent to the parcel on which the U.S. Borrower's Corporate Headquarters is
located in the City of Westlake Village, Ventura County, California.

          "Westlake Wellbeing Company" shall mean Westlake Wellbeing Properties
LLC, a Delaware limited liability company formed by Holdings to construct and
operate the Wellbeing Project and/or promote nutritional and wellbeing
education.

          "Wholly-Owned Domestic Subsidiary" shall mean, as to any Person, any
Wholly-Owned Subsidiary of such Person that is a Domestic Subsidiary of such
Person.

          "Wholly-Owned Foreign Subsidiary" shall mean, as to any Person, any
Wholly-Owned Subsidiary of such Person that is not a Domestic Subsidiary of such
Person.

          "Wholly-Owned Subsidiary" shall mean, as to any Person, (i) any
corporation 100% of whose capital stock (other than director's qualifying shares
and/or other nominal amounts of shares required by applicable law to be held by
Persons other than such Person) is at the time owned by such Person and/or one
or more Wholly-Owned Subsidiaries of such Person and (ii) any partnership,
limited liability company, association, joint venture or other entity in which
such Person and/or one or more Wholly-Owned Subsidiaries of such Person has a
100% Equity Interest at such time; provided that any Foreign Subsidiary of such
Person at least 98% of whose capital stock or other Equity Interests are owned
by such Person and/or one or more Wholly-Owned Subsidiaries (determined after
giving effect to this proviso) of such Person at such time shall be deemed to be
a Wholly-Owned Subsidiary of such Person.

          "Written" (whether lower or upper case) or "in writing" shall mean any
form of written communication or a communication by means of telex, facsimile
device, telegraph or cable.

          Section 12. The Agents.

          12.01 Appointment. (a) Each Lender hereby irrevocably designates and
appoints (x) DBAG as Administrative Agent for such Lender (for purposes of this
Section 12 and the term "Agent" as used herein, the term "Administrative Agent"
shall mean DBAG in its capacities as Administrative Agent, Deposit Bank, the
Intermediate Holdco Paying Agent and as Collateral Agent hereunder and pursuant
to the Security Documents), (y) BAS as Syndication Agent for such Lender, and
(z) Scotia Capital and Rabobank as Co-Documentation Agents for such Lender, each
to act as specified herein and in the other Credit Documents, and each such
Lender hereby irrevocably authorizes the Administrative Agent, the Syndication
Agent and each

                                     -202-

<PAGE>

Co-Documentation Agent to take such action on its behalf under the provisions of
this Agreement and the other Credit Documents and to exercise such powers and
perform such duties as are expressly delegated to or required of the
Administrative Agent, the Syndication Agent or the Co-Documentation Agents, as
the case may be, by the terms of this Agreement and the other Credit Documents,
together with such other powers as are reasonably incidental thereto. Each of
the Agents may perform any of their respective duties under this Agreement, the
other Credit Documents and any other instruments and agreements referred to
herein or therein by or through its respective officers, directors, agents,
employees or affiliates (it being understood and agreed, for avoidance of doubt
and without limiting the generality of the foregoing, that the Administrative
Agent and/or Collateral Agent may perform any of its duties under the Security
Documents by or through one or more of its affiliates).

          (b) The provisions of this Section 12 are solely for the benefit of
the Administrative Agent, the Syndication Agent and the Co-Documentation Agents
and the Lenders, and neither Holdings nor any of its Subsidiaries shall have any
rights as a third party beneficiary of any of the provisions hereof. In
performing its functions and duties under this Agreement, each of the
Administrative Agent, the Syndication Agent and the Documentation Agent shall
act solely as agent for the Lenders, and none of the Administrative Agent, the
Syndication Agent and the Co-Documentation Agents assumes (and shall not be
deemed to have assumed) any obligation or relationship of agency or trust with
or for Holdings or any of its Subsidiaries.

          12.02 Nature of Duties. (a) No Agent shall have any duties or
responsibilities except those expressly set forth in this Agreement and in the
other Credit Documents. Neither any Agent nor any of its officers, directors,
agents, employees or affiliates shall be liable for any action taken or omitted
by it hereunder or under any other Credit Document or in connection herewith or
therewith, unless caused by its or their gross negligence or willful misconduct
(as determined by a court of competent jurisdiction in a final and
non-appealable decision). The duties of the Agents shall be mechanical and
administrative in nature; no Agent shall have by reason of this Agreement or any
other Credit Document a fiduciary relationship in respect of any Lender or the
holder of any Note and nothing in this Agreement or in any other Credit
Document, expressed or implied, is intended to or shall be so construed as to
impose upon any Agent any obligations in respect of this Agreement or any other
Credit Document except as expressly set forth herein or therein, provided, that
the Administrative Agent and/or the Collateral Agent shall be deemed to be a
trustee and stand in a fiduciary relationship with respect to the Lenders and
the holders of Notes for purposes of any Security Document governed by the laws
of a jurisdiction located outside the United States where the Administrative
Agent and/or the Collateral Agent, as the case may be, shall determine, based on
advice of local counsel, that same is necessary or desirable for purposes of
realizing the benefits intended to be conferred pursuant to such Security
Document, and the Lenders hereby irrevocably designate each of the
Administrative Agent and the Collateral Agent as their trustee for such purpose
and authorize each of the Administrative Agent and the Collateral Agent to at
any time and from time to time take all actions (including, without limitation,
making demand for all amounts then due and payable and the exercise of other
remedies) on their behalf in accordance with the terms of such Security Document
without the necessity of any notice to or further consent from any Lender, and
the Lenders hereby agree to indemnify the Administrative Agent and the
Collateral Agent (and each of their respective officers, directors, trustees,
employees, representatives and agents)

                                     -203-

<PAGE>

and hold each of them harmless against any and all liabilities, obligations
(including removal or remedial actions), losses, damages, penalties, claims,
actions, judgments, suits, costs, expenses and disbursements (including
reasonable attorneys' and consultants' fees and disbursements) incurred by,
imposed on or assessed against any of them as a result of, or arising out of, or
in any way related to, or by reason of, the taking of any action or any omission
to take action under any such Security Document unless such action is taken or
omitted to be taken with gross negligence or willful misconduct (as determined
by a court of competent jurisdiction in a final and non-appealable decision).

          (b) Notwithstanding any other provision of this Agreement or any
provision of any other Credit Document, the Lead Arranger is named as such for
recognition purposes only, and in its capacity as such shall have no powers,
duties, responsibilities or liabilities with respect to this Agreement or the
other Credit Documents or the transactions contemplated hereby and thereby; it
being understood and agreed that the Lead Arranger shall be entitled to all
indemnification and reimbursement rights in favor of "Agents" as, and to the
extent, provided for under Sections 12.07 and 13.01. Without limitation of the
foregoing, the Lead Arranger shall not, solely by reason of this Agreement or
any other Credit Documents, have any fiduciary relationship in respect of any
Lender or any other Person.

          12.03 Certain Rights of the Agents. The Agents shall have the right to
request instructions from the Required Lenders at any time. If any Agent shall
request instructions from the Required Lenders with respect to any act or action
(including failure to act) in connection with this Agreement or any other Credit
Document, such Agent shall be entitled to refrain from such act or taking such
action unless and until such Agent shall have received instructions from the
Required Lenders; and such Agent shall not incur liability to any Lender by
reason of so refraining. Without limiting the foregoing, neither any Lender nor
the holder of any Note shall have any right of action whatsoever against any
Agent or any of its employees, directors, officers, agents or affiliates as a
result of such Agent or such other person acting or refraining from acting
hereunder or under any other Credit Document in accordance with the instructions
of the Required Lenders.

          12.04 Reliance by Agents. Each Agent shall be entitled to rely, and
shall be fully protected (and shall have no liability to any Person) in relying,
upon any note, writing, resolution, notice, statement, certificate, telex,
teletype or telecopier message, cablegram, radiogram, order, telephone message
or other document or conversation that such Agent believed, in the absence of
gross negligence or willful misconduct (as determined by a court of competent
jurisdiction in a final and non-appealable decision), to be the proper Person,
and, with respect to all legal matters pertaining to this Agreement and any
other Credit Document and its duties hereunder and thereunder, upon advice of
counsel selected by such Agent (which may be counsel for the Credit Parties)
and, with respect to other matters, upon advice of independent public
accountants or other experts selected by it.

          12.05 Notice of Default, etc. The Administrative Agent shall not be
deemed to have knowledge or notice of the occurrence of any Default or Event of
Default unless the Administrative Agent has actually received written notice
from a Lender or Holdings or either Borrower referring to this Agreement,
describing such Default or Event of Default and stating that such notice is a
"notice of default." In the event that the Administrative Agent receives such

                                     -204-

<PAGE>

a notice, the Administrative Agent shall give prompt notice thereof to the
Lenders. The Administrative Agent shall take such action with respect to such
Default or Event of Default as shall be reasonably directed by the Required
Lenders; provided that, unless and until the Administrative Agent shall have
received such directions, the Administrative Agent may (but shall not be
obligated to) take such action, or refrain from taking such action, with respect
to such Default or Event of Default as it shall deem advisable in the best
interests of the Lenders (as determined by the Administrative Agent in its sole
discretion).

          12.06 Nonreliance on Agents and Other Lenders. Independently and
without reliance upon any Agent, each Lender, each Issuing Lender, each Bank
Guaranty Issuer and the holder of each Note, to the extent it deems appropriate,
has made and shall continue to make its own independent investigation of the
financial condition and affairs of Holdings and its Subsidiaries in connection
with the making and the continuance of the Loans, the issuance and the
participation in Letters of Credit or Bank Guaranties and the taking or not
taking of any action in connection herewith and, except as expressly provided in
this Agreement, no Agent shall have any duty or responsibility, either initially
or on a continuing basis, to provide any Lender, any Issuing Lender, any Bank
Guaranty Issuer or the holder of any Note with any credit or other information
with respect thereto, whether coming into its possession before the making of
the Loans, the issuing of any Letter of Credit or any Bank Guaranty or at any
time or times thereafter. No Agent or their respective affiliates nor any of
their respective officers, directors, agents or employees shall be responsible
to any Lender, any Issuing Lender, any Bank Guaranty Issuer or the holder of any
Note for, or be required or have any duty to ascertain, inquire or verify the
accuracy of, (i) any recitals, statements, information, representations or
warranties herein or in any document, certificate or other writing delivered in
connection herewith, (ii) the execution, effectiveness, genuineness, validity,
enforceability, perfection, collectibility, priority or sufficiency of this
Agreement or any other Credit Document, (iii) the financial condition of
Holdings and any of its Subsidiaries, (iv) the performance or observance of any
of the terms, provisions or conditions of this Agreement or any other Credit
Document, (v) the satisfaction of any of the conditions precedent set forth in
Section 5 or 6, or (vi) the existence or possible existence of any Default or
Event of Default.

          12.07 Indemnification. (a) To the extent any Agent (or any affiliate
thereof) is not reimbursed and indemnified by the Credit Agreement Parties, the
Lenders will reimburse and indemnify such Agent (and any affiliate thereof) in
proportion to their respective "percentages" as used in determining the Required
Lenders (determined as if there were no Defaulting Lenders and at the time such
indemnity is sought), for and against any and all liabilities, obligations,
losses, damages, penalties, claims, actions, judgments, costs, expenses or
disbursements of whatsoever kind or nature which may be imposed on, asserted
against or incurred by such Agent (or any affiliate thereof) in performing its
respective duties hereunder or under any other Credit Document or in any way
relating to or arising out of this Agreement or any other Credit Document in its
capacity as Agent, provided that no Lender shall be liable for any portion of
such liabilities, obligations, losses, damages, penalties, actions, judgments,
suits, costs, expenses or disbursements resulting from such Agent's gross
negligence or willful misconduct (as determined by a court of competent
jurisdiction in a final and non-appealable decision).

          (b) Any Agent shall be fully justified in failing or refusing to take
any action hereunder and under any other Credit Document (except actions
expressly required to be taken

                                     -205-

<PAGE>

by it hereunder or under the Credit Documents) unless it shall first be
indemnified to its satisfaction by the Lenders pro rata against any and all
liability, cost and expense that it may incur by reason of taking or continuing
to take any such action.

          (c) The agreements in this Section 12.07 shall survive the payment of
all Obligations.

          12.08 Agents in their Individual Capacities. (a) With respect to its
obligation to make Loans, or issue or participate in Letters of Credit or Bank
Guaranties, under this Agreement, each Agent shall have the rights and powers
specified herein for a "Lender" and may exercise the same rights and powers as
though it were not performing the duties specified herein; and the term
"Lender," "Required Lenders," "Supermajority Lenders," "Majority Lenders,"
"holders of Notes" or any similar terms shall, unless the context clearly
otherwise indicates, include each Agent in its individual capacity. Each Agent
and its affiliates may accept deposits from, lend money to, and generally engage
in any kind of banking, investment banking, trust or other business with, or
provide debt financing, equity capital or other services (including financial
advisory services) to, any Credit Party or any Affiliate of any Credit Party (or
any Person engaged in a similar business with any Credit Party or any Affiliate
thereof) as if they were not performing the duties specified herein, and may
accept fees and other consideration from any Credit Party or any Affiliate of
any Credit Party for services in connection with this Agreement and otherwise
without having to account for the same to the Lenders.

          (b) Without limiting the provisions of preceding clause (a), the
parties hereto acknowledge and agree that any Agent hereunder may also act in
individual or agency capacities in connection with other financings, including,
without limitation, pursuant to the ABL Credit Documents. The parties hereto
agree to each of the Agents acting in such other individual and agency
capacities, and shall not raise any claim in connection therewith (except to the
extent resulting from the gross negligence or willful misconduct of the
respective such Person as an Agent hereunder).

          12.09 Holders. The Administrative Agent may deem and treat the payee
of any Note as the owner thereof for all purposes hereof unless and until a
written notice of the assignment, transfer or endorsement thereof, as the case
may be, shall have been filed with the Administrative Agent. Any request,
authority or consent of any Person or entity who, at the time of making such
request or giving such authority or consent, is the holder of any Note shall be
conclusive and binding on any subsequent holder, transferee, assignee or
endorsee, as the case may be, of such Note or of any Note or Notes issued in
exchange therefor.

          12.10 Resignation of the Agents. (a) The Administrative Agent may
resign from the performance of all its functions and duties hereunder and/or
under the other Credit Documents (including, without limitation, its functions
and duties as Collateral Agent) at any time by giving 30 Business Days' prior
written notice to the Lenders and, unless a Default or an Event of Default under
Section 10.05 then exists, Holdings. Any such resignation by the Administrative
Agent hereunder shall also constitute its resignation (if applicable) as an
Issuing Lender and Bank Guaranty Issuer in which case the resigning
Administrative Agent (x) shall not be required to issue any further Letters of
Credit or Bank Guaranties hereunder and (y) shall maintain all of its rights as
Issuing Lender or Bank Guaranty Issuer, as the case may be, with

                                     -206-

<PAGE>

respect to any Letter of Credit or Bank Guaranty issued by it, prior to the date
of such resignation. Such resignation shall take effect upon the appointment of
a successor Administrative Agent pursuant to clauses (b) and (c) below or as
otherwise provided below.

          (b) Upon any such notice of resignation by the Administrative Agent,
the Required Lenders shall appoint a successor Administrative Agent hereunder
and/or under the other Credit Documents who shall be a commercial bank or trust
company acceptable to Holdings, which acceptance shall not be unreasonably
withheld or delayed (provided that Holdings' approval shall not be required if
an Event of Default then exists).

          (c) If a successor Administrative Agent shall not have been so
appointed within such 30 Business Day period, the Administrative Agent, with the
consent of Holdings (which consent shall not be unreasonably withheld or
delayed, provided that Holdings' consent shall not be required if an Event of
Default then exists), shall then appoint a successor Administrative Agent who
shall serve as Administrative Agent hereunder and/or under the other Credit
Documents until such time, if any, as the Required Lenders appoint a successor
Administrative Agent as provided above.

          (d) If no successor Administrative Agent has been appointed pursuant
to clause (b) or (c) above by the 30th Business Day after the date such notice
of resignation was given by the Administrative Agent, the Administrative Agent's
resignation shall become effective and the Required Lenders shall thereafter
perform all the duties of the Administrative Agent hereunder and/or under any
other Credit Document until such time, if any, as the Lenders appoint a
successor Administrative Agent as provided above.

          (e) The Syndication Agent may resign from the performance of all its
functions and duties hereunder and/or under the other Credit Documents at any
time by giving five Business Days' prior written notice to the Lenders. Such
resignation shall take effect at the end of such five Business Day period.

          (f) Each Co-Documentation Agent may resign from the performance of all
its functions and duties hereunder and/or under the other Credit Documents at
any time by giving five Business Days' prior written notice to the Lenders. Such
resignation shall take effect at the end of such five Business Day period.

          (g) Upon a resignation of any Agent pursuant to this Section 12.10,
such Agent shall remain indemnified to the extent provided in this Agreement and
the other Credit Documents and the provisions of this Section 12 shall continue
in effect for the benefit of such Agent for all of its actions and inactions
while serving as such Agent.

          12.11 Collateral Matters. (a) Each Lender authorizes and directs the
Collateral Agent to enter into the Security Documents and the Intercreditor
Agreement. Each Lender hereby agrees, and each holder of any Note or participant
in Letters of Credit or Bank Guaranty by the acceptance thereof will be deemed
to agree, that, except as otherwise set forth herein, any action taken by the
Required Lenders in accordance with the provisions of this Agreement or the
Security Documents, subject to the provisions of the Intercreditor Agreement,
and the exercise by the Required Lenders of the powers set forth herein or
therein, together with such other

                                     -207-

<PAGE>

powers as are reasonably incidental thereto, shall be authorized and binding
upon all of the Lenders. The Collateral Agent is hereby authorized on behalf of
all of the Lenders, without the necessity of any notice to or further consent
from any Lender, from time to time prior to an Event of Default, to take any
action with respect to any Collateral or Security Documents, subject to the
provisions of the Intercreditor Agreement, which may be necessary to perfect and
maintain perfected the security interest in and liens upon the Collateral
granted pursuant to the Security Documents.

          (b) The Lenders hereby authorize the Collateral Agent, at its option
and in its discretion, to release any Lien granted to or held by the Collateral
Agent upon any Collateral, subject to the provisions of the Intercreditor
Agreement, (i) upon termination of the Commitments (and all Letters of Credit
and Bank Guaranties) and indefeasible payment and satisfaction in full of all of
the Obligations at any time arising under or in respect of this Agreement or the
Credit Documents or the transactions contemplated hereby or thereby, (ii)
constituting property being sold or otherwise disposed of (to Persons other than
Holdings and its Subsidiaries) upon the sale or other disposition thereof in
compliance with Section 9.02, (iii) if approved, authorized or ratified in
writing by the Required Lenders (or all of the Lenders hereunder, to the extent
required by Section 13.12) or (iv) as otherwise may be expressly provided in the
relevant Security Documents. Upon request by the Administrative Agent at any
time, the Lenders will confirm in writing the Collateral Agent's authority to
release particular types or items of Collateral pursuant to this Section 12.11.

          (c) The Collateral Agent shall have no obligation whatsoever to the
Lenders or to any other Person to assure that the Collateral exists or is owned
by any Credit Agreement Party or any of its Subsidiaries or is cared for,
protected or insured or that the Liens granted to the Collateral Agent herein or
pursuant hereto have been properly or sufficiently or lawfully created,
perfected, protected or enforced or are entitled to any particular priority, or
to exercise or to continue exercising at all or in any manner or under any duty
of care, disclosure or fidelity any of the rights, authorities and powers
granted or available to the Collateral Agent in this Section 12.11 or in any of
the Security Documents, it being understood and agreed that in respect of the
Collateral, or any act, omission or event related thereto, the Collateral Agent
may act in any manner it may deem appropriate, in its sole discretion, given the
Collateral Agent's own interest in the Collateral as one of the Lenders and that
the Collateral Agent shall have no duty or liability whatsoever to the Lenders,
except for its gross negligence or willful misconduct (as determined by a court
of competent jurisdiction in a final and non-appealable decision).

          12.12 Delivery of Information. The Administrative Agent shall not be
required to deliver to any Lender originals or copies of any documents,
instruments, notices, communications or other information received by the
Administrative Agent from any Credit Agreement Party, any Subsidiary, the
Required Lenders, any Lender or any other Person under or in connection with
this Agreement or any other Credit Document except (i) as specifically provided
in this Agreement or any other Credit Document and (ii) as specifically
requested from time to time in writing by any Lender with respect to a specific
document, instrument, notice or other written communication received by and in
the possession of the Administrative Agent at the time of receipt of such
request and then only in accordance with such specific request.

                                     -208-
<PAGE>

          12.13 Special Appointment of Collateral Agent (Germany). (a) Without
prejudice to the generality of Section 12.11:

          (i) each Lender hereby appoints, on the terms hereof, and each Hedging
     Creditor (as defined in the U.S. Security Agreement) by its acceptance of
     the benefits of the German Security (as defined below) and by notice in
     writing to the Collateral Agent to that effect hereby appoints, on the
     terms hereof, the Collateral Agent as trustee (Treuhaender), agent and
     administrator for the purpose of holding on trust (Treuhand), accepting,
     administering and enforcing the German Security for and on behalf of the
     Lenders and the other Secured Creditors;

          (ii) the Collateral Agent accepts its appointment as a trustee
     (Treuhaender), agent and administrator of the German Security on the terms
     and subject to the conditions set out in this Agreement;

          (iii) the Secured Creditors agree that, in relation to the German
     Security, no Secured Creditor shall exercise any independent power to
     enforce any German Security or take any other action in relation to the
     enforcement of the German Security, or make or receive any declarations in
     relation thereto.

          (b) The Collateral Agent shall:

          (i) hold and administer any German Security which is security assigned
     or otherwise transferred (Sicherungsubereignung/Sicherungsabtretung) under
     German law under a non-accessory security right (nicht akzessorische
     Sicherheit) to it as a trustee (Treuhaender) for the benefit of the Secured
     Creditors; and

          (ii) administer any German Security which is pledged under German law
     (Verpfaendung) or otherwise transferred in accordance with German law to
     any of the Secured Creditors under an accessory security right
     (akzessorische Sicherheit).

          "German Security" means the assets the subject of a security document
which is governed by German Law. Each Secured Creditor hereby authorizes the
Collateral Agent to accept, as its representative (Stellvertreter), any German
Security created in favor of such Secured Creditor.

          (c) Furthermore, each Secured Creditor hereby authorizes
(bevollmaechtigt) the Collateral Agent (with the right of sub-delegation) to
enter into any documents evidencing German Security and to make and accept all
declarations and take all actions as it considers necessary or useful in
connection with any German Security on behalf of such Secured Creditor. The
Collateral Agent shall further be entitled to rescind, amend and/or execute new
and different documents securing the German Security. The Collateral Agent is
released from the restrictions arising under Clause 181 of the German Civil Code
(Buergerliches Gesetzbuch) (restrictions on self-dealing).

          12.14 Special Provisions Relating to Canadian Security Documents. (a)
For greater certainty, and without limiting the powers of the Collateral Agent
hereunder or under any of the Foreign Security Documents, each of the Bermuda
Borrower and the Secured Creditors

                                     -209-

<PAGE>

hereby acknowledges that the Collateral Agent is, for purposes of holding any
security granted by Dole Foods of Canada Ltd. ("Dole Canada") on the property of
Dole Canada pursuant to the laws of the Province of Quebec, the holder of an
irrevocable power of attorney (fonde de pouvoir) (within the meaning of the
Civil Code of Quebec) for all present and future Secured Creditors and in
particular for all present and future holders of the bond issued by Dole Canada
in favor of the Collateral Agent (the "Canadian Bond"). Each of the Agents and
Lenders (for themselves as Secured Creditors and for the Other Creditors (as
defined in the security agreement governed by the laws of the Province of
Ontario executed by Dole Canada (the "Canadian Security Agreement")) hereby
irrevocably confirms the constitution of and constitutes, to the extent
necessary, the Collateral Agent as the holder of an irrevocable power of
attorney (fonde de pouvoir) (within the meaning of Article 2692 of the Civil
Code of Quebec) in order to hold security granted by Dole Canada in the Province
of Quebec to secure the Canadian Bond. The acceptance of an assignment by an
assignee of a Secured Creditor shall be deemed to have confirmed and ratified
the constitution of the Collateral Agent as the holder of such irrevocable power
of attorney (fonde de pouvoir). For greater certainty, by their acceptance of
the benefits of the Canadian Security Agreement, each of the Other Creditors (as
defined in the Canadian Security Agreement) shall be deemed to have confirmed
and ratified the appointment of the Collateral Agent for purposes of the Bond
and the Bond pledge agreement to be entered into by Dole Canada pursuant to the
laws of the Province of Quebec. Notwithstanding the provisions of Section 32 of
An Act respecting the special powers of legal persons (Quebec), each of the
Bermuda Borrower, the Agents and the Lenders (for themselves as Secured
Creditors and for the Other Creditors) agree that the Collateral Agent may
acquire and be the holder of the Canadian Bond. The Bermuda Borrower hereby
acknowledges that the Canadian Bond constitutes a title of indebtedness, as such
term is used in Article 2692 of the Civil Code of Quebec.

          (b) Each Lender irrevocably consents to the amendment of the Canadian
Security Agreement pursuant to the acknowledgement, confirmation and amendment
of security dated as of the date hereof between Dole Canada and the Collateral
Agent.

          12.15 Special Appointment of Collateral Agent (Italy). (a) Without
prejudice to the generality of Section 12.11:

          (i) each Lender (including, without limitation, each Lender which is a
     Hedging Creditor (as defined in the Foreign Subsidiaries Guaranty)) (as
     "mandante" under Italian law), by executing this Agreement, irrevocably
     appoints the Collateral Agent to act as agent ("mandatario con
     rappresentanza" under Italian law) under and in connection with the Foreign
     Security Documents governed by Italian law (collectively, the "Italian
     Collateral Documents") and irrevocably authorizes the Collateral Agent (x)
     to execute on its behalf the Italian Collateral Documents, and (y) to
     perform the duties and to exercise the rights, powers and discretions that
     are specifically delegated to it under or in connection with the Italian
     Collateral Documents, together with any other incidental rights, powers and
     discretions; and

          (ii) each Lender (including, without limitation, each Lender which is
     a Hedging Creditor (as defined in the Foreign Subsidiaries Guaranty))
     irrevocably authorizes the Collateral Agent for and on its behalf to
     exercise the rights, powers and

                                     -210-

<PAGE>

     discretions which are specifically delegated to it by the terms of the
     Italian Collateral Documents and this Agreement, together with all rights,
     powers and discretions which are incidental thereto and to give any
     discharge for any monies payable under the Italian Collateral Documents.

          (b) Notwithstanding Section 13.08 hereof, the provisions of this
Section 12.15 shall be governed by Italian law.

          12.16 Continuing Indemnities for Original Agents. Notwithstanding the
Amendment and Restatement of the Original Credit Agreement, the parties hereto
understand and agree that all indemnities provided pursuant to the Original
Credit Agreement (whether by the Original Lenders, the Borrowers or any other
Credit Party) shall continue in full force and effect in accordance with the
terms of the Original Credit Agreement, for any actions or occurrences prior to
the Restatement Effective Date, in accordance with the terms of the Original
Credit Agreement. Any indemnities pursuant to the preceding sentence shall be in
addition to any applicable indemnities hereunder.

          Section 13. Miscellaneous.

          13.01 Payment of Expenses, etc. The Credit Agreement Parties jointly
and severally agree to: (i) whether or not the transactions herein contemplated
are consummated, pay all reasonable out-of-pocket costs and expenses of the
Agents, the Collateral Agent, the Intermediate Holdco Paying Agent, and the
Deposit Bank (including, without limitation, the reasonable fees and
disbursements of White & Case LLP and local and foreign counsel) in connection
with the negotiation, preparation, execution, delivery and administration of
this Agreement and the other Credit Documents (including, without limitation,
with respect to the Intermediate Holdco Refinancing, the Intermediate Holdco
Prepayment Consummation and the administration of the Credit-Linked Deposit
Account and the Credit-Linked Deposits) and the documents and instruments
referred to herein and therein and of the Administrative Agent and the
Collateral Agent in connection with any amendment, waiver or consent relating
hereto or thereto, and of each Agent in connection with its syndication efforts
with respect to this Agreement; provided, however, that the Credit Agreement
Parties shall not be obligated to pay legal fees and expenses of counsel
incurred in connection with the initial negotiation, preparation, execution and
delivery of the Credit Documents other than the legal fees and expenses of White
& Case LLP, and such other local and foreign counsel as may be engaged by the
Administrative Agent to address issues arising in connection with the
Transaction and/or to prepare security documentation governed by local or
foreign law; (ii) pay all reasonable out-of-pocket costs and expenses of each
Agent, the Collateral Agent, each Issuing Lender, each Bank Guaranty Issuer, the
Intermediate Holdco Paying Agent, the Deposit Bank and each of the Lenders in
connection with the enforcement of the Credit Documents and the documents and
instruments referred to therein or entered into or delivered in connection
therewith (including, without limitation, the reasonable fees and disbursements
of counsel) and the protection of the rights of each Agent, the Collateral
Agent, each Issuing Lender, each Bank Guaranty Issuer, the Intermediate Holdco
Paying Agent, the Deposit Bank and each of the Lenders thereunder (including,
without limitation, the reasonable fees and disbursements of counsel (including
in-house counsel) for each Agent, the Collateral Agent, each Issuing Lender,
each Bank Guaranty Issuer, the Intermediate Holdco Paying Agent, the Deposit
Bank and each of the

                                     -211-

<PAGE>

Lenders); (iii) pay and hold each of the Agents, the Collateral Agent, each
Issuing Lender, each Bank Guaranty Issuer, the Intermediate Holdco Paying Agent,
the Deposit Bank and each of the Lenders harmless from and against any and all
present and future stamp, documentary, transfer, sales and use, value added,
excise and other similar taxes with respect to the foregoing matters, the
performance of any obligation under this Agreement or any other Credit Document
or any payment thereunder, and save each of the Agents, the Collateral Agent,
each Issuing Lender, each Bank Guaranty Issuer, the Intermediate Holdco Paying
Agent, the Deposit Bank and each of the Lenders harmless from and against any
and all liabilities with respect to or resulting from any delay or omission
(other than to the extent attributable to the Agents, the Collateral Agent, such
Issuing Lender, such Bank Guaranty Issuer, the Intermediate Holdco Paying Agent,
the Deposit Bank or such Lender) to pay such taxes; and (iv) indemnify each
Agent, the Collateral Agent, each Issuing Lender, each Bank Guaranty Issuer, the
Intermediate Holdco Paying Agent, the Deposit Bank each Lender, each affiliate
of the foregoing Persons and their respective officers, directors, employees,
representatives, trustees, advisors, and agents (each, an "Indemnified Person")
from and hold each of them harmless against any and all liabilities, obligations
(including removal or remedial actions), losses, damages, penalties, claims,
actions, costs, expenses and disbursements incurred by, imposed on or assessed
against any of them as a result of, or arising out of, or in any way related to,
or by reason of, (a) any investigation, litigation or other proceeding (whether
or not any Agent, the Collateral Agent, any Issuing Lender, any Bank Guaranty
Issuer, the Intermediate Holdco Paying Agent, the Deposit Bank or any Lender is
a party thereto and whether or not any such investigation, litigation or other
proceeding is between or among any Agent, the Collateral Agent, any Issuing
Lender, any Bank Guaranty Issuer, the Intermediate Holdco Paying Agent, the
Deposit Bank any Lender, any Credit Party or any third Person or otherwise)
related to the entering into and/or performance of this Agreement or any other
Document or the use of any Letter of Credit, Bank Guaranty, any Intermediate
Holdco Repayment Funds, Credit-Linked Deposit or the proceeds of any Loans
hereunder or the Transaction or the consummation of any other transactions
contemplated by any Document or the exercise or enforcement of any of their
rights or remedies provided herein or in the other Credit Documents (but
excluding any such liabilities, obligations, losses, damages, penalties, claims,
actions, costs, expenses and disbursements to the extent incurred by reason of
the gross negligence or willful misconduct (as determined by a court of
competent jurisdiction in a final and non-appealable decision) of the Person to
be indemnified), or (b) the actual or alleged presence of Hazardous Materials in
the air, surface water or groundwater or on the surface or subsurface of any
Real Property at any time owned, leased or operated by any Credit Party or any
of its Subsidiaries, the Release, generation, storage, transportation, handling
or disposal of Hazardous Materials at any location, whether or not owned, leased
or operated by any Credit Party or any of its Subsidiaries, the non-compliance
of any Real Property with foreign, federal, state and local laws, regulations,
and ordinances (including applicable permits thereunder) applicable to any Real
Property, or any Environmental Claim in connection with or relating to any
Credit Party, any of its Subsidiaries or any of their operations or activities
or any Real Property at any time owned, leased or operated by any Credit Party
or any of its Subsidiaries, in each case, including, without limitation, the
reasonable fees and disbursements of counsel and independent consultants
incurred in connection with any such investigation, litigation or other
proceeding (but excluding any such liabilities, obligations, losses, damages,
penalties, claims, actions, costs, expenses and disbursements to the extent
incurred by reason of the gross negligence or willful misconduct (as determined
by a court of competent jurisdiction in a final

                                     -212-

<PAGE>

and non-appealable decision) of the Person to be indemnified)). To the extent
that the undertaking to indemnify, pay or hold harmless any Agent, the
Collateral Agent, any Issuing Lender, any Bank Guaranty Issuer, the Intermediate
Holdco Paying Agent, the Deposit Bank, or any Lender set forth in the preceding
sentence may be unenforceable because it is violative of any law or public
policy, the Credit Agreement Parties hereby agree to make the maximum
contribution to the payment and satisfaction of each of the indemnified
liabilities which is permissible under applicable law.

          13.02 Right of Setoff. (a) In addition to any rights now or hereafter
granted under applicable law or otherwise, and not by way of limitation of any
such rights, upon the occurrence of an Event of Default, each Agent, each
Issuing Lender, each Bank Guaranty Issuer, each Lender and the Collateral Agent
is hereby authorized at any time or from time to time, without presentment,
demand, protest or other notice of any kind to Holdings or any of its
Subsidiaries or to any other Person, any such notice being hereby expressly
waived, to set off and to appropriate and apply any and all deposits (general or
special) and any other Indebtedness at any time held or owing by such Agent,
such Issuing Lender, Bank Guaranty Issuer, such Lender or the Collateral Agent
(including, without limitation, by branches and agencies of such Agent, such
Issuing Lender, such Bank Guaranty Issuer, such Lender or the Collateral Agent
wherever located) to or for the credit or the account of Holdings or any of its
Subsidiaries against and on account of the Obligations and liabilities of
Holdings or such Subsidiary, as the case may be, to such Agent, such Issuing
Lender, such Bank Guaranty Issuer, such Lender or the Collateral Agent under
this Agreement or under any of the other Credit Documents, including, without
limitation, all interests in Obligations purchased by such Lender pursuant to
Section 13.06(b), all participations by any Lender in Letters of Credit, Bank
Guaranties as required pursuant to the provisions of this Agreement and all
other claims of any nature or description arising out of or connected with this
Agreement or any other Credit Document, irrespective of whether or not such
Agent, such Issuing Lender, such Bank Guaranty Issuer, such Lender or the
Collateral Agent shall have made any demand hereunder and although said
Obligations shall be contingent or unmatured. Each Borrower agrees that any
Lender purchasing participations in one or more Letters of Credit or Bank
Guaranties issued to it as required by the provisions of this Agreement, or
purchasing participations as required by Section 13.06(b), may, to the fullest
extent permitted by law, exercise all rights (including without limitation the
right of setoff) with respect to such participations as fully as if such Lender
is a direct creditor of such Borrower with respect to such participations in the
amount thereof.

          (b) NOTWITHSTANDING THE FOREGOING SUBSECTION (a), AT ANY TIME THAT THE
LOANS OR ANY OTHER OBLIGATION SHALL BE SECURED BY REAL PROPERTY LOCATED IN
CALIFORNIA, NO LENDER OR THE ADMINISTRATIVE AGENT SHALL EXERCISE A RIGHT OF
SETOFF, LIEN OR COUNTERCLAIM OR TAKE ANY COURT OR ADMINISTRATIVE ACTION OR
INSTITUTE ANY PROCEEDING TO ENFORCE ANY PROVISION OF THIS AGREEMENT OR ANY NOTE
UNLESS IT IS TAKEN WITH THE CONSENT OF THE REQUIRED LENDERS OR APPROVED IN
WRITING BY THE ADMINISTRATIVE AGENT, IF SUCH SETOFF OR ACTION OR PROCEEDING
WOULD OR MIGHT (PURSUANT TO CALIFORNIA CODE OF CIVIL PROCEDURE SECTIONS 580a,
580b, 580d AND 726 OF THE CALIFORNIA CODE OF CIVIL PROCEDURE OR SECTION 2924 OF
THE CALIFORNIA CIVIL CODE, IF APPLICABLE, OR OTHERWISE) AFFECT OR IMPAIR

                                     -213-

<PAGE>

THE VALIDITY, PRIORITY OR ENFORCEABILITY OF THE LIENS GRANTED TO THE COLLATERAL
AGENT PURSUANT TO THE SECURITY DOCUMENTS OR THE ENFORCEABILITY OF THE NOTES AND
OTHER OBLIGATIONS HEREUNDER, AND ANY ATTEMPTED EXERCISE BY ANY LENDER OR THE
ADMINISTRATIVE AGENT OF ANY SUCH RIGHT WITHOUT OBTAINING SUCH CONSENT OF THE
REQUIRED LENDERS OR THE ADMINISTRATIVE AGENT SHALL BE NULL AND VOID. THIS
SUBSECTION (b) SHALL BE SOLELY FOR THE BENEFIT OF EACH OF THE LENDERS AND THE
ADMINISTRATIVE AGENT HEREUNDER.

          13.03 Notices. (a) Except as otherwise expressly provided herein, all
notices and other communications provided for hereunder shall be in writing
(including telegraphic, telex, facsimile or cable communication) and mailed,
telegraphed, telexed, telecopied, cabled or delivered: if to any Credit
Agreement Party, at the address specified opposite its signature below; if to
any Lender, at its address specified for such Lender on Schedule II; and if to
the Administrative Agent, at its Notice Office; or, as to any Credit Agreement
Party or any of the Agents, at such other address as shall be designated by such
party in a written notice to the other parties hereto and, as to each Lender, at
such other address as shall be designated by such Lender in a written notice to
Holdings and the Administrative Agent. All such notices and communications shall
be mailed, telegraphed, telexed, telecopied or cabled or sent by overnight
courier, and shall be effective when received.

          (b) Without in any way limiting the obligation of Holdings and its
Subsidiaries to confirm in writing any telephonic notice permitted to be given
hereunder, any Agent, any Issuing Lender (in the case of the issuance of a
Letter of Credit) or any Bank Guaranty Issuer (in the case of the issuance of a
Bank Guaranty), as the case may be, may prior to receipt of written confirmation
act without liability upon the basis of such telephonic notice, believed by such
Agent, such Issuing Lender or such Bank Guaranty Issuer in good faith to be from
an Authorized Officer. In each such case, Holdings and each of the Borrowers
hereby waive the right to dispute such Agent's, or such Issuing Lender's or such
Bank Guaranty Issuer's record of the terms of such telephonic notice.

          13.04 Benefit of Agreement. (a) This Agreement shall be binding upon
and inure to the benefit of and be enforceable by the respective successors and
assigns of the parties hereto; provided, however, no Credit Agreement Party may
assign or transfer any of its rights, obligations or interest hereunder or under
any other Credit Document without the prior written consent of each of the
Lenders and, provided, further, that, although any Lender may (without the
consent of any Credit Party) transfer, assign or grant participations in its
rights hereunder, such Lender shall remain a "Lender" for all purposes hereunder
(and may not transfer or assign all or any portion of its Commitments or Loans
hereunder except as provided in Section 13.04(b)) and the transferee, assignee
or participant, as the case may be, shall not constitute a "Lender" hereunder
and, provided, further, that no Lender shall transfer or grant any participation
under which the participant shall have rights to approve any amendment to or
waiver of this Agreement or any other Credit Document except (I) to the extent
such amendment or waiver would (i) extend the final scheduled maturity of any
Loan, Note, Letter of Credit or Bank Guaranty (unless such Letter of Credit or
Bank Guaranty is not extended beyond the CL Maturity Date) in which such
participant is participating, or reduce the rate or extend the time of payment
of interest or Fees thereon (except in connection with a waiver of applicability
of any

                                     -214-

<PAGE>

post-default increase in interest rates) or reduce the principal amount thereof,
or increase the amount of the participant's participation over the amount
thereof then in effect (it being understood that a waiver of any Default or
Event of Default or of a mandatory reduction in the Total Commitment or of a
mandatory repayment of Loans shall not constitute a change in the terms of such
participation, that an increase in any Commitment or Loan shall be permitted
without the consent of any participant if the participant's participation is not
increased as a result thereof and that any amendment or modification to the
financial definitions in this Agreement shall not constitute a reduction in any
rate of interest or fees for purposes of this clause (i), notwithstanding the
fact that such amendment or modification actually results in such a reduction),
(ii) consent to the assignment or transfer by any Credit Agreement Party of any
of its rights and obligations under this Agreement or (iii) release all or
substantially all of the Collateral under all of the Security Documents (except
as expressly provided in the Security Documents) supporting the Obligations in
which such participant is participating and (II) that, solely in the case of a
participant (each, a "Voting Participant") which (x) has purchased a
participation interest in such Lender's Commitments and/or outstanding Term
Loans in a minimum aggregate amount (without duplication) of at least $2,000,000
on or after the Restatement Effective Date and (y) is (A) designated by such
Lender to the U.S. Borrower and the Administrative Agent by written notice (a
"Voting Participant Notice") as being entitled to be accorded the rights of a
"voting" participant hereunder, (B) approved by the U.S. Borrower and the
Administrative Agent (such approvals not to be unreasonably withheld or delayed)
and (C) not a Disqualified Voting Participant, such participant shall be
entitled to vote with respect to each Tranche in which it holds a participation
from such Lender (and the voting rights of such Lender for each such Tranche
shall be correspondingly reduced), on a Dollar basis, as if such participant
were a Lender under such Tranche on any matter requiring or allowing such Lender
to provide or withhold its consent or to otherwise vote on any proposed action
(with any Voting Participant Notice, with respect to any Voting Participant, to
be effective only if same (a) states the full legal name of such Voting
Participant, as well as the relevant contact information and administrative
details for such Voting Participant, and (b) states the Dollar amount of the
participation interest in each Tranche purchased). In the case of any such
participation, the participant shall not have any rights under this Agreement or
any of the other Credit Documents (the participant's rights against such Lender
in respect of such participation to be those set forth in the agreement executed
by such Lender in favor of the participant relating thereto) and all amounts
payable by the Borrowers hereunder shall be determined as if such Lender had not
sold such participation; provided that a Voting Participant shall have the
voting rights to which it is entitled as described in the preceding sentence.

          (b) Notwithstanding the foregoing, any Lender (or any Lender together
with one or more other Lenders) may (x) assign all or a portion of its
outstanding Term Loans and/or Credit-Linked Commitments (and related outstanding
Obligations (and Credit-Linked Deposit, if applicable) hereunder) to (i) its
parent company and/or any affiliate of such Lender which is at least 50% owned
by such Lender or its parent company, (ii) one or more Lenders or (iii) in the
case of any Lender that is a fund that invests in bank loans, any other fund
that invests in bank loans and is managed by the same investment advisor of a
Lender or by an Affiliate of such investment advisor or (y) assign all, or if
less than all, a portion equal to at least (A) $1,000,000 in the aggregate for
the assigning Lender or assigning Lenders, of such outstanding principal amount
of Term Loans hereunder and (B) $1,000,000 in the aggregate for the assigning
Lender or assigning Lenders, of such Credit-Linked Commitments and related
Credit-Linked Deposit

                                     -215-

<PAGE>

and Obligations, in each case, to one or more Eligible Transferees (treating (I)
any fund that invests in bank loans and (II) any other fund that invests in bank
loans and is managed by the same investment advisor as such fund or by an
Affiliate of such investment advisor, as a single Eligible Transferee), each of
which assignees shall become a party to this Agreement as a Lender by execution
of an Assignment and Assumption Agreement, provided that (i) at such time
Schedule I shall be deemed modified to reflect the outstanding Term Loans and/or
Credit-Linked Commitments, as the case may be, of such new Lender and of the
existing Lenders, (ii) upon the request of the respective Lender and upon the
surrender of the old Notes (if any), new Notes will be issued, at the Borrowers'
expense, to such new Lender and to the assigning Lender, such new Notes to be in
conformity with the requirements of Section 1.05 (with appropriate
modifications) to the extent needed to reflect the revised outstanding Term
Loans, as the case may be, (iii) except in the case of assignments by the Agents
in connection with their syndication of this Agreement, the consent of the
Administrative Agent and, so long as no Default or Event of Default then exists
and is continuing, the U.S. Borrower shall be required in connection with any
such assignment pursuant to clause (y) of this Section 13.04(b) (which consent
shall not be unreasonably withheld or delayed) and (iv) Administrative Agent
shall receive at the time of each such assignment, from the assigning or
assignee Lender, the payment of a non-refundable assignment fee of $3,500 and,
provided, further, that such transfer or assignment will not be effective until
recorded by the Administrative Agent on the Register pursuant to Section 13.17.
To the extent of any assignment pursuant to this Section 13.04(b), the assigning
Lender shall be relieved of its obligations hereunder with respect to its
assigned Commitments (and, in the case of an assignment of Credit-Linked
Commitments, will lose its rights with respect to the assigned CL Percentage in
its Credit-Linked Deposit) and/or outstanding Term Loans, as the case may be. At
the time of each assignment pursuant to this Section 13.04(b) to a Person which
is not already a Lender hereunder and which is not a United States person (as
such term is defined in Section 7701(a)(30) of the Code) for Federal income tax
purposes, the respective assignee Lender shall, to the extent legally entitled
to do so, provide to the U.S. Borrower and the Administrative Agent the
appropriate Internal Revenue Service Forms (and, if applicable, a Section
4.04(b)(ii) Certificate) described in Section 4.04(b)(ii) to the extent such
forms would provide a complete exemption from or reduction in United States
withholding tax. To the extent that an assignment of all or any portion of a
Lender's Commitments and related outstanding Obligations pursuant to Section
1.13 or this Section 13.04(b) would, at the time of such assignment, result in
increased costs under Section 1.10, 1.11, 2A.06, 2B.06, or 4.04 from those being
charged by the respective assigning Lender prior to such assignment, then the
Borrowers shall not be obligated to pay such increased costs (although the
Borrowers, in accordance with and pursuant to the other provisions of this
Agreement, shall be obligated to pay any other increased costs of the type
described above resulting from changes after the date of the respective
assignment). Notwithstanding anything to the contrary contained above, at any
time after the termination of the Total Credit-Linked Commitment, if any Letters
of Credit or Bank Guaranties remain outstanding, assignments may be made as
provided above, except that the respective assignment shall be of a portion of
the respective CL Lender's participation in Letters of Credit and Bank
Guaranties (and the related share of its Credit-Linked Deposit), although any
such assignment effected after the termination of the Total Credit-Linked
Commitment shall not release the assigning CL Lender from its obligations as a
participant with respect to outstanding Letters of Credit or Bank Guaranties
(although the respective assignee may agree, as between itself and the
respective assigning CL Lender, that it shall be responsible for such amounts).
The Credit-Linked Deposit

                                     -216-

<PAGE>

funded by any CL Lender shall not be released in connection with any assignment
of its Credit-Linked Commitment, but shall instead be purchased (to the extent
of the CL Percentage so assigned) by the relevant assignee and continue to be
held for application (if not already applied) pursuant to Section 2 in respect
of such assignee's obligations under the Credit-Linked Commitment assigned to
it.

          (c) Nothing in this Agreement shall prevent or prohibit any Lender
from pledging its Loans and Notes hereunder to a Federal Reserve Bank in support
of borrowings made by such Lender from such Federal Reserve Bank and, without
the consent of the Administrative Agent or any Credit Agreement Party, any
Lender which is a fund may pledge all or any portion of its Notes or Loans to
its trustee or to a collateral agent or to another creditor providing credit or
credit support to such Lender in support of its obligations to such trustee,
such Collateral Agent or a holder of, or any other representative of a holder
of, such obligations, or such other creditor, as the case may be. No pledge
pursuant to this clause (c) shall release the transferor Lender from any of its
obligations hereunder or substitute (by foreclosure or otherwise) any such
pledge or assignee for such Lender as a party hereto.

          13.05 No Waiver; Remedies Cumulative. No failure or delay on the part
of any Agent, the Collateral Agent or any Lender in exercising any right, power
or privilege hereunder or under any other Credit Document and no course of
dealing between any Credit Party and any Agent, the Collateral Agent or any
Lender shall operate as a waiver thereof, nor shall any single or partial
exercise of any right, power or privilege hereunder or under any other Credit
Document preclude any other or further exercise thereof or the exercise of any
other right, power or privilege hereunder or thereunder. The rights and remedies
herein expressly provided are cumulative and not exclusive of any rights or
remedies which any Agent, the Collateral Agent or any Lender would otherwise
have. No notice to or demand on any Credit Party in any case shall entitle any
Credit Party to any other or further notice or demand in similar or other
circumstances or constitute a waiver of the rights of any Agent, the Collateral
Agent or any Lender to any other or further action in any circumstances without
notice or demand.

          13.06 Payments Pro Rata. (a) The Administrative Agent agrees that
promptly after its receipt of each payment from or on behalf of any Credit Party
in respect of any Obligations of such Credit Party, it shall, except as
otherwise provided in this Agreement, distribute such payment to the Lenders
(other than any Lender that has consented in writing to waive its pro rata share
of such payment) pro rata based upon their respective shares, if any, of the
Obligations with respect to which such payment was received.

          (b) Each of the Lenders agrees that, if it should receive any amount
hereunder (whether by voluntary payment, by realization upon security, by the
exercise of the right of setoff or banker's lien, by counterclaim or cross
action, by the enforcement of any right under the Credit Documents, or
otherwise) which is applicable to the payment of the principal of, or interest
on, the Loans, Unpaid Drawings or Fees, of a sum which with respect to the
related sum or sums received by other Lenders is in a greater proportion than
the total of such Obligation then owed and due to such Lender bears to the total
of such Obligation then owed and due to all of the Lenders immediately prior to
such receipt, then such Lender receiving such excess payment shall purchase for
cash without recourse or warranty from the other Lenders an interest in the
Obligations of the respective Credit Party to such Lenders in such amount as
shall result in

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a proportional participation by all of the Lenders in such amount; provided that
if all or any portion of such excess amount is thereafter recovered from such
Lender, such purchase shall be rescinded and the purchase price restored to the
extent of such recovery, but without interest.

          (c) Notwithstanding anything to the contrary contained herein, the
provisions of the preceding Sections 13.06(a) and (b) shall be subject to the
express provisions of this Agreement which require, or permit, differing
payments to be made to Non-Defaulting Lenders as opposed to Defaulting Lenders.

          13.07 Calculations; Computations. (a) The financial statements to be
furnished to the Lenders pursuant hereto shall be made and prepared in
accordance with U.S. GAAP consistently applied throughout the periods involved
(except as set forth in the notes thereto or as otherwise disclosed in writing
by the U.S. Borrower to the Lenders), provided that (i) except as otherwise
specifically provided herein, all computations determining the Excess Cash Flow,
the Senior Secured Leverage Ratio, the Total Leverage Ratio and compliance with
Sections 4, 8.15 and 9, including in each case definitions used therein, shall,
in each case, utilize United States accounting principles and policies in effect
at the time of the preparation of, and in conformity with those used to prepare,
the historical consolidated audited financial statements of the U.S. Borrower
delivered to the Lenders pursuant to Section 7.10(b) for Fiscal Year 2004, (ii)
to the extent expressly required pursuant to the provisions of this Agreement,
certain calculations shall be made on a Pro Forma Basis and (iii) for purposes
of determining compliance with any incurrence or expenditure tests set forth in
Sections 8 and/or 9, any amounts so incurred or expended (to the extent incurred
or expended in a currency other than Dollars) shall be converted into Dollars on
the basis of the exchange rates (as shown on Reuters ECB page 37 or, if same
does not provide such exchange rates, on such other basis as is reasonably
satisfactory to the Administrative Agent) as in effect on the date of such
incurrence or expenditure under any provision of any such Section that has an
aggregate Dollar limitation provided for therein (and to the extent the
respective incurrence or expenditure test regulates the aggregate amount
outstanding at any time and it is expressed in terms of Dollars, all outstanding
amounts originally incurred or spent in currencies other than Dollars shall be
converted into Dollars on the basis of the exchange rates (as shown on Reuters
ECB page 37 or, if same does not provide such exchange rates, on such other
basis as is reasonably satisfactory to the Administrative Agent) as in effect on
the date of any new incurrence or expenditures made under any provision of any
such Section that regulates the Dollar amount outstanding at any time).

          (b) All computations of interest and Fees hereunder shall be made on
the basis of a year of 360 days for the actual number of days (including the
first day but excluding the last day) occurring in the period for which such
interest or Fees are payable.

          13.08 Governing Law; Submission to Jurisdiction; Venue. (a) THIS
AGREEMENT AND THE OTHER CREDIT DOCUMENTS AND THE RIGHTS AND OBLIGATIONS OF THE
PARTIES HEREUNDER AND THEREUNDER SHALL, EXCEPT AS OTHERWISE PROVIDED IN CERTAIN
OF THE SUBSIDIARIES GUARANTIES AND SECURITY DOCUMENTS, BE CONSTRUED IN
ACCORDANCE WITH AND BE GOVERNED BY THE LAW OF THE STATE OF NEW YORK. Any legal
action or proceeding with respect to this Agreement or any other Credit Document
may be brought in the courts of the State of New York or of the United States
for the Southern District of New York, in

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each case located within the City of New York and, by execution and delivery of
this Agreement, each Credit Agreement Party hereby irrevocably accepts for
itself and in respect of its property, generally and unconditionally, the
jurisdiction of the aforesaid courts. Each Credit Agreement Party hereby
irrevocably designates, appoints and empowers Corporation Service Company, with
offices on the Restatement Effective Date at 80 State Street, Albany, NY 12207,
as its designee, appointee and agent to receive, accept and acknowledge for and
on its behalf, and in respect of its property, service of any and all legal
process, summons, notices and documents which may be served in any such action
or proceeding. If for any reason such designee, appointee and agent shall cease
to be available to act as such, each Credit Agreement Party agrees to designate
a new designee, appointee and agent in New York City on the terms and for the
purposes of this provision reasonably satisfactory to the Administrative Agent
under this Agreement. Each Credit Agreement Party hereby further irrevocably
waives any claim that any such courts lack jurisdiction over such Credit
Agreement Party, and agrees not to plead or claim, in any legal action or
proceeding with respect to this Agreement or any other Credit Document brought
in any of the aforesaid courts, that any such court lacks jurisdiction over such
Credit Agreement Party. Each Credit Agreement Party further irrevocably consents
to the service of process in any such action or proceeding by the mailing of
copies thereof by registered or certified mail, postage prepaid, to such Credit
Agreement Party, as the case may be, at its address for notices pursuant to
Section 13.03, such service to become effective 30 days after such mailing. Each
Credit Agreement Party hereby irrevocably waives any objection to such service
of process and further irrevocably waives and agrees not to plead or claim in
any action or proceeding commenced hereunder or under any other Credit Document
that service of process was in any way invalid or ineffective. Nothing herein
shall affect the right of any Agent, the Collateral Agent, any Lender or the
holder of any Note to serve process in any other manner permitted by law or to
commence legal proceedings or otherwise proceed against any Credit Agreement
Party in any other jurisdiction.

          (b) EACH CREDIT AGREEMENT PARTY HEREBY IRREVOCABLY WAIVES ANY
OBJECTION WHICH IT MAY NOW OR HEREAFTER HAVE TO THE LAYING OF VENUE OF ANY OF
THE AFORESAID ACTIONS OR PROCEEDINGS ARISING OUT OF OR IN CONNECTION WITH THIS
AGREEMENT OR ANY OTHER CREDIT DOCUMENT BROUGHT IN THE COURTS REFERRED TO IN
CLAUSE (a) ABOVE AND HEREBY FURTHER IRREVOCABLY WAIVES AND AGREES NOT TO PLEAD
OR CLAIM IN ANY SUCH COURT THAT ANY SUCH ACTION OR PROCEEDING BROUGHT IN ANY
SUCH COURT HAS BEEN BROUGHT IN AN INCONVENIENT FORUM.

          13.09 Counterparts. This Agreement may be executed in any number of
counterparts and by the different parties hereto on separate counterparts, each
of which when so executed and delivered shall be an original, but all of which
shall together constitute one and the same instrument. A complete set of
counterparts executed by all the parties hereto shall be lodged with each Credit
Agreement Party and the Administrative Agent.

          13.10 Effectiveness. This Agreement shall become effective (subject to
the immediately succeeding sentence) on the date (the "Restatement Effective
Date") on which (i) each Credit Agreement Party, Original Lenders constituting
the Original Required Lenders, each Consenting Tranche C Term Loan Lender, each
Lender with a Tranche B Term Loan

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<PAGE>

Commitment, each Lender with a Tranche C Term Loan Commitment, each Lender with
a Credit-Linked Commitment, each Agent, each Issuing Lender of an Existing
Letter of Credit, each Bank Guaranty Issuer of an Existing Bank Guaranty and the
Lead Arranger shall have signed a counterpart hereof (whether the same or
different counterparts) and shall have delivered the same (including by way of
facsimile transmission) to the Administrative Agent and (ii) the other
conditions contained in Sections 5 and 6 are met to the satisfaction of the
Administrative Agent and the Required Lenders. Notwithstanding anything to the
contrary contained in the immediately preceding sentence, any amendments to the
Original Credit Agreement effected pursuant to the amendment and restatement
thereof on the Restatement Effective Date pursuant to this Agreement, to the
extent requiring the consent of Original Lenders in excess of that required to
meet the definition of Original Required Lenders, shall instead become effective
on the Restatement Effective Date, but immediately after giving effect thereto
(at which time 100% of the Lenders hereunder, after giving effect to the
prepayments required on the Restatement Effective Date, shall provide such
consents by their execution and delivery of copies hereof). Unless the
Administrative Agent has received actual notice from any Lender that the
conditions contained in Sections 5 and 6 have not been met to its satisfaction,
upon the satisfaction of the condition described in clause (i) of the
immediately preceding sentence and upon the Administrative Agent's good faith
determination that the conditions described in clause (ii) of the immediately
preceding sentence have been met, then the Restatement Effective Date shall be
deemed to have occurred, regardless of any subsequent determination that one or
more of the conditions thereto had not been met (although the occurrence of the
Restatement Effective Date shall not release any Credit Party from any liability
for failure to satisfy one or more of the applicable conditions contained in
Section 5 or 6). The Administrative Agent will give each Credit Agreement Party
and each Lender prompt written notice of the occurrence of the Restatement
Effective Date.

          13.11 Headings Descriptive. The headings of the several sections and
subsections of this Agreement are inserted for convenience only and shall not in
any way affect the meaning or construction of any provision of this Agreement.

          13.12 Amendment or Waiver; etc. (a) Neither this Agreement nor any
other Credit Document nor any terms hereof or thereof may be changed, waived,
discharged or terminated unless such change, waiver, discharge or termination is
in writing signed by the respective Credit Parties party thereto and the
Required Lenders, provided that no such change, waiver, discharge or termination
shall, without the consent of each Lender (other than a Defaulting Lender) (with
Obligations being directly affected thereby in the case of the following clause
(i)), (i) extend the final scheduled maturity of any Loan or Note or extend the
stated maturity of any Letter of Credit or Bank Guaranty beyond the CL Maturity
Date or extend the duration of any Interest Period beyond six months, or reduce
the rate or extend the time of payment of interest (other than as a result of
any waiver of the applicability of any post-default increase in interest rates)
or Fees thereon, or reduce the principal amount thereof (except to the extent
paid in cash) (it being understood that any amendment or modification to the
financial definitions in this Agreement shall not constitute a reduction in any
rate of interest or fees for purposes of this clause (i), notwithstanding the
fact that such amendment or modification actually results in such a reduction),
(ii) release all or substantially all of the Collateral (except as expressly
provided in the Credit Documents) under all the Security Documents, (iii) amend,
modify or waive any provision of this Section 13.12 (except for technical
amendments with

                                     -220-

<PAGE>

respect to additional extensions of credit pursuant to this Agreement which
afford the protections to such additional extensions of credit of the type
provided to the Term Loans and Credit-Linked Commitments on the Restatement
Effective Date), (iv) reduce the percentage specified in the definition of
Required Lenders (it being understood that, with the consent of the Required
Lenders, additional extensions of credit pursuant to this Agreement may be
included in the determination of the Required Lenders on substantially the same
basis as the extensions of Term Loans and Credit-Linked Commitments are included
on the Restatement Effective Date), (v) consent to the assignment or transfer by
any Credit Agreement Party of any of its rights and obligations under this
Agreement, or (vi) release any Credit Agreement Party Guaranty or waive
compliance by any Credit Agreement Party with its payment obligations under its
Credit Agreement Party Guaranty; provided, further, that no such change, waiver,
discharge or termination shall (p) amend, modify or waive any condition
precedent set forth in Section 6 with respect to the issuance of Letters of
Credit or Bank Guaranties, without the written consent of the Majority Lenders
holding Credit-Linked Commitments, (q) increase the Commitments of any Lender
over the amount thereof then in effect without the consent of such Lender (it
being understood that waivers or modifications of conditions precedent,
covenants, Defaults or Events of Default or of a mandatory reduction in the
Total Commitment shall not constitute an increase of the Commitment of any
Lender, and that an increase in the available portion of any Commitment of any
Lender shall not constitute an increase in the Commitment of such Lender), (r)
without the consent of each Issuing Lender affected and Bank Guaranty Issuer
thereby, amend, modify or waive any provision of Section 2 or alter its rights
or obligations with respect to Letters of Credit or Bank Guaranties, (s) without
the consent of the Administrative Agent, amend, modify or waive any provision of
Section 12 as same applies to the Administrative Agent or any other provision as
same relates to the rights or obligations of the Administrative Agent, (t)
without the consent of each Agent affected thereby, amend, modify or waive any
provision of Section 12 as same applies to such Agent or any other provision as
same relates to the rights or obligations of such Agent, (u) without the consent
of the Collateral Agent, amend, modify or waive any provision relating to the
rights or obligations of the Collateral Agent, (v) except in cases where
additional extensions of term loans are being afforded substantially the same
treatment afforded to the Term Loans pursuant to this Agreement as in effect on
the Restatement Effective Date, without the consent of the Majority Lenders of
each Tranche which is being allocated a lesser prepayment, repayment or
commitment reduction as a result of the actions described below, alter the
required application of any prepayments or repayments (or commitment reduction),
as between the various Tranches, pursuant to Section 4.01 or 4.02 (excluding
Section 4.02(b)) (although the Required Lenders may waive, in whole or in part,
any such prepayment, repayment or commitment reduction, so long as the
application, as amongst the various Tranches, of any such prepayment, repayment
or commitment reduction which is still required to be made is not altered), (w)
without the consent of the Majority Lenders of the respective Tranche affected
thereby, amend the definition of Majority Lenders (it being understood that,
with the consent of the Required Lenders, additional extensions of credit
pursuant to this Agreement may be included in the determination of the Majority
Lenders on substantially the same basis as the extensions of Loans and
Commitments are included on the Restatement Effective Date), (x) except in cases
where additional extensions of credit are being afforded substantially the same
treatment afforded to the Term Loans and Credit-Linked Commitments pursuant to
Section 1.14 (as in effect on the Restatement Effective Date) and except for
technical amendments which are consistent with the intent of the provisions of
such

                                     -221-

<PAGE>

Section and do not adversely affect the protections afforded to the Lenders
pursuant to said Section, without the consent of the Majority Lenders of each
Tranche adversely affected thereby, amend, modify or waive any provisions of
Section 1.14; (y) without the consent of the Supermajority Lenders of the
respective affected Tranche, reduce the amount of or extend the date of, any
Scheduled Repayment under such Tranche (except that, if additional Loans are
made pursuant to a given Tranche, the Scheduled Repayments of such Tranche may
be increased on a proportionate basis without the consent otherwise required by
this clause (y)), or amend the definition of Supermajority Lenders (it being
understood that, with the consent of the Required Lenders, additional extensions
of credit pursuant to this Agreement may be included in the determination of the
Supermajority Lenders on substantially the same basis as the extensions of Loans
and Commitments are included on the Restatement Effective Date) or (z) without
the consent of (A) the Deposit Bank, amend, modify or waive any provision
relating to the rights or obligations of the Deposit Bank or (B) the
Intermediate Holdco Paying Agent, amend, modify or waive any provision relating
to the rights or obligations of the Intermediate Holdco Paying Agent.
Notwithstanding anything to the contrary contained above in this Section
13.12(a), the Administrative Agent and/or the Collateral Agent shall be
permitted (x) to enter into such amendments and/or modifications to the Foreign
Subsidiaries Guaranty and the Foreign Security Documents which may be required
in the discretion of the Administrative Agent and/or the Collateral Agent which
are of a technical nature and/or are, in the judgment of the Collateral Agent,
required by applicable law, in the interests of the Secured Creditors or (in the
case of Foreign Security Documents) necessary or desirable to preserve,
maintain, perfect and/or protect the security interests purported to the granted
by the respective Foreign Security Documents and (y) to enter into such releases
of Collateral pledged pursuant to Foreign Security Documents as may be
reasonably requested by the U.S. Borrower for legitimate operational reasons
(e.g., the transfer of Property from one jurisdiction to another), so long as
the Fair Market Value of all Collateral so subject to release (as determined in
good faith by the U.S. Borrower) at any time does not exceed $5,000,000.

          (b) If, in connection with any proposed change, waiver, discharge or
termination of or to any of the provisions of this Agreement as contemplated by
clauses (i) through (v), inclusive, of the first proviso to Section 13.12(a),
the consent of the Required Lenders is obtained but the consent of one or more
of such other Lenders whose consent is required is not obtained, then Holdings
shall have the right, so long as all non-consenting Lenders whose individual
consent is required are treated as described in either clause (A) or (B) below,
to either (A) replace each such non-consenting Lender or Lenders (or, at the
option of Holdings if the respective Lender's consent is required with respect
to less than all Tranches (or related Commitments), to replace only the
respective Tranche or Tranches of Commitments (and related Obligations and, if
applicable, Credit-Linked Deposits) and/or Loans of the respective
non-consenting Lender which gave rise to the need to obtain such Lender's
individual consent) with one or more Replacement Lenders pursuant to Section
1.13 so long as at the time of such replacement, each such Replacement Lender
consents to the proposed change, waiver, discharge or termination or (B)
terminate each Credit-Linked Commitment and/or Incremental Term Loan Commitment
of such non-consenting Lender (if such Lender's consent is required as a result
of such Credit-Linked Commitment and/or Incremental Term Loan Commitment),
and/or repay outstanding Obligations under each Tranche of such Lender which
gave rise to the need to obtain such Lender's consent, in accordance with
Sections 3.02(b) and/or 4.01, provided that, unless the Commitments which are
terminated and Loans and other Obligations which are repaid pursuant

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<PAGE>

to preceding clause (B) are immediately replaced in full at such time through
the addition of new Lenders or the increase of the Commitments and/or
outstanding Loans and of existing Lenders (who in each case must specifically
consent thereto), then in the case of any action pursuant to preceding clause
(B), the Required Lenders (determined both (x) after giving effect to the
proposed action and (y) as if the Commitments, Loans and related Obligations
being terminated and/or repaid (and not replaced) were not outstanding) shall
specifically consent thereto, provided, further, that Holdings shall not have
the right to replace a Lender, terminate its Commitment or repay its Loans or
other Obligations solely as a result of the exercise of such Lender's rights
(and the withholding of any required consent by such Lender) pursuant to the
second proviso to Section 13.12(a).

          (c) Notwithstanding anything to the contrary contained in clause (a)
above of this Section 13.12, the respective Borrower, the Administrative Agent
and each Incremental Loan Lender may, in accordance with the provisions of
Section 1.15, enter into an Incremental Term Loan Commitment Agreement, provided
that after the execution and delivery by the respective Borrower, the
Administrative Agent and each such Incremental Loan Lender of such Incremental
Term Loan Commitment Agreement, such Incremental Term Loan Commitment Agreement
may thereafter only be modified in accordance with the requirements of clause
(a) above of this Section 13.12.

          (d) For purposes of Section 13.12(a), (i) a Voting Participant shall
be deemed to be a "Lender" holding the portion of the Credit-Linked Commitment
(and related Obligations), Incremental Term Loan Commitment and/or outstanding
Term Loans of a given Tranche of any Lender (other than a Defaulting Lender) in
which it purchased a participation (and to have the voting rights of such Lender
for the respective such Tranche) and (ii) a Lender (other than a Defaulting
Lender) which has sold a participation in a portion of its Credit-Linked
Commitment (and related Obligations), Incremental Term Loan Commitment and/or
outstanding Term Loans of any Tranche to a Voting Participant shall be deemed to
hold a Credit-Linked Commitment (and related Obligations), Incremental Term Loan
Commitment or outstanding Term Loans of the respective Tranche, as the case may
be, in each case, as reduced by the amount of the participations therein sold to
a Voting Participant.

          13.13 Survival. All indemnities set forth herein including, without
limitation, in Sections 1.10, 1.11, 2A.06, 2B.06, 4.04, 12.07, 13.01 and 13.17,
shall survive the execution and delivery of this Agreement, the making of the
Loans and the issuance of the Letters of Credit and Bank Guaranties and
repayment in full of the Loans and the other Obligations. With respect to the
Original Lenders and Original Agents, all indemnities set forth in the Original
Credit Agreement, including without limitation, in Sections 1.10, 1.11, 2A.06,
2B.06, 4.04, 12.07, 13.01 and 13.17 thereof shall survive the amendment and
restatement of the Original Credit Agreement pursuant to this Agreement and the
repayment of any outstanding Obligations (as defined in the Original Credit
Agreement) thereunder, as fully as if same were set forth herein in their
entirety.

          13.14 Domicile of Loans and Commitments. Each Lender may transfer and
carry its Loans and/or Commitments at, to or for the account of any branch
office, subsidiary or affiliate of such Lender. Notwithstanding anything to the
contrary contained herein, to the extent that a transfer of Loans pursuant to
this Section 13.14 would, at the time of such transfer, result in increased
costs under Section 1.10, 1.11, 2A.06, 2B.06 or 4.04 from those being charged by

                                     -223-

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the respective Lender prior to such transfer, then the Borrowers shall not be
obligated to pay such increased costs (although the Borrowers shall be obligated
to pay any other increased costs of the type described above resulting from
changes after the date of the respective transfer).

          13.15 Confidentiality. (a) Each of the Lenders agrees that it will use
its reasonable efforts not to disclose without the prior consent of any Credit
Agreement Party (other than to its directors, employees, auditors, counsel or
other professional advisors, to affiliates or to another Lender if the Lender or
such Lender's holding or parent company in its sole discretion determines that
any such party should have access to such information) any information with
respect to Holdings or any of its Subsidiaries which is now or in the future
furnished pursuant to this Agreement; provided that any Lender may disclose any
such information (a) as has become generally available to the public, (b) as may
be required or appropriate (x) in any report, statement or testimony submitted
to any municipal, state or Federal regulatory body having or claiming to have
jurisdiction over such Lender or to the Federal Reserve Board or the Federal
Deposit Insurance Corporation or similar organizations (whether in the United
States or elsewhere) or their successors or (y) in connection with any request
or requirement of any such regulatory body, (c) as may be required or
appropriate in response to any summons or subpoena or in connection with any
litigation, (d) to comply with any law, order, regulation or ruling applicable
to such Lender, (e) to the extent reasonably required in connection with the
exercise of any remedies hereunder or any suit, action or proceeding relating to
this Agreement or the enforcement of rights hereunder and (f) to any creditor or
any prospective transferee or participant in connection with any contemplated
transfer or participation of any of the Obligations or any interest therein by
such Lender; provided that such creditor or prospective transferee or
participant agrees to be bound by this Section 13.15 to the same extent as such
Lender.

          (b) Each Credit Agreement Party hereby acknowledges and agrees that
each Lender may share with any of its affiliates or its investment advisors any
information related to Holdings or any of its Subsidiaries (including, without
limitation, any nonpublic customer information regarding the creditworthiness of
such entities), provided that such Persons shall be subject to the provisions of
this Section 13.15 to the same extent as such Lender and shall only use such
information in connection with matters relating to this Agreement.

          (c) Each Credit Agreement Party hereby represents and acknowledges
that, to the best of its knowledge, neither any Agent nor any Lender, nor any
employees or agents of, or other persons affiliated with, any Agent or any
Lender, have directly or indirectly made or provided any statement (oral or
written) to such Credit Agreement Party or to any of its employees or agents, or
other persons affiliated with or related to such Credit Agreement Party (or, so
far as such Credit Agreement Party is aware, to any other person), as to the
potential tax consequences of the Transaction.

          (d) Neither the Agents nor the Lenders provide accounting, tax or
legal advice. Notwithstanding any express or implied claims of exclusivity or
proprietary rights, each Credit Agreement Party, each Agent and each Lender
hereby agree and acknowledge that each Credit Agreement Party, each Agent and
each Lender (and each of their employees, representatives or other agents) are
authorized to disclose to any and all persons, beginning immediately upon
commencement of their discussions and without limitation of any kind, the tax

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treatment and tax structure of the Transaction, and all materials of any kind
(including opinions or other tax analyses) that are provided to any Credit
Agreement Party, any Agent or any Lender relating to such tax treatment and tax
structure. In this regard, each Credit Agreement Party, each Agent and each
Lender acknowledge and agree that the disclosure of the tax treatment and tax
structure of the Transaction is not limited in any way by an express or implied
understanding or agreement, oral or written (whether or not such understanding
or agreement is legally binding). For purposes of this authorization, "tax"
means United States Federal income tax, "tax treatment" means the purported or
claimed Federal income tax treatment of the transaction, and "tax structure"
means any fact that may be relevant to understanding the purported or claimed
Federal income tax treatment of the transaction. This paragraph is intended to
reflect the understanding of each Credit Agreement Party, each Agent and each
Lender that the Transaction is not a "confidential transaction" as that phrase
is used in Treasury Regulation Section 1.6011-4(b)(3)(i), and shall be
interpreted in a manner consistent therewith. Nothing herein is intended to
imply that any of each Credit Agreement Party, each Agent and each Lender made
or provided a statement, oral or written, to, or for the benefit of, any of each
other as to any potential tax consequences that are related to, or may result
from, the Transaction.

          13.16 Waiver of Jury Trial. EACH OF THE PARTIES TO THIS AGREEMENT
HEREBY IRREVOCABLY WAIVES ALL RIGHT TO A TRIAL BY JURY IN ANY ACTION, PROCEEDING
OR COUNTERCLAIM ARISING OUT OF OR RELATING TO THIS AGREEMENT, THE OTHER CREDIT
DOCUMENTS OR THE TRANSACTIONS CONTEMPLATED HEREBY OR THEREBY.

          13.17 Register. The Borrowers hereby designate the Administrative
Agent, and the Administrative Agent agrees, to serve as the Borrowers' agent,
solely for purposes of this Section 13.17, to maintain a register at one of its
offices in New York, New York (the "Register") on which it will record the
Commitments from time to time of each of the Lenders, the Loans made by each of
the Lenders and each repayment in respect of the principal amount of the Loans
of each Lender. Failure to make any such recordation, or any error in such
recordation shall not affect the Borrowers' obligations in respect of such
Loans. With respect to any Lender, the transfer of the Commitments of such
Lender and the rights to the principal of, and interest on, any Loan made
pursuant to such Commitments shall not be effective until such transfer is
recorded on the Register maintained by the Administrative Agent with respect to
ownership of such Commitments and/or Loans prior to such recordation all amounts
owing to the transferor with respect to such Commitments and/or Loans shall
remain owing to the transferor. The registration of an assignment or transfer of
all or part of any Commitments and/or Loans shall be recorded by the
Administrative Agent on the Register only upon the acceptance by the
Administrative Agent of a properly executed and delivered Assignment and
Assumption Agreement pursuant to Section 13.04(b). Coincident with the delivery
of such an Assignment and Assumption Agreement to the Administrative Agent for
acceptance and registration of assignment or transfer of all or part of a
Commitment and/or Loan, or as soon thereafter as practicable, the assigning or
transferor Lender shall surrender the Note evidencing such Commitment and/or
Loan, and thereupon one or more new Notes in the same aggregate principal amount
shall be issued to the assigning or transferor Lender and/or the new Lender. The
registration of any provision of Incremental Term Loan Commitments pursuant to
Section 1.15 shall be recorded by the Administrative Agent on the Register only
upon the acceptance of the Administrative Agent of a properly executed and
delivered Incremental Term Loan Commitment

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Agreement. Coincident with the delivery of such Incremental Term Loan Commitment
Agreement for acceptance and registration of the provision of an Incremental
Term Loan Commitment, or as soon thereafter as practicable, to the extent
requested by such Incremental Term Loan Lenders, Incremental Term Notes shall be
issued, at the respective Borrower's expense, to such Incremental Term Loan
Lenders, to be in conformity with Section 1.05 (with appropriate modification)
to the extent needed to reflect the Incremental Term Loan Commitments and
outstanding Incremental Term Loans made by such Incremental Term Loan Lender.
The Borrowers agree to indemnify the Administrative Agent from and against any
and all losses, claims, damages and liabilities of whatsoever nature that may be
imposed on, asserted against or incurred by the Administrative Agent in
performing its duties under this Section 13.17.

          13.18 English Language. This Agreement and all other Credit Documents
shall be in the English language, except as required by applicable local law
and, with respect to each of the Security Documents governed by the laws of
Italy or otherwise related to Collateral located in Italy, as the Administrative
Agent may reasonably require (in which event certified English translations
thereof shall, upon the request of the Administrative Agent, be provided by
Holdings to the Administrative Agent). All documents, certificates, reports or
notices to be delivered or communications to be given or made by any party
hereto pursuant to the terms of this Agreement or any other Credit Document
shall be in the English language or, if originally written in another language,
shall, upon request of the Administrative Agent, be accompanied by an accurate
English translation upon which the other parties hereto shall have the right to
rely for all purposes of this Agreement and the other Credit Documents.

          13.19 Special Provisions Regarding Pledges of Equity Interests in, and
Promissory Notes Owed by, Persons Not Organized in Qualified Jurisdictions;
Special Provisions Regarding Foreign Security Documents and Secured Hedge
Counterparties. (a) The parties hereto acknowledge and agree that the provisions
of the various Security Documents executed and delivered by the Credit Parties
require that, among other things, all promissory notes executed by, and Equity
Interests in, various Persons owned by the respective Credit Party (to the
extent not constituting Excluded Collateral) be pledged, and delivered for
pledge, pursuant to the Security Documents. The parties hereto further
acknowledge and agree that each Credit Party shall be required to take all
actions under the laws of the jurisdiction in which such Credit Party is
organized to create and perfect all security interests granted pursuant to the
various Security Documents and to take all actions under the laws of each
Qualified Jurisdiction to perfect the security interests in the Equity Interests
of, and promissory notes issued by, any Person organized under the laws of said
jurisdictions (in each case, to the extent said Equity Interests or promissory
notes are owned by any Credit Party and do not constitute Excluded Collateral).
Except as provided in the immediately preceding sentence, to the extent any
Security Document requires or provides for the pledge of promissory notes issued
by, or Equity Interests in, any Person organized under the laws of a
jurisdiction other than those specified in the immediately preceding sentence,
it is acknowledged that, as of the Restatement Effective Date, no actions have
been required to be taken to perfect, under local law of the jurisdiction of the
Person who issued the respective promissory notes or whose Equity Interests are
pledged, under the Security Documents. The Credit Agreement Parties hereby agree
that, following any request by the Administrative Agent or Required Lenders to
do so, each Credit Agreement Party shall, and shall cause its Subsidiaries to,
take such actions (including, without limitation, the execution of Additional
Security Documents, the making of any filings and the delivery of

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appropriate legal opinions) under the local law of any jurisdiction with respect
to which such actions have not already been taken as are determined by the
Administrative Agent or Required Lenders to be necessary or desirable in order
to fully perfect, preserve or protect the security interests granted pursuant to
the various Security Documents under the laws of such jurisdictions. If
requested to do so pursuant to this Section 13.19(a), all such actions shall be
taken in accordance with the provisions of this Section 13.19(a) and Section
8.11 and within the time periods set forth therein. All conditions and
representations contained in this Agreement and the other Credit Documents shall
be deemed modified to the extent necessary to effect the foregoing and so that
same are not violated by reason of the failure to take actions under local law
(but only with respect to Equity Interests in, and promissory notes issued by,
Persons organized under laws of jurisdictions other than Qualified
Jurisdictions) not required to be taken in accordance with the provisions of
this Section 13.19(a), provided that to the extent any representation or
warranty would not be true because the foregoing actions were not taken, the
respective representation of warranties shall be required to be true and correct
in all material respects at such time as the respective action is required to be
taken in accordance with the foregoing provisions of this Section 13.19(a) or
pursuant to Section 8.11.

          (b) The parties hereto acknowledge and agree that certain Foreign
Security Documents executed and delivered by the Credit Parties on or prior to
the Restatement Effective Date secure, inter alia, obligations of any Lender (or
any affiliate of a Lender) which is a counterparty to certain Interest Rate
Protection Agreements and Other Hedging Agreements (as further provided in each
such Foreign Security Document) and that it is the parties intent that each such
Foreign Security Document shall be amended, as provided in Article III of the
Foreign Subsidiaries Guaranty Amendment and Acknowledgement, such that (after
giving effect to such amendment) the foregoing secured counterparties shall be
amended to include the Secured Hedge Counterparties. Notwithstanding the
foregoing, the parties hereto further acknowledge and agree that, as of the
Restatement Effective Date, no other amendments, modifications or supplements to
the foregoing Foreign Security Documents under the laws of any jurisdiction to
effect the intent in the foregoing sentence have occurred. The Credit Agreement
Parties hereby agree that, within 90 days after the Restatement Effective Date
(or such longer period as may be agreed by the Administrative Agent), each
Credit Agreement Party shall, and shall cause its Subsidiaries to, take such
actions (including, without limitation, amending, modifying or supplementing
each such Foreign Security Document and the delivery of appropriate legal
opinions) under the local law of any jurisdiction with respect to which such
actions have not already been taken as are determined by the Administrative
Agent or Required Lenders to be necessary or desirable in order to effect the
foregoing amendments to each such Foreign Security Document. All conditions and
representations contained in this Agreement and the other Credit Documents shall
be deemed modified to the extent necessary to effect the foregoing and so that
same are not violated by reason of the failure to take actions under local law
not required to be taken in accordance with the provisions of this Section
13.19(b), provided that to the extent any representation or warranty would not
be true because the foregoing actions were not taken, the respective
representation of warranties shall be required to be true and correct in all
material respects at such time as the respective action is required to be taken
in accordance with the foregoing provisions of this Section 13.19(b) or pursuant
to Section 8.11.

          13.20 Powers of Attorney; etc. Each of Holdings and the U.S. Borrower
is hereby authorized by, and on behalf of, the Bermuda Borrower to give Notices
of Borrowing,

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Notices of Conversion and other notices and directions in connection with the
extensions of credit and repayments thereof to be made pursuant to this
Agreement to the Bermuda Borrower (including without limitation notices as to
the application of proceeds of such extensions of credit). The Bermuda Borrower
hereby grants to Holdings and the U.S. Borrower an irrevocable power-of
attorney, in the Bermuda Borrower's name, to take the actions contemplated above
in this Section 13.20 and in the last sentence of Section 1.13 hereof.
Furthermore, the Bermuda Borrower agrees that the Agents and the Lenders may at
any time rely upon any notices, instructions or other information furnished by
Holdings or the U.S. Borrower.

          13.21 Waiver of Sovereign Immunity. Each of the Credit Agreement
Parties, in respect of itself, its Subsidiaries, its process agents, and its
properties and revenues, hereby irrevocably agrees that, to the extent that such
Credit Agreement Party, its Subsidiaries or any of its properties has or may
hereafter acquire any right of immunity, whether characterized as sovereign
immunity or otherwise, from any legal proceedings, whether in the United States,
any other Qualified Jurisdiction or elsewhere, to enforce or collect upon the
Loans or any Credit Document or any other liability or obligation of such Credit
Agreement Party or any of its Subsidiaries related to or arising from the
transactions contemplated by any of the Credit Documents, including, without
limitation, immunity from service of process, immunity from jurisdiction or
judgment of any court or tribunal, immunity from execution of a judgment, and
immunity of any of its property from attachment prior to any entry of judgment,
or from attachment in aid of execution upon a judgment, such Credit Agreement
Party, for itself and on behalf of its Subsidiaries, hereby expressly waives, to
the fullest extent permissible under applicable law, any such immunity, and
agrees not to assert any such right or claim in any such proceeding, whether in
the United States, any other Qualified Jurisdiction, or elsewhere. Without
limiting the generality of the foregoing, each Credit Agreement Party further
agrees that the waivers set forth in this Section 13.21 shall have the fullest
extent permitted under the Foreign Sovereign Immunities Act of 1976 of the
United States and are intended to be irrevocable for purposes of such Act.

          13.22 Judgment Currency. (a) The Credit Parties' obligations hereunder
and under the other Credit Documents to make payments in Dollars (or, in the
case of a Letter of Credit denominated in an Alternative Currency, the Dollar
Equivalent thereof) (the "Obligation Currency") shall not be discharged or
satisfied by any tender or recovery pursuant to any judgment expressed in or
converted into any currency other than the Obligation Currency, except to the
extent that such tender or recovery results in the effective receipt by any
Agent or the respective Lender of the full amount of the Obligation Currency
expressed to be payable to the such Agent or such Lender under this Agreement or
the other Credit Documents. If for the purpose of obtaining or enforcing
judgment against any Credit Party in any court or in any jurisdiction, it
becomes necessary to convert into or from any currency other than the Obligation
Currency (such other currency being hereinafter referred to as the "Judgment
Currency") an amount due in the Obligation Currency, the conversion shall be
made at the Dollar Equivalent thereof, and, in the case of other currencies, the
rate of exchange (as quoted by the Administrative Agent or if the Administrative
Agent does not quote a rate of exchange on such currency, by a known dealer in
such currency designated by the Administrative Agent) determined, in each case,
as of the day on which the judgment is given (such day being hereinafter
referred to as the "Judgment Currency Conversion Date").

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<PAGE>

          (b) If there is a change in the rate of exchange prevailing between
the Judgment Currency Conversion Date and the date of actual payment of the
amount due, the Borrower covenants and agrees to pay, or cause to be paid, such
additional amounts, if any (but in any event not a lesser amount), as may be
necessary to ensure that the amount paid in the Judgment Currency, when
converted at the rate of exchange prevailing on the date of payment, will
produce the amount of the Obligation Currency which could have been purchased
with the amount of Judgment Currency stipulated in the judgment or judicial
award at the rate or exchange prevailing on the Judgment Currency Conversion
Date.

          (c) For purposes of determining the Dollar Equivalent or any other
rate of exchange for this Section 13.22, such amounts shall include any premium
and costs payable in connection with the purchase of the Obligation Currency.

          13.23 Special Acknowledgments. By their execution and delivery hereof,
the Lenders party hereto hereby acknowledge (i) that the guarantee of each
Bermuda Partnership Partner made pursuant to the U.S. Subsidiaries Guaranty is
limited to the Obligations of the U.S. Borrower under the Credit Documents and
the obligations of the U.S. Borrower and its Domestic Subsidiaries under
Interest Rate Protection Agreements and Other Hedging Agreements with Secured
Hedge Counterparties, all on the terms as more specifically provided therein,
(ii) the Bermuda Partnership has not entered into any Credit Documents and, as
such, is not a Credit Party (but is otherwise subject to the provisions of
Section 9.01(c)) and (iii) the obligations secured pursuant to the Security
Documents are not secured by any Excluded Collateral.

          13.24 Special Provisions Relating to Amendment and Restatement. (a)
The Required Lenders under, and as defined in, the Original Credit Agreement
hereby consent to the "refinancing indebtedness" under this Agreement being
treated as "indebtedness pursuant to the Credit Agreement" for purposes of the
U.S. Pledge Agreement and the Intercompany Subordination Agreement. The U.S.
Borrower, for its part, hereby gives notice that the refinancing indebtedness
under this Agreement shall be treated as "issued under the Credit Agreement" for
purposes of the U.S. Pledge Agreement and the Intercompany Subordination
Agreement.

          (b) The parties hereto acknowledge and agree that:

          (i) Holdings and its Subsidiaries (as defined in the Original Credit
     Agreement) executed and delivered the Security Documents (as defined in the
     Original Credit Agreement) in favor of the Collateral Agent on behalf of
     the Secured Creditors (as defined in the Original Credit Agreement) to
     secure the payment and performance of, inter alia, the Obligations (as
     defined in the respective such Security Documents);

          (ii) the security interests granted to the Collateral Agent on behalf
     of the Secured Creditors pursuant to the Security Documents (as defined in
     the Original Credit Agreement) shall remain outstanding and in full force
     and effect, without interruption or impairment of any kind, but subject to
     the provisions of the Intercreditor Agreement, in accordance with the terms
     of such Security Documents and shall continue to secure the Obligations (as
     defined in such Security Documents);

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<PAGE>

          (iii) the Obligations represent, among other things, the amendment,
     restatement, renewal, extension, consolidation and modification of the
     Obligations (as defined in the Original Credit Agreement) arising in
     connection with the Original Credit Agreement and other Credit Documents
     (as defined in the Original Credit Agreement) executed in connection
     therewith; and

          (iv) the provisions of the Original Credit Agreement, to the extent
     restated, renewed, extended, consolidated, amended and modified hereby, are
     hereby superseded and replaced by the provisions hereof; (b) the Notes
     restate, renew, extend, consolidate, amend, modify, replace, are
     substituted for and supersede, but do not extinguish, the Obligations (as
     defined in the Original Credit Agreement) evidenced by the Notes (as
     defined in the Original Credit Agreement) issued pursuant to the Original
     Credit Agreement; and (c) the execution and delivery of this Agreement, and
     the performance by Credit Agreement Parties of their respective obligations
     hereunder shall not constitute a novation.

          13.25 USA Patriot Act. Each Lender subject to the USA PATRIOT ACT
(Title 111 of Pub. L. 107-56 (signed into law October 26, 2001)) hereby notifies
each Credit Agreement Party that pursuant to the requirements of the Act, it is
required to obtain, verify and record information that identifies the Credit
Agreement Parties and the other Credit Parties and other information that will
allow such Lender to identify the Credit Agreement Parties and the other Credit
Parties in accordance with the Act.

          13.26 Other Liens on Collateral; Terms of Intercreditor Agreement;
Etc. (a) EACH LENDER HERETO UNDERSTANDS, ACKNOWLEDGES AND AGREES THAT LIENS
SHALL BE CREATED ON THE COLLATERAL PURSUANT TO THE ABL CREDIT AGREEMENT AND THE
ABL CREDIT DOCUMENTS (AS DEFINED THEREIN), WHICH LIENS (x) TO THE EXTENT CREATED
WITH RESPECT TO ABL PRIORITY COLLATERAL, SHALL BE SENIOR TO THE LIENS CREATED
UNDER THIS AGREEMENT AND THE RELATED CREDIT DOCUMENTS (WITH THE LIENS SO CREATED
HEREUNDER AND UNDER THE OTHER CREDIT DOCUMENTS ON ABL PRIORITY COLLATERAL BEING
SUBORDINATED TO SUCH LIENS PURSUANT TO THE TERMS OF THE INTERCREDITOR AGREEMENT)
AND (Y) TO THE EXTENT CREATED WITH RESPECT TO TL PRIORITY COLLATERAL, SHALL BE
REQUIRED TO BE SUBJECT TO THE SUBORDINATION PROVISIONS (TO THE EXTENT
APPLICABLE) OF THE INTERCREDITOR AGREEMENT. THE INTERCREDITOR AGREEMENT ALSO HAS
OTHER PROVISIONS WHICH ARE BINDING UPON THE LENDERS AND THE SECURED HEDGE
COUNTERPARTIES PURSUANT TO THIS AGREEMENT. PURSUANT TO THE EXPRESS TERMS OF
SECTION 13.26 OF THE INTERCREDITOR AGREEMENT, IN THE EVENT OF ANY CONFLICT
BETWEEN THE TERMS OF THE INTERCREDITOR AGREEMENT AND ANY OF THE CREDIT
DOCUMENTS, THE PROVISIONS OF THE INTERCREDITOR AGREEMENT SHALL GOVERN AND
CONTROL.

          (b) EACH LENDER AUTHORIZES AND INSTRUCTS THE COLLATERAL AGENT AND THE
ADMINISTRATIVE AGENT TO ENTER INTO THE INTERCREDITOR AGREEMENT ON BEHALF OF THE
LENDER, AND TO TAKE ALL

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ACTIONS (AND EXECUTE ALL DOCUMENTS) REQUIRED (OR DEEMED ADVISABLE) BY IT IN
ACCORDANCE WITH THE TERMS OF THE INTERCREDITOR AGREEMENT.

          (c) THE PROVISIONS OF THIS SECTION 13.26 ARE NOT INTENDED TO SUMMARIZE
ALL RELEVANT PROVISIONS OF THE INTERCREDITOR AGREEMENT, THE FORM OF WHICH IS
ATTACHED AS AN EXHIBIT TO THIS AGREEMENT. REFERENCE MUST BE MADE TO THE
INTERCREDITOR AGREEMENT ITSELF TO UNDERSTAND ALL TERMS AND CONDITIONS THEREOF.
EACH LENDER IS RESPONSIBLE FOR MAKING ITS OWN ANALYSIS AND REVIEW OF THE
INTERCREDITOR AGREEMENT AND THE TERMS AND PROVISIONS THEREOF, AND NO AGENT (AND
NONE OF ITS AFFILIATES) MAKES ANY REPRESENTATION TO ANY LENDER AS TO THE
SUFFICIENCY OR ADVISABILITY OF THE PROVISIONS CONTAINED IN THE INTERCREDITOR
AGREEMENT. EACH LENDER IS FURTHER AWARE THAT THE ADMINISTRATIVE AGENT AND THE
COLLATERAL AGENT IS ALSO ACTING IN AN ADMINISTRATIVE AND COLLATERAL AGENCY
CAPACITY UNDER, AND AS DEFINED IN, THE ABL CREDIT AGREEMENT AND THE ABL CREDIT
DOCUMENTS (AS DEFINED THEREIN), AND LENDER HEREBY IRREVOCABLY WAIVES ANY
OBJECTION THERETO OR CAUSE OF ACTION ARISING THEREFROM.

          13.27 Post-Closing Actions. Notwithstanding anything to the contrary
contained in this Agreement or the other Credit Documents, the parties hereto
acknowledge and agree that:

          1. Real Property. The actions relating to the Mortgages and Real
     Property of Holdings and its Subsidiaries described on Part A of Schedule
     XVIII shall be completed in accordance with Part A of said Schedule XVIII.

          2. Actions by Various Foreign Subsidiaries Relating to Security
     Documents. Holdings and its Subsidiaries shall be required to take the
     actions specified in Part B of Schedule XVIII as promptly as practicable,
     and in any event within the time periods set forth in Part B of said
     Schedule XVIII. The provisions of Part B of said Schedule XVIII shall be
     deemed incorporated by reference herein as fully as if set forth herein in
     its entirety.

          3. Miscellaneous Actions By Various Subsidiaries of Holdings. Holdings
     and its Subsidiaries shall be required to take the actions specified in
     Part C of Schedule XVIII as promptly as practicable, and in any event
     within the time periods set forth in Part C of said Schedule XVIII. The
     provisions of Part C of said Schedule XVIII shall be deemed incorporated by
     reference herein as fully as if set forth herein in its entirety.

All provisions of this Credit Agreement and the other Credit Documents
(including, without limitation, all conditions precedent, representations,
warranties, covenants, events of default and other agreements herein and
therein) shall be deemed modified to the extent necessary to effect the
foregoing (and to permit the taking of the actions described above within the
time periods required above, rather than as otherwise provided in the Credit
Documents); provided that (x) to the extent any representation and warranty
would not be true because the foregoing actions were not taken on the
Restatement Effective Date the respective representation and warranty shall be

                                      -231-

<PAGE>

required to be true and correct in all material respects at the time the
respective action is taken (or was required to be taken) in accordance with the
foregoing provisions of this Section 13.27 and (y) all representations and
warranties relating to the Security Documents shall be required to be true
immediately after the actions required to be taken by this Section 13.27 have
been taken (or were required to be taken). The acceptance of the benefits of
each Credit Event shall constitute a covenant and agreement by each Credit
Agreement Party to each of the Lenders that the actions required pursuant to
this Section 13.27 will be, or have been, taken within the relevant time periods
referred to in this Section 13.27 and that, at such time, all representations
and warranties contained in this Credit Agreement and the other Credit Documents
shall then be true and correct without any modification pursuant to this Section
13.27. The parties hereto acknowledge and agree that the failure to take any of
the actions required above, within the relevant time periods required above,
shall give rise to an immediate Event of Default pursuant to this Agreement.

          Section 14. Credit Agreement Party Guaranty.

          14.01 The Guaranty. In order to induce the Lenders to enter into this
Agreement and to extend credit hereunder and to induce the Secured Hedge
Counterparties to enter into Interest Rate Protection Agreements or Other
Hedging Agreements, and in recognition of the direct benefits to be received by
each Credit Agreement Party from the proceeds of the Loans, the issuance of the
Letters of Credit and Bank Guaranties the entering into of Interest Rate
Protection Agreements or Other Hedging Agreements, each Credit Agreement Party
hereby agrees with the Lenders and the Secured Hedge Counterparties as follows:
each Credit Agreement Party hereby unconditionally and irrevocably guarantees,
as primary obligor and not merely as surety the full and prompt payment when
due, whether upon maturity, acceleration or otherwise, of any and all of its
Relevant Guaranteed Obligations to the Guaranteed Creditors. If any or all of
the Relevant Guaranteed Obligations of any Credit Agreement Party to the
Guaranteed Creditors becomes due and payable hereunder, each Credit Agreement
Party unconditionally promises to pay such indebtedness to the Guaranteed
Creditors, or order, on demand, together with any and all expenses which may be
incurred by the Guaranteed Creditors in collecting any of the Relevant
Guaranteed Obligations. This Credit Agreement Party Guaranty is a guaranty of
payment and not of collection. This Credit Agreement Party Guaranty is a
continuing one and all liabilities to which it applies or may apply under the
terms hereof shall be conclusively presumed to have been created in reliance
hereon. If claim is ever made upon any Guaranteed Creditor for repayment or
recovery of any amount or amounts received in payment or on account of any of
the Relevant Guaranteed Obligations and any of the aforesaid payees repays all
or part of said amount by reason of (i) any judgment, decree or order of any
court or administrative body having jurisdiction over such payee or any of its
property or (ii) any settlement or compromise of any such claim effected by such
payee with any such claimant (including any Relevant Guaranteed Party), then and
in such event the respective Credit Agreement Party agrees that any such
judgment, decree, order, settlement or compromise shall be binding upon such
Credit Agreement Party, notwithstanding any revocation of this Credit Agreement
Party Guaranty or any other instrument evidencing any liability of any Relevant
Guaranteed Party, and each Credit Agreement Party shall be and remain liable to
the aforesaid payees hereunder for the amount so repaid or recovered to the same
extent as if such amount had never originally been received by any such payee.

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<PAGE>

          14.02 Bankruptcy. Additionally, each Credit Agreement Party
unconditionally and irrevocably guarantees the payment of any and all of the
Relevant Guaranteed Obligations to the Guaranteed Creditors whether or not due
or payable by any Relevant Guaranteed Party upon the occurrence of any of the
events specified in Section 10.05, and unconditionally promises to pay such
indebtedness to the Guaranteed Creditors, or order, on demand.

          14.03 Nature of Liability. The liability of each Credit Agreement
Party hereunder is exclusive and independent of any security for or other
guaranty of the Relevant Guaranteed Obligations whether executed by such Credit
Agreement Party, any other guarantor or by any other party, and the liability of
each Credit Agreement Party hereunder is not affected or impaired by (a) any
direction as to application of payment by any Relevant Guaranteed Party or any
other party, or (b) any other continuing or other guaranty, undertaking or
maximum liability of a guarantor or of any other party as to the Relevant
Guaranteed Obligations, or (c) any payment on or in reduction of any such other
guaranty or undertaking, or (d) any dissolution, termination or increase,
decrease or change in personnel by any Relevant Guaranteed Party, or (e) any
payment made to the Guaranteed Creditors on the Relevant Guaranteed Obligations
which any such Guaranteed Creditor repays to any Relevant Guaranteed Party
pursuant to court order in any bankruptcy, reorganization, arrangement,
moratorium or other debtor relief proceeding, and each Credit Agreement Party
waives any right to the deferral or modification of its obligations hereunder by
reason of any such proceeding, or (f) any action or inaction of the type
described in Section 14.05, or (g) the lack of validity or enforceability of any
Credit Document or any other instrument relating thereto.

          14.04 Independent Obligation. No invalidity, irregularity or
unenforceability of all or any part of the Relevant Guaranteed Obligations or of
any security therefor shall affect, impair or be a defense to this Credit
Agreement Party Guaranty, and this Credit Agreement Party Guaranty shall be
primary, absolute and unconditional notwithstanding the occurrence of any event
or the existence of any other circumstances which might constitute a legal or
equitable discharge of, or a defense available to, a surety or guarantor except
indefeasible payment in full in cash of the Relevant Guaranteed Obligations. The
obligations of each Credit Agreement Party hereunder are independent of the
obligations of any Relevant Guaranteed Party, any other guarantor or any other
party and a separate action or actions may be brought and prosecuted against any
Credit Agreement Party whether or not action is brought against any Relevant
Guaranteed Party, any other guarantor or any other party and whether or not any
Relevant Guaranteed Party, any other guarantor or any other party be joined in
any such action or actions. Each Credit Agreement Party waives, to the full
extent permitted by law, the benefit of any statute of limitations affecting its
liability hereunder or the enforcement thereof. Any payment by any Relevant
Guaranteed Party or other circumstance that operates to toll any statute of
limitations as to such Relevant Guaranteed Party shall operate to toll the
statute of limitations as to the relevant Credit Agreement Party.

          14.05 Authorization. Each Credit Agreement Party authorizes the
Guaranteed Creditors without notice or demand (except as shall be required by
applicable statute and cannot be waived), and without affecting or impairing its
liability hereunder, from time to time to:

          (a) change the manner, place or terms of payment of, and/or change or
     extend the time of payment of, renew, increase, accelerate or alter, any of
     the Relevant

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<PAGE>

     Guaranteed Obligations (including any increase or decrease in the rate of
     interest thereon), any security therefor, or any liability incurred
     directly or indirectly in respect thereof, and this Credit Agreement Party
     Guaranty shall apply to the Relevant Guaranteed Obligations as so changed,
     extended, renewed, increased or altered;

          (b) take and hold security for the payment of the Relevant Guaranteed
     Obligations and sell, exchange, release, impair, surrender, realize upon or
     otherwise deal with in any manner and in any order any property by
     whomsoever at any time pledged or mortgaged to secure, or howsoever
     securing, the Relevant Guaranteed Obligations or any liabilities (including
     any of those hereunder) incurred directly or indirectly in respect thereof
     or hereof, and/or any offset thereagainst;

          (c) exercise or refrain from exercising any rights against any
     Relevant Guaranteed Party or others or otherwise act or refrain from
     acting;

          (d) release or substitute any one or more endorsers, guarantors, any
     Relevant Guaranteed Party or other obligors;

          (e) settle or compromise any of the Relevant Guaranteed Obligations,
     any security therefor or any liability (including any of those hereunder)
     incurred directly or indirectly in respect thereof or hereof, and may
     subordinate the payment of all or any part thereof to the payment of any
     liability (whether due or not) of any Relevant Guaranteed Party to their
     respective creditors other than the Guaranteed Creditors;

          (f) apply any sums by whomsoever paid or howsoever realized to any
     liability or liabilities of any Relevant Guaranteed Party to the Guaranteed
     Creditors regardless of what liability or liabilities of such Relevant
     Guaranteed Party remain unpaid;

          (g) consent to or waive any breach of, or any act, omission or default
     under, this Agreement, any other Credit Document, any Interest Rate
     Protection Agreement or Other Hedging Agreement or any of the instruments
     or agreements referred to herein or therein, or otherwise amend, modify or
     supplement this Agreement, any other Credit Document, any Interest Rate
     Protection Agreement or Other Hedging Agreement or any of such other
     instruments or agreements; and/or

          (h) take any other action that would, under otherwise applicable
     principles of common law, give rise to a legal or equitable discharge of,
     or a defense available to, such Credit Agreement Party from its liabilities
     under this Credit Agreement Party Guaranty.

          14.06 Reliance. It is not necessary for the Guaranteed Creditors to
inquire into the capacity or powers of any Relevant Guaranteed Party or the
officers, directors, partners or agents acting or purporting to act on their
behalf, and any Relevant Guaranteed Obligations made or created in reliance upon
the professed exercise of such powers shall be guaranteed hereunder.

          14.07 Subordination. Any of the indebtedness of any Relevant
Guaranteed Party now or hereafter owing to any Credit Agreement Party is hereby
subordinated to the Relevant Guaranteed Obligations of such Relevant Guaranteed
Party owing to the Guaranteed Creditors; and if the Administrative Agent so
requests at a time when an Event of Default exists, all such

                                      -234-

<PAGE>

indebtedness of such Relevant Guaranteed Party to such Credit Agreement Party
shall be collected, enforced and received by such Credit Agreement Party in
trust for the benefit of the Guaranteed Creditors and be paid over to the
Administrative Agent on behalf of the Guaranteed Creditors on account of the
Relevant Guaranteed Obligations of such Relevant Guaranteed Party to the
Guaranteed Creditors, but without affecting or impairing in any manner the
liability of any Credit Agreement Party under the other provisions of this
Credit Agreement Party Guaranty. Prior to the transfer by any Credit Agreement
Party of any note or negotiable instrument evidencing any of the indebtedness of
any Relevant Guaranteed Party to such Credit Agreement Party, such Credit
Agreement Party shall mark such note or negotiable instrument with a legend that
the same is subject to this subordination. Without limiting the generality of
the foregoing, each Credit Agreement Party hereby agrees with the Guaranteed
Creditors that it will not exercise any right of subrogation which it may at any
time otherwise have as a result of this Credit Agreement Party Guaranty (whether
contractual, under Section 509 of the Bankruptcy Code or otherwise) until all
Relevant Guaranteed Obligations have been irrevocably paid in full in cash.

          14.08 Waiver. (a) Each Credit Agreement Party waives any right (except
as shall be required by applicable statute and cannot be waived) to require any
Guaranteed Creditor to (i) proceed against any other Relevant Guaranteed Party,
any other guarantor or any other party, (ii) proceed against or exhaust any
security held from any Relevant Guaranteed Party, any other guarantor or any
other party or (iii) pursue any other remedy in any Guaranteed Creditor's power
whatsoever. Each Credit Agreement Party waives any defense based on or arising
out of any defense of any Relevant Guaranteed Party, any other guarantor or any
other party, other than indefeasible payment in full in cash of the Relevant
Guaranteed Obligations, based on or arising out of the disability of any
Relevant Guaranteed Party, any other guarantor or any other party, or the
unenforceability of the Relevant Guaranteed Obligations or any part thereof from
any cause, or the cessation from any cause of the liability of any Relevant
Guaranteed Party other than indefeasible payment in full in cash of the Relevant
Guaranteed Obligations. The Guaranteed Creditors may, at their election,
foreclose on any security held by the Administrative Agent, the Collateral Agent
or any other Guaranteed Creditor by one or more judicial or nonjudicial sales,
whether or not every aspect of any such sale is commercially reasonable (to the
extent such sale is permitted by applicable law), or exercise any other right or
remedy the Guaranteed Creditors may have against any Relevant Guaranteed Party
or any other party, or any security, without affecting or impairing in any way
the liability of any Credit Agreement Party hereunder except to the extent the
Relevant Guaranteed Obligations have been indefeasibly paid in full in cash.
Each Credit Agreement Party waives any defense arising out of any such election
by the Guaranteed Creditors, even though such election operates to impair or
extinguish any right of reimbursement or subrogation or other right or remedy of
such Credit Agreement Party against any Relevant Guaranteed Party or any other
party or any security.

          (b) Each Credit Agreement Party waives all presentments, demands for
performance, protests and notices, including, without limitation, notices of
nonperformance, notices of protest, notices of dishonor, notices of acceptance
of this Credit Agreement Party Guaranty, and notices of the existence, creation
or incurring of new or additional Relevant Guaranteed Obligations. Each Credit
Agreement Party assumes all responsibility for being and keeping itself informed
of each Relevant Guaranteed Party's financial condition and assets, and of all
other circumstances bearing upon the risk of nonpayment of the Relevant
Guaranteed

                                      -235-

<PAGE>

Obligations and the nature, scope and extent of the risks which such
Credit Agreement Party assumes and incurs hereunder, and agrees that the
Guaranteed Creditors shall have no duty to advise any Credit Agreement Party of
information known to them regarding such circumstances or risks.

          (c) Until such time as the Relevant Guaranteed Obligations have been
paid in full in cash, each Credit Agreement Party hereby waives all rights of
subrogation which it may at any time otherwise have as a result of this Credit
Agreement Party Guaranty (whether contractual, under Section 509 of the
Bankruptcy Code, or otherwise) to the claims of the Guaranteed Creditors against
any Relevant Guaranteed Party or any other guarantor of the Relevant Guaranteed
Obligations and all contractual, statutory or common law rights of
reimbursement, contribution or indemnity from any Relevant Guaranteed Party or
any other guarantor which it may at any time otherwise have as a result of this
Credit Agreement Party Guaranty.

          (d) Each U.S. Credit Agreement Party hereby acknowledges and affirms
that it understands that to the extent the Relevant Guaranteed Obligations are
secured by Real Property located in California, such U.S. Credit Agreement Party
shall be liable for the full amount of the liability hereunder notwithstanding
the foreclosure on such Real Property by trustee sale or any other reason
impairing such U.S. Credit Agreement Party's or any Guaranteed Creditor's right
to proceed against any Relevant Guaranteed Party or any other guarantor of the
Relevant Guaranteed Obligations. In accordance with Section 2856 of the
California Code of Civil Procedure, each U.S. Credit Agreement Party hereby
waives:

          (i) all rights of subrogation, reimbursement, indemnification, and
     contribution and any other rights and defenses that are or may become
     available to such U.S. Credit Agreement Party by reason of Sections 2787 to
     2855, inclusive, 2899 and 3433 of the California Code of Civil Procedure;

          (ii) all rights and defenses that such U.S. Credit Agreement Party may
     have because the Relevant Guaranteed Obligations are secured by Real
     Property located in California, meaning, among other things, that: (A) the
     Guaranteed Creditors may collect from such U.S. Credit Agreement Party
     without first foreclosing on any real or personal property collateral
     pledged by any Credit Party, and (B) if the Guaranteed Creditors foreclose
     on any Real Property collateral pledged by any Credit Party, (1) the amount
     of the Relevant Guaranteed Obligations may be reduced only by the price for
     which that collateral is sold at the foreclosure sale, even if the
     collateral is worth more than the sale price, and (2) the Guaranteed
     Creditors may collect from such U.S. Credit Agreement Party even if the
     Guaranteed Creditors, by foreclosing on the Real Property collateral, have
     destroyed any right such U.S. Credit Agreement Party may have to collect
     from any Relevant Guaranteed Party, it being understood that this is an
     unconditional and irrevocable waiver of any rights and defenses such U.S.
     Credit Agreement Party may have because the Relevant Guaranteed Obligations
     are secured by Real Property (including, without limitation, any rights or
     defenses based upon Section 580a, 580d or 726 of the California Code of
     Civil Procedure); and

                                      -236-

<PAGE>

          (iii) all rights and defenses arising out of an election of remedies
     by the Guaranteed Creditors, even though that election of remedies, such as
     a nonjudicial foreclosure with respect to security for the Relevant
     Guaranteed Obligations, has destroyed such U.S. Credit Agreement Party's
     rights of subrogation and reimbursement against any Relevant Guaranteed
     Party by the operation of Section 580d of the California Code of Civil
     Procedure or otherwise.

          (e) Each Credit Agreement Party warrants and agrees that each of the
waivers set forth above is made with full knowledge of its significance and
consequences and that if any of such waivers are determined to be contrary to
any applicable law of public policy, such waivers shall be effective only to the
maximum extent permitted by law.

          14.09 Payments. All payments made by a Credit Agreement Party pursuant
to this Section 14 shall be made in the respective Applicable Currency in which
the Relevant Guaranteed Obligations are then due and payable (giving effect, in
the circumstances contemplated by Section 1.14, to any conversion occurring
pursuant thereto). All payments made by a Credit Agreement Party pursuant to
this Section 14 will be made without setoff, counterclaim or other defense, and
shall be subject to the provisions of Sections 4.03, 4.04 and 13.22.

                                     * * * *

                                      -237-

<PAGE>

          IN WITNESS WHEREOF, the parties hereto have caused their duly
authorized officers to execute and deliver this Agreement as of the date first
above written.

Address:

One Dole Drive                          DHM HOLDING COMPANY, INC.
Westlake Village, CA 91362
Telephone No.: (818) 879-6810
Facsimile No.: (818) 879-6754           By
Attention: Michael Carter                  -------------------------------------
                                        Name:
                                              ----------------------------------
                                        Title:
                                               ---------------------------------

One Dole Drive                          DOLE HOLDING COMPANY, LLC
Westlake Village, CA 91362
Telephone No.: (818) 879-6810
Facsimile No.: (818) 879-6754           By
Attention: Michael Carter                  -------------------------------------
                                        Name:
                                              ----------------------------------
                                        Title:
                                               ---------------------------------

One Dole Drive                          DOLE FOOD COMPANY, INC.
Westlake Village, CA 91362
Telephone No.: (818) 879-6810
Facsimile No.: (818) 879-6754           By
Attention: Michael Carter                  -------------------------------------
                                        Name:
                                              ----------------------------------
                                        Title:
                                               ---------------------------------

One Dole Drive                          SOLVEST, LTD.
Westlake Village, CA 91362
Telephone No.: (818) 879-6810
Facsimile No.: (818) 879-6754           By
Attention: Michael Carter                  -------------------------------------
                                        Name:
                                              ----------------------------------
                                        Title:
                                               ---------------------------------

<PAGE>

                                        DEUTSCHE BANK AG NEW YORK BRANCH,
                                           Individually and as Administrative
                                           Agent

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

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

                                        DEUTSCHE BANK SECURITIES INC.,
                                           as Lead Arranger

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

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

                                        BANC OF AMERICA SECURITIES LLC,
                                           as Syndication Agent

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

                                        THE BANK OF NOVA SCOTIA,
                                           Individually and as Co-Documentation
                                           Agent

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

<PAGE>

                                        RABOBANK INTERNATIONAL,
                                           Individually and as Co-Documentation
                                           Agent

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

<PAGE>

                                        SIGNATURE PAGE TO THE CREDIT AGREEMENT,
                                        DATED AS OF MARCH 28, 2003, AMENDED AND
                                        RESTATED AS OF APRIL 18, 2005 AND
                                        FURTHER AMENDED AND RESTATED AS OF APRIL
                                        12, 2006, AMONG DHM HOLDING COMPANY,
                                        INC., DOLE HOLDING COMPANY, LLC, DOLE
                                        FOOD COMPANY, INC., SOLVEST, LTD., THE
                                        LENDERS FROM TIME TO TIME PARTY HERETO,
                                        DEUTSCHE BANK AG NEW YORK BRANCH, AS
                                        ADMINISTRATIVE AGENT, BANC OF AMERICA
                                        SECURITIES LLC, AS SYNDICATION AGENT,
                                        THE BANK OF NOVA SCOTIA AND RABOBANK
                                        INTERNATIONAL, AS CO-DOCUMENTATION
                                        AGENTS AND DEUTSCHE BANK SECURITIES
                                        INC., AS LEAD ARRANGER AND SOLE BOOK
                                        RUNNER

                                        NAME OF INSTITUTION:

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

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

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

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